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Directors Report of Jolly Plastics Industries Ltd.

Mar 31, 2015

The Directors have pleasure in presenting the 33rd Annual Report together with the Audited Statement of accounts of the Company for the financial year ended March 31, 2015.

FINANCIAL HIGHLIGHTS

(Amount in Rs.)

Financial year Financial year ended March 31, ended March 31, 2015 2014

Total Revenue 6284260 57625346

Profit Before tax and before prior period 20473 147944

items

Less: Prior Period Items 6173 0

-Profit/(Loss) after prior period items 14300 147944

Less: Tax Expenses (710347) 27370

Profit /(Loss) after Tax 724647 120574

Reserve and surplus 1292722 568075

ECONOMIC SCENARIO

After liberalization of the economy in 1992, the Government of India has been quite supportive of industry in general, taking many steps over the years for the conducive growth of business. These measures favoring economic growth, are being continuously taken by the Indian Government, irrespective of the change in power. The Government of India is endeavoring to achieve GDP growth of more than 7% in the next 10 years. It is quite possible that plastics could grow at 14%, based on historical performance.

After a rapid change in the Indian Market during the financial year 2014-15, there was introduction of Newly elected government at the centre and due to change spreading the positive sentiments in the market regarding the new era and related to the various industries. The new government has ushered a new hope and development and vision to create a robust economy for India.

FUTURE OUTLOOK

The outlook of the economic growth across the globe with positive vibrations will fuel a growth and demand recovery. At the present moment there is a lull in the market and the management is looking forward for changing situation in the global market. While optimism rears for new vigour and thrust like emphasis on color ways and new designs, it is expected these changes will bring in positive response from the overseas buyers and will trigger growth and profitability in due course of time.

DIVIDENDS

The management believes that the profits earned during the financial year must be retained and redeployed for the operations of the Company. As the Company needs further funds to enhance its business operations, upgrade the efficiency and to meet out the deficiencies in working capital, the Directors do not recommend any dividend on Equity Shares for the financial year 2014-15.

OPERATIONS

The Revenue from operation during the year under review was Rs. 6,284,260 /- as against Rs. 57,625,346/- in the previous year. The Profit after tax was Rs. 724247 during the year under review as against the Rs. 120574 in the previous financial year. The decline in the profit after tax has been due to exceptional loses during the current financial year

SHARE CAPITAL

The paid up Equity Share Capital as on March 31, 2015 was Rs. 6.67 crores. During the year under review the company has not issued any shares or any convertible instruments.

RESERVES

The Company has not transferred any sum to Reserve for the financial year ended on 31st March, 2015.

MATERIAL CHANGES AND COMMITMENTS

There was no change in the nature of the business of the Company and there were no material changes and commitment affecting the financial position of the Company occurring between March 31, 2015 and the date of this report.

CONSOLIDATED ACCOUNTS

The consolidated financial statements of the Company are prepared in accordance with provisions of the Companies Act 2013, and relevant Accounting Standards issued by the Institute of Chartered Accountants of India and form part of this annual report.

MAJOR IMPLICATIONS UNDER COMPANIES ACT, 2013

As required by the Companies Act, 2013, your Company has constituted following committees and their policies, namely:

S Nomination and Remuneration Committee & Policy y Reconstitute Stakeholder Relationship Committee

- Insider Trading Policy.

S Risk Management/Performance Evaluation Committee And other committees are required to constitute under Listing agreement and Companies Act, 2013 and other act applicable to the company.

Company is adopting new set of Articles of Association in line with new Company law and rules framed there under.

All other changes as required by the Act have been in place and we re-affirm our commitment to the highest level of Corporate Governance.

DEPOSITS

During the year under review the Company has not accepted any deposit falling within the meaning of section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT

The Company has not given any loan or guarantees covered under the provisions of section 186 of the Companies Act, 2013.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information required to be furnished under section 134 (3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 relating to Conservation of Energy, Technology absorption and Foreign Exchange earnings and outgo is annexed in " Annexure A" herewith and forming part of this report.

INDUSTRIAL RELATIONS

During the year under review, your Company enjoyed cordial relationship with workers and employees at all level.

CONTRACT OR ARRANGEMENT WITH RELATED PARTIES

All contracts/ arrangement/ transactions entered by the company during the financial year with related parties were in the ordinary course of business and on arm length basis. During the year, the company has not entered into any contracts / arrangements/ transactions with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions. The prescribed form AOC-2 is enclosed as Annexure-B and forms part of the report.

DIRECTORS

Your board has a Non- Executive Chairman and the number of Independent Directors is one third of the total strength of Directors. The composition of the board is in conformity of Clause 49 of the Listing Agreement.

Your board of directors consist of the following Three directors:

1. Mr. Braj Mohan (Chairman, Independent Director); 2. Mr. Kishore Saxena ( Non Executive Independent) and;

3. Mr. Shyam Mohan Mittal ( Managing Director)

4. Ms. Ayushi Agarwal ( Non Executive Director)

At the Annual General Meeting of the company held on 30th September 2015, In accordance with the provisions of Companies Act, 2013.

Ms. Ayushi Agarwal was appointed as an Additional Director with effect from 25th march 2015. She holds office up to the date of the forthcoming Annual General Meeting. The Company has received from her the requisite notice in writing signifying her candidature for the Independent Director and appointed as an independent director by the Shareholders at the 33rd Annual General Meeting held on 30th September 2015.

