SENSEX NIFTY
Techtran Polylenses Directors Report, Techtran Polyle Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > PERSONAL CARE > DIRECTORS REPORT - Techtran Polylenses
Techtran Polylenses
BSE: 523455|ISIN: INE020C01016|SECTOR: Personal Care
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
May 28, 17:00
18.25
0.25 (1.39%)
VOLUME 2,755
Techtran Polylenses is not listed on NSE
Download Annual Report PDF Format 2014 | 2013 | 2011 | 2010
Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors take pleasure in presenting the 27th Annual Report of
 the Company on the business and operations of the Company along with
 the Audited Balance Sheet and Statement of Profit & Loss Accounts for
 the year ended 31st March, 2014.
 
 1. FINANCIAL RESULTS:
 
 The financial performance of the Company, for the year ended March 31,
 2014 is summarized below:
 
                                                         (Rs. in Lakhs)
 
 PARTICULARS                      STANDALONE           CONSOLIDATED
 
 SALES                       2013-2014  2012-2013  2013-2014  2012-2013
 
 Export Sales                 2,187.83   1,998.29   2,184.54   1,814.49
 
 Domestic Sales                 627.62     879.18   1,163.90      1,573
    
 Total                        2,815.45   2,877.47    3348.44    3388.00
 
 Other Income                    79.35      74.62      69.17      63.16
 
 Profit before Interest,        465.12     492.45     266.43     105.40
 Depreciation and Tax                                            
 
 Interest & Financial 
 Charges                         60.62      55.41      60.62      55.41
 
 Depreciation & 
 other Write-Offs               129.25     118.88     196.22     186.77
 
 Net profit/(Loss) for 
 the year                       275.03     318.16       9.59    -136.78
 
 Provision for Taxes            100.22     104.71     123.25     126.96
 
 Profit /(Loss) after Tax       174.81     213.45    -113.66    -263.74
 
 2. FINANCIAL CONDITION AND REVIEW OF OPERATIONS:
 
 Management Discussion and Analysis of Financial Condition and Results
 of Operations of the Company for the year under review, as stipulated
 in Clause 49 of the Listing Agreement with the Stock Exchanges, is
 given as a separate statement in the Annual Report (Annexure -1)
 
 The Board of Directors and Management reviewed the progress of company
 at regular intervals, as required.
 
 3. SUBSIDIARY COMPANY:
 
 Techtran Ophthalmics Private Limited, Techtran Optics Pvt. Ltd,
 Techtran Lenses Inc, and Techtran USA LLC are the subsidiary of your
 company and pursuant to Accounting Standard, AS-21 of the Institute of
 Chartered Accountants of India, the enclosed Consolidated Financial
 Statements include the financial information (relating) to the
 subsidiaries.
 
 Techtran Ophthalmics Private Limited a subsidiary of the Company
 currently has 11 surfacing laboratories that are operational. All the
 laboratories are equipped with state of the art CNC machines along with
 hard coating equipment. TOPL has identified west, nort, east and
 central regions of India as high growth regions.
 
 Techtran Optics Private Limited, a 100% wholly owned Subsidiary of
 Techtran Polylenses Limited, a 100% EOU proposes to manufacture 5
 million pieces of Polycarbonate lenses and 5 million pieces of plastic
 lenses at Plot No U, Phase-iii,VSEZ,Visakhapatnam. The proposed poly
 carbonate Lenses will enhance the sale of the Company in the USA
 Market.
 
 Techtran Lenses Inc, has been incorporated in Tampa, Florida, USA to
 market and distribute your company products in USA and the company has
 opened a warehousing facility at Tampa, Florida, USA.
 
 Techtran Lenses Inc holds 55% in Techtran USA LLC, and hence the same
 is treated as the subsidiary of the Company. It acts as one more arm of
 the Company to distribute and market the products of the Company.
 
