To, The Members,
The Directors have the pleasure of presenting the 22nd Annual Report
of the company together with Audited Accounts and Cash Flow Statement
for the financial year ended 31st March, 2013.
REVIEW OF OPERATIONS
Your company has effectively utilized its capacity and has recorded net
sales of Rs. 3947.49 lacs against Rs. 3966.48 lacs in the previous
However, the net sales is nearly equal to the last year due to fire
accident at Chopanki Bhiwadi Unit.
The financial results for the year ended 31st March, 2013 are
summarized below :
Amount Rs. In lacs
Net Sales Turnover 3947.49 3966.48
Gross Profit before Interest
and Depreciation 323.76 344.35
Less : Interest 185.30 154.85
Depreciation 123.39 146.75
Profit/(Loss) for the year 15.07 42.75
Less : Provision for Taxation 6.30 12.50
Profit/(Loss) after Taxation 8.77 30.25
Add: Balance brought forward
from Previous Year 73.25 43.00
Balance carried to the Balance Sheet 82.02 73.25
CORPORATE DEVELOPMENTS / GROWTH & EXPANSION:
All the units of the company are running well, but unfortunately, a
massive fire has occurred in Bhiwadi unit on 11.02.2013, thereby
causing heavy damage to the fixed assets of the company.
Now the building at Chopanki, Bhiwadi has been repaired and production
will start soon.
With the continuous research and development, understanding the
customer needs and preferences for design and quality remained another
focus area. Improvement of overall product performance by implementing
the planned strategies, bringing in new developments and product
improvements based on consumer research have helped your company to
achieve an unprecedented performance during the year under review. The
improved performance of your company over the last few years is a
testimony to the fact that the company is moving in the right direction
and has adopted the right model of doing its business.
Payment of dividend for the year under review has not been recommended
by the Board of Directors in view of the marginal profits.
The authorised share capital of the Company is Rs. 750 Lacs divided in
75 lacs Equity Shares of Rs. 10 each.
The ISIN No. allotted to the Company is INE262C01014. The Company has
also established the required connectivity with both the NSDL & CDSL
through its registrar and share transfer agent Link In-time India Pvt.
Ltd., Delhi for both physical and demat segments.
The equity shares of the Company can be held in electronic form with
any depository participant (DP) with whom the Members/Investors have
their depository account.
In terms of provisions of Sec. 255, 256 of the Companies Act, 1956 and
the articles of association of the company Shri Rajiv Baid and Shri
Vinod Sacheti, Directors of the Company are liable to retire by
rotation at the ensuing Annual General Meeting and being eligible offer
themselves for re- appointment. The Board recommended their
Shri S.L. Daga, Independent Director of the Company has resigned from
directorship of the company w.e.f 27.08.2012 due to his personal
Shri Sarabjit Singh, Independent Director of the company, has resigned
from directorship of the company w.e.f. 25.03.2013 due to his personal
The Board places on record its sincere appreciation for the
contributions made for the growth of the Company by Shri S.L Daga and
Shri Sarabjit Singh as Directors.
None of the Directors of the Company are disqualified for being
appointed as Directors as specified in Sec. 274(1) (g) of the Companies
A brief resume of expertise and details of other directorships of these
directors is attached along with Notice of the ensuing Annual General
Your Company has not accepted any Public Deposits.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to requirement under section 217 (2AA) of the Companies Act,
1956 and in respect of the annual accounts for the period under review
your Directors hereby confirm that :-
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed and that there are no material departures.
ii) The Board of directors have selected and applied appropriate
accounting policies consistently and made judgment and estimates that
are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company at the end of the financial year and
the Profit & Loss Account for the period under review.
iii) 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) The annual accounts have been prepared on going concern basis.
M/s. A. Natani & Co., Chartered Accountants, retire at the forthcoming
Annual General Meeting and being eligible, offer themselves for
re-appointment. The Company has received the Certificate from them that
their re-appointment, if made, would be within the limits prescribed
u/s 224(1 B) of the Companies Act, 1956.
CS Gajanand Gupta, Finance Controller and Company Secretary, is looking
after all compliances under various laws and can be contacted for any
investor related matter relating to the company. His contact No. :
0141-2363048/ 2363049 and e-mail ID is email@example.com
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
A . CONSERVATION OF ENERGY :-
Polycon International Limited is committed to follow high standards of
environmental protection and provisions of a safe and healthy work
place for workers, customers and other stakeholders.
The manufacturing units of the Company are well planned and adequately
equipped for ensuring optimum energy utilization. Besides the measures
already taken, efforts are continuing to examine and implement fresh
proposal for further conservation of energy. Positive impact of
measures already taken has been observed on the costs.
B. TECHNOLOGY ABSORPTION :-
As we know technology plays a vital role in any organization. Your
company believes that only by using latest technology, the production
and productivity can improve. The technology that is being used by your
company is eco-friendly that conserve the environment. All the units
of the company are well furnished with suitable equipments and self
sufficient in the matter of manufacturing process. Efforts are being
made towards latest technology absorption, adoption and innovation
which adds value to our business. The technology is being updated on a
regular basis by keeping abreast of the latest developments in the
PARTICULARS OF EMPLOYEES :-
Information in accordance with the provisions of Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 as amended, regarding Employees : NIL
CORPORATE GOVERNANCE :-
POLYCON International Ltd. looks upon good Corporate Governance
practices as a key driver of sustainable corporate growth and long term
shareholder value creation. Corporate Governance brings on equilibrium
between the expectations of the owners, employees, customers and all
other stakeholders and it ensures the commitment of the Board in
managing the Company in transparent manner.
The company believes in ethical business conduct, integrity and
commitment to value which enhance and retain stake holder''s trust.
The Board of Directors wish to place on record their sincere
appreciation for the continued support and co-operation received from
Rajasthan Financial Corporation, Indian Overseas Bank and various
departments of State and Central Government and Trade Associations and
also to all the employees start working at different level for their
dedication, hard work and invaluable contribution.
Your Company continued to receive co-operation & unstinted support from
the distributors, retailers, stockists, suppliers and others associated
with the company as its trading partners. The Directors wish to place
on record their appreciation for the same and your company will
continue in endeavour to build and nurture strong links with trade,
based on mutuality, respect and cooperation with each other and
consistent with consumer interests.
For and on behalf of the Board
Place : Jaipur CA L.C. BAID
Date : 30.05.2013 CHAIRMAN & MANAGING