Mr. Shyam Mittal Mohan Managing director is the Key Managerial Personnel of the Company as per the provisions of Sections 2(51) and 203 of the Companies Act 2013 read with the Companies (Appointment and Remuneration of managerial Personnel)Rules, 2014.

There were no resignations by the Directors or Key managerial Personnel During the Year.

Statement on Declaration given by the Independent Director

As required under Sections 149(7) of the Companies Act 2013, all the Independent Directors have given their respective declarations that they meet the criteria of Independence as specified in section 149(6) of the companies Act 2013.

The details of training and familiarization programme and Annual Board Evaluation process for Directors have been part of this report. The policy on Director's appointment and remuneration including criteria for determining qualifications, positive attributes, independence of Director, and also remuneration for Key Managerial Personnel and other employees also forms part of this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act 2013 the director state that to the best of their knowledge and belief and according to the information and explanations obtained by them:

a) That in the preparation of the annual financial statements for the year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;.

b) That such accounting policies as mentioned in Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made 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, 2015 and of the profit of the Company for the year ended on that date;

c) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

d) That the Directors have been prepared the annual financial statement on a going concern basis.

e) That the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively.

f) That the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS

The Company has constituted a Nomination and Remuneration Committee and formulated the criteria for determining the qualification, positive attributes and independence of a Director . The Nomination and Remuneration Committee has recommended to the board a policy relating to the remuneration for Directors, Key managerial Personnel and other employees as required under Section 178(1) of the Companies Act 2013. The Criteria inter alia includes a person to be appointed on the board of the Company should possession in addition to the fundamental attributes of Character and integrity, appropriate qualifications, skill experience and knowledge in one or more fields of engineering, banking management finance marketing and legal, proven track record, etc.

As required under the provisions of Sections 197(14) of the Companies Act 2013, the Executive Director of the Company confirm that they do not receive any remuneration or commission from any subsidiary of the Company.

BOARD EVALUATION

Pursuant to the provisions of companies Act, 2013, the Board has carried out annual performance evaluation of its own performance, the directors individually as well the evaluation of the working of its Audit, Nomination & Remuneration and Stakeholder committee.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, information and functioning, etc

The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

MEETING OF BOARD OF DIRECTORS

A calendar of Meetings is prepared and circulated in advance to the Directors. During the year 6 (Six) Board Meetings and 4 (Four) Audit Committee Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

COMPOSTION OF AUDIT COMMITTEE

The company is having an audit committee comprising of the following directors:

Name Designation

Kishore Saxena Chairman

Braj Mohan Singh Member

Shyam Mittal Mohan Member

NOMINATION AND REMUNERATION COMMITTEE

The company is having a Nomination and Remuneration Committee comprising of the following directors:

Name Designation

Kishore Saxena Chairman

Braj Mohan Singh Member

Shyam Mittal Mohan Member

SUBSIDIARY COMPANIES, JOINT VENTURES & ASSOCIATE COMPANIES

As on 31st March 2015, the Company has three Wholly Owned Subsidiary namely:-

- Tanu Medico Limited incorporated on 05th December 2013

Tanu Medico Limited a wholly owned subsidiary of the company engaged in import and export in all kinds of Pharmaceuticals, medicine and drugs, it is the initial period of operation and it reported total revenue of Rs. 8560 and profit after tax of Rs. (49,911) for the year under review. During the year the company increase its Authorized share capital of Rs. 10,00,000 to Rs. 50,00,000 and its paid up Equity share capital is Rs. 50,00,000.

- Elopace Infrastructure Limited incorporated on 13th December 2013

Elopace Infrastructure Limited, a wholly owned step down subsidiary of the company and is engaged as the constructer , contractor in real estate business .For the year under review Elopace Infrastructure limited recorded revenue of Rs. 10,200. During the year the company increase its Authorized share capital of Rs. 10,00,000 to Rs. 20,00,000 and its paid up Equity share capital is Rs. 20,00,000.

- Yasmak Trade Infra Limited incorporated on 06th December 2013

Yasmak Trade Infra Limited a wholly owned step down subsidiary of the company and the company did not undertake any business during the year under review. A Marginal profit representing interest income was earned during the year Consolidated Accounts of its subsidiaries for the year under review has also been drawn in accordance with applicable accounting Standards.

CONSOLIDATED FINANCIAL STATEMENT

As required under the Listing Agreements with the Stock Exchanges Consolidated Financial Statements of the Company are attached. The consolidated Financial statements have been prepared in accordance with Accounting standard 21, Accounting standard 23 and Accounting standard 27 issued by The Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the stock Exchanges, forms part of this Annual Report and showing the financial resources, assets, liabilities, income, profits and other details of the Company and its subsidiaries as a single entity, after elimination of minority interest. The Auditor's Report on the consolidated financial statement is also attached. The same is unqualified.

COMPLIANCE WITH THE CODE OF CONDUCT

A declaration signed by the managing Director affirming the compliance with the Companies Code of Conduct by the Director's and senior Management for the Financial Year 2014-15, as required under Clause 49 of the listing agreement form part of this Annual Report. The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the Company.

PREVENTION OF INSIDER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All Board Directors and the designated employees have confirmed compliance with the code.

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY

M/S Ritu Ashish Agarwal & Associates , Chartered Accountants performs the duties of internal auditors of the company and their report is reviewed by the audit committee from time to time. The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets.

