Home  »  Company  »  Planter's Polysa  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Planter's Polysacks Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 30th Annual Report and Audited Financial Statements of your Company for the year ended 31st March 2015.

1. FINANCIAL SUMMARY OR HIGHLIGHTS OF THE COMPANY:

During the year your Company has achieved the turnover of Rs.2,591 as compared to Rs.2,80,57,885 in corresponding previous year and has incurred Loss of Rs.3,48,134 as against the profit of Rs.2,42,279 during the corresponding previous year.

Since the Company has suffered loss during the current year there is no provision for income tax as against the provision of Rs.74,778/- during the previous year.

2. DIVIDEND:

Your Directors regret their inability to recommend any dividend since the Company has suffered loss during the current financial year.

3. TRANSFER TO RESERVES:

Since the Company has no surplus during the year no amount has been transferred to the Reserves maintained by the Company.

4. BRIEF STATE OF COMPANY'S AFFAIR:

The Company is a professionally managed Company and the Company has business objectives of manufacturing, trading etc. of containers, packaging, textile and textile related products and also can carry out real estate related business activities, however in view of the financial conditions of the Company during the year no business operation has taken place.

5. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNALS:

The proposed Scheme of Arrangement for reduction of capital of Company envisaging reduction of paid up capital from Rs.1,40,00,000 divided into 14,00,000 Equity Shares of Rs.10 each to Rs.14,00,000 divided into 1,40,000 Equity Shares of Rs.10 each, without any payment of the cancelled value of said shares to the shareholders of the Company has been confirmed by the Hon'ble High Court of Bombay on 9th January, 2015 and same is effective and accordingly the Capital so reduced has been set off against accumulated losses.

6. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION:

There are no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

7. DEPOSITS:

Your Company has not accepted any uxed deposits from the public under Section 73 of the Companies Act, 2013 and is therefore not required to furnish information in respect of outstanding deposits under and Companies (Acceptance of Deposits) Rules, 2014.

8. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT:

During the year your Company has not given any loan, Guarantee or not made any investment under Section 186 of the Act.

9. EXTRACT OF THE ANNUAL RETURN:

The extract of the Annual Return in form MGT - 9 as required under Section 92 (3) of the Companies Act, 2013 read with rule 12(1) of the Companies (Management and Administration) Rules, 2014,is attached herewith as Annexure - A.

10. DISCLOSURES AS PER SECTION 134 (3) (m) OF THE COMPANIES ACT, 2013 FOR CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Presently, your Company has no business activities and therefore not required to disclose the details related to conservation of energy, technology absorption. Further there was neither Foreign Exchange Earning nor Foreign Exchange outgoing during the year under review.

11. BOARD OF DIRECTORS:

(A) COMPOSITION OF BOARD:

Board of Directors comprises of 5 (five) Directors out of which 3 (Three) are Independent Non Executive Directors including 1 (One) Woman Director.

(B) RETIREMENT BY ROTATION:

Mr. Kanhaiyalal Basotia, Director retires by rotation and being eligible offers himself for reappointment.

(C) INDEPENDENT DIRECTORS:

In terms of the definition of 'Independence' of Directors as prescribed under Clause 49 of the Listing Agreement entered with the Stock Exchange and Section 149(6) of the Companies Act, 2013 and based on the confirmation / disclosures received from the directors for the year, the following are the Independent Non - Executive Directors of the Company:

Mr. Sanjay Parsai (DIN: 06537029)

Mr. Hemant Ameta (DIN: 06491207)

Ms. Ruchi Mandora (DIN: 07136440)

(D) WOMAN DIRECTOR:

In terms of the provisions of Section 149(1) of the Companies Act, 2013, a Company shall have at least one Woman Director on the Board of the Company. Your Company has appointed Ms. Ruchi Subhash Mandora (DIN 07136440) as a Director on the Board of the Company from 26th March, 2015

(E) APPOINTMENT / RESIGNATION FROM THE BOARD:

Mr. Rahul Bhutiya and Mr. Kartikkumar Soni the Independent Directors have resigned from their position with effect from 27th May, 2015.

(F) KEY MANAGERIAL PERSONNEL APPOINTMENT AND RESIGNATION:

During the year your Company is not been able to appoint the Key Managerial Personnel as required under the provisions of Companies Act, 2013 in view of poor financial performance of the Company.

