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BSE Code : | NSE Symbol : | ISIN:| SECTOR : |

NSE BSE
 

Volume 280564

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Key Stats

MARKET CAP (RS CR) 216.9
P/E 10.61
BOOK VALUE (RS) 33.0958854
DIV (%) 10
MARKET LOT 1
EPS (TTM) 5.8
PRICE/BOOK 1.85974779813566
DIV YIELD.(%) 1.62
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

16-Oct-2020

Yash Pakka to discuss results

15-Oct-2020

Yash Pakka Ltd - Board Meeting Intimation for Approval Of 2Nd Quarter Ended 30.09.2020, Unaudited Financial Result Of The Company

13-Oct-2020

Yash Pakka Ltd - Clarification On Record Date For Payment Of Final Dividend And Book Closure

13-Oct-2020

Yash Pakka Ltd - Statement Of Investor Complaints For The Quarter Ended September 2020

16-Oct-2020

Yash Pakka to discuss results

14-Sep-2020

Yash Pakka AGM scheduled

07-Aug-2020

Yash Pakka announces board meeting date

01-Jul-2020

Yash Pakka announces board meeting date

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
A S Rototech Ltd (Wound-up) 523072
Agio Paper & Industries Ltd 516020
Anand Duplex Ltd 40432
Andhra Paper Ltd 502330 ANDHRAPAP
Astron Paper & Board Mill Ltd 540824 ASTRON
Aurangabad Paper Mills Ltd 502352 AURANPAPER
B J Duplex Boards Ltd 531647
B K Duplex Board Ltd 516112
B&B Triplewall Containers Ltd 535120 BBTCL
Balkrishna Paper Mills Ltd 539251 BALKRISHNA
Ballarpur Industries Ltd 500102 BALLARPUR
Bio Green Papers Ltd 534535
Cella Space Ltd 532701
Century Textiles & Industries Ltd 500040 CENTURYTEX
Chadha Papers Ltd 531946
Coastal Papers Ltd (Merged) 502369
Coral Newsprints Ltd 530755
Cosboard Industries Ltd 530859
Crescent Colorcoat Systems Ltd 516070
Crest Paper Mills Ltd 516104
Dadrawala Papers Ltd 516042
Danube Industries Ltd 540361
Denmur Fax Roll Ltd 526273 DENMURFAX
Eggro Paper Moulds Ltd 530717
Ellora Paper Mills Ltd 502374
Emami Paper Mills Ltd 533208 EMAMIPAP
Emami Paper Mills Ltd (Merged) 40246
G K P Printing & Packaging Ltd 542666
Ganga Papers India Ltd 531813
Genus Paper & Boards Ltd 538961 GENUSPAPER
Gold Star Straw Products Ltd 531122
Gratex Industries Ltd 526751
Hardoli Paper Mills Ltd 40355
Hi-Tech Winding Systems Ltd 541627
ITC Bhadrachalam Paperboards Ltd (Merged) 500340 ITCBHADRA
Jackard Products Ltd 516060
Jainpur Straw Board And Paper Pvt Ltd 530623
Jayant Paper Mills Ltd 502390
JK Paper Ltd 532162 JKPAPER
Kalptaru Papers Ltd 590036
Kankariya Chemical Industries Ltd 524222
Kay Power & Paper Ltd 530255
Kuantum Papers Ltd 532937 KUANTUM
Kushal Ltd 536170
Lawa Coated Papers Ltd 523730
Madhya Bharat Papers Ltd 40240
Magnum Ventures Ltd 532896 MAGNUM
Malu Paper Mills Ltd 532728 MALUPAPER
Mansarovar Paper & Industries Ltd 532208
Mohit Paper Mills Ltd 530169
Mukerian Papers Ltd 516068 MUKERPAPER
Mysore Paper Mills Ltd 502405
N R Agarwal Industries Ltd 516082 NRAIL
Nath Industries Ltd 502587
Nath Pulp & Paper Mills Ltd(Merged) 502407 NATHPULP
Nayagara Paper Products (India) Ltd 516044
Nice Papers Ltd 40206
Nishant Paper Mills Ltd 516048
Orient Paper & Industries Ltd 502420 ORIENTPPR
Pamwi Tissues Ltd 502577
Parijat Paper Mills Ltd 40208
Pitambar Coated Papers Ltd 530785
Pondichery Papers Ltd 40262
Pudumjee Paper Products Ltd 539785 PDMJEPAPER
R N Paper & Boards Ltd 516036
Rainbow Papers Ltd 523523 RAINBOWPAP
Rama Paper Mills Ltd 500357
Rana Mohendra Papers Ltd 516074
Reacto Papers India Ltd 531291
Ruchira Papers Ltd 532785 RUCHIRA
Saffron Industries Ltd 531436
Sai Rayalseema Paper Mills Ltd 502468
Sangal Papers Ltd 516096
Sarda Papers Ltd 516032
Satia Industries Ltd 539201 SATIA
Saurashtra Paper & Board Mills Ltd 516088 SAURASTPPR
Servalakshmi Paper Ltd 533401 SERVALL
Seshasayee Paper & Boards Ltd 502450 SESHAPAPER
Shiva Paper Mills Ltd 502550
Shree Ajit Pulp and Paper Ltd 538795
Shree Ambeshwar Paper Mills Ltd 516028
Shree Bhawani Paper Mills Ltd 502563
Shree Industries Ltd 516040
Shree Jagdambe Paper Mills Ltd 531019
Shree Karthik Papers Ltd 516106
Shree Krishna Paper Mills & Industries Ltd 500388
Shree Rajeshwaranand Paper Mills Ltd 516086
Shree Rama Newsprint Ltd 500356 RAMANEWS
Shree Vindhya Paper Mills Ltd 502452 SHRVINDPPR
Shreyans Industries Ltd 516016 SHREYANIND
Sirpur Paper Mills Ltd 502455 SIRPAPER
Solid Containers Ltd 502460
Soma Papers & Industries Ltd 516038
Sophia Traexpo Ltd 541633
South India Paper Mills Ltd 516108 SIPAPER
Speciality Papers Ltd 502465
Star Paper Mills Ltd 516022 STARPAPER
Sumuka Agro Industries Ltd 532070
Sushila Pulp & Papers Ltd 516034
Tamil Nadu Newsprint & Papers Ltd 531426 TNPL
Tungabhadra Pulp & Board Mills Ltd 516001
Vapi Paper Mills Ltd 502589
Varinder Agro Chemicals Ltd (Merged) 506899
Victory Paper & Boards (India) Ltd 531234
Vidarbha Paper Mills Ltd(merged) 502520
Vidhi Industries Ltd 516084
Vishal Papertech (India) Ltd 531981
Well Pack Papers & Containers Ltd 531249
West Coast Paper Mills Ltd 500444 WSTCSTPAPR
Worth Peripherals Ltd 535008 WORTH

