Home  »  Company  »  Polymechplast Ma  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Polymechplast Machines Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the Board's Report of your Company together with the Financial Statements of your Company for the financial year ended 31st March, 2015

1) FINANCIAL & OPERATIONAL RESULTS :

PARTICULARS 2014-15 2013-14 (Rs) (Rs-)

Profit/(Loss) Before Depreciation, Exceptional Items and Tax (65,33,610) 45,32,866

(Less): Depreciation (28,97,035) (22,44,273)

Profit/(Loss) before exceptional items and Tax Before Tax (94,30,645) 22,88,593

Add/(Less): Exceptional items

Litigation Settlement Expenses - (3,63,000)

Insurance claim on loss of stock 40,28,289 -

Interest on insurance claim & reimbursement of expense receivable 1,24,17,230 -

Profit/(Loss) before tax 70,14,874 19,25,593

Add/(Less):TAX EXPENSES:

(i) Current Tax (16,33,206) (6,16,257)

MAT Credit entitlement - 2,49,335

(ii) Deferred Tax 2,72,705 (1,23,999)

NETPROFIT/(LOSS) FOR THE YEAR 56,54,373 14,34,672

Add/(Less): Adjustment relating to fixed assets (5,85,804) -

Add/(Less): BALANCE BROUGHT FORWARD 2,11,56,648 1,97,21,976

PROFIT/(LOSS) CARRIED FORWARD TO BALANCE SHEET 2,68,11,021 2,11,56,648

STATE OF COMPANY'S AFFAIRS :

During the year under review, total income of Rs. 23,43 crores as against Rs. 23.62 Crores in the previous year shows marginal reduction of about 0.83% Net profit of Rs.56,54,373 during the year under review as against Rs. 14,34,672 in the previous year is mainly due to exceptional income of insurance claim on loss of stock previous year as well as interest on insurance claim and reimbursement of expenses thereon in spite of operational loss mainly due to increased work in progress which could not be converted into sale as also increased financial cost.

DIVIDEND

By keeping in view, long term interest of the Company, your Directors do not recommend any dividend.

SHARE CAPITAL

During the year under review, the Company has neither bought back its share nor issued any shares either by way of Bonus, Right, Stock Options, Sweat Equity, with differential rights or otherwise.

INFORMATION ABOUT SUBSIDIARY/JV/ASSOCIATE COMPANY

The Company does not have any Subsidiary, Joint venture or Associate Company.

TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

Since there was no unpaid/unclaimed Dividend, the Company was not required to transfer any amount to Investor Education & Protection Fund during the year under review the, pursuant to Section 125 of the Companies Act, 2013.

MATERIAL CHANGES AND COMMITMENTS

No material change and commitment affecting the financial position of the Company have occurred between the period of end of financial year to which this financial statement relates and the date of this report and hence not reported.

EXTRACT OF THE ANNUAL RETURN U/S 92(3) OF THE ACT AS PER FORM MGT-9

The Extract of Annual Return as required under section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules, 2014, in Form MGT-9 is annexed herewith for your kind perusal and information as per Annexure - A.

MEETING OF THE BOARD OF DIRECTORS DURING THE YEAR

During the Financial Year 2014-15, Nine meetings of the Board of Directors of the Company were held.

DIRECTORS'RESPONSIBILITY STATEMENT

pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that

i. Your Directors have followed the applicable accounting standards along with proper explanation relating to material departure, if any, while preparing the annual accounts;

ii. Your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of financial year and of the Profit & Loss of the Company for the period;

iii. Your Directors have taken proper and sufficient care for maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. Your Directors have prepared the annual accounts on a going concern basis.

v. Your Directors have laid down internal financial controls which are adequate & effectively operational.

vi. The Directors have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems were adequate and effectively operations.

