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Directors Report of Shakti Press Ltd.
Mar 31, 2024
Your Directors have pleasure in presenting their 31-Annual Report and Audited Accounts for
the year ended 31â March 2024.
|
Particulars |
Year ended 31â |
rig. in lakh |
|
Revenue from Operations |
1158.08 |
828.23 |
|
Other Income |
1.78 |
1 49 |
|
Total Income |
1159.86 |
829 72 |
|
Profit Before Interest, Depreciation and Tax |
228.66 |
225.61 |
|
Finance Cost |
96.13 |
69 36 |
|
Depreciation |
84.67 |
93 81 |
|
Profit /(Loss) Before Tax |
47.86 |
62 44 |
|
Profit/fLoss) after tax |
47.86 |
62.44 |
l°r the flnancial year 2023-24 increased t0 Rs.l 158.08 Lakh compared
to Rs^828.33 Lakh m the financial year 2022-23 and reported Profit after Tax of Rs.47.86 Lakh.
The Directors are hopeful of better performance of the Company in years ahead.
3. DIVIDEND:
VP r7n£7/ar Under reVieW'' the Company has not recornrnended any dividend for financial
year
4. PUBLC DEPOSITS:
During the year under review, the Company has not accepted any deposits hence the provisions
of Chapter V of the Companies Act, 2013 and The Companies (Acceptance of Deposit) Rules,
2014 are not applicable.
5. SHARE CAPITAL:
Company6 ^ rCVieW''therC * n° change in Authorised and Paid-up share capital of the
6. PROMOTER OF THE COMPANY:
During the year under review, there is no change in promoters of the Company.
7. DIRECTORS:
The Board consists of Executive and Non-executive Directors including Independent Director
as per section 149 of the Companies Act, 2013 and rules made thereunder read with Regulation
17 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.
The number and details of the meetings of the Board and other Committees are furnished in the
Corporate Governance Report.
The Independent Directors have furnished declaration of independence under Section 149 of
the Companies Act 2013.
Number of Board Meetings of Directors:
During the year ended 31" March 2024, Five Board Meeting were held.
The maximum time gap between any two consecutive meetings was within the period prescribed
under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
Familiarization Programme for Independent Directors
The Company familiarizes its Independent Directors with the Company, their roles, rights,
responsibilities in the Company, nature of the industry in which the Company operates,
business model of the Company, etc. through various programmes on a continuing basis. The
Familiarisation programme for Independent Directors is disclosed on the Companyâs website.
Separate Meeting of Independent Directors
A separate meeting of Independent Directors of the Company was held on 25th June, 2023 and
20th February, 2024 as required under Schedule IV to the Companies Act, 2013 (Code for
Independent Directors) and Regulation 25 of the SEBI (Listing Obligations And Disclosure
Requirements), Regulations, 2015. At the Meeting, the Independent Directors:
Reviewed the performance of Non-Independent Directors and the Board as a whole;
Reviewed the performance of the Chairman of the Company, taking into account the views
of Executive Director and Non-Executive Directors;
All the Independent Directors attended the Meeting of Independent Directors.
Statement on Declaration given by Independent Directors under sub-section (6) of
Section 149.
The Independent Directors have submitted the declaration of Independence, as required under
Section 149(7) of the Companies Act 2013, stating that they meet the criteria of independence
as provided under sub-section (6).
8. Board & Directors'' Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing
Obligations And Disclosure Requirements) Regulations, 2015, the Board, its Committees and the
Directors have carried out annual evaluation / annual performance evaluation, covering various
aspects of the Board''s functioning such as adequacy of the composition of the Board and its
Committees, Board culture, execution and performance of specific duties, obligations and
governance. The Directors expressed their satisfaction with the evaluation process.
9. PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under Section 197 (12) of the Act read with Rule 5 of The
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is NIL
10. AUDITOR''S AND AUDITOR''S REPORT:
M/s D.P.Sarda & Co, Chartered Accountants, Nagpur, F.R.No. 117227W, were appointed as Statutory
Auditors of the Company to hold office for a period of five years from FY 22-23 to FY26-27,they will
continue to hold office for FY 24-25. The company reply to the remarks of the statutory auditor as
submitted to the Bombay Stock Exchnage are annexed to this directors report as ANNEXURE C.
Audit Committee
The company did not form audit committee as per the Companies Act, 2013.
Secretarial Audit
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed M/s Jain Paranjape and Associates, Practicing Company Secretaries, Nagpur to undertake
the Secretarial Audit of the Company for the FY 2023-24. The report of the Secretarial Auditors is
enclosed with this report.
12. SUBSIDIARY COMPANIES:
The Company does not have any subsidiary/ associate/ joint venture companies under
review. Since the statement in terms of first proviso to sub-section (3) of Section 129 read
with Rule 5 of Companies (Accounts) Rules, 2014 is not required to be attached.
13. INTERNAL CONTROL SYSTEMS
Your Company has in place internal and financial control systems commensurate with the size
of the Company. The primary objective of our internal control framework is to ensure that
internal controls are established, properly documented, maintained and adhered to in each
functional department for ensuring orderly and efficient conduct of business which includes
proper use and protection of the Company''s resources, accuracy in financial reporting,
compliance with the statutes, timely feedback on achievement of operational and strategic
goals.
14. 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.
15. INFORMATION ON STOCK EXCHANGES
The Equity shares of the Company are listed on BSE Limited
16. DIRECTORSâ RESPONSIBILITY STATEMENT
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 of
the Companies Act, 2013:
(a) that in the preparation of the annual accounts/financial statements for the financial year
ended 31st March 2024; the applicable accounting standards had been followed along
with proper explanation relating to material departures, if any;
(ft) that the accounting policies as mentioned in the financial statements were selected and
applied consistently and reasonable and prudent judgments and estimates were made so
as to give a true and fair view of the state of affairs of the company at the end of the
financial year and of the profit and loss of the company for that period;
(c) that proper and sufficient care had 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;
(d) that the annual accounts were prepared on a going concern basis;
(e) that proper internal financial controls were in place and that such internal financial
controls are adequate and were operating effectively; and
(/) proper systems to ensure compliance with the provisions of all applicable laws were
in place and that such systems were adequate and operating effectively.
17. CORPORATE SOCIAL RESPONSIBILITY (CSR)
As the Company does not fall under the criteria stipulated for applicability of section 135 of
the Companies Act, 2013 the Company has not constituted a Committee of Corporate Social
Responsibility and no contributions were made during the year.
18. VIGIL MECHANISM / WHISTLE BLOWER POLICY
In terms of the requirements of the Companies Act, 2013 and Regulation 22 SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 the Company has a vigil
mechanism to deal with instance of fraud and mismanagement, if any. The details of the vigil
mechanism are displayed on the website of the Company. The Audit Committee reviews the
functioning of the vigil / whistle blower mechanism from time to time. There were no
allegations / disclosures / concerns received during the year under review in terms of the
vigil mechanism established by the Company.
RISK MANAGEMENT POLICY
The Company has laid down the procedure for risk assessment and its mitigation through an
internal risk committee. Key risks and their mitigation arising out of reviews by the
Committee are assessed and reported to the Audit Committee on a periodic basis.
19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
During the year under review, the Company has not received any Material Orders passed by
the Regulators or Court.
ACKNOWLEDGEMENTS
Your Directors would like to express their appreciation for the assistance and co-operation
received fr om the financial institutions, banks, Government of India and various State
Government authorities and agencies, customers, vendors and members during the year under
review.
For and on behalf of the Board of Directors
Date: 10-09-2024 l
Place: Nagpur \ .
\ A>v.osX-
Raghav Sharma
Managing Director
Mar 31, 2023
The Directors have pleasure in presenting their 41thAnnual Report and Audited Accounts for the year ended 31st March 2023.
Fig. in Lakhs
|
|
||
|
Particulars |
Year ended 31st March 2022 |
Year ended 31st March 2021 |
|
Revenue from Operations |
828.23 |
991.93 |
|
Other Income |
1.49 |
1.11 |
|
Total Income |
829.72 |
993.04 |
|
Profit Before Interest, Depreciation and Tax (PBIDT) |
225.61 |
202.76 |
|
Finance Cost |
69.36 |
68.31 |
|
Depreciation |
96.81 |
80.14 |
|
Profit /(Loss) Before Tax |
62.44 |
54.31 |
|
Profit/(Loss) after tax |
62.44 |
54.31 |
OPERATIONS and HIGHLIGHTS OF THE COMPANY:
The Companyâs turnover for the Financial year 2022-23 dropped to Rs.828.23 Lakh compared to Rs.991.93 Lakh in the financial year 2021-22 and reported Profit after Tax of Rs.62.44 Lakh. The Directors are hopeful of better performance of the Company in years ahead.
During the year under review, the Company has not recommended any dividend for financial year 2022-23.
During the year under review, the Company has not accepted any deposits hence the provisions of Chapter V of the Companies Act, 2013 and The Companies (Acceptance of Deposit) Rules, 2014 are not applicable.
During the year under review, there is no change in Authorised and Paid-up share capital of the Company
During the year under review, there is no change in promoters of the Company.
The Board consists of Executive and Non-executive Directors including Independent Director as per section 149 of the Companies Act, 2013 and rules made thereunder read with Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015.
The number and details of the meetings of the Board and other Committees are furnished in the Corporate Governance Report.
The Independent Directors have furnished declaration of independence under Section 149 of the Companies Act 2013.
Number of Board Meetings of Directors:
During the year ended 31st March 2023, Five Board Meeting were held.
The maximum time gap between any two consecutive meetings was within the period prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
Familiarization Programme for Independent Directors
The Company familiarizes its Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company, etc. through various programmes on a continuing basis. The Familiarisation programme for Independent Directors is disclosed on the Company''s website.
Separate Meeting of Independent Directors
A separate meeting of Independent Directors of the Company was held on 30th June, 2023 and 25th February, 2023 as required under Schedule IV to the Companies Act, 2013 (Code for Independent Directors) and Regulation 25 of the SEBI (Listing Obligations And Disclosure Requirements), Regulations, 2015. At the Meeting, the Independent Directors:
- Reviewed the performance of Non-Independent Directors and the Board as a whole;
- Reviewed the performance of the Chairman of the Company, taking into account the views of Executive Director and Non-Executive Directors;
All the Independent Directors attended the Meeting of Independent Directors.
Statement on Declaration given by Independent Directors under sub-section (6) of Section 149.
The Independent Directors have submitted the declaration of Independence, as required under Section 149(7) of the Companies Act 2013, stating that they meet the criteria of Independence as provided under sub-section (6).
8. Board & Directors'' Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015, the Board, its Committees and the Directors have carried out annual evaluation / annual performance evaluation, covering various aspects of the Boardâs functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. The Directors expressed their satisfaction with the evaluation process.
9. PARTICULARS OF EMPLOYEES AND REMUNERATION
The information required under Section 197 (12) of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is NIL
10. AUDITOR''S AND AUDITOR''S REPORT:
M/s D.P.Sarda & Co, Chartered Accountants, Nagpur, F.R.No. 117227W, were appointed as Statutory Auditors of the Company to hold office for a period of five years from FY 22-23 to FY26-27,they will continue to hold office for FY 23-24.
Audit Committee
The company did not form audit committee as per the Companies Act, 2013.
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Avinash Gandhewar and Associates, Practicing Company Secretaries, Kolkata to undertake the Secretarial Audit of the Company. The report of the Secretarial Auditors is enclosed with this report.
The Company does not have any subsidiary/ associate/ Joint venture companies under review.
Since the statement in terms of first proviso to sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014 is not required to be attached.
Your Company has in place internal and financial control systems commensurate with the size of the Company. The primary objective of our internal control framework is to ensure that internal controls are established, properly documented, maintained and adhered to in each functional department for ensuring orderly and efficient conduct of business which includes proper use and protection of the Companyâs resources, accuracy in financial reporting, compliance with the statutes, timely feedback on achievement of operational and strategic goals.
14. 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.
15. INFORMATION ON STOCK EXCHANGES
The Equity shares of the Company are listed on BSE Limited
16. DIRECTORS'' RESPONSIBILITY STATEMENT
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 of the Companies Act, 2013:
(a) that in the preparation of the annual accounts/financial statements for the financial year ended 31st March 2023; the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;
(b) that the accounting policies as mentioned in the financial statements were selected and applied consistently and reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
(c) that proper and sufficient care had 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;
(d) that the annual accounts were prepared on a going concern basis;
(e) that proper internal financial controls were in place and that such internal financial controls are adequate and were operating effectively; and
f) that proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
17. CORPORATE SOCIAL RESPONSIBILITY (CSR)
As the Company does not fall under the criteria stipulated for applicability of section 135 of the Companies Act, 2013 the Company has not constituted a Committee of Corporate Social Responsibility and no contributions were made during the year.
18. VIGIL MECHANISM / WHISTLE BLOWER POLICY
In terms of the requirements of the Companies Act, 2013 and Regulation 22 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any. The details of the vigil mechanism are displayed on the website of the Company. The Audit Committee reviews the functioning of the vigil / whistle blower mechanism from time to time. There were no allegations / disclosures / concerns received during the year under review in terms of the vigil mechanism established by the Company.
The Company has laid down the procedure for risk assessment and its mitigation through an internal risk committee. Key risks and their mitigation arising out of reviews by the Committee are assessed and reported to the Audit Committee on a periodic basis.
19. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
During the year under review, the Company has not received any Material Orders passed by the Regulators or Court.
Your Directors would like to express their appreciation for the assistance and co-operation received from the financial institutions, banks, Government of India and various State Government authorities and agencies, customers, vendors and members during the year under review.
Jun 30, 2013
TO THE MEMBERS OF SHAKTI PRESS LIMITED.
The Directors are pleased to present the Company''s 20th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the Period & Accounting year ended 30th June,
2013.
For the year ended
For the year
30th June, 2013 ended
Particulars (Rupees'' 000) 30th June, 2012
(Rupees'' 000)
(12 Months) (12 Months)
Total Income 121256.704 130,203.705
Profit / Loss before
depreciation (26366.708) (5576.745)
Depreciation .. 13013.483 12984.802
Profit before tax for the (39380.191) (7408.058)
year .
