Mar 31, 2016
DIRECTORS'' REPORT
The Directors have pleasure In presenting their 32nd Annual Report together with Audited Accounts of the Company for the year ended 31st March, 2016.
L FINANCIAL PERFORMANCE ^OPERATIONS:
(Rs. In Lacs)
Particulars |
31st March, 2016 |
31st March, Z0I5 |
Turnover (including other income} |
4712.78 |
3034.52 |
Profit before Other Income, Depreciation & interest |
463.83 |
(290, S2) |
Less: |
||
Depredation |
21.38 |
27.38 |
interest |
63.42 |
64.04 |
Profit/loss) before Tax |
548.63 |
(381.94) |
Less: |
||
Provision for taxation |
(0.79) |
12.68 |
Prof t/(Loss] for the year ended |
549.42 |
(394,63) |
Add: |
||
Profit brought forward from the« previous year |
- |
00.00 |
Available for appropriation |
- |
0o.oo |
Appropriations: |
||
Transfer to General Reserve |
â |
00.00 |
Transfer to Debenture Redemption Reserve |
â |
00.00 |
Dividend from Own shares |
- |
00.00 |
Transfer to Capital Reserve |
- |
00.00 |
Transfer to foreign Currency Translation Reserve |
â |
00.00 |
Adjustment to minority interest |
â |
00.00 |
Dividend (proposed) Equity Shares |
â |
00.00 |
Tax on Dividend |
â |
00.00 |
Other adjustments |
â |
00.00 |
Balance carried to Balance Sheet |
54942 |
(394.63) |
Total income for the year has increase to Rs. S48.63 Lacks from Rs. (394.63) Lacs fn the previous year and profit after tax increased to Rs. 546,40 Lace from Rs (394.63} Lacs in the previous year.
2. DIVIDEND;
in view of accumulated losses by company, your Directors had not recommended any dividend for this year.
X SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2016 was 4-83 Crore. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity,
4. FJXED DEPOSIT:
The Company did not invite or accept deposit from public during the year under review,
5. PLASTICS INDUSTRY OUT LOOK AND OPPORTUNITIES:
The year 2016-17 was a challenging year for the Company due to the unstable market conditions. High volatile in raw materials supply as well as prices variation lead to fluctuation in production capacity. There was shortage of raw material! supply especially in last few quarters due to shutdown of plant by major stakeholders in India. There is increase In competition due to new entrant in these overcrowded industries that leads to lower margin of our products, the company is taking all necessary steps to maintain the optimum level of production and provide best service to customers. The company is looking for new Agri base product to serve the industry where margin is high.
QUALITY MANAGEMENT;
The company is committed to supply products and services confirming to customers'' requirements by involving employees, vendors sub- contractors and customers to achieve its vision of being a cost- efficient global suppliers of quality products,
7, PARTICULARS OF EMPLOYEE:
The information required pursuant to Section 197 read with Rule, 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2034 in respect to employees of the Company, will be provided on request.
& DIRECTORS:
in pursuance of the Companies Act, 2013 and Articles of Associations of the Company Mrs. Durriya Kathawala retires by rotation and being eligible, offer to herself re- appointment.
% DIRECTORS RESPONSIBILITY STATEMENTS:
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements fn terms of Section 134(3MC) of the Companies Act,2Gl!J:
a. That in the preparation of the annual financial statements for the year ended March 31, 201G the applicable accounting standards have been followed along with proper explanation relating to materials departures, if any;
b. That such accounting policies as mentioned in Notes of the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2016 and of the Profit/(Loss) of the Company for the year ended on that date.
c. That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of the Companies Act, 2013 for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities;
d. that the annual financial statement have been prepared on a going concern basis.
e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;
f, that systems to ensure compliance* with the provisions of all applicable laws were in place and were adequate and operating efficiency.
1ft CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY ANO FOREIGN EXCHANGE AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3}(m) of the Companies Act,2013is given below;
A. Conservation of Energy:
Continues monitoring and awareness amongst employees has helped to avoid waste of energy. Adequate measures had helped in reducing the consumption of energy and overall electricity bill.
It is planned to extend the measures taken during the current year which yielded good results, to other areas/equipment/offices.
