Home  »  Company  »  Pet Plastics Ltd  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Pet Plastics Ltd.

Mar 31, 2014

Dear Members,

The Directors present their Twenty Eighth Annual Report together with the Audited Statement of Accounts for the year ended 3rd March, 2014.

1. FINANCIAL RESULTS:

2013-2014 2012-2013

(Rupees in Lakhs) (Rupees in Lakhs)

Profit before depreciation and Taxes 63.80 161.18 and investment allowance reserves.

Depreciation for the year. 26.71 42.87

Profit before taxes and investment 37.09 118.31 allowance reserves.

Provision for taxation. 15.93 36.70

Balance 21.17 81.61

Balance brought forward. 1325.48 1243.87

Balance carried to Balance Sheet. 1346.65 1325.48

2. DIVIDEND:

In view of conservation of resources, the directors regret their inability to recommend any dividend on the equity shares of the company.

3. DIRECTORS:

Mr. Timir Shah, Director retires on rotation and being eligible offers himself for reappointment.

Your directors recommend her reappointment.

4. PARTICULARS OF EMPLOYEES:

The Company does not have any employee of the category specified in Section 217 (2-A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

5. AUDIT COMMITTEE:

As per the requirements of the Companies Act, 1956 and Listing Agreement, the Company has constituted an Audit Committee.

The Audit Committee met on 30/04/2013, 31/07/2013, 31/10/2013 and 30/01/2014 during the year under review.

6. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors'' Responsibilities Statement, you''re Directors it is hereby confirmed:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

3. The directors have taken proper and sufficient care ofthe 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 an other irregularities;

4. The directors have prepared the annual accounts on a going concern basis.

7. SAFETY AND ECOLOGY:

Safety and Environment protection strategies continue to be accorded the same priority.

8. FIXED DEPOSITS:

The Company has not accepted any Deposit from the Public, during the year under review.

9. FINANCE:

Your Directors wish to further diversify its business and for the same it is necessary to raise funds and the Directors are in process of identifying the new line of business, which will be easily carried on with the existing business of the company. For further requirements of the company, the directors would be tapping various sources for raising the money, viz., loans, debentures, warrants and working capital facilities and factoring.

10. AUDITORS:

The Board has appointed MR. MULRAJ D. GALA Chartered Accountants, for year 31st March, 2015. The members are also requested to re-appoint Statutory Auditors to hold office for the conclusion of the next Annual General Meeting and to fix their remuneration.

11. CONSERVATION OF ENERGY:

The Company is not covered under the list of specified industries. However, required conservation measures are already taken for limiting power consumption to the extent necessary.

12. CORPORATE GOVERNANCE:

A report on Corporate Governance alongwith a Certificate of Compliance from the auditors forms part of this report.

14. LISTING AGREEMENT COMPLIANCE:

The company''s shares are listed on Bombay Stock Exchange, the company 1SIN activation no. 1SIN-1NE704F01018. The Company has reappointed M/s. Bigshare Services Pvt. Ltd., Mumbai as the Registrar and Share Transfer Agent. (As per norms of Bombay Stock Exchange)

15. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels of operation of your company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

16. REDEMPTION OF FACTORING DIVISION:

The Director wish to inform that factoring coupon with recourse & without recourse is held by investor & no default of coupon reported.

17. NETTING OFF DIVISION:

As permitted by RBI, company has followed netting off procedures.

18. SOCIAL PROGRAMMES:

No major progress could be made to "PET FOUNDATION PROGRAMME", but company is committed to this social advancement programme

For and on behalf of the Board Pet Plastics Limited

Vijay Vakil Chairman & Managing Director

Place: Mumbai Date: 14th August, 2014


Mar 31, 2013

The Directors present their Twenty Sixth Annuai Report together with the Audited Statement of Accounts for the year ended 31st March. 2013.

1. FINANCIAL RESULTS:

2012-2013 2011-2012 (Rupees in Lakhs) (Rupees in Lakhs)

Profit before depreciation and Taxes 161.18 172.03 and investment allowance reserves.

Depreciation for the year. 42.87 51.60

Profit before taxes and investment 118.31 133.86 allowance reserves.

Provision for taxation. 36.70 38.65

Balance 81.61 95.21

Balance brought forward. 95.21 1148.66

Balance carried to Balance Sheet. 1325.48 1243.87

2. DIVIDEND:

In view of conservation of resources, the directors regret their inability to recommend any dividend on the equity shares of the company.

3. DIRESTORS:

Mr. Mahesh Palshetkar, Director retires on rotation and being eligible offers himself for reappointment.

