Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 18th Annual Report on
the business and operation of the Company and the accounts for the
Financial Year ended 31st March, 2015
1) EXTRACT OF ANNUAL RETURN
The Extract of Annual Return in form MGT-9 as per section 92 of the
Companies Act, 2013 and the relevant rules is annexed as Annexure-A.
2) DIVEDEND
Considering the Company's Financial Performance, the Directors do not
recommended any dividend for this year.
3) NUMBER OF MEETINGS OF THE BOARD
S. no. Type of meeting Date of meeting
01 Board Meeting 28.05.2014
02 Board Meeting 30.07.2014
03 Board Meeting 28.08.2014
04 Board Meeting 15.10.2014
05 Board Meeting 13.01.2015
06 Board Meeting 05.03.2015
07 Board Meeting 27.03.2015
4) DIRECTORS' RESPONSIBILITY STATEMENT :-
Pursuant to the requirements of section 134(5) of the Companies Act,
2013 with respect to Directors' Responsibility Statement, it's hereby
confirmed:
(i) That in the preparation of the accounts for the financial year ended
31s1 march 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures from the
same;
(ii) That 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 of the Company for the year under review;
(iii) That the directors have been taken proper and sufficient care for
the .maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the directors have prepared accounts for the financial year
ended 31st march 2015 on a going concern basis; and
(v) That the directors have devised proper system to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
(vi) That proper internal financial controls are followed by the
Company and that such financial controls are adequate and are operating
effectively; and
5) STATUTORY AUDITORS
pursuant to the provisions of Section 139 and other applicable
provisions, if any, of the Companies Act,2013 (including any statutory
modification or re-enactment thereof for the time being in force) and
the Companies (Audit and Auditors Rules), 2014 made there under, as
amended from time to time and pursuant to the recommendations of the
Audit Committee of the Board of Directors, M/s Arif Jain & Associates,
Chartered Accountants who retires and being eligible, offers himself
for reappointment be and is hereby re-appointed as a statutory auditors
of the Company for the financial year 2015-16 and they shall hold
office up to the conclusion of the Annual General Meeting to be held
for the Financial Year 2015-16 and that the Board of Directors be and
is hereby authorized to fix the remuneration payable to them for the
financial year ending March 31, 2016, on the recommendation of the
audit committee in consultation with the Statutory Auditors of the
Company.
6) DEPOSITS
Your Company has not accepted any deposit within the meaning of
provisions of Section 73 of Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Amendment Rules, 2015.
7) STATEMENT OF DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER
SECTION 149(6) :-
The company has three independent directors and all have given the
declarations declaring that they are qualified and does not hold any
disqualifications to act as independent directors. Their declarations
have been taken on record by the Board in its meeting held on 31.03.2015
8) EXPLANATIONS OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION,
RESERVATION OR ADVERSE REMARK OR DISCLAIMER BY AUDITOR IN HIS REPORT
AND BY COMPANY SECRETARY IN PRACTICE IN HIS SECRETARIAL AUDIT REPORT :-
The Auditor's Report is self explanatory and there are no
qualifications, reservation or adverse remarks made by the auditors.
Hence no comments are required. The Company Secretary in his audit
report raised queries regarding non publication of quarterly results
and book closure. Your directors placed on record the queries raised by
him and noted the same for future compliances. Further he raised a
query for non appointment of a woman director. In this respect the
Company has appointed a woman director on 05/06/2015.
9) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The particulars of loans, guarantees or investments under section 186
is furnished in Annexure-B and is attached to this report.
10) CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN
SECTION 188(1)
The particulars of contract or arrangement made with related party
pursuant to section 188 is furnished in * Annexure-C and is attached to
this report.
11) PERFORMANCE OF THE COMPANY: -
(a) Turnover: in Rs. Lacs
Current Year Previous Year % Decrease
580.92 674.81 13.91
(b) Net profit: Rs. In Lacs
Current Previous
year year
Profit/(loss) for the year before (23.19) (1.84)
taxation and Extra-ordinary item
Provision for taxation
Extraordinary item of Expenditure 0.51 2.16
Net profit/(loss) (23.70) (4.00)
Balance of profit/(loss) (591.58) (587.58)
from previous year
Less: Adjustment for Additional
Depreciation as per Schedule 50.20 0.00
Surplus retained in Profit and
loss Account (665.49) (591.58)
12) MATERIAL CAHNGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMNPANY WHICH HAVE OCCRRED BETWEEN THE END OF THE
FNANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the company occurred between the end of the financial year of the
company to which the financial statements relate on the date of this
report.
13) ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS
COMMITTEES AND INDIVIDUAL DIRECTORS
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual evaluation
of its own performance, performance of its Directors individually as
well as the evaluation of the working of its Committees. The evaluation
of all the directors and the Board as a whole was conducted based on
the criteria and framework adopted by the Board. The evaluation process
has been explained in the Corporate Governance Report section which
forms part of this report.
14) THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Provisions of section 134(m) of the Companies Act, 2013 do not apply to
our company and hence required information is Nil. There was no foreign
exchange earnings and outgo during the year.
15) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THECOMPANY
The company does not have risk management policy as the elements of the
risk threatening the company's existence s very minimal.
16) DETALS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCAL RESPONSBLITYINITIATVES
The company has not developed and implemented the following corporate
responsibility initiatives during the year under review.
17) LISTING OF SHARES
Company's shares are listed with BSE Limited. The company has paid
annual listing fee forfinancial year2015-16
18) INDUSTRIAL RELATIONS:
Company's Industrial relations continued to be healthy, cordial and
harmonious during the period under review.
19) GENERAL DISCLOSURES:
(I) There are no significant and/or material orders passed by the
Regulators or Courts or Tribunals impacting the going concern status of
the Company.
(II) No material changes and commitments affecting the financial
position of the company have occurred between the end of the financial
year to which the financial statements relate and the date of this
directors report.
20) ENVIRONMENT AND SAFETY:
The Company is conscious of the importance of environmentally clean and
safe operations. The Company's policy required conduct of operations in
such a manner, so as to ensure safety of all concerned, compliances
environmental regulations and preservation of natural resources.
21) SAD DEMISE OF MR. SHARAD DUBEY, INDEPENDENT DIRECTOR OF THE
COMPANY:
Your Board regrets to inform the sad demise of our beloved independent
directors Mr. Sharad Dubey. Your Directors pray God to rest the soul of
demised director in peace and give courage to his family to overcome
the sorrow.
22) ACKNOWLEDGMENT:
On behalf of the Directors of the Company, I would like to place on
record our deep appreciation to our Shareholders, Customers, Business
Partners, Vendors, both international and domestic, Bankers, Financial
Institutions and Academic Institutions. Your Directors also wish to
place on record their sincere thanks to the Government of India and the
various Ministries, the State Governments and the various Ministries,
the Central and State Electricity Regulatory authorities, communities
in the neighborhood of our operations, Municipal and local authorities
in areas where we are operational.
For and on behalf of the Board of Directors
Pithampur Poly Products Limited
RAJENDRA TEKRIWAL
Chairman and Managing Director
Place: Indore DIN 00011492
Date: 15/07/2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting before you the 17TH ANNUAL
REPORT of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2014.
FINANCIAL RESULTS (Amt . Rs. In Lakhs)
2013-2014 2012-2013
Sales / Income 676.69 588.73
Total Expenses 680.69 623.75
Profit Before Tax (4.00) (35.03)
Profit after Tax (4.00) (35.03)
FINANCIAL & OPERATIONAL HIGHLIGHTS
The Financial results of the Company has been stated in the B/S & P & L
A/C attached herewith.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2013-14.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58A of the Co. Act, 1956 and Rules
framed there under.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of three
directors. The terms of the reference of the committee are in line with
the requirements specified u/s. 292A of the Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Mr. Sharad Dubey, Director of the company
will retire by rotation at the ensuing Annual General Meeting of the
Company and being eligible, offers himself for re-appointment.
AUDITORS
Members have to appoint auditors for the current financial year and to
fix remuneration. M/s. C.P. Rawka & Co., Chartered Accountants Indore,
shows his unwillingness to continue as Auditor of the Company, the
retiring auditors of the company, now company has consider Mr. Arif
Jain & Associates, Chartered Accountants, as Statutory Auditor who is
eligible for appointment. Their appointment, if made, will be within
the prescribed limit specified under section 224(1B) of the Companies
Act, 1956 as intimated by the said firm to the Company.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Directors hereby report:
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) and such accounting policies have been selected and applied
consistently and judgements and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the losses of the
Company for that period;
(c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities:
(d) that annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from statutory
auditors with regards to the compliance of the corporate governance as
stipulated in Clause 49 of the Listing Agreement by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
LISTING
The equity share of the company are listed on the Stock Exchange at
Indore, Mumbai, Ahmedabad, Chennai.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
sub-contractors, suppliers, Officers and other employees of the Company
throughout the year.
