The Board of Directors have pleasure in presenting the 16th Annual
Report together with the Audited Accounts of the company for the year
ended, 31st March, 2008.
The working of the company during the year under review has been
CURRENT YEAR PREVIOUS YEAR
Sales & other Income 49,88,78,341 42,26,26,376
Operating Profit before
Interests depreciation 4,84,33,528 3,47,12,299
Interest & Finance Charges 1,11,12,162 78,94,458
Depreciation 2,20,78,128 1,83,56,727
Net of Adjustments:
i. Depreciation on
revalued Assets 32,89,347 38,09,987
ii. Amount transferred
from capital reserve 32.89.347 - 38,09.987
Net Profit 1,52,43,238 84,61,114
The company has not transferred any amount to the reserves during the
current year except the surplus in the Profit & Loss Account for the
year ended on 31.3.2008, which has been carried over in the Balance
Net Turnover for the year was Rs.49.88 crores as against 42.26 crores
in the previous year.
Profit before Depreciation, Interest and Taxes was Rs. 4.84 crores as
against Rs.3.47 crores in the previous year.
The Directors do not recommend any dividend for the year under review.
3. PUBLIC DEPOSITS UNDER SECTION 58 A
During the year, the company has not accepted any Public Deposits
during the year under review.
4. CORPORATE OVERVIEW
During the year under review the Company has been enable to enhance its
production from 14953 M.T. to 18215 M.T. The increase is due to the
fact that in previous year the production of soda ash has started late
during the year.
In Current year the increase in production has been possible due to the
efficiency of the technical staff and labour. The quality of paper has
improved, operating expenses have been stable during the year. The main
aim of the company is with regard to quality up-gradation and reduction
During the year Mr. Sandeep Jain was appointed as the Chairman and
Managing Director of the Company in place of Mr. Surendra Kumar Jain
with effect from 13.08.2007.
Mr. Ashok Agarwal and Mr. S.K. Jain have resigned from their
Directorship during the year.
Mr. Sushil Kumar Patedar who was the Additional Director is been
appointed as Whole Time Director with effect from 28.09.2007
The Assets of the company including Buildings, Plant & Machinery,
Stocks and Stores have been adequately secured.
M/s AJAY SHREYA & CO. 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 (1B) of
Section 224 of the Companies Act, 1956. Your directors recommend their
re-appointment for the Accounting Year 2008-2009.
8. AUDITORS REPORT
The Auditors Report on the Accounts is self-explanatory and no
comments are required.
9. DISCLOSURE OF PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES
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. DIRECTORS 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
i. That in the preparation of the Annual Accounts for the financial
year ended 31 March, 2008 the applicable Accounting Standards had been
followed and there has been no material departures;
ii. That the selected accounting policies 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;
iil. 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
iv. That the annual accounts have been prepared on going concern
11. CORPORATE GOVERNANCE
Your Company has complied with all the mandatory requirements of
Corporate Governance. A detailed report on Corporate Governance and
Management Discussion and Analysis forming part of the Directors
Report is enclosed as Annexure (B).
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 U/s 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 has been voluntary delisted from Uttar
Pradesh Stock Exchange Association Limited and Jaipur Stock Exchange
The equity shares of the Company, are Listed at the following stock
1. The Delhi Stock Exchange Association Ltd.
DSE House, 3/1 Asaf Ali Road
2. The Bombay Stock Exchange Ltd.
Phiroze Jeejeebhoy Towers,
25th Floor, Dalai Street
Mumbai - 400001
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
PLACE : NEW DELHI
DATED : 31st JULY 2008