U. Technology Absorption:
Company has not incurred major expenditure on R&D activity during the year under review; however the company is searching various technology and method which will help in reducing the consumption of energy, increase in input/output ration produce internationally acceptable quality products, company havetheiS09001:2000Certificate.
Information regarding technology imported during the last five years:
c. Has technology been fully absorbed ; N.A.
d. If not fully absorbed, are as where : N.A. this has not taken place, reasons
therefore and future plans of actions
C. Foreign Exchange:
The foreign exchange used and earned during the year:
Particulars |
Current Period |
Previous Period |
Foreign Exchange Earning |
566.54 |
156-32 |
Foreign Exchange Outgo |
60.00 |
11 AUDITORS:
1.) STATUTORY AUDITOR:-
The Company''s Auditors, M/s. Parekh Shah & Lodha, Chartered Accountants, Mumbai who retire at the ensuing Annual General Meeting of the Company are eligible for re-appointment. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for reappointment as Auditors of the Company. As required under Clause 49 of the Listing Agreement the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
2}. SECRETARIAL^ UDITOR:-
Pursuant to Section 204 of the Companies Act. 2013 read with rude 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Company has appointed M/s. Nitrn Katkar & Co, a firm Company Secretaries in Practice to undertake the Secretaries IN PRACTICE TO NDERTAKE THE SECRETARIAL Auditor of the company The report of the sectarian Audit Reports annexed here with.12 AUDITORS OBSERVATION:
The comment of the auditors in their reports is see(-explanatory and need no further clarification. And Management also trying to comply which Is requires as per the laws applicable to the Company,
11 CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges a separate section on corporate governance practices followed by the company, together with certificate from the company''s Auditors confirming compliances from an integral part of this report.
14 ACKNOWLEDGEMENTS:
Your Directors thanks all its valued customers and various Governments, Semi-Government aid Local Authorities, Suppliers and other business associates. Over Directors appreciate continued support from Banks and Financial Institutions and look forward to their co-operation in the future. Your Directors place on record their appreciation of the dedicated efforts put in by the employees at all levels and wish to thanks and shareholders and all other stakeholders for their unstinted support and co-operation.
By order of the Board of Directors of
Registered Office: Union Quality Plastics Limited
Plot NO, 42,4th Floor,
Cambattta Building, East Wine,
Sir Jamshedji Tata Road,
Churchgate,
Mumbai- 400 009
Place: Mumbai
Date: September, 2016 Zuiar Kathawala Durriya Kathawala
Managing Director Director
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 31st Annual Report
together with Audited Accounts of the Company for the year ended 31st
March, 2015.
1. FINANCIAL PERFORMANCE & OPERATIONS:
(Rs. In Lacs)
Particulars 31st March, 31st March,
2015 2014
Turnover (including other income) 3034.52 3816.52
Profit before Other Income,
Depreciation & Interest (290.52) 148.94
Less:
Depreciation 27.38 33.94
Interest 64.04 51.55
Profit/(Loss) before Tax (381.94) 63.46
Less:
Provision for taxation 12.68 00.00
Profit/(Loss) for the year ended (394.63) 63.46
Add:
Profit brought forward from the 00.00 00.00
previous year
Available for appropriation 00.00 00.00
Appropriations:
Transfer to General Reserve 00.00 00.00
Transfer to Debenture Redemption 00.00 00.00
Reserve
Dividend from Own shares 00.00 00.00
Transfer to Capital Reserve 00.00 00.00
Transfer to foreign Currency Translation 00.00 00.00
Reserve
Adjustment to minority interest 00.00 00.00
Dividend (Proposed) Equity Shares 00.00 00.00
Tax on Dividend 00.00 00.00
Other adjustments 00.00 00.00
Balance carried to Balance Sheet (394.63) 63.46
Total income for the year has decreased to Rs. 3034.52 Lacs from Rs.
3816.52 Lacs in the previous year and profit after tax decreased to Rs.
(394.63) Laces from Rs. 63.40 Lacs in the previous year. The Company is
taking further measures to increase its market demand.
2. DIVIDEND:
In view of accumulated losses by company, your Directors had not
recommended any dividend for this year.
3. SHARE CAPITAL:
The paid up Equity Share Capital as on 31st March, 2015 was 4.82 Crore.
During the year under review, the Company has not issued shares with
differential voting rights nor granted stock options nor sweat equity.