Balance of Profit and Loss
Account brought (110698.429) (110698.429)
Forward from last year .
Provision for Dividend
Corporate tax on
dividend .
Transfer to General
Reserve (39380.191) (7408.057)
Balance carried to Balance
Sheet
DIVIDEND:
Your Director place on record their sence of concern that on account of
lose and carry forward of previous year''s losses, your Directors are
unable to declare any Dividend for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS:
Your Directors are please to inform you that total income for the year
ended 2012-13 is of Rs.12.12 Crores as Compare to Rs 13.03 for the year
ended 2011-12. The Company during year ended earned NIL from export of
the products. The Company during the year under review has performed
reasonably well. The Boards of Directors are trying their best to
improve the performance of the Company and hopeful of achieving decent
turnover in future.
INDUSTRY STRUCTURE & DEVELOPMENT:
The Company is in the field of manufacturing of paper based printed
packaging material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. As on date the Company is
having three manufacturing units.
1) At U-116, M. I. D. C. Industrial Area Hingna (Printing Unit).
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
PROSPECTS:
The Management of the Company foresees bright future to the Company.
PERFORMANCE REVIEW & OUTLOOK:
PRINTING OPERATION:
The Printing Division of the Company having good operation during the
year. Your Directors are hope in the current year the Company will
acquire business from the prospective/existing customers.
STATIONARY DIVISION:
The performance of Stationery Division during the year under review is
satisfactory well
PAKAGING OPERATION:
The Company''s management is making best efforts to increase the margin
by adopting the cost cutting methods in operations of the Company. Your
Directors have been successful in improving the positions of the
Company and are hopeful for better future.
CORPORATE AFFAIRS:
COST MANAGEMENT:
In the era of competition and recession, the management has successful
in adopting Cost Cutting measures in the Company and are able to
achieve the marginal success during the year under review. However,
the Costing have indispensable area of concern in the Company in
relation to the nature of operation. The cost cutting operation is
under supervision of Shri Deepak Dhote, Joint Managing Director of the
Company.
LISTING OF SHARES:
The Equity shares of the Company listed on Bombay Stock Exchange Ltd,
Delhi Stock Exchange Assoc. Ltd and Madras Stock Exchange Ltd. The
Board of Directors of the Company has resolved in their meeting held on
31st January 2010 to Voluntary delist Company''s scrip from the Delhi
Stock Exchange Association Ltd and the Madras Stock Exchange Ltd as
there is no trading of Company''s shares at the said Exchanges. The
Delisting application is pending with both Delhi & Madras Stock
Exchange and all necessary documents for delisting have already been
submitted.
CORPORATE COMPLIANCES:
During the year under review, the Company has duly filed all necessary
Papers, documents, forms, etc with various authorities under the
provisions of Companies Act, 1956, Rules, Listing Agreement, SEBI Laws,
etc.
TRANSFER OF UNPAID / UNCLAIMED DIVIDEND TO IEPF:
The last Unclaimed / Unpaid Dividend for the Financial Year 2001- 02
have been transferred to Investor Education & Protection Fund of the
Central Government according to the provisions of the Companies Act,
1956. The total amount of unpaid / unclaimed dividend for the Financial
Year 2001- 02 was Rs 1, 42,759/- which was required to be transferred
after a period of seven years as per the Provisions of the Companies
Act, 1956. The necessary forms/documents have already been filed with
the Registrar of Companies, Maharashtra. Upto the there is no unclaimed
/ unpaid dividend lying with the Company and all unclaimed / unpaid
dividend lying with the Company have already transferred to IEPF.
HUMAN RESOURCES:
During the Year under review and having regards to the global recession
trends, the Company has been working / operating with minimum staff and
employees. However, with the increasing trend of turnover, the Company
will recruit / employ the requisite number of staff / employees. Your
Company is looking forward to transformed HRD systems in the coming
years of operation.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
During the year under review, the Board of Directors has re-appointed
Shri Nitin Dhote as a Whole time Director of the Company with effect
from 14th January 2013 for a period of three years subject to approval
of members at ensuing Annual General Meeting of the Company and
requisite permission and approval required if any. Shri Kailashchandra
Sharma and Shri Ashutosh Potnis, Directors of the Company, retires by
rotation at ensuing Annual General Meeting (AGM) and being eligible,
offer themselves for re-appointment. Accordingly, their re-appointment
forms part of the notice of ensuing Annual General Meeting (AGM).
REPORTING TO BOARD OF INDUSTRIAL AND FINANCIAL RESTRUCTURING (BIFR):
As per the audited accounts of the Company for the year ended 30th June
2013, the accumulated losses of the Company as at the end of the said
period have resulted in erosion of more than fifty percent of its peak
net worth of the Company during the immediately preceding four
financial year. In terms of Section 23 of the Sick Industrial
Companies (Special Provisions) Act, 1985, the Company falls under the
category of potentially sick Industrial Company and therefore the fact
is required to be reported to Board of Industrial and Financial
Restructuring (BIFR) within 60 days from the date of finalisation of
the audited accounts. The Board of Director form an firm opinion for
filing application with Hon''ble BIFR for their reference. A report on
causes of erosion of net worth and steps propose to be taken by the
Company will be forming part of the notice of ensuing Annual General
Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:- i) that in the preparation of the
Annual Accounts, the applicable accounting standards have been followed
along with proper explanation;
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and is eligible for re-appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
Manish Tayal, Cost Accountant has been appointed as Cost Auditor of the
financial year 2012-13. The Company has received a letter from M/s
Ujwal Loya & Co, Cost Accountant to the effect that their appointment
as Cost Auditors, if made, would be within the limits u/s 224 (1)(B) of
the Companies Act, 1956.
AUDITOR''S REPORT:
The Auditor''s Report is annexed herewith and the explanations to the
remarks given by the Auditors in clause (a) to (j) are hereunder:
Due to recession the operation / business of various parities (debtors)
had been temporarily shut down and they gave us assurance for payment
of dues to the Company. The Management has already taken reasonable
steps by starting business again with the Debtors so that recovery of
dues will make.
The physical verification of stocks done by the management and bankers
from time to time. The Management has given verification & Valuation
report to the Auditors accordingly. Pursuant to nature of business,
there is always possibility of continuous demand of products by
customer, as a result, company has to maintain sufficient amount of
stock. Management physically verifies stock and makes valuation from
time to time.
As bank had charged heavily and in view of the same the Company has
applied for restructuring proposal to the bank, and said proposal is
under consideration, your Company is in belief that, if said proposal
accepted by the Bank, it may likely to waive penal interest and refund
of interest already paid. It certainly have positive affect on the
profitability of the Company which lead to increase in profit of the
Company.
During the year under review, the account of the Company is continue
under Stress Asset Management (SAM) with State Bank of India and
charging interest at lower rate and therefore the Company has made
interest provision on lower side having regards to the same.
Since the account has been transferred to Stress Asset Management (SAM)
by the State Bank of India (Banker), the account statements reflecting
repayment & interest paid during the year are not reflect in accounts
and hence it is subject to reconciliation which shall be done after the
restructuring plan approved by the bank.
Holding the Cash Balances with the Company is as per the requirement of
the Company''s multi fold operations which are at various units located
at U-116, Mondha & Stationary Divisions, etc. Having regards to the
operations of the Company, the cash balances are required to be
maintained. However, the cash balances have decreased/minimized during
the Financial year as compared to the previous year.
During the Financial Year, the Company has taken the Internal Audit
through the Team of Auditors and during the financial year the
Management has improve its Internal Control System. The teams of
Chartered Accountants / professional have been appointed to report for
internal audit. The Internal Auditors have taken care of Internal
auditing of the Company and reported to the management from time to
time.
Since it has been brought to the notice regarding liability of TDS from
the management of company would take the appropriate step to deposit
the same at the earliest. The defaults were due to reasons beyond to
the control of the management.
The question of rectification of the receivables regarding excise duty
and interest amount there upon does not arise since the entries are
correct and payments are yet to be received.
The amortization of brand would be appropriately considered in the best
interest of the company.
Merely because of individual break up of retention money and earnest
money can be given to the auditors and these amounts are not doubtful.
The deferred tax assets and deferred tax liabilities will be duly
considered in accordance to AS 22 and impact of the earlier years also
to be considered if the same were not considered earlier.
The impairment loss has not been assessed. The management has belief
that the amount recoverable as stated would be recovered.
It would be observed that the net worth of the company has become
negative. With the observation of auditors, the amount of negative net
worth would further increase. The Board of directors are taking
appropriate stets for filing the reference before BIFR and would also
take the steps for formulating the plan for making net worth positive
at the earliest as well as suitable revival plan for payment of
creditors and statutory bodies / private parties etc.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure ''A'' which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
COMMITTEES:
The Company is having duly appointed Audit Committee & Remuneration
committee of the Board of Directors of the Company with due composition
of Independent Directors.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co-operation by Bankers, Government Authorities,
and other stakeholders. The Directors again very thankful to the
Bankers  State Bank of India for extended their co-operation in
respect of financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LIMITED
PLACE: NAGPUR Raghav Sharma Kailashchandra Sharma
DATED: 30th August 2013 MANAGING DIRECTOR DIRECTOR
Jun 30, 2012
TO THE MEMBERS, OF SHAKTI PRESS LIMITED.
The Directors are pleased to present the Company''s 19th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the Period & Accounting year ended 30th June,
2012.
For the
year ended For the year
30th June, 2012 ended
Particulars (Rupees'' 000) 30th June, 2011
(Rupees'' 000)
(12 Months) (12 Months)
Total Income 130,203.705 123027.125
Profit / Loss before
depreciation (5576.745) (2593.741)
Depreciation 12984.802 12978.071
Profit before tax for the year (7408.058) (10384.329)
Balance of Profit and Loss
Account brought (110698.429) (100314.100)
Forward from last year
Provision for Dividend
Corporate tax on dividend
Transfer to General Reserve
Balance carried to Balance
Sheet (7408.057) (110698.429)
DIVIDEND:
Your Director place on record their sence of concern that on account of
lose and carry forward of previous year''s losses, your Directors are
unable to declare any Dividend for for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS:
Your Directors are please to inform you that total income for the year
ended 2011-12 is of Rs.13.02 Crores as Compare to Rs 12.30 for the year
ended 2010-11. The Company during year earned Rs 93.13 Lacs from export
of the products. The Company during the year under review has performed
reasonably well. Further the Company is also continuously receiving
encouraging response especially for the Packaging Unit in the domestic
market. The Boards of Directors are trying their best to improve the
performance of the Company and hopeful of achieving decent turnover in
future.
INDUSTRY STRUCTURE & DEVELOPMENT:
The Company is in the field of manufacturing of paper based printed
packaging material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. As on date the Company is
having three manufacturing units.
1) At U-116, M. I. D. C. Industrial Area Hingna (Printing Unit).
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
PROSPECTS:
The Company is concentrating on the existing customers in Printing
Division which is giving encouraging results. There is steady growth in
the turnover of the Printing Unit which the management are confident to
continue in the current year. The Management of the Company foresees
bright future to the Company.
PERFORMANCE REVIEW & OUTLOOK: PRINTING OPERATION:
The Printing Division of the Company having good operation during the
year and successful in generating additional business from the existing
customers. Your Directors are confident in the current year the Company
will acquire more business from the existing customers in addition to
new customers. However, the effect of global recession may have an
adverse impact on the performance.
STATIONARY DIVISION:
The Company was able to make a foray in the local retail market through
the mega stationery stores opened in the heart of the city. The Company
was also able to stablise the Stationary Division after recession by
diversifying into other stationary related items like copier paper,
diaries and note pads, printed published books.
PAKAGING OPERATION:
This division has received sizeable orders from the new customers it
had identified last year. This would result in sizeable growth in the
turnover in the current year apart from adding more business from
existing customers.
Further the Company''s management is making best efforts to increase the
margin by adopting the cost cutting methods in operations of the
Company. Your Directors have been successful in improving the positions
of the Company and are hopeful for better future.
CORPORATE AFFAIRS: FINANCIAL FACILITIES:
The Company is having financial facilities with the State Bank of India
and the same is under SAM (Stress Asset Management). Due to recession
and downward trend in the market, the performance of the Company was
adversely affected. The Management of the Company are trying their best
to improve the position of the Company and requested the Banker for
further facilities and the same in under consideration with the State
Bank of India. Further the restructuring proposal is also under
consideration with State Bank of India and your Directors are hopeful
for the same by which the Company will be benefited.
COST MANAGEMENT:
In the era of competition and recession, the management has successful
in adopting Cost Cutting measures in the Company and are able to
achieve the marginal success during the year under review. However, the
Costing have indispensable area of concern in the Company in relation
to the nature of operation. The cost cutting operation is under
supervision of Shri Deepak Dhote, Joint Managing Director of the
Company.
LISTING OF SHARES:
The Equity shares of the Company listed on Bombay Stock Exchange Ltd,
Delhi Stock Exchange Assoc. Ltd and Madras Stock Exchange Ltd. The
Board of Directors of the Company has resolved in their meeting held on
31st January 2010 to Voluntary delist Company''s scrip from the Delhi
Stock Exchange Association Ltd and the Madras Stock Exchange Ltd as
there is no trading of Company''s shares at the said Exchanges. The
Delisting application is pending with both Delhi & Madras Stock
Exchange and all necessary documents for delisting have already been
submitted.
CORPORATE COMPLIANCES:
During the year under review, the Company has duly filed all necessary
Papers, documents, forms, etc with various authorities under the
provisions of Companies Act, 1956, Rules, Listing Agreement, SEBI Laws,
etc.
TRANSFER OF UNPAID / UNCLAIMED DIVIDEND TO IEPF:
The last Unclaimed / Unpaid Dividend for the Financial Year 2001- 02
have been transferred to Investor Education & Protection Fund of the
Central Government according to the provisions of the Companies Act,
1956. The total amount of unpaid / unclaimed dividend for the Financial
Year 2001- 02 was Rs 1, 42,759/- which was required to be transferred
after a period of seven years as per the Provisions of the Companies
Act, 1956. The necessary forms/documents have already been filed with
the Registrar of Companies, Maharashtra. Upto the there is no unclaimed
/ unpaid dividend lying with the Company and all unclaimed / unpaid
dividend lying with the Company have already transferred to IEPF.
