Directors Report of MPL Plastics Ltd.

Mar 31, 2014

THE SHAREHOLDERS

The Directors presents herewith the Twenty second Annual Report together with Audited Statement of Accounts for the year ended 31 st March, 2014.

Financial Results For the year ended For the year ended 31st March, 2014 31st March, 2013 (Rs.in lacs) (Rs.in lacs)

Sales & Other Income 4490 3865

Gross Loss (51) (126)

Add: Depreciation 34 31

Interest 26 35

Loss before Tax and Extraordinary Item (111) (192)

Income From Extraordinary Item 618 4218

Less: Provision for Tax - -

Profit/(Loss) after Tax 507 4026



FINANCE & ACCOUNTS:

Operations and future outlook:

Your Company has achieved a sales turnover of Rs. 4490 lacs during the current year as against Rs.3865 lacs in the previous year.

Dividend:

In view of the accumulated losses, your Directors regret their inability to recommend any dividend for the financial year under review.

FIXED DEPOSIT:

Your Company has not accepted deposits from the public.

Audit Committee: -

The Company has reconstituted audit committee / stakeholder relationship committee and remuneration committee at its board meeting held on 28th August, 2014 as required under the provisions of Section 149 of the Companies Act, 2013 and Clause 49 of the listing agreement executed with BSE Ltd.

Employees and Industrial Relationship:

During the year under review the industrial relationship continued to be cordial. The Directors place on record their appreciation for the services rendered by the employees at all levels.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo:

i) Conservation of Energy

a) The Company has taken all measures to conserve the Energy by installing latest equipments for conservation of Energy.

b) The cumulative effect of the Energy conservation steps taken by the Company has considerably reduced the consumption of Energy and saved the cost of the Company.

c) The Company is not required to mention per unit consumption of Energy in form A.

U) Information relating to Technology absorption and Foreign Exchange earnings and outgo which forms part of this report is given in a separate statement annexed hereto in accordance with the provisions of section 217(1 )(e) of the Companies Act, 1956 read with the Company''s (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988.

Employees:

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Company''s (Particulars of Employees) Rules''1975, as amended, is not given since the Company did not have any employee covered by the said section.

Directors:

Shri Chiranjiv I Vaghani, resigned as a Director of the Company w.e.f. 9th August, 2014.

Shri Bansilal I Vaghani and Shri Madhup B.Vaghani, Directors retire by rotation and being eligible offer themselves for re- appointment. The Board request the shareholders to accord their approval.

Directors'' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that:

i) In the preparation of Annual Accounts for the financial year ended 31st March, 2014 the applicable Accounting Standards have been followed.

ii) Appropriate Accounting policies have been selected and applied consistently and have 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 as on 31 st March, 2014 and loss of the Company for the period ended on that date.

iii) Proper and sufficient care has been taken 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) The Annual Accounts have been prepared on a going concern basis.

Insurance:

Buildings, plant and machinery, Inventories at the factory of the Company have been insured adequately.

Corporate Governance:

As required under Clause 49 of the Listing Agreement with BSE Ltd., Corporate Governance Report and Management Discussion and Analysis Report form part of this Annual Report.

Auditors:

The Auditors M/s Mehta Chokshi & Shah, Chartered Accountants, Mumbai, retire at the forthcoming Annual General Meeting and have offer themselves for reappointment.

Compliance Certificate:

A Certificate from the Practising Company Secretary regarding compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

Acknowledgement:

Your Directors express their thanks to the Banks and Financial Institutions, Shareholders, Suppliers and Customers for their continuous support and co-operation to the company. Your Directors express their appreciation for the dedicated services of the employees, workmen and executives of the Company.

BY ORDER OF THE BOARD For MILTON PLASTICS LIMITED

B.I.VAGHANI CHAIRMAN CIN NO. U25209MH1992PLC066635 Website: www.milton.co.in E-mail: [email protected]

Registered Office: 2, Ashish Warehouse Corporation, Punjab Foundry Industrial Estate, Near Classic Studio, Mira BhayanderRoad, Kashimira, Mira Road (East), Dist. Thane-401104 Date: 28th August, 2014 Place: Thane.