Share Holding

Category No. of shares Percentage
Total Foreign 200000 0.57
Total Institutions 1000 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 0 0.00
Total Promoters 15910156 45.15
Total Public & others 19128844 54.28
Total 35240000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Yash Pakka Ltd

Commencing its operations in Jan. '83 at its paper manufacturing unit. Yash Papers gradually increased the capacity from 1940 tpa to 6000 tpa by 1992. In 1990 the company installed another low grammege M G Kraft paper manufacturing unit of 6000 tpa. This unit went into production in Mar. '91. During 1993-94, it undertook a modernisation-cum-expansion project to increase the total capacity to 16000 tpa, upgrade technology and manufacturing facilities of low grammage kraft paper and take up co-generation of power. The project was completed in 1994-95. The company 2.5 MW controlled extraction-cum-condensing turbine for co-generation of electricity is running regularly to supply power to the entire plant, reducing power and fuel cost. The company has started exporting its paper directly to SARC and Middle East countries and the export amounted to Rs.12.70 lacs during the year 1999-2000.In 2000-01 the company is installing modern fuel efficient boiler and balancing equipments costing Rs.500 lacs financed by IDBI with a term loan of Rs.350 lacs. The boiler has been installed and running successfully. The company also proposes to enhance its installed capacity to 24,750 TPA from the existing 16000 TPA. The expansion is being done by setting up a separate paper machine to produce various qualities of specialized paper.

Yash Pakka Ltd Chairman Speech

AT THE ONSET, I WOULD LIKE TO CONGRATULATE TEAM YASH FOR PUTTING UP ANOTHER YEAR OF STUPENDOUS PERFORMANCE.

Dear Shareholders,

It is they who made the Company achieve robust performance during the year under review. At Yash Papers, we truly believe that we need to build for our future today. This philosophy is helping the Company in creating a strong foundation for a sustainable business future. As we take a leap ahead towards a better future, we continue to outperform ourselves. We continued to report yet another year of profitable growth, a highest ever production volume and close to 100% capacity utilisation at our paper mills.

At Yash Paper, we are creating bio degradable packaging solution to create a sustainable future. We possess adequate capacity and knowledge bandwidth service demand arising in the mid-term.

The company has taken a bold step towards foraging into moulded products. The focus and effort comes from the deep set belief that we need to leave the planet cleaner through providing better alternates to single use plastics. The team has done a stupendous job by creating a unique set of products under the brand name CHUK. The products have also begun to find acceptance as people and companies become more aware and take initiatives towards choosing solutions that work better. The plant and machines are still stabilising and we are moving towards better productivity. We see a bright future as products gain more acceptance in the market and the technology stabilises.

We have a strong focus on R&D and Innovation. There is a dedicated team that works on various domains including bags, flexible packaging, fibre development, pulping improvement and waste utilisation. The team is finding various solutions that would see the light of the day in times to come. The country continued to grow strongly during the first half of the year. However, the solvency issue of one of the major NBFCs unsettled the market, impacting liquidity scenario in the economy, resulting in demand to slow down. This, overall, impacted the growth of the entire year and the country reported multi-year low GDP growth of 6.8% during the past year.

There has been growing awareness about the use of environment-friendly packaging products. At Yash Papers, we have been introducing products addressing sustainable packaging solutions. With a stronger and stable government at the helm of the just concluded parliamentarian election, there has been a growing thrust on the country's infrastructure sector as well us further strengthening farmer income. These are expected to drive consumer demand further, in turn strengthening demand for packaging products. Consider this: the market size of the country's packaging industry is expected to touch USD 72.6 billion by FY20 on account of rising population and income levels, according to a study by Assocham-EY. Fast-moving consumer goods is one of the primary growing segments in the retail sector and is also one of the biggest end users of the packaging industry, it said adding that pharmaceutical is yet another major user of the packaging industry. India continues to stand far below in the per capita paper consumption which is at 13 kg (global average 57 kg. This is expected to increase to 17 kg by 2024-25, reflecting a strong room for growth for the industry.