Your directors recommend her reappointment.

4. PARTICULARS OF EMPLOYEES:

The Company does not have any employee of tie category specified in Section 2]7 (2-A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

5. AUDIT COMMITTEE:

As per the requirements of the Companies Act, 1956 and Listing Agreement, the Company has constituted an Audit Committee.

The Audit Committee met on 27/04/2012. 31/07/2012, 31/10/2012 and 30/01/2013 during the year under review.

6. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement, under Section 217(2 A A) of the Companies Act, 1956 with respect to Directors'' Responsibilities Statement, you''re Directors it is hereby confirmed:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of The profit or loss of the company for that period; ''

3. The directors have taken proper and sufficient care of 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 an other irregularities;

4. The directors have prepared the annual accounts on a going concern basis.

7. SAFETY AND ECOLOGY:

Safety and Environment protection strategies continue to be accorded the same priority.

8. FIXED DEPOSITS:

The Company has not accepted any Deposit from the Public, during the year under review.

9. FINANCE:

Your Directors wish to further diversify its business and for the same it is necessary to raise funds and the Directors are in process of identifying the new Sine of business, which will be easily carried on with the existing business of the company. For further requirements of the company, the directors would be tapping various sources for raising the money, viz., loans, debentures, warrants and working capital facilities and factoring.

10. AUDITORS:

The Board has appointed MR.MULRAJ D. GALA Chartered Accountants, for year 31st March, 2013. The members are also requested to re-appoint Statutory Auditors lo hold office for the conclusion of the next Annual General Meeting and to fix their remuneration.

11. CONSERVATION OF ENERGY:

The Company is not covered under the list of specified industries. However, required conservation measures are already taken for limiting power consumption to the extent necessaiy.

12. CORPORATE GOVERANANCE:

A report on Corporate Governance alongv/ith a Certificate of Compliance from the auditors forms part of this report.

14. LISTING AGREEMENT COMPLIANCE:

The company''s shares are listed on Bombay Stock Exchange, the company ISIN activation no. ISIN-FNE704F01018. The Company has reappointed M/s. Bigshaie Services Pvt. Ltd., Mumbai as the Registrar and Share Transfer Agent. (As per norms of Bombay Stock Exchange)

15. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels cf operation of your company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

16. REEDEMPTION OF FACTORING DIVISION:

The Director wish to inform that factoring coupon with recourse & without recourse is held by investor & no default of coupon reported.

17. NETTING OFF DIVISION:

As permitted by RBI, company has foilowed netting off procedures.

18. SOCIAL PROGRAMMS:

No major progress could be made to " PET FOUNATION PROGRAMME but company committed to this social advancement programme

For and on bebalf af the Board

Pot Plastics Limited

Vijay Vakil

Chairman & Managing Director

Place: Mumbai

Date: 14th August, 2013


Mar 31, 2011

Twenty Fifth Annual Report together with the Audited the year ended 31st March, 2011.

ESULTS:

2010-2011 2009-2010 (Rupees in Lakhs) (Rupees in Lakhs) Profit before depreciation and Taxes and investment allowance reserves. 144.60 70.57

Depreciation for the year. 28.57 0.99

Profit before taxes and investment 116.03 69.58 allowance reserves.

Provision for taxation. 24.43 9.12

Balance 91.59 60.46

Balance brought forward. 1093.46 1,014.32

Balance carried to Balance Sheet. 1185.05 1,066.54

2. OPERATIONS:

During the year under review, the company carried on Export Trading, Repacking, Re-labeling and Export Service Provider Activity along with Manufacturing activity in Kandla Special Economic Zone on a full fledge basis.

a) The company proposes to raise finance from financial institution, the said fund shall be used to provide Special Economic Zone (SEZ) unit's package of assistance:

i. The general reserve & surplus fund of Rs.1185.07 Lakhs will be used for to act as indenting, storing selling, purchasing, and service- provider, export agent of buyers, seller and users and to provide package of assistance for goods and services from SEZ units and associate units.

b) Brief description of SEZ unit's package of assistance:

ii. The financial assistance will be such as arrangement from bank/institution for export, industrial, agro development, sick unit revival purpose etc. The finance limit such as funded, non-fund limits, margin/seed capital fund, investment in equity shares capital of client's company etc.

iii. The marketing assistance like Duty Free import of raw material, booking of export order for finished product, entering under export contract, capital goods under EPCG License, 161-export related services including net trading with overseas agent/buyers to associate DTA member units.