All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements. The internal auditor of the company checks and verifies the internal control and monitors them in accordance with policy adopted by the company. In each period whether productive or non-productive, the Company continues to ensure proper and adequate systems and procedures commensurate with its size and nature of its business.

All internal Audit findings and control systems are periodically reviewed by the Audit Committee of the Board of Director which provides strategic guidance on Internal Control.

VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY

In order to ensure that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behavior the company has adopted a vigil mechanism policy. This policy is explained in corporate governance report and also posted on the website of company.

AUDITORS REPORTS/ SECRETARIAL AUDIT REPORTS:

M/S D KHURANA & COMPANY., CHARTERED ACCOUNTANTS (FRN 022696N), who have been the appointed as a Statutory Auditors of the Company at the last AGM but subject to the ratification by members at every consequent Annual General Meeting. Therefore, ratification of appointment of Statutory Auditors is being sought from the members of the Company at the ensuing AGM.

SECRETARIAL AUDITORS

Pursuant to provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Company has appointed M/S NARESH GUPTA & ASSOCIATES, COMPANY SECRETARY IN WHOLE TIME PRACTICE to undertake the Secretarial Audit of the Company.

The Secretarial Audit Report is annexed herewith as "Annexure C".

EXTRACT OF ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2015

As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT 9 as a part of this Annual Report as "ANNEXURE D".

HUMAN RESOURCES

Your Company's Human Resource agenda remained focused on reinforcing the key thrust areas; being the employer of choice on campus, building an inclusive culture and a strong talent pipeline, institutionalizing mission critical capabilities in the organization, driving greater employee engagement and continuing to focus on progressive employee relation policies.. The management has always carried out systematic appraisal of performance and imparted training at periodic intervals. The company has always recognized talent and has judiciously followed the principle of rewarding performance.

BUSINESS RISK MANAGEMENT

The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective, the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk related issues.

In today's challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, Business risk, Technology obsolescence, Investments, retention of talent and expansion of facilities.

Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk.

As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.

PARTICULARS OF EMPLOYEES

The information required pursuant to Section 197 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is as follows:

The company has one Executive Director and due to financial constraints being faced by the company he has forgone remuneration.

Further, no sitting fees has been paid to any director during the year.

However as per the provisions of section 136 of the Companies Act, 2013, the report and accounts are being sent to all shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining a copy of the particulars may write to the Company's Registered Office.

LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fees for the year 2015-2016 to BSE where the Company's Shares are listed.

Other Disclosure

The Directors confirm that during the financial year under review:- - No significant and material order has been passed against the company by any Regulator of court or Tribunal Which will impact the going concern status of the Company's operations; - There was no issue of Equity Shares with differential rights as to dividend, voting or otherwise; there was no issue of shares (including Sweat Equity Shares) to the employees of the Company under any scheme.

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation of the services rendered by the employees of the Company. They are grateful to shareholders, bankers, depositors, customers and vendors of the company for their continued valued support. The Directors look forward to a bright future with confidence.

CAUTIONARY STATEMENT

The statements contained in the Board's Report and Management Discussion and Analysis contain certain statements relating to the future and therefore are forward looking within the meaning of applicable securities, laws and regulations.

Various factors such as economic conditions, changes in government regulations, tax regime, other statues, market forces and other associated and incidental factors may however lead to variation in actual results.

Date: 01.09.2015 for and on behalf of the

Board

Place: Delhi Jolly Plastic Industries Limited

Sd- Sd-

Shyam Mittal Mohan Kishore Saxena

(Managing director) (Director)


Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the 32nd Annual Report on the business, operations and financial performance of the company during the financial year ended 31st March 2014. The profit after tax of the company is Rs. 1.21/- lacs during current financial year.

FINANCIAL RESULTS (Rs. In lacs)

Particulars For The Year Ended 31st March, 2014 31st March, 2013

Sales/Operating Income 573.94 675.88

Other Income 2.32 1.62

Expenses:-

Purchase of Stock in trade 568.11 434.48

Changes in Inventory of Stock-in-Trade - 233.45

Employee Benefit Expenses 2.35 1.97

Depreciation and Amortisation Expenses 0.03 0.08 Administrative & Other expenses 4.29 7.24

Profit Before Tax 1.48 0.28

Tax Expense:-

Current Tax 0.27 0.05

Deferred Tax 0.00 0.00

Profit/(Loss) After Tax 1.21 0.23

BUSINESS REVIEW

The turnover of the company during the year 2013-14 is Rs. 573.94 lacs as compared to Rs. 675.88 lacs during the immediately preceding financial year. However, profit before tax is Rs. 1.48/- lacs during the current financial year as compared to Rs. 0.28/- lacs during the immediately preceding financial year.

FUTURE OUTLOOK

The outlook of the economic growth across the globe with positive vibrations will fuel a growth and demand recovery. At the present moment there is a lull in the market and the management is looking forward for changing situation in the global market. While optimism rears for new vigour and thrust like emphasis on colour ways and new designs, it is expected these changes will bring in positive response from the overseas buyers and will trigger growth and profitability in due course of time.

DIVIDEND

In order to augment reserves and to cater to the working capital requirements, no dividend is being recommended.

PUBLIC DEPOSIT SCHEME

During the year, your Company has not accepted any deposits. There are no outstanding deposits as on date.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Director adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges and have implemented all the prescribed requirements.

