| Your Directors have pleasure in placing before you the 9th Annual
Report and Audited Accounts for the year ended on 31st March, 2002.
FINANCIAL RESULTS:
The summarised financial results of the company have been given below:
(Rs. in Lacs)
PARTICULARS Current Previous
Year Year
Sales 1626.38 1620.24
Profit before Depreciation and Taxes 78.39 72.47
Less: Depreciation provided during the year 38.80 35.88
Profit before Tax 39.58 36.59
Less: Provision for Taxation 2.41 3.50
Profit after Taxation 37.17 33.09
Prior Period Adjustments 0.36 1.46
Add: Brought Forward From Previous Year 89.63 189.33
Less: Deferred Tax Liability - 134.25
Net Profit carried to Balance Sheet 126.44 89.63
PROGRESS OF THE COMPANY
The indian economy was characterised by slow down growth and especially
the printing industry was in a very poor shape all the round. Despite
of the adverse market conditions and overall recession prevailed
throughout the year, the sales during the current period was almost
maintained at the same level as in the previous year with a positive
increase. Though more amount but upto the expectations in the operating
profits of the year. Directors are very much satisfied with the results
and are hopeful of better performance for the coming period.
DEPOSITS:
Company has complied with the provisions of section 58 A of the
Companies Act, 1956 and rules made thereunder while inviting the
deposits.
Company has filed the statement of Advertisement with Registrar of
Companies, Gujarat and the same has been advertised in the The News
Line dated 29-11-2001.
The total amount of loans/fixed deposits remained due for repayment
and unclaimed on 31st March, 2002 was NIL.
DIRECTORS:
Shri Surendra J. Kotwal, Director of the company retires by rotation at
the forthcoming Annual General Meeting and being eligible offer himself
for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors responsibility statement it is
hereby confirmed:
(i) That in the preparation of accounts for the financial year ended
31st March, 2002 the applicable accounting standards have been followed
along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgement and estimates that were
reasonable and prudent so as to give a true and fair view of state of
affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
(iii) That 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 preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2002 on a `going concern basis.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement company is required to
comply with the requirements of Corporate Governance by 31st March,
2003 because the paid up capital of the company is Rs. 422.10 lacs
only. Company is sincerely planning to implement the schedule well
before the last date.
POSTAL BALLOT:
The concept of postal Ballot has been introduced recently by the
Companies (Amendment) Act, 2000 and hence the Company has not yet made
use of the same.
DEMAT OF SHARES OF THE COMPANY:
Company has already demated its existing Equity shares as per the SEBI
circular No. SMDRP/POLICY/CIR - 2000 dated 29th May 2000.
The NSDL have activated the shares of the company on 13th September,
2000 and the securities of the company bears the ISIN No. INE927B01014.
CDSL has activated the same w. e. f. 21-09-2000.
Company has appointed M/S Intime Spectrum Registry Pvt. Limited of 260
Shanti Industrial Estate, Sarojini Naidu Road, Mulund (W), Bombay - 400
080 as the connectivity agent.
LISTING:
The Equity shares of the company have been listed on the Ahmedabad and
the Bombay stock exchanges and company has paid the listing fees for
the year 2002-03.
AUDITORS:
The Auditors of the Company, M/s Parikh & Majmudar, Chartered
Accountants retire at the conclusion of the ensuring Annual General
Meeting and are eligible for reappointment. They have furnished a
certificate that their appointment, if made shall be within the limits
laid down under section 224(1 B) of the Companies Act, 1956. Your
Directors recommend the reappointment of M/s Parikh & Majmudar as
Auditors of the Company.
EMPLOYEES:
None of the employees of the were in receipt of the remuneration in
excess of the limites prescribed under Section 217(2A) of the Companies
Act, 1956 and hence information pursuant to the provisions of Section
217(2A) of the Companies Act 1956 read with the Companies (Particulars
of Employees) 1975 is not furnished.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
(a) CONSERVATION OF ENERGY:
The company is continuosly starving for the energy consumption. Company
has installed stabilisers and other energy saving devices to bring down
the cost of power and avoid loss of and reduce the wastages in power
consumption.
(b) Company in mainly relying on the indegenous technology and knowhow.
However the company has imported and installed Web Offset printing
Machine from Holland, which is one of the best sophisticated
machineries in printing technology, to bring out quality product with
economic cost.
(c) The information of foreign exchange earning and outgo during the
year is furnished in the Notes to the Accounts.
APPRECIATION:
The Board of Directors wish to place on record their deep appreciation
and gratitudes for the services rendered by the workers, staff and
executives of the company. Board of Directors also convey their
gratitude to the investing Shareholders, customers, Suppliers, Banks,
Financial Institutions and various Private and Government Agencies for
their continued co-operation and confidence reposed in the company.
For and on behalf of the
Surendra J. Kotwal
31st August, 2002 (Chairman) | 