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Directors Report of Dutron Polymers Ltd.

Mar 31, 2014

Dear members,

The directors are delighted to present the report on your company''s business and operations for the year ended on March 31, 2014.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2013-14 is summarized below:

2013-14 2012-13 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 299.18 307.05

Depreciation 115.85 124.24

Provision for Taxation 58.73 67.70

Net Profit after Tax 124.60 115.11

Profit Available for Appropriation 165.63 163.66

Proposed Dividend 84.00 84.00

Transfer to General Reserve 25.00 25.00

FINANCIAL PERFORMANCE

Your Company''s performance has improved in the previous year in value terms. Growth of HDPE and PVC Pipes market in India remained suppressed during the year due to prevailing policy logjam and constantly rising prices. This resulted in lower sales volume compared to previous year. Your Company''s Sales Turnover increased by 1.8% to Rs. 8524.02 Lacs, and net profit by 8.2% to Rs. 124.60 Lacs in 2013-14.The earning per share stood at Rs. 2.08 in 2013-14.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs. 10/- each for the year ended 31st March, 2014 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholder as at 31.03.2014 amounting to Rs. 5,93,79,980/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Pursuant to Article 84 of the Articles of Association of the Company read with provisions of the Companies Act, 2013, Shri Sudip B. Patel and Shri Mitesh C. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment for 3 years, subject to confirmation of Auditor every year. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 139(2) of the Companies Act, 2013.

DIRECTOR''S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgment 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information have 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.

iv The Directors have prepared the annual accounts on a going concern basis.

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

Increase in government spending on infrastructure projects, and favorable monsoon during the current year is likely to help plastic pipes market in India. Your Company is looking to consolidate its market presence in Gujarat and going for expansion of its market in other states. Your Directors are hopeful of better performance in the current year.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company''s valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company''s growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.



By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL Date : 31st May 2014 Chairman


Mar 31, 2013

To The Members of DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company''s business and operations for the year ended on 31st March 2013.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2012-13 is summarized below:

2012-13 2011-12 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 307.05 285.51

Depreciation 124.24 131.55

Provision for Taxation 67.70 53.40

Net Profit after Tax 115.11 100.56

Profit Available for Appropriation 163.66 147.23

Proposed Dividend 84.00 72.00

Transfer to General Reserve 25.00 15.00

Your Company''s sales turnover has jumped by 35% due to aggressive marketing efforts. Net profit has grown by 14% compared to previous year. Again, rising trend of raw material prices have shrunk the margins. During the year, your Company strengthened marketing network of dealers in different regions of the country. Further, improvements in production system were made for better quality of PVC column pipes and PVC fabricated fittings.

DIVIDEND

Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs. 10/- each for the year ended on 31st March 2013 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholders as at 31.03.2013 amounting to Rs. 5,64,56,404/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat .

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Pursuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Alpesh B. Patel and Shri Praful G. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITO RS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act.1956

DIRECTOR''S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgment 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information have 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.

iv The Directors have prepared the annual accounts on a going concern basis.

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

With India''s Growth in agriculture and infrastructure sectors, demand for plastic pipes that is growing at a higher rate than GDP is likely to be better even for current year. And your directors are confident that your company''s strong market brand will yield even better financial results in future.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company''s valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company''s growth. Finally, the Directors wish to express their gratitude to the Members fortheir trust and support. By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL

Date : 31st May 2013 Chairman


Mar 31, 2012

The Members,

DUTRON POLYMERS LIMITED

The directors are delighted to present the report on your company's business and operations for the year ended March 31,2012.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2011-12 is summarised below:

2011-12 2010-11 (Rs.in Lacs) (Rs.in Lacs)

Profit before Depreciation &Taxation 285.51 302.20

Depreciation 131.55 119.41

Provision for Taxation 53.40 44.20

Net Profit after Tax 100.56 138.59

Profit Available for Appropriation 147.23 185.63

Proposed Dividend 72.00 72.00

Transfer to General Reserve 15.00 55.00

Your company's sales turnover has reduced by 10.3%. Consistent increase in prices of raw material through out the year, and major foreign exchange rate fluctuations brought profitability further down to Rs. 100.56 Lacs. CPVC pipes business however, has shown sales growth compared to previous year.

During the year, several changes were made to enhance product quality- embossing of brand name in the socket of PVC Pipes, and better processing techniques for higher impact strength of Submersible Column Pipes. Few automation measures in manufacturing plants were also taken to reduce human interference. All these improvements were made in order to have trouble free production process, and better product quality.

