Your Directors take pleasure in presenting herewith 32nd Annual Report on the working results of the Company
together with the Audited Statement of Accounts for the financial year ended 31st March, 2024.

1. FINANCIAL RESULTS (Standalone)

(In Rs ,000)

i) Shareholders may note that for current financial year ending 31.03.2024 after Depreciation Company suffered
losses to Rs. (6170.66) Thousands as compared to loss of Rs. (6953.34) Thousands.

ii) The increase in accumulated losses are due to major affect of covid -19 which persisted from 2019-2022,
resulting shutdown of our manufacturing activities for about two years. Apart from this UPPCL which is the
major power source in Uttar Pradesh, the generation also got affected due to covid affect poor supply of coal to
their generation and transmissions, Centers.

iii) In October 2003,the company through its Directors entered into share purchase agreement with Mr. N.P. Jalan
and to handover the management of the company in memorandum of terms dated 16th/17th January 2004.
After the investment made by Mr. N P Jalan and he took over the position of the factory on 1st November 2003,
the dispute arose between the parties and Jalan Group.

The Hon'ble High Court of Delhi vide orded dt 18.08.2005 referred the dispute to sole Arbitrator. After the
settlement award of Rs. 2.40 Crore, company has paid Rs. 1.47 Crore till 31/03/2024 and thereafter, also
deposited Rs. 93.00 Lakhs with Registrar of Hon'ble Delhi High Court as per order dated 28.04.2023 & now the
matter is pending with Hon'ble Delhi High court mediation and conciliation center.

iv) FUTURE PLANS & OPERATIONS:

Management of the Company has planned to diversified into the other industrial opportunities or trading
business to perform better in the market.

2. DIRECTORS

Details of Directors and Key Managerial Personnel as on 31st March, 2024

2. Re-Appointment of Directors:

Shri Ram Avtar Bansal, Director of the company who retire by rotation u/s 152 of the Companies Act,
2013 from the board at the 32nd Annual General Meeting and being eligible offers themselves for re¬
appointment.

Smt. Vineeta Singh, Director of the company who retire by rotation u/s 152 of the Companies Act, 2013
from the board at the 32nd Annual General Meeting and being eligible offers themselves for re¬
appointment

The office of Independent Director shall not be determined for the purpose of calculating rotational
Directors as well as the strength of the Board. The Board is of the opinion that this Independent director
is person of integrity and possesses relevant expertise and experience.The Board is of the opinion that
these Directors are person of integrity and possess relevant expertise and experience. He had no

pecuniary relationship with Company and its associates except for getting sitting fees for attending
Board and Committee meetings. The Board is of the view that this appointment will be in the interest of
the Company.

Changes in Directorship and Key Managerial Personnel (KMP)

During the year under review there is no change in the composition of board of Directors
WOMEN DIRECTOR:

Company has duly appointed Women Director, Smt. Vineeta Singh as Independent Director as required
under section 149(6) of the Companies Act, 2013.

3. STATUTORYAUDITORS

M/s. L.N. Malik & Co. Chartered Accountants, be and are hereby re-appointed as Statutory Auditors of the
Company and they shall hold the office of the Statutory Auditors of the Company and they shall conduct the
Statutory Audit for the period ended 31st March 2024, on such remuneration as may be fixed by the Board of
Directors in consultation with them.”

The notes on accounts and observations of the Auditors in their report on the accounts of the Company are
self-explanatory and therefore, in the opinion of Directors, do not call for any further explanation

4. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to section 134 of the Companies Act, 2013, your Directors state that;

In the preparation of the annual accounts, the applicable accounting standards have been
followed with proper explanation relating to Material aspects.

i. Appropriate accounting policies have been selected and applied consistently and have made
judgment 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 March 31.03.2024 and of the Loss of the Company for that
period;

ii. Proper and sufficient care has been taken for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;

iii. The annual accounts have been prepared on a going concern basis.

iv. As company is a listed company, Directors had laid down internal financial controls to be followed
by the company and those internal financial controls are adequate and were operating effectively.

v. Directors had devised proper systems to ensure compliance with the provisions of all applicable
laws and that such systems were adequate and operating effectively.

