GIRIRAJ PRINT PLAST LIMITED
ANNUAL REPORT 2002-2003
Your Directors have pleasure in presenting their Sixteenth Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2003.
PARTICULARS As on As on
March 31, 2003 March 31, 2002
Net Profit/(Loss) before tax (9.75) (54.05)
Less Provision for Tax - -
Balance b/f (51.47) 2.58
Add: Reserves & Surplus (61.22) (51.47)
Profit / (Loss) carried to Balance Sheet (61.22) (51.47)
The Board of Directors are unable to recommend any dividend for the year
ended March 31, 2003 due to loss incurred by the Company.
Smt. Roopa Sheth, Director of the Company retire by rotation at the
forthcoming, Annual General Meeting and being eligible, offers herself for
During the year under review, Mr. Harsh Sheth, Mr. Lona Innasu, Mr.
Ramchander Murthy and Mr. Jaidev Chakravorty were appointed as the
Additional professional Directors of the Company w.e.f. 13/12/2002.
At the ensuing Annual General Meeting it is proposed to regularize
appointment of Mr. Harsh Sheth, Mr. Lona lnnasu, Mr. Ramchander Murthy and
Mr. Jaidev Chakravorty as the Directors of the Company.
DIRECTORS RESPONSIBILITIES STATEMENT
Pursuant to Section. 217(2AA) of the Companies Act, 1956.
(i) That in the preparation of annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
(ii) That the directors had selected such accounting policies and applied
them consistently and made judgments and estimated 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 or loss of the
Company for that period.
(iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarging the assets of the Company and for
preventing and detecting fraud and other irregularities.
(iv) that the directors had prepared the annual accounts on a going concern
Pursuant to Clause 49 of the Listing Agreement, a separate report on
Corporate Governance and a Certificate from the Auditors of the Company
regarding compliance of the, conditions of Corporate Governance are annexed
to the Directors' Report.
DISCLOSURE UNDER THIS STOCK EXCHANGE LISTING AGREEMENT
In accordance with the amended listing Agreement with respective Stock
Exchanges, it is hereby confirmed that the Company's Shares are listed at
the Stock Exchanges at Mumbai (Regional Exchange for the Company),
Ahmedabad and at Calcutta.
FIXED DEPOSITS :
The Company has not accepted any deposits from the public within the
meaning of section 58A of the Companies Act, 1956, read with the Companies
(Acceptance of Deposits) Rules, 1975.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO;
The information required under Rule 2 of the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988, relating
to the conservation of Energy and Technology Absorption is not been
provided as the Company has not carried out any production during the year
M/s. B.M. Jhaveri &Co., Chartered Accountants, Mumbai, retire at the
ensuing AGM and being eligible, offer themselves for re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employees of the specified categories under Section 2
(2A) of the Companies Act, 1936, react with the Companies (Particulars of
Employees) Rules, l975, as amended upto date.
The Board of Directors wishes to place on record its sincere appreciation
for due co-operation received from the Company's Bankers. The Directors are
also thankful to the employees at all levels for their continued support.
For and On behalf of the Board of Directors.
Place : Mumbai RAJESH SHETH
Date : 07.08.2003 CHAIRMAN
MANAGEMENT DISCUSSION AND ANALYSIS
Looking to the present scenario and closure of the plastic manufacturing
unit of the Company, The Board of Directors are of an opinion that, to
revitalize the Company and its activities and the interest of the Investors
The board had taken a stand to start with activities in any other field,
accordingly proposed the change in the main object and activities of the
Company and its name, applied for the same to R.O.C. which it approved by
the Registrar of the Company.
a. Industry Structure and Development :
It was discussed and analyzed that, The Entertainment Industry is in Infant
stage in India and having large potential in the field of Entertainment,
production and distribution of the Entertainment products, Like : Feature
films, T.V. related softwares and programmes, Documentary films, Short and
educational films for the niche audience. Festival based Artistic cinema
etc. With the increasing interest of international film makers and studio
owners for making films in India shall largely increase the turnover of the
Entertainment Industry and create lot of potential for the Companies
involved in this Industry. Since India is largest country producing films
and T.V software, The industry is well verse with the technology and having
expert technocrafs and skilled workers at a very competitive rates,
theses, and increasing demand will fetal flood and profitable business for
the Company in the coming years, as well its trend of made to order
products and tying up overseas business shall assure investment recovery of
It was discussed and analyzed that Films are considered to he a
Intellectual properties and accordingly considered as an Asset which
generates or spins profits or super profits in else it is made technically
well, The Company has taken team of directors who are proven technicians of
the Entertainment Industry.
Now with changing economic and environmental scenario India is considered
to be a major player in Film and entertainment Industry, since it is a
world's largest film and T.V. Software producing country. Opportunities for
marketing other films as distributors in international market, which may
fetch additional profitability's for the Company, which will help
generating revenue and foreign currency for the country as well as the
intellectual properties which are already produced but not explored
internationally will generate exposure and returns for the producers. Now
with changing marketing strategy, niche audience films are made, infect it
assures many recovery of investment". It has added advantage of super
profits if it becomes a hit. Such returns are possible only in this Medium.
One more benefit is that the film workers are on free-lance basis available
and company dose not have to generate fix employment, which minimizes the
It was discussed and analyzed brat, The Indian films are produced in
comparatively in tiny budget, The film industry is a show business, where
in the promotion plays very vital roll, information of the release of the
film should reach people, and promoting it world wide requires lot off
investment, recovering it, i5 not guaranteed, infect such investments are
not available for tiny budgeted film. Films are basically Entertainment
medium and many options are available for the same.
c. Segment-wise or Product wise performance:
It was discussed and analyzed that, The company has not yet started the
activities, once the official formalities are completed, the Company shall
eider in to budget cinema production initially and create infrastructure
for marking the product since the marketing of the product plays major roll
in success of even a technically excellent product. The Company shall
create the resource to parallel other zones like, tele-films, T.V series
production, Documentary and short films. Focus more on made to order
products or assigned opportunities to minimize the business risk.
d. Out look
It was discussed and analyzed that, the Entertainment industry is a
glamorous field may fetch up large exposure required for the development of
brand equity and not only sustaining since last 100 years, of its
existence. It is still improving observed that no other, product or
industry has sustained or survived for so long and achieved consistent and
phenomenal growth even after 100 year of existence. As on date it is
considered to be in an infant stage after globalization.
e. Risks and Concerns :
The threat is also that, the production takes longer gestation period or
time to complete the film. Since in these medium, performance based,
involvement of many people specially the actors, in case of any kind of
casualty may hamper the project.
f. Internal control system and their adequacy
It was discussed and analyzed that, the Company shall install monitoring
system by adopting computer software which are available in the market to
monitor budgeting, technical excellence, product analyses etc in the due
g. Discussion of financial performance with respect to operational
It was discussed and analyzed that, Since the company has yet to start
activities and over coming other past business pending resolutions, the
company shall resort to its financial requirement at a very minor
percentages, to initiate the activities the company shall focus only on the
distribution activities to strengthen the marketing strength, or start with
only those products which are having firm tie up or made to order
h. Material development in Human Resources/ Industrial Relation front,
including number of people employed.
It was discussed and analyzed that, the Company has already employed
required employees for the conduct of routine business shall not increase
the employment strength, until Company becomes self reliance and starts
generating consistency income, the Company shall get the work done on
retainership basis to restrict the fixed outflow. The Entertainment
business is the business where the human re-sourcing is most simple, ample
skilled or even a technocrat is available on a phone call in any number on