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ANNUAL REPORT AND ACCOUNTS

2003-2004

- Annual Reports Library Services - www.sansco.net ANNUAL REPORT AND ACCOUNTS 2003-2004 SURYA CHANjDRA PAPER MILLS

SURYA CHANjDRA PAPER MILLS LIMITED

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SURYA CHANDRA PAPER MILLS LIMITED

BOARD OF DIRECTORS

SRI. M. RAMA RAO Chairman & Managing Director

SRI. V. JOGESWARA RAO Joint Managing Director

SRI.M. DORANNA Director

AUDITORS

Joint Managing Director SRI.M. DORANNA Director AUDITORS M/s VARADACHARY & CO., Chartered Accountants 10, Abids

BANKERS

ANDHRABANK Mandapeta - 533 308.

REGD.OFFICE & FACTORY

Maredubaka, Near Mandapeta - 533308. East Godavari Dist.(A.P)

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TWENTY NINTH ANNUAL REPORT '

NOTICE

NOTICE is hereby given that the 29th ANNUAL GENERAL MEETING of the company will be.held on

,

Friday, the 24th day of September, 2004 at the Registered office of the Company at Maredubaka E.G.Dist Andhra Pradesh, at 11.00 A.M. to transact the following business:

ORDINARY BUSINESS:

1. To consider and adopt the audited accounts of the company for the year ended March 31, 2004 together with the report of the Directors' and Auditors thereon.

2. To appoint a Director in place of Sri V. Jogeswara Rao, who retires by rotation at the Annual General Meeting and being eligible, offers himself for re-appointment.

3. To declare dividend.

4. To appoint Auditors for the year 2004-2005 and fix their remuneration. M/s Varadachary & Co., Chartered Accountants, Hyderabad, retire at the Annual General Meeting and are eligible for

reappointment.

SPECIAL BUSINESS:

5.

and are eligible for reappointment. SPECIAL BUSI NESS: 5. To reap point Sri M. Rama Rao

01-07-2004.

To consider and if thought fit to pass the following resolution with or without modification as an Ordinary Resolution :

"Resolved unanimously to reappoint Sri M. Rama Rao as Managing Director for another period of

Five years with effect from 01-07-2004 on the following terms and

conditions.

A. Remuneration :

w

Salary of Rs.25,000/- (Rupees Twenty Five Thousand only) per month.

B. PERQUISITES :

a) Medical benefits for self and family : Reimbursement of expenses actually incurred, the total cost of which to the Company shall not exceed one month's salary in a year or three months salary over a period of three years.

b) Leave Travel Concession for self and family once in a year subject to the permissible limits.

c) Personal Accident Insurance of an amount, the annual premium of which does not exceed Rs.4,000/-.

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SURYA CHANDRA PAPER MILLS LIMITED

 

d)

Company's contribution to Provident Fund subject to ceiling of 12% of the salary.

e)

Free use of Company car with driver on Company's business and all expenses on maintenance, repairs and cost of fuel.

f)

Free use of Telephone at residence, personal long distance calls to be billed by the Company.

g)

House Rent allowance of Rs.5,000/- per month.

C. COMMISSION :

An amount equal to 5% of Net Profit of the Company for each financial year computed as per section 349 and other applicable provisions of the Companies Act, 1956 after deducting salary and perquisites paid during the year as mentioned above.

FURTHER RESOLVED THAT the overall remuneration including commissions payable to Managing Director in any case shall not exceed the ceiling of 5% of net profit of the Company for any financial year as laid down in Sections 198 and 309 of the Companies Act.

be paid to the Managing Director as minimum remuneration. 6. To reappoint Sri V. Jogeswara Rao

6. To reappoint Sri V. Jogeswara Rao as Joint Managing Director for period of 5 years with effect from

01-07-2004.

To consider and if thought fit to pass the following resolution with or without modification as an ordinary resolution :

"Resolved unanimously to reappoint to Sri V. Jogeswara Rao as Joint Managing Director for another period of 5 years with effect from 01-07-2004, on the following terms and conditions.

A. REMUNERATION :

Salary of Rs.24,000/- (Rupees Twenty Four Thousand only) per month.

B. PERQUISITES :

a) Medical benefits for self and family : Reimbursement of expenses actually incurred, the Total cost of which to the Company shall not exceed one month's salary in a year or three months salary over a period of three years.

b) Leave Travel Concession for self and family once a year subject to the permissible

limits.

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TWENTY NINTH ANNUAL REPORT!

DIRECTORS' REPORT

TO

THE SHAREHOLDERS

Your Directors have pleasure in presenting herewith the 29th ANNUAL REPORT AND ACCOUNTS of the

Company for the year ended March 31, 2004.

PERFORMANCE OF YOUR COMPANY :

The working of the Company is satisfactory compared to the previous year. Your Company reported

substantial profit after making all appropriations and provision for dividend. The Company has taken up

the project of setting up of a captive power plant of 3 MW for its use thereby dispensing its dependence

on Electricity Board. The inhouse power plant has advantages of cost saving, absence of voltage

fluctuations and elimination of wastage of material. The total project cost is estimated at Rs. 883.15 lakhs

and both Andhra Pradesh State Financial Corporation and Andhra Bank have shown keen interest for

financing the captive power project.