4. FIXED DEPOSIT:
The Company did not invite or accept deposit from public during the
year under review.
5. ECONOMIC SCENARIO AND OUTLOOK:
Outlook for 2015-16:- 0 The macroeconomic situation in India has
improved significantly during the current year, Also, acceleration in
services and manufacturing growth in the face of subdued global demand
conditions point to the strengthening of domestic demand.
* However, concerns surrounding the construction and mining activities
in the Country still exist. Agriculture also suffered due to poor and
unstable monsoon, but there are no indications of its spill over the
next year.
* In the light of the government's commitment to reforms, outlook for
domestic macroeconomic parameters is generally optimistic and
substantial growth is in the realm of possibility in 2015-16.
* Oil prices are expected to remain low in short term on account of
weak global demand and increased supplies.
* Global commodity prices have been declining and expected to remain
weak in 2015 owing to low international demand and comfortable supply.
CHALLENGES 2015-16:
* There is need for increased investment in agriculture and food sector
in various areas such as research, education, extension, irrigation,
organic farming, fertilizers and laboratories to test soil, water and
commodities, are housing and cold storage.
* There is need to bring states on board for creating national common
market for agriculture commodities.
* There is need for increase investment in renewable energy plants
along with nuclear energy and traditional methods of generating power.
* There is need unique infrastructural facility which can make sure to
investors and all citizens of country for uplift their standard of
living and easy connectivity of every elements of economy.
* Another challenge is an urbanization because in the world at every
week 10 million people moving toward the cities from the villages.
6. PLASTICS INDUSTRY OUTLOOK AND OPPORTUNITIES:
The year 2014-15 was a challenging year for the Company due to the
unstable market conditions. High volatile in raw materials supply as
well as prices variation lead to fluctuation in production capacity.
There was shortage of raw material supply especially in last quarter
due to shut down of plant by major refinery in India. There is increase
in competition due to new entrant in these overcrowded industries that
leads to lower margin of our products. The Company is taking all
necessary steps to maintain the optimum level of production and provide
best service to customers. The company is looking for new Agri base
product to serve the industry where margin is higher and completion is
less.
7. QUALITY MANAGEMENT:
The company is committed to supply products and services confirming to
customers requirements by involving employees, vendors sub- contractors
and customers to achieve its vision of being a cost- efficient global
suppliers of quality products.
8. PARTICULARS OF EMPLOYEE:
The information required pursuant to Section 197 read with Rule, 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be provided on
request.
9. DIRECTORS:
In pursuance of the Companies Act, 2013 and Articles of Associations of
the Company Mr. Zuzar Kathawala retires by rotation and being eligible,
offer the himself re- appointment.
10. DIRECTORS RESPONSIBILTY STATEMENTS:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134 (3) (C) of the Companies
Act, 2013:
a. That in the preparation of the annual financial statements for the
year ended March 31, 2015 the applicable accounting standards have been
followed along with proper explanation relating to materials
departures, if any;
b. that such accounting policies as mentioned in Notes of the
Financial Statements have been selected and applied consistently and
judgment and estimates have been made that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company as at 31st March, 2015 and of the Profit/(Loss) of the Company
for the year ended on that date.
c. that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and
preventing and detecting fraud and other irregularities;
d. that the annual financial statement have been prepared on a going
concern basis;
e. that proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively;
f. that systems to ensure compliances with the provisions of all
applicable laws were in place and were adequate and operating
efficiency.
11. CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE AND OUT GO:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3) (m)
of the Companies Act, 2013 is given below;
A. Conservation of Energy:
Continues monitoring and awareness amongst employees has helped to
avoid waste of energy. Adequate measures had helped in reducing the
consumption of energy and overall electricity bill.
It is planned to extend the measures taken during the current year
which yielded good results, to other areas/ equipment/offices.
B. Technology Absorption:
Company has not incurred major expenditure on R & D activity during the
year under review; however the company is searching various technology
and method which will help in reducing the consumption of energy,
increase in input/ output ration produce internationally acceptable
quality products, company have the ISO 9001: 2000 Certificate.