At Yash Papers, we are creating bio-degradable packaging solutions to create a sustainable future. We possess adequate capacity and knowledge bandwidth to service demand arising in the mid-term. We have a dedicated team of R&D professionals working relentlessly towards introduction of new and innovative products. As result, we are able to launch numerous products in the past three years. We believe that with our robust infrastructure provides an excellent platform for short to mid term growth. I am extremely grateful to our stakeholders, especially the bankers for supporting us even during the time of duress. I am thankful to the shareholders for staying invested and believing in our business model. An exciting journey has just begun!

Regards,

K.D. Pudumjee

Chairman

   

Yash Pakka Ltd Company History

Commencing its operations in Jan. '83 at its paper manufacturing unit. Yash Papers gradually increased the capacity from 1940 tpa to 6000 tpa by 1992. In 1990 the company installed another low grammege M G Kraft paper manufacturing unit of 6000 tpa. This unit went into production in Mar. '91. During 1993-94, it undertook a modernisation-cum-expansion project to increase the total capacity to 16000 tpa, upgrade technology and manufacturing facilities of low grammage kraft paper and take up co-generation of power. The project was completed in 1994-95. The company 2.5 MW controlled extraction-cum-condensing turbine for co-generation of electricity is running regularly to supply power to the entire plant, reducing power and fuel cost. The company has started exporting its paper directly to SARC and Middle East countries and the export amounted to Rs.12.70 lacs during the year 1999-2000.In 2000-01 the company is installing modern fuel efficient boiler and balancing equipments costing Rs.500 lacs financed by IDBI with a term loan of Rs.350 lacs. The boiler has been installed and running successfully. The company also proposes to enhance its installed capacity to 24,750 TPA from the existing 16000 TPA. The expansion is being done by setting up a separate paper machine to produce various qualities of specialized paper.

Yash Pakka Ltd Directors Reports

To,

The Members,

The Directors are pleased to present to you the Thirty-Eight Annual Report on the business and operations of your Company together with the Audited Financial Statements for the financial year ended 31st March, 2019.

1. CORPORATE OVERVIEW

The Company was incorporated in year 1981. The Company has started its first commercial production in year 1983 and has thereafter transformed from being an Indian small paper manufacture to a large specialty packaging products manufacturing and trading group with leadership position in specialty papers and Moulded products and enjoys a formidable position across paper industries in national and global markets.

2. FINANCIAL SUMMARY AND HIGHLIGHTS:

The summarized financial performance of your Company for the financial year 2018-19 as compared to previous year 2017-18 has been as under:

(Rs. In Lakhs)
Particulars For the year ended 31st March, 2019 For the year ended 31st March, 2018
I. Revenue from operations 25,025.59 20,174.84
II. Other income 517.56 348.84
III. Total Income 25,543.15 20,523.68
IV. Expenses
Cost of materials consumed 10,980.41 9,550.42
Purchase of stock-in-trade 12.20 -
Changes in inventories of finished goods, work-in-progress and stock-in-trade 146.48 (677.65)
Employee benefits expenses 2,419.09 1,971.03
Finance costs 1,682.31 1,281.06
Depreciation and amortization expenses 870.46 638.55
Other expenses 6,949.11 5,544.56
Total Expenses (IV) 23,060.06 18,307.97
V. Profit before Tax 2,483.09 2,215.71
1. Current tax 541.59 477.45
2. Deferred tax (131.58) 490.28
3. Tax adjustments relating to earlier years 2.10 0.01
VII. Profit for the period 2,070.98 1,247.97
VIII. Other comprehensive income -
(i) Items that will not be reclassified to profit or loss Re-measurements of the defined benefit plans (9.98) 6.29
(ii) Income tax related to items that will not be reclassified to profit or loss (2.90) 1.83
Sub Total (12.88) 8.12
IX. Total comprehensive income for the period 2,058.10 1,256.09
X. Earnings per equity share
1. Basic 5.88 3.62
2. Diluted 5.88 3.62

3. PERFORMANCE REVIEW

During the financial year 2018-19, the Company recorded an impressive performance by recording its highest ever revenue, EBITDA and Profit After Tax (PAT). While Revenue registered an increase by 24.46%, EBITDA registered an increase by 21.78%, PAT improved by 65.95%. These results were driven by higher sales volume, higher sales price realization and lower input cost. Improved productivity from our mills helped to generate more volume for sales revenue and lower manufacturing cost from more efficient operations. The Company continued to focus on important initiatives for innovating new products as well as improving the customer experience and operational efficiencies. The summarized production, sales and exports of products of your Company for the financial year 2018-19 as compared to previous year 2017-18 has been as under:

Particulars Unit of Measurement Current Year ended 31.03.2019 Previous Year ended 31.03.2018
PRODUCTION
i. Kraft Paper MT 21,058 19,646
ii. Poster Paper MT 17,429 17,238
iii. Pulp MT 7,243 7,429
iv. Moulded Products* MT 1,276 247
v. Egg Tray Pieces 1,01,85,000 81,39,300
SALES
i. Kraft Paper MT 21,098 19,278
ii. Poster Paper MT 17,799 16,998
iii. Pulp MT 7,428 7,429
iv. Moulded Products* MT 1,150 118
v. Egg Tray Pieces 1,01,85,000 82,28,600
EXPORTS
i. Kraft Paper MT 4,426 3,766
ii. Poster Paper MT 2,541 1,875
iii. Moulded Products* MT 21.55 0

*Commercial Production of Moulded Products (Tableware) started with effect from 2nd January, 2018.