 The annual accounts of the Subsidiary and the related detailed
 information shall be made available to members seeking such information
 at any point of time. The annual accounts of the Subsidiaries shall
 also be kept for inspection by any of the members at the administrative
 and registered office of the company.
 
 Statement pursuant to exemption under Section 212(8) of the Companies
 Act, 1956 relating to Subsidiary Companies is enclosed as Annexure-II
 
 4. FIXED DEPOSITS:
 
 Your Company has not accepted any fixed deposits and as such no
 principal or interest was outstanding as on the date of the Balance
 Sheet.
 
 5. DIVIDENDS:
 
 With a view to retain the internal accruals for operations and business
 activities of the Company, the Board of Directors decided not to
 recommend dividend for the year ended march 31, 2014.
 
 6. BOARD OF DIRECTORS:
 
 In accordance with the provisions of Section 152 of the Companies Act,
 2013, Dr. TV Krishna Rao retires by rotation and being eligible, has
 offered himself for re-appointment.
 
 Pursuant to provisions of Section 149 and other applicable provisions
 of the Companies Act, 2013 read with Rules thereon, all independent
 Directors of the Company are seeking fresh appointment for five
 consecutive years from the ensuing Annual General Meeting.
 
 During the year under review, Mr. E. Ranga Kumar, Whole-time Director
 of the Company resigned with effect from 21 st August, 2013. Further,
 the Board has appointed Mr. Devendra Patil has been appointed as Chief
 Executive Officer of the Company with effect from 18th September, 2013.
 
 7. AUDITORS:
 
 Pursuant to the provisions of Section 139(2) of the Companies Act,
 2013, on rotation of audit firms, and based on the recommendation of
 the Audit Committee, the Board has at its meeting held on May 28, 2014
 recommended the re-appointment of M/s. M. Anandam & Co., Chartered
 Accountants, Hyderabad, as the Statutory Auditors of the Company to
 hold office form the conclusion of this Annual General Meeting for a
 period of 3 years in accordance with the Act, subject to the
 ratification of the shareholders at every Annual General Meeting. M/s.
 M. Anandam and Co., Chartered Accountants, Hyderabad, have confirmed
 that the appointment, if made, would be within the prescribed limits
 under Section 141 of the Companies Act, 2013. Accordingly, the
 appointment of M/s. Anandam & Co., Chartered Accountants, Hyderabad, as
 the Statutory Auditors, is being proposed as an Ordinary Resolution.
 
 8. INTERNAL AUDITORS:
 
 The Board of Directors based on the recommendation of the Audit
 Committee have re-appointed M/s. Kuldeep Verma & Co., Chartered
 Accountants, Hyderabad, as the Internal Auditors of your Company. The
 Internal Auditors are submitting their reports on quarterly basis.
 
 9. COST AUDITORS:
 
 In accordance with Section 141 of the Companies Act, 2013
 (corresponding Section 233B of the Companies Act, 1956) and the MCA
 General Circular No. 15/2011 dated April 11, 2011, (as amended vide
 General Circular No. 36/2012 dated November 6, 2012), the Audit
 Committee has recommended and the Board of Directors had appointed M/s.
 Vajralingam & Co., Cost Accountants, Hyderabad, being eligible and
 having sought re-appointment, as Cost Auditors of the Company, to carry
 out the cost audit of the products manufactured by the Company during
 the financial year 2014-15.
 
 10. DIRECTORS RESPONSIBILITY STATEMENT:
 
 As stipulated in Section 217 (2AA) of Companies Act, 1956, your
 Directors subscribe to the Directors'' Responsibility Statement and
 confirm as under:
 
 i] That in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 ii] That the directors have selected such accounting policies applied
 them consistently and 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 at the end of the financial year and of the profit or
 loss of the company for that period;
 
 iii] That the Directors ensured that proper and sufficient care was
 taken in 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] That the annual accounts are prepared as an ongoing concern basis.
 