Place: PITHAMPUR For and on behalf of
Date: 28-08-2014 The Board of Directors
Sd/-
Rajendra Kumar Tekriwal
CHAIRMAN
Mar 31, 2013
To, The Members of the Company,
The Directors have pleasure in presenting before you the 16TH ANNUAL
REPORT of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2013.
FINANCIAL RESULTS
(Amt . Rs. In Lakhs )
2012-2013 2011-2012
Sales / Income 588.73 596.91
Total Expenses 623.75 688.22
Profit Before Tax (35.03) (103.63)
Profit after Tax (35.03) (103.63)
FINANCIAL & OPERATIONAL HIGHLIGHTS
The Financial results of the Company has been stated in the B/S & P & L
A/C attached herewith.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2012-13.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58A of the Co. Act, 1956 and Rules
framed there under.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of three
directors. The terms of the reference of the committee are in line with
the requirements specified u/s. 292A of the Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Mr. Vishwanath Kanungo, Director of the
company will retire by rotation at the ensuing Annual General Meeting
of the Company and being eligible, offers himself for re-appointment.
Members have to appoint auditors for the current financial year and to
fix remuneration. M/s. C.P.Rawka & Co., Chartered Accountants Indore,
the retiring auditors of the company, is eligible for reappointment.
Their appointment, if made, will be within the prescribed limit
specified under section 224(1B) of the Companies Act, 1956 as intimated
by the said firm to the Company.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
Pursuant to section 217(1)(a) read with the Co.(Disclosures of
particulars in the Report of Board of Directors) Rules,1988 , the
details are as under :- (A) CONSERVATION OF ENERGY 12-13 11-12
POWER & FUEL RS.11490836/- RS. 10821874/-
(B) TECHNOLOGY ABSORPTION NIL NIL
(C) EARNING AND EXPENSES
IN FOREIGN EXCHANGE
Earning in Foreign Currency Rs. NIL Rs. NIL
Expenditure in Foreign Currency Rs. NIL Rs. NIL
DIRECTORS'' RESPONSIBILITY STATEMENT Your Directors hereby report:
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) and such accounting policies have been selected and applied
consistently and judgements and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the losses of the
Company for that period;
(c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities:
(d) that annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from statutory
auditors with regards to the compliance of the corporate governance as
stipulated in Clause 49 of the Listing Agreement by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
LISTING
The equity share of the company are listed on the Stock Exchange at
Indore, Mumbai, Ahmedabad, Chennai.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
sub-contractors, suppliers, Officers and other employees of the Company
throughout the year.
Place : PITHAMPUR For and on behalf of
Date : 02/09/2013 The Board of Directors
Sd/-
Rajendra Kumar Tekriwal
CHAIRMAN
Mar 31, 2012
To, The Members of the Company,
The Directors have pleasure in presenting before you the 15th ANNUAL
REPORT of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2012.
FINANCIAL RESULTS (Amt . Rs. In Lakhs )
2011-2012 2010-2011
Sales / Income 596.91 393.56
Total Expenses 688.22 541.08
Profit Before Tax (103.63) (157.34)
Profit after Tax (103.63) (157.34)
FINANCIAL & OPERATIONAL HIGHLIGHTS
The Financial results of the Company has been stated in the B/S 8s P 85
L A/C attached herewith.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2011-12.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58A of the Co. Act, 1956 and Rules
framed there under.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of three
directors. The terms of the reference of the committee are in line with
the requirements specified u/s. 292A of the Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Mr. Sharad Dubey, Director of the company
will retire by rotation at the ensuing Annual General Meeting of the
Company and being eligible, offers himself for re-appointment.
Apart from this, Mr. Mansharam Birla and Mr. P.K. Chakravorty, Directors
have resigned on 23.01.2012 due to their pre-occupation.
AUDITORS
Members have to appoint auditors for the current financial year and to
fix remuneration. M/s. C.P. Rawka & Co., Chartered Accountants Indore,
the retiring auditors of the company, is eligible for reappointment.
Their appointment, if made, will be within the prescribed limit
specified under section 224(1B) of the Companies Act, 1956 as intimated
by the said firm to the Company.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/ OUTGO.
