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Mohit Paper Mills Directors Report, Mohit Paper Mil Reports by Directors
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Mohit Paper Mills

BSE: 530169|ISIN: INE388C01017|SECTOR: Paper
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Directors Report Year End : Mar '15    Mar 14
 Dear Members,
 
 The Board of Directors have pleasure in presenting the 23ndAnnual
 Report together with the Audited Accounts of the Company for the year
 ended, 31st March, 2015. The working of the company during the year
 under review has been highlighted below:
 
 1.  FINANCIAL RESULT
 
                                                           (Amount Rs.)
 
                                                        Current Year
                                                        31.03.2015
 
 Gross Sales & Other Income                             95,65,41,955
 
 -before Interest,
 Depreciation & Tax
 
 Interest & Finance Charges                              7,82,34,441
 
 Operating Profit                                        2,87,46,159
 
 Depreciation                          3,82,50,774
 
 Less : Depreciation for earlier
 years written back & Dep. on
 revalued Assets                        11,82,511        3,70,68,263
 
 Net of Adjustments:
 
 Depreciation on revalued Assets        11,82,511
 
 Less: Amount Transferred from
 
 capital reserve                        11,82,511
 
 NET PROFIT BEFORE TAX                                    1,24,20,019
 
 
                                                         Current Year
                                                         31.03.2014
 
 Gross Sales & Other Income                             92,79,32,283
 
 -before Interest,
 Depreciation & Tax
 
 Interest & Finance Charges                              7,47,89,832
 
 Operating Profit                                        2,81,09,408
 
 Depreciation                          3,65,20,815
 
 Less : Depreciation for earlier
 years written back & Dep. on
 revalued Assets                         13,87,410       3,51,33,405
 
 Net of Adjustments:
 
 Depreciation on revalued Assets         13,87,410
 
 Less: Amount Transferred from
 
 capital reserve                         13,87,410
 
 NET PROFIT BEFORE TAX                                    1,15,47,019
 
 The Company has not transferred any amount to the reserves during the
 current year except the surplus in the Statement of Profit & Loss for
 the year ended on 31.03.2015, which has been carried over in the
 Balance Sheet. Gross Sales and Other Income for the year was Rs.95.65
 crores as against Rs. 92.79 crores in the previous year.
 
 Corporate Overview
 
 During the year the production was 24,188.600 M.T. as compared to
 24,012.560 M.T. in the previous year .Gross Sales has increased from
 92.79 crores to Rs. 95.651 crores. Net Profit before tax of the Company
 has increased from Rs.115.47 Lacs to 124.20 Lacs. The Performance of
 the Company was better than the last year. The situation of the global
 market has improved which shows in the improvement of the performance
 of your Company.
 
 Share Capital
 
 Authorized Share Capital of the Company is Rs. 17,50,00,000/- divided
 into 17500000 Equity Shares of Rs.10/- each and Issued, Subscribed and
 Paid-up Capital of the Company is Rs.14,00,00,000/- divided into
 14000000 Equity Shares of Rs. 10/- each. There was no change in the
 Share Capital during the year.
 
 Dividend
 
 The Directors do not recommend any dividend for the year under review.
 
 Deposits
 
 During the year, the Company has not accepted any deposits from the
 public falling within the purview of section 73 of the Act, read with
 the (Companies Acceptance of Deposits) Rules, 2014.
 
 Particulars of loans, guarantees or investments
 
 Loans, guarantees and investments covered under Section186 of the
 Companies Act, 2013 forms part of the notes to the financial statements
 provided in this Annual Report.
 
 Transfer to General Reserve
 
 The Company have not transferred any amount to the reserves during the
 current year except the surplus in the statement of profit and loss for
 the year ended on 31.03.2015, which has been carried over in the
 Balance Sheet.
 