4. DIVIDEND

Based on the Company's performance, the Directors have recommended a final dividend of 10% (Rs. 1 per equity share) for the year ended 31st March, 2019 subject to approval of the members at their Annual General Meeting.

( Rs. In Lakhs)
Particulars As at 31st March, 2019 As at 31st March, 2018
Final Dividend for the year ended Re. 1 per share (P.Y. Nil) 352.40 -
Dividend distribution tax on above 72.44 -
Total 424.84 -

The dividend on equity shares, if approved by the members, would involve a cash outflow of Rs. 352.40 lakhs plus applicable Dividend Distribution Tax.

5. TRANSFER TO RESERVES

The closing balance of the retained earnings of the Company for FY 2019, after all appropriation and adjustments was Rs. 4,128.86 lakhs. The details of Reserve are given below:-

( Rs. In Lakhs)
Particulars As at 31st March, 2019 As at 31st March, 2018
Capital Reserve 37.32 37.32
Securities Premium 1,172.15 1,172.15
General Reserve 550.00 550.00
Retained Earnings 4,128.86 2,057.88
Other Comprehensive Income (41.90) (29.02)
Total 5,846.43 3,788.33

6. SHARE CAPITAL

The authorized share capital of the Company was Rs. 6,000 lakhs divided into 540 lakhs equity shares of Rs. 10 each and 6 lakhs preference share capital of Rs. 100 each.

The paid up Equity Share Capital of the Company as on 31st March, 2019 was Rs. 3,524 lakhs.

The paid up Equity Share Capital of the Company as on 11th May, 2019 i.e. the date of Directors Report was Rs. 3,524 lakhs.

The Company has not issued shares with differential voting rights, employee stock options and sweat equity shares during the year under review. The Company has paid Listing Fees for the financial year 2019-20 to BSE Limited, where its equity shares are listed.

7. HUMAN RESOURCE DEVELOPMENT

The Company takes pride in the commitment, competence and dedication of its employees in all areas of the business. The Company has a structured induction process and management development programs to upgrade skills of manager. Objective appraisal systems based on key result areas (KRAs) are in place for senior management staff.

The Company believes in the potential of people to go beyond and be the game-changing force for business transformation and success. This potential is harnessed by fostering an open and inclusive work culture that enables breakthrough performance and comprehensive development of employees through the three pillars of Leading Self, Leading Teams and Leading Business.

8. CREDIT RATING

The Company had given mandate to Care Ratings Limited to rate its long term and short term debts. The Care Ratings Limited had issued Credit Rating Letter on 28th September, 2018 as detailed below:-

Facilities Rating Amount (Rs. crore)
Long Term Bank Facilities (term Loan) CARE BBB; Stable (CARE Tripe B; Outlook: Stable) 97.87
Long Term Bank Facility (Working Capital facility) CARE BBB; Stable (CARE Tripe B; Outlook: Stable) 79.73
Long Term Bank Facility (Non-Fund Based -BG) CARE A3 (A Three) 17.79
Non-fund-based -Long Term-Bank Guarantees CARE BBB; Stable (CARE Tripe B; Outlook: Stable) 6.41

Total Facilities: Rs. 201.80 Crores (Rupees Two hundred and one Crore and eighty lakhs only)

9. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There has been no material changes and commitments affecting the financial position of the Company which has occurred between the end of the financial year of the Company to which the financial statements relate i.e. 31st March, 2019 and the date of the report i.e. 11th May, 2019.

10. DETAILS OF SIGNIFICANT AND MATERIAL

ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE

There is no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.

11. INTERNAL FINANCIAL CONTROL SYSTEMS

AND THEIR ADEQUACY

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard operating procedures. The Company's internal control system is commensurate with its size, scale and complexities of its operations. The internal and operational audit is entrusted to Kapoor Tandon & Co., Chartered Accountants, a firm of Chartered Accountants. The main thrust of internal audit is to test and review controls, appraisal of risks and business processes, besides benchmarking controls with best practices in the industry. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism. The Audit Committee of the Board of Directors, Statutory Auditors and the Business Heads are periodically apprised of the internal audit findings and corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. Significant audit observations and corrective actions taken by the management are presented to the

Audit Committee of the Board. To maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee.

12. CORPORATE GOVERNANCE

As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate section on corporate governance practices followed by the Company, together with a certificate from the Company's Auditors confirming compliance forms an integral part of this Report.

