Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
  • SMC Global Securities Limited
  • SBI Life
  • DSP Mutual Fund
Get App Open
In App
Open App

LIVE COVERAGE AND VIDEO PARTNERS

Lenovo Tech Today India Prestige Group Acer India ENO

PARTNERS

Tata AIA Life Insurance
Hafele
Motilal Oswal
SMC Global Securities Limited
SBI Life
DSP Mutual Fund
you are here:

Coral Newsprints Ltd.

BSE: 530755 | NSE: | Series: NA | ISIN: INE715D01019 | SECTOR: Paper & Forest Products

BSE Live

Feb 03, 16:01
8.73 0.40 (4.80%)
Volume
AVERAGE VOLUME
5-Day
1,689
10-Day
1,311
30-Day
2,033
2,866
  • Prev. Close

    8.33

  • Open Price

    8.16

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Coral Newsprints is not listed on NSE

Annual Report

For Year :
2014 2013 2011 2010 2009 2003

Director’s Report

Dear Members, The Directors take pleasure in presenting herewith 22nd Annual Report on the working results of the Company together with the Audited Statement of Accounts for the financial year ended 31st March, 2014. 1. FINANCIAL RESULTS (Rs. in Lakhs) PARTICULARS Year Ended Year Ended 31.03.2014 31.03.2013 Gross Revenue Net of Excise 1544.02 1208.06 Increase/(Decrease) in Stock (17.09) 18.24 Gross operating profit 109.57 120.65 Interest/financial Charges 0.32 3.75 Depreciation 44.43 44.76 Profit Before tax (PBT) (22.66) (24.45) Profit after tax (PAT) (17.27) (18.24) Earnings per Share (0.34) (0.36) i) Loss for the current financial year ending 31.03.2014 after depreciation from continuing operations after tax is Rs. 17.27 Lakhs as against loss of Rs. 18.24 Lakhs last year after depreciation, however during in year under review Company earned cash profit of Rs. 21.77 Lakhs for the financial year ending 31.03.2014 & Rs. 20.31 Lakhs for the financial year ending 31.03.2013. ii) During the financial year ended 31st of March 2014, company really suffered on account of major power cuts & irregular supply of electricity by UPSEB apart from increase in tariff rates by 35%, due to which there is increase in power & fuel expenses at last effecting profitability, still company could manage higher production for the financial year ending 31.03.2014 & earned cash profits. iii) During the year under review Directors take pleasure to inform all esteemed shareholders of company, that company paid entire liability of PICUP as OTS amounting to Rs. 200 Lakhs. As on date there is no liability of PICUP and company is in the process of filing application for NOC from PICUP. iv) As the company is still with BIFR since 2000 & during the year BIFR also directed by its order dated 23.05.2014 to UPFC to accept 50% of DADP amount and now company is required to pay a sum of Rs. 25.92 Lakhs out of which company already paid a sum of Rs. 14.81 Lakhs. v) During the year under review company paid only a sum of Rs. 12.00 Lakhs to Jalan Group with the order of Arbitrator, High Court dated 15.12.2010 due to financial Crunch, however company is making rigorous efforts to pay the balance amount of Jalan Group as early as possible. 1. FUTURE PLANS & OPERATIONS: Management of the Company have already taken various steps to modernize its plant at Gajraula, District Amroha U.P. by adopting new technology such as hot dispersion in pulp mill section and addition of slotted screen, dryers and up gradation in Machine Section & addition of slotted screen in pulp mill section, dyers & purgation in Machine section. During the year under review certain old machinery was also replaced by Company. Management also intends to upgrade the quality of newsprint for better penetration for the possibilities of Export in the local market. With additional equipments, Company also intend to increase production capacity for the next financial year. Management of the company wish to invest a sum of Rs. 75 Lakhs towards up- gradation of plant & machinery. 2. DIRECTORS Shri P.P.S Chauhan, Shri Atul Kumar Jain, Shri Mahesh Kumar Sodhani, Shri Ram Avtar Bansal, Shri Parth Chauhan & Shri Pururaj Singh Rathore Directors of the company who retire by rotation u/s 152 of the companies Act, 2013 from the board at the 22nd Annual General Meeting and being eligible offers themselves for re-appointment. 3. AUDITORS M/S. L.N. Malik & Co., (Firm''s Registration No: 015992N) Statutory Auditors of Your Company retires at this Annual General Meeting and are eligible for re-appointment. Members are requested to re-appointment Auditors until the conclusion of next Annual General Meeting and authorize directors to fix their remuneration. Certificate from the Auditors has been received to the effect that their reappointment, if made, would be within the limits prescribed under section 139, 142 of the companies Act, 2013. The notes on accounts and observations of the Auditors in their report on the accounts of the Company are self-explanatory and therefore, in the opinion of Directors, do not call for any further explanation. 4. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to section 134 of the Companies Act, 2013, your Directors state that; i) In the preparation of the annual accounts. The applicable accounting standards have been followed with proper explanation relating to Material aspects. ii) Appropriate accounting policies have been selected and applied consistently and have made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31. 2014 and of the Loss of the Company for that period; iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) The annual accounts have been prepared on a going concern basis. 