AUDITORS AND THEIR REPORT

M/s Parikh Mehta & Associates, Chartered Accountants, Vadodara were appointed as Statutory Auditors to hold office upto the conclusion of 30th Annual General Meeting by the members of the Company at their Annual General Meeting held on 29th September, 2014. The Company has received requisite certificate and consent from them you are requested to ratify their appointment and fix remuneration.

There are no qualification or adverse remarks in the Auditors' Report. The Notes on financial statements are self- explanatory, and needs no further explanation.

SECRETARIAL AUDITORS AND THEIR REPORT

The Company has appointed M/s Devesh Vimal & Co. Practising Company Secretaries as Secretarial Auditors. Their report is annexed as per Annexure-B. There is no qualification, reservation, adverse remark or disclaimer in the report.

LOANS. GUARANTEES AND INVESTMENTS

The company has not given any guarantees or securities covered under the provisions of section 186 of the Companies Act, 2013('the Act').

However, the aggregate of loans and advances granted as also investments are within the limits of Section 186 of the Act.

RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were on an arm's length basis and were in the ordinary course of business and do not attract the provisions of Section 188 of the Companies Act, 2013. Thus, the disclosure in form AOC-2 is not applicable.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO.:

Information on conversation of energy, technology absorption, foreign exchange earnings and outgo as required to be disclosed in terms of Section 134(3)(m) of the Companies Act, 2013, read with Rule8(3) of the Companies(Accounts) Rules, 2014 is enclosed as per Annexure -C.

RISK MANAGEMENT

The Company is engaged in formulation or Risk Management Policy.

DIRECTORS and KMP

During the current financial year the following changes have occurred in the constitution of directors of the company:

S. Name Designation Date of No. Appointment

1. Mr. Devesh A. Pathak Independent - Director

2. Mr. V. V. Vachhrajani Independent - Director

3. Mr. Jayeshkumar Independent 29/09/2014 Harshadray Pathak Director

4. Mr. Ashokkumar Independent 29/09/2014 Natwarlal Shah Director

5. Mr. Dinesh CFO 29/09/2014 Kishanchand Punjabi

6. Mrs. Jayati Bhaduri Secretary 29/09/2014



S. Name Date of cessation Mode of Cessation No.

1. Mr. Devesh A. Pathak 29/05/2014 Resignation

2. Mr. V. V. Vachhrajani 29/05/2014 Resignation

3. Mr. Jayeshkumar - - Harshadray Pathak

4. Mr. Ashokkumar - - Natwarlal Shah

5. Mr. Dinesh - - Kishanchand Punjabi

6. Mrs. Jayati Bhaduri - -

DEPOSITS:

The Company has not accepted / renewed any deposit within the meaning of the Companies (Acceptance of Deposits) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY

The Company does not fall in any of the criteria of Section 135(1) of Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014 and hence the Company is not required to comply with the same.

MEDIAN EMPLOYEE DETAILS

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 will be made available to any member-on request.

ANNUAL EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Appointment & Remuneration Committees.

CORPORATE GOVERNANCE

In view of paid up equity capital and Net worth of the Company is lesser than Rs.10 crores and Rs. 25 crores respectively, Clause-49 of the Listing Agreement is not mandatorily applicable and accordingly, neither Corporate Governance Report nor certificate is included in the Annual Report.

INDEPENDENT DIRECTORS AND DECLARATION

Mrs. H. D. Pathak, Mr. J. H. Pathak and Mr. A. N. Shah have been appointed as the Independent Directors of the Company pursuant to Section 149(10) of the Companies Act, 2013 on 29th September, 2014 for a term of 5 consecutive years on the Board of the Company.

The Board of Directors of the Company hereby confirms that all the Independent directors duly appointed by the Company have given the declaration and they meet the criteria of independence as provided under section 149(6) of the Companies Act, 2013.

NOMINATION AND REMUNERATION COMMITTEE

The Company has duly constituted Nomination & Remuneration committee pursuant to section 178(1) of the Act and accordingly formulated the policy on directors Appointment and Remuneration.

