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Shree Rama Newsprint Directors Report, Shree Rama News Reports by Directors
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Shree Rama Newsprint
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 SHREE RAMA NEWSPRINT LIMITED
 
 The Directors are pleased to present the 23rd Annual Report and the
 Audited Accounts for the Financial Year ended 31st March 2014.
 
 FINANCIAL RESULTS                                       (Rs. in lacs)
 
                                                Year Ended   Year Ended
                                                31.03.2014   31.03.2013
 
 Revenue from operations                          40844.76     38283.45
 
 Profit before Interest, Depreciation               1750.80       363.44
 and Tax
 
 Finance Cost                                      4868.19      4865.45
 
 Profit before Depreciation and Tax               (3117.39)    (4502.01)
 
 Depreciation                                      3477.03    (3472.66)
 
 Profit /(Loss) before Tax and                    (6594.42)    (7974.67)
 
 Exceptional items
 
 Exceptional Items                                 5245.56            -
 
 Deferred Tax / (Credit)                            202.06    (2305.69)
 
 Net Profit / (Loss) from ordinary                (1550.92)    (5668.98)
 activities
 
 
 
 Performance
 
 During the year under review the Company improved its capacity
 utilization to 94% (98% in the second half of the year) as against 90%
 during 2012-13. The average selling price of Newsprint improved by
 about 11% during the year. However, the increase in input cost
 neutralized most of the benefit and the operating Profit during the year
 improved to 4.28% as against 0.94% during 2012-13. Capex projects of
 about Rs. 15 crs. were completed during the year which will help improve
 the operating effciency of the plant and reduce the fbre cost. The
 performance of the paper industry in general (including Newsprint)
 remained sluggish during the year.
 
 CORPORATE SOCIAL RESPONSIBILITY
 
 The Company continues to be conscious about its social responsibilities
 towards the public living within the vicinity of its Mills. The Company
 values human rights and thrives to invest in innovative and efficient
 technology for sustainable energy fow and economic growth. Apart from
 imparting regular health check facilities for the community in the
 nearby villages, distributing free medicines to the needy, we also
 supply free Drinking Water on a regular basis to the nearby villages.
 
 The Company has opened a modern English Medium School to impart quality
 education to the students in the vicinity. In addition, the Company
 also undertakes various community welfare jobs as and when needed.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 134(3)(c) OF
 THE COMPANIES ACT, 2013
 
 The Directors hereby confirm that: -
 
 1. in the preparation of the annual accounts, the applicable accounting
 standards had been followed along with proper explanation relating to
 material departures;
 
 2.  the directors had selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the company at the end of the financial year and of the Profit and
 loss of the company for that period;
 
 3.  proper and suffcient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of this
 Act for safeguarding the assets of the company and for preventing and
 detecting fraud and other irregularities;
 
 4.  the annual accounts have been prepared on a going concern basis;
 
 5.  the Directors had laid down internal financial controls to be
 followed by the company and that such internal financial controls are
 adequate and were operating effectively;
 
 6.  the Directors had devised proper systems to ensure compliance with
 the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 LISTING OF SHARES
 
 Equity Shares of Company continue to be listed on Bombay Stock Exchange
 Ltd. (BSE) and National Stock Exchange of India Ltd. (NSE). The Company
 has duly paid listing fees to the stock exchanges.
 
 DIRECTORS
 
 Shri Shree Kumar Bangur is retiring by rotation at the ensuing Annual
 General Meeting and, being eligible, has offered himself for
 re-appointment.
 
 Lt. Gen. (Retd.) Ashok Kapur is retiring by rotation at the ensuing
 Annual General Meeting and has offered himself for appointment as
 Independent Director for a period of 5 years.
 
 Shri Narayan Atal who was earlier appointed as a Director liable to
 retire by rotation, has offered himself for appointment as Independent
 Director for a period of 5 years.
 