 11. CONSOLIDATED FINANCIAL STATEMENTS:
 
 In accordance with the Accounting Standard AS-21 on Consolidated
 Financial Statements read along with Accounting Standard AS-23 on
 Accounting for Investments in Associates, your Directors hereby forward
 the Consolidated Financial Statements, which form part of the Annual
 Report and Accounts.
 
 12. UNCLAIMED DIVIDENDS
 
 As at March 31, 2014, dividend amounting to Rs. 21.13 Lakhs has not
 been claimed by shareholders.
 
 As per the provisions of Section 205C of the Companies Act, 1956,
 dividends remaining unclaimed for a period of seven years from the date
 of transfer to the unpaid dividend account are required to be credited
 to the IEPF. Accordingly, unclaimed dividend amounting to Rs. 5.79
 Lakhs in respect of the financial year 2006-07 is due for transfer to
 IEPF in November, 2014. In terms of Section 205C of the Companies Act,
 1956, no claim would lie against the Company or the said fund after the
 said transfer.
 
 Those shareholders who have not encashed their warrants so far are
 requested to send their claims for payment, by giving the details in
 the attached format to the Company. Lists of shareholders to whom
 dividends remain unpaid are available on the website of the Ministry of
 Corporate Affairs. Please note that As per Section 124(6) of the new
 Companies Act, 2013 the shares held in respect of the unpaid dividend
 has also to be transferred to demat account maintained under Investor
 Education and Protection Fund account.
 
 13. CORPORATE SOCIAL RESPONSIBILITY:
 
 Your Company, as a responsible corporate entity propagating its
 philosophy of responding to social welfare causes and philanthropic
 activities in the areas of Eye care, Education, Natural Calamities and
 Social services, by contributing lenses at various Eye camps and also
 cash contributions for construction of social welfare hostel to Indian
 Red Cross Society.
 
 14. PERSONNEL:
 
 Information required under Section 217(2A) of the Companies Act, 1956
 read along with the Companies (Particulars of Employees) Rules, 1975
 may be treated as ''NIL'' as none of the employees come under that
 category.
 
 15. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGOINGS:
 
 The statement giving particulars with respect to Conservation of
 Energy, Technology absorption and Foreign Exchange Earnings and
 outgoings as required under Section 217 (1) e of the Companies Act,
 1956 read along with Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules 1988 is annexed hereto and forms part of
 the Report (Annexure-III).
 
 16. CORPORATE GOVERNANCE:
 
 A separate section on Corporate Governance and a Certificate from the
 Auditors of the Company regarding compliance of conditions of Corporate
 Governance as stipulated under Clause 49 of the Listing Agreement with
 the Stock Exchange, form part of the Annual Report (Annexure-IV).
 
 17. DEMATERIALISATION OF SHARES
 
 Your Company''s equity shares have been under compulsory dematerialized
 trading for quite some time and is registered under code ISIN 1NE
 020C01016. Shareholders may contact the Registrars for
 Dematerialization, namely, CIL Securities Ltd., Regd Office:214,
 Raghava Ratna Towers, Chirag Ali Lane, Hyderabad - 500 001, Telephone
 Nos.040-23203155/040-23202465, email: advisors@cilsecurities.com /
 cilsec@hotmail.com for further details, if any.
 
 18. LISTING:
 
 Your Company''s shares are listed in the BSE Limited (BSE).
 
 19. ACKNOWLEDGEMENT:
 
 Your Directors wish to place on record their appreciation to the
 Employees, Staff and Officers of your company for their hard work,
 dedication and commitment.
 
 Your Directors gratefully acknowledge the valuable support, guidance
 and assistance provided by the Financial Institutions, viz., Exim Bank.
 
 Your Directors also express their gratitude to the Shareholders of the
 company for the confidence reposed in the management.
 
                                             On behalf of the Board of
                                             Techtran Polylenses Limited
 
 Place: Hyderabad                            Dr. Jayaram Chigurupati
 Date : 28.05.2014                           Chairman
Source : Dion Global Solutions Limited
Quick Links for techtranpolylenses
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.