 Subsidiaries, Associate Companies ''
 
 There are no subsidiaries or associate company so there is no
 requirement of statement in FORM AOC-1 ,under section 129(3)
 
 rule 5 of the Companies (Accounts) Rules, 2014
 
 Particulars of contracts or arrangements made with related parties
 
 Particulars of contracts or arrangements with related parties referred
 to in Section 188(1) of the Companies Act, 2013 in the prescribed Form
 AOC-2 is appended as Annexure-B to the Boards report
 
 Material changes and commitments affecting the financial position
 between the end of the financial year and date of report
 
 There have been no material changes and commitments affecting the
 financial position between the end of the financial year and date of
 the report.
 
 Nomination and Remuneration Policy
 
 As Company is covered under sub-section (1) of section 178, companies
 policy on directors appointment and remuneration including criteria for
 dertermining qualifications, positive attributes, independence is
 formulated and annexed as Annexure F.
 
 Directors
 
 Mrs Anju Jain retires from office by rotation and being eligible offers
 herself for re-appointment and was re-appointed in the annual general
 meeting held on 30.09.2014 During the year Independent directors Mr.
 Rakesh Kansal, Mr. Devendra Shankar Vishnoi and Mrs. Rashmi Kansal
 retired by rotation at the annual general meeting held on 30.09.2014.
 
 Mr. Rachit Jain and Mr. Sanjeev Kumar Jain were appointed as
 Independent directors on the Board for five years by the shareholders
 in the annual general meeting held on 30.09.2014 in place of the
 retiring directors.
 
 Mrs. Shubhi Jain retires at the ensuing annual general meeting and
 being eligible offer herself for re-appointment.
 
 Mr. Sushil Kumar Tyagi retires by rotation at the ensuing annual
 general meeting and being eligible offers himself for re-appointment as
 Independent Director for 5 years.
 
 Mr. Arvind Kumar Dixit was appointed as Chief Financial Officer by the
 Board of Directors with effect from 21.06.2014 The Company has received
 declarations from the independent directors of the Company confirming
 that they meet with the criteria of independence as prescribed both
 under section 149(7) of the Companies Act, 2013 and under clause 49 of
 the Listing Agreement with the Stock Exchange.
 
 Extract of Annual Return
 
 The extract of the Annual Return in Form MGT-9 is annexed herewith as
 Annexure-C.
 
 Number of Meetings of the Board
 
 The Board met 6 times during the financial year, the details of which
 are given in the corporate governance report that forms part of this
 Annual Report.
 
 Declaration by Independent Director
 
 The Company have received necessary declaration from each independent
 director under section 149(7) of the Companies Act, 2013
 
 Director''s responsibility statement as required under Section 134(3)(c
 ) of the Companies Act,2013
 
 Pursuant to the requirement under section 134(3)(c ) of the Companies
 Act,2013 with respect to directors responsibility statement, it is
 hereby confirmed that:
 
 * In preparation of the annual accounts for the financial year ended
 March 31,2015, the applicable accounting standards have been followed.
 
 * The directors have selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give 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 the period.
 
 * The directors have taken proper and sufficient care towards 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.
 
 * The directors have prepared the annual accounts on- going concern
 basis.
 
 * The directors have laid down internal financial controls, which are
 adequate and are operating effectively.
 
 The directors have devised proper systems to ensure compliance with the
 provisions of all applicable laws and such systems are adequate and
 operating effectively.
 
 Internal Financial Control System
 
 Companies Internal Financial Control System is designed to help and
 ensure the effectiveness and efficiency of operations, proper financial
 reporting and compliance of laws and regulations. Internal Auditor is
 appointed who along with the audit committee formulates the system and
 ensures the effectiveness and adequacy of the system.
 
 Evaluation of Board, Committee and Directors
 
 Pursuant to the Provisions of the Act and Clause 49 of the Listing
 Agreement, the Board have carried out the evaluation of its own,
 committees and directors. The manner has been detailed in the corporate
 governance report.
 