13. VIGIL MECHANISM / Whistle Blower Policy

The Company has a Whistle Blower Policy to report genuine concerns or grievances & to provide adequate safeguards against victimization of persons who may use such mechanism. The Whistle Blower Policy has been posted on the website of the Company at https://www.yashpapers.com.

14. POLICY ON PREVENTION OF SEXUAL

HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has adopted a PolicyonPrevention,ProhibitionandRedressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules made thereunder. The Policy aims to provide protection to employees at workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. The Company has revisited the Internal Complaints Committee members and emphasized on the roles and responsibilities expected from the members. Posters and Banners were refreshed with the list of committee members and strengthened the awareness of zero tolerance through campaigns.

Opening as on 01.04.2019 Received during FY 2018-19 Redressed during FY 2018-19 Closing as on 31.03.2019
0 0 0 0

15. RISK MANAGEMENT

Risk management is embedded in your Company's operating framework. Your Company believes that managing risks helps in maximizing returns. The Company's approach to addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks. The risk management framework is reviewed periodically by the Board and the Audit Committee.

16. COMPLIANCE OF SECRETARIAL STANDARDS:

During the financial year under review, the Company has complied with the applicable SS-1 (Secretarial Standard on Meetings of the Board of Directors), SS-2 (Secretarial Standard on General Meetings) and has also voluntarily complied with SS-4 on (Secretarial Standard on Report of the Board of Directors), as applicable, issued by the Institute of Company Secretaries of India.

17. RELATED PARTY TRANSACTION

All transactions entered with Related Parties for the year under review were on arm's length basis. Further, there are no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel. All related party transactions are mentioned in the note no.34 to the accounts. The Company has developed a framework through Standard Operating Procedures for the purpose of identification and monitoring of such Related Party Transactions.

All Related Party Transactions are placed before the Audit Committee for approval. Omnibus approval was obtained on a yearly basis for transactions which are of repetitive nature. Transactions entered into pursuant to omnibus approval are verified by the Risk Assurance Department and a statement giving details of all Related Party Transactions are placed before the Audit Committee and the Board for review and approval on a quarterly basis.

The Policy on Related Party Transactions as approved by the Board of Directors has been uploaded on the website of the Company and can be seen at the link https://www. yashpapers.com. None of the Directors has any pecuniary relationship or transactions vis--vis the Company except remuneration and sitting fees.

The form AOC-2 regarding related party transaction is annexed as Annexure ‘A' and forms an integral part of this Report.

18. CORPORATE SOCIAL RESPONSIBILITY (CSR)

As a part of its initiative under the "Corporate Social Responsibility" (CSR) drive, the Company has undertaken projects in the areas of environment sustainability, preventive health care, eradication of hunger, education, women empowerment, health, hygiene and sanitation. These projects are in accordance with Schedule VII of the Act and the Company's CSR policy. During the year, the Board of Directors on the recommendation of Corporate Social Responsibility Committee of the Company has amended the CSR policy and decided that for the Financial Year 2018-19, the focus areas of the Company for utilizing the earmarked CSR Fund are as under:

• Eradicating hunger, poverty and malnutrition;

• Promotion of healthcare including preventive healthcare;

• Promotion of education and employment- enhancing vocational skills;

• Ensuring environmental sustainability;

• Other areas approved by the CSR Committee within the ambit of CSR Rules as amended from time-to-time.

The Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure ‘B' and forms an integral part of this Report. The CSR Policy has been uploaded on the Company's website at https://www. yashpapers.com.

19. AUDITORS' OBSERVATION: 19.1 STATUTORY AUDITOR

The Statutory Auditor of the Company has given unqualified report during the year under review.

19.2 SECRETARIAL AUDITOR

The Secretarial Auditor of the Company has given unqualified report during the year under review.

20. DIRECTORS:

20.1 CHANGES IN DIRECTORS

Mr. Basant Kumar Khaitan (DIN: 00117129) was appointed as an Independent Director (Additional Director) in the Company on a term of 5 years in the Board Meeting held on 19th May, 2018. Mr. Basant Kumar Khaitan was further regularized in the 38th Annual General Meeting held on 22nd September, 2018.

Mr. Narendra Kumar Agarwal (DIN: 05281887) was re-appointed as the Whole-time Director (Directors Works) for the period of three years w.e.f. 24th July, 2018.

Pursuant to the Special resolution passed at the Annual General Meeting held on 22nd September, 2018, Mr. Kaikobad Dorab Pudumjee (DIN: 01594401) and Mr. Gyanendra Nath Gupta (DIN: 00027502), the Independent Directors of the Company have been re-appointed for "Second term" in line with the explanation to Sections 149(10) and 149(11) of the Companies Act, 2013.

Further, Pursuant to the Regulation 17(1A) of the Amendment Regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") a special resolution has been passed in Extra Ordinary General Meeting held on 27th April, 2019 for continuation of directorship in the Company of Mr. Kaikobad Dorab Pudumjee and Mr. Gyanendra Nath Gupta, the Independent Directors of the Company.

Mrs. Manjula Jhunjhunwala (DIN: 0192901) is a Director retiring by rotation in pursuance of Section 152 of the Companies Act, 2013, being eligible, offers herself for re-appointment.

20.2 CHANGES IN KEY MANAGERIAL PERSONNEL

Mr. Anil Kumar Gupta, Chief Financial Officer (KMP) of the Company has resigned from the post of CFO with effect from 5th February, 2019.