OPERATIONAL RESULTS

2003-2004 2002-03 MT 10755 7525
2003-2004
2002-03
MT
10755
7525

Production

Sales

MT

10834

7456

 

Rs.in Lakhs

Turnover

2710.42

1689.48

Profit before depreciation & interest

278.65

63.25

Interest for the Year

118.08

97.03

Depreciation

49.35

46.42

Profit / (Loss) before taxes

111.22

(80.20)

Provision for Taxation (MAT)

5.20

00.00

Deferred Tax

5.75

33.51

Profit brought forward

(43.80)

2.89

Profit available for Appropriation

56.47

00.00

Appropriations :

Provision for Equity Dividend at 18%

12.91

0.00

Provision for Taxation on Dividend

1.69

0.00

Transfer to General Reserve Balance of Profit / (Loss) carried forward

40.00

0.00

to the Balance Sheet

1.87

(43.80)

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DIRECTOR'S RESPONSIBILITY STATEMENT :

SURYA CHANDRA PAPER MILLS LIMITED

As required under Section 217(2AA) of the Companies Act, 1956, your Directors confirm and state that :

* In preparation of the Annual Accounts, the applicable accounting standards have been followed.

* The Company has selected such accounting policies, applied them consistently, made judgements 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 the financial year and of the profit of the Company for that period.

* The Directors have taken proper and sufficient care 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 detecting fraud and other irregularities.

* The Company has prepared the attached annual statement of Accounts for the year ended 31st March, 2004 on a going concern basis.

the year ended 31st March, 2004 on a going concern basis. DIRECTORS : Shri V. Jogesw

DIRECTORS :

Shri V. Jogeswara Rao

and is eligible for reappointment.

AUDITORS :

MIS

Varadachary & Co., Chartered Accountants, retire at the Annual General Meeting and are eligible

for reappointment.

COST ACCOUNTING RECORDS :

The Cost Accounting Records have been maintained as per the Cost Accounting Records (Paper) Rules

1975.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

As required under Section 217(1)(e) of the Companies Act, 1956 and the Rules made therein, the concerned particulars relating to Energy Conservation, Technology Absorption, Foreign Exchange Earnings

and Outgo are given in Annexure-A which is attached hereto and forms part of the Directors' Report.

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TWENTY NINTH ANNUAL REPORT

PARTICULARS OF EMPLOYEES :

;

There are no employees in the Company whose particulars are required to be furnished under Section 217(2A) of the Companies Act, 1956 and the Rules made there under.

EMPLOYEE RELATIONS :

The relations with the employees continued to be cordial during the year and production was not lost due to labour related problems.

ACKNOWLEDGEMENTS :

Your Directors wish to place on record their grateful thanks for the support lent by Andhra Pradesh State

for

Financial Corporation and Andhra Bank. Your Directors also wish to place on record their appreciation .the sincere and dedicated work put in by the workers and staff of the Company.

BY ORDER OF THE BOARD

the workers and staff of the Company. BY ORDER OF THE BOARD MANDAPETA August 05, 200

MANDAPETA August 05, 2004.

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ANNEXURE : A

SURYA CHANDRA PAPER MILLS LIMITED

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND OUTGO AS PER SECTION 217(1)(e) OF THE

COMPANIES ACT, 1956 AND THE RULES MADE THEREIN AND FORMING PART OF

THE DIRECTORS' REPORT FOR THE YEAR ENDED 31st MARCH, 2004.

A. CONSERVATION OF ENERGY :

 

2003-2004

2002-2003

I. POWER & FUEL CONSUMPTION

 

1. ELECTRICITY

A.

Purchased:

78,06,559

70,37,162

Units

Rs. 2,81,40,306

Rs. 2,82,67,731

Amount Rate per Unit

Rs.3.60

Rs. 4.02

B.

Own Generation

19,51,455

145,05,037

14,09,195

76,36,884

2.49 Rs .7.43
2.49
Rs .7.43

Rs. 5.42

Units

2. FUEL

3.19

A. Coal:

 

Quantity

MT

15

Total Cost

Rs. 31,666

Average Cost

Rs. 2,111

B. HUSK & Fire Wood :

Quantity

MT

15149

12714

Total Cost

Rs. 2,11,40,456

Rs. 1,34,28,342

Average Cost

Rs. 1396

Rs. 1,056

3.

FURNACE OIL:

NIL

NIL

4.

OTHER/INTERNAL GENERATION

NIL

NIL

CONSUMPTION PER UNIT OF PRODUCTION:

Standards if any

Power

NIL

907

1123 Units

Fuel (Coal)

NIL

Nil

Nil

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TWENTY NINTH ANNUAL REPORT!

B.

TECHNOLOGY ABSORPTION :

I.

RESEARCH & DEVELOPMENT (R & D)

1. Specific areas in which R & by the company:

D carried out

:

There are no specific areas in which R & D is being carried out.

2. Benefits derived as a result of the above R & D.

:

Not

Applicable

3. Future course of action

:

The technology available and used in the process has been standardised and constant efforts are being put in to modify and improve the process, wherever possible.

4. Expenditure on R & D

:

No major expenditure involved.

II.

TECHNOLOGY ABSORPTION, ADOPTATION AND INNOVATION :

: constant efforts are being
:
constant efforts are being

put in to modify

and improve the process, wherever possible.

2. Benefits derived as a result of the above efforts.

:

As a result of the Company's efforts, the Company has been able to achieve the maximum capacity utilization.

3. Imported Technology.

'

:

No imported Technology is involved.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO :

 

Rs. in Lakhs

 

Earnings

:

Nil

Outgo

:

61.43

 

(16.53)

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