5. DIVIDEND Though for the year under review Company did earn cash profit, however due to huge previous year losses directors of the company did not declare any dividend for the shareholders of the Company for this year as well. Directors of the company are hopeful that for next year company will be able to declare much better results & even declare a dividend. 6. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, R & D CELL AND FOREIGN EXCHANGE EARNING & OUTGO. The details required under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 are annexed to this report as Annexure-I. 7. BOARD OF INDUSTRIAL & FINANCIAL RECONSTRUCTION (BIFR) The Company was declared sick by BIFR way back in 2000. Board of Industrial & Financial Reconstruction (BIFR) has appointed Punjab National Bank as operating agency. The Company has submitted revised rehabilitation scheme several times to BIFR, finally DRS submitted to BIFR is duly accepted. Directors are hopeful that DRS submitted by company will be accepted this time. 8. PARTICULARS OF EMPLOYEES & DISCLOSURE OF INFORMATION During the year under review, there is no director or employee in respect of whom the particulars are required to be disclosed under section 134 of the Companies Act, 2013 read with the Companies (Particulars of Employees) Rule 1975, accordingly same is not applicable. 9. CORPORATE GOVERNANCE Your Company has taken adequate steps to ensure legal compliance with the requirements of corporate governance as prescribed under the Listing Agreement with the Stock Exchange (BSE). 10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY The company has a system of internal controls in place to ensure that all of the company''s transactions are properly recorded and authorised. Company''s well defined organisational structure, documented policy guidelines, defined authority matrix and internal controls ensure efficiency of operations, compliance with internal policies and applicable laws and regulations as well as protection of resources. 11. HUMAN RESOURCES The company is of firm belief that the Human Resources are the driving force that propels a company towards the progress and success. The company has strength of 180 employees at present. The Industrial relations continued to remain cordial during the year under review with entire force of the company. 13. DISCLOSURE Related party transactions - The Company did not enter into any materiality significant related transactions, which has potential effect with the interest of the company at large. 14. WHOLE TIME COMPANY SECRETARY During the year under review Company is already availing services of whole time company Secretary as required to be appointed under section 383-A of the Companies Act, 1956. 15. MANAGEMENT DISCUSSION & ANALYSIS REPORT. The Management Discussion & Analysis Report as required under clause 49(IV)(F) of the listing Agreement with the Stock Exchanges forms part of this report. 16. FINANCIAL ACCOUNTING & ACCOUNTING STANDARDS:- The Financial statements have been prepared in accordance with Generally accepted accounting principles (GAAP) and in compliance with all applicable accounting standards and as per the guidance note on accounting for activities of the company issued by the Institute of Chartered Accountants of India, New Delhi (ICAI) and provisions of the companies Act,2013. The financial statements have been prepared under the revised schedule VI format of the companies Act,2013 pursuant to notification of Ministry of corporate affairs (MCA), Government of India. The Company has followed accounting treatment as prescribed in accounting standards applicable to the company. 17. WEBSITE: Website of the company consisting all required particulars is duly operational: http://coralnewsprintslimited.com. 18. DEPOSITS:- The company has not accepted any fixed deposits under section 2(31), 73 & 74 of the companies Act, 2013 during the year under review. 19. CORPORATE GOVERNANCE REPORT The Company is committed to maintain highest standards of Corporate Governance. The Directors Adhere to the requirements set out by (SEBI). The Securities & Exchange Board of India''s Corporate Governance practices and has implemented all the stipulations prescribed. The Company has implemented several best corporate Governance practices as prevalent in India. Company has complied with the mandatory provisions of clause 49 of the listing agreement relating to corporate Governance requirements. Annual report contains a separate section on corporate Governance which forms part of this report. Your company is listed with Bombay Stock Exchange; though for the time being trading is suspended due to certain deficiencies in compliance of BSE requirement, which are in the process of compiling. Directors of the company are quite hopeful to get recited of its security soon. 20. CEO/CFO CERTIFICATION: Certification from Mr P.P.S. Chauhan, Whole Time Director of the company in term of Clause 49 (VIII) of the listing agreement with the Stock exchanges for the financial year ended on 31st March, 2014 was placed before the Board of Directors of the Company in its meeting held on 30/05/2014. 21. ACKNOWLEDGMENTS Your Directors place on record its sincere appreciation towards the company''s valued customers in India for the support and confidence reposed by them in the organization and looks forward to the continuance of this mutually supportive relationship in future as well. The Board also places on record co-operation extended by Financial Institutions PICUP, business associates of the Company, and confidence reposed by the Shareholders and invaluable staff & workers of the company. Regd. Office: For Coral Newsprints Limited A-138, First Floor, Vikas Marg, Shakarpur, Delhi-ll0092 Place : Delhi P.P.S. Chauhan Date : 02.09.2014 (Director - WTD)

Director’s Report