12. NUMBER OF MEETINGS OF THE BOARD:

During the year the meetings of the Board of Directors were held at regular interval and the Board met 8 (eight) times during the financial year 2014 - 15 on the following dates viz, 30th May, 2014; 24th June, 2014; 14th Aug, 2014; 26th Aug, 2014; 14th Nov, 2014; 14th Feb, 2015; 21st Feb, 2015 and 26th March, 2015.

13. POLICY OF DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR, KEY MANAGERIAL PERSONNEL AND OTHER EMPLOYEES:

The Company strives to maintain an appropriate combination of Executive, Non-Executive and Independent Directors subject to a maximum as provided in Articles of Association and Company's policy as referred under Section 178(3) of the Companies Act, 2013 is forming part of this report as Annexure - B.

14. PARTICULARS OF LOANS, GAURANTEES OR INVESTMENTS:

There are no such particulars as the Company has not made any such transactions referred under Section 186 of the Companies Act, 2013.

15. FORMAL ANNUAL EVALUATION OF BOARD, COMMITTEE AND INDIVIDUAL DIRECTORS:

A formal evaluation of the performance of the Board, it's Committees and the individual Directors was carried out. Led by the Nomination & Remuneration Committee, the evaluation was done using individual questionnaires, receipt of regular inputs and information, functioning, performance & structure of Board Committees, ethics & values, skill set, knowledge & expertise of Directors, leadership etc.

16. AUDITORS:

Statutory Audit and Auditors Appointment:

The Board is not required to make any comments or given any explanation in respect of qualifications, reservations or adverse remarks or disclaimer made by statutory auditors as there were no such instances occurred.

At the AGM held on 30th September, 2014 the members had approved the appointment of M/ s. Bansilal Shah & Co., Chartered Accountants, (Firm Reg. No. 000384W), as Statutory Auditors of the Company for a period of five years from the conclusion of 29th AGM until the conclusion of Sixth consecutive AGM. As recommended by the Audit Committee, the Board has proposed to ratify the re-appointment of M/s. Bansilal Shah & Co., Chartered accountant as statutory Auditors for the financial year 2015 - 2016.

Secretarial Auditors and Secretarial Audit Report:

Pursuant to Section 204 of the Companies Act, 2013, the Company has appointed M/s Shreyans Jain & Co. Practicing Company Secretaries, Mumbai as its Secretarial Auditors to conduct the Secretarial Audit of the Company for the Financial Year 2014 - 15. The Company has provided all assistance and facilities to the Secretarial Auditor for conducting their audit. The report of Secretarial Auditor for the FY 2014-15 is annexed to this report as Annexure - C.

Further with respect to the observations in the Secretarial Audit Report in view of the poor financial conditions of the Company, the Company is not able to have the Whole Time Key Managerial Personnel as required under Section 203 of the Companies Act, 203, however the management of the Company is being carried out under the supervision of the professional Board.

17. DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors in terms of Section 134 (5) of the Company's Act, 2013 confirm that:

a) All applicable accounting standards have been followed in the preparations of the annual accounts with proper explanation relating to material departures;

b) Your Directors have selected such accounting policies and applied them consistently, made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the statement of affairs of the Company as of 31.03.2015 and of the loss of the Company for that period;

c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Annual Accounts have been prepared on a going concern basis as stated in the notes on accounts;

e) The Company follows internal financial controls and that such internal controls are adequate and are operating adequately.

f) There are proper system devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

18. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS:

The Company has implemented such internal financial controls commensurate with the size of the Company to provide a true and fair view of the financial statements and has laid down such standards and processes which ensures that the same are adequate and operating efficiently.

19. AUDIT COMMITTEE:

The Company has Audit Committee constituted under the chairmanship of Mr. Hemant Ameta in accordance with the provisions of Section 177(1) of the Companies Act, 2013. As on 31st March, 2015, the Committee was constituted as follows

Mr. Hemant Ameta, Chairman Ms. Ruchi Mandora Mr. Sanjay Parsai

All the recommendations made by the Audit Committee were accepted by the Board during the year.

20. VIGIL MECHANISM:

As required in terms of the provisions of Section 177 (9) of the Act, your Company has implemented a Whistle Blower Policy pursuant to which Whistle Blowers can raise and report genuine concerns relating to reportable matters such as breach of code of conduct, fraud, employee misconduct, misappropriation of funds, health and safety matters etc. the mechanism provides for adequate safeguards against victimization of Whistle Blower who avail of such mechanism and provides for direct access to the chairman of the Audit Committee.