 Auditors
 
 Statutory Auditors Ajay Shreya & Co. (Chartered Accountants) were
 appointed as statutory auditor at the annual general meeting held on
 30.09.2014 to hold office till the conclusion of the 25th annual
 general meeting, the auditors appointment shall be placed for
 ratification at every annual general meeting. Accordingly, the
 appointment of Ajay Shreya & Co. (Chartered Accountants), is placed for
 ratification by the shareholders. In this regard the Company have
 received a certificate from the auditors to the effect that if they are
 re-appointed, it would be in accordance with the provisions of Section
 141, of the Companies Act, 2013. The remarks as contained in the
 auditor''s report read with Notes forming part of the accounts are
 self-explanatory Cost Auditors Mr. Harkesh Tara was appointed as
 auditor for conducting audit for the year 2014-2015. But as per the
 order and new cost audit rules of the Central Government our Company
 does not come under purview of cost audit so cost audit for the year
 2014-2015 is not required. So no cost auditor is appointed for
 conducting cost audit for the year 2015-2016. Secretarial Auditors
 Pursuant to the provisions of Section 204 of the Act, and the Companies
 (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
 Company has appointed P. Balodia & Co., Practicing Company Secretaries,
 to undertake the secretarial audit of the Company. The Secretarial
 Audit Report is annexed herewith as Annexure H . There is no adverse
 remarks or qualification in the report.
 
 Managerial Remuneration and Particulars of employees
 
 The information required under section 197(12) of the Companies Act,
 2013 read with rule 5(1) of the Companies (Appointment and Remuneration
 of Managerial Personnel) Rules, 2014 is annexed herewith as Annexure
 F.
 
 The information required under section 197(12) of the Companies Act,
 2013 read with rule 5(2) of the Companies (Appointment and Remuneration
 of Managerial Personnel) Rules, 2014 is not applicable to our Company
 as there is no employee getting remuneration as prescribed in the rule.
 
 Risk Management
 
 Company has implemented an integrated risk management approach through
 which it review and assess significant risks on a regular basis to help
 ensure that there is a robust system of risk control and mitigation.
 
 Senior Management periodically reviews this risk management framework
 to keep updated and address emerging challenges. Major risk identified
 for the Company by the management is price of raw-materials and fuel,
 Currency Fluctuation, Compliance, financing. The management is of the
 view that none of the above risks may threaten the existence of the
 Company as risk mitigation process is put in place to ensure that there
 is nil or minimum impact on the Company in case any of these risk
 materialize.
 
 Vigil Mechanism
 
 The Company has set up vigil mechanism viz. Whistle Blower Policy to
 enable the employee and directors to report genuine concerns and
 irregularities, is any in the Company noticed by them. The policy is
 annexed as Annexure E.
 
 Corporate Governance Report and Management Discussion and analysis
 
 In terms of the provisions of Clause 49 of the Listing Agreement,
 Corporate Governance Report and the Management''s discussion and
 analysis is annexed as Annexure-I and Annexure-J.
 
 Conservation of energy, research and development, technology
 absorption, foreign exchange earnings and outgo
 
 The particulars as prescribed under Sub-section (3) (m) of Section 134
 of the Companies Act, 2013, read with the Companies (Accounts) Rules,
 2014 are enclosed as Annexure-A to the Board''s Report.
 
 Acknowledgement
 
 Your Directors would like to express their thanks to the financial
 institutions and banks for their co-operation and assistance from time
 to time. The directors would also like to record appreciation to the
 members of staff and workers, who despite of constraints have been
 working hard for the company and are maintaining cordial relations.
 
 FOR AND ON BEHALF OF BOARD OF DIRECTORS
 
 SANDEEP JAIN
 (CHAIRMAN)
 DIN-00458048
 
 PLACE :NEW DELHI
 DATED :13/08/2015
 
 
Source : Dion Global Solutions Limited
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