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Star Paper Mills Directors Report, Star Paper Reports by Directors
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Star Paper Mills
BSE: 516022|NSE: STARPAPER|ISIN: INE733A01018|SECTOR: Paper
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Directors Report Year End : Mar '14    « Mar 13
Dear Shareholders
 
 The Directors are pleased to present the Directors'' Report together
 with audited financial results of the company for the year ended 31st
 March 2014.
 
 1. FINANCIAL PERFORMANCE
 
 The financial results of the company for the year ended 31st March,
 2014 are summarised below:
 
                           AUDITED FINANCIAL RESULTS        (Rs in cr.)
 
 Particulars                              Year ended         Year ended
                                    31st March, 2014   31st March, 2013
 
 Profit before interest and 
 depreciation                                 (6.97)            (16.19)
 
 Interest and finance charges                   4.57               4.11
 
 Depreciation 11.08 11.26
 
 Profit before exceptional and 
 non-recurring                               (22.62)            (31.56)
 
 items
 
 Exceptional & non-recurring 
 items                                        (3.49)                  -
 
 Profit before tax                           (26.10)            (31.56)
 
 Provision for Income Tax                     (4.02)             (2.01)
 
 Profit after taxation                       (22.08)            (29.55)
 
 Balance brought forward                     (19.96)               9.59
 
 Available for appropriation:                (42.04)            (19.96)
 
 - Transfer to General Reserve                     -                  -
 
 - Proposed dividend                               -                  -
 
 - Tax on proposed dividend                        -                  -
  
 Balance carried to the Balance Sheet        (42.04)            (19.96)
 
 
 2. DIVIDEND:
 
 As the company reported loss for the financial year 2013-14, the Board
 of Directors does not recommend any dividend for the year.
 
 3. OPERATIONAL PERFORMANCE:
 
 Financial Year 2013-14 Highlights
 
 In the recent past, paper industry saw a significant increase in raw
 material, power and fuel costs and the trend continued in FY 2013-14 as
 well.
 
 Higher input costs, erratic Grid power supply, liquidity position and
 intense market competition impacted the operations during the year.
 However your company continued to emphasize on controlling costs and
 Product-mix optimization in line with market demand. As a result, the
 company performed better in comparison to previous years despite the
 above constraints.
 
 Prospects for FY 2014-15
 
 Since no major capacity addition is expected in the coming period,
 demand-supply balance is likely to improve. Duty free imports of paper
 through FTAs is a cause of concern though. Cost pressures specially on
 wood and energy are not expected to abate in the coming period. Your
 company will strive to deliver better results through improvement in
 efficiency.
 
 4. ENVIRONMENT, POLLUTION CONTROL AND SAFETY:
 
 Your company strives to provide healthy environment and safe working
 conditions. The company has in place an integrated quality and
 environment management system harmonizing industrial activity with
 environmental preservation. STAR is accredited with ISO 14001: 2004,
 ISO 9001 : 2008 & ISO 18001 :2007 and have all the required
 environmental clearances from the prescribed authorities.
 
 Your company has been awarded at national level for excellence in
 energy management by Confederation of Indian Industry (CII). STAR has
 also been granted ''Certificate of Merit'' in Pulp & Paper Sector by the
 Bureau of Energy Efficiency, Ministry of Power, Govt. of India.
 
 Besides, your company has been awarded again Gold Award for
 environmental excellence in Paper Industry by Green tech Foundation
 reflecting commitment of the company in environment preservation and
 safe working conditions.
 
 5. SOCIAL FARM FORESTRY:
 
 Your company has been promoting and encouraging social farm forestry to
 increase green cover, augment wood resources and contribute to rural
 income generation. Under the program, STAR motivates individual farmers
 to raise fast growing pulp wood plantations . The scheme involves
 supply of high quality clones/seedlings apart from providing technical
 assistance to the farmers.
 
 The program maintained its momentum during the year too and the company
 further stepped-up propagation and distribution of clonal plants and
 the area coverage.
 
