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ANNUAL REPORT
AND ACCOUNTS
2003-2004

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
M/s VARADACHARY & CO.,
Chartered Accountants
10, Abids Shopping Centre,
Chirag AN Lane,
HYDERABAD-500 001.

BANKERS
ANDHRABANK
Mandapeta - 533 308.

REGD.OFFICE & FACTORY


Maredubaka, Near Mandapeta - 533 308.
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.

To reappoint Sri M. Rama Rao as Managing Director for a 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 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 :

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)
e)

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


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)
C.

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

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.
FURTHER RESOLVED THAT during the currency of the tenure, if the Company has no
profits or its profits are inadequate in any financial year, the remuneration by way of salary
perquisites aggregating Rs.30,0007- (Rupees Thirty Thousand) per month be paid to the
Managing Director as minimum remuneration.

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
The following is a brief summary of the operations of the Company during the year under report.
2003-2004

2002-03

Production

MT

10755

7525

Sales

MT

10834

7456
Rs.in Lakhs

Turnover
Profit before depreciation & interest
Interest for the Year
Depreciation
Profit / (Loss) before taxes
Provision for Taxation (MAT)
Deferred Tax
Profit brought forward
Profit available for Appropriation

2710.42
278.65
118.08
49.35
111.22
5.20
5.75
(43.80)
56.47

1689.48

12.91
1.69
40.00

0.00
0.00
0.00

1.87

(43.80)

63.25
97.03

46.42
(80.20)
00.00
33.51
2.89

00.00

Appropriations :
Provision for Equity Dividend at 18%
Provision for Taxation on Dividend
Transfer to General Reserve
Balance of Profit / (Loss) carried forward
to the Balance Sheet

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DIRECTOR'S RESPONSIBILITY STATEMENT :
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.

DIRECTORS :
Shri V. Jogeswara Rao retires by rotation in accordance with the Articles of Association of the Company
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
Financial Corporation and Andhra Bank. Your Directors also wish to place on record their appreciation for
.the sincere and dedicated work put in by the workers and staff of the Company.
BY ORDER OF THE BOARD

MANDAPETA
August 05, 2004.

M. RAMA RAO
CHAIRMAN & MANAGING DIRECTOR

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ANNEXURE : A
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 :

I.

POWER & FUEL CONSUMPTION

2003-2004

2002-2003

78,06,559
Rs. 2,81,40,306
Rs.3.60

70,37,162
Rs. 2,82,67,731
Rs. 4.02

19,51,455
145,05,037

14,09,195
76,36,884
3.19
Rs. 5.42

1. ELECTRICITY
A. Purchased:
Units
Amount
Rate per Unit
B. Own Generation
Units
Amount
Units/Ltr.of Diesel oil
Rate per Unit

2.49
Rs .7.43

2. FUEL
A. Coal:
Quantity
Total Cost
Average Cost

15
Rs. 31,666
Rs. 2,111

MT

B. HUSK & Fire Wood :


Quantity
Total Cost
Average Cost

15149
Rs. 2,11,40,456
Rs. 1396

12714
Rs. 1,34,28,342
Rs. 1,056

3. FURNACE OIL:

NIL

NIL

4. OTHER/INTERNAL GENERATION

NIL

NIL

907

1123 Units
Nil

MT

CONSUMPTION PER UNIT OF PRODUCTION:


Standards if any
Power
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 & D carried out

There are no specific areas in which R & D is

by the company:

being carried out.

2. Benefits derived as a result of the

Not Applicable

The technology available and used in the

above R & D.
3. Future course of action

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 :


1. Efforts in brief made towards Technology

The technology involved is standardised and

Absorption, Adoption and Innovation.

constant efforts are being put in to modify


and improve the process, wherever possible.

2. Benefits derived as a result of the above

As a result of the Company's efforts, the

efforts.

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)

10

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