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Our Company stands out among wood based industries in the country to have pioneered the concept of Prelaminated Particle Board way back in the year 1979. The Particle Boards, at that time, were not acceptable as a substitute for Plywood or Block Board due to its poor quality and sustainability to the practices of Indian Carpentry. Novopan started by bringing the best available technology from Fahrni Institute of Switzerland into the Country by being their exclusive Licensee. Our Company was an instrumental in developing the product tailor made to the Indian Furniture and Carpentry needs to make it an equivalent substitute for Plywood Laminate Combination. To enhance the image of Particle Board in the Country, our Company, for the first time, developed the Indian Standards IS 12823 for Prelam Boards on the basis of German Standards DIN 68765. In Europe, Prelaminated Particle Board is like a consumable item for all domestic and office furniture needs. Our Company, from the beginning, aimed to develop the same status for Particle Board in India. The result of that is seen today with every office using Prelaminated Particle Board. Within few years of commencing the Commercial Production, our Company launched backward and forward integradation by setting-up their own Resin Manufacturing Facility as well as Mechanized Furniture Factory. The key to the acceptability of Particle Board is Quality of Synthetic Resin used specially for lamination as the Abrasion Resistance, Scratch Resistance, Resistance of Stains depend on it.
Although, in the beginning, the growth of Particle Board Industry was slow, mainly, due to inertia from the Carpentry Segment, the usage of Particle Board by more and more Mechanized Furniture Manufacturing Companies is increased. During the year 2001-2002, the demand for Particle Board increased beyond its capacity. This led to the setting-up of another Particle Board Manufacturing Plant with a higher capacity at Shadnagar, in the district of Mahaboobnagar. We have taken care of modern concept of manufacturing activity in the new Plant.
During the last year, the demand for Particle Board has increased so high that imports from South East Asia have become a major factor. To cater to this demand, our Company increased our laminating capacity and are importing Plain Boards from selected manufacturers of South East Asia, who can guarantee good quality and timely delivery. In the filed of developing new products with latest technology, our R & D Department is continuously working on the same and will announce to the markets as and when we develop new Products. PRODUCTS NOVOPAN the Superior Product NOVOPAN is a medium density Pre-laminated particle board that passes German Standards DIN 68765. It is also marked with the ISI mark. NOVOPAN pre-laminated boards have: High resistance to abrasion High moisture resistance
GVK NOVOPAN INDUSTRIES LIMITED
6 3 8 x 3 7 x 6 6 x 4
Engineering &
boards in India and continue to remain brand leaders even after 12
Tech
years.
Switzerland pioneered the concept of 3 layered plain and melamine faced particle NOVA RESINS AND CHEMICALS, in collaboration with M/s. Funder of Austria, designed their own unit to manufacture thermosetting resins used in particle board manufacture and surface lamination; and progressed into thermosetting moulding compounds based on phenolic and amino resins.
The GVK Group created a revolution in Indian interiors by establishing NOVOFURNlTURE and creating a product designed wholly from Novopan products. This innovation, introducing an entirely new concept to Indian homes and offices, involved the use of knockdown furniture made from particle board.
GVK NOVOPAN INDUSTRIES LIMITED
Business Description Novopan Industries Limited is an India-based company. The Company operates in two segments: panel division and contract and consultancy division. The Company's plants are located in various areas, such as IDA, Phase - 11, Patancheru, Medak District (Andhra Pradesh) (particle board plant); Balanagar Village & Mandal, Mahaboobriagar Dist. (Andhra Pradesh) (particle board plant), and Plot No. A-2, IDA, Phase IV, Patancheru, Medak Dist, (Andhra Pradesh) (resin plant). Its product range includes interior grade, as well as exterior grade prelaminated particle boards, one side decorative prelam boards and both side decorative Novopan twin.
MANAGEMENT DISCUSSION & ANALYSIS A lower segment, where dealers and distributors play a role. Branded products like NOVOPAN mostly cater to the upper segment and some reputed dealers. The new entrants mostly focus on the dealer network. The net effect of all this is an overall increase in demand but more in lower segment of market. This domestic increase has
REVIEW OF OPERATIONS AND FINANCIAL PERFORMANCE Financial Performance During the year 2009 - 10, the company has incurred loss of 6.92 crores, as compared to 10.97 crores loss of the previous year. During the year the companys performance though not turned the corners has
GVK NOVOPAN INDUSTRIES LIMITED
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.
Remuneration : Salary, Perquisites & Allowances: - Salary, Perquisites & Allowances subject to maximum of 3,00,000/- per month. i) For the purpose of calculating the above ceiling, perquisites and allowances shall be evaluated as per Income Tax Rules, wherever applicable; in the absence of any such Rules, perquisites and allowances shall be evaluated at actual cost or hire charges. ii) Provision for use of the Companys car for official duties and telephone at residence (including payment for local calls and long distance official calls) shall not be included in the computation of perquisites for the purpose of calculating the said ceiling. iii) Companys contribution to the Provident Fund and Superannuation or Annuity Fund, to the extent these either singly or together are not taxable under the Income Tax Act, gratuity payable as per the rules of the Company (that is half a month salary for each year of completed service) and encashment of leave at the end of the tenure, shall not be included in the computation of limits for the remuneration or perquisites aforesaid. Minimum Remunderation Notwithstanding anything to contrary herein contained, where, in any financial year, during the currency of the tenure of the
GVK NOVOPAN INDUSTRIES LIMITED
That the Directors prepared the annual accounts for the financial year ended 31st March, 2010, on a going concern basis.
Fixed Deposits : The Company has not accepted any Fixed Deposits during the year under review as per the provisions of Section 58A of the Companies Act, 1956 and the rules made thereunder and no such amount in respect of Fixed Deposit (Principal or Interest) was outstanding on the date of Balance Sheet. Directors : In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Dr. G V Krishna Reddy, and Mr. A Issac George
GVK NOVOPAN INDUSTRIES LIMITED
: Chairman
Reddy Sri. A Issac George Sri. M P Murti Sri. Y Rama Murty Management Team Mr. S.P. Bhasin Mr. K V Prasada Rao Mr. S K Mishra Mr. P Sampath Mr. Papi Reddy Mr. Ravi Sardespande Technical Advisors Mr. S.A. Naqui Dr. P Krishnam Raju Auditors
: : : : : :
Director (Operations) General Manager (Finance) General Manager (Pers. & Admn.) Sr. Manager (Production) Sr. Manager (Maintenance) Sales Manager
M/s Brahmayya & Co., Chartered Accountants, Hyderabad, will retire at the ensuing Annual General Meeting and are eligible for re-appointment as Statutory Auditors of the Company.
Audit Committee K N Shenoy - Chairman A Ramakrishna - Member P Abraham - Member Ch G Krishna Murthy - Member
Industrial Relations: Our Company is maintaining cordial and harmonious relations with workmen and employees at the various levels. Your Directors express their deep sense of appreciation for the excellent Support and the contributions made by employees at all levels for the successful operations of the Company during the year. Particulars Of Employees: The details of employees as specified under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975.