iv. The DTA member unit engaged in production or trades of export item either household, industrial, agro or other use will get assistance at concessional service charges. The selected export item must have a selling potential for next 3 years under export contract.

v. The Company shall act as a export service provider agency to render SEZ package of assistance in favor of clients from our SEZ units. The SEZ unit is planning to enter in to marketing agency agreement on service charges pay by use basis with Self Help Group (SHG) & trust (Working as without profit motto).

vi. The said trust must have C.F.C to render 25 facilities in favor of minimums 200-trained SHG in 400 & above acre of agro-land/ west-land at concessional/free rate under their trust income generation programme for SHG supported by people for donation & Government priority sector benefited scheme in rural area/village & surrounding area.

vii. The agreement is for marketing & export sale by SHG to SEZ units of Agro/ Horticulture/Dairy/S.S.I base produce & product goods at break-even rate inclusive for permitted to add in break-even point the 10% profit margin on sale/purchase with _ 20% market fluctuation rate during contracted period. (Break-even rate cannot be very beyond 10%)

c) Each SHG of trust will able to produce goods worth of Rs.67 Cr. Over the period of 15 years on 20 years ownership/lease/sub-lease of own/trust agro-land/west-land as per the project report under contact farming agreement between company & trust.

d) Simultaneously, we also enter in to an agreement with foreign buyer for the onward export sale supply/delivery form our SEZ units of said agro goods & other goods over a period of 15 years to buyer's destination on F.O.B/C.I.F rate basis.

e) Company need Performance Bank Guarantee (P.B.G) of Rs.67 Cr. to be given to overseas buyers for receiving equivalent inward foreign exchange (USD) remittance of advance payment in swift A/C for the export of goods worth of INR 67 C r.

f) We need such a type of 200 P.B.G which is pending under negotiation with bank/liaison consultant.

3. DIVIDEND:

In view of conservation of resources, the directors regret their inability to recommend any dividend on the Equity shares of the company.

4. DIRECTORS:

Mr. Mahesh Palshethkar, Director retires on rotation and being eligible offers himself for reappointment. Your directors recommend her reappointment.

5. PARTICULARS OF EMPLOYEES:

The Company does not have any employee of the category specified in Section 217 (2-A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

6. AUDIT COMMITTEE:

As per the requirements of the Companies Act, 1956 and Listing Agreement, the Company has constituted an Audit Committee. The Audit Committee met on 29/04/2010, 30/07/2010, 30/10/2010 and 30/01/ 2011 during the year under review.

7. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibilities Statement, you're Directors it is hereby confirmed:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

3. The directors have taken proper and sufficient care of 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 an other irregularities;

4. The directors have prepared the annual accounts on a going concern basis.

8. SAFETY AND ECOLOGY:

Safety and Environment protection strategies continue to be accorded the same priority.

9. FIXED DEPOSITS:

The Company has not accepted any Deposit from the Public, during the year under review.

10. FINANCE:

Your Directors wish to further diversify its business and for the same it is necessary to raise funds and the Directors are in process of identifying the new line of business, which will be easily carried on with the existing business of the company. For further requirements of the company, the directors would be tapping various sources for raising the money, viz., loans, debentures, warrants and working capital facilities and factoring.

11. AUDITORS:

Due to his pre-occupation the proprietor of SUDHIR OLTIKAR & CO. had expressed its unwillingness to continue as Statutory Auditors of the company. As such the company appointed P.G. RANADE & CO. Chartered Accountants as Statutory Auditors of the company, at the meeting, is eligible for re-appointment till next Annual General Meeting and to fix their remuneration.

12. CONSERVATION OF ENERGY:

The Company is not covered under the list of specified industries. However, required conservation measures are already taken for limiting power consumption to the extent necessary.

13. CORPORATE GOVERANANCE:

A report on Corporate Governance along with a Certificate of Compliance from the auditors forms part of this report.

15. LISTING AGREEMENT COMPLIANCE: The company's shares are listed on Bombay Stock Exchange. the company ISIN activation no. ISIN-INE704F01018. The Company has reappointed M/s. Big share Services Pvt. Ltd., Mumbai as the Registrar and Share Transfer Agent. (As per norms of Bombay Stock Exchange)

16. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels of operation of your company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

17. REEDEMPTION OF FACTORING COUPON:

a) We are pleased to inform you that the company has successfully collected the factoring amount from the investors against the issue of factoring coupon with and without recourse.

