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Mohit Paper Mills Ltd.

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Apr 03, 16:00
5.30 0.25 (4.95%)
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252
10-Day
237
30-Day
612
500
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Mohit Paper Mills is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

ANNUAL REPORT 2005-2006 DIRECTOR'S REPORT To The Members, The Board of Directors have pleasure in presenting the 14th Annual Report together with the Chartered Accounts of the company for the year ended 31st March, 2006. The working of the company during the year under review has been highlighted below: FINANCIAL RESULTS: (Amount/Rs.) Current Year Previous Year 31.3.2006 31.3.2005 Sales & other income 39,39,12,190 35,01,54,515 Operating profit before Interest & Depreciation 2,57,21,124 2,77,02,806 Interest & Finance Charges 56,71,476 53,36,663 Depreciation 1,48,70,659 1,58,50,354 Net of Adjustments: Depreciation on 44,77,751 52,63,970 Revalued Assets Amount Transferred 44,77,751 52,83,970 from Capital Reserve Net Profit 51,78,989 65,15,789 The Company has not transferred any amount to the reserves during the current year except the surplus is in the Profit & Loss A/C for the year- ended 31.03.2006, which has been carried over in Balance Sheet. There have been no material changes and commitments, affecting the financial position of the any which have occurred between the end of the financial year of the Company to which dance Sheet relates and the date of the report. DIVIDEND: Directors do not recommend any dividend for the year under review. PUBLIC DEPOSIT UNDER SECTION 58A: During the year, the company has not accepted any public deposits during the year under 4. CORPORATE OVERVIEW: During the year under review the Company has been enable to enhance its production from 13370.831 MT in the previous year to 14685.884 MT which has been possible due to manufacturing diversified varieties of writing and printing paper. Despite increase in production there was decline in the level of operating profit as compared to the preceding year which was on account of increasing cost of raw materials and manufacturing expenses, the effect of which could not be completely offset with higher realization price of the finished product due to competitive conditions prevailing in the market. The production of news print which had commenced in the preceding year has given encouraging results. 5. DIRECTORS: During the year Mr.Satish Chand Gupta, director of the Company had resigned from directorship and his office of directorship had fallen vacant. The vacancy caused on his resignation was filled up by appointing Mr.Sanjeev Gupta as director on the Board ors 31.10.2005. Subsequently, Mrs. Alka Gupta was appointed as Additional Director on 31.10.2005. Both Mr. Sanjebv Gupta and Mrs. Alka Gupta remained in office till 31.01.2006, and they were replaced with the appointment of Mr. Rakesh Kansal and Mrs. Rashmi Kansal who were co-opted as an additional directors of the Company on 31.01.2006. They hold office up to the date of the Annual General Meeting and being eligible offer themselves for re-appointment. Mr.Vishal Sharma, director of the company resigned on 31.01.2006 and Sh.Navneet Jain resigned on 31.01.2006. 6. INSURANCE: The Assets of the company including Buildings, Plant & Machinery, Stocks & Stores have been adequately secured. 7. AUDITORS: M/S TATIA ASSOCIATES, CHARTERED ACCOUNTANTS, Auditors of the Company, retire from their office. They are, eligible for re-appointment and have furnished certificate to the effect that their appointment, if made, will be in accordance with the limits specified in sub-section (IB) of Section 224 of the Companies Act, 1956. Your directors recommend their reappointment for the Accounting year 2006-07. 8. AUDITORS REPORT: The Auditor's Report on the Accounts is self-explanatory and no comments are required. 9. DISCLOSURE OF PARTICULARS UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956: Under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, the detailed information is enclosed as per Annexure(A). 10. DIRECTOR'S RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) of the Companies Act, 1956: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed: 1. That in the preparation of the Annual Accounts for the financial year ended 31st March, 2006, the applicable Accounting Standards had been followed and there has been no material departures; 2. That the selected accounting polices were applied consistently and the directors made judgments 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 the end of financial year and of the profit of the company for the year under review. 3. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; 4. That the annual accounts have been prepared on a 'going concern' basis. 11. CORPORATE GOVERNANCE: A separate report on Corporate Governance is enclosed in Annexure - (B) as a part of this Annual Report of the company. A certificate from Auditors of the company regarding compliance of conditions of Corporate Governance as stipulated under clause 49 of the listing agreement is annexed to the Report on Corporate Governance. 12. PARTICULARS OF EMPLOYEES: None of the, employee of the Company was in receipt of total remuneration of Rs.24,00,000/- during the financial year under review or Rs.2,00,000/- per month. Hence, the information Under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 are not required to be furnished. 