REMUNERATION POLICY

Remuneration to Executive Directors:

The detail of remuneration paid to Executive Directors are provided in the Extract of Annual Return i.e. Form No. MGT-9 as per Annexure-A.

Remuneration to Non Executive Directors:

Non Executive Directors are paid remuneration by way of Sitting Fees for each meeting of the Board and Committee of Directors attended by them.

Name of the Director Position held in Category of the Director the Committee

Mr. Ashokkumar Shah Chairman Non Executive Independent Director

Mr. Jayeshkumar Pathak Member Non Executive Independent Director

Mrs. Hernangini Pathak Member Non Executive Independent Director

COST AUDIT

There is no requirement for Cost Audit as the Company does not fulfill the criteria for the same.

VIGIL MECHANISM

* As per Section 177(9) and (10) of the Companies Act, 2013, and as per the Clause 49 of the Listing Agreement, the company has been engaged in formulation of Vigil Mechanism for Directors and employees to report genuine concerns and made provisions for direct access to the chairperson of the Audit Committee.

ORDER OF COURT

No significant or material order was passed by any regulator, court or tribunal impacting the going concern status or Company's operations in future during the year under review.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal)Act, 2013. Internal Complaints Committee has been set up to redress complaints received regarding sexual harassment. All employees(permanenet, contractual, temporary, trainees) are covered under this policy.

The summary of sexual harassment complaints received and disposed off during the financial year 2014-2015 is as under:

- Number of Complaints Received : NIL

- Number of Complaints Disposed off : NIL

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading pursuant to new SEBI (Prohibition & Insider Trading) Regulation 2015 in place of SEBI (Prohibition & Insider Trading) Regulation 1992 with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre- clearnace for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window' is closed. The Board is responsible for implementation of the Code. All Directors and the designated employees have confirmed compliance with the Code.

CODE OF CONDUCT:

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The code laid down by the Board is known as code of business conduct" which forms an Appendix to the Code.

The Code lays down the standard procedure of business conduct which is expected to be followed by the Directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work, place in business practices and in dealing with stakeholders. All the Board Members and the Senior Management personnel have confirmed compliance with the Code. All Management have been given appropriate training in this regard.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In view of no mandatory applicability of Clause 49 of the Listing Agreement with the Stock Exchanges in India, Management Discussion & Analysis Report as stipulated under Clause 49 of the Listing Agreement is not included.

ACKNOWLEDGEMENT

Your directors take opportunity to express their gratitude to government, bankers, advisers, employees and shareholders for their valuable support and co-operation.

FOR AND ON BEHALF OF THE BOARD

Date : 29-05-2015 K. R. Bhuva Place : Vadodara Chairman & Managing Director


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their Twenty Seventh Annual Report together with the Audited Statement of Accounts for the Financial Year ended on 31st March, 2014.

11 FINANCIAL AND WORKING RESULTS :

ENDED ON ENDED ON PARTICULARS 31.03.2014 31.03.2013 (Rs.) (Rs.)

Total Income 236270841 20972552

Profit Before Taxation & Depreciation 4169866 5424443

(Less):- Depreciation andamortization (2244273) (2378593) expense

Profit Before Tax 1925593 3045850

(Less): Deferred Tax (123999) (190757)

(Less): Current Tax (366922) (614178)

Profit After Taxation 1434672 2240915

Add: Balance Brought forward 19721976 14781061

BALANCE CARRIED TO BALANCE SHEET 21156648 19721976

1. YEAR IN RETROSPECT:-

During the year under review, your Company has exhibited growth in its total income by about 12.66%. However, net profit after taxation has reduced by about 35.98% in view of turbulent market, inflationary pressures and especially rising input price which could not be fully passed on to the customers.

2. FUTURE PROSPECTS:

(i) Up gradation of Product line:

The Company has developed new machine model under " TW Series" for the market of Thin wall product.

(ii) Consolidation of marketing strength:

(a) The Company is in process of opening branch office at Chandigarh in addition to office at New Delhi in Northern Region.