The functioning of the Whistle Blower policy is being reviewed by the Audit Committee from time to time. None of the Whistle Blower has been denied access to the Audit Committee of the Board.

21. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company's net worth, turnover or net profit are below the limits specified under Section 135 of the Act and therefore the requirement for constituting Corporate Social Responsibility Committee; formation of policy and other related provisions are not applicable.

22. RISK MANAGEMENT POLICY:

The Board of Directors is overall responsible for identifying, evaluating, mitigating and managing all significant kinds of risks faced by the Company. The Board has approved Risk Management policy, which acts as an guiding principles by which key risks are managed in the Company.

The Board itself monitors and reviews the risks which have potential bearing on the performance of the Company and in the opinion of the Board there is no risk faced by the Company which threatens its existence.

23. CORPORATE GOVERNANCE REPORT

In pursuance of SEBI circular CIR/CFD/POLICY CELL/7/2014 dated 15th September, 2014 the Company even though being an listed entity is not mandatorily required to report on the compliance of Clause 49 of the Listing Agreement since the Company does not falls under the criteria attracting the obligations to adhere to the compliance of clause 49 of the Listing Agreement.

24. PARTICULAR PURSUANT TO SECTION 197(12) AND RELEVANT RULES:

In terms of the provisions of Section 197 (12) of the Companies Act, 2013 read with the Rule 5(2) of the Companies (Appointment and Remuneration) Rules, 2014, as amended from time to time, the Company is required to disclose the ratio of the remuneration of each director to the median employee's remuneration and such other details. However there are no such details reportable.

25. ADDITIONAL INFORMATION:

Your Company provides additional information related to the Company's business, matter of interest to the investors like financial information etc. on its website www.planterspolysacks.com.

26. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation for assistance and co-operation received from various Government agencies, Banks, Financial Institutions, Stock Exchanges, customers, suppliers and other business associates during the financial year.

By Order of the Board of Directors For Planter's Polysacks Limited Sd/- Kanhaiyalal Basotia Place: Navi Mumbai Whole Time Director Date: 27.05.2015 (DIN: 01965955)


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 29th Annual Report and Audited Financial Statements of your Company for the year ended 31st March 2014.

FINANCIAL RESULTS:

During the year your Company has achieved the turnover of Rs. 280.57 Lacs as compared to Rs. Nil in corresponding previous year and has incurred profit of Rs1.68 Lacs as against the loss of Rs.6.84 lacs during the corresponding previous year.

DIVIDEND:

Your Director regret their inability to recommend any dividend since the Company has suffered loss during the current financial year.

SCHEME OF ARRANGEMENT FOR REDUCTION OF CAPITAL:

Your Directors has proposed a scheme of arrangement for reduction of capital of Company envisaging reduction of paid up capital from Rs.1,40,00,000 divided into 14,00,000 Equity Shares of Rs.10 each to Rs.14,00,000 divided into 1,40,000 Equity Shares of Rs.10 each, without any payment of the cancelled value of said shares to the shareholders of the Company subject to the approval from Hon''ble High Court of Bombay. The capital so reduced shall be set off against accumulated losses.

BOARD OF DIRECTORS:

(A) COMPOSITION OF BOARD:

Board of Directors comprised of 6 (six) Directors out of which 3 (three) are Independent Non Executive Directors.

(B) RETIREMENT BY ROTATION:

Mr. Rahul Bhutiya, director retires by rotation and being eligible offers himself for reappointment.

(C) INDEPENDENT DIRECTORS:

In terms of the provisions of Section 149, 152 read with Schedule IV and other applicable provisions, if any of the Companies Act, 2013 read with Companies (Appointment and Qualification of Director) Rules, 2014, the Independent Directors can hold office for a term upto five (5) consecutive years as Directors of your company and will not be liable to retire by rotation. Accordingly, it is proposed to appoint Mr. Kartik Kumar Soni, Mr. Hemant Prasad Ameta and Mr. Sanjay Parsai as Independent Directors of the Company to hold the office for a term of 5 (five) consecutive years upto 31st March, 2019.

The brief resume of the aforesaid Directors and other information have been given in the notice of the Annual General Meeting.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

LISTING:

Your Company has made payment of Listing Fees within time to the BSE Limited for financial year 2014 - 15.

