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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 '13    « Mar 12
Dear Shareholders
 
 The Directors are pleased to present the Directors'' Report along with
 audited financial results of the company for the year ended 31st March
 2013.
 
 FINANCIAL PERFORMANCE
 
 AUDITED FINANCIAL RESULTS
 
 
                                                           (Rs. in Cr.)
 
 Particulars                            Year ended          Year ended
                                  31st March, 2013    31st March, 2012
 
 Profit before interest and 
 depreciation                               (16.19)             (28.13)
 
 Interest and finance charges                 4.11                2.81
 
 Depreciation                                11.26               11.47
 
 Profit before exceptional 
 and non-recurring                          (31.56)             (42.41)
 items
 
 Exceptional & non-recurring items               -                   -
 
 Profit before tax                          (31.56)             (42.41)
 
 Provision for Income Tax                    (2.01)                  -
 
 Profit after taxation                      (29.55)             (42.41)
 
 Balance brought forward                      9.59               52.00
 
 Available for appropriation:               (19.96)               9.59
 
 - Transfer to General Reserve                   -                   -
 
 - Proposed dividend                             -                   -
 
 - Tax on proposed dividend                      -                   -
 
 Balance carried to the Balance Sheet       (19.96)              (9.59)
 
 
 
 DIVIDEND
 
 The Board of Directors do not recommend any dividend for the financial
 year 2012-13 taking into consideration reported loss for the year.
 
 OPERATIONS
 
 Financial Year 2012-13
 
 During the year, your company took many steps to increase volume and
 control costs particularly for reducing energy consumption and
 optimising fuel mix. While 12% volume growth was achieved and cash
 losses curtailed by 30% but losses could not be completely eliminated.
 Cumulative impact of input cost increases could not be fully passed on
 in finished goods prices.
 
 Prospects for FY 2013-14
 
 Paper consumption is closely linked to economic growth as well as human
 development. While India accounts for 16% of the Global population, our
 Paper Industry has a share of only 1.6%, clearly indicating the huge
 growth potential.
 
 An improvement in demand and increase in finished goods prices was
 observed in later part of the year 2012-13. If this trend persists,
 barring any unforeseen developments, your company expects better
 performance in the coming year.  However, continued spurt in raw
 material, energy and chemical costs are still a cause of concern.
 
 Your company has identified a number of cost reduction initiatives
 which once implemented would ease input cost pressure leading to better
 financial performance. STAR will continue to strive for better
 operational and financial performance in the coming period.
 
 ENVIRONMENT, POLLUTION CONTROL AND SAFETY
 
 The company has implemented policies and systems to preserve
 environment and provide safe working conditions.  STAR is accredited
 with IS014001:2004, ISO 9001 :2008 & IS018001 :2007.
 
 The company has been once again awarded for environmental excellence
 and Safety in Paper Industry reflecting commitment of the company in
 safety and environment preservation. The company has all the required
 environmental clearances from the competent authorities.
 
 SOCIAL FARM FORESTRY
 
 As in the past, the company continues to assist pulpwood plantation
 with active co-operation of the farmers. Number of seedlings and clones
 distributed as well as area covered were higher than the previous year.
 
 This initiative is of immense importance to increase rural economy and
 enhance availability of wood in your company''s catchment area.
 
 HUMAN RESOURCES
 
 It has been policy of the company to attach paramount importance to the
 selection, induction and development of employees. Your company
 continues to enjoy cordial and harmonious Industrial relations.
 
 FIXED DEPOSITS
 
 The company did not invite any fixed deposits during the year. There
 were no outstanding fixed deposits as on 31st March, 2013 (Rs. 0.02 lac
 as on 31 st March, 2012).
 
 The company is in compliance with the provisions of the Companies Act,
 1956 and rules made thereunder in respect of deposits.
 
 DIRECTORS
 
 Mr. Shiromani Sharma and Mr. M.R Pinto are retiring by rotation at the
 ensuing Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 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.
 
 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.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As required under the provisions of Section 217(2AA) Directors
 Responsibility Statement on the preparation and presentation of these
 accounts is as per Annexure-ll to this Report.
 
 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-lll to Directors''
 Report.
 
 AUDITORS
 
 M/s Lodha & Co. Chartered Accountants, retire at the ensuing Annual
 General Meeting. They have expressed their willingness to continue in
 office, if re-appointed and have furnished the requisite certificate of
 their eligibility pursuant to Section 224(1 B) of the Companies Act,
 1956.
 
 AUDITORS'' REPORT
 
 The qualification of the Auditors in their report read with relevant
 notes on the financial statements as mentioned below are
 self-explanatory:
 
 (a) non - provision of the diminution in value of investment - Note no.
 12(b) of the Balance Sheet.
 
 b) provision of managerial remuneration - Note no. 21(a) of Statement
 of Profit & Loss.
 
 COST AUDIT
 
 M/s R.J. Goel & Co., Cost Accountants, New Delhi have been appointed to
 audit the cost accounts for FY 2012-13 pursuant to Section 233-Bofthe
 Companies Act, 1956.
 
 LISTING ON STOCK EXCHANGES
 
 Your company''s equity shares are listed with 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
 2012-13.
 
 ACKNOWLEDGEMENTS
 
 The Board of Directors wish to thank the investors, bankers, dealers,
 suppliers, Government authorities and employees for their co-operation.
 
 
 
                                     For and on behalf of the Board
 
 Place: New Delhi                    G. R Goenka
 
 Date: 24thMay,2013.                 Chairman
Source : Dion Global Solutions Limited
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