 6. HUMAN RESOURCES AND WELFARE:
 
 Your company has a structured approach to manage its human resources in
 line with changing needs of the organisation. Industrial relations
 remained harmonious during the year.
 
 7. FIXED DEPOSITS:
 
 The company did not invite any fixed deposits during the year. There
 were no outstanding fixed deposits as on 31st March, 2014 (Rs. Nil as
 on 31st March, 2013).
 
 The company is in compliance with the provisions of the Companies Act
 and rules made thereunder in respect of deposits.
 
 8. DIRECTORS:
 
 The Company had pursuant to the provisions of clause 49 of the listing
 Agreement appointed Sh. Shiromani Sharma, Sh. C.M. Vasudev and Sh.
 M.P. Pinto as independent Directors of the company. Pursuant to Section
 149(4) of the Companies Act, 2013, which came into effect from 1st
 April 2014, every listed public company is required to have at least
 one-third of the total of directors as Independent Directors. In
 accordance with the provisions of section 149 of the Act, these
 Directors are being appointed as Independent Directors to hold office
 as per their tenure of appointment mentioned in the Notice of ensuing
 Annual General Meeting of the Company.
 
 Sh. S.V Goenka is retiring by rotation at the ensuing Annual General
 Meeting and being eligible, offer himself for re-appointment.
 
 9. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 Particulars regarding energy conservation, technology absorption and
 foreign exchange earnings/outgo pursuant to Section 217 (1)(e) of the
 Companies Act, 1956, read with the Companies (Disclosure of Particulars
 in the Report of Board of Directors) Rules, 1988, are furnished as
 Annexure-I to this Report.
 
 10. PARTICULARS OF EMPLOYEES:
 
 Information in accordance with the provisions of Section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 as amended regarding employees is given in Annexure to this
 report. However as per provisions of Section 219 (1) (b) (iv) of the
 Companies Act, 1956, the annual report is being sent to all the members
 of the company excluding the aforesaid information. Any member
 interested in obtaining such information may write to the Secretary at
 the company''s registered office address.
 
 11. DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 As required under the provisions of Section 217(2AA) Directors
 Responsibility Statement on preparation and presentation of these
 accounts is as per Annexure-II to this Report.
 
 12. CORPORATE GOVERNANCE:
 
 A separate report on corporate governance, along with a certificate
 from the statutory auditors confirming the compliance with corporate
 governance requirements has been annexed as Annexure-III to Directors''
 Report.
 
 13. AUDITORS:
 
 M/s Lodha & Co. Chartered Accountants, retires at the ensuing Annual
 General Meeting. They have expressed their willingness to continue in
 office, if appointed and have furnished the requisite certificate of
 their eligibility pursuant to the provisions of the Companies Act.
 
 14. AUDITORS'' REPORT
 
 The qualification of the Auditors in their report read with relevant
 note on the financial statements as mentioned below is
 self-explanatory.
 
 - Excess managerial remuneration amounting to Rs. 64.51 lacs payable to
 managerial personnel for earlier years is subject to approval of
 Central Government. -Note No. 23.1 of Statement of Profit & Loss.
 
 15. COST AUDIT:
 
 M/s R.J. Goel & Co. Cost Accountants, New Delhi have been appointed to
 audit the cost accounts for FY 2013-14 pursuant to Section 233-B of the
 Companies Act, 1956.
 
 16. LISTING ON STOCK EXCHANGES:
 
 STAR''s equity shares are listed on National Stock Exchange of India
 Ltd. (NSE) and The Stock Exchange, Mumbai (BSE). The company has paid
 the listing fees to the stock exchanges for the financial year 2013-14.
 
 17. ACKNOWLEDGMENTS:
 
 Your Directors are pleased to place on record their gratitude for the
 excellent support and efforts put in by the employees, bankers,
 investors, dealers, suppliers and Government Departments.
 
 
 
                                         For and on behalf of the Board
 
 Place : New Delhi                                         G. P. Goenka
 Date  : 19th May, 2014.                                       Chairman
Source : Dion Global Solutions Limited
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