SANSCO SERVICES - Annual Reports Library Services - SAKAL PAPERS LIMITED 595, BUDHWAR PETH, PUNE

Transcription

1 SAKAL PAPERS LIMITED 595, BUDHWAR PETH, PUNE RD ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31sT MARCH 2003

2 BOARD OF DIRECTORS 1. Shri Y. V. Chandrachud Chairman 2. Shri P. G. Pawar Managing Director 3. Dr.(Smt.) B. J. Coyaji Director-In-Charge 4. Ms. C. L. Parulekar 5. Shri C. H. Joshi Chief -Accountant & Company Secretary 6. Smt. Supriya S. Sule 7. Shri Abhijit P. Pawar BANKERS Bank of Maharashtra The United Western Bank Limited The Cosmos Co-Operative Bank Limited The Shree Suvarna Sahakari Bank Limited Auditors M/s G. M. Oka & Co. Chartered Accountants, Pune,

3 SAKAL PAPERS LIMITED NOTICE TO SHAREHOLDERS NOTICE is hereby given that the 53rd Annual General Meeting of the Shareholders of Sakal Papers Limited will be held at the Registered Office of the Company on Tuesday, September 30, 2003 ait A.M. to transact the following business : 1. To receive, consider and adopt the Report of the Directors and Audited Profit and Loss Account for the year ending March 31, 2003 and Balance Sheet as on that date. 2. To declare dividend on the equity shares. 3. To appoint a Director in place of Ms. C. L. Parulekar who retires by rotation and being eligible offers herself for re-election. 4. To appoint a Director in place of Shri Y. V. Chandrachud who retires by rotation and being eligible offers himself for re-election. 5. To appoint Auditors for the year and fix their remunerations. Special Business 6. To consider and if thought fit, to pass with or without modification the following resolution as an Ordinary Resolution: " RESOLVED that Shri M. J. Risbud, Practising Company Secretary, Pune be and is hereby appointed for assignment of compliance certificate u/s 3 83A of the Companies Act, 1956, to hold such office from the conclusion of this Annual General Meeting till the conclusion of next Annual General Meeting on fees of Rs. 10,0007-plus service tax. "..2..

4 Notes : 1. A member who is entitled to vote can appoint a proxy to attend and vote instead of himself and the proxy need not be a member of the Company. 2. An explanatory statement pursuant to Section 173 of the Companies Act, 1956 in respect of items stated under Special Business set out in the notice is appended hereto. Registered Office : By Order of the 595, Budhwar Peth, Board of Directors Pune For Sakal Papers Ltd. Dated : September 6, 2003 C. H. JOSHI Secretary EXPLANATORY STATEMENT SECTION 173 OF THE COMPANIES ACT, FOR ITEM NO. 6 AS REQUIRED UNDER In terms of Companies (Amendment) Act, 2000 and Companies (Compliance Certificate) Rules 2001 read with guidance note published by the Institute of Company Secretaries of India it is advised that Company Secretary in practice is appointed in the Annual General Meeting to hold such office until the next Annual General Meeting. Hence the resolution is proposed for approval of the shareholders. Registered Office : By Order of the 595, Budhwar Peth, Board of Directors Pune For Sakal Papers Ltd. Dated : September 6, 2003 C. H. JOSHI Secretary

5 DIRECTORS' REPORT The Members, Sakal Papers Limited, Pune The Board of Directors of the Company takes pleasure in presenting the 53rd Annual Report of the Company with the audited Statements of Account for the year ended March 31, Members are aware that the newspaper industry in India has been passing through difficult times. The recessionary economic trends adversely affect the advertisement revenue of newspapers, which is compounded by a severe competitive challenge by the electronic media. Despite, the impact of these circumstances, your Company has done mentionebly well, because of improved productivity and unstinted co-operation of its workers, cost control measures adopted by an ever vigilent management and last but not the least, the unfailing response of the public to Sakal. Members will be happy to know that your Company has made a pre-tax profit of Rs lacs this year, as compared to Rs lacs in the previous year.

6 FINANCIAL RESULTS (Rs. in lacs) Year ended March A) Income: 1. Circulation.. 3, , Advertisement.. 8, , Other Gross Earnings.. 13, , B) Expenditure : 1. Cost of material consumed a. Newsprint.. 5, , b. Other material Other Expenses.. 5, , Total 11, , C) Gross Profit.. 2, , Less: Depreciation , Adjustment in respect of (15.51) (74.23) earlier years 1, Less f Provision for Taxation D) Profit available for appropriation i) Interim Dividend NIL ii) Tax on Interim Dividend NIL 2.30 iii) Proposed Final Dividend iv) Provision for Tax on 3.20 NIL Dividend v) Transferred to General Reserve E) Balance carried to Balance Sheet

