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Polycon International Directors Report, Polycon Intl Reports by Directors
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Polycon International
BSE: 531397|ISIN: INE262C01014|SECTOR: Plastics
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Directors Report Year End : Mar '13    « Mar 12
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
 financial year.
 
 However, the net sales is nearly equal to the last year due to fire
 accident at Chopanki Bhiwadi Unit.
 
 FINANCIAL RESULTS:
 
 The financial results for the year ended 31st March, 2013 are
 summarized below :
 
                                       Amount Rs. In lacs
 
                                     2012-2013    2011-2012
 
 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.
 
 DIVIDEND:
 
 Payment of dividend for the year under review has not been recommended
 by the Board of Directors in view of the marginal profits.
 
 CAPITAL STRUCTURE
 
 The authorised share capital of the Company is Rs. 750 Lacs divided in
 75 lacs Equity Shares of Rs. 10 each.
 
 DEPOSITORY SYSTEM:
 
 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.
 
 DIRECTORS:
 
 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
 re-appointment.
 
 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
 engagements.
 
 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
 engagements.
 
 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
 Act, 1956.
 
 A brief resume of expertise and details of other directorships of these
 directors is attached along with Notice of the ensuing Annual General
 Meeting.
 
 PUBLIC DEPOSITS:
 
 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.
 
 AUDITORS :-
 
 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.
 
 COMPLIANCE OFFICER:
 
 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 polycon@polycon.in
 
 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
 field.
 
 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.
 
 ACKNOWLEDGEMENT :-
 
 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
 
                                 DIRECTOR
Source : Dion Global Solutions Limited
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