DIRECTORS' REPORT To, The Members Your directors have pleasure in presenting their Twenty seventh annual report and the audited statement of accounts for the year ended on 31st March, 2015 together with the auditors report thereon DIVIDEND Since the company does not have profits for year hence The directors do not recommend any dividend for the year ended 31st March 2015. COMPANY PERFORMANCE The company continues to operate in Plastics business mainly production of Polyester staple fiber and nylon granules. The sales for year has increased from Rs. 37,94,11,397/- to Rs.44,57,86,527/-. But net loss of Rs. 222726/-^ due to change in depreciation rates as per guideline of institute of chartered accountant of India. BOARD OF DIRECTORS: Mr. Suresh Kawar Jain Managing Director retires by rotation and is eligible for being reappointment as directors. The independent directors are proposed to be appointed for five years in terms of provisions of the Companies Act 2013. The particular of directors whose appointment is to be considered is given as annexure to notice. AUDITORS: M/s. N. Kumbhat & Co., Chartered Accountants, retire at this Annual General Meeting and being eligible offer themselves for reappointment. Your Company has received a letter from them to the effect that their reappointment, if made, will be in accordance with the provisions of Section 224(1 B) of the Companies Act, 1956. The Board of directors commends their reappointment. FIXED DEPOSITS: Your Company has not accepted any deposits from public. CORPORATE GOVERNANCE: Certificate of the statutory auditors regarding compliance of the conditions of Corporate Governance as stipulated in clause 49 of the Listing Agreement with stock exchange, is enclosed. STATUTORY INFORMATION: (i) Information under section 217 (1) (e) of the Companies Act, 1956 read with the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988:- A. CONSERVATION OF ENERGY a) Energy conversation measures taken: None at present b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: There are no proposals. c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: Does not arise. d) Total energy consumption and energy consumption per unit of production as per Form "A" to annexure in respect of industries specified in the schedule thereto B. TECHNOLOGY ABSORPTION Form B Research & Development (R & D) 1. Specific area in which R&D carried by the company: None at Present 2. Benefits derived as a result of the above R&D: Does not arise. 3. Future plan of action: At present it is not under consideration 4. Expenditure on R & D: Nil Technology absorption, adaptation and innovation: 1. Efforts being made towards technology absorption, adaptation and innovation: None 2. Benefits derived as a result of the above efforts e.g. Product improvement cost, reduction, product development, import substitution etc. : None 3. Imported technology: Not applicable as technology has not been imported. C. FOREIGN EXCHANGE EARNING AND OUTGO: Earning: Rs.Nil Outgo : Rs.129.49 lacs INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO DATE : The company do not have any employee drawing salary in excess of limits prescribed under section 217 (2a) of the companies act, 1956 read with the companies (particulars of employees) rules 1975 the particulars should be treated as nil DIRECTORS' RESPONSIBILITY STATEMENT. Your Directors confirm that: (i) In the preparation of Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. (ii) The Directors had 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 financial year and of the loss of the company for the year. (iii) The Directors has taken proper and sufficient care for the 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, and (iv) The Directors had prepared the accounts on going concern basis. INDUSTRIAL RELATIONS: The industrial relations continued to be cordial during the year under review. ACKNOWLEDGMENT: The Directors express their sincere thanks to the employees, customers, suppliers, company's bankers and members of the company for their continued support. For & On Behalf of the Board of Directors Place : Surat Date : 05/08/2015 |