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Mohit Paper Mills Ltd.

BSE Live

Feb 14, 16:00
7.46 -0.39 (-4.97%)
Volume
AVERAGE VOLUME
5-Day
664
10-Day
1,262
30-Day
1,015
102
  • Prev. Close

    7.85

  • Open Price

    7.46

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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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

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 highlighted below: I.FINANCIAL RESULTS (Amount/Rs.) CURRENT YEAR PREVIOUS YEAR 31.3.2008 31.03.2007 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 Sheet. 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. 2. DIVIDEND 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 in prices. 5. DIRECTORS 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 6. INSURANCE The Assets of the company including Buildings, Plant & Machinery, Stocks and Stores have been adequately secured. 7. AUDITORS 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 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. 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 hereby confirmed: 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 irregularities. iv. That the annual accounts have been prepared on going concern basis. 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 Limited. 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-110002 2. The Bombay Stock Exchange Ltd. Phiroze Jeejeebhoy Towers, 25th Floor, Dalai Street Mumbai - 400001 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 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) PLACE : NEW DELHI DATED : 31st JULY 2008

Director’s Report