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Shree Jagdambe Paper Mills Ltd.

BSE: 531019 Sector: Industrials
NSE: N.A. ISIN Code: INE198F01013
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Shree Jagdambe Paper Mills Ltd. (SHJAGDAMBEPAP) - Director Report

Company director report

SHREE JAGDAMBE PAPER MILLS LIMITED, SIRSA ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT TO The Members, The Director's of your Company feel pleasure in presenting Report & Audited Accounts of the Company for the period from 1st April, 2007 to 31st March, 2008. 2008 2007 (Rupees) (Rupees) ACCOUNTS: The Gross Profit of the Company for the period amounts to 9350958 11869178 out of which are deducted: Depreciation 6351883 7072849 Interest 2550219 2480862 Leaving Surplus/Deficit (+) 48856 (+) 2315467 Income Tax/Wealth Tax (-) 599423 (-) 265022 Deferred Tax (+) 331790 (+) 1057963 F.B.T. Deposited (-) 59800 (-) 77469 Add :Carry forward loss/profit of previous year 7001095 3970156 Making total surplus available (+) 7122518 (+) 7001095 APPROPRIATIONS : Balance Of Profit/Loss (+) 7122518 (+) 7001095 carried to balance sheet WORKING RESULTS: The Company had produced 8072 M.T. Packing Paper during the year under review as against. 8403 M.T. of Packing Paper in the previous year. FUTURE PROSPECTS: Due to severe competition from mills operating in radius of Delhi and there is no margin in the manufacture of Kraft Paper, the Company has taken over other activities such as handling and. commission agency business. By taking these activities Company is able to reduce the losses. FINANCE: Your company place on record their heartiest, thanks to the Management of Indian Overseas Bank, Sirsa for providing various loan facilities. DEPOSITS: The Company accepted deposits only from its Directors and companies as and when funds were required. DIRECTORS: Shri Anil Goyal & Sh Rakesh Goyal are due to retire by rotation at the ensuing general meeting and being eligible offer themselves for re- appointment. EMPLOYEES: The relation between the Company and the Workers remain Co-ordial.The Directors are pleased to place on record their appreciation for efficient, and loyal services rendered by the officers,technical staff,office staff and workers of the Company. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION: In compliance with requirement of section 217(1)(c) of the Companies Act, 1956 read with the Companies(Disclosure of particulars in the report of Board of Directors) Rule, 1988 the statement showing the particulars in relation to conservation of energy and technology absorption and foreign exchange earning and outgoing are annexed to and form part of the report. DIVIDEND: Due to tight liquidity position your Director do not propose any dividend for the year. REQUIREMENT U/S 217 (2A) OF THE COMPANY ACT,1956: None of the Employee was in receipt of remuneration which is in the aggregate was not less than Rs.2400000/-per annum where employed throughout the year or not less than Rs200000/-per month where employed for part of the year. DIRECTORS ' RESPONSIBILITY STATEMENT: Your directors pursuant to section 217(2AA) of the Companies Act, 1956 states as follows : 1) That in. the prepration of annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. ii) That the directors had selected such accounting policies and applied them consistently and made judgememts 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 financial year and of the profit or loss of the Company for that period. iii) That the directors had taken proper and sufficient care for 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. iv) That the directors had prepared the annual accounts on a going concern basis. AUDITOR'S QUALIFICATION: Auditor's remarks,wherever they appear,read with notes to the accounts are self-explanatory and do not require any further comments. AUDITORS: M/s Bhudladia & Company,Chartered Accountants,Sirsa Auditors of the Company retire and being eligible offer themselves for re-appointment. FOR ON BEHALF OF BOARD (Surender Kumar Goyal) Chairman PLACE : SIRSA DATED : The 9th day of July, 2008. ANNEXURE TO DIRECTORS REPORT Information pursuant to section 217(1 )(e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of the Board of Directors) rule 1988 and forming part of the Director's Report for the year ended list March, 2008. A. CONSERVATION OF ENERGY: a) Energy-conservation measures taken : The Company's efforts in reducing energy consumption per unit of production through efficient production planning and modification in equipment are continuing. b) Additional investments proposals: - c) Impact of measure at (a)&(b) above for reducing energy consumption consequent impact on the cost of production of goods: The measures indicated in (a)&(b) above yielded/ expected to yield and positive results in reducing energy consumption and cost of production. d) Power & Fuel Consumption Current Year Previous Year Electricity: Purchased Units (KMH) 6363910 6084960 b) Total Amount (Rs.) 27562339 25511010 Rate per Unit (Rs.) 4.33 4.19 Own Generation i) Through diesal generator 40256 212906 Unit per litter of diesal oil 3.75 3.75 Cost/Unit (Kg.) 8.35 8.27 ii) Through steam Turbine/Generator unit Nil Nil Units per litter of fuel oil/gas cost/unit (Rs.) Nil Nil 2. Coal, Steam Coal for Steam Generation Steam Coal for Steam Generation Qty.(Tonnes) Nil Nil Total Cost Nil Nil Average rate Nil Nil 3. Furnace Oil: Qty.(ltrs) Nil Nil Total Cost Nil Nil Average rate Nil Nil 4. Other Generation (Husk, Oil & Bardana): Qty.(N.T.) 5741.058 4358.973 Total Cost 5702839.00 3693594.00 Average Rate 993.34 847.35 Consumption Per Unit of Production: Electricity (KMH) 788.36 724.13 Furnace Oil Nil Nil Coal (Qty) Nil Nil Others (Qty) 0.711 H.T. 0.519 H.T. TECHNOLOGY ABSORPTION: Research & Development (R&D): a) Specific areas in which R&D carried out by the Company : Research & Development activities are taken up on continuous tests, so as to increase productivity, reduce cost of production and improve quality. Benefits derived as a result of above (R&D): Anticipated results followed Future plan and actions : Energy conservation and cost reduction steps are continued as are on going process, EXPENDITURE OR R & D : a) Capital } } b) Recurring } Separate account of expenditure is not } maintained and the expenses are merged c) Total } with relevant heads of expenditure. } d) Total R&D expenditure as a } percentage of total turnover } B. Technology absorption, adoption and innovation : i) Efforts, in brief, made towards technology absorption, adaption and innovation : The Company's research development wing is fully gearted to absorb, adapt and innovate the modern technology on a continuing basis. ii) Benefits derived as a result of the above efforts : Improved quality of finished products. iii) In case of imported technology (imported during the last. 5 years reckoned from the beginning of the financial year) following information may be furnished. a) Technology imported Nil b) Year of import Nil c) Has technology been fully absorbed Nil If not fully absorbed, areas where this has not taken place, reasons therefore N.A. and future plans of action. C, Foreign Exchange Earnings and Outgo a) Activities relating to exports initiatives taken to increase exports development of new export markets for products and services and export plans. Nil b) Total foreign exchange used and earned Nil For AND ON BEHALF OF BOARD (Suredner Kumar Goyal) Chairman Place: Sirsa Dated: The 9th day of July, 2008.