 The Board of Directors appointed Shri V. D. Bajaj as an Additional
 Director w.e.f. 11.09.2013. He was also appointed as Executive Director
 for a period of 3 years. His appointment and the terms of remuneration
 are to be approved by the members at the ensuing Annual General
 Meeting.
 
 The Board of Directors appointed Shri Mohan M. Phadke and Smt. Namrata
 Sharma as Additional Independent Directors w.e.f.  31.01.2014 and
 09.08.2014, respectively, who will hold their positions till the date
 of the ensuing Annual General Meeting.
 
 The Company has received notices u/s 160 of the Companies Act, 2013,
 proposing the candidature of Lt. Gen. (Retd.) Ashok Kapur, Shri Narayan
 Atal, Shri V. D. Bajaj, Shri Mohan Phadke and Smt. Namrata Sharma for
 appointment of directors at the ensuing Annual General Meeting.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Particulars with respect to Conservation of Energy, Technology
 Absorption, Foreign Exchange Earnings and Outgo as required
 u/s 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts)
 Rules, 2014 are furnished as Annexure – I to this Report and form part
 of it.
 
 CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION & ANALYSIS
 
 Report on Corporate Governance is made part of this Annual Report as
 Annexure – II and Management Discussion and Analysis Report as Annexure
 – III.
 
 As required by the Listing Agreements, the Certifcate of Auditors on
 Corporate Governance compliance is also annexed to this Annual Report.
 
 The Certifcate from CEO/CFO was placed before the Board of Directors at
 its meeting held on 13.05.2014.
 
 PARTICULARS OF EMPLOYEES
 
 The particulars of employees, as required under Companies (Appointment
 and Remuneration of Managerial Personnel) Rules, 2014 are given in
 Annexure IV to this Report.
 
 CASH FLOW STATEMENT
 
 As required under Clause 32 of the Listing Agreement with the Stock
 Exchanges, the Cash Flow Statement is attached to the Balance Sheet.
 
 AUDITORS
 
 The present Auditors of your Company, M/s. Haribhakti & Co., Chartered
 Accountants hold office until the conclusion of this Annual General
 Meeting and being eligible, offer themselves for re-appointment.
 
 The Board has taken note of the Qualification made by the Auditors in
 their report regarding the Company having recognized Deferred Tax Asset
 (DTA) in the absence of convincing evidence s to support virtual
 certainty about the future taxable income.  However, as explained in
 the notes to Accounts the Board is of a strong opinion that in view of
 the improved market scenario and the infusion of fresh funds, the
 Company will have suffcient future taxable profits.
 
 The other observations of the Auditors in their report read with the
 relevant notes are self explanatory.
 
 COST AUDIT
 
 The cost accounting records maintained by the company are subject to
 audit by the qualifed Cost Auditors. Your Company has appointed M/s.
 Nanty Shah and Associates, qualifed Cost Accountant for conducting the
 audit of cost account records for the year ended 31.03.2014 and the
 Cost Audit report will be submitted to the Ministry of Corporate
 Affairs, Government of India in due course. The Cost Audit report for
 the year ended 31.03.2013 was fled on 27.09.2013.
 
 INDUSTRIAL RELATIONS
 
 The industrial relations remained cordial throughout the year under
 review.
 
 ACKNOWLEDGEMENT
 
 The Directors wish to place on record and acknowledge their
 appreciation and gratitude for the continued co-operation and support
 received from the Central Government, the State Government of Gujarat,
 Regulatory Bodies, participating Financial Institutions and Banks,
 Customers, Suppliers and Dealers. The Directors take this opportunity
 to express their appreciation towards the dedication, commitment and
 teamwork shown by employees, which has contributed in taking the
 Company on the path of prosperity. Your Directors further thank the
 fraternity of Members/Shareholders for their continued confdence
 reposed in the management of the Company.
 
                                               On behalf of the Board
 
 Place: Mumbai                                 S. K. Bangur
 Date: 09.08.2014                              Chairman
 
 
Source : Dion Global Solutions Limited
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