(b) The Company has already appointed representative in Chennai, to strengthen marketing base in Southern Region especially in Tamilnadu and Kerala.

(c) The Company has increased workforce in marketing to boost up Export Market.

(d) The Company has planned to participate in the most coveted plastic exhibition at NEW DELHI i.e. PALSTINDIA-15 in the month of February, 2015.

(iii) Pending Orders:-

The Company has generally pending orders of average value of Rs. 6 crores on hand. Having regard to above, your Directors are optimistic of growth in its turnover by 30% to 35%.

(4) Deposits:

The Company has not accepted any deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975

(5) Dividends:

By keeping in view, long term interest of the Company, your Directors do not recommend any dividend for the year under review.

(6) EXPORTS:

During the year under review, the Company has attained export of Rs. 25410668/- as against Rs. 12969239/-

(7) Particulars of Employees:

There was no employee drawing remuneration of Rs. 60,00,000 p.a. or Rs. 5,00,000 p.m. for the part of the year or more and hence no particulars have been furnished as prescribed under Section 217(2A)of the Companies Act, 1956 read with the Companies (Particulars of Employees Rule, 1975)

(8) Energy, Technology, Absorption and Foreign Exchange:

information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be disclosed in terms of Section 217 (1)(E)of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and forms part of this report.

(9) Directors' Responsibility Statement:

(I) Your Directors have followed the applicable accounting standards along with proper explanation relating to material departures, if any, while preparing the Annual Accounts.

(II) Your Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the period.

(III) Your Directors have taken proper and sufficient care for the maintenance of adequate Accounting Records in accordance with the provisions of this Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(IV) Your Directors have prepared the Annual Accounts on a going concern basis.

(10) Directorate:

Mr. H. P. Bhuva retires at the ensuing Annual General Meeting and being eligible, offer himself for his reappointment as retiring Directors. Mr. DeveshA. Pathakand Mr. V. V. Vachcharajani have resigned from the Directorship of the Company with effect from 29th May, 2014 in view of their pre occupation. The Company has received notice for the appointment of Mrs. Hemangini D. Pathak, pursuanttothe Company Act.,2013.

(11) Auditors:

M/s. Parikh Mehta & Associates, Chartered Accountants, Auditors of the Company retire at the conclusion of this Annual General meeting. The Company has received consent and requisite certificate from M/s Parikh Mehta & Associates, Chartered Accountants for the purpose of their reappointment, you are requested to reappoint them as Statutory Auditors from the conclusion of 27th Annual General Meeting up to the conclusion of 30th Annual General Meeting, subject to the ratification at every Annual General Meeting pursuant to Section 139 and other provisions, applicable if any of the companies Act, 2013 and fix their remuneration.

(12) Acknowledgments:

Your Directors wish to thank the Bank, Government Authorities, Customers, Suppliers and shareholders for their continued support. Your Directors also take this opportunity to record their appreciation for the contributions, made by all the employees to the operations of the Company during the year.

FOR AND ON BEHALF OF THE BOARD

Date : 29-5-2014 K. R. Bhuva Place : Vadodara Chairman & Managing Director


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting their Twenty Sixth Annual Report together with the Audited Statement of Accounts for the Financial Year ended on 31st March, 2013.

1) FINANCIAL AND WORKING RESULTS :

ENDED ON ENDED ON PARTICULARS 31.03.2013 31.03.2012 (Rs) (Rs.)

Total Income 209725552 242328190

Profit Before Taxation & Depreciation 5424443 9135482

(Less):-Depreciation (2378593) (2226027)

Profit Before Tax 3045850 6909455

(Less): Deferred Tax (190757) (759789)

(Less): Current Tax (614178) (1445337)

Profit After Taxation 2240915 4704329

Add: Balance Brought forward 17481061 12776744

BALANCE CARRIED TO BALANCE SHEET 19721976 17481073

(2) YEAR IN RETROSPECT:

In view of turbulent market, inflationery pressures and consequent drop in Income to Rs. 20,972,552 from Rs. 242,328,190 compared to previous year, operating profit of the Company has reduced to Rs,22.41 lacs from Rs. 47.05 lacs in the previous year ended 31 st March, 2012.