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Mar 31, 2012

The Directors presents herewith the Twentieth Annual Report together with Audited Statement of Accounts for the year ended 31st March, 2012.

Financial Results For the year ended For the year ended 31st March, 2012 31st March, 2011 (Rs.in lacs) (Rs.in lacs)

Sales & Other Income 3886 3794

Gross Loss (316) (188) Add: Depreciation 38 50 Interest 1098 2533

Loss before Tax and Extraordinary Item. (1452) (2771) Income From Extraordinary Item 1973 3325 Less:Provision for Tax -- --

Profit/(Loss) after Tax 521 554

FINANCE & ACCOUNTS:

Operations and future outlook:

Your Company has achieved a sales turnover of Rs. 3886 lacs during the current year as against Rs. 3794 lacs in the previous year.

Dividend:

In view of the acumulated losses, your Directors regret their ability to recommend any dividend for the financial year under review. FIXED DEPOSIT:

Your Company has not accepted deposits from the public.

Audit Committee: -

The Company has reconstituted audit committee on 10th August, 2012 as required under the provisions of Section 292Aof the Companies Act, 1956 and Clause 49 of the listing agreement executed with Bombay Stock Exchange Limited.

Employees and Industrial Relationship:

During the year under review the industrial relationship continued to be cordial. The Directors place on record their appreciation for the services rendered by the employees at all levels.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo:

i) Conservation of Energy

a) The Company has taken all measures to conserve the Energy by installing latest equipments for conservation of Energy.

b) The cumulative effect of the Energy conservation steps taken by the Company has considerably reduced the consumption of Energy and saved the cost of the Company.

c) The Company is not required to mention per unit consumption of Energy in form A.

ii) Information relating to Technology absorption and Foreign Exchange earnings and outgo which forms part of this report is given in a separate statement annexed hereto in accordance with the provisions of section 217(1 )(e) of the Companies Act, 1956 read with the Company's (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988.

Employees:

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Company's (Particulars of Employees) Rules1975, as amended, is not given since the Company did not have any employee covered by the said section.

Directors:

Shri Vinay Jain resigned as Director of the Company w.e.f. 31st, March, 2012

Shri Madhup B Vaghani, Director and Shri Chiranjiv I Vaghani, Director retire by rotation and being eligible offer themselves for re- appointment.

Shri Viren Bhimani was appointed as Additional Directors of the Company by the Board of Directors on 31st March, 2012 and co- opted as Independent Directors of audit committee of the Company constituted as per the clause 49 of the listing agreement with Bombay Stock Exchange Ltd. He hold office as Director of the Company upto the date of Twentieth Annual General Meeting of the Company. The company has received notice from the member of the Company for his re-appointment as Directors of the Company liable to retire by rotation.

The shareholders are requested to re-appoint him as a Director of the Company.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that:

i) In the preparation of Annual Accounts for the financial year ended 31st March, 2012 the applicable Accounting Standards have been followed.

ii) Appropriate Accounting policies have been selected and applied consistently and have 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 as on 31st March, 2012 and profit of the Company for the period ended on that date.

iii) Proper and sufficient care has been taken 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) The Annual Accounts have been prepared on a going concern basis.

Insurance:

Buildings, plant and machinery, Inventories at the factory of the Company have been insured adequately.

Corporate Governance:

As required under Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited, Corporate Governance Report and Management Discussion and Analysis Report form part of this Annual Report.

Auditors:

The Auditors M/s Mehta Chokshi & Shah, Chartered Accountants, Mumbai, retire at the forthcoming Annual General Meeting and have offer themselves for reappointment.

Auditor's Report:

The Auditors have not made any observations in their report.

Compliance Certificate:

ACertificate from the Practising Company Secretary of the Company regarding compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

Acknowledgement:

Your Directors express their thanks to the Banks and Financial Institutions, Shareholders, Suppliers and Customers for their continuous support and co-operation to the company. Your Directors express their appreciation for the dedicated services of the employees, workmen and executives of the Company.