A separate report on Corporate Governance as stipulated, under Clause 49 of the listing Agreement, with the Stock Exchanges and have implemented all the prescribed requirements.

A certificate from the auditors of the company M/s D. KHURANA & COMPANY, Chartered Accountants confirming compliance of conditions of Corporate Governance as stipulated in Clause 49 is annexed to this report.

BOARD OF DIRECTORS

Your board has a Executive Chairman and the number of Independent Directors is one half of the total strength of Directors. The composition of the board is in conformity of Clause 49 of the Listing Agreement.

Your board of directors consist of the following four directors:

1. Mr. Shyam Mohan Mittal (Chairman, Managing Director)

2. Mr. Kishore Saxena (Non Executive Independent) and;

3. Mr. Braj Mohan Singh (Non Executive Independent)

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to section 217 (2AA) of the companies ACT, 1956, it is hereby confirmed:

1. That in the preparation of the accounts for the financial year ended 31st March, 2014 the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. That the directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the company for the year under review.

3. That the directors 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.

4. That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis.

SECRETARIAL COMPLIANCE CERTIFICATE

As per the requirements of Section 383A of the Companies Act, 1956, the Compliance Certificate regarding compliance of various requirements of the Companies Act, 1956 and the rules made there under has been obtained from M/s Naresh Gupta & Associates, Company Secretaries, for the financial year ended on 31st March, 2014.

AUDITORS

M/s D. khurana & Co., Chartered Accountants, holds office of the Statutory Auditors of the Company until the conclusion of the ensuing Annual General Meeting is eligible for re-appointment.

The Company has received certificate from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224 (IB) of the Companies Act, 1956 and they are not disqualified for such reappointment within the meaning of Section 226 of the said Act.

SUBSIDIARIES

As on 31st March 2014, the Company has three Wholly Owned Subsidiary namely Tanu Medico Limited, Elopace Infrastructure limited, Yasmak Trade Infra Limited respectively.

Consolidated Accounts of its subsidiaries for the year under review has also been drawn in accordance with applicable accounting Standards.

CONSOLITED FINANCIAL STATEMENT

As required under the Listing Agreements with the Stock Exchanges Consolidated Financial Statements of the Company are attached. The consolidated Financial statements have been prepared in accordance with Accounting standard 21, Accounting standard 23 and Accounting standard 27 issued by The Institute of Chartered Accountants of India and showing the financial resources, assets, liabilities, income, profits and other details of the Company and its subsidiaries as a single entity, after elimination of minority interest.

THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

a. AUDIT COMMITTEE

As per the provisions of the Listing Agreement and pursuant to Section 292A of the Companies Act, 1956, the Audit Committee has been set up to review the internal audit reports and financial statements at periodic intervals.

The Audit Committee comprises following three members having strong background in financial management:-

Mr. Shyam Mohan Mittal Chairman

Mr. Kishore Saxena Member

Mr. Braj Mohan Singh Member

b. INVESTORS/SHAREHOLDERS'' GRIEVANCE COMMITTEE

In pursuance of the provisions of the Listing Agreement, the company has also set up a Shareholders/ Investor''s Grievance Committee to ensure maximum security to the concern of the shareholders. The committee consists of an Executive Chairman and other two members as mentioned below:

Mr. Shyam Mohan Mittal Chairman

Mr. Kishore Saxena Member

Mr. Braj Mohan Singh Member

PARTICULARS OF EMPLOYEES

As required by the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975, as amended, no employee was in receipt of remuneration exceeding Rs. 60,00,000/- per annum or Rs. 5,00,000/- per month for any part thereof.

PUBLIC DEPOSITS

The company has not accepted any deposit from public within the meaning of section 58-A of the companies ACT, 1956 read with the companies (Acceptance of Deposits) rules, 1975.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

Particulars with respect to conservation of energy, Technology absorption, Foreign Exchange Earnings & outgo as required under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

APPRECIATION

The Company places on record its deep appreciation of the devoted services of executives and other staff of the company who have contributed in the performance and the Company''s inherent strength. Grateful thanks are also due to the investors, the bankers, business associates & all other stakeholders for their continued support to the company from time to time.

By the Order of the Board For JOLLY PLASTIC INDUSTRIES LIMITED

Sd/- Sd/-

Place : Rajkot Shyam Mittal Mohan Kishore Saxena Date : 14/08/2014 (Managing Director) (Director) DIN: 00458670 DIN: 00049728


Mar 31, 2012

To , The Members of JOLLY PLASTIC INDUSTRIES LIMITED

The Directors have pleasure in presenting the 30th Annual Report on the business, operations and financial performance of the company during the financial year ended 31st March 2012.

FINANCIAL RESULTS (Rs. In lacs)

Particulars For The Year Ended

31st March 2012 31st March, 2011

Sales/Operating Income 59.76 80.40

Other Income - 18.70

Expenses:- Purchase of Stock in trade 288.21 77.22

Changes in Inventories of Stock In Trade (233.45) -

Employee Benefit Expenses 0.46 1.50

Depreciation and Amortisation Expenses 0.19 0.48

Administrative & Other expenses 3.94 1.14

Gross Profit/ (Loss) after interest but before 0.41 18.76 depreciation & taxation

Less: Previous Year Tax Adjustment (2.90) -

Less: Current Year Tax 0.08 2.90

Profit/(Loss) after tax 3.23 15.86

Yours Director would like to state that as per notes to account Point No. 12 regarding share application money pending for preferencial allotment has now been allotted to applicant on 02/05/2012 and the same has been intimated to Stock Exchange and other Government Authorities.