AUDITORS:

M/s. Bansilal Shah & Co., Chartered Accountants, (Firm Reg. No. 000384W), the Auditors of the Company, retire at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and rules made thereunder, and pursuant to the recommendation of the audit committee of the Board of Directors of the Company M/s. Bansilal Shah & Co., Chartered Accountants, (Firm Reg. No. 000384W), are being appointed as statutory auditors as per the resolution forming part of notice of the Annual General Meeting.

Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 141(3)(g) of the Companies Act, 2013.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance certificate is attached herewith as annexure -A.

DIRECTOR''S RESPONSIBILITY STATEMENT:

Your Directors in terms of Section 217(2AA) of the Company''s Act, 1956 confirm that:

1. All applicable accounting standards have been followed in the preparations of the annual accounts.

2. Your Directors have selected such accounting policies and applied them consistently, made judgments at estimates that are reasonable and prudent so as to give a true and fair view of the statement of affairs of the Company as of 31.03.2014 and of the profit of the Company for the year ended on 31.03.2014.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The Annual Accounts have been prepared on a going concern basis as stated in the notes on accounts.

PARTICULAR OF EMPLOYEES:

In terms of the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended from time to time, the names and other particulars of the employees whose remuneration is above specified limit is required to be disclosed, However there are no such employees whose details are required to be disclosed.

DISCLOSURES AS PER SECTION 217 (1)(E) OF THE COMPANIES ACT, 1956 FOR CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

Currently, your Company did not have any activity and therefore not required to disclose the details related to conservation of energy, technology absorption.

Further there was neither Foreign Exchange Earning nor Foreign Exchange outgoing during the year under review.

ADDITIONAL INFORMATION:

Your Company provides additional information related to the Company''s business, matter of interest to the investors like financial information etc. on its website www.planterspolysacks.com.

ACKNOWLEDGEMENT:

Your Directors place on record their appreciation for assistance and co-operation received from various Government agencies, Banks, Financial Institutions, Stock Exchanges, customers, suppliers and other business associates during the financial year.

By Order of the Board of Directors For Planter''s Polysacks Limited

Sd/-

Place: Navi Mumbai Kanhaiyalal Basotia

Date : 30th May, 2014 Director

(DIN : 01965955)


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the 28th Annual Report and Audited Financial Statements of your Company for the year ended 31st March 2013.

FINANCIAL RESULTS:

During the year your Company has achieved the turnover of Rs. Nil as compared to Rs.45.84 lacs in corresponding previous year and has incurred losses of Rs.6.84 lacs as against the loss of Rs.7.42 lacs during the corresponding previous year.

DIVIDEND:

Your Director regret their inability to recommend any dividend since the Company has suffered loss during the current financial year.

SHIFTING OF REGISTERED OFFICE OF THE COMPANY:

During the year the shareholders have approved proposal for shifting of registered office of the Company to the state of Maharashtra from the state of West Bengal, consequently, the Company has filed petition with the Hon''ble Regional Director Eastern Region. The Hon''ble Regional Director Eastern Region vide its order dated 17.04.2013 sanctioned the alteration of Memorandum for shifting registered office to the state of Maharashtra.

SCHEME OF ARRANGEMENT FOR RECONSTRUCTION / RESTRUCTURING OF CAPITAL:

Your Directors has proposed a scheme of arrangement for reconstruction / restructuring of capital of Company envisaging reduction of paid up capital from Rs.1,40,00,000 divided into 14,00,000 Equity Shares of Rs.10 each to Rs.14,00,000 divided into 1,40,000 Equity Shares of Rs.10 each.

The capital so reduced shall be set off against accumulated losses. The Scheme further proposes to issue 1,03,70,000 Equity Shares of Rs.10 each at par on Preferential Basis to Promoters and certain strategic investors. The Funds raised will improve the financial performance of the Company and will help the management to take up the new business activities.

The appointed date is 1st April, 2013, subject to the requisite approval from shareholders, creditors, Stock Exchanges, the Hon''ble High Court of Bombay and other Regulatory Authorities, as may be required for the purpose.

ALTERATION OF MEMORANDUM WITH INSERTATION OF NEW OBJECT CLAUSES AND COMMENCEMENT OF NEW BUSINESS ACTIVITES:

During the year the Shareholders have approved insertion of certain object clauses in Memorandum of Association pertaining to real estate, textile and trading in commodities etc. and necessary approvals from authorities have been obtained to commence such new business activities.