5. DIVIDEND

For the year under review the Company suffered losses therefore directors of the company did not
declare any dividend for the shareholders of the Company for this year as well. Directors of the company

are hopeful that for next year company will be able to achieve much better results in compare to this
financial year.

6. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, R & D CELL AND FOREIGN
EXCHANGE EARNING & OUTGO.

The details required under the Companies (Disclosure of particulars in the Report of Board of Directors)
Rules, 1988 are annexed to this report as Annexure-I

7. BOARD OF INDUSTRIAL & FINANCIAL RECONSTRUCTION (BIFR)

UPFC wide it's letter dated 05.03.2024, issued no Dues certificate after settlement of DADP interest and
company has paid RS. 753,500/- in Feb 2024. The balance amount of interest waived off by UPFC after
rigorous efforts by the management of the company.

8. PARTICULARS OF EMPLOYEES & DISCLOUSURE OF INFORMATION

During the year under review, there is no director or employee in respect of whom the particulars are
required to be disclosed under section 134 of the Companies Act, 2013 read with the Companies
(Particulars of Employees) Rule1975, accordingly same is not applicable.

9. CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure legal compliance with the requirements of
corporate governance as prescribed under the Listing Agreement with the Stock Exchange (BSE).

10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The company has a system of internal controls in place to ensure that all of the company's transactions
are properly recorded. Company's well defined organizational structure, documented policy guidelines,
defined authority matrix and internal controls ensure efficiency of operations, compliance with internal
policies and applicable laws and regulations as well as protection of resources.

11. HUMAN RESOURCES

The company is of firm belief that the Human Resources are the driving force that propels a company
towards the progress and success. The company has strength of 25 employees at present. The
Industrial relations continued to remain cordial during the year under review with entire force of the
company.

12. RELATED PARTY DISCLOSURE

Related party transactions-The Company did not enter into any materiality significant related
transactions, which has potential effect with the interest of the company at large.

13. MANAGEMENT DISCUSSION & ANALYSIS REPORT.

The Management Discussion & Analysis Report as required forms part of this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

I. INTRODUCTION

Coral Newsprints Ltd was incorporated as a Public Limited Company. The present installed capacity of
the Company is 12600 Metric Ton per annum. In a constantly changing business scenario, maintaining
a niche becomes even more challenging. In such a situation only with innovative leadership, state-of-
the-art technology and committed people can make a company steal the lead over competition.
Presently, the Company is engaged in manufacturing of Newsprints and Absorbent Kraft Papers at its
existing factory located at Gajraula, Distt. Amroha (UP). The newsprint is used for the publication of
newspaper, magazines and rough notes & Cheaper books while Absorbent Kraft is used for the
manufacturing of laminated Mica Sheets.

II. INDUSTRY SCENERIO

Broadly, the industry is classified into four main segments - namely, writing and printing paper, Industrial
packaging paper, specialty paper and newsprints. India holds 15th rank among paper producing
countries in the world with a total installed capacity of 16 million tonnes. The demand is estimated at 17
million tonnes. The per capita consumption is around 13 kgs against the Asian average of 26 kgs and
World average of 58 kgs. India is considered as the fastest growing market for paper in the world with an
average annual growth of 6%. The domestic consumption is expected to rise to 25 million tones by
2024-25.

Indian Paper Industry is highly fragmented with over 750 paper mills of varying sizes spread across the
Country. Only 50 mills are of a capacity of 50,000 tpa or more. The overall capacity utilization is
estimated at 80-90 %.

III. MARKETING AND SELLING ARRANGEMENTS

The company is marketing its products all most all over the country through its Dealers network. At
present, the company is having as many as 30 Dealers & Customers. The company is registered with
Ministry of Industry & Commerce, New Delhi, under Newsprint Control Order 1962. Due to this the
company is entitle for 5% GST instead of 12% GST therefore having penetration in in marketing and
selling its newsprint to various reputed newspaper publishers who are registered with Registrar of
Newspaper for India.