HUMAN RESOURCES:
During the Year under review and having regards to the global recession
trends, the Company has been working / operating with minimum staff and
employees. However, with the increasing trend of turnover, the Company
will recruit / employ the requisite number of staff / employees. Your
Company is looking forward to transformed HRD systems in the coming
years of operation.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
During the year under review, the Board of Directors has re-appointed
Shri Deepak Dhote as a Joint Managing Director of the Company with
effect from 1st November 2012 for a period of three years subject to
approval of members at ensuing Annual General Meeting of the Company
and requisite permission and approval required if any. Shri Sunder
Venkatraman and Shri Shreedhar parande, Directors of the Company,
retires by rotation at ensuing Annual General Meeting (AGM) and being
eligible, offer themselves for re-appointment. Accordingly, their
re-appointment forms part of the notice of ensuing Annual General
Meeting (AGM).
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation;
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and is eligible for re-appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
AUDITOR''S REPORT:
The Auditor''s Report is annexed herewith and the explanations to the
remarks given by the Auditors in clause (a) to (d) are hereunder:
Due to recession the operation / business of various parities (debtors)
had been temporarily shut down and they gave us assurance for payment
of dues to the Company. The Management has already taken reasonable
steps by starting business again with the Debtors so that recovery of
dues will make.
The physical verification of stocks done by the management and bankers
from time to time. The Management has given verification & Valuation
report to the Auditors accordingly. Pursuant to nature of business,
there is always possibility of continuous demand of products by
customer, as a result, company has to maintain sufficient amount of
stock. Management physically verifies stock and makes valuation from
time to time.
As bank had charged heavily and in view of the same the Company has
applied for restructuring proposal to the bank, and said proposal is
under consideration, your Company is in belief that, if said proposal
accepted by the Bank, it may likely to waive penal interest and refund
of interest already paid. It certainly have positive affect on the
profitability of the Company which lead to increase in profit of the
Company.
During the year under review, the account of the Company is continue
under Stress Asset Management (SAM) with State Bank of India and
charging interest at lower rate and therefore the Company has made
interest provision on lower side having regards to the same.
Since the account has been transferred to Stress Asset Management (SAM)
by the State Bank of India (Banker), the account statements reflecting
repayment & interest paid during the year are not reflect in accounts
and hence it is subject to reconciliation which shall be done after the
restructuring plan approved by the bank.
Holding the Cash Balances with the Company is as per the requirement of
the Company''s multi fold operations which are at various units located
at U-116, Mondha & Stationary Divisions, etc. Having regards to the
operations of the Company, the cash balances are required to be
maintained. However, the cash balances have decreased/minimized during
the Financial year as compared to the previous year.
During the Financial Year, the Company has taken the Internal Audit
through the Team of Auditors and during the financial year the
Management has improve its Internal Control System. The teams of
Chartered Accountants / professional have been appointed to report for
internal audit. The Internal Auditors have taken care of Internal
auditing of the Company and reported to the management from time to
time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure ''A'' which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
COMMITTEES:
The Company is having duly appointed Audit Committee & Remuneration
committee of the Board of Directors of the Company with due composition
of Independent Directors.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co- operation by Bankers, Government Authorities,
and other stakeholders. The Directors again very thankful to the
Bankers - State Bank of India for extended their co-operation in
respect of financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LIMITED
PLACE: NAGPUR Raghav Sharma Kailashchand Sharma
DATED: 10th November 2012 MANAGING DIRECTOR DIRECTOR
Jun 30, 2011
THE MEMBERS,
OF SHAKTI PRESS LIMITED.
The Directors are pleased to present the CompanyÂs 18th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the Period & Accounting year ended 30th June,
2011.
Previous year
For the year ended ended 30th June,
30th June, 2011
Particulars 2010
(Rupees'' 000) (Rupees'' 000)
(12 Months) (15 Months)
Gross Turnover 123027.125 245346.839
Profit / Loss before
depreciation (2593.741) (63464.217)
Depreciation 12978.071 16079.708
Profit before tax for the
year (10384.329) (79543.925)
Balance of Profit and Loss Account
brought
(100314.100) (20770.175)
Forward from last year
Provision for Dividend -- --
Corporate tax on dividend -- --
Transfer to General Reserve -- --
Balance carried to Balance Sheet (110698.429) (100314.100)
DIVIDEND:
In view of conservation of resources and setting off previous yearÂs
accumulated losses, your Directors are unable to declare any dividend
for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS:
Your Directors are please to inform you that total income of Rs.12.30
Crores for the year ended 2010-11. The Company during the year under
review has performed reasonably well. Further the Company is also
receiving encouraging response especially for the Packaging Unit in the
domestic market. The Boards of Directors are trying their best to
improve the performance of the Company and hopeful of achieving decent
turnover in future.
INDUSTRY STRUCTURE & DEVELOPMENT:
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. As on date the Company is
having three manufacturing units.
1) At U-116, M. I. D. C. Industrial Area Hingna (Printing Unit).
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
PROSPECTS:
As reported in last Report the Company is concentrating on the existing
customers in Printing Division which is giving encouraging results.
There is steady growth in the turnover of the Printing Unit which the
management are confident to continue in the current year.
PERFORMANCE REVIEW & OUTLOOK: PRINTING OPERATION:
The Printing Division of the Company having good operation during the
year and successful in generating additional business from the existing
customers. Your Directors are confident in the current year the Company
will acquire more business from the existing customers in addition to
new customers. However, the effect of global recession may have an
adverse impact on the performance.
STATIONARY DIVISION:
The Company was able to make a foray in the local retail market through
the mega stationery stores opened in the heart of the city. The Company
was also able to stablise the Stationary Division after recession by
diversifying into other stationary related items like copier paper,
diaries and note pads, printed published books.
PAKAGING OPERATION:
This division has received sizeable orders from the new customers it
had identified last year. This would result in sizeable growth in the
turnover in the current year apart from adding more business from
existing customers.
Further the CompanyÂs management is making best efforts to increase the
margin by adopting the cost cutting methods in operations of the
Company. Your Directors have been successful in improving the positions
of the Company and are hopeful for better future.
CORPORATE AFFAIRS: FINANCIAL FACILITIES:
The Company is having financial facilities with the State Bank of India
and the same is under SAM (Stress Asset Management). Due to recession
and downward trend in the market, the performance of the Company was
adversely affected. The Management of the Company are trying their best
to improve the position of the Company and requested the Banker for
further facilities and the same in under consideration with the State
Bank of India. Further the restructuring proposal is also under
consideration with State Bank of India and your Directors are hopeful
for the same by which the Company will be benefited.
COST MANAGEMENT:
In the era of competition and recession, the management has successful
in adopting Cost Cutting measures in the Company and are able to
achieve the marginal success during the year under review. However, the
Costing have indispensable area of concern in the Company in relation
to the nature of operation. The Cost Cutting Operation have been
started during the financial year under supervision of Shri Deepak
Dhote, Joint Managing Director of the Company.
LISTING OF SHARES:
The Equity shares of the Company listed on Bombay Stock Exchange Ltd,
Delhi Stock Exchange Assoc. Ltd and Madras Stock Exchange Ltd. The
Board of Directors of the Company has resolved in their meeting held on
31st January 2010 to Voluntary delist CompanyÂs scrip from the Delhi
Stock Exchange Association Ltd and the Madras Stock Exchange Ltd as
there is no trading of CompanyÂs shares at the said Exchanges. The
Delisting application is pending with both Delhi & Madras Stock
Exchange and all necessary documents for delisting have already been
submitted.
CORPORATE COMPLIANCES:
During the year under review, the Company has duly filed all necessary
Papers, documents, forms, etc with various authorities under the
provisions of Companies Act, 1956, Rules, Listing Agreement, SEBI Laws,
etc.
TRANSFER OF UNPAID / UNCLAIMED DIVIDEND TO IEPF:
The last Unclaimed / Unpaid Dividend for the Financial Year 2001- 02
have been transferred to Investor Education & Protection Fund of the
Central Government according to the provisions of the Companies Act,
1956. The total amount of unpaid / unclaimed dividend for the Financial
Year 2001- 02 was Rs 1, 42,759/- which was required to be transferred
after a period of seven years as per the Provisions of the Companies
Act, 1956. The necessary forms/documents have already been filed with
the Registrar of Companies, Maharashtra. Up to the there is no
unclaimed / unpaid dividend lying with the Company and all unclaimed /
unpaid dividend lying with the Company have already transferred to IEPF
HUMAN RESOURCES:
During the Year under review and having regards to the global recession
trends, the Company has been working / operating with minimum staff and
employees. However, with the increasing trend of turnover, the Company
will recruit / employ the requisite number of staff / employees. Your
Company is looking forward to transformed HRD systems in the coming
years of operation.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
Shri Suresh Sharma and Shri Kailashchand Sharma, Director of the
Company, retires by rotation at ensuing Annual General Meeting (AGM)
and being eligible, offer themselves for re-appointment. Accordingly,
their re-appointment forms part of the notice of ensuing Annual General
Meeting (AGM).
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation;
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and is eligible for re- appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
AUDITORÂS REPORT:
The AuditorÂs Report is annexed herewith and the explanations to the
remarks given by the Auditors in clause (a) to (d) are hereunder:
Due to recession the operation / business of various parities (debtors)
had been temporarily shut down and they gave us assurance for payment
of dues to the Company. The Management has already taken reasonable
steps by starting business again with the Debtors so that recovery of
dues will make.
The physical verification of stocks done by the management and bankers
from time to time. The Management has given verification & Valuation
report to the Auditors accordingly. Pursuant to nature of business,
there is always possibility of continuous demand of products by
customer, as a result, company has to maintain sufficient amount of
stock. Management physically verifies stock and makes valuation from
time to time.
As bank had charged heavily and in view of the same the Company has
applied for restructuring proposal to the bank, and said proposal is
under consideration, your Company is in belief that, if said proposal
accepted by the Bank, it may likely to waive penal interest and refund
of interest already paid. It certainly have positive affect on the
profitability of the Company which lead to increase in profit of the
Company.
During the year under review, the account of the Company is continue
under Stress Asset Management (SAM) with State Bank of India and
charging interest at lower rate and therefore the Company has made
interest provision on lower side having regards to the same.
Since the account has been transferred to Stress Asset Management (SAM)
by the State Bank of India (Banker), the account statements reflecting
repayment & interest paid during the year are not reflect in accounts
and hence it is subject to reconciliation which shall be done after the
restructuring plan approved by the bank.
Holding the Cash Balances with the Company is as per the requirement of
the CompanyÂs multi fold operations which are at various units located
at U-116, Mondha & Stationary Divisions, etc. Having regards to the
operations of the Company, the cash balances are required to be
maintained. However, the cash balances have decreased/minimized during
the Financial year as compared to the previous year.
During the Financial Year, the Company has taken the Internal Audit
through the Team of Auditors and during the financial year the
Management has improve its Internal Control System. The teams of
Chartered Accountants / professional have been appointed to report for
internal audit. The Internal Auditors have taken care of Internal
auditing of the Company and reported to the management from time to
time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure ''A'' which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in Schedule 15 of the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
COMMITTEES:
The Company is having duly appointed Audit Committee & Remuneration
committee of the Board of Directors of the Company with due composition
of Independent Directors.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co- operation by Bankers, Government Authorities,
and other stakeholders. The Directors again very thankful to the
Bankers  State Bank of India for extended their co-operation in
respect of financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LIMITED
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 20.11.2011 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
Jun 30, 2010
The Directors are pleased to present the Companys 17th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the Period & Accounting year ended 30th June,
2010.
For the year
Previous Year
ended
Particulars 31st March, 2009
30th June, 2010
(Rupees 000) (Rupees 000)
Gross Turnover 245346.839 162156.763
Profit / Loss before
depreciation (63464.217) 14137.964
Depreciation 16079.708 128745.567
Profit before tax for the (79543.925) 1263.397
year
(20770.175) (22033.572)
Balance of Profit
and Loss Account brought
Forward from last year - -
Provision for Dividend. - -
Corporate tax on dividend. - -
Transfer to General Reserve
(100314.100) (20770.175)
Balance carried to Balance Sheet
DIVIDEND:
In view of conservation of resources and setting off previous years
accumulated losses, your Directors are unable to declare any dividend
for the year under review.
DIRECTORS:
Mr Shreedhar Parande and Mr Ashutosh Potnis, Director of the Company,
retires by rotation at ensuing Annual General Meeting (AGM) and being
eligible, offer themselves for re-appointment. Accordingly, their
re-appointment forms part of the notice of ensuing AGM. During the year
under review, the Board of Directors has re-appointed Shri Nitin Dhote
as a Whole Time Director of the Company with effect from 14th January
2010 for a period of three Years subject to approval of members at
ensuing Annual General Meeting of the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:- i) that in the preparation of the
Annual Accounts, the applicable accounting standards have been followed
along with proper explanation;
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and is eligible for re- appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
AUDITORS REPORT:
The Auditors Report is annexed herewith and the explanations to the
remarks given by the Auditors in clause (a) to (d) are hereunder:
Due to recession the operation / business of various parities (debtors)
had been temporarily shut down and they gave us assurance for payment
of dues to the Company. The Management has already taken reasonable
steps by starting business again with the Debtors so that recovery of
dues will make.
The physical verification of stocks done by the management and bankers
from time to time. The Management has given verification & Valuation
report to the Auditors accordingly. Pursuant to nature of business,
there is always possibility of continuous demand of products by
customer, as a result, company has to maintain sufficient amount of
stock. Management physically verifies stock and makes valuation from
time to time.
As bank had charged heavily and in view of the same the Company has
applied for restructuring proposal to the bank, and said proposal is
under consideration, your Company is in belief that, if said proposal
accepted by the Bank, it may likely to waive penal interest and refund
of interest already paid. It certainly have positive affect on the
profitability of the Company which lead to increase in profit of the
Company.