BUSINESS REVIEW

The year has ended with a Net Profit after Tax of Rs. 3,23,453/- as against Net Profit after Tax of Rs. 15,85,891/- of last year. The Company is trying its best to keep its expenses in check in spite of inflationary trends and to expand the business of the Company. Baring unforeseen circumstances- we expect better performance in the current year by trading and investing cautiously.

DIVIDEND

In view of accumulated losses, no dividend is being recommended.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Director adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges and have implemented all the prescribed requirements.

A separate report on Corporate Governance as stipulated, under Clause 49 of the Listing Agreement, with the Stock Exchanges are made part of the Report.

A Certificate from the Auditors of the Company M/S D. KHURANA & CO. confirming compliance of conditions of Corporate Governance as stipulated in Clause 49 is annexed to this report.

Listing Status:

Your Company is listed on Bombay Stock Exchange and Ahmedabad Stock Exchange.

BOARD OF DIRECTORS

Following director has been appointed as Additional Director. Being eligible he offer himself for his re-appointment as director. As he is having vast experience & knowledge of Stock Market, the board also recommends his re-appointment:-

Mr. Kishore Saxena

Your board has a Non-Executive Chairman and the number of Independent Directors is half of the total strength of Directors. The composition of the board is in conformity of Clause 49 of the Listing Agreement. Your board of directors consist of the following four directors:-

1. Mr. Braj Mohan Sigh : (Chairman & Non Executive Independent)

2. Mr. Kishore Saxena : (Non Executive Independent)

3. Mr. Dharmesh Bhai Patel : (Non Executive and Non Independent)

4. Mr. Shyam Mohan Mittal : (Managing Director and Executive)

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby confirmed:

1. That in the preparation of the accounts for the financial year ended 31st March, 2012 the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

2. That the directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the company for the year under review.

3. That the directors 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.

4. That the Directors have prepared the accounts for the financial year ended 31st March, 2012 on a going concern basis.

AUDITORS

M/s D. Khurana & Co; Chartered Accountants holds office of the Statutory Auditors of the Company until the conclusion of the ensuing Annual General Meeting is eligible for re-appointment.

The Company has received certificate from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224 (IB) of the Companies Act, 1956 and they are not disqualified for such reappointment within the meaning of Section 226 of the said Act.

Board recommends the re-appointment of the Statutory Auditors.

THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

In terms of the above rules, your directors are pleased to give the particulars as prescribed therein in the annexure, which form part of the Directors' Report.

a. AUDIT COMMITTEE

As per the provisions of the Listing Agreement and pursuant to Section 292A of the Companies Act, 1956, the Audit Committee has been set up to review the internal audit reports and financial statements at periodic intervals. The Audit Committee comprises following three members having strong background in financial management:-

S. No. Name of Directors Category

1. Sh. Shyam Mohan Mittal Chairman (Non-executive Independent)

2. Sh. Nitin Agarwal Member (Non Executive Independent)

3. Sh Arvindbhai Patel Member (MD and Executive)

b. INVESTORS/SHAREHOLDERS' GRIEVANCE COMMITTEE

In pursuance of the provisions of the Listing Agreement, the company has also set up a Shareholders/ Investor's Grievance Committee to ensure maximum security to the concern of the shareholders. The committee consists of a Non Executive Chairman and other two members of the names as follows:

S. No. Name of Directors Category

1. Sh Arvind Bhai Patel Chairman

2. Sh.Shyam Mohan Mittal Member

3. Sh. Nitin Agarwal Member

PARTICULARS OF EMPLOYEES

As required by the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975, as amended, no employee was in receipt of remuneration exceeding Rs. 60,00,000/- per annum or Rs. 5,00,000/- per month for any part thereof.

PUBLIC DEPOSITS

The company has not accepted any deposit from public within the meaning of section 58-A of the companies ACT, 1956 read with the companies (Acceptance of Deposits) rules, 1975.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

Particulars with respect to conservation of energy, Technology absorption, Foreign Exchange Earnings & outgo as required under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

APPRECIATION

The Company places on record its deep appreciation of the devoted services of executives and other staff of the company who have contributed in the performance and the Company's inherent strength. Grateful thanks are also due to the investors, the bankers, business associates & all other stakeholders for their continued support to the company from time to time.

By the Order of the Board

For JOLLY PLASTIC INDUSTRIES LIMITED

Place :New Delhi Sd/- Sd/-

Dated :1st September, 2012 (Managing Director) (Director)


Mar 31, 2011

To The Members of JOLLY PLASTIC INDUSTRIES LIMITED

The Directors have pleasure in presenting the 29th Annual Report on the business, operations and financial performance of the company during the financial year ended 31st March 2011.

FINANCIAL RESULTS Rs. (In lacs)

Particulars For The Year Ended

31s,March2011 31st March, 2010

Sales/Operating Income 99.11 —

Gross Profit/ (Loss) after interest but 19.24 (0.23)

before depreciation & taxation

Less: Depreciation 0.48 —

Less: Income Tax/FBT 2.90 —

less: Decrease in Deferred tax assets during the year — —

Profit/(Loss) after tax 1.59 (0.23)

Transfer to General Reserve/ P & L — —

BUSINESS REVIEW

The year has ended with a net profit of Rs. 1585890.82 as against Net Loss of Rs. 23300.00 of last year. The Company is exploring alternative avenues for business opportunities and entered into capital markets in current year. The Company is trying its best to keep its expenses in check in spite of inflationary trends and to expand the business of the Company. Baring unforeseen circumstances- we expect better performance in the current year by trading and investing cautiously.