IV. THE SUCCESS DRIVERS
Environment Management

Coral Newsprint Limited treats environment improvement as a priority area. Continuous studies are
undertaken to reduce the water consumption with improvement in the quality of effluent. Compliance to
pollution control norms and CREP regulations are strictly adhered to. The mill has implemented several
water conservation measures and reduced water consumption to 25 KL per ton of paper during 2023-24
is one of the lowest in the paper industry. Continuous efforts are taken to reduce the water consumption
to maximum possible extent at all stages.

V. OUTLOOK, OPPORTUNITIES AND CHALLENGES

The Indian paper industry has close linkages with economic growth. India's growth in the fourth quarter
of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. This drop is mainly due
to the corona virus pandemic effect on the Indian economy.

Increasing literacy level increases the demand for writing and printing paper while higher industrial
output leads to increased demand for industrial paper for packaging. The cumulative annual growth rate
in paper consumption over the last five years has prompted Indian paper manufacturers to undertake
significant capacity expansions. The cost of input material, primarily pulp and coal, has increased after
remaining subdued for some time, though coal prices are highly fluctuating. The increase in pulp and
waste paper prices have escalated the cost of production of paper for many mills across the country.
This trend of high input prices is also due to the growing demand in emerging economies. A strong
upswing in the pulp and paper market is being forecast based on the general improvement in the
economic situation and increasing literacy level in the developing countries.

In spite of the continual focus on digitization, India's requirement for paper is anticipated to rise 53
percent in the next six years, principally due to a sustained boost in the number of school-going children
in rural areas. Growing consumerism, modern retailing, rising literacy and the growing use of
documentation will continue to increase the demand for writing and printing paper.

The exponential enlargement of e-commerce in the nation has opened up the latest horizon and could
contribute significantly to the demand where the paperboard is being predominantly used for
packaging.

VI. RISKS AND CONCERNS

Risks and uncertainties are an inherent part of every business, and yet it is important to identify the risks
and take proactive steps to mitigate them. At periodical intervals 'Coral' identifies and evaluates risks
and takes preventive measures. Risk management is a part of the Company's business planning and
controlling process.

Depending on the dynamics and severity, risks are categorized functions wise and classified further as
High Risk, Medium Risk and Low risk.

VII. FINANCIAL PERFORMANCE

VIII. FUTURE PLANS AND OPERATIONS

Management of the Company has planned to diversify into the other industrial opportunities or
trading business to perform better in the market.

14. FINANCIAL ACCOUNTING & ACCOUNTING STANDARDS:-

The Financial statements have been prepared in accordance with generally accepted accounting
principles (GAAP) and incompliance with all applicable accounting standards and as per the guidance
note on accounting for activities of the company issued by the Institute of Chartered Accountants of
India, New Delhi (ICAI) and provisions of the Companies Act, 2013. The financial statements have been
prepared under the revised schedule VI format of the Companies Act, 2013 pursuant to notification of
Ministry of corporate affairs (MCA), Government of India. The Company has followed accounting
treatment as prescribed in accounting standards applicable to the company.

15. WEBSITE:

Website of the company consisting all required particulars and is duly operational is:
http//coralnewsprintslimited.com.

16. CORPORATE GOVERNANCE REPORT

The Company is committed to maintain highest standards of Corporate Governance. The Directors
Adhere to the requirements set out by (SEBI). The Securities & Exchange Board of India's Corporate
Governance practices and has implemented all the stipulations prescribed. The Company has
implemented several best corporate Governance practices as prevalent in India. Company has
complied with the mandatory provisions of SEBI (Listing Obligations and Disclosure Requirements),
2015 as amended from time to time elating to Corporate Governance requirements. Annual report
contains a separate section on Corporate Governance which forms part of this report.