BOARD OF DIRECTORS:

(A) COMPOSITION OF BOARD:

Board of Directors comprised of 6 (six) Directors out of which 3 (three) are Independent Non Executive Directors.

(B) RETIREMENT BY ROTATION:

Mr. Kailash Chandra Jain, director retires by rotation and being eligible offers himself for reappointment.

(C) CHANGES DURING THE YEAR:

During the year Mr. Hemant Ameta and Mr. Kartik Soni were appointed as Additional Directors of the Company with effect from 11th February, 2013. Further Mr. Sanjay Parsai was appointed as Additional Director of the Company with effect from 19th April, 2013.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve Bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

LISTING:

Your Company has made payment of Listing Fees within time to the BSE Limited for financial year 2013 - 14. Further the Equity Shares of the Company are also admitted with National Securities Depository Limited and Annual Custody fees for Depositories are paid by the Company in time.

AUDITORS:

M/s. Bansilal Shah & Co., Chartered Accountants, (Firm Reg. No. 000384W), the Auditors of the Company, retire at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance certificate is attached herewith as annexure -A.

DIRECTOR''S RESPONSIBILITY STATEMENT:

Your Directors in terms of Section 217(2AA) of the Company''s Act, 1956 confirm that:

1. All applicable accounting standards have been followed in the preparations of the annual accounts.

2. Your Directors have selected such accounting policies and applied them consistently, made judgments at estimates that are reasonable and prudent so as to give a true and fair view of the statement of affairs of the Company as of 31.03.2013 and of the loss of the Company for the year ended on 31.03.2013.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The Annual Accounts have been prepared on a going concern basis as stated in the notes on accounts.

PARTICULAR OF EMPLOYEES:

In terms of the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended from time to time, the names and other particulars of the employees whose remuneration is above the specified limit is required to be disclosed, However there are no such employees whose details are required to be disclosed.

DISCLOSURES AS PER SECTION 217 (1)(E) OF THE COMPANIES ACT, 1956 FOR CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

Currently, your Company did not have any activity and therefore not required to disclose the details related to conservation of energy, technology absorption.

Further there was neither Foreign Exchange Earning nor Foreign Exchange outgoing during the year under review.

ADDITIONAL INFORMATION:

Your Company provides additional information related to the Company''s business, matter of interest to the investors like financial information etc. on its website www.planterspolysacks.com.

ACKNOWLEDGEMENT:

Your Directors place on record their appreciation for assistance and co-operation received from various Government agencies, Banks, Financial Institutions, Stock Exchanges, customers, suppliers and other business associates during the financial year.

By Order of the Board of Directors

For Planter''s Polysacks Limited

Sd/-

Place: Mumbai Kanhaiyalal Basotia

Date: 9th May, 2013 Director


Mar 31, 2012

The Directors have pleasure in presenting the 27th Annual Report and Audited Statements of your company for the year ended 31st March 2012.

FINANCIAL RESULTS:

During the year your Company has achieved the turnover of Rs. 45.84 lacs as compared to 28.13 lacs in corresponding previous year and has incurred net losses of Rs.7.42 lacs as against the net profit of Rs. 0.76 lacs during the corresponding previous year.

DIVIDEND:

Your Director regret their inability to recommend any dividend since the company has suffered loss during the current financial year.

FUTURE PROSPECTS:

During the financial year, the BSE Limited vide its notice dated 17.01.2012 has revoked the suspension and the Equity Shares of the Company will be traded w.e.f. 23.01.2012 on the BSE Limited, this has resulted due to consistent efforts made by the management of the Company. The web site of the Company was also hosted during the year. In order to improve the overall business prospectus the shareholders have approved shifting of Registered office to the state of Maharashtra from the state of West Bengal, which is subject to necessary approvals.

DIRECTORS:

Mr. Kanhaiyalal Basotia, director retires by rotation and being eligible offers himself for reappointment.

DEPOSITS:

The Company has not accepted any deposit from Public during the financial year.

LISTING:

Your Company has made payment of Listing Fees within time to the Stock Exchange for financial year 2012-13.