DIVIDEND

In view of accumulated losses, no dividend is being recommended.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. Your Director adhere to the stipulations set out in the Listing Agreement with the Stock Exchanges and have implemented all the prescribed requirements.

A separate report on Corporate Governance as stipulated, under Clause 49 of the Listing Agreement, with the Stock Exchanges and have implemented all the prescribed requirements.

A Certificate from the Auditors of the Company M/S D, KHURANA & CO. confirming compliance of conditions of Corporate Governance as stipulated in Clause 49 is annexed to this report.

Listing Status: Your Company is listed on Bombay Stock Exchange and Ahmadabad Stock Exchange.

BOARD OF DIRECTORS

Following directors have been appointed as Additional Independent Directors. Being eligible they offer themselves for their re-appointment as director. As they are having vast experience & knowledge of Stock Market, the board also recommends their re-appointment- Mr. Nitin Agarwal Mr. Shyam Mohan Mittal Your board has a Non-Executive Chairman and the number of Independent Directors is half of the total strength of Directors. The composition of the board is in conformity of Clause 49 of the Listing Agreement. Your board of directors consist of the following five directors:-

1. Mr. Arvind Bhai Patel M.D.

2. Mr. Dharmesh Bhai Patel Director

3. Mr. Suresh Nanjibhai Vekaria Director

4. Mr. Nitin Agarwal Director

5. Mr. Shyam Mohan Mittal : Director

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, it is hereby confirmed:

1. That in the preparation of the accounts for the financial year ended 31st March, 2011 the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

2. That the directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the company for the year under review.

3. That the directors 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.

4. That the Directors have prepared the accounts for the financial year ended 31st March, 2011 on a going concern basis.

AUDITORS

M/s D. Khurana & Co; Chartered Accountants holds office of the Statutory Auditors of the Company until the conclusion of the ensuing Annual General Meeting is eligible for re-appointment.

The Company has received certificate from them to the effect that their reappointment, if made, would be within the prescribed limits under Section 224 (IB) of the Companies Act, 1956 and they are not disqualified for such reappointment within the meaning of Section 226 of the said Act.

THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988

In terms of the above rules, your directors are pleased to give the particulars as prescribed therein in the annexure, which form part of the Directors' Report.

a. AUDIT COMMITTEE

As per the provisions of the Listing Agreement and pursuant to Section 292A of the Companies Act, 1956, the Audit Committee has been set up to review the internal audit reports and financial statements at periodic intervals.

:e Audit Committee comprises following three members having strong background in financial management:-

S. No. Name of Directors Category

1. Sh.Dharmesh Patel Chairman (Non-executive Independent)

2. Sh. Nitin AgarwaJ Member (Non Executive Independent)

3. Sh Arvind Bhai Patel Member(CMD)

b. INVESTORS/SHAREHOLDERS' GRIEVANCE COMMITTEE

In pursuance of the provisions of the Listing Agreement, the company has also set up a Shareholders/ Investor's Grievance Committee to ensure maximum security to the concern of the shareholders. The committee consists of a Non Executive Chairman and other two members of the names as follows:

S. No. Name of Directors Category

1. Sh Arvind Bhai Patel Chairman

2. Sh.Shyam Mohan Mittal Member

3. Sh. Nitin Agarwal Member

PARTICULARS OF EMPLOYEES

As required by the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975, as amended, no employee was in receipt of remuneration exceeding Rs. 24,00,000/ - per annum or Rs. 2,00,000/- per month for any part thereof.

PUBLIC DEPOSITS

The company has not accepted any deposit from public within the meaning of section 58-A of the companies ACT, 1956 read with the companies (Acceptance of Deposits) rules, 1975.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Particulars with respect to conservation of energy, Technology absorption, Foreign Exchange Earnings & outgo as required under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure forming part of this report.

APPRECIATION

The Company places on record its deep appreciation of the devoted services of executives and other staff of the company who have contributed in the performance and the Company's inherent strength. Grateful thanks are also due to the investors, the bankers, business associates & all other stakeholders for their continued support to the company from time to time.

By the Order of the Board For JOLLY PLASTIC INDUSTRIES LIMITED

Place : Rajkot-360003 Sd/- Sd/-

Dated : 25.08.2011 (Director) (Managing Director)


Mar 31, 2009

To The Member(s) of Jolly Plastic Industries Limited

The Director's hereby present Twenty Seventh Annual Report on the business operations of the company and the Audited Statement of Accounts accompanied by Auditor's Report for the year ending 31st March 2009

Financial Highlights:

(Rs In Lacks)

2008-09 2007-08

Total Income 0.00 6.47

Profit/Loss before Depreciation & Tax (.23) (0.66)

Less: Depreciation 0.00 0.00

Net Loss before Tax (.23) (0.66)

Add: Balance Brought Forward (86.59) (85.92)

From Previous Year

Add: transfer From General Reserve 0.00 0.00

Loss Available for Appropriation (86.81) (86.59)

Operations

The performance of the company has not remained satisfactory as on account of un- avoided circumstances the company was forced to shutdown the project. During the year aforesaid other incomes of the company as Rs. 0.00 lacks with a net losses of Rs 0.23 lacks your directors are making all their efforts and confident of better performance for the following financial year 2008-2009

Deposits

In terms of Companies (Acceptance of Deposits) Rules 1975, the Company has not accepted any deposit during the year under report within the meaning of provisions of Section 58A of the Companies Act, 1956.

