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Shakti Press Ltd.

BSE: 526841 | NSE: | Series: NA | ISIN: INE794C01016 | SECTOR: Printing & Stationery

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Annual Report

For Year :
2013 2012 2011 2010 2009 2008 2006

Director’s Report

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

Director’s Report