During the year under review, the account of the Company is continue
under Stress Asset Management (SAM) with State Bank of India and
charging interest at lower rate and therefore the Company has made
interest provision on lower side having regards to the same.
Since the account has been transferred to Stress Asset Management (SAM)
by the State Bank of India (Banker), the account statements reflecting
repayment & interest paid during the year are not reflect in accounts
and hence it is subject to reconciliation which shall be done after the
restructuring plan approved by the bank.
Holding the Cash Balances with the Company is as per the requirement of
the Companys multi fold operations which are at various units located
at U-116, Mondha & Stationary Divisions, etc. Having regards to the
operations of the Company, the cash balances are required to be
maintained. However, the cash balances have decreased/minimized during
the Financial year as compared to the previous year.
During the Financial Year, the Company has taken the Internal Audit
through the Team of Auditors and during the financial year the
Management has improve its Internal Control System. The teams of
Chartered Accountants / professional have been appointed to report for
internal audit. The Internal Auditors have taken care of Internal
auditing of the Company and reported to the management from time to
time.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in Schedule 15 of the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
COMMITTEES:
The Company is having duly appointed Audit Committee & Remuneration
committee of the Board of Directors of the Company with due composition
of Independent Directors.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co- operation by Bankers, Government Authorities,
and other stakeholders. The Directors again very thankful to the
Bankers  State Bank of India for extended their co-operation in
respect of financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LIMITED
Sd/- Sd/-
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 27.11.2010 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
Mar 31, 2009
The Directors are pleased to present the Companys 16th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 2009.
For the year ended Previous Year
Particulars 31st March, 2009 31st March, 2008
(Rupees 000) (Rupees 000)
Gross Turnover. 162156.763 123263.69
Gross Profit. 34134.222 52545.46
Depreciation 128745.567 8955.60
Profit for the year. 1263.397 1231.19
Balance of Profit and Loss
Account brought (22033.572) (23264.77)
Forward from last year.
Provision for Dividend.
Corporate tax on dividend.
Transfer to General Reserve.
Balance carried to Balance Sheet (20770.175) (22033.58)
DIVIDEND:
In view of conservation of resources and set off previous years
accumulated losses, your Directors are unable to declare any dividend
for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS:
the Company during the year under review has performed reasonably well.
The stringent cost cutting and economy measures taken by the management
have yielded favourable results; the Company has been able to earn
profit during the year under review. Inspite of the fluctuations in the
exchange ratio the Company has been in a position to achieve export
turnover of Rs. 1.37 Crores. Further the Directors are happy to inform
that the Company has received a very encouraging response to its export
in the first Quarter and are hopeful of achieving a sizeable of Exports
in the current year.
Further the Company is also receiving encouraging response for its
products in the domestic market, especially for the Packaging Unit due
to which the Directors are hopeful of achieving decent turnover from
this unit in the current year.
Industry Structure & Development:
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. During the year under review
the Company further consolidated its operations after completion of its
expansion project. As on date the Company is having three manufacturing
units.
1) At U-116, M. I. D. C. Industrial Area Hingna (Printing Unit)
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
PROSPECTS:
As reported in last Report the Company is concentrating on the existing
customers in Printing Divisions which is giving encouraging results.
There is steady growth in the turnover of the Printing Unit which we
are sure will continue in the current year.
As reported in the last report the Super store has received, an
overwhelming response thereby increasing the share of the Companies
products in local Markets. The stationery unit has received sizeable
orders for its products from Gulf and hope to continue this trend in
the current year thereby increasing the turnover substantially.
PERFORMANCE REVIEW & OUTLOOK:
PRINTING OPERATION:
The printing division of the Company having good operation during the
year and successful in generating additional business from the existing
customers. Your Directors are sure in the current year the Company will
more business from the existing customers in addition to new customers.
STATIONARY DIVISION:
The Company was able to make a foray in the local retail market through
the mega stationery stores opened in the heart of the city. Further the
company has made sizeable exports to Gulf Countries in the first three
months of the current year with the encouraging response it has
received and with the stabilization of Exchange Rate the Company is
expecting a sizeable turnover from this division.
PAKAGING OPERATION:
This division has received sizeable orders from the new customers it
had identified last year. This would result in sizeable growth in the
turnover in the current year.
CORPORATE AFFAIRS:
Finance:. In view of the Increase in the Market Value of Land, etc the
assets of the company were revalued during the year. The Brands of the
Company have also been valued from Professionals/These have been
incorporated in the Accounts.
Trading & BSE Matters:
Your Director are glad to inform that, the trading in Equity Shares
have been revoked by the Bombay Stock Exchange with effect from 27th
February, 2009 which was suspended by the BSE. On the first day after
revocation, the Share price had gone to Rs. 24.95. The average trading
price since revocation is around Rs.8-10 per share. This will certainly
encouraging for the shareholders to get liquidity of their investment
in the Company.
Human Resources:
In line with the defined organizational transformation strategy and
policies in respect of HR, your company continued its efforts to align
the processes, practices and systems with the organizational
objectives. Your company is looking forward to transformed HRD systems
in the coming years of operation.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial. DIRECTORS:
During the year under review, Shri V Ramchandran has resigned from the
post of directorship of the company and accordingly resignation took on
record from 28 April, 2008.
Shri Sunder Venkatraman, Director of the Company, retires by rotation
at ensuing Annual General Meeting AGU) and being eligible, offer
themselves for re-appointment. Accordingly, his re-appointment forms
part of the notice of ensuing AGM. During the year under review, the
Board of Directors has re-appointed Shri Raghav Sharma as a Managing
Director of the Company with effect from 1st July, 2009 for a period of
Five Years subject to approval of members at ensuing Annual General
Meeting of the Company. Further, Shri Ashutosh Potnis has also been
appointed as an Independent Director on the Board of the Company with
effect form 3rd September, 2009 and eligible to hold office upto
ensuing Annual General Meeting of the Company unless his appointment
confirmed at the ensuing Annual General Meeting.
Except as above, there is no change in the Board of Directors of the
Company
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation;
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting-and is eligible for re-appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
AUDITORS REPORT:
The Auditors Report is annexed herewith and the explanations to the
remarks given by the Auditors in clause (a) to (d) are hereunder:
Due to recession the businesses of various debtors had been temporarily
shut down and they gave us assurance for payment of dues to the
Company, the Management has already taken reasonable steps by starting
business again with the Debtors so that recovery of dues will make.
The physical verification of stocks done by the management and bankers
from time to time. The Management has given verification & Valuation
report to the Auditors accordingly. Pursuant to nature of business,
there is always possibility of continuous demand of product by
customer, as a result, company has to maintain sufficient amount of
stock. Management physically verifies stock and makes valuation from
time to time.
As bank had charged heavily and in view of the same the Company has
applied for restructuring proposal to the bank, and said proposal is in
progress of acceptance, company is in belief that, if said proposal
accepted it may likely to waive penal interest and refund of interest
already paid. It certainly effect profitability of the company which
lead to increase in profit of the company.
During the year under review the State Bank of India had shifted the
account of the Company to Stress Asset Management (SAM) and charging
interest at lower rate and therefore the Company has made interest
provision on lower side having regards to the same.
Since the account has been transferred to Stress Asset Management (SAM)
by the State Bank of India (Banker), the account statements reflecting
repayment & interest paid during the year are not reflect in accounts
and hence it is subject to reconciliation which shall be done after the
restructuring plan approved by the bank.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in Schedule 15 of the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co-operation by Bankers, Government Authorities,
and other stakeholders. Your Directors also acknowledge the support
extended by the Companys Unions and all the employees for their
dedicated service. The Directors again very thankful to the Bankers -
State Bank of India for extended their co-operation in respect of
financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LIMITED
PLACE: NAGPUR RaghavSharma Deepak Dhote
DATED: 03.09.2009 MANAGING DIRECTOR Jt. MANAGING
DIRECTOR
Mar 31, 2008
The Directors are pleased to present the Companys 15th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 2008.
PERFORMANCE REVIEW:
For the year ended Previous Year
Particulars 31st March, 2008 31st March, 2007
(Rupees 000) (Rupees 000)
Gross Turnover 123263.69 95425.89
Gross Profit 52545.46 24661.44
Depreciation 8955.60 6,696.21
Provision for Taxation - -
Profit for the year 1231.19 (21961.91)
Balance of Profit and
Loss Account brought (23264.77) (1302.85)
forward from last year
Provision for Dividend - -
Corporate tax on dividend - -
Transfer to General Reserve - -
Balance carried to Balance Sheet (22033.58) (23264.77)
DIVIDEND
In view of the megre profit for the year, your Directors are unable to
declare any dividend for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS
The Company during the year under review has performed reasonably well.
The stringent cost cutting and economy measures taken by the management
have yielded favourable results; the Company has been able to earn
marginal profit during the year under review.
Inspite of the fluctuations in the exchange ratio the Company has been
in a position to achieve Export Turnover of Rs.90 Lakhs Further the
Directors are happy to inform that, the Company has received a very
encouraging response to its export in the first Quarter and is hopeful
of achieving a sizeable of Exports during period under review.
Further the Company is also receiving encouraging response for its
products in the domestic market, specially for the Packaging Unit due
to which the Directors are hopeful of achieving decent turnover from
this unit during Financial Year under review.
The Company is classified as Printing Industry and as such reporting of
segment wise performance is not applicable to the Company.
Industry Structure & Development:
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. During the year under review
the Company further consolidated its operations after completion of its
expansion project. As on date the Company is having three manufacturing
units.
1) At U-116, M. I. D. C. Industrial Area Hingna (Printing Unit)
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
PROSPECTS :
As reported in last Report our concentrating on the existing customers
in Printing Divisions is giving encouraging results. There is steady
growth in the turnover of the Printing Unit which we are sure will
continue in the current year.
As Already reported the Packing unit is receiving encouraging response
and with the sizeable orders received from Ballarpur Industries
Limited, etc for Packaging material, we are sure to clock a decent
turnover in this unit during the Current Financial Year.
As reported in the last report the Super store has received an
overwhelming response thereby increasing the share of the Companies
products in local Markets. The stationery unit has received sizeable
orders for its products from Gulf and hope to continue this trend in
the current year thereby increasing the turnover substantially.
PERFORMANCE REVIEW & OUTLOOK:
PRINTING OPERATION:
The operations further consolidated during the year under review, your
Company has succeeded in generating additional business from the
existing customers. Your Director are sure during the current year to
generate more business from the existing customers in addition to
adding new customers.
STATIONARY DIVISION:
The Company was able to make a foray in the local retail market through
the mega stationery stores opened in the heart of the city. Further the
company has made sizeable exports to Gulf Countries in the first three
months of the current year with the encouraging response it has
received and with the stabilization of Exchange Rate the Company is
expecting a sizeable turnover from this division.
PAKAGING OPERATION:
This division has received sizeable orders from the new customers it
had identified last year. This would result in sizeable growth in the
turnover in the current year.
CORPORATE AFFAIRS:
Finance: In view of the Increase in the Market Value of Land, etc the
assets of the Company were revalued during the Financial Year under
review. The Brands of the Company have also been valued from
Professionals and the same have incorporated in the Book of Accounts of
the Company. During the year under review the relations with the
Bankers have been very cordial.
Trading & BSE Matters:
During the year, the Company has been submitted timely information and
compliances to Bombay Stock Exchange and other Stock Exchanges. The
Company is continuously making representation to the Bombay Stock
Exchange for revocation of trading of Companys scrip and is hopeful to
get it at the earliest in the interest of shareholders and liquidity of
their investment.
Human Resources:
In line with the defined organizational transformation strategy and
policies in respect of HR, your company continued its efforts to align
the processes, practices and systems with the organizational
objectives. Your company is looking forward to transformed HRD systems
in the coming years of operation.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
Shri Kailaschand Sharma, Shri Suresh Sharma and Shri Deepak Dhote,
Directors of the Company, retire by rotation and being eligible, offer
himself for re-appointment. Shri Deepak Dhote has been reappointed on
the Board as a Joint Managing Director of the Company with effect from
1st November, 2007 for a period of Five Years.
Shri V Ramachandran, Director of the Company, ceased to act as director
of the Company with effect from 28th April, 2008. By amendment in
Clause 49 of the Listing Agreement vide SEBI Circular dated 8th April,
2008, Shri Sunder Venkatraman and Shri Shreedhar Parande appointed as
an Additional Director (Independent - Non- executive) of the Company
vide Board Meeting held on 14th August, 2008 and entitled to hold
office upto the conclusion of ensuing Annual General Meeting of the
Company unless confirmed by the meeting. Their Appointments are being
put before the ensuing AGM for consideration and confirmation by the
members present at the AGM.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under :-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L, B. Hajare & Co., Chartered Accountants, Statutory Auditors of
the Company hold office till the conclusion of the ensuing Annual
General Meeting and is eligible for re-appointment. The Company has
received a letter from M/s. L. B. Hajare & Co., Chartered Accountants
to the effect that their appointment as auditors, if made, would be
within the limits u/s 224 (1-B) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in Schedule 15 of the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co-operation by Bankers, Government Authorities,
and other stakeholders. Your Directors also acknowledge the support
extended by the Companys Unions and all the employees for their
dedicated service. The Directors again very thankful to the Bankers -
State Bank of India for extended their co-operation in respect of
financial matter during the whole year.
On Behalf of the Board of Directors
For SHAKTI PRESS LIMITED
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 01.09.2008 MANAGING DIRECTOR jt. MANAGING DIRECTOR
Mar 31, 2007
The Directors are pleased to present the Companys 14th Annual Report
on the business and operation of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 20O7.
PERFORMANCE REVIEW :
For the year Previous Year
Particulars ended 30th June, 2006
31st 2007 (Rupees 000)
(Rupees 000)
Gross Turnover 95425.89 169,633.46
Gross Profit 24661.44 57,709.49
Depreciation 6,696.21 8,899.72
Provision for Taxation - -
Profit for the year (21961.91) 115.28
Balance of Profit and Loss Account brought
forward from last year (1302.85) (1,418.14)
Provision for Dividend - -
Corporate tax on dividend - -
Transfer to General Reserve - -
Balance carried to Balance Sheet (23264.77) (1,302.85)
DIVIDEND :
During the year the Company has incurred loss and, therefore your
Directors are unable to declare any dividend for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS :
The Company during the year under review was in the process of
consolidation after having completed the massive expansion in previous
years. However, the projected targets could not be achieved for the
reasons :
1. The targets were for a period 12 months, whereas the accounts
prepared are for 9 months consequent to the change in the accounting
year.