b) Redemption of factoring of coupon:

i. The factoring coupon will be redeemed on or extended period with benefit thereof against factoring business investment assets account including the principal amount and accretions if any of Vikram Project Ltd to the tune Rs.5,922,144.77, Vandana Enterprises to the tune Rs.5,899,986.00 and Fair Heaven Plastics Pvt. Limited to the tune Rs.2,346,221.00.

c) We are glad to inform you that the factoring business investment assets division has been well monitored by your appointee manager Ritesh V. Vakil.

d) The income if generated from the said factoring division will be transferred into the General Reserve & Surplus account only after the deduction of redeemable factoring coupons after due date/extended period against recovery of subjudice collection amount of Vikram Project Limited and Vandana Enterprises.

e) The Factoring Coupon Amount & Factoring Investment Asset Amount are transferred to the Factoring Division. Mr. Ritesh V. Vakil, Manager is monitoring the Factoring Business Investment under his supervision & is in charge of the said division.

f) Mr. Ritesh Vakil is empowered to appoint agents & sub-agents for negotiation of Factoring Coupon with and without commission in favor of the factorer. He has to collect Factoring Coupon amount without recourse up to the outstanding collection from subjudice a/c of M/s. Vandana Enterprise & M/s. Vikram Project Ltd.

18. NETTING OFF DIVISION:

a) We have pleased to inform you that the Company has made 'Netting off' Division as permitted by RBI circular.

b) The 'Netting off' of Sundry Debtors & Sundry Creditors are to be treated as Netting Off Debtors & Netting Off Creditors. The 'Netting off' is allowed to units in Special Economic Zones (SEZ).

19. SOCIAL PROGRAMMS:

Your company's arm to fulfill its responsibility to society at large and serve the under privilege in the Urban, Semi Urban & Rural area will be named as "PET FOUNDATION".

Pet Foundation will be active in all the cities and villages where Pet Plastics Limited's presence is significant. The Pet Foundations will provide Export Services / Assistance from SEZ in the field of common facilities center render by various NGO under their programme. The common facilities like Education, Healthcare, Livelihood, Environment, Rehabilitation of Destitute, Slum Development, Social Designs, Emergency / Trauma care, Economic upliftment of trained persons / SHG / Entrepreneur by arranging income generating opportunities programme in the field of Agro / SSI Sector, Trust (working without profit motto) with assistance in marketing, motivation & awareness camp / seminar / get together to people for Donation, Government for Subsidy, Landowner to provide long term lease basis to the Trust / Association SHG etc.

The intellectual capital that Pet Foundation will mobilize from amongst Pet Associates and their family member has a tremendous potential to add enormous value in community service.

Pet Plastics Limited has opened a Pet Gem & Jewellery division and the same is running successfully.

Pet Foundation will work with Government, other NGO & academic institution. All that the foundation will be guided by the principles inclusively No Cheque Book Charity, Ownership for out comes, Volunteering & Brand Value. The work taken up by Pet Foundation, work is under progress.

20. Division:

Pet Plastics Limited has opened following divisions:

a) Pet Gems & Jewellery

b) Pet Softech division

c) Pet Foundation

For and on behalf of the Board

Pet Plastics Limited

Vijay Vakil

Chairman & Managing Director

Place: Mumbai

Date : 16th August, 2011


Mar 31, 2010

The Directors present their Twenty Fourth Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2010.

1. FINANCIAL RESULTS;

2009-2010 2008-2009

(Rupees in Lakhs) (Rupees in Lakhs)

Profit before depreciation and Taxes

and investment allowance reserves. 70.57 55.26

Depreciation for the year. 0.99 1.14 Profit before taxes and investment allowance reserves. 69.58 54.12

Provision for taxation. 9.12 1.53

Balance 60.46 52.59

Balance brought forward. 1,014.32 906.71

Balance carried to Balance Sheet. 1,066.54 959.30



2. OPERATIONS:

During the year under review, the company carried on Export Trading, Repacking, Relabeling and Export Service Provider Activity alongwith Manufacturing activity in Kandla Special Economic Zone on a full fledge basis.

a) The company proposes to raise finance from financial institution, the said fund shall be used to provide Special Economic Zone (SEZ) units package of assistance:

i. The general reserve & surplus fund of Rs. 1075.54 Lakhs will be used for to act as indenting, storing selling, purchasing, service provider, export agent of buyers, seller and users and to provide package of assistance for goods and services from SEZ units and associate units.

b) Brief description of SEZ units package of assistance:

ii. The financial assistance will be such as arrangement from bank/institution for export, industrial, agro development, sick unit revival purpose etc. The finance limit such as funded, nonfund limits, margin/seed capital fund, investment in equity shares capital of clients company etc.