Information regarding technology imported during the last five years:
a. Technology imported : No
b. Year of Import : No
c. Has technology been fully absorbed : N.A.
d. If not fully absorbed, areas where : N.A.
this has not taken place, reasons
therefore and future plans of actions
C. Foreign Exchange:
The foreign exchange used and earned during the year:
Particulars Current Period Previous Period
Foreign Exchange Earning 156.32 187.42
Foreign Exchange Outgo 60.00 92.97
12. AUDITORS:
1.) STATUTORYAUDITOR:-
The Company's Auditors, Messrs Parekh Shah & Lodha, Chartered
Accountants, Mumbai who retire at the ensuing Annual General Meeting of
the Company are eligible for reappointment. They have confirmed their
eligibility under Section 141 of the Companies Act, 2013 and the Rules
framed thereunder for reappointment as Auditors of the Company. As
required under Clause 49 of the Listing Agreement, the Auditors have
also confirmed that they hold a valid certificate issued by the Peer
Review Board of the Institute of Chartered Accountants of India.
2). SECRETARIALAUDITOR:-
Pursuant to Section 204 of the Companies Act, 2013 read with rule 9 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 the Company has appointed Messrs K.V. Rao & Co., a firm
Company Secretaries in Practice to undertake the Secretarial Audit of
the Company. The Report of the Secretarial Audit Report is annexed
herewith.
13. AUDITORS OBSERVATION:
The comment of the auditors in their reports is self explanatory and
need no further clarification. And Management also trying to comply
which is requires as per the laws applicable to the Company.
14. CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on corporate governance practices followed by the
company, together with certificate from the company's Auditors
confirming compliances from an integral part of this report.
15. ACKNOWLEDGEMENTS:
Your Directors thanks all its valued customers and various Governments,
Semi- Government and Local Authorities, Suppliers and other business
associates. Your Directors appreciate continued support from Banks and
Financial Institutions and look forward to their co-operation in the
future. Your Directors place on record their appreciation of the
dedicated efforts put in by the employees at all levels and wish to
thanks and shareholders and all other stakeholders for their unstinted
support and co-operation.
By order of the Board of Directors of
Registered Office: Union Quality Plastics Limited
5th Floor, 502, AGH Chambers,
379/381 Narsi Natha Street,
Masjid (W), Mumbai- 400 009
Place : Mumbai
Date : 26thAugust, 2015 Zuzar Kathawala Durriya Kathawala
Managing Director Director
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting the 30th Annual Report on
the business and operations of the Company together with the Audited
Accounts for the year ended 31 st March, 2014.
1. FINANCIAL RESULTS: (Rs. In Lacs)
Particular (31/03/2014) (31/03/2013)
Turnover (including other income) 3816.12 3232.52
Profit before Tax & Depreciation 97.39 90.34
Less - Depreciation and Amortization 33.94 29.01
Less - Provision for Taxation
including Deferred Tax 0.00 0.00
Profit after tax 63.46 61.33
1. OPERATIONS AND BUSINESS PERFORMANCE:
Total incomes for the year have increased to Rs. 3816.12 Lacs from Rs.
3232.52 Lacs in the previous year and profit after tax increased to Rs.
63.46 Lacs from Rs. 61.33 in the previous year. The Company is taking
further measures to increase its market demand.
2. DIVIDEND:
In view of conservation of profit, your Directors had not recommended
any dividend for this year.
3. THE COMPANIES ACT, 2013
The Ministry of Corporate Affairs (MCA) has notified 282 sections of
the Companies Act, 2012 (CA2013/Act) in tranches in September 2013 and
March 2014 with majority of the sections as well as rules being
notified in March 2014. The Companies Act, 1956 continues to be in
force to the extent of the corresponding provisions of the C A2013
which are yet to be notified. MCA vide its Circular dated April 4,2014
has clarified that the financial statements and documents annexed
thereto, auditor''s report and board''s report in respect of financial
year that have commenced earlier than April 1,2014 shall be governed by
the provisions of the Companies Act, 1956 and in line with the same,
the Bank''s financial statements, auditor''s report and Board''s report
and attachments thereto have been prepared in accordance with the
provisions of the Companies Act, 1956. With respect to other provisions
of the Act, appropriate references have been made in this report to the
extent these provisions have been applicable effective April, 2014.
5. FIXED DEPOSITS:
During the year, the Company did not accept any deposit from the public
within the meaning of section 58Aof the Companies Act, 1956.
6. QUALITY MANAGEMENT:
The company is committed to supply products and services conforming to
customers requirements by involving employees, vendors sub -
contractors and customers to achieve its vision of being a
cost-efficient global suppliers of quality products.