2. During the period under review there were fluctuations in the
exchange rates and due to the strengthening of the Rupee Exports became
a losing preposition . Due to this your Company had no other option but
to practically stop the Exports. The Company has now decided to
concentrate on the Domestic Markets and necessary steps are being taken
in this direction.
3. Due to incessant Rains during the period of July-September, 20O6
there was flooding in the plate making Department at U-116 M1DC &
Entire Mondha Unit II . This flooding damaged the machines & Stocks.
Insurance claims for the damages has been submitted to the insurance
company. It took quite a long time to set right the damaged machines
which ultimately resulted in reduction in Turnover
Industry Structure & Development :
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels. Duplex Board. Mono Cartons
Corrugated Boxes etc -and stationary items. Daring the year under
review the Company further consolidated its operations after completion
of its expansion project. As on date the Company is having three
manufacturing units.
1) At U-116, M.I. D.C. Industrial Area Hingna (Printing Unit)
2) At Khasara No. 49. Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
As the Company is classified as printing industry & as such reporting
of segment wise performances is not applicable to the company.
PROSPECTS:
With the imposing of Ban on use of Plastic as Packaging material world
wide due to environmental reasons, the paper based packaging industry
has a bright future. Your company is talcing necessary steps in this
direction and is in negotiation with some big buyers for supply of
packaging material.
For stationery Division, the Company shall be concentrating on the
Local Markets and the end users. The company has taken its first step
in this direction by opening a stationery Super Stores in the Heart of
the City.
As far as the Printing division are concerned, we are concentrating on
our existing customers and trying to increase our share. With this we
are hopeful of increasing the turnover of the company to optimum level.
PERFORMANCE REVIEW & OUTLOOK :
PRINTING OPERATION :
With the imposing of Ban on the use of Plastic Material for packaging,
the Printing industry has a good future. Your Company has decided to
concentrate on the existing customers and also to identify new
customers who can generate sizeable printing orders to the Company
STATIONARY DIVISION :
Due to Downward Trend in Exchange rate of US Dollar there was reduction
in exports. The Company has therefore, decided to concentrate on Local
Market to set off the reduction in Sales due to Low Exports. The
Company has opened a mega Stationery Stores in the heart of City so as
to reach the consumers. The Store is getting encouraging response.
PAKAGING OPERATION :
Due to price cutting by the competitors we were unable to achieve the
expected results. In order to overcome this problem the company has
identified new Parties to whom the supplies have already started and
are hopeful of achieving substantial growth in the sales of this
division in the current year.
CORPORATE AFFAIRS :
Finance :
The Bankers State Bank of India, Hingna Industrial Estate, have on 17dl
March, 20O7 implemented the restructuring proposal sanctioned in
November, 2006. Due to implementation of this restructuring proposal
the repayment installments of the Term Loan have been substantially
reduced which would ultimately help the Company to improve its cash
flow position in the year to come.
During the year under review the relations with the Bankers have been
very cordial and the Board of Directors would like to place on record
their Special Thanks to the Bank for the co-operation extended to the
Company during the year.
Trading & BSE Matters :
During the year, the Company has been submitted timely information and
compliances to Bombay Stock Exchange and other Stock Exchanges. The
Company is continuously making representation to the Bombay Slock
Exchange for revocation of trading of Companys scrip and is hopeful to
get it at the earliest in the interest of shareholders and liquidity of
their investment.
Voluntary Delisting of Ordinary (Equity) Shares :
The Companys Equity Shares are one of the scrips which the Securities
and Exchange Board of India (SEBI) has specified for .Settlement only
in the dematerialised form by all Investors since 2nd January. 2002.
With extensive networking of Bombay Stock Exchange Limited, Mumbai
(BSE) arid extension of BSE terminals to other cities as well,
investors have access to online dealings in the Companys Securities
across the country, even if these are not listed on local stock
exchanges.
Since the past 3-4 years, there has been nil or negligible trading in
equity shares of the Company on the Exchanges at Ahmedabad, Delhi and
Madras from where Delisting is proposed as no particular benefit is
derived by investors of the Company by continuing listing on these
Exchanges.
The Company has applied to the Stock Exchange of Ahmedabad, Delhi and
Madras for delisting of its securities which has been approved by the
Shareholders at 13th Annual General Meeting. But due to non-revocation
of trading of scrip at BSE (Online Terminal), the application could not
be proceeded with. As one of the condition for delisting was to
revocation of trading for exit opportunity to the shareholders of the
regions covered under the Stock Exchange of Ahmedabad, Delhi and
Madras.
The proposed voluntary Delisting will not adversely affect the
investors as the Companys equity shares would continue to be listed
and traded on BSE. In view of the same, the members of the Company at
13th Annual General Meeting has already approved the Proposal of
Voluntary Delisting from Delhi, Madras & Ahmedabad Stock Exchange There
would be no change in the capital structure and shareholding pattern of
the company on account of the proposed voluntary delisting. The
Proposed Delisting is subject to revocation of trading of scrip by the
Bombay Stock Exchange Limited, Munibai.
Human Resources :
In line with the defined organisational transformation strategy and
policies in respect of HR, your company continued its efforts to align
the processes, practices and systems with the organisational
objectives. Your company is looking forward to transformed HRD systems
in the coming years of operation.
INDUSTRIAL RELATIONS :
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS :
Shri Raghav Sharma, Director of the Company, retire by rotation and
being eligible, offer himself for re-appointment. Shri Unmesh Dhote
lias been disassociated with the Company and in turn disqualified from
the Office of Director of the Company in terms of Section 283 of the
Companies Act, 1956. During year under review, Shri Nitin S Dhote has
been inducted on the Board as a Whole time Director of the Company with
effect from 14th January. 2007.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956. your directors state as under :-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent. so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period:
iii) that the directors have taken proper and sufficient care lor the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of tile Company and
(or pi-eventing and delecting fraud and other irregularities:
iv) that, the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS :
M/s. L. B. Hajare & Co., Chartered Accountants, auditors of the Company
hold office till the conclusion of the ensuing Annual General Meeting
and is eligible for re-appointment. The Company has received a letter
from M/s. L. B. Hajare & Co., Chartered Accountants to the effect that
their appointment as auditors, if made, would be within the limits u/s
224 (1-B) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report. Earning and Outgo in respect of foreign exchange
mentioned in Schedule 15 of the Balance Sheet of this Annual Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE :
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co- operation by Bankers, Government Authorities,
and other stakeholders. Your Directors also acknowledge the support
extended by the Companys Unions and all the employees for their
dedicated service. The Directors again very thankful to the Bankers -
State Bank of India for extended their co-operation in respect of
financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LTD.,
PLACE : NAGPUR Raghav Shanna Deepak Dhote
DATED : O4.09.2007 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
Jun 30, 2006
ANNUAL REPORT 2005-2006
DIRECTOR'S REPORT
TO THE MEMBERS
OF SHAKTI PRESS LIMITED
Your Directors are pleased to present the Company's 13th Annual Report on
the business and operation of the Company together with the Audited
Statement of Accounts for the pear ended 30th June, 2006.
PERFORMANCE REVIEW
For the year ended Previous Year
Particulars 30th June, 2006 30th June, 2005
(Rupees' 000) (Rupees' 000)
Gross Turnover 169,633.46 1890503.99
Gross Profit 57,709.49 58792.79
Depreciation 8,899.72 17695.54
Provision for Taxation - -
Profit for the year 115.28 (15314.19)
Balance of Profit and Loss
Account brought forward
from last year (1,418.14) 13896.05
Provision for dividend - -
Corporate tax on dividend - -
Transfer to General Reserve - -
Balance carried to Balance Sheet (1,302.85) (1418.14)
DIVIDEND
During the year the Company has incurred loss and, therefore your Directors
arc unable to declare any dividend for the year under review.
Jun 30, 2005
The Directors hereby present their 12th Annual Report on the business
and operation of the Company together with the Audited Statement of
Accounts for the year ended 30th June, 2005.
FINANCIAL RESULTS :
For the year ended Previous Year
Particulars 30th June, 2005 (Rupees 000)
(Rupees 000)
Gross Turnover 1890503.99 1,93,827.07
Gross Profit 58792.79 40,773.22
Depreciation 17695.54 17,581.06
Provision for Taxation
Profit for the year (15314.19) (17,148.37)
Balance of Profit and Loss Account
brought forward from last year 13896.05 31044.22
Provision for dividend
Corporate tax on dividend
Transfer to General Reserve
Balance carried to Balance Sheet 1418.14 13,896.05
DIVIDEND :
During the year the Company has incurred loss and, therefore your
Directors are unable to declare any dividend for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS :
The Company during the year under review has received some good orders
from reputed business houses. The Board of Directors are hopeful of
completing such orders during the year and earn goodwill amongst such
top business houses.
Industry Structure & Development:
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels, Duplex Board, Mono Cartons
Corrugated Boxes etc and stationary items. During the year under review
the Company was in the process of consolidating its operations after
completion of its expansion project. As on date the Company is having
three manufacturing units.
1) At U - 116, M. I. D. C. Industrial Area Hingna (Printing Unit)
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
As the Company is classified as Printing Industry therefore reporting
of segmentwise performance is not applicable to the Company.
PROSPECTS:
Being the stablising year of its operation after completion of massive
expansion program, the Company is exploring opportunity to export its
stationary product. In this connection the Company is continuously
trying to enter the overseas market for its Stationary products. The
Company is negotiating with the foreign business houses for export of
its product. In domestic market product of the Company has received
very encouraging response.
PERFORMANCE REVIEW & OUTLOOK :
PRINTING OPERATION
During Last two years printing & packaging industry under recession.
But since last few months some changes in industrial policy & foreign
affairs by Government of India, the future and prospects of Printing &
Packaging Industry are looking better. Similarly, the Government of
India banned plastic products and consequently, it has benefit to the
printing packaging products. The printing division has good prospects
looking toward overall scenario of printing industries all over India.
The Board of Directors looking towards the WTO era expecting good
future for Printing and Paper based materials.
STATIONARY DIVISION :
Having regards to the Psycho fear of Chinese products in Indian Market,
the Stationary products had same fear since last 2 years and because of
that the prices of Stationary Products not rised but Cost of Paper and
other raw material was rising which affect companys turnover and
profit. Looking towards Government Education Policy , the future of
Stationary products hold good. Now the company is stabilising its
Stationary Operation after Chinese fear to Stationary Products and
Company expecting to be in Profit in coming years.
PAKAGING OPERATION:
Looking towards the packaging division of Shakti, the Board of
Directors like to deliver that due to massive price cutting by
competitors in packaging products, packaging division could not
generate estimated turnover. However, your company is expecting the
growth of 25% from packaging division.
CORPORATE AFFAIRS :
Finance:
Despite the general rise in interest rates, the interest cost continued
to be low due to a judicious mix of rupee/foreign currency borrowing
by Our Bankers. We are greatful to our Bankers to extend their
co-operation in respect of Borrowing by Company and conversion of Term
loan and part of Working Capital into FCNR Loan. In order to protect
the Company from financial risks, an exhaustive study was conducted to
identify the impact of financial risks on the companys cash flow.
Trading & Bse Matters :
Due to non-submission of timely information to the Bombay Stock
Exchange, the trading of Scrip of the Company has been suspended by the
BSE on 21.12.2004. With respect to Compliances of BSE, it is in process
of revocation of Suspension and Secretarial Department continuously in
touch with the Bombay Stock Exchange Limited, Mumbai. Further, the
compliances in respect of EDIFAR ie. Electronic Data Information Filing
& Retrieval System have been complied with and the documents i.e.
Quarterly Results, Shareholding Pattern, Annual Reports, Balance Sheet,
Profit & Loss Account (yearly). Corporate Governance Report, etc are
viewable on the SEBI Website viz. www.sebiedifar.nic.in.
Board of Directors of the Company expects revocation of trading within
short span of time and they are regretting the inconvenience caused to
the investor & general public.
Voluntary Delisting of Ordinary (Equity) Shares :
The Companys Equity Shares are one of the scrips which the Securities
and Exchange Board of India (SEBI) has specified for Settlement only in
the dematerialised form by all Investors since 2nd January, 2002. With
extensive networking of Bombay Stock Exchange Limited, Mumbai (BSE) and
The National Stock Exchange of India Ltd, Mumbai (NSE) and extension of
BSE/NSE terminals to other cities as well, investors have access to
online dealings in the Companys Securities across the country, even if
these are not listed on local stock exchanges. Since the past 3-4
years, there has been nil or negligible trading in equity shares of the
Company on the Exchanges at Ahmedabad, Delhi and Madras from where
Delisting is proposed and no particular benefit is derived by investors
of the Company by continuing listing on these Exchanges. The Companys
equity shares are actively traded on the BSE.
The proposed voluntary Delisting will not adversely affect the
investors as the Companys equity shares would continue to be listed
and traded on BSE. Therefore, the Board of Directors proposed in their
meeting held on 28th November, 2005 to delist the Companys Scrip from
Delhi, Madras & Ahmedabad Stock Exchange and proposed an special
resolution at ensuing AGM for members approval. There would be no
change in the capital structure and shareholding pattern of the company
on account of the proposed voluntary delisting.
Human Resources:
In line with the defined organisational transformation strategy and
policies in respect of HR, your company continued its efforts to align
the processes, practices and systems with the organisational
objectives. Your company is looking to forwards to transformed HRD
systems in the coming years of operation.
INDUSTRIAL RELATIONS :
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
Shri Unmesh Dhote and Shri Kailashchand Sharma, Directors of the
Company, retire by rotation and being eligible, offer themselves for
re-appointment. There being no change in position of other Directors of
the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under :-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS :
M/s. L. B. Hajare & Co., Chartered Accountants, auditors of the Company
hold office till the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. The Company has received a letter
from M/s. L. B. Hajare & Co., Chartered Accountants to the effect that
their appointment as auditors, if made, would be within the limits u/s
224 (1-B) of the Companies Act, 1956.