iii. The marketing assistance like Duty Free import of raw material, booking of export order for finished product, entering under export contract, capital goods under EPCG Licence, 161export related services including net trading with overseas agent/buyers to associate DTA member units.

iv. The DTA member unit engaged in production or trade of export item either household, industrial, agro or other use will .gel assistance at concessional service charges. The selected export item must have a selling potential for next 3 years under export contract.

c) v. The Company shall act as a export service provider agency to render SEZ package of assistance in favour of clients from our SEZ units. The SEZ unit is planning to enter in to marketing agency agreement on service charges pay by use basis with Self Help Group (SHG) & trust (Working as without profit motto).

vi. The said trust must have C.F.C to render 25 facilities in favour of minimums 200 trained SHG in 400 & above acre of agroland/ westland at concessional/free rate under their trust income generation programme for SHG supported by people for donation & Government priority sector benefited scheme in rural area/village & surrounding area.

vii. The agreement is for marketing & export sale by SHG to SEZ units of Agro/Horticulture/Dairy/S.S.l base produce & product goods at breakeven rate inclusive for permitted to add in breakeven point the 10% profit margin on sale/purchase with + 20% market fluctuation rate during contracted period. (Break even rate cannot be very beyond 10%)

d) Each SHG of trust will able to produce goods worth of Rs.67 Cr. Over the period of 15 years on 20 years ownership/lease/sublease of own/trust agroland/westland as per the project reportunder contact farming agreement between company & trust.

e) Simultaneously, we also enter in to an agreement with foreign buyer for the onward export sale supply/delivery form our SEZ units of said agro goods & other goods over a period of 15 years to buyers destination on F.O.B/C.l.F rate basis.

f) Company need Performance Bank Guarantee (P.B.G) of Rs.67 Cr. to be given to overseas buyers for receiving equivalent inward foreign exchange (USD) remittance of advance payment in swift A/C for the export of goods worth of INR 67 Cr.

g) We need such a type of 200 P.B.G which is pending under negotiation with bank/liaison consultant.

3. DIVIDEND:

In view of conservation of resources, the directors regret their inability to recommend any dividend on the Equity shares of the company.

4. DIRECTORS:

Mr.Timir Shah, Director retires on rotation and being eligible offers himself for reappointment. Your directors recommend her reappointment.

5. PARTICULARS OF EMPLOYEES:

The Company does not have any employee of the. category specified in Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975.

6. AUDIT COMMITTEE:

As per the requirements of the Companies Act, 1956 and Listing Agreement, the Company has constituted an Audit Committee.

The Audit Committee met on 2/05/2009, 30/07/2009, 31/10/09 and 30/01/2010 during the year under review.

7.DiRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors Responsibilities Statement, your Directors it is hereby confirmed:

1. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

3. The directors have taken proper and sufficient care of 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 an other irregularities;

4. The directors have prepared the annual accounts on a going concern basis.

8. SAFETY AND ECOLOGY:

Safety and Environment protection strategies continue to be accorded the same priority.

9. FIXED DEPOSITS:

The Company has not accepted any Deposit from the Public, during the year under review.

10. FINANCE:

Your Directors wish to further diversify its business and for the same it is necessary to raise funds and the Directors are in process of identifying the new line of business, which will be easily carried on with the existing business of the company. For further requirements of the company, the directors would be tapping various sources for raising the money, viz., loans, debentures, warrants and working capital facilities and factoring.

11. AUDITORS:

Due to his preoccupation the proprietor of O.G.Soni & Co., had expressed its unwillingness to continue as Statutory Auditors of the company. As such the company appointed M/s. SUDHIR OLTIKAR & CO., Chartered Accountants as Statutory Auditors of the company, at the meeting, are eligible for reappointment till next Annual General Meeting and to fix their remuneration.

12. CONSERVATION OF ENERGY:

The Company is not covered under the list of specified industries. However, required conservation measures are already taken for limiting power consumption to the extent necessary.

13. CORPORATE GOVERANANCE:

A report on Corporate Governance alongwith a Certificate of Compliance from the auditors forms part of this report.

