MACRO ECONOMIC OVERVIEW:
It was a challenging year for the Indian economy with lingering concerns over global growth prospects and financial stability weighing on external demand and international funding. Global Economy turned weaker in 2012. According to IMF forecast, the global growth for 2013 is expected to be at 3.3%. It is expected that growth will improve in 2014. Further, local headwinds such as firm inflation, rising interest rates and policy impediments to investment only exacerbated the impact of a shaky global environment on domestic growth.
INDUSTRY STRUCTURE, DEVELOPMENTS IN INDIA
During the year 2012-13, the Indian Economy witnessed decade low GDP growth of 5% over the previous year. Apart from the sluggish growth, the economy saw serious external sector imbalances on account of growing trade deficit led by subdued exports growth and high oil & gold imports. The domestic economy continues to face major challenges in the form of an alarming fiscal deficit (4.9%) and current account deficit (4.8% of GDP) coupled with continued rise in inflation. These factors have contributed to the deteriorating investors confidence.
India is expected to record 5% per cent gross domestic product (GDP) growth in the current fiscal. The growth is expected to increase further to 6.7 per cent in 2014-15, according to the World Banks latest India Development Update, a bi-annual report on the Indian economy.
OPERATIONS
Subsequent to the approval of members of the company through postal ballot, the management decided to dispose off Plant & Machinery located at all three manufacturing units. Accordingly, various offers were considered for disposal of equipment and in this direction the company was able to finalize the best offer for Formaldehyde & Resin Plant and the same has been dismantled and disposed off. Later the offer for Particle Board Plant at Patancheru was also finalized and the dismantling process has started. The offer for Shadnagar plant is yet to be finalized and the company is still evaluating the same.
PERFORMANCE
Net revenue of your company for the financial year ended 31st March, 2013 was Nil in comparison with Rs. 1.01 Crores for the Financial Year ended 31.03.2012 (comprising of 9 months). Net loss for the year was Rs. 4.25 Crores, as compared to net loss of Rs. 6.48 crores incurred during the previous year.
OUTLOOK
As the Company is in the process of disposing off the Plant and Machinery and the equipment hence still not come out with any plans or proposals for any alternate business.
RISKS & CONCERNS
As the manufacturing activities at the plant had been closed for several unavoidable reasons, the plant, machinery and other equipments are lying idle at Shadnagar Plant, which is a major concern for the Company.
INTERNAL CONTROL SYSTEM
Your Company has reviewed internal controls and its effectiveness through the internal audit process.
The Audit Committee of the Board oversees the adequacy of the internal control environment through regular reviews of the audit findings and monitoring implementations of internal audit recommendations through the compliance reports submitted to them.
HUMAN RESOURCES
As the operations of the company were discontinued, most of the employees have left the services at all the three units.
Shareholder Information
1. | Annual General Meeting Date, Time & Venue | 26th December, 2013 at 11.30 am. "Sathya Sai Nigamagamam", 8-3-987/2, Srinagar Colony, Hyderabad - 500 073 |
2. | Financial Calendar 2013-14 | Reporting of financial results for each quarter is done in the following month for the relevant quarters & for the financial year ending 31st March, is done during the month of May. |
3. | Dates of Book Closure | From 23rd December, 2013 to 26th December, 2013 (both days inclusive) |
4. | Listing on Stock Exchanges | Bombay Stock Exchange Ltd. (BSE) Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001 The National Stock Exchange of India Ltd. (NSE) Bandra Kurla Complex, NSE Exchange Plaza Bandra (East), Mumbai - 400 051 |
5. | Listing Fees | Paid to both the above Stock Exchanges up to Financial Year 2013-14.. |
6. | Stock Code | 500310 on the Stock Exchange, Mumbai NOVOPANIND on the National Stock Exchange of India Limited, Mumbai. |
7. | Demat ISIN Number in NSDL & CDSL for equity shares | INE460B01016 |
8. | Registered Office | IDA, Phase - II, Patancheru |
Medak District (AP) - 502 319 | ||
Ph : 08455- 242624 / 242625 / 242626 | ||
Fax : 08455-241883 | ||
E-mail : investor@novopan.in | ||
9. | Share Transfer Registrars (for both Physical & Electronic) | XL Softech Systems Limited No.3, Sagar Socity, Road No.2 Banjara Hills, Hyderabad - 500034 Ph : 040 - 23545913/15, Fax : 040-23545914 Email : xlfield@gmail.com |
10. | Shareholders Correspondence | Share Transfers in physical form and all other correspondence regarding Duplicate Share Certificates, Dividends, Change of Addresses shall be addressed to M/s XL Softech Systems Limited. - Share Transfer Registrar. |
Invest wise with Expert advice
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Securities Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.