SECRETARIAL AUDITOR:
M/s V. Ramchandran & Co., Practising Company Secretaries, Nagpur
secretarial auditors of the Company and audited the Demat compliances &
Share Transfer compliance including Shareholders records, etc during
the financial year ended 30th June, 2005 and eligible for appointment
for the next year.
AUDITORS REPORT:
With reference to the comments made by the Auditors in their report,
the Directors wish to state that the relevant notes forming part of the
Companys accounts are self-explanatory and hence do not require any
further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies (Particulars of
Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE:
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the listing Agreement, is appended to this Report as Annexure B.
ACKNOWLEDGEMENTS:
The Directors wish to place on record their appreciation for their
continued support and co-operation by Bankers, Government Authorities,
and other stakeholders. Your Directors also acknowledge the support
extended by the Companys Unions and all the employees for their
dedicated service. The Directors again very thankful to the Bankers -
State Bank of India for extended their co-operation in respect of
financial matter during the whole year.
On Behalf of the Board of Directors,
For SHAKTI PRESS LTD.,
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 28.11.2005 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
FORM A
FORM OF DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF
ENERGY
PARTICULARS CURRENT PREVIOUS
YEAR YEAR
2004-2005 2003-2004
A. POWER AND FUEL CONSUMPTION :
1. ELECTRICITY
a) Purchased
Units (KWH) 1243018 1309790
Total Amount (Rs.) Rs.51,95,815/- Rs. 56,81,560/-
Rate/Unit(Rs./KWH) Rs. 4.18 Rs. 4.33
b) Own Generation
Through Diesel Generator N. A. N. A.
Units (KWH)
Units per Itr. of diesel oil.
Cost/unit (Rs.)
Through Steam Turbine/Generator N. A N. A.
Units
Units per Itr. of fuel oil/gas
Cost/unit (Rs.)
2. Coal for domestic use (B grade for boiler) N. A. N. A.
Qty. (M.T)
Total Cost (Rs.)
Average Rate (Rs.)
3. Furnace Oil N.A. N. A.
Quantity (K. Litres)
Total cost (Rs. in Lacs)
Average Rate (Rs./K. Litres)
4. Others/Internal Generation N.A. N.A.
(Give Details)
Total Cost
Rate/unit
B. CONSUMPTION PER UNIT OF PRODUCTION :
PARTICULARS
CURRENT PREVIOUS
YEAR YEAR
2004-2005 2003-2004
Electricity (units)
Coal (B Grade) N.A. N.A.
Furnace Oil N.A. N.A.
Other (specify) N.A. N.A.
Own power
Jun 30, 2004
The Board of Directors of the company are pleased to present the
Eleventh Annual Report together with the the Audited Statement of
Accounts of the Company for the year ended 30th June, 2004.
FINANCIAL RESULTS :
Year ended Year ended
Particulars 30.06.2004 30.06.2003
(Rupees 000) (Rupees 000)
Gross Turnover 1,93,827.07 1,82,946.99
Gross Profit 40,773.22 41,646.04
Depreciation 17,581.06 14,151.66
Provision for Taxation - -
Profit for the year (17,148.37) 7,262.97
Balance of Profit and Loss Account brought 31,044.22 24,031.47
forward from last year
Provision for dividend - -
Corporate tax on dividend - -
Transfer General - -
Balance carried to Balance sheet 13,896.05 31,044.44
PERFORMANCE :
During the year under review, total turnover of the Company was Rs.
1938 Lacs only as against Rs. 1829.46 Lacs only in the previous year
and the Company has incurred the net loss of Rs. 171.48 Lacs as against
the net profit of Rs. 72.63 Lacs in the previous year. The loss is due
to heavy depreciation and interest payment to Bankers.
DIVIDEND :
During the year the Company has incurred loss and, therefore your
Directors are unable to declare any dividend for the year under review.
MANAGEMENT DISCUSSION & ANALYSIS :
The Company during the year under review has received some good orders
from reputed business houses. The Board of Directors are hopeful of
completing such orders during the year and earn goodwill amongst such
top business houses.
Industry Structure & Development:
The Company is in the field of manufacturing of Paper Based Printed
Packaging Material including Labels. Duplex Board, Mono Cartons
Corrogated Boxes etc and Stationary items. During the year under review
the Company was in the process of consolidating its operations after
completion of its expansion project. As on date the Company is having
three manufacturing units.
1) At U-116, M. I. D. C. Industrial Area Kingna (Printing Unit)
2) At Khasara No. 49, Mondha (Stationary Unit)
3) At Plot No 49, Khasara No 69, Mondha (Packaging Unit)
As the Company is classified as Printing Industry therefore reporting
of segmentwise performance is not applicable to the Company.
Opportunities & Threats :
In the background of enquiries received from the International buyers
and the negotiations going on the Directors are hopeful of getting
substantial export orders for its stationary unit.
The Directors does not foresee any threats to the Industry, on the
contrary, paper being biodegradable they foresee bright future for The
paper based packing material.
Outlook :
The world is running very fast and this is the new era of colour world.
With change from black & white to the colour world, printing of multi
colour labels, packaging material, banners, etc. have good future.
Directors are expecting orders for the same.
PROSPECTS :
Being the first year of its operation after completion of massive
expansion program, the Company is exploring opportunity to export its
stationary product. In this connection the Company is continuously
trying to enter the overseas market for its Stationary products. The
Company is negotiating with the foreign business houses for export of
its product. In domestic market product of the Company has received
very encouraging response
INDUSTRIAL RELATIONS :
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS :
Shri Raghav K. Sharma and Shri Sadanand B. Hajare. Directors of the
Company, retire by rotation and being eligible, offer themselves for
re-appointment. There being no change in position of other Directors of
the Company
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956. your directors state as under -
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii) that 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:
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS :
M/s. L. B. Hajare & Co., Chartered Accountants, auditors of the Company
hold office till the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. The Company has received a letter
from M/s. L. B. Hajare & Co., Chartered Accountants to the effect that
their appointment as auditors, if made. would be within the limits u/s
224 (1-B) of the Companies Act, 1956
AUDITORS REPORT :
With reference to the comments made by the Auditors in their report,
the Directors wish to state that the relevant notes forming pan of the
Companys accounts are self-explanatory and hence do not require any
further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo in accordance with
the Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure A which forms
part of this Report.
PARTICULARS OF EMPLOYEES :
During the year under review there were no employees receiving
remuneration in excess of the limit requiring disclosure as per the
provisions of Section 217 (2A) read with the Companies theParticulars
of Employees) Rules, 1975 during the period under review.
CORPORATE GOVERNANCE :
A report on corporate governance including Auditors Certificate on
compliance with the conditions of corporate governance under clause 49
of the Listing Agreement is appended to this Report as Annexure B.
ACKNOWLEDGEMENTS :
The Directors wish to thank to the Companys Banker, Customers, and the
Shareholders for all their co-operation and help extended to the
Company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation
On Behalf of the Board of Directors,
For SHAKTI PRESS LTD.,
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 27.11.2004 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
Annexure A to the Directors Report
Additional information as required under the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988.
A. CONSERVATION OF ENERGY:
a) Measures taken - N. A.
b) Additional Investment and proposals if any, being implemented for
reduction of consumption of energy. - N. A.
c) Impact of measures at (a) and (b) for reduction of energy
consumption and consequent impact on the cost of production of goods.
- N. A.
d) Total energy consumption and energy: -
As per Form No. A attached Consumption per unit of production in
Prescribed Form A.
B. TECHNOLOGY ABSORPTION :
Research and development :
1. Specific areas in which R & D carried out by the Company. : N. A.
2. Benefits derived as a result of above R & D : - N. A.
3. Future plan of action : - N. A.
4. Expenditure on Research & Development. - NIL
5. Technology absorption adaptation and innovation :
a) Efforts, in brief, made towards technology absorption, adaptation
and innovation. - N. A.
b) Benefits derived as a result of above efforts. - N. A.
c) Information regarding technology imported during the last five
years. : - N. A.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO :
1) Activities relating to exports initiatives taken to increase
exports, development of new. export markets for products and services
and export plans.
2) Total Foreign Exchange used and earned : (Rs in Lacs)
i) CIF value of imports Rs NIL
Expenditure in Foreign Currency Rs NIL
ii) Foreign Exchange earned
The Company has supplied 13 container
Note Books amounting Rs.19545000 - 10
Exporter for export.
On Behalf of the Board of Director.,
For SHAKTI PRESS LTD.,
PLACE: NAGPUR Raghav Sharma Deepak Dhote
DATED: 27.11.2004 MANAGING DIRECTOR Jt. MANAGING DIRECTOR
FORM A
FORM OF DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF
ENERGY
PARTICULARS CURRENT PREVIOUS
YEAR YEAR
2003-2004 2002-2003
A. POWER AND FUEL CONSUMPTION :
1. ELECTRICITY
a) Purchased
Units(KWH) 1309790 1078050
Total Amount (Rs.) Rs.5681560/- Rs.49,97,340
Rate Unit (Rs/KWH) Rs. 4.33 Rs.4.64
b) Own Generation
Through Diesel Generator N. A. N. A.
Units (KWH)
Units per Itr. of diesel oil
Cost. unit (Rs.)
Through Steam Turbine/Generator N. A. N. A.
Units.
Units per Itr. of fuel oil/gas,
Cost/unit(Rs.)
2. Coal for domestic use (B grade for boiler) N. A. N. A.
Qty (M.T)
Total Cost (Rs.)
Average Rate (Rs.)
3. Furnace Oil N. A. N. A.
Quantity (K. Litres)
Total cost (Rs. in Lacs)
Average Rate (Rs. K Litres)
4. Others/Internal Centration. N. A. N. A.
(Give Details)
Total Cost
Rate unit
B. CONSUMPTION PER UNIT OF PRODUCTION :
PARTICULARS
CURRENT PREVIOUS
YEAR YEAR
2003-2004 2002-2003
Electricity (units)
Coal (B Grade) N.A. N.A.
Furnace Oil N.A. N.A.
Other (specify) N.A. N.A.
Own power
Jun 30, 2002
Your Directors are pleased to present the Ninth Annual Report together
with the Audited Statement of Accounts of the Company for the year
ended 30th June, 2002.
FINANCIAL RESULTS:
Year ended Previous year
30.06.2002 ended 30.06.2001
(Rupees 000) (Rupees 000)
Gross Turnover 140590.04 136659.78
Gross Profit 28224.99 23648.98
Depreciation 5725.89 4118.27
Provision for Taxation 1500.00 1100.00
Profit for the year 20999.10 18430.71
Balance of Profit and Loss Account
brought forward from last year 16552.57 13164.90
Appropriations:
Provision tor dividend 3520.20 4576.26
Corporate tax on dividend - 466.78
Transfer to General Reserve 10000.00 10000.00
Balance carried to Balance Sheet 24031.47 16552.57
PERFORMANCE:
During the year under review, total turnover of the Company was Rs.
1405.95 Lacs only as against Rs. 1366.59 Lacs only in the previous
year and the net profit of the Company was Rs. 209.99 Lacs as against
the net profit of Rs. 184.31 Lacs in the previous year.
DIVIDEND:
After considering the funds required to complete the undergoing
expansion by ploughing back the existing profit, your Directors are
pleased to propose a dividend of Rs. 1.00 per Equity Share of Rs. 10/-
each ( Rs. 1.30 per share for the previous year) for the year ended
30th June, 2002.
PROSPECTS:
Your Company has completed a total expansion, as reported in the last
Annual Report. All our major manufacturing divisions now are in full
operation. The Company has acquired world class equipments and
machinery in all the divisions. The Company has become a unique of its
kind in multi product paper based printing and conversion activities.
It is one of the largest Offset Printing and Packaging Company in the
Country today. The following are the product structure of the Company
now:-
1) Shakti Press Limited Unit U-116 MIDC
This is world class state of the art of Offset Printing Unit having
Heidelberg six colour Machine LYLX Model, first of its kind in the
Country, along with full capacity to produce 6 MT per day of Bidi
packaging material for the National market. This Unit is fully booked
by the leading Bidi manufacturers for their Bidi packaging requirement
and other quality jobs.
2) Shakti Press Limited - Mondha Unit - 1 Stationery Division
This Unit is fully geared up for manufacturing of world class Exercise
Note Books and various stationery products. We have created a capacity
of 20 MT per day state of art world class machinery along with complete
line for manufacturing of composition of books for export for U. S. A.
market. This Unit is in full operation and we are utilizing 70-80%
capacity this year.
3) Shakti Press Limited - Mondha Unit - 2 Packaging Division:
This Unit is totally dedicated for manufacturing of flexible paper
packaging material which includes multi coloured Duplex Board and
Corrugated Cartons total capacity created here is 25MT per day for CC
Cartons and 10MT per day for Duplex Board Cartons. This Unit is again
having the best machinery to cater voluminous requirement of the
packaging industry in the Country. Due to the above creation of world
class infrastructure of printing and packaging with a total built up
area of approximately 4 lacs square feet. It gives us achievement of
becoming one of the largest totally integrated company of its kind in
the Country. We have received very encouraging response from big
industrial houses and export market and we would be able to achieve the
combined capacity of converting approximately 12,000 MT per annum of
paper/board/Kraft.
For your information the total capacity created in the Company is
approximately 15,000 MT per annum.
FIXED DEPOSITS:
To meet the finance requirement for expansion the Company has accepted
Fixed Deposits around Rs. 1,00,000/- within the meaning of Section 58 A
of the Companies Act, 1956 and the rules made thereunder during the
year under review.
INDUSTRIAL RELATIONS:
During the year under review the overall industrial relations of the
Company were cordial.
DIRECTORS:
Shri S. B. Hajare and Shri Unmesh Dhote, Directors of the Company,
retire by rotation and being eligible, offer themselves for
re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation.
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period;
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, auditors of the Company
hold office till the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. The Company has received a letter
from M/s. L. B. Hajare & Co., Chartered Accountants to the effect that
their appointment as auditors, if made, would be within the limits u/s
224 (1-B) of the Companies Act, 1956.
