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Maharashtra Polybutenes Ltd.

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2004

Director’s Report

Dear Members, Your Directors have pleasure in presenting the 26th Annual Report together with the Audited Statement of Accounts of the Company for the financial year ended on March 31,2015. FINANCIAL HIGHLIGHTS (Rs. In Lacs) PARTICULAR Year ended Year ended 31.03.2015 31.03.2014 Gross Sales 772.80 2716.92 Industrial Park Revenue 1050.00 425.00 Other Income 8.47 18.81 Profit Before Depreciation and Tax 33.97 63.03 Less: Depreciation 30.29 49.38 Profit Before Tax 3.87 13.65 Sundry credit balance written off/(back) (0.20) 1.21 Provision for MAT 0.74 2.37 Provision for deferred Tax (38.32) 2.18 Profit after Tax 41.45 7.89 Proposed Dividend Nil Nil Dividend Distribution Tax Nil Nil Balance carried forward to Balance Sheet 41.45 7.89 The Balance in Profit & Loss Account for the year is Rs. 41.45 Lacs (Previous year Rs. 07.89 Lacs). Balance of Rs.1254.56 Lacs (Previous Year Rs. 1246.67 Lacs) is carried to Balance Sheet under the head reserves. 1. PERFORMANCE FOR THE FINANCIAL YEAR 2014-2015 The company has achieved a turnover of Rs. 772.80 Lacs for the year ended March 31,2015 as against Rs 2716.92 Lacs for the previous year. The year witnessed decline in operation due to non-availability of raw material, crash in commodity prices and overall economic conditions. The Company expects better performance in the current year with good capacity utilization. The company produces various grades of PIB like HV 10, HV 30, HV 100 and HV 200. The feedstock prices remained high during the year; however the company was able to manage and cater to the customers'' requirements and expectations. 2. DIVIDEND Due to the ongoing expansion/diversification plans and raw material situation, the Board of Directors is of the opinion that shareholders would be best served by retaining the surpluses back into the company. Hence no dividend has been proposed. 3. FIXED DEPOSIT During the year the Company has not accepted any Fixed Deposits within the meaning of any of the sections of the Companies Act, 2013 and the rules made there under. 4. FUTURE BUSINESS PLANS OF THE COMPANY During the period under review, the Company''s manufacturing activities were badly affected due to crash of commodity prices and short supply of raw material. However, for the current year the company has a target to outperform previous year''s production level as the availability of raw material is improving. With a view to further expand the operations and to raise the top line as well as the bottom line the company is foraying into trading of various chemicals and energy products like High- density polyethylene (HDPE), low density polyethylene (LDPE), base oil, furnace oil, polymers, LPG, coal etc. The company has a ready market for these products as it enjoys excellent business rapport with the potential customers. The management is determined to expand its core customer base. The company is also tapping the huge export market. With a view to address the financial strains, the management is foraying in to tapping on alternate sources of long term funds and utilization of excess assets. The management has identified excess land owned by the company and has proposed to develop industrial gala or technology park on this excess land. The company is in the process of entering in to an understanding with a company, which is also a related party but the transaction conducted or to be conducted on arm''s length basis, for this purpose which will provide technical support. The Company has approached Maharashtra Industrial Development Corporation (MIDC) for necessary approvals. 5. DIRECTORS Ms. Sangeeta Rathi, Director, retires by rotation and being eligible offers herself for re- appointment at the forthcoming Annual General Meeting. The Company has received declaration from all the independent directors of the company confirming that they comply with the provisions of their independence as per clause 49 of the listing agreement with the BSE Limited as well as provisions of the Companies Act. The Company has a policy of performance evaluation of the board, various board committees and individual directors. The report on Corporate Governance contains information on various Board committees, meetings thereof etc. and is an integral part of this report. 6. EXTRACT OF ANNUAL RETURN MGT 9 MGT9 has been given in this Annual Report and is an integral part of this report. 7. DIRECTORS'' RESPONSIBILITY STATEMENT Pursuant to the requirement under section 134(5) of the Companies Act, 2013 with respect to Directors Responsibilities Statement, it is hereby confirmed: a. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. The directors had selected such accounting policies and 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 and loss of the company for that period; c. The directors had taken proper and sufficient care 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; d. The directors had prepared the annual accounts on a going concern basis; e. The internal financial controls for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information are adequate and are operating effectively; and f. The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 8. PERSONNEL During the year under review, none of the employees received remuneration of or in excess of the limits prescribed as per the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. 9. AUDITORS AND AUDITORS'' REPORT M/s B K G & Associates, Statutory Auditors of the Company, retire at the conclusion of the ensuing Annual General Meeting and they are eligible for the reappointment. The observation made by the StatutoryAuditors in their report are self explanatory and do not need any further clarification. 10. COST AUDIT M/s C. G. Pampat & Co, Cost Accountants, Mumbai have been appointed as the Cost Auditors of the Company for the financial year 2014-2015. The Cost Statements for the financial year 2014-15 will be filed with appropriate authorities. 11. SECRETARIAL AUDIT Ms. Disha Dugar, a Practising Company Secretary, (Membership number Fellow 8128, Certificate of Practice number 10895) was appointed as the Secretarial Aduitor and the report has been annxed and forms and integral part of Directors'' Report. The report is self explanatory. 12. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE Particulars of loans and advances given and investments made is given Note 15 to Balance Sheet and Profit and Loss Account, please also see related parties transactions in notes to accounts section. 13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information with respect to conservation of energy, technology absorption, foreign exchange earnings and outgo pursuant to Section 217 (1) (e) of theAct read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, form part of this Report. 14. CORPORATE GOVERNANCE Being observant and responsible, the company is committed to high standards of the corporate ethics, professionalism and transparency. As per Clause 49 of the Listing Agreement with the stock exchanges, a separate section on Corporate Governance forms part of the Annual Report. A certificate from the Statutory Auditors of the Company confirming the compliance of conditions of corporate governance under Clause 49 of the Listing Agreement is also attached to this Report. 15. EMPLOYEE RELATIONSHIP The Company enjoyed very cordial relations with the employees during the year under review and the Management wishes to place on record its sincere appreciation of the efforts put in by workers, staff and executives. 16. LISTING WITH STOCK EXCHANGE The equity shares of the Company are listed with the Bombay Stock Exchange. 17. DEMATERIALISATION OF SHARES The company has dematerialized its shares with both depositories viz. CDSL and NSDL. 18. ACKNOWLEDGEMENTS The Directors would like to express their sincere appreciation and gratitude for the support and co-operation received from the Central and State Governments Department, Civic Corporation and authorities, Banks, Customers, Suppliers, Associates, Vendors and Members during the year under review. The Directors also wish to thank and place on record their appreciation for all the employees for their committed and sincere services and continued cooperation throughout the year. For and on behalf of the Board Brijmohan Rathi Chairman and Managing Director Place: Navi Mumbai Date: 12th August, 2015

Director’s Report