14. FOREIGN EXCHANGE EARNINGS AND OUTGO:

(Rs in Lakhs)

Earnings: Exports (FOB): Rs. 5058.01

(Previous Year: Rs.5581.14)

Outgoing: Imports: Rs. NIL

(Previous year: Rs. NIL)

Foreign Travel: rS. nil

(Previous year: Rs. NIL)

15. LISTING AGREEMENT COMPLIANCE:

The companys shares are Listed on Bombay Stock Exchange. The company 1SIN activation no. ISIN INE704F01018. The Company has reappointed M/s. Bigshare Services Pvt. Ltd., Mumbai as the Registrar and Share Transfer Agent, (as per norms of Bombay Stock Exchange)

16. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels of operation of your company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

17. REEDEMPTION OF FACTORING COUPON:

a) We are pleased to inform you that the company has successfully collected the factoring amount from the investors against the issue of factoring coupon with and without recourse.

b) Redemption of factoring of coupon:

i. The factoring coupon will be redeemed on or extended period with benefit thereof against factoring business investment assets account including the principal amount and accretions if any of Vikram Project Ltd to the tune Rs.5,922,144.77, Vandana Enterprises to the tune Rs.5,899,986.00 and Fair Heaven Plastics Pvt Limited to the tune Rs.2,346,221.00.

c) We are glad to inform you that the factoring business investment assets division has been well monitored by your appointee manager Ritesh V. Vakil.

d) The income if generated from the said factoring division will be transferred into the General Reserve & Surplus account only after the deduction of redeemable factoring coupons after due date/extended period against recovery of subjudice collection amount of Vikram Project Limited and Vandana Enterprises.

e) The Factoring Coupon Amount & Factoring Investment Asset Amount are transferred to the Factoring Division. Mr. Ritesh V. Vakil, Manager is monitoring the Factoring Business Investment under his supervision & is incharge of the said division.

f) Mr. Ritesh Vakil is empowered to appoint agents & subagents for negotiation of Factoring Coupon with and without commission in favour of the factorer. He has to collect Factoring Coupon amount without recourse upto the outstanding collection from subjudice a/c of M/s. VarrdanaEnterprise£M/s. Vikram Project Ltd.

18. NETTING OFF DIVISION:

a) We have pleased to inform you that the Company has made Netting off Division as permitted by RBI circular.

b) The Netting off of Sundry Debtors & Sundry Creditors are to be treated as Netting Off Debtors & Netting Off Creditors. The Netting off is allowed to units in Special Economic Zones (SEZ).

19. SOCIAL PROGRAMMS;

Your companys arm to fulfill its responsibility to society at large and serve the under privilege in the Urban, Semi Urban & Rural area will be named as "PET FOUNDATION".

Pet Foundation will be active in all the cities and villages where Pet Plastics Limiteds presence is significant. The Pet Foundations will provide Export Services / Assistance from SEZ in the field of common facilities center render by various NGO under their programme. The common facilities like Education, Healthcare,

Livelihood, Environment, Rehabilitation of Destitute, Slum Development, Social Designs, Emergency / Trauma care, Economic upliftment of trained persons / SHG / Entrepreneur by arranging income generating opportunities programme in the field of Agro / SSI Sector, Trust (working without profit moto) with assistance in marketing, motivation & awareness camp / seminar / get together to people for Donation, Government for Subsidy, Landowner to provide long term lease basis to the Trust / Association SHG etc.

The intellectual capital that Pet Foundation will mobilize from amongst Pet Associates and their family member has a tremendous potential to add enormous value in community service.

Pet Plastics Limited has opened a Pet Gem & Jewellery division and the same is running successfully.

Pet Foundation will work with Government, other NGO & academic institution. All that the foundation will be guided by the principles inclusively No Cheque Book Charity, Ownership for out comes, Volunteering & Brand Value.

The work taken up by Pet Foundation, work is under progress.

20. Division:

Pet Plastics Limited has opened following divisions:

a) Pet Gems & Jewellery

b) Pet Softech division

For and on behalf of the Board Pet plastics Limited

Vijay Vakil Chairman & Managing Director

Place: Mumbai

Date: 2nd August, 2010




Mar 31, 2003

The Directors are pleasure to present the Sixteenth Annual Report together with the audited statements of accounts for year ended 31st March, 2003.

1. FINANCIAL RESULTS:

Current year Previous Year Rupees Rupees

Profit before depreciation and 1,15,50,713.42 22,15,492 Taxes and investment allowance Reserves.

Depreciation for the year 66,800.00 66.800

Profit before taxes and 1,14,83,913.42 21,48,692 Investment allowance reserve.

Provision for taxation - -

1,14,83,913.42 21,48,692

Balance brought forward 1,86.18.460.00 1.64.69.768

Balance carried to Balance Sheet 3,01.02.372.42 1,86,18,460

7. OPERATIONS:

During the year under review, the company started Export Trading, Re-packaging, Re- labeling and Export Service Provider Activity alongwith Manufacturing Activity in Kandla Special Economic Zone on a full fledge basis.