DIVIDEND

Your directors recommend a dividend @ 12% on 60,00,000 equity shares of Rs. 10/- each for the year ended March 31, 2012 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholder as at 31.03.2012 amounting to Rs. 7,16,15,967/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 197*5, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

All the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Persuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Alpeshbhai B. Patel and Shri Prafulbhai G. Shah, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act.1956

DIRECTOR'S RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgement 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information, have 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.

iv The Directors have prepared the annual accounts on a going concern basis.

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

As pipes market cater to India's infrastructure sectors like Agriculture, Government's water supply schemes, and Building & Construction; the growth of the company will largely depend on country's growth on these sectors. Better monsoon, higher government spending, and good economical situation during the current year will give growth of plastic pipes market in the country. With encouraging signs from expansion of company's distributor network, and few good macro economic situations, your directors are confident to provide company's growth in the current year.

ACKNOWLEDGEMENTS

Your Directors would like to take this opportunity to express sincere thanks to Company's valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation of all the employees for their commitment and initiative for Company's growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.

By Order of the Board of Directors

Place : Ahmedabad S. B. PATEL Date :31st May 2012 Chairman


Mar 31, 2010

The Directors have pleasure in presenting the 29th Annual Report "together with the Audited Statements of Accounts of the Company for the year ended on 31 st March 2010.

OPERATING RESULTS AND BUSINESS

The performance of the Company during the year 2009-2010 is summarised below:

2009-10 2008-09 (Rs. in Lacs) (Rs. in Lacs)

Profit before Depreciation & Taxation 538.03 236.48

Depreciation 84.66 82.03

Provision for Taxation 89.45 51.25

Fring Benefit Tax 0.06 0.47

(Excess)/Short Provision for Taxation (Earlier years) (0.11) 0

Net Profit after Tax 166.98 102.73

Profit Available for Appropriation 196.99 126.23

Proposed Dividend 90.00 66.00

Transfer to General Reserve 45.00 19.00

The company has given another Outstanding performance during 2009-10 across all its products and financial indicators. Our expansion into CPVC pipes manufacturing has also given desired returns; inspite of growing competition in that field. Our HDPE and RPVC pipes have also shown steady growth in business. Indias HDPE /PVC/CPVC pipes and fittings market demand has grown in 2009-10 by over 20% and Outran is in the line with this; and even has expanded its market penetration.

Dutron has achieved turnover of Rs. 53.26 crore from its goods and services, an increase of 24%; and net profit of Rs. 1.67 crore, an increase of 62.5%.These numbers speak of strength of Dutron in product quality, marketing and sound managment practices.

DIVIDEND

Your directors recommend a dividend of 15% on 60,00,000 equity shares of Rs. 10/- each for the year ended March 31, 2010 which will be free of tax in the hands of share holders.

FIXED DEPOSITS

During the year, the Company has not accepted any deposits from the public except deposits from directors as at 31.03.2010 amounting to Rs. 4,19,84,208/-. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.

PARTICULARS AS PER SECTION 217(2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975

The Company has not paid any remuneration attracting the provisions of section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence no information is required to be appended to this report in this regard.

INSURANCE

Ail the assets of the Company including inventories, building, plant & machineries are adequately insured.

DIRECTORATE

Persuant to Article 84 of the Articles of Association of the Company read with section 256 of the Companies Act, 1956, Shri Prafulbhai G. Shah and Shri Alpeshbhai B. Patel, Directors of the company, are due to retire at the ensuing Annual General Meeting, and are eligible for reappointment.

AUDITORS

M/s. Baheti Bhadada & Associates, Chartered Accountants, Ahmedabad retire at the conclusion of the forthcoming Annual General Meeting and are eligible for reappointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1 B) of the Companies Act. 1956

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217(2AA) which was introduced by the Companies (Amendment) Act, 2000 your directors confirm that:

i In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii The Directors have selected such accounting policies and applied them consistently and made judgement 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 or loss of the Company for that period.

iii The Directors to the best of their knowledge and information, have 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.

iv The Directors have prepared the annual accounts on a going concern basis.

v Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a separate section titled "Corporate Governance" is attached to this Annual report.

INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

Information as per clause (e) of sub-section (1) of section 217 of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

OUTLOOK FOR THE CURRENT YEAR

We are earring out addition of PVC pipe manufacturing capacity by increasing production lines as well as ancilliaries. We will focus on increasing efficiency and expansion of market presence. With Indias economic recovery, Dutron will continue its growth in the current year.

ACKNOWLEDGEMENTS

Your Directors are grateful to all the stakeholders for their trust in the Company and continuous support. Your Directors also take this opportunity to express their special appreciation for committed services by the employees of the Company.

By Order of the Board of Directors

Ahmedabad S. B. PATEL

May 29,2010 Chairman

 
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