AUDITORS REPORT:
With reference to the comments made by the Auditors in their report,
the Directors wish to state that the relevant notes forming part of the
Companys accounts are self-explanatory and hence do not require any
further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure `A which forms
part of this Report.
SECRETARIAL COMPLIANCE CERTIFICATE
A secretarial Compliance Certificate pursuant to section 383A of the
Companies act, 1956 is attached herewith as Annexure - B
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration of or in excess of Rs. 24,00,000/- p. a. or Rs.
2,00,000/- p. m. requiring disclosure as per the provisions of Section
217 (2A) read with the Companies (Particulars of Employees) Rules,
1975.
CORPORATE GOVERNANCE:
As per the schedule of implementation, Clause 49 of the Listing
Agreement relating to Corporate Governance is to be implemented by your
Company within the financial year 2002-2003. Accordingly, necessary
steps are being taken to comply with the same such as constitution of
Audit Committee, Remuneration Committee and Investors Grievances
Committee. The Company will commence reporting on compliance with
Clause 49 of the Listing Agreement from the Annual Report for the
financial year ending 30th June, 2003.
ACKNOWLEDGEMENTS:
The Directors wish to thank The United Western Bank Ltd., Customers,
and the Shareholders for all their co-operation and help extended to
the Company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
Annexure to the Directors Report
Additional information as required under the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988.
A. CONSERVATION OF ENERGY:
a) Measures taken:- N. A.
b) Additional investment and proposals, if any, being implemented for:
reduction of consumption of energy:- N. A.
c) Impact of measures at (a) and (b) for reduction of energy
consumption and consequent impact on the cost of production of goods:-
N. A.
d) Tolal energy consumption and energy Consumption per unit of
production in Prescribed Form `A:- As per Form No. `A attached
B. TECHNOLOGY ABSORPTION:
Research and development:
1. Specific areas in which R&D carried out by the Company:- N. A.
2. Benefits derived as a result of above R & D:- N. A.
3. Future plan of action:- N. A.
4. Expenditure on Research & Development:- NIL
5. Technology absorption adaptation and innovation:
a) Efforts, in brief, made towards Technology absorption, adaptation
and innovation:- NIL
b) Benefits derived as a result of above efforts:-
c) Information regarding technology imported during the last five
years:- N. A.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
1) Activities relating to exports initiatives taken to increase
exports, development of new export markets for products and services
and export plans:- N. A.
2) Total Foreign Exchange used and earned:
i) CIF value of imports: Rs. NIL
Expenditure in Foreign Currency: Rs. NIL
ii) Foreign Exchange earned: Rs. NIL
On Behalf of the Board of Directors,
For Shakti Press Ltd.
Place: Nagpur
Dated: 29.01.2003 RAGHAV SHARMA SURESH SHARMA
Managing Director Chairman
Jun 30, 2001
Your Directors are pleased to present the Eighth Annual Report together
with the Audited Statement of Accounts of the Company for the year
ended 30th June, 2001.
FINANCIAL RESULTS:
Year ended Previous year
30.06.2001 ended 30.06.2000
(Rupees '000) (Rupees '000)
Gross Turnover 136659.78 123881.05
Gross Profit 23648.98 19843.63
Depreciation 4118.27 3354.87
Provision for Taxation 1100.00 1100.00
Profit for the year 18430.71 15388.76
Balance of Profit and Loss Account
brought forward from last year 13164.90 13267.65
Appropriations:
Provision for dividend 4576.26 4576.26
Corporate tax on dividend 466.78 915.25
Transfer to General Reserve 10000.00 10000.00
Balance carried to Balance Sheet 16552.57 13164.90
PERFORMANCE:
During the year under, review, total turnover of the Company was Rs.
1366.59 Lacs as against Rs. 1238.81 Lacs in the previous year and the
net profit of the Company was Rs. 184.31 Lacs as against the net profit
of Rs. 153.89 Lacs in the previous year.
DIVIDEND:
Your Directors are pleased to propose a dividend of Rs. 1.30 per Equity
Share of Rs. 10/- each (Rs. 1.30 per share for the previous year) for
the year ended 30th June, 2001.
PROSPECTS:
As your Company has been keeping itself on a continuous growth path, to
add strength to its expanding business operations and to exploit
business opportunities, your company is contemplating to install the
highly sophisticated printing press, the Heidelberg Speedmaster CD
102-6LYLX at its new manufacturing facility near Hingna. By installing
this machine, the Company will be the first printing Company in the
country to have this ultra-modern machine.
As the quality of print of the machine is the best in the world, the
Company is hoping to generate a large export revenue as well as tap the
huge segment of multinational companies' packaging, which would more
than double the turnover of the company.
FIXED DEPOSITS:
The Company has not accepted any Fixed Deposits within the meaning of
Section 58 A of the Companies Act, 1956 and the rules made thereunder
during the year under review. However to mobilise adequate funds to
meet the finance requirement for expansion, your Board of Directors has
decided to invite Fixed Deposits from the public. Necessary steps have
already taken in this regard.
INDUSTRIAL RELATIONS:
The overall industrial relations of the Company were cordial.
DIRECTORS:
Shri Deepak S. Dhote and Shri Suresh K. Sharma, Directors of the
Company, retire by rotation and being eligible, offer themselves for
re-election.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956. your directors state as under:-
i) that in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
(refer note nos. 3 & 7 of Schedulel 1).
ii) that the directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of the Company for that period:
iii) that 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;
iv) that the directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS:
M/s. L. B. Hajare & Co., Chartered Accountants, auditors of the Company
hold office till the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. The Company has received a letter
from M/s. L. B. Hajare & Co., Chartered Accountants to the effect that
their appointment as auditors, if made, would be within the limits u/s
224 (1-B) of the Companies Act, 1956.
AUDITOR'S REPORT:
With reference to the comments made by the Auditor in his report, the
Directors wish to state that the relevant notes forming part of the
Company's accounts are self-explanatory and hence do not require any
further explanation.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO:
The statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure `A' which forms
part of this Report.
PARTICULARS OF EMPLOYEES:
During the year under review there were no employees receiving
remuneration of or in excess of Rs. 12,00,000/- p. a. or Rs. 1,00,000/-
p. m. requiring disclosure as per the provisions of Section 217 (2A)
read with the Companies (Particulars of Employees) Rules, 1975.
DEMATERIALISATION:
As per directives of SEBI/Stock Exchange, steps are being taken to
sign agreements with both the Depositories namely National Securities
Depository Ltd., (NSDL) and Central Depository Services (India) Ltd.,
(CDSL) and to establish electronic connectivity for demateriaiisation
of equity shares to enable the members to hold their shares in the
Company in demat form.
CORPORATE GOVERNANCE:
As per schedule of implementation. Clause 49 of the Listing Agreement
relating to Corporate Governance is to be implemented by your Company
within the financial year 2002-2003. Accordingly, necessary steps are
being taken to comply with the same. The Company will commence
reporting on compliance with Clause 49 of the Listing Agreement from
the Annual Report for the financial year ending 30th June. 2003.
ACKNOWLEDGEMENTS:
The Directors wish to thank The United Western Bank Ltd., Customers,
and the Shareholders for all their co-operation and help extended to
the Company. The Directors also wish to place on record their sincere
appreciation for the devoted services rendered by the employees at all
levels of the Company and look forward to their continued co-operation.
Annexure `A' to the Directors' Report
Additional information as required under the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules. 1988.
A. CONSERVATION OF ENERGY:
a) Measures taken : N. A.
b) Additional investment and proposals, if any. being : N. A.
implemented for reduction of consumption of energy.
c) Impact of measures at (a) and (b) for reduction of : N. A.
energy consumption and consequent impact on the cost
of production of goods.
d) Total energy consumption and energy Consumption : As per Form
per unit of production in Prescribed Form `A'. `A' attached
B. TECHNOLOGY ABSORPTION:
Research and development:
1. Specific areas in which R & D carried out by the Company: N. A
2. Benefits derived as a result of above R & D : N. A.
3. Future plan of action : N. A.
4. Expenditure on Research & Development : NIL
5. Technology absorption adaptation and innovation:
a) Efforts, in brief, made towards Technology absorption, :
adaptation and innovation.
b) Benefits derived as a result of above efforts. :
c) Information regarding technology : N. A.
imported during the last five years.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
1) Activities relating to exports initiatives taken to : N. A.
increase exports, development of new export markets for
products and services and export plans.
2) Total Foreign Exchange used and earned:
i) GIF value of imports : Rs. NIL
Expenditure in Foreign Currency : Rs. NIL
ii) Foreign Exchange earned : Rs. 14.34
On Behalf of Board of Directors,
For Shakti Press Ltd.,
Place: Nagpur
Dated: 29.10.2001 (SURESH K. SHARMA)
Chairman
Jun 30, 1999
The Directors have pleasure in presenting the Sixth Annual Report
togetherwith audited statement of accounts of the Company for the year
ended 30th June, 1999.
FINANCIAL RESULTS
(Rupees In Lacs)
1998-99 1997-98
Sales Turnover 1116.52 1013.39
Gross Profit 184.36 149.89
Less : Depreciation 32.81 27.69
Less : Income Tax Provision 9.50 6.75
Net Profit 142.05 115.45
Surplus available for appropriation 283.01 283.56
Appropriations :
Transfer to General Reserve 100.00 100.00
Provision for Dividend 50.34 42.59
Leaving a balance to be carried forward 132.67 140.96
DIVIDEND
The Directors recommend 13% dividend for the year ended June 30, 1999,
which if approved by the members at the forthcoming Annual General
Meeting, will be paid to those members whose names appear in the
register of members of the Company as on 22nd January, 2000.
PERFORMANCE
The Company has completed its Fifth year of operations and it has
achieved its optimum capacity utilization. During the year under
review the total sales were Rs. 1,116.52 Lacs. The capacity of all the
machines has been utilized to their optimum levels. The capacity
utilization as planned has been achieved. The Company has successfully
achieved the status of continuous Industry as was proposed to be done
in the previous year.
FIXED DEPOSIT
The Company has not accepted any fixed deposits during the year under
review.
DIRECTORS
During the year under review, there is no change in the Board of
Directors of the Company. In accordance with the Companies Act, 1956,
and the Articles of Association of the Company, Mr. Sadanand B. Hajare
retires by rotation and is eligible for re-appointment.
AUDITORS' REPORT & AUDITORS :
The Company's Auditors M/s. L.B. Hajare & Co., Chartered Accountants
retire at the conclusion of the ensuing Annual General Meeting and have
informed their eligibility to be reappointed as Auditors.
PARTICULARS OF EMPLOYEES :
As required, Pursuant to the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended, there were no employees whose particulars are
required to be given.
YEAR 2000 COMPLIANCE (Y2K)
The Company has taken all the necessary steps to ensure Y2K Compliance.
The costs incurred to meet Y2K requirements is negligible.
PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY RESEARCH &
DEVELOPMENT & FOREIGN EXCHANGE EARNING & OUTGO
Information as required under Section 217(i)(e) of the Companies Act,
1956 read with Companies (Disclosure of particulars in the report of
Board of Directors) Rules 1988 is as per Annexure "A" and forms part of
Directors' Report.
STOCK EXCHANGES :
The Company's shares are listed on the Stock Exchanges at Mumbai,
Delhi, Ahmedabad and Chennai. The annual listing fees have been paid
by the Company and there are no dues.
B. Research and Development :
No Research & Development carried out and no expenses were incurred on
Research & Development.
C. Foreign Exchange earnings and out go :
a) The Company has not effected any export.
b) There is no earnings of `Foreign Exchange'.
c) Outflow of foreign exchange is also Nil.
Jun 30, 1998
The Directors have pleasure in presenting the Fifth Annual Report
together with audited statement of accounts of the Company for the year
ended 30th June, 1998.
FINANCIAL RESULTS :
(Rupees in Lac)
1997-98 1996-97
Sales Turnover 1013.39 1011.63
Gross Profit 149.89 209.42
Less: Depreciation 27.69 19.27
Less: Income Tax Provision 6.75 9.00
Net Profit 115.45 181.15
Surplus available for appropriation 283.56 318.45
Appropriations:
Transfer to general Reserve 100.00 100.00
Provision for Dividend 42.59 50.34
Leaving a balance to be carried forward 140.96 168.11
DIVIDEND :
The Directors recommend 11% dividend for the year ended June 30,1998,
which if approved by the members at the forthcoming Annual General Meeting, will be paid to those members whose name appear on the register of members of the Company as on 13th November, 1998.
PERFORMANCE :
The Company has completed its fourth year of operation and it has
achieved its optimum capacity utilisation. During the year under review the total sales were Rs. 1,013/- Lacs. The Full capacity of both the 5 colour machines is being utilised and as such it is envisaged by the Directors that during the next 9 months maximum production as well as sales will be achieved.
EXPANSION PLANS :
The Company has successfully completed the first four financial years.
The Company has established its products in packaging of various consumer durables needing effective and attractive packaging. The
demand for print matter and multicolour Printed Packaging material has
gone up in recent times. As per the report published by the Indian
Institute of Packaging demand for paper packaging, is going to increase
rapidly in near future. In this direction the Company is gearing
itself to meet the increased demand.
The Company has planned for capacity expansion to the tune of approx
Rs. 12 Crores. The Company has acquired additonal land measuring 3.75
acres at village Mondha which is 8 km from the existing factory. The
Company has also invested Rs. 30 lacs in creating additional space along with Generator for uninterrupted power supply. Further the Company intends to increase its existing capacity by 40% by running additional 3rd shift and also to work on weekly offs by making it a continuous process industry. The necessary infrastructure has already been created by the Company.
FIXED DEPOSIT :
The Company has not accepted any fixed deposits during the year under
review.
DIRECTORS :
In accordance with companies Act, 1956, and the Articles of Association
of the Company, Mr. Raghav Sharma retires by rotation and is eligible
for re-appointment.