(3) FUTURE PROSPECTS:

(i) Upqradation of Product line:

The company has developed new machine model under" Leo Series" as per market demand. (ii) Consolidation of marketing strength:

(a) Branch office at Bangalore has been fully operational enabling the Company to consolidate its marketing strength in South Region too.

(b) The Company has increased its workforce at Bangalore region office which would enable the Company to enhance its marketing strength domestically & globally,

(c) The Company has Participated in exhibitions at IPLEX 2013 at Chennai and Plant Show 2013 at Vapi, and shall also participate in Plastivision Scheduled to be held in December 2013 at Mumbai. The Company shall display its major products there. It would go a long way in boosting marketability of our products.

(iii) Pending orders :

The Company has pending orders of about Rs. 7 crores on hand.

(4) DEPOSITS :

The Company has accepted / renewed fixed deposits in compliance with the Companies (Acceptance of Deposits) Rules, 1975.

(5) DIVIDENDS:

By keeping in view, long terms interest of the Company, your Directors do not recommend any dividend for the year under review.

(6) EXPORTS :

During the year under review, the Company has attained export of Rs. 26,622,232/- as against Rs. 38,851,768/-

(7) PARTICULARS OF EMPLOYEES :

There was no employee drawing remuneration of Rs. 60, 00,000 p. a. or Rs. 5,00,000 p. m. for the part of the year or more and hence no particulars have been furniohed as prescribed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees Rule, 1975)

(8) ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE :

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be disclosed in terms of Section - 217 (1) (E) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and forms part of this report.

(9) DIRECTORS'' RESPONSIBILITY STATEMENT :

(I) Your Directors have followed the applicable accounting standards along with proper explanation relating to material departures, if any, while preparing the Annual Accounts.

(II) Your Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the period.

(III) Your Directors have taken proper and sufficient care for the maintenance of adequate Accounting Records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(IV) Your Directors have prepared the Annual Accounts on a going concern basis.

(10) DIRECTORATE :

Mr. M. R. BHUVA and Mrs. H. D. PATHAK retire at the ensuing Annual general Meeting and being eligible, offer themselves for their reappointment as retiring Directors.

(11) AUDITORS :

M/s. PARIKH MEHTA & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the conclusion of this Annual General Meeting. They have confirmed that their reappointment, if made would be within the limit of Section 224 (1) (b) of the Companies Act, 1956. You are requested to appoint Auditors and fix their remuneration.

(12) ACKNOWLEDGMENTS :

Your Directors wish to thank the Bank, Government authorities, Customers, Suppliers and Shareholders for their continued support. Your Directors also take this opportunity to record their appreciation for the contributions, made by all the employees to the operations of the Company during the year.

FOR AND ON BEHALF OF THE BOARD

Date : 29-5-2013 K. R. Bhuva

Place : Vadodara Chairman & Managing Director


Mar 31, 2012

Dear Members,

The Directors have pleasure in presenting their Twenty Fifth Annual Report together with the Audited Statement of Accounts for the Financial Year ended on 31st March, 2012.

1)FINANCIAL AND WORKING RESULTS :

ENDED ON ENDED ON PARTICULARS 31.03.2012 31.03.2011 (Rs.) (Rs.)