Pursuant to section 217(l)(a) read with the Co.(Disclosures of
particulars in the Report of Board of Directors) Rules, 1988 , the
details are as under :-
(A) CONSERVATION OF ENERGY 10-11 10-11
POWER&FUEL 1,08,21,874 90,36,516
(B) TECHNOLOGY ABSORPTION NIL NIL
(C) EARNING AND EXPENSES
IN FOREIGN EXCHANGE
Earning in Foreign Currency Rs. NIL Rs. NIL
Expenditure in Foreign Currency Rs. NIL Rs. NIL
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors hereby report:
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) and such accounting policies have been selected and applied
consistently and judgments and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the losses of the
Company for that period;
(c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities:
(d) that annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from statutory
auditors with regards to the compliance of the corporate governance as
stipulated in Clause 49 of the Listing Agreement by the company is
annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
LISTING
The equity share of the company are listed on the Stock Exchange at
Indore, Mumbai, Ahmadabad, Chennai.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
sub-contractors, suppliers, Officers and other employees of the Company
throughout the year.
Place : PITHAMPUR For and on behalf of
Date : 03-09-2012 The Board of Directors
Sd/-
Rajendra Kumar Tekriwal
CHAIRMAN
Mar 31, 2010
Dear Shareholders,
The Directors are pleased to present the 13th Annual Report along with
the audited annual accounts for the year ended 31st March 2010.
Financial Review
Your Company's performance for the year ended 31st March, 2010 is as
follows
(Amount In Lacs)
2009-10 2008-09
Sales/income 421.08 347.99
Total Expenses 430.85 387.37
Profit Before Tax (97.70) (95.39)
Profit After Tax (97.70) (95.39)
Dividend
Keeping in mind the strategy of growth in the business through
enhancing manufacturing capacity, your directors do not recommend any
dividend for the current year.
Public Deposits
During the year under review the company has neither accepted nor
invited any public deposits within the meaning of section 58A of the
Companies Act, 1956 read with the Companies (Acceptance of Deposits)
Rules, 1975. Also there are no outstanding public deposits at the end
of the year.
Management
In accordance with the provisions of the Sec. 255, 256 of the Companies
Act, 1956 and Articles of Association of the Company, Mr. Vishwanathan
Kanungo is retiring by rotation at the forthcoming Annual General
Meeting and has shown his willingness for re-appointed as a Director of
the company. Your directors recommend his reappointment.
Information on the details of directors seeking
appointment/re-appointment as required under Clause 49 of the Listing
Agreement has been given under the Notice to Shareholders under the
head Additional Information'.
Auditors
M/s. C.P. Rawka & Co., Statutory Auditor of the Company, retires at the
conclusion of ensuing Annual General Meeting and being eligible, offer
themselves for reappointment.
The company has received a letter from them to the effect that their
reappointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such reappointment within the meaning of Section 226
of the said Act.
Auditors Report
The observation made in the Auditors' Report are self explanatory and,
therefore need no further clarification under Section 217 (3) of the
Companies Act, 1956.
Directors' Responsibility Statement
Your Directors affirm that the audited accounts containing financial
statements for the financial year 2009-10 are in full conformity with
the requirements of the Companies Act, 1956. They believe that the
financial statements reflect fairly, the form and substance of
transactions carried out during the year and reasonably present the
Company s financial condition and results of operation. These
statements are audited by the statutory auditors M/s. Sarad Kasat &
Co.
Your Directors further confirm
i) That in the preparation of the annual accounts for financial year
ended 31st March 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
ii) That the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company for the financial year ended on 31st March,
2010 and of the profit of the Company for the year ended on that date.
iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
iv) That the Directors have prepared the annual accounts on a going
concern basis.
Management Discussion and Analysis Report
Management Discussion & Analysis Report, as required under the Listing
agreement with the Stock Exchanges is given in Annexure B and forms a
part of this Annual Report.
Corporate Governance
The company has in place a system of Corporate Governance. A detailed
compliance report on corporate governance as stipulated in Clause 49 of
the Listing Agreement along with a certificate of compliance from the
Auditors is given in Annexure 'C and forms a part of this Annual
Report.