Mr. U. U. V. Ravikanth has been appointed as Chief Financial Officer (KMP) of the Company with effect from 5th February, 2019.

20.3 INDEPENDENT DIRECTOR(S) DECALARATION

In pursuance of sub-section (7) of Section 149 of the Companies Act, 2013 and Regulation 25(8) of the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, as amended, ("SEBI Listing Regulations") all the Independent Directors have furnished the declaration that they meet the criteria of Independence as provided in Sub-Section (6) of Section 149 of the Companies Act, 2013 and Regulation 16(1)(b) of SEBI Listing Regulations.

In the opinion of the Board, the Independent Directors, fulfill the conditions of independence specified in Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the SEBI Listing Regulations. A formal letter of appointment to Independent Directors as provided in Companies Act, 2013 has been issued and disclosed on website of the Company viz. http://www. yashpapers.com.

As per Regulation 17A of the Listing Regulations, Independent Directors of the Company do not serve as Independent Director in more than seven listed companies. Further, the Managing Director of the Company does not serve as an Independent Director in any listed entity.

20.4 BOARD ANNUAL EVALUATION

Pursuant to the provisions of the Section 134 and 178 of the Companies Act, 2013 read with Regulation 17 and 19 of the SEBI Listing Regulations, annual performance evaluation is to be carried out of the Board and its Committees, the Chairman and IndividualDirectors.Toensureaneffective evaluation process, the Nomination and Remuneration Committee of the Board of Directors has put in place a robust evaluation framework for conducting the performance evaluation exercise. Performance Evaluation was done based on the structured questionnaire prepared after taking into consideration the various aspects of the Board's functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance. The performance evaluation of the Directors was completed during the year under review. The performance evaluation of the Chairman and the Non-Independent Directors was carried out by the Independent Directors and Non-Executive Director. The Board of Directors expressed their satisfaction with the evaluation process.

20.5 NOMINATION, REMUNERATION AND BOARD DIVERSITY POLICY

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and Senior Management of the Company. The Policy broadly lays down the guiding principles, philosophy and the basis for payment of remuneration to Executive and Non-executive Directors (by way of sitting fees and commission), Key Managerial Personnel, Senior Management and other employees. The policy also provides the criteria for determining qualifications, positive attributes and Independence of Director and criteria for appointment of Key Managerial Personnel / Senior Management and performance evaluation which are considered by the Nomination and Remuneration Committee and the Board of Directors while making selection of the candidates. The above policy has been posted on the website of the Company at http://www. yashpapers.com.

21. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors state that to the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. In the preparation of the annual accounts for the year ended 31st March, 2019, the applicable accounting standards have been followed along with the proper explanation relating to the material departure;

b. The Directors have selected such accounting policies and applied them consistently and 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 31st March, 2019 and of the profit of the Company for the year ended on that date;

c. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. The Directors have prepared the annual accounts on-going concern basis;

e. The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

f. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

22. BOARD AND COMMITTEE OF THE BOARD

The Board of Directors have the following Committees:

a. Audit Committee

b. Nomination and Remuneration Committee

c. Stakeholders' Relationship Committee

d. Corporate Social Responsibility Committee

e. Strategic Committee

f. Information Technology Committee with their composition, number of meetings and attendance at the meetings are provided in the Corporate Governance Report forming an integral part of this Annual Report.

23. AUDITORS

23.1 STATUTORY AUDITORS

CNK & Associates LLP, Chartered Accountants, Mumbai, [Firm Registration No. 101961W/W-100036] submitted their report for the financial year ended 31st March, 2019. There is no audit qualification, reservation or adverse remark for the year under review.

The Company appointed CNK & Associates LLP, Chartered Accountants, Mumbai as Statutory Auditor of the Company for a term of 5 years from the conclusion of 36th AGM till the conclusion of 41 AGM to be held in the year 2022. The Statutory Auditors have submitted the necessary eligibility certificate in terms of second and third proviso to Section 139(1) of the Companies Act, 2013 read with Rule 4 of the Companies (Audit and Auditors) Rules, 2014.

23.2 SECRETARIAL AUDITORS

Pursuant to the provisions of Section 204 of the Act and rules made thereunder, the Company has appointed Adesh Tandon & Associates, a firm of Company Secretaries in Practice (C.P.No.1121) to undertake the Secretarial Audit of the Company for the financial year ended 31st March, 2020. The Secretarial Audit Report for the financial year ended 31st March, 2019 is annexed as Annexure ‘C' and forms an integral part of this Report.

23.3 INTERNAL AUDITORS

The Board of Directors of the Company in its meeting held on 11th May, 2019 has appointed Kapoor Tandon & Co., Chartered Accountants, Kanpur of the Company as Internal Auditor of the Company for conducting the Internal Audit for the financial year ended 31st March, 2020.

23.4 COST AUDITORS

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such accounts are made and records have been maintained relating to Paper Divisions every year. The Board of Directors, on the recommendation of Audit Committee, has re-appointed Mr. Rakesh Mishra, Cost Accountant as Cost Auditor to audit the cost accounts of the Company for the financial year 2019-20. As required under the Act, a resolution seeking member's approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting for their ratification.