Total Income 242328190 255933955

Profit Before Taxation &

Depreciation 9135482 18954277

(Less):-Depreciation (2226027) (1817317)

Profit Before Tax 6909455 17136960

Add/(less): Deferred Tax (759789) (184754)

(Less): Provision for Taxation (1445337) (2800000)

(Less): Litigation Settlement Exp. NIL (3367573)

(Less): Prior year adjustment NIL NIL

Profit After Taxation 4704329 10784633

Add: Balance Brought forward 12776744 1992111

BALANCE CARRIED TO BALANCE SHEET 17481073 12776744

(2) YEAR IN RETROSPECT:

In spite of turbulent market world over as well as inflationary pressure including inability to fully pass on increase in input cost to the customers, total income of the Company has dropped only marginally of about 5.32%. Moreover, the Company has earned higher operating profit of Rs. 47.04 lacs for the year ended 31st March, 2012 as against Rs. 20.26 lacs (excluding extraordinary profit of Rs. 87.59 lacs out of sales of assets) for the previous year ended 31st March, 2011.

(3) FUTURE PROSPECTS:

(i) Upgradation of Product line:

The Company has upgraded its product line (a) by adapting to servo power technology in its process enabling its customers to have substantial savings in their electrical consumption and consequent reduction in power bill. Customers have started placing orders showing preference for upgraded product line. (b)The Company has also carved out its market of bigger size machines. Positive impact of the same in the turnover and profitability is likely to be witnessed in the years to come.

(ii) Consolidation of marketing strength:

(a) Branch office at Bangalore has been fully operational enabling the Company to consolidate its marketing strength in South Region too.

(b) The Company has increased its workforce at Mumbai region office which would enable the Company to enhance its marketing strength domestically & globally,

(c) The Company would participate in lnplas'12 Exhibition at Kolkata 2012 ranking No. 3 in India and display its major products there. It would go a long way in boosting marketability of our products.

(iii) Pending orders :

The Company has pending orders of about Rs. 7 crores on hand.

(4) AUDITORS REPORT:

Note-23 of " Notes to Financial Statements" is self explanatory in respect of Auditors Remark in Clause4(d) of their Report relating to AS-29 (Provisions, Contingent Assets and Liability)

The Company has accepted / renewed fixed deposits in compliance with the Companies (Acceptance of Deposits) Rules, 1975.

(6) DIVIDENDS:

By keeping in view, long terms interest of the Company, your Directors do not recommend any dividend for the year under review.

(7) EXPORTS :

During the year under review, the Company has attained export of Rs. 38851768/- as against Rs. 84,11,818/-

(8) PARTICULARS OF EMPLOYEES :

There was no employee drawing remuneration of Rs. 60, 00,000 p. a. or Rs. 5,00,000 p. m. for the part of the year or more and hence no particulars have been furnished as prescribed under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees Rule, 1975)

(9) ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE :

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be disclosed in terms of Section -217 (1) (E) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is annexed and forms part of this report.

(10) DIRECTORS' RESPONSIBILITY STATEMENT :

(I) Your Directors have followed the applicable accounting standards along with proper explanation relating to material departures, if any, while preparing the Annual Accounts.

(II) Your Directors have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of financial year and of the profit of the Company for the period.

(III) Your Directors have taken proper and sufficient care for the maintenance of adequate Accounting Records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(IV) Your Directors have prepared the Annual Accounts on a going concern basis.

(11) DIRECTORATE :

Mr. H. P. BHUVA and Mr. V. V. Vachcharajani retire at the ensuing Annual general Meeting and being eligible, offer themselves for their reappointment as retiring Directors.

(12) AUDITORS :

M/s. PARIKH MEHTA & ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the conclusion of this Annual General Meeting. They have confirmed that their reappointment, if made would be within the limit of Section 224 (1) (b) of the Companies Act, 1956. You are requested to appoint Auditors and fix their remuneration.

(13) ACKNOWLEDGMENTS :

Your Directors wish to thank the Bank, Government authorities, Customers, Suppliers and Shareholders for their continued support. Your Directors also take this opportunity to record their appreciation for the contributions, made by all the employees to the operations of the Company during the year.

FOR AND ON BEHALF OF THE BOARD

Date : 29-5-2012 K. R. Bhuva

Place : Vadodara Chairman & Managing Director

 
Subscribe now to get personal finance updates in your inbox!