17. CEO/ CFO CERTIFICATION:

As required by Regulation 17 (8) of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, the Compliance Certificate as specified in Part B of Schedule II of the said
Regulation duly signed by Shri Pushpendra Pratap Singh Chauhan, CEO was placed before the Board
of Directors at the meeting held on 31.08.2024

18. RISK MANAGEMENT POLICY:

The Company has developed a very comprehensive risk management policy and the same is reviewed
by the Audit Committee at periodical intervals, which in turn, informs the Board about the risk
assessment and minimization procedures adopted by the management. Suggestions or guidance
given by the audit committee members are immediately implemented. At the corporate level major risks
are reviewed by the Whole Time Director and directions in this regard are issued accordingly.

19. COMPARISON OF REMUNERATION TO DIRECTORS AND EMPLOYEES:

There is no increase in the remuneration payable to the Directors as compared to previous year.

The salary rise is based on the inflation data. As such the rise in the take away is at par with other
employee of the company. The Performance of the Company has been affected by Global recession
and economic slowdown in the Indian economy.

Comparison to the Remuneration of Directors and other employees is as under:-

1) Median of Directors remuneration

Ratio of Salary of Shri Pushpendra P.S. Chauhan : 13,23,600

2) Median of employees remuneration : Rs. 9.87:1

Details of significant and material orders passed by the regulators or courts or tribunal:

DADP INTEREST - UPFC

The management of the company was in persistent touch with UPFC & with great persuation they
restored OTS and finally agreed to settle DADP issue and later informing the company to deposit
Rs.753300.00. Consequently, the company deposited this amount and thereafter, UPFC issued no
dues certificate.

20. DEPOSITS:-

(As per the Definition Section 2(31) of the Companies Act, 2013)-During the year under review
company has not accepted any deposits from Public.

The following details of deposits, covered under Chapter V of the act:

I. Deposits Accepted during the year : NIL

II. Remained unpaid or unclaimed as at the end of the year : NIL

III. Whether there has been any default in repayment of deposits or payment of interest thereon during
the year and if so, number of such cases and the total amount involved.

a. At the beginning of the year : NIL

b. Maximum during the year : NIL

c. At the end of the year : NIL

IV. The details of deposits which are not in compliance with the requirements of Chapter: There is
no such Deposit held by the Company.

21. LISTING OF COMPANY' SHARES AT BSE:-

At present company's shares are listed at the Bombay Stock Exchange, the company board is hopeful
for their good performance at the market level.

Company is not paying any commission to its director.

22. SECRETARIAL AUDIT REPORT:

Secretarial Audit Report in prescribed format Form MR-3 given by a Practicing Company Secretary Mr.
Raj Kumar Yadav, Raj Kumar Yadav & Co. is annexed with the Board Report as Annexure-II.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY:

The Company is not falling within the criteria of Section 135 of the Companies Act, 2013 and hence the
Company is not required to form CSR committee.

24. NUMBER OF MEETINGS OF THE BOARD

Board of Directors met 5(Five) times during the financial year 2023-24. Details regarding dates and
attendance at the Board meetings are provided in the Report on Corporate Governance, which forms
part of this report.

25. Audit Committee:

As on 31st March 2024, the Audit Committee comprises of three Directors. Members of the Audit
Committee are as follows:

1. Sh. PPS Chauhan Chairman

2. Sh. Ram Avtaar Bansal Member

3. Sh. Mahesh Kumar Sodhani Member

The time gap between two meetings was less than 120 days. The Committee met five times in the year
under review on the details of the Audit Committee is given as under: The details of the Audit Committee
are given as under:

Attendance record of Audit Committee Meetings:

26. Statement Indicating the Manner In Which Formal Annual Evaluation has been made by the board of Its own
Performance, Its Directors, and that of Its Committees:

During the year, the Board adopted a formal mechanism for evaluating its performance and as well as that of its
Committees and individual Directors, including the Chairman of the Board. The exercise was carried out through a
structured evaluation process covering various aspects of the Boards functioning such as composition of the Board
& committees, experience & competencies, performance of specific duties & obligations, governance issues etc.
Separate exercise was carried out to evaluate the performance of individual Directors including the Board Chairman
who were evaluated on parameters such as attendance, contribution at the meetings and otherwise, independent
judgment, safeguarding of minority shareholders interest etc.