Listing At Stock Exchanges
The Equity shares of the Company are listed on the Stock Exchange at
Indore, Mumbai, Ahmedabad, Chennai.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on Corporate Governance along with management discussion and
analysis is annexed to this report . A certificate from Practicing
Company Secretary with regard to the compliance of the corporate
governance as stipulated in Clause 49 of Listing Agreement by the
Company is annexed to this report.
Particulars of Employees
There is no employee during the period drawing remuneration attracting
the provisions of section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975.
Acknowledgements
The Board of Directors of your Company acknowledges their sincere
appreciation for the support extended by the statutory authorities, the
stock exchanges, advisors, shareholders and staff of the Company for
the valuable assistance, support and co-operation extended to the
Company and continuous support and faith reposed in the Company.
By order of the Board of Director
For Pithampur Poly Products Limited
Sd/- Sd/-
Place: Pithampur (MP) (Vishwanathan Kanungo) (Rajendra Tekriwal)
Dated: September 04, 2010 (Director) Chairman & Managing
Director
Mar 31, 2009
The Directors have pleasure in presenting before you the 12th ANNUAL
REPORT of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2009.
FINANCIAL RESULTS
(AMT. RS. IN LAKHS )
2008-2009 2007-2008
Sales / Income 347.99 699.30
Total Expenses 443.38 676.96
Profit Before Tax (95.39) 22.34
Profit after Tax (95.39) 22.34
FINANCIAL & OPERATIONAL HIGHLIGHTS
The Financial results of the Company has been stated in the B/S & P & L
A/C attached herewith.
DIVIDEND
The Board of Directors of the Company has not declared any dividend for
2008-09.
FIXED DEPOSITS
The Company has not accepted deposits from the public during the year
attracting the provisions of section 58A of the Co. Act, 1956 and Rules
framed there under.
AUDIT COMMITTEE
The Company has formed an Audit committee comprising of three
directors. The terms of the reference of the committee are in line with
the requirements specified u/s. 292A of the Co-Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS
During the year under review, Mr. Sharad Dubey will retire by rotation
at the ensuing Annual General Meeting of the Company and being
eligible, offers himself for re-appointment.
In addition to this, Mr. P.K.Chakravorty and Mansharam Birla have been
appointed as additional directors of the company.
AUDITORS
Members have to appoint auditors for the current financial year and to
fix remuneration. M/s. C.P.Rawka & Co., Chartered Accountants Indore,
the retiring auditors of the company, is eligible for reappointment.
Their appointment, if made, will be within the prescribed limit
specified under section 224(1 B) of the Companies Act, 1956 as
intimated by the said firm to the Company.
During the year, the auditors firm has been reconstituted and hence the
firm name became changed from M/s Rawka Agrawal & Co. to M/s C. P.
Rawka & Co. hence in the opinion of the Board of Directors of the
Company, there is no change in Auditors of the Company.
PARTICULARS OF EMPLOYEES
There was no employee in the Company whose particulars are required to
be furnished as per section 217 (2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended upto
date.
CONSERVATION OP ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
Pursuant to section 217(1)(a) read with the Co.(Disclosures of
particulars in the Report of Board of Directors) Rules,1988 , the
details are as under :-
(A) CONSERVATION OF ENERGY 08-09 07-08
POWER & FUEL 59,82,386 92,72,005
(B) TECHNOLOGY ABSORPTION NIL NIL
(C) EARNING AND EXPENSES IN
FOREIGN EXCHANGE
Earning in Foreign
Currency Rs. NIL Rs. 1,29,68,966
Expenditure in Foreign
Currency Rs. 8,873 Rs. 2,13,689
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors hereby report:
(a) that in the preparation of annual accounts, the applicable
accounting standards have been followed;
(b) and such accounting policies have been selected and applied
consistently and judgements and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the losses of the
Company for that period;
(c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities:
(d) that annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report. A certificate from Practising
Company Secretary with regards to the compliance of the corporate
governance as stipulated in Clause 49 of the Listing Agreement by the
company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
LISTING
The equity share of the company are listed on the Stock Exchange at
Indore, Mumbai, Ahmedabad, Chennai.
ACKNOWLEDGEMENT
Your Directors wish to express their sincere appreciation for the
co-operation and support received from Banks, shareholders, customers,
sub-contractors, suppliers, Officers and other employees of the Company
throughout the year.
Place : PITHAMPUR For and on behalf of The Board of Directors
Date: 04-09-2009 Sd/-
Rajendra Kumar Tekriwal
CHAIRMAN