24. REPORTING OF FRAUDS

There was no instance of fraud during the year under review, which required the Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of Act and Rules framed thereunder.

25. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as Annexure ‘D' and forms an integral part of this Report.

26. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9, as required under Section 92 of the Act, is annexed as Annexure ‘E' which forms an integral part of this

Report and is also available on the Company's website viz. https://www.yashpapers.com.

27. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The Management Discussion and Analysis Report on the operations of the Company, as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as "Listing Regulations") is provided in a separate section and forms an integral part of this Report.

28. PARTICULARS OF EMPLOYEES

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

The information required pursuant to Section 197 read with Rule, 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is as follows: i. The percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer, Company Secretary during the financial year 2017-18, ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2018-19 and the comparison of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company are as under:

Name of Directors / KMP Remuneration of the Director / KMP in F.Y.2018-19 (Rs. ) Remuneration of the Director / KMP in F.Y.2017-18 (Rs. ) % increase in F.Y.2018-19 (Rs. ) Ratio (times) of the remuneration of each director to the median remuneration of the employees Comparison of the remuneration of the KMP against the performance of the company
Mr. Ved Krishna, Managing Director (KMP) 1,13,87,362 70,11,208 62.42% 38.86 The turnover of the Company increase 24.04% and Net Profit for the financial year ended March 31, 2019 increased by 65.95% in comparison to last financial year.
Mr. Jagdeep Hira, Joint Managing Director (KMP) 94,58,164 77,76,643 21.62% 32.28
Mr. Narendra Kumar Agrawal, Director Works 37,19,864 30,52,912 21.85% 12.70
Mr. Anil Kumar Gupta1, Chief Financial Officer (KMP) 18,72,267 17,44,433 7.33% 6.39
Mr. U. U. V. Ravikanth2, Chief Financial Officer (KMP) 2,66,118 NA NA 0.91
Mr. Sachin Kumar Srivastava, Company Secretary & Head Legal (KMP) 14,37,487 12,16,539 18.16% 4.91

1. M r. Anil Kumar Gupta has resigned from the post of Chief Financial Officer of the Company w.e.f. 5th February, 2019.

2. Mr. U. U. V. Ravikanth was appointed as Chief Financial Officer of the Company w.e.f. 5th February, 2019.

ii. The median remuneration of employees of the Company during the financial year was Rs. 2.93 lakhs.

iii. In the financial year, there was an increase of 14.12% in the median remuneration of employees;

iv. There were 426 permanent employees on the rolls of the Company during the financial year 2018-19.

v. Relationship between average increase in remuneration and company performance:- The Net Profit for the financial year ended 31st March, 2019 increased by 65.95% whereas the increase in median remuneration was 8.54%. The average increase in median remuneration was in line with the performance of the Company.

vi. Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company: The total remuneration of Key Managerial Personnel has increased 25.74% during the year in comparison to last year.

vii. a) Variations in the market capitalisation of the Company: The market capitalization of the Company has been decreased by 23.02% as on 31st March, 2019 to Rs. 18,381.18 lacs in comparison of Rs. 23,878.62 lacs as on 31st March, 2018.

b) Price Earnings ratio of the Company: The Price Earnings Ratio was 8.87 as at 31st March, 2019 in comparison to 13.47 as on 31st March, 2018 .

c) Percent increase over/ decrease in the market quotations of the shares of the company as compared to the rate at which the Company came out with the last public o er in the year:

The Company had come out with Further Public Offer (FPO) in 2005. An amount of Rs. 2,352 lacs invested in the said FPO by issuing 1,68,00,000 equity shares at Rs. 14 would be worth Rs. 8,763 lacs as on 31st March, 2019. There has been increased of 272.58% in the shares of the Company in comparison to FPO.

viii. Average percentage increase made in the salaries of employees other than the managerial personnel in the last financial year i.e. 2018-19 was 30.33 % whereas the increase in the managerial remuneration for the same financial year was 15.87%.

ix. The key parameters for the variable componentofremunerationavailedbythe directors are considered by the Board of Directors based on the recommendations of the Human Resources, Schedule V of the Companies Act, 2013, Nomination and Remuneration Committee as per the Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

x. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year –Not Applicable; and

xi. It is hereby affirmed that the remuneration paid is as per the as per the Schedule V of the Companies Act, 2013, Remuneration Policy for Directors, Key Managerial Personnel and other Employees.

xii. Except Mr. Ved Krishna, Executive Vice Chairman of the Company, no eemployee was employed throughout the financial year at an aggregate salary of not less than Rs. 1,02,00,000/- per annum.

xiii. No Employee was employed for a part of the financial year at an aggregate salary of not less than Rs. 8,50,000/- per month. xiv. Details of Top Ten employees of the company as required under Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended vide Notification dated 30th June, 2016 by Ministry of Corporate Affairs for the year ended 31st March, 2019:

Name & Age Quali cation Designation Date of Joining No. and % of equity shares held Remuneration (Amount in Rs. ) Previous employment
1 Mr. Ved Krishna (44 years) B. A. (Hons.) Executive Vice Chairman 30/05/1999 1,10,09,950 (31.24) 1,13,87,362 -
2 Mr. Jagdeep Hira (47 Years) Bachelor of Engineering Technology Managing Director & CEO 10/10/2016 - 94,58,165 Trident Group Limited
3 Mr. Narendra Kumar Agrawal (48 Years) Bachelor of Engineering Director Works 15/12/2011 500 (0.00) 37,19,864 Century Paper and Pulp
4 Mr. Manoj Kumar Maurya (45 Years) Master of Commerce Commercial Head 01/09/1998 - 22,24,765 -
5 Mr. Sushant Arun Sinha (43 years) B. Tech, P.G. Diploma in Production & Materials Management Mechanical Head 20/03/2017 - 21,31,583 Trident Group Limited
6 Mr. Anil Kumar Gupta (57 Years) B.Com, ICWA (Inter) Legal Head 15/04/1989 900 (0.00) 22,34,357 U.P. Sehkari Katai Mills Limited
7 Mrs. Navina John (40 Years) Master of Human Resource Management Human Resource Head 17/05/2018 - 17,16,615 Muthoot Finance Ltd.
8 Mr. Sumant Pai (39 Years) P.G. Diploma in Film and Television Head of Marketing 24/02/2014 - 17,15,586 Rising Star Entertainment Pvt. Ltd.
9 Mr. Anil Kumar Khare (42 Years) BE (Pulp & Paper ) Pulp Mill Head 26/06/2017 - 16,95,286 PT OKI Pulp & Paper Indonesia
10 Mr. Vivek Kumar Sharma (42 Years) M. Tech Instrumentation Head 25/11/2016 - 16,90,903 PT OKI Pulp & Paper Indonesia

xvi.No employee of the Company receiving remuneration part of the financial year in excess of the amount drawn by the Managing Director. No one was employed throughout the financial year or part thereof receiving remuneration in excess of the amount drawn by the Managing Director.

29. COMPANIES WHICH CEASED TO BE HOLDING, SUBSIDIARY OR ASSOCIATE COMPANY

There is no holding, subsidiary or associate Company of the Company.

30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Act are given in the notes to Financial Statements forming a part of this annual report.

31. INVESTOR EDUCATION AND PROTECTION FUND

During the year, the Company was not required to transfer any amount and shares to Investor Education and Protection Fund ("IEPF").

32. GREEN INITIATIVES

In commitment to keep in line with the Green Initiative and going beyond it to create new green initiatives, electronic copy of the Notice of 39th Annual General Meeting together with Annual Report of the Company are sent to all Members whose email addresses are registered with the Company/Depository Participant(s). For members who have not registered their e-mail addresses, physical copies are sent through the permitted mode.

33. CAUTIONARY STATEMENT

Statements in this Directors' Report and Management Discussion and Analysis Report describing the Company's objectives, projections, estimates, expectations or predictions may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Company's operations include raw material availability and its prices, cyclical demand and pricing in the Company's principal markets, changes in Government regulations, Tax regimes, economic developments within India and the countries in which the Company conducts business and other ancillary factor.

34. ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation, for the contribution made by the employees at all levels but for whose hard work, and support, your Company's achievements would not have been possible. Your Directors also wish to thank its customers, dealers, agents, suppliers, investors, bankers and other stakeholders for their continued support and faith reposed in the Company.

Your Directors also thank the Government of India, Government of Uttar Pradesh, Government of other various States in India and concerned government departments/agencies for their co-operation.

Your Directors appreciate and value the contributions made by every member of Yash family.

For and on Behalf of the Board
K. D. Pudumjee
Camp: Lucknow Chairman
Date: 11th May, 2019 DIN: 01594401

   

Yash Pakka Ltd Company Background

Pradeep Vasant DhobaleJagdeep Hira
Incorporation Year1981
Registered OfficeFlat No 202 3A/172,Azad nagar
Kanpur,Uttar Pradesh-208002
Telephone05278-208900/01,Managing Director
Fax05278-258062
Company SecretarySachin Kumar Srivastava
AuditorCNK & Associates LLP
Face Value10
Market Lot1
ListingBSE,
RegistrarSkyline Financial Services Pvt
D-153/A 1st Flr ,Okhla Industrial Are,Phase-I ,New Delhi-110020

Yash Pakka Ltd Company Management

Director NameDirector DesignationYear
Ved KrishnaManaging Director2016
Manjula JhunjhunwalaDirector2016
G N GuptaIndependent Director2016
K D PudamjeeChairman2016
Kimberly Ann McArthurDirector2016
Narendra Kumar AgarwalDirector (Works)2016
Indroneel BanerjeeIndependent Director2016
Jaideep Narain MathurIndependent Director2016
Atul Kumar GuptaIndependent Director2016
Imanul HaqueIndependent Director2016
Sachin Kumar SrivastavaCompany Secretary2016
Jagdeep HiraJoint Managing Director2016

Yash Pakka Ltd Listing Information

Yash Pakka Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Paper NA 000202.3313
Pulp MT 00027.8687
Tableware NA 00016.7147
Egg Tray NA 0002.5327
Bagasse NA 0000.8085
Other Operating Revenue NA 0000
Others NA 0000
Writing Paper MT 0000
Kraft Paper MT 0000
Kraft Paper-Traded NA 0000
Paper-Kraft/Writing/Printing MT 0000
Paper - Traded NA 0000

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