The evaluation of the Independent Directors was carried out by the entire Board and that of the Chairman and the
Non-Independent Directors were carried out by the Independent Directors. The Directors were satisfied with the
evaluation results, which reflected the overall engagement of the Board and its Committees with the company.

27. Nomination & remuneration Committee Policy:

Members of the nomination & remuneration committee are as follows:

1. Mr. Ram Avtaar Bansal

2. Mr. Mahesh Kumar Sodhani

3. Mr. PPS Chauhan

Half yearly /Quarterly declaration of financial performance including summary of significant events in the last six
months is currently not being sent to each household of shareholders. However, the company publishes its results in
national & state level newspapers having wide circulation. The results area is posted on the website of the company
i.e.: Coralnewsprintslimited.com.

Managerial remuneration -Key managerial of the company are as follows
DIRECTOR REMUNERATION:

‘Remuneration is not required to be paid to Independent Directors as per section 149 read with schedule IV of the
companies Act, 2013.

28. Disclosure of EstablishmentA Vigil Mechanism:

Fraud free Corruption, free work culture has been core to the company. In view of the potential risk of fraud and
corruption due to rapid growth and geographical spread of operators. The company has put an even greater
emphasis to address this risk.

To meet the objective, a comprehensive fraud risk management (FRM) policy akin to vigil mechanism of the whistle
blower policy has been laid down by the Board of Directors.

29. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN WORKPLACE (PREVENTION & REDRESSED) ACT,
2013.

In accordance with the sexual harassment of women at work place (Prevention, Prohibition & redressal Act, 2013, Coral
Newsprints Limited has modified the erstwhile policy for prevention of sexual harassment of women at workplace.

Wide notification dated December 9, 2013 Ministry of Women and Child welfare have introduced sexual harassment of
women at workplace (Prevention, Prohibition & redressal rules, 2013. The earlier policy has been amended by
incorporating the rules and procedures as mandated in the said notification. The revised policy shall be in effect from July,
23, 2014.

Company has appointed Smt .Prem Wati to redress the issues regarding sexual Harassment at workplace.

30. EXTRACT OF ANNUAL RETURN

The Annual Return of the Company can be accessed from its website: http://www.coralnewsprintslimited.com.

31. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The company has not granted any loans, guarantees and has not made any investment pursuant to Section 186 of the
Companies Act, 2013.

32. SUBSIDIARIES AND JOINT VENTURES

As on 31st March, 2024, the Company does not have any subsidiaries and joint ventures.

33. GREEN INITIATIVES:-

During Fiscal year, 2011 we started a sustainability initiative with the aim of going green and minimizing our impact on the
environment, like the previous years, this year too, we are publishing only the statutory disclosures in the print version of
the annual report. Additional information is available on our website www.coralnewsprintslimited.com.

The company provides e-voting facility to all its members to enable them cast their votes electronically on all the
resolutions set forth in notice. This is pursuant to section 108 of the companies Act, 2013 and rules 2013 and rule 20 of the
companies (Management & Administration) amendment rules, 2015. The instructions for e voting are provided in the
notice

34. DISCLOSURE RELATED TO COST RECORDS OF THE COMPANY

Maintenance of Cost Records of the Company is not applicable to the Company pursuant to Section 148 of the Companies
Act, 2013.

35. ACKNOWLEDGMENT:

Your Directors place on record its sincere appreciation towards the company's valued customers in India for the support
and confidence reposed by them in the organization and looks forward to the continuance of this mutually supportive
relationship in future as well. The Board also places on record co-operation extended by Financial Institutions PICUP &
UPFC, business associates of the Company, and confidence reposed by the Shareholders and invaluable staff & workers
of the company.

Regd. Office: By The Order of The Board,

A-138, First Floor, Vikas Marg, For Coral Newsprints Limited

Shakarpur, Delhi-ll0092

Pushpendra P.S. Chauhan

Place : Delhi (DIRECTOR-WTD)

Date : 31-08-2024 (DIN: 01871760)