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Directors Report of Integrated Thermoplastic Ltd.

Mar 31, 2014

Dear Members

We hereby present the 20th Annual Report and the Audited Statement of Accounts for the Financial Year ended 31st March, 2014.

1. FINANCIAL RESULTS:

Amount (Rs)

PARTICULARS 31-03-2014 31-03-2013

Revenue from Operations 35,84,30,924.00 68,89,13,958.00

Other Income 17,08,511.00 20,92,724.00

Total Revenue 36,01,39,435.00 69,10,06,682.00

Total Expenses 37,39,77,724.00 68,32,26,828.00

Profit/(Loss) Before Tax (1,38,38,289.00) 77,79,854.00

Less: Current Tax - 37,49,686.00

Add: Deferred Tax 44,258.00 4,23,702.00

Add: Transfer from Reserve - -

Net Profit/(loss) (1,38,82,547.00) 36,06,466.00

2) REVIEW OF OPERATIONS

Due to power cuts and loss of man hours on the state bifurcation issue in the financial year 2013-14, your Company revenue has come down from Rs. 68.89 cores to Rs. 35.84 crores which has resulted a net loss of Rs. 1,38,82,547.00

3) FUTURE OUTLOOK

With the recovery of economy and stable government in place, your Company would do better in the current financial year and the future will be good.

4) DIRECTORS

Appointment of Mrs. Aravinda Rani Vemuri (DIN: 01241976) as a Director

Pursuant to Section 152 of the Companies Act, 2013, the Board, in a view to expand the Board and to comply with the provisions of new Companies Act, 2013, recommends the appointment of Mrs Aravinda Rani Vemuri as the Director of the Company in the ensuing Annual General Meeting, liable to retire by rotation.

Appointment of Mr. Shaik Chand Basha (DIN: 01242030) and Mr. Sreenivasulu Reddy Angitapalli (DIN: 02956004) as Independent Directors

Pursuant to Section 149 of Companies Act, 2013, Mr. Shaik Chand Basha (DIN: 01242030) and Mr. Sreenivasulureddy Angitapalli (DIN: 02956004) will retire in the ensuing Annual General Meeting and being eligible seeks re-appointment. The Board of Directors recommends their re appointment. Sub-section (10) of Section 149 of the Companies Act, 2013, provides that independent directors shall hold office for a term of 5 consecutive years on the Board of the Company, and shall be eligible for re-appointment of the said term only by passing a Special Resolution by the shareholders of the Company.

Sri. S.P.Y. Redddy and Sri. T. Ravi Kumar Reddy ceased to be directors of the company with effect from 01.04.2014 & 01.09.2014 respectively. Dr. V. Chanddra Shkara Reddy resigned as Managing Director of the Company with effect from 14.08.2014

5) DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them your Directors make the following statement in terms of Section 217 (2AA) of the Companies Act, 1956:

I. In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

II. Appropriate accounting policies have been selected and applied consistently and have 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 as at March 31, 2014 and of the loss of the company for the year ended on that date.

III. Proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.

6) CORPORATE GOVERNANCE

(a) Management Discussion and Analysis Report is enclosed.

(b) As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on Corporate Governance Practices followed by the Company together with a certificate from the Company''s Auditor confirming compliance is set out in the Annexure forming part of this report.

7) FIXED DEPOSITS

The Company has not invited and raised any fixed deposits as on 31st March, 2014 in terms of the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975 as amended from time to time. There are no outstanding or unclaimed deposits as on 31st March, 2014.

8) PARTICULARS OF EMPLOYEES:

During the year under review, no employee of the company was in receipt of remuneration for the whole year which in the aggregate was Rs 60,00,000/- or more per annum nor was any employee in receipt of remuneration Rs. 5,00,000/- or more per month for any part of the year in accordance with the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended.

During the year under review, industrial relations of the company continued to be cordial and peaceful.

9) PARTICULARS REGARDING ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Details of Energy Conservation, Research & Development, Technology Absorption, Foreign Exchange Earnings and Outgo as required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are given in Annexure "A" to the Directors Report.

10) AUDITORS:

M/s L.B. Reddy & Co., Chartered Accountants, Hyderabad, the present statutory auditors of the Company hold office in accordance with the provisions of the Companies Act, 1956, up to the conclusion of the ensuing annual general meeting and are eligible for re-appointment. A written consent letter and certificate under section 139(1) of the Companies Act, 2013 have been received from them. The Board of directors recommends their re-appointment for a period three years.

11) LISTING AT STOCK EXCHANGES:

The Equity Shares of the company are listed on Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai - 400 001. Listing fees to the Bombay Stock Exchange Limited has been paid up-to-date.

12) ACKNOWLEDGEMENTS:

Your directors wish to place on record their sincere gratitude to the Government of India, State Government, Bankers, Distributors, Dealers, Suppliers, Customers and employees and workers of the Company for their whole hearted co-operation extended to the Company during the year.

//By Order of the Board// for Integrated Thermoplastics Limited

Sd/- Sd/- SURESH KUMAR SHAHSTRY VEMURI DR. V. CHANDRASEKHARA REDDY WHOLE TIME DIRECTOR DIRECTOR

Place: Hyderabad. Date : 01.09.2014


Mar 31, 2010

We hereby present the 16th Annual Report and the Audited Statement of Accounts for the Financial Year ended 31st March, 2010.

