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Coral Newsprints Directors Report, Coral Newsprint Reports by Directors
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Coral Newsprints

BSE: 530755|ISIN: INE715D01019|SECTOR: Paper
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Coral Newsprints is not traded in the last 30 days
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Directors Report Year End : Mar '14    Mar 13
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)
Source : Dion Global Solutions Limited
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