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.
VarrdanaEnterpriseãM/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.