I.FINANCIAL RESULTS: (Rs. in Lakhs)

PARTICULARS 31-03-2010 31-03-2009

Turnover 9829.55 6633.97

Other Income 1.57 12.23

Closing Stock of Finished Goods 211.80 135.35

Total 10042.92 6781.55

Total Expenditure 9869.07 6709.02

Profit/(Loss) Before Tax 173.85 72.53

Less: Provision for Taxation 40.3 89.44

Net Profit/(loss) 133.47 63.09

Transfer from Reserve & Deferred Tax 7.19 1.28

Add: Balance b/f from previous year (442.08) (506.45)

Loss carried forward to Balance sheet (301.42) (442.08)

2. REVIEW OF OPERATIONS

Your Companys turnover recorded a growth of around 48% as compared to the previous year and the performance of the Company for the year ended 31.03.2010 has resulted in a net profit of Rs.133.47 lakhs which is higher than previous years net profit of Rs.63.09 lakhs.

Despite the marketing being very competitive, your company is able to sell the products at a best and competitive price.

3. SICKNESS OF THE COMPANY

Your Company has become sick as pointed out by the Statutory Auditors of the Company in the earlier years. The Application made by the Company to the BIFR during the year 1999-2000 was rejected.

4. FUTURE OUTLOOK

The Board expects that the Company would maintain the same level of operations in future also.

5. DIRECTORS

In accordance with the requirement of the Companies Act, 1956 Sri.S.Chand Basha and Sri.S.P.Y.Reddy, Directors, retire by rotation at the ensuing meeting. As their services are useful to the company the Board recommends their reappointment.

Mr.Kakarla Rami Reddy and Mr.T.Ravi Kumar Reddy who were appointed by the Board as Additional Directors w.e.f 31.07.2010 will hold office up to the date of ensuing Annual General Meeting and they shall be appointed as Directors at the ensuing Annual General Meeting in order to continue them in the office, Board recommends their appointment.

Noting that the term of office of Sri N.Rama Subbaiah as Managing Director comes to an end on 29th September 2010, the Board of Directors at its Meeting held on 31st July 2010 reappointed him for a further period of 5 years from 30.09.2010 at a remuneration of Rs.50,000/- per month. The board recommends his reappointment for approval of the members.

6. DIRECTORS RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them your directors make the following statement in terms of Section 217 (2AA) of the Companies Act, 1956:

(i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

(ii) Appropriate accounting policies have been selected and applied consistently and have 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 as at March 31, 2010 and of the Profit of the company for the year ended on that date.

(iii) Proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.

7. COPORATE GOVERNANCE

(a) Management Discussion and Analysis Report is enclosed.

(b) As per Clause 49 of the Listing Agreement with the Stock Exchanges, a separate section on Corporate Governance Practices followed by the Company together with a certificate from the Companys Auditor confirming compliance is set out in the Annexure forming part of this report.

8. FIXED DEPOSITS

The Company has not invited and raised any fixed deposits as on 31st March, 2010 in terms of the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposits) Rules, 1975 as amended from time to time. There are no outstanding or unclaimed deposits as on 31s1 March, 2010.

9. PARTICULARS OF EMPLOYEES:

During the year under review, no employee of the company was in receipt of remuneration for the whole year which in the aggregate was Rs. 24,00,000/- or more per annum nor was any employee in receipt of remuneration Rs.2,00,000/- or more per month for any part of the year in accordance with the provisions of Section 217(2A) of the Companies Act,1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended.

During the year under review, industrial relations of the company continued to be cordial and peaceful.

10. PARTICULARS REGARDING ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Details of Energy Conservation, Research & Development, Technology Absorption, Foreign Exchange Earnings and Outgo as required under section 217(1)(e) of the Companies Act,, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, are given in Annexure "A" to the Directors Report.

11. AUDITORS

M/s. M T R & Associates, Chartered Accountants, Hyderabad, the retiring Auditors have expressed their inability to continue as Auditors of the Company for the year 2010-2011 and have submitted their resignation. To fill the vacancy, your Directors have approached M/s. L.B.REDDY & Co., Chartered Accountants, Hyderabad for being appointed as the Statutory Auditors. Since M/s. L.B.REDDY & Co., have agreed to do so, accordingly it is proposed to appoint them as the auditors of the company.

12. LISTING AT STOCK EXCHANGES

The Equity Shares of the company are listed on Bombay Stock Exchange Limited, Phiroze Jeejeebhoy Towers, Dalai Street, Mumbai - 400 001. However at present the trading of equity shares is under suspension. Efforts are being made to get the trading activity restored

Listing fees has been paid up to date to the Bombay Stock Exchange Limited.

13. ACKNOWLEDGEMENTS:

Your directors wish to place on record their sincere gratitude to the Government of India, Government of Andhra Pradesh, Bankers, Shareholders, Dealers, Suppliers, Customers and employees and workers of the Company for their whole hearted co-operation extended to the Company during the year under review.

//By Order of the Board//

for Integrated Thermoplastics Limited

Place: Hyderabad Sd/- S.P.Y REDDY Date: 31.07.2010 CHAIRMAN

 
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