3. DIVIDEND:

The Directors regret their inability to recommend any dividend on the Equity Shares as the same is require to replug the same in Export Activity Business.

4. DIRECTORS:

Ms. Nandita. Sharma retires and being eligible offers herself for reappointment.

5. DEPOSITS:

The company has not invited / solicited fixed deposits from public during the year under review.

6. FINANCE:

Your company wishes to diversify its business and for this purpose needs to raise money. The Directors are identifying new items in the existing set up. However, this may entail some capital expenditure. Therefore, to meet this end the directors would be taping various sources for raising the money viz. loans, debentures and working capital facilities.

7. EMPLOYEES:

The company had no employees of the category mentioned in section 217 (2A) of the Companies Act, 1956.

8. AUDITORS:

You are requested to appoint Auditors for the current year and to fix their remuneration. The retiring Auditors M/s. Dedhia Talak Devji, Chartered Accountants, offer themselves for reappointment. You are requested to appoint Auditors for the current year.

9. CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information in accordance with the provisions of section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, regarding conservation of Energy, Technology Absorption and Foreign Exchange earning and outgo is given in the Annexure A and forming Part of the Directors Report.

10. CORPORATE GOVERANANCE:

A report on Corporate Governance alongwith a Certificate of Compliance from the auditors forms part of this report.

11. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of Directors reports that:

1) In the presentation of Annual Accounts, The applicable accounting standards have been followed & that there were no material departures there from.

2) The Accounting Policies have been selected & applied consistently & that the judgements & estimates made are reasonable & prudent so as to give a true & fair view of state of affairs of the Company at the end of the Financial years & of the Profit of the Company for the Period.

3) Proper & Sufficient care have 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 & for preventing & detecting fraud and other irregularities,

4) The Annual Accounts have been prepared on going concern basis.

12. ACKNOWLEGMENTS:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels of operation of your company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

13. SHAKE TRADING:

The Directors have attended the personal hearing granted by the Listing Committee for Revocation of Trading Suspension. On representation made by Director Ms. Aruna R. Tripathi the Listing Committee have lifted up the Trading Suspension from the companys security on date 2/04/2003. The company security has been shifted from B2 to Z category. The Directors have requested the Listing Committee to restore the same in B2 category and waiting for the same. The company ISIN activation no. ISIN - INE704F01018. The company have appointed M/s. Bigshare Services Pvt. Ltd., Mumbai as the Registrar and Share Transfer Agent.

14. EXPLAINTORY NOTES:

1. Purpose to use of fund to provide SEZ units package of assistance:

The general reserve & surplus fund of Rs.3.71 cr will be used for to act as indenting, storing, selling, purchasing, service-provider, export agent of buyers, sellers and users and to provide package of assistance for goods and service from SEZ units and associate units.

2. Brief description of SEZ units package of assistance:

The SEZ units through liaison consultant group will assist as per LOP and Exim Policy by arranging/providing package of assistance both finance/marketing.

The Financial assistance will be such as arrangement from bank/institution for export, industrial, agro development, sick unit revival purpose etc. The finance limit such as funded, non-funded limits, margin/seed capital fund, investment in equity shares capital of clients company etc.

The Marketing assistance like Duty Free import of raw material, booking of export order for finished product, entering under export contract, capital goods under EPCG Licence, 161-export related services including net-trading with overseas agent/buyers to associate DTA member units.

The DTA member unit engaged in production or trade of export item either household, industrial, agro or any other use will get assistance at concessional service charges. The selected export item must have a selling potential for next 3 years under export contract.

3. Condition for selection of export item to be promoted by company:

The export item produced or trade by member unit must be assist or promoted by Government and their co-ordination department under Exim-policy for grant, subsidy, export packing credit facilities at concessional working capital, sick unit with revival of package of assistance approved by authorities for waiver of interest, penal interest, fine, installment payment, grant, subsidy of rural area development etc.

4. Financial transaction between company and sick unit client:

(i) The performance of export item under export contract/order shall be backed by performance-guarantee bond which will be backed by bank guarantee / cash-deposit/ security deposit provided by sick unit in favour of company.

(ii) It is resolved that the investment amount will be available for purchase of equity shares with any single sick unit producing export item as mentioned above shall be maximum limited up to 10% of the general reserves & surplus fund of the company and / or company shall not purchase more than 40% of the total paid-up value of equity shares of sick unit available at market discounted rate under offer, by the promoter of sick unit, subject to final approval from Board of Directors of company from time to time.

