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Sharpscan & Prints Ltd.

BSE: 531799 Sector: Services
NSE: N.A. ISIN Code: INE795C01013
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Sharpscan & Prints Ltd. (SHARPSCPRINT) - Director Report

Company director report

SHARPSCAN AND PRINTS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT TO The Members, Your Directors have pleasure in presenting the Seventh Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2001. The Company's performance during the financial year was below expectations. It has not been very good year in terms of Industrial growth in general and our printing sector in particular. Recession in the economy continued for the year also. Your company was no exception to the general trend described above. However, the company has taken cognisance of the deteriorating business conditions and has taken several strategic decisions to safeguard the interest of the company, its shareholders. In view of the poor market conditions and in order to reduce costs. the company discontinued the activities of Web Division. During this Current Financial Year the operations of the company were disrupted from 03.11.2001 to 06.11.2001 due to fire., which broke out on 03.11.2001 in the factory godown. The company estimated the loss of stocks at an amount of Rs. 34.50 Lakhs and has lodged a claim with the Insurance companies. FUTURE PROSPECTS: The Project is located in the city of Hyderabad, which is becoming industrially. commercially growing on a rapid pace, with the presence of major International Market Players the demand for the Printing Technologies of the company, the company is expected to do well in the future. SALES TAX During this Current Financial Year i.e. 2001-2002 a search & seizure conducted by the Sales Tax Authorities. The final assessment is yet to be completed. DIRECTORS: Shri N. Durga Rao Director who retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to the requirement under section 217(2AA) of the Companies Act. 1956 with respect to Directors Responsibilities statement, it is hereby confirmed. i. that in the preparation of the annual accounts for the financial year ended 31st March 2001, the applicable accounting standards had been followed along with proper explanation relating to material departures: ii. that the directors had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 or loss of the Company for tile year under review; iii. that the directors had taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. that the directors had prepared the accounts for the financial year ended 31st March, 2001 on a ' going concern' basis. DEPOSITS: The Company did not accept any deposits from the public during the year under review. AUDITORS: The present auditors of the company M/s. Rao & Sridhar, Chartered Accountants Hyderabad, retire at the conclusion of this Annual General Meeting and being eligible, offers themselves for reappointment. PARTICULARS OF EMPLOYEES: The particulars of employees required under section 217(2A) of the Companies Act, 1956 read with the provisions contained in Companies (Particulars of Employees) Rules, 1975 as amended to date were not applicable to your company as none of the employees was in receipt of remuneration which in aggregate is Rs. 12,00,000/- Or more per year nor was in receipt of remuneration for any part of the year, of Rs. 1,00,000/- or more per month. DISCLOSURE AS PER LISTING AGREEMENT: Clause 32 The cash flow statement in accordance with Accounting Standard - 3 issued by ICAI is appended to this Annual Report. Clause 43A The Company Shares are listed on the The Hyderabad Stock Exchange Limited, 3-6-275, Himayat Nagar. The Stock Exchange, Mumbai, P.J Towers. Dalal Street, Fort, Mumbai and Madras Stock Exchange and The Ahmedabad Stock Exchange, It is further informed that the company yet to be paid the Annual listing Fees to all Stock Exchanges. CORPORATE GOVERNANCE: Based upon the recommendations of Sri. Kumara Mangalam Birla committee on Corporate Governance, the Stock Exchanges have amended the listing agreement, requiring implementation of Clause 49 of the Listing agreement. In the case of your company the requirements of the said amended clause have to be complied with before 31.03.2003 and the company will comply with the same in phased manner as per listing agreement for greater transparency and for maximum long shareholder value. INDUSTRIAL RELATIONS: The Company has had harmonious industrial relation throughout the year under review at all levels of organisation. The company would endeavour to maintain this cordial relationship. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS / OUTGO: Information pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding conservation of energy - not applicable technology absorption, foreign exchange earnings outgo - nil during the year under review. ACKNOWLEDGMENTS: The Directors have pleasure in recording their appreciation for the valuable assistance extended to the company by Industrial Development Bank of India (IDBI), Industrial Investment Bank of India (HBI), Andhra Bank Jubilee Hills Branch, Hyderabad, State and Central Governments and other business associates. Your Directors also place on record their deep sense for appreciation for dedicated services rendered by all the executives, staff and workers of the Company. The Board of Directors thank all the shareholders of M/s. Sharpscan & Prints Limited for reposing their confidence. For and on behalf of the Board Directors. (A.V. Swami) (Y.V. Bapi Raju) Managing Director. Director. Hyderabad. 4th, December, 2001.