For and on behalf of the Board

Bansilal I Vaghani

Chairman



Place: Mumbai Date: 24th August, 2012

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Mar 31, 2010

The Directors presents herewith the Eighteenth Annual Report together with Audited Statement of Accounts for the year ended 31st March, 2010.

Financial Results For the year ended For the year ended 31st March, 2010 31st March, 2009 (Rs.in lacs) (Rs.in lacs)

Sales & Other Income 3907 4741

Gross Loss (346) (455)

Add: Depreciation 71 80

Interest 2571 3167

Provision For custom Duty Written Back - (105)

Loss before Tax (2988) (3597)

Provision For Taxation of earlier years Written Back - 86

Less: Provision for Tax -- 3

Loss after Tax (2988) (3514)

Balance Brought Forward (24603) (21089)

Amount available for appropriation(27591) (24603)

Deficits carried to balance sheet (27591) (24603)

FINANCE & ACCOUNTS:

Operations and future outlook:

Your Company has achieved a sales turnover of Rs. 3907 lacs during the current year as against Rs.4741 lacs in the previous year.

Dividend:

In view of the losses, your Directors regret to recommend any dividend forthe financial year under review.

FIXED DEPOSIT:

Your Company has not accepted deposits from the public.

Audit Committee: -

The Company has reconstituted audit committee on 23rd December, 2005 as required under the provisions of Section 292Aof the Companies Act, 1956 and Clause 49 of the listing agreement executed with Bombay Stock Exchange Limited.

Employees and Industrial Relationship:

During the year under review the industrial relationship continued to be cordial. The Directors place on record their appreciation for the services rendered by the employees at all levels.

Conservation of Energy, Technology Absorption and Foreign Exchange:

i) Conservation of Energy

a) The Company has taken all measures to conserve the Energy by installing latest equipments for conservation of Energy.

b) The cumulative effect of the Energy conservation steps taken by the Company has considerably reduced the consumption of Energy and saved the cost of the Company.

c) The Company is not required to mention per unit consumption of Energy in form A.

ii) Information relating to Technology absorption and Foreign Exchange earnings and outgo which forms part of this report is given in a separate statement annexed hereto in accordance with the provisions of section 217(1 )(e) of the Companies Act, 1956 read with the Companys (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988.

Employees:

Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companys (Particulars of Employees) Rulesl 975, as amended, is not given since the Company did not have any employee covered by the said section.

Directors:

Shri Bansilal I Vaghani, Director and Shri Chiranjiv I Vaghani, Director retire by rotation and being eligible offer themselves for re- appointment.

Directors Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that:

i) In the preparation of Annual Accounts for the financial year ended 31st March, 2010 the applicable Accounting Standards have been followed.

ii) Appropriate Accounting policies have been selected and applied consistently and have 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 as on 318t March, 2010 and loss of the Company forthe period ended on that date.

iii) Proper and sufficient care has been taken 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) The Annual Accounts have been prepared on a going concern basis.

Insurance:

Buildings, plant and machinery, Inventories at the factory of the Company have been insured adequately.

Corporate Governance:

As required under Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited, Corporate Governance Report and Management Discussion and Analysis Report form part of this Annual Report.

Auditors:

The Auditors M/s Mehta Chokshi & Shah, Chartered Accountants, Mumbai, retire at the forthcoming Annual General Meeting and have offered themselves for reappointment.

Auditors Report:

The Auditors have not made any observations in their report.

Compliance Certificate:

A Certificate from the Practising Company Secretary of the Company regarding compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

Acknowledgement:

Your Directors express their thanks to the Banks and Financial Institutions, Shareholders, Suppliers and Customers for their continuous support and co-operation to the company. Your Directors express their appreciation for the dedicated services of the employees, workmen and executives of the Company.

For and on behalf of the Board

Place: Mumbai Bansilal I Vaghani

Date: 25th August, 2010 Chairman