7. PARTICULARS OF EMPLOYEE:
As required by the provision of section 217(2 A) of the companies act
1956 of the Companies act 1956, read with companies (particulars of
employees) Rules, 1975 as amended, there are no employees covered for
the year under review ''
8. DIRECTORS:
In pursuance of the Companies Act, 1956, and articles of association of
the company Mr. Zuzar Kathawala and Mrs. Durriya Kathawala retires by
rotation and being eligible, offer themselves for reappointment.
9. DIRECTORS RESPONSIBILITY STATEMENTS:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, the
Directors confirm:
i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2014, the applicable accounting standards have
been followed and no material departures have been made from the same;
ii) That they had selected such accounting policies, applied them
consistently, 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 the financial year and of the profit of the
Company for that period;
iii) That they had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) That they had prepared the annual accounts on a going concern
basis.
v) That Auditors comment on the internal audit system of the company,
Directors wants to clarify that our internal accounting system is
strong enough to take care of internal control for accounts under the
supervision of management. Hence, we have not deputed outside agency to
carry on internal audit.
vi) The company is engaged in manufacturing business where staff
turnover ratio is very high. Hence maintaining retirement and other
benefit and provision for gratutity on accrual basis is very difficult.
Keeping in view the above the Company follows a policy of providing
gratuity liability and retirement and other benefits on actual payment
basis.
vii) The observations and comments given in the Auditor''s Report read
together with notes to accounts are self-explanatory and do not call
for any further information and explanation under Section 217(3) of the
Companies Act, 1956.
10. CONSERVATION OF ENERGY , ABSORPTION OF TECHNOLOGY AND FOREIGN
EXCHANGE AND OUTGO:
Additional information as required as per section 217(I)(e) of the
companies act, 1956 read along with companies (Disclosures of
particulars in the repor c of board of Directors) Rules, 1988 is given
below;
(I) Conservation of Energy:
Continuous monitoring and awareness amongst employees has helped to
avoid waste of energy. Adequate measures had helped in reducing the
consumption of energy and overall electricity bill.
It is planned to extend the measures taken during the current year
which yielded good results, to other areas/equipment/offices.
(II) Technology Absorption:
Company has not incurred major expenditure on R& D activity during the
year under review; however the company is searching various technology
and methods which will help in reducing the consumption of energy,
increase in input / output ratio and produce internationally acceptable
quality products, company have the ISO 9001:2000 Certificate.
Information regarding technology imported during the last five years:
a. Technology imported : No
b. Year of import : Not applicable
c. Has technology been fully absorbed : Not applicable
d. If not fully absorbed, areas where
this has not taken place, reasons : Not applicable
therefore and future plans of actions
(III) Foreign Exchange:
During the year company has earned foreign exchange by export turnover
which amounts to Rs. 187.42 Lacs (R Y. Rs. 198.19 Lacs) and had
incurred Rs. 92.97 Lacs (P. Y. Rs. 149.33 Lacs) towards expenditure in
foreign exchange during the year. Company is making all efforts to
capture the international market.
11. AUDITORS:
M/s. PAREKH SHAH & LODHA, Chartered Accountants, Statutory Auditors of
the Company retire at the conclusion of ensuing annual general meeting
and, being eligible, offer themselves for reappointment as statutory
auditors. Members are requested to approve the same and fix their
remuneration.
12. AUDITORS OBSERVATION:
The comment of the auditors in their reports is self explanatory and
need no further clarification.
13. CORPORATE GOVERNANCE:
Your Company believes in coherent and self-regulatory approach in the
conduct of its business to achieve highest standard of Corporate
Governance. It has complied with the requirement of the Corporate
Governance as stipulated by SEBI. A separate report on Corporate
Governance along with Auditor''s Certificate on its compliance is
annexed to and forms part of the report.
14. APPRECIATION:
Your Directors would like to place on record their appreciation of the
consistent support, co-operation and assistance from our customers,
suppliers, shareholders, employees and other business associates
including various agencies of the central and Maharashtra state
governments and Bankers for their continued understanding, assistance
and support.
On Behalf of the Board of Directors
For Union Quality Plastics Limited
Zuzar A Kathawala
Place : Mumbai Chairman
Date : July 29th, 2014
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