AUDITOR'S REPORT & AUDITORS :
As far as the notes by the Auditors in their report are concerned, they
are self-explanatory and hence require no further explanation. The Company's Auditors M/s. L.B. Hajare & Co., Chartered Accountants retire
at the conclusion of forthcoming Annual General Meeting and have
informed their eligibility to be reappointed as Auditors.
PARTICULARS OF EMPLOYEES :
Pursuant to the provisions of Section 217(2A) of the Companies act,
1956 read with Companies (Particulars of Employees) Rules 1988, there
was no employee, in respect of whom the particulars are required to be
disclosed.
PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, RESEARCH &
DEVELOPMENT & FOREIGN EXCHANGE EARNING & OUTGO :
Information as required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the report
of Board of Directors) Rules 1988 is as per Annexure "A" as part of
Director's Report.
B. Research and Development :
No Research & Development carried out and no expenses were incurred on
Research & Development.
C. Foreign exchange earnings and out go :
a) The company has not effected any export.
b) There is no earnings of 'Foreign Exchange'.
c) Out flow of foreign exchange is also Nil.
Jun 30, 1997
Your Directors have pleasure in presenting the Fourth Annual Report
together with audited statement of accounts of the Company for the year
ended 30th June, 1997.
DIVIDEND
Your Directors recommend 13% dividend for the year ended June 30, 1997,
which if approved by the members at the forthcoming Annual General
Meeting, will be paid to those members whose name appear on the register of members of the Company as on 15th December, 1997
PERFORMANCE
Your Company has completed its third year of operation and today it has
achieved optimum installed capacity. During the year under review the
total sales were Rs. 1012 Lacs. Further the Directors are pleased to
inform that for the first 3 months of the current year upto 30th
September, 1997 the sales are Rs. 196 Lacs. The Company has started
commercial production on 5 colour machine & it is envisaged by the
Directors that during the next 9 months the production as well as the
Sales shall be achieved as projected. Your Company has today 30% share
in Bidi Packaging Industry & we intend to further stabilize it.
EXPANSION PLANS
As projected in the Prospectus your Company has successfully completed
the first three financial years. The company has established its
products in packaging of various consumer durables needing effective
and attractive packaging. The demand for print matter and multicolour
Printed Packaging material has gone up in recent times. As per the
report published by the Indian Institute of Packaging demand for paper
packaging is going to increase rapidly in near future. In this
direction the company is gearing itself to meet the increased demand.
The Company has plans for capacity expansion amounting approximately
Rs. 12 Crores in order to double the capacity at the Nagpur unit as
well as to start a new unit in Madhya Pradesh to avail the various
taxation benefits. The Company also intends to manufacture quality
printing inks in order to achieve cost effectiveness.
FIXED DEPOSIT
The Company has not accepted any fixed deposits during the year under
review.
DIRECTORS
Mr. Deepak S. Dhote retires by rotation and is eligible for re-appointment.
AUDITORS' REPORT & AUDITORS:
As far as the notes by the Auditors in their report are concerned, they
are self-explanatory and hence require no further explanation. The
Company's Auditors M/s. L.B. Hajare & Co., Chartered Accountants retire
at the conclusion of the forthcoming Annual General Meeting and have
informed their eligibility to be reappointed as Auditors.
PARTICULARS OF EMPLOYEES:
Information required under Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1988, there was no
employee during the year under review, in respect of whom the
particulars are required to be disclosed.
PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY RESEARCH & DEVELOPMENT & FOREIGN EXCHANGE EARNING & OUTGO
Information as required under Section 217(1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the report
of Board of Directors) Rules 1988 is as per Annexure "A" as a part of
Directors Report.
DISCLOSURE
Disclosure as per Clause 43 of the listing agreement with the Stock
Exchange.
The listing agreement with the stock exchange was amended to introduce
Clause 43 in terms of which the required comparison of the projections
made for the financial year 1996-97 in the Company's Prospectus dated
23rd December, 1994.
(Rs. in Lacs)
---------------------------------------------------------------------
Particulars Projections As Actual
Per Prospectus Performance
30.06.1997 30.06.97
---------------------------------------------------------------------
Sales 1119.70 1011.63
Profit Before Tax 215.30 190.14
Profit After Tax 154.80 181.14
Share Capital 352.02 352.02
EPS (Rs.) 4.40 5.14
---------------------------------------------------------------------
ACKNOWLEDGEMENT
Your Directors wish to thank SICOM & the Company's Bankers The United
Western Bank Ltd. for all their co-operation & help extended to the
Company. Your Directors also wish to thank the suppliers, customers,
share holders and all others associated with the Company Your Directors
wish to place on record their appreciation for the devoted services
rendered by the employees at all levels of the Company.
B. Research and Development:
No Research & Development carried out and no expenses were incurred on
Research & Development.
C. Foreign Exchange earnings and out go
a) The Company has not effected any export.
b) There is no earnings of Foreign Exchange.
c) Out flow of foreign exchange is also Nil.
Jun 30, 1996
Your Directors have pleasure in presenting the Third Annual Report
together with audited statement of Account for the year ended 30th
June, 1996.
FINANCIAL RESULTS
(Rupees in Lacs)
1995-96 1994-95
Sales Turnover 938.96 283.38
Gross Profit 157.89 77.18
Less : Depreciation 12.59 5.49
Less : Income Tax Provision 6.00 1.00
Net Profit 139.30 70.69
Surplus available for appropriation 139.30 70.69
Appropriations :
Transfer to General Reserve 14.50 0.72
Provision for Dividend 42.24 15.22
Leaving a balance to be carried forward 82.55 54.75
DIVIDEND
The Directors recommend payment of dividend at the rate of 12%
subject to deduction of tax at source.
PERFORMANCE
Your Company has completed its second year of operation and today it
has achieved optimum installed capacity in operation. During the
year under review the total sales were Rs. 938.96 lacs. Further, the
Directors are pleased to inform that for the first four months of the
current year, upto 31st October, 1996 the sales are Rs. 333.97 lacs.
This trend will help your company to achieve its Projected Growth
Rate.
Your Company's order booking position during year is excellent which
is approx. Rs. 125 Lacs per month.
PRESENT PROGRESS
Your Company has completed the II phase of installation. All our
Machineries as required are already installed and working in maximum
capacity. We are now successfully implementing the concept of
minimum material handling, resulting in minimum wastage. We have
also launched 'SHAKTI COPIER PAPER' this year in the month of
November. We intend to market this Brand all over India. We hope to
convert about 30/40 MT per month and thereafter we plan to proceed
further in 'EXPORTS' of this Product.
FUTURE PROSPECTS
Shakti Press Ltd., has been mostly engaged in Packaging for Bidi
Industry in the country. Today, we have recognition in National
Market and we further hope to capture `30% MARKET SHARE' in the
coming year. Our Quality Services are well accepted in this
Industry.
EXPANSION PLANS
Communication is the need of Today & Tomorrow. Print Media is a very
important communication tool today. We have successfully created
'Shakti Press Ltd.' as a Packaging Company. Now we intend to install
machines for printing of Newspaper colour supplements, Balance
Sheets, Mail order Literature etc. We are trying to tie up with
leading Newspaper/Publicity Industry of Central India region and we
are expecting to get it materialised, so that we can start planning
for procuring the latest Pre-press/Heat Set Offset machines as
required for this project.
FIXED DEPOSIT
The Company has not accepted any fixed deposits during the year under
review.
DIRECTORS
The State Industrial Corporation of Maharashtra (SICOM) has nominated
Shri M.T. Chiddarwar as Director on the Board of your Company w.e.f.
02.08.96 in place of Shri R.S. Samant.
Your Directors with deep regret inform you that during this year your
Company has lost its two chief promoters - Late Shri K.N. Sharma who
expired on 08.02.96 and Late Shri G.K. Dhote who expired on
27.08.96. Both the Directors have worked hard for the promotion and
progress of the Company. The Board places on record its appreciation
of the valuable services and support rendered to the company by Late
Shri K.N. Sharma and Late Shri G.K. Dhote during their tenure of
office.
Shri Suresh Kumar Sharma, Director of the Company retires by rotation
and being eligible offers himself for reappointment.
Shri Unmesh G. Dhote was appointed as the additional Director on the
Board w.e.f. 25/09/96
AUDITORS' REPORT & AUDITORS:
The notes of the Auditors in their report are self-explanatory and
hence require no further explanation. The Company's Auditors M/s.
L.B. Hajare & Co., Chartered Accountant retire at the conclusion of
the forthcoming Annual General Meeting and have expressed their
willingness to be reappointed as Auditors.
PARTICULARS OF EMPLOYEES:
As per the provisions of Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1988, there were
no employee during the year under review, in respect of whom the
particulars are required to be disclosed.
PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY RESEARCH &
DEVELOPMENT & FOREIGN EXCHANGE EARNING & OUTGO
Information as required under Section 217(1) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of particulars in the
report of Board of Directors) Rules 1988 is as per Annexure "A" as a
part of Directors' Report.
DISCLOSURE
Disclosure as per Clause 43 of the listing agreement with the Stock
Exchange.
The listing agreement with the stock exchange was amended to
introduce Clause 43 in terms of which the required comparison of the
projections made for the financial year 1995-96 in the Company's
Prospectus dated 23rd December, 1994.
(Rs. in Lacs)
Particulars Projections As Actual
Per Prospectus Performance
30.6.1996 30.6.1996
Sales 979.70 938.96
Profit Before Tax 181.70 145.30
Profit After Tax 139.20 139.30
Share Capital 352.00 352.02
EPS (Rs.) 3.95 3.95
ACKNOWLEDGEMENT
Your Directors wish to thank SICOM & the Company's Bankers The United
Western Bank Ltd. for all their co-operation & help extended to the
Company. Your Directors also wish to thank the suppliers, customers,
shareholders and all others associated with the Company. Your
Directors wish to place on record their appreciation for the devoted
services rendered by the employees at all levels of the Company.
B. Research and Development
No Research & Development carried out and no expenses were incurred
on Research & Development.
C. Foreign Exchange earnings and out go :
a) The Company has not effected any export.
b) There is no earnings of `Foreign Exchange'.
c) Out flow of foreign exchange is also Nil.
Jun 30, 1995
The Directors have pleasure in presenting the Second Annual Report together with audited statement of Account for the year ended 30th June, 1995.
FINANCIAL RESULTS
(Rupees In Lacs)
Year Ended 30.06.95
Sales & other receipts 285.26
Gross Profit 99.62
Depreciation 5.49
Income Tax (Provision) 1.00
Net Profit 71.69
Profit from previous year brought forward ---
Surplus available for appropriation 71.69
Appropriations :
Transfer to General Reserve 0.72
Provision for Dividend 15.22
Leaving a balance to
be carried forward 54.75
DIVIDEND
The Directors recommend payment of dividend at the rate of 10% subject to deduction of tax at source where applicable on pro-rata basis which includes 1850000 new equity shares alloted on 30.3.95.
PERFORMANCE
The Company has completed its 1st year of operation & today it has acheived 50% installed capacity in operation. During the 1st year of operation upto 30th June, 1995 total Sales were Rs. 283 Lacs. During current year sales for first 5 months are Rs. 340 Lacs. This trend will help your Company to acheive its Projected Targets. Profit in the
First operation year was Rs. 71 Lacs against which in first 5 months of current year profits are Rs. 85 Lacs.
Your Company's order Booking Position during year is excellent which is approx. Rs. 100 Lacs per month. Since the order position is overbooked, additional capacity plan is under consideration as main agenda.
PRESENT PROGRESS
The Company has started working on the IInd Phase of the Project which should complete in December, 95. Civil work is completed and the present Art building is having approx. 30000 sq.ft. of working space. This will help in minimum Material Handling resulting in minimising wastage. This
concept of minimum wastage is going to be a very big saving for the Company.
The Company has been granted Sales Tax exemption under the 1988 Govt. of Maharashtra Package Scheme & this benefit will go in attracting lot of Big Corporate Customers. For securing more value added orders we have also started marketing offices at Bombay & Hyderabad. We expect further
good results from January 96 onwards.
FUTURE PROSPECTS
Shakti Press Ltd. has been very heavily involved in Packaging to Bidi Industry in the country. It has been able to create & develop a National Market & it is known today in the entire Bidi Industry as a major Printer to their requirements of labels, wrappers, publicity material etc.
The company is in commanding position in the above industry & further expect to get a major share of business from the above Industry and earning a reputation as largest & biggest Printed Packing Material manufacturer. Our Project when completed will be the biggest Infrastructure for Bidi Industry & we hope to capture 30% share in this
market.
EXPANSION PLAN
In recent future your Company intend to Import high speed Finishing Machines & also go for Flexible Paper Packaging. The Company is planning to install fully on line Automatic Plant to produce about 400 MT of Corrugated Cartons per month in its Corrugated Cartons box business. This will be the largest set up in Central India & we wish take
advantage ofbeing the 1st unit.
Shakti Press Ltd. has now planned to concentrate on only Paper & Paper Related Packaging Materials. We want it to be a one Stop Shop for all requirements from Labels to Cartons to Publicity Materials.
FIXED DEPOSIT
The Company has not accepted any fixed deposits during the year under review.
DIRECTORS
Mr. S.B. Hajare, Director of the Company retire by rotation and being eligible offer himself for reappointment.
AUDITORS' REPORT & AUDITORS
As far as the notes by the Auditors in their report are concerned, they are self-explanatory and hence require no further explanation. The Company's Auditors M/s. L.B.Hajare & Co., Chartered Accountant retire at the conclusion of the forthcoming Annual General Meeting and have
expressed their willingness to be reappointed as Auditors.
PARTICULARS OF EMPLOYEES
Information required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1988.
There is no employee during the year under review, in respect of whom the particulars are required to be disclosed.
PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY RESEARCH
& DEVELOPMENT & FOREIGN EXCHANGE EARNING & OUTGO
Information as required under Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the report of Board of Directors) Rules 1988 are as per Annexure "A" & form a part of Directors Report.
Research and Development:
------------------------
No Research & Development carried out and no expenses were incurred on Research & Development.
Foreign Exchange earnings and out go:
------------------------------------
a) The Company has not effected any export.
b) There is no earnings of `Foreign Exchange'.
c) Out flow of foreign exchange is also NIL.
Mar 31, 1994
Information Not Available
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