Dividend

After reviewing the profits for the year and the financial position of the company, your directors not recommended any dividend due to lower profitability.

Directors' Responsibility Statements

Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statements, your directors state that:

(i) In the preparation of the Annual accounts for the financial year ended 31st March,2009, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

(ii) The directors has selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review ;

(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 has prepared the annual accounts for the financial year ended 31st March, 2009 on a 'going concern' basis .

Auditors

M/s. Bakul V Gantra & Company, Chartered Accountants, the retiring auditor of the Company retire and eligible "for reappointment and they to the effect that their appointment shall be in accordance with the limits specified under sub section (l-B) of Section 224 of the Companies Act, 1956.

Personnel

The company had no employee of category specified in Sub Section (2A) of Section 217 of the Companies Act, 1956.

Insurance

The company has adequately insured the company s property

Acknowledgement

Your directors place on record their appreciation of the assistance and support extended by company's bankers, consultants, shareholders and customers of the company. Your directors also wish to thank management and staff of the company for continuous guidance and support received from them.

For and on behalf of the Board

Date : 18/08/2009 (Director) (Director)

Place : DHORAJI


Mar 31, 2008

To The Member(s) of Jolly Plastic Industries Limited

The Director's hereby present Twenty Sixth Annual Report on the business operations of the company and the Audited Statement of Accounts accompanied by Auditor's Report for the year ending 31st March 2008

Financial Highlights:

(Rs In Lacks) 2007-08 2006-07

Total Income 6.47 39.67

Profit/Loss before Depreciation & Tax (.66) (0.59)

Less: Depreciation 0.00 0.00

Net Loss before Tax (.66) (0.59)

Add: Balance Brought Forward (85.92) (85.33)

From Previous Year

Add: transfer From General Reserve 0.00 0.00

Loss Available for Appropriation (86.59) (85.92)

Operations

The performance of the company has not remained satisfactory as on account of un- avoided circumstances the company was forced to shutdown the project. During the year aforesaid other incomes of the company as Rs. 6.47 lacks with a net losses of Rs 0.66 lacks your directors are making all their efforts and confident of better performance for the following financial year 2007-2008

Deposits

In terms of Companies (Acceptance of Deposits) Rules 1975, the Company has not accepted any deposit during the year under report within the meaning of provisions of Section 58A of the Companies Act, 1956.

Dividend

After reviewing the profits for the year and the financial position of the company, your directors not recommended any dividend due to lower profitability.

Directors' Responsibility Statements

Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statements, your directors state that:

(i) In the preparation of the Annual accounts for the financial year ended 31st March,2008, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

(ii) The directors has selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review ;

(ii) 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 has prepared the annual accounts for the financial year ended 31st March, 2008 on a 'going concern' basis .

Auditors

M/s. Bakul V.Gantra & Company, Chartered Accountants, the retiring auditor of the Company retire and eligible for reappointment and they have furnished a Certificate to the effect that their appointment shall be in accordance with the limits specified under sub section (l-B) of Section 224 of the Companies Act, 1956.

Personnel

The Company had no employee of category specified in Sub Section (2A) of Section 217 of the Companies Act, 1956.

Insurance

The company has adequately insured the company's property

Acknowledgement

Your directors place on record their appreciation of the assistance and support extended by company's bankers, consultants, shareholders and customers of the company. Your directors also wish to thank management and staff of the company for continuous guidance and support received from them.

For and on behalf of the Board

Date : 14/08/2008 (Director) (Director)

Place : DHORAJI


Mar 31, 2007

To The Member(s) of Jolly Plastic Industries Limited

The Director's hereby present Twenty Fifth Annual Report on the business operations of the company and the Audited Statement of Accounts accompanied by Auditor's Report for the year ending 31st March 2007

Financial Highlights:

(Rs In Lacks)

2006-07 2005-06

Total Income 39.67 0.00

Profit/Loss before Depreciation & Tax (.59) (.36) Less: Depreciation 0.00 0.00

Net Loss before Tax (.59) (.36)

Add: Balance Brought Forward (85.33) (84.97)

From Previous Year

Add: transfer From General Reserve 0.00 0.00

Loss Available for Appropriation (85.92) (85.33)

Operations

The performance of the company has not remained satisfactory as on account of un- avoided circumstances the company was forced to shutdown the project. During the year aforesaid other incomes of the company as Rs. 39.67 lacks with a net losses of Rs 0.59 lacks your directors are making all their efforts and confident of better performance for the following financial year 2006-2007

Deposits

In terms of Companies (Acceptance of Deposits) Rules 1975, the Company has not accepted any deposit during the year under report within the meaning of provisions of Section 58A of the Companies Act, 1956.

Dividend

After reviewing the profits for the year and the financial position of the company, your directors not recommended any dividend due to lower profitability.

