| 1. SEGMENT REPORTING:
The company has disclosed Business Segment as the primary segment.
Segments have been indentified taking into account the nature of
products, the differing risks & returns & the organisation structure.
The companys operations predominately relate to manufacturing &
trading of stationery.
The company caters mainly to the needs of the Domestic Market. The
export turnover is not significant in the context of total turnover. As
such there is no reportable geographical segments.
Segment revenue segment results segment assets & segment liabilities
include the respective amounts allocated on a reasonable basis.
2. EARNING PER SHARE
31/03/02 31/03/2001
(Amount in Rs.) (Amount in Rs.)
Net Profit for the year 3,681,060 3,455,077
Number of Equity Shares 4,221,000 4,221,000
Basic & Diluted Earning per share 0.87 0.82
3. During the year the company has for the first time accounted for
deferred tax in accordance with accounting standard. "Accounting for
taxes on Income" issued by the Institute of Chartered Accounts of
India. Consequently the company has recognised in these financial
statement the deffered tax assets/liabilities prior to April 01, 2001
and charged to the net deferred tax liabilites of Rs. 13,424,860 to
opening balance of profit & loss account as on April 2001 and has
credited the profit & loss account with the deferred tax assets
relating to the year net Rs. 58706.
Amount in Rs.
DEFERRED TAX ASSETS
- Unabsorbed Loss & Depreciation 3,092,287
- Others 878,149
3,970,436
DEFERRED TAX LIABILITIES
- Depreciation Difference 17,336,590
(13,366,154)
4. SECURED LOANS
Rupees Rupees
as at as at
31.03.02 31.03.01
From Financial Institution
# Term Loan from Gujarat Indl. Invest
Corporation Ltd (Limit: Rs. 210.00 Lacs) 18,368,000 18,172,010
Secured by first charge by way of mortgage/hypothecation of present and
future movable and immovable fixed Assets and floating charge on ail
other current Assets of the company subject to prior charge of banks.
The loan is also secured against personal guarantees of
Promoter/Directors. The loan is further secured against pledging of
shares of the company having face value of Rs. 15,00 lacs belonging to
Promoter/Directors of the Company.
[Amount due for repayment within one year Rs. 4,888,000/- P. Y.: Rs.
Nil]
# Term Loan from Textile Processors
Co. Op. Bank Ltd. 5,570,482 6,981,276
(Limit: Rs. 7,500,000/-)
Secured by first charge by way of mortgage/hyphothecation of office
building. (Amount due for repayment within one year Rs. 1,500,000/- P.
Y.: Rs. 15,00,000)
# Hire purchase loan from M/s Gujarat State
Financial Corporation are secured against
equipments acquired under the scheme and
personal gurantee of Directors of the company 1,268,985 1,618,995
[Amount due for repayment within one year Rs. 1,268,975/- (P. Y. Rs.
1,618,995/-)]
# Working Capital from ICICI Bank Ltd. 27,791,406 27,126,293
Secured against hypothecation of raw materials, viz. different types
of paper, paper products, carbon paper etc., stock in process, finished
goods i.e. computer printed stationery and companys book debts &
also personal guarantee of directors of the company.
5. According to the information and explanation given to us the
company has no information as to whether any of its suppliers
constitute small scale industrial undertakings and therefore, the
amount due to such suppliers has not been indentified.
As at 31/03/02 As at 31/03/01
6. Prior period adjustment represent
operating expenses. (Net) 149,347 146,361
7. In the opinion of the Board of Directors, the current assets, loans
and advances are approximately of the value stated, if realised in the
ordinary course of business. The provisions for depreciation and all
known and ascertained liabilities are adequate and not in excess of the
amounts reasonably necessary.
8. The company has not obtained confirmations relating to the
outstanding balances of Accounts Receivables & Payables, as well as
short term loans & secured loans taken by the company, from the
respective third parties.
9. Balances of debtors, creditors and loans and advances are Subject
to confirmation from the concerned parties.
10. We are unable to verify the closing inventory same is taken as
valued and certified by directors.
11. Payments to Auditors
2001-02 2000-01
Rupees Rupees
Audit Fees 36,750 36,750
Taxation Matter 15,750 15,750
TOTAL 52,500 52,500
12. The profit and Loss Account includes payment of Remuneration to the
Director as under:
2001-02 2000-01
Rupees Rupees
Salary and other benefits 780,000 780,000
13. Previous years figures have been regrouped/rearranged wherever
necessary so as to confirm to current years grouping.
|