AUDITORS:

M/s Mulraj D Gala Chartered Accountants, who holds office until the conclusion of the ensuing Annual General Meeting as Auditor has indicated his unwillingness to be re-appointed due to their pre-occupation, and your Directors have recommended appointment of M/s Bansilal Shah & Co., Chartered Accountants as Statutory Auditors for the next financial year.

SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance certificate is attached herewith as annexure -1.

EMPLOYEES:

There is no employee in the Company drawing remuneration that requires declaration under Section 217(2A) of the Company's Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There was neither Foreign Exchange Earning nor Foreign Exchange outgoing during the year under review.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors in terms of Section 217(2AA) of the Company's Act, 1956 confirm that :

1. All applicable accounting standards have been followed in the preparations of the annual accounts.

2. Your Directors have selected such accounting policies and applied them consistently, made judgments at estimates that are reasonable and

prudent so as to give a true and fair view of the statement of affairs of the Company as of 31.03.2012 and of the loss of the Company for the year ended on 31.03.2012.

3. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The Annual Accounts haven prepared on a going concern basis as stated in the notes on accounts.

Additional Information:

Your Company provides additional information related to the Company's business, matter of interest to the investors like financial information etc. on its website www.planterspolysacks.com.

Acknowledgement:

Your Directors place on record their appreciation for assistance and co- operation received from various Government agencies, Banks, Financial Institutions, Stock Exchanges, customers, suppliers and other business associates during the financial year.

By Order of the Board of Directors For Planter's Polysacks Limited

Sd/- Kanhaiyalal Basotia Director

Place: Kolkata Date : 14.8.2012


Mar 31, 2000

The Directors are pleased to present the report of the Company together with the Audited Statements of Accounts of the Company for the ended 31st March,2000

FINANCIAL RESULT :

Rs.in lacs

Income 0.22

Profit before Depreciation & Tax 0.03

Depriciation 0.01

Provision for Taxation 0.00

Profit after Tax 0.02

Less: Prior period adjustment (Net) -

Add: Profit & Loss Account surplus 158.04 brough forward from last year

Balance carried to Balance Sheet 158.02

DIRECTORS:

1. Mr. Vijendrakumar Bhagwat Parshad & Mr. Dhirendrakumar Bhagwat Prashad has Resigned from Directorship & Mr. Navnit Natvarlal Patel, Mr. Bipin Thakorlal Lad & Mr. Mukesh B. Darji has appoint additional Director w.e.f.21.07.2000.

Mr. Narendrakumar Bhagwat Prashad has Resigned from Director- ship w.e.f. 19.08.2000.

AUDITORS :

M/S. SHAHA & CO., Chartered Accountants, has resignes during the year and the Bord of Director have appointed M/s.P.G. KHANDEKAR as auditors to fill up casual vacany, till next Annual Meeting of the Company.

EMPLOYEES :

During the year under review, the relations with employees in the Organisation continued to be cordial. A Statement giving required particulars under section 217(2A) of the companies Act,1988 is not annexed to this report as none of the employee has drawn remuneration in excess of the amount prescribed under that section.

AUDITORS REPORT :

As regards remarks of the Auditors,in their report,the Directors are of the opinion that the remarks are self-explanatory.

CONSERVATION OF ENERGY :

Since your Company has not Carried out any Manufacturing activities during the year, a statement showing particulars required as per Form A, to the Companies ( Disclosure of particulars in the Report of Board of Directors) Rules,1988 read with Section 217(l)(e) of the Companies Act,1956 is not applicable.

RESEARCH, DEVELOPMENT AND TECHNOLOGY ABSORPTION :

Since the Company has not bought any technology in the recent past, statement in Form B, pursuant to the Companies ( Disclosure of particulars in the Report of the Board of Directors)Rules, 1988 read with section 217(l)(e) of the Companies Act,1956 is not applicable.

FOREIGN EXCHANGE EARNINGS AND OUTGO :

The Company has neither earned nor expended any foreign exchange during the year.

ACKNOWLEDGEMENTS :

Your Directors take this opportunity to thank the Bankers,our principals and customers for the continued support in carring out our business. Your Directors also appreciate the sincere services rendered by the employees during the year.

FOR AND ON BEHALF OF THE BOARD.

MR. NAVNIT N. PATEL (MANAGING DIRECTOR)

MR. BIPIN T. LAD

(DIRECTOR)

PLACE : MUMBAI DATE : 2/9/2000

 
Subscribe now to get personal finance updates in your inbox!