7 Dividend for : Your Directors are pleased to recommend dividend of Rs per share for the year CIRCULATION IN COPIES Parti- Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun * culars Daily Sakal PUNE 3,11,172 3,18,766 3,38,767 3,18,240 3,36,124 3,40,370 MUMBAI 46,199 49,616-50,163 56,482 57>,053 KOLHAPUR 63,692 48,069 60,134 53,312 54,078 47,460 NASHIK 50,337 50,419 54,482 55,034 57,585 57,127 AURANGABAD 44,820 54,049 70,430 92,736 1,10,384 1,08,351 SOLAPUR ,618 32,980 26,884 TOTAL 5,16,220 5,20,919 5,23,813 6,04,103 6,47,633 6,37,245 Yuva Sakal - 80,085 90,664 84,371 81,807 64,890 Saptahik 37,116 40,057 34,847 32,788 34,020 38,846** Sakal Arthamanthan 9,757 11,877 11,113 10,636 12,973 17,000** Kridavishwa ,833 ** ** * ABC Certificates awaited. ** Print Order, ABC Certificates not taken...4

8 (a) NAGPUR EDITION During the year under report your company launched an independent edition from Nagpur w.e.f. March 10, The company obtained land and building on lease in MIDC Complex, Hingna, Nagpur. A new high speed web printing Newsline-45 machine, with a capacity to print 20 pages has been installed therein. The latest version of the computers was also installed to support the fast processing of data. Nagpur is surrounded by a mineral rich belt with immense potential to grow into a big industrial centre. Our presence in Nagpur will act as a catalyst to the significant growth of Nagpur. The Nagpur edition will cover 11 districts in all, namely, Nagpur, Amravati, Akola, Vardha, Yawatmal, Vashim, Chandrapur, Gadchiroli, Gondia, Bhandara and Buldhana. Sakal has an almost unparalleled presence in Pune, Mumbai, Kolhapur, Nashik, Aurangabad and Solapur. With the launch of the Nagpur edition, the second capital of Maharashtra, the coverage of Sakal in Maharashtra shall have achieved its target. Sakal (Nagpur edition) has a daily circulation of 60,000 plus copies. (b) EVENTS : Your company started organising various events. Vastu exhibition was organised during the earlier year. An Investment event called ^Artha Vishwa' was organised on 16,17 & 18 May, This event was aimed at acquainting the public with fresh avenues for investment. The company organised a similar event abroad also. The Brihan Maharashtra Mandal of North America ("BMM") arranged its 11 th convention at Madison Square Garden, USA, on July 3, The BMM appointed your company as its sole authorised representative in India, to market and generate sponsorship. The response to all these events was encouraging, apart from the fact that they helped to increase the turnover of the company.

9 (c) ARTHAVISHWA Your company started a new supplement called "Arthavishwa', which is published every Monday. The supplement is designed to educate readers, generally in finance, and more particularly in personal investment. The response of readers is perceptible. (d) PUBLICATIONS : During the year under report, your company published following books : 1. Gomantak Deosthane 2. General Knowledge (2 nd edition) 3. Guidance Book for the 4 th standard. 4. Kokan Tourist Guide 5. Birbal Chaturya Katha The above publications received appreciable response from the public in general and, our readers in particular. (e) AUDIO CASETTES : Your company released the following audio casettes : 1. Manachya Dhundit (compilation of old Marathi songs) 2. Jai Ganesh (compilation of songs of Shri Ganesh) These casettes have been well received by the public. 4. NEWSPRINT During the year under report, the newsprint prices remained, by and large, stable. There was no major price increase in indigeneous newsprint. Imported newsprint was also available at competitive prices. However, your company decided to continue in the indigeneous newsprint segment, since acceptable quality at reasonable rates was available in large quantity in our country. To support the Indian newsprint industry, your company continued procurement of newsprint from indigeneous mills only. The size of newsprint was changed from 31" to 30" and then to 27.5". Owing to increased circulation,cost of newsprint increased susbtantially. It therefore became necessary to increase the advertisement tariff. But the cover price of the publication was not increased in the interests of the vast number of readers of Sakal...6..

10 5. PUBLIC DEPOSITS The total deposits received from the public within the prescribed limits of Reserve Bank of India are as under : Particulars No.of Accounts Amount in Rs. Fixed Deposits 210 1,57,79,500 Loan Deposits 102 1,40,46,500 Cumulative Deposits ,47,000 Total: 561 3,55,73,000 As on March 31,2003, em amount of Rs. 16,0007- from four depositors is unclaimed. 6. LEGAL MATTERS (A.) Civil Appeals Nos of 1995 (arising out of Company Petition No. 476 of 1986.) The Hon'ble Supreme Court is likely to take up the above appeals for final hearing and disposal in September-October this year. (B.) Civil Suits Nos. 225 and 226 of 1988 filed in the Count of Civil Judge, Senior Division, Pune, by Madame Parulekar and Ms. Parulekar i These suits were filed by late Madame S.G.P.Parulekar & Ms. C.L. Parulekar with a prayer that the sale of 3417 shares held by Executors to the Estate of Dr. N. B. Parulekar and 93 shares held by the late Jasvantlal Matubhai and by Shri Arun Jasvantlal be set aside and the said and that, shares be sold to the plaintiffs. In the alternative, the plantiffs prayed for damages against the Executors and the transferors of 93 shares. (C.) Civil Suit No of 1995 : The members are aware that the amount of Rs.2.24 Lacs due from Ms. C. L. Parulekar was recovered in full. Consequently, Special Civil Suit No.2016 of 1995 filed against her for recovering the amount was withdrawn on April 3,