5. Long/short term appreciation benefit of equity shares of sick unit company will pass in favour of beneficiary as follows:

The investment amount in shares of the sick unit will be re-liquidate with applicable interest by selling amongst the present equity holder of the company in below mentioned 3 categories on monthly/quarterly basis as under:

a) The cost of investment will be the principal investment amount with 10/15/20 % cumulative interest calculated from the date of investment in equity shares of sick unit company till the liquidity realisation period. The equity shares of the sick unit will be sold at arrived calculated cost in favour of 10/5/1 year category holder of equity shares of company respectively irrespective of market price of equity shares of the sick unit in Stock Exchange.

(b) The balance sick unit shares will be sold to other less then one year equity share holder of company at a discount of 10 to 15 % of market value.

(c) The balance equity shares of unit will be sold in open market by company from time to time.

For and on Behalf Of the Board, Pet Plastics Limited

Vijay Vakil Chairman & Managing Director

Place: Mumbai. Date: 30th July, 2003.


Mar 31, 2002

The Directors are pleasure to present the Sixteenth Annual Report together with the audited statements of accounts for year ended 31st March, 2002.

1. FINANCIAL RESULTS:

Current year Previous Year Rupees Rupees

Profit before depreciation and 22, 15, 492 17, 50, 024 Taxes and investment allowance Reserves.

Depreciation for the year 66, 800 66, 800

Profit before taxes and Investment allowance reserve. 21, 48, 692 16, 83, 225

Provision for taxation - -

21, 48, 692 16, 83, 225

Balance brought forward 1, 64, 69, 768 1, 47, 86, 543

Balance carried to Balance Sheet 1, 86, 18, 460 1, 64, 69, 768



2. OPERATIONS:

The Company has started Export Trading. Re-packaging and Re-labeling Activity alongwith Manufacturing Activity in Kandla Special Economic Zone.

3. DIVIDEND:

The Directors regret their inability to recommend any dividend on the Equity Shares as the same is require to replug the same in Export of Trading, Re-packaging and Re- labeling Activity Business.

4. DIRECTORS:

Mr. S. Ganti and Ms. Nandita Sharma retires on. rotational basis.

The Board of Directors welcomes Mr. Timir Shah who shall join us on the Board till the next AGM & we hereby seek are members concerned for his appointment for which we are confident you shall do so for the betterment of the company. All the other Directors have consented for continuity.

5. DEPOSITS:

The Company has not invited / solicited fixed deposits from public during the year under review.

6. FINANCE:

Your Company wishes to diversify its business and for this purpose needs to raise money. The Directors are identifying new items in the existing set up. However, this may entail some capital expenditure. Therefore, to meet this end the directors would be taping various sources for raising the money viz. loans, debentures and working capital facilities.

7. EMPLOYEES:

The Company had no employees of the category mentioned in section 217 (2A) of the Companies Act, 1956.

8. AUDITORS:

You are requested to appoint Auditors for the current year and to fix their remuneration. The retiring Auditors M/s Dedhia Talak Devji. Chartered Accountants, offer themselves for reappointment. You are requested to appoint Auditors for the current year.

9. CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information in accordance with the provisions of section 217(l)(e) of the Companies Act. 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988, regarding conservation of energy. Technology absorption and Foreign Exchange earning and outgo is given in the Anrexure A and forming Part of the Directors Report.

10. CORPORATE GOVERANANCE:

A report on Corporate Governance along with a Certificate of Compliance from the auditors forms part of this report.

11. DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to section 217 (2AA) of the Companies Act. 1956, the Board of Directors reports that:

1) In the presentation of Annual Accounts, The applicable accounting standards have been followed & that there were no material departures there from.

2) The Accounting Policies have been selected & applied consistently & that the judgements & estimates made are reasonable & prudent so as to give a true & fair view of state of affairs of the Company at the end of the Financial years & of the Profit of the Company for the Period.

3) Proper & Sufficient care have 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 & for preventing & detecting fraud and other irregularities,

4) The Annual Accounts have been prepared on going concern basis.

12. ACKNOWLEGMENTS:

The Directors wish to place on record their appreciation for the support and assistance extended by Bankers, various Government Departments, Customers, Members and Employees at all levels of operation of your Company. Your Directors wish to place on records their sincerely appreciation for the trust & confidence reposed in the company by the Shareholders.

For and on Behalf Of the Board, Pet Plastics Limited

Vijay Vakil Chairman & Managing Director.

Place: Mumbai. Dated: 31st May, 2002.

 
Subscribe now to get personal finance updates in your inbox!