Directors' Responsibility Statements

Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statements, your directors state that:

(i) In the preparation of the Annual accounts for the financial year ended 31st March,2007, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

(ii) The directors has selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review ;

(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 has prepared the annual accounts for the financial year ended 31st March, 2007 on a 'going concern' basis Auditors M/s. Bakul V.Gantra & Company, Chartered Accountants, the retiring auditor of the Company retire and eligible for reappointment and they have furnished a Certificate to the effect that their appointment shall be in accordance with the limits specified under sub section (l-B) of Section 224 of the Companies Act, 1956. Personnel The Company had no employee of category specified in Sub Section (2A) of Section 217 of the Companies Act, 1956. Insurance The company has adequately insured the company's property

Acknowledgement

Your directors place on record their appreciation of the assistance and support extended by company's bankers, consultants, shareholders and customers of the company. Your directors also wish to thank management and staff of the company for continuous guidance and support received from them.

For and on behalf of the Board

Date : 19/08/2007 (Director) (Director)

Place : DHORAJI


Mar 31, 2006

To The Member(s) of Jolly Plastic Industries Limited

The Director's hereby present Twenty Fourth Annual Report on the business operations of the company and the Audited Statement of Accounts accompanied by Auditor's Report for the year ending 31st March 2006

Financial Highlights:

(Rs In Lacks)

2005-06 2004-05

Total Income 0.00 0.00

Profit/Loss before Depreciation & Tax (.36) (0.44)

Less: Depreciation 0.00 0.00

Net Loss before Tax (.36) (0.44)

Add: Balance Brought Forward (84.97) (84.53)

From Previous Year

Add: transfer From General Reserve 0.00 0.00

Loss Available for Appropriation (85.33) (84.97)

Operations

The performance of the company has not remained satisfactory as on account of un- avoided circumstances the company was forced to shutdown the project . During the year aforesaid other incomes of the company as Rs. 0.00 lacks with a net losses of Rs 36 lacks. Your directors are making all their efforts and confident of better performance for the following financial year 2005-2006

Deposits

In terms of Companies (Acceptance of Deposits) Rules 1975, the Company has not accepted any deposit during the year under report within the meaning of provisions of Section 58A of the Companies Act, 1956.

Dividend

After reviewing the profits for the year and the financial position of the company, your directors not recommended any dividend due to lower profitability.

Directors' Responsibility Statements

Pursuant to the requirement u/s 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statements, your directors state that:

(i) In the preparation of the Annual accounts for the financial year ended 31st March,2006, the applicable accounting standards have been followed along with proper explanation relating to material departures ;

(ii) The directors has selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review ;

(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 has prepared the annual accounts for the financial year ended 31st March, 2006 on a 'going concern' basis .

Auditors

M/s. Bakul V.Gantra & Company, Chartered Accountants, the retiring auditor of the Company retire and eligible for reappointment and they have furnished a Certificate to the effect that their appointment shall be in accordance with the limits specified under sub section (l-B) of Section 224 of the Companies Act, 1956.

Personnel

The Company had no employee of category specified in Sub Section (2A) of Section 217 of the Companies Act, 1956.

Insurance

The company has adequately insured the company's property

Acknowledgement

Your directors place on record their appreciation of the assistance and support extended by company's bankers, consultants, shareholders and customers of the company. Your directors also wish to thank management and staff of the company for continuous guidance and support received from them.

For and on behalf of the Board

Date : 23/08/2006 (Director) (Director)

Place : DHORAJI


Mar 31, 2003

TO The Members of JOLLY PLASTIC INDUSTRIES LIMITED

The Directors have pleasure in submitting the 21st Annual Report with Audited Accounts of the company for the financial year ended 31st March 2003.



FINANCIAL RESULTS Rs. (In lacs)

Particulars For The Year For The Year Ended Ended 31s,March 2011 31st March, 2010

Gross Profit/ (Loss) before interest and depreciation 41571 (1475369)

Add/Less: Interest 250077 412624

Depreciation -- --

Profit/(Loss) after Depreciation (208506) (2567996)

Add. Balance B/F from last year (8237512) (5669516)

BALANCE AS PER BALANCE SHEET (8446018) (8237512)

OPERATING RESULTS:-

The company has incurred loss during the year under review which amounts to Rs. 208506/- (previous year Rs. 2567996/-), which your Directors recommend to carry forward to Balance-sheet,

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:-

The requirement for disclosures of particulars with respect to conservation of energy is not applicable to the company. A statement giving details of Technology Absorption, Foreign Exchange earnings and outgo in accordance with the companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 is annexed hereto and forms part of this report.

PARTICULARS OF THE EMPLOYEES :-

No Employee was covered u/s 217 (2-A), of the companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of sec, (2AA) of the Companies Act, 1956, the Directors would like to state that :

1. In the preparation of the annual accounts, the applicable Accounting Standards have been followed.

2. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 of the company for the year under review.

3. the directors 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.

4. the Directors have prepared the accounts on a going concern basis.

AUDITORS

M/s Dhirubhai Dand & Co; Chartered Accountants Auditors of the Company retires at the conclusion of ensuing General Meeting, you are requested to re-appoint the Auditors of the company.

INDUSTRIAL RELATIONS:-

The Industrial Relations between the Management and Employees of the company at all levels continued to be extremely cordial during the entire year under review.

APPRECIATION

The Director are grateful for the support and co-operation given by the share holders, Banks, Financial Institutions and Government Authorities.



By the Order of the Board For



Place : DHORAJI. (A.M.PATEL)

Dated : 24.08.2003 CHAIRMAN & MG.DIRECTOR

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