13. SAFETY AND ENVIRONMENT: The company continued to maintain a good safety record. The plants of the company are environment friendly and maintain all safety measures. 14. INDUSTRIAL RELATIONS: Industrial relations remained cordial during the year. The company received full cooperation and support from all its employees without which it would not have been possible to achieve record performance. 15. DISCLOSURE PURSUANT TO CLAUSE 43A OF THE LISTING AGREEMENT: The equity shares of the company, are listed at the following stock exchanges: 1. The Delhi Stock Exchange Association Ltd. DSE House, 3/1 Asaf Ali Road NEW DELHI - 110 002 2. The Uttar Pradesh Stock Exchange Association Ltd. Padam Towers, 14/113, Civil Lines, KANPUR - 208 001 3. The Stock Exchange, Mumbai Phiroze Jeejeebhoy Towers, 25th Floor, Dalal Street MUMBAI - 400 001 4. Jaipur Stock Exchange Ltd. Rajasthan Chamber Bhawan, M.I Road, JAIPUR - 302 001 It is further declared that the Company has paid the annual listing fees to each of the above mentioned exchanges up to the current Financial Year 2005-2006. The trading of the shares is suspended from Mumbai Stock Exchange and the restoration of the same is in process. 16. 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 inspite of constraints have been working hard for the Company and are maintaining cordial relations. FOR AND OR BEHALF OF BOARD OF DIRECTORS S. K. JAIN PLACE : NEW DELHI CHAIRMAN DATE : August 02, 2006 ANNEXURE TO DIRECTOR'S REPORT Annexure (A): DISCLOSURE OF PARTICULARS UNDER SECTION 217(1)(E) OF THE COMPANIES ACT, 1956 UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTOR) RULES, 1988. A. CONSERVATION OF ENERGY: a. Energy Conservation measures taken i. Company had implemented the captive co-generation power plant in past year and realigned the user facilities to give to higher yield. It has made the company more self reliant for power requirement. ii. Training sessions of Shop Floor Workmen had been organized periodically. iii. Display of Energy Conservation appeals on shop floor & offices had been made. b. Additional Investments and proposals if any, being Implemented for reduction of energy consumption: i. Replacement of existing fans, pump and motor systems with higher efficiency sets in various units. ii. Installation of variable speed drives. iii. Automotive Power Factor Control System for further improvement of Power Factor, c. Impact of the measures at (a) & (b) for reduction of energy Consumption on the cost of production of goods. The above efforts shall help in restoring efficiency in conservation of energy. No separate costing has been done to measure energy saved, if any, by the company d. Total energy consumption and energy consumption per unit of production: As perform 'A' enclosed. B. TECHNOLOGY ABSORPTION: a. Efforts made in technology absorption: As perform 'B' enclosed. C. FOREIGN EXCHANGE EARNINGS AND OUTGO: Foreign Exchange earning on account of Exports was NIL and total foreign exchange outgo during the year amounted to about Rs.66420302/- on account of import of waste paper, pulp stores and spares. FOR AND ON BEHALF OF BOARD OF DIRECTORS S. K. JAIN PLACE : NEW DELHI CHAIRMAN DATE : August 02, 2006 FORM - A disclosure of particulars with respect to conservation of energy: A. Power & fuel consumption: 1. Electricity: Current year Previous year 31.03.2006 31.03.2005 a) Purchased: Units 49,31,939 39,48,020 Total Amount (Rs.) 2,04,16,821 1,72,95,825 Rate/Unit 4.14 4.38 b) Own Generation: i) Through Diesel Generator: Units 7,26,010 18,30,165 Units per ltr. of Diesel oil 3.20 3.20 Cost/Unit 8.03 6.63 ii) Through Steam Turbine/Generator Units 88,66,390 73,38,600 Cost/unit NIL NIL Units per ltr. of fuel NIL NIL 2. Coal Qty. (MT) 7814.590 2600.535 Total Cost (Rs.) 91,43,471 57,01,215 Average Rate 1170.05 2192.32 3. Tel Rahit Bhussi Qty (NIT) 16,147.710 16,890 Total Cost (Rs.) 2,18,33,154 1,61,75,272 Average Rate 1352.090 957.680 4. Baggasse: Qty. (MT) Nil 2074.000 Total Cost (Rs.) Nil 18,04,380 Average Rate Nil 870 5. Press Mud Qty. (MT) 1,785.590 391.000 Total Cost (Rs.) 35,568 11,729 Average Rate 30.00 29.99 B. Consumption/Tones of production: Current Year Previous Year Product Paper (Writing Paper (Writing Printing) printing) Production (MT) 14685.884 13370.831 Electricity (Units/MT) 989.000 981.000 Tel Rahit Bhussi (in Boiler) 1.099 1.263 (On directly attributable basis to production) Coal (in Boiler) 0.532 0.194 (On directly attributable basis to production) FOR AND ON BEHALF OF BOARD OF DIRECTORS S. K. JAIN PLACE : NEW DELHI CHAIRMAN DATE : August 02, 2006 DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION RESEARCH & DEVELOPMENT: 1. Research and Development (R & D): The Company is a manufacturing organization and is not engaged in any major Research & Development activity. However, continuous efforts are made to improve the quality & efficiency and to develop new product/product mix. 2. Technology, absorption, adoption any innovation: Efforts: Suitable steps are being taken to upgrade the Pulp Mill to reduce chemicals and energy consumption, and improve quality of finished products. Benefits: There has been significant reduction in the power consumption as well as in the consumption of chlorine, used for Bleaching Pulp. 3. Imported Technology (imported during the last 5 years): NIL FOR AND ON BEHALF OF BOARD OF DIRECTORS S. K. JAIN PLACE : NEW DELHI CHAIRMAN DATE : August 02, 2006

Director’s Report