The Directors hereby present the 26th Annual Report of the Company
together with the audited
I. Financial Results:
Year ended Year ended
Particulars 31.3.2015 31.3.2014
(Rs. in lakhs) (Rs. in lakhs)
Sales and other
Income (Gross) 8384.21 8214.52
depreciation and Interest 711.87 636.35
Finance cost 347.96 299.52
Operating Profit/(Loss) 363.91 336.83
Depreciation 158.55 142.61
before taxes 205.36 194.22
Provision for taxation 66.16 63.40
Profit/(Loss) after tax 139.20 130.82
2. Operations /Performance:
The Company''s gross turnover & income during the year under review was
Rs.8384.21 lakhs as compared to Rs 8214.52 lakhs in the previous year.
The above figures are inclusive of job work income. The profit before
tax during the current year is Rs.205.36 lacs as against Rs. 194.22
lacs during the previous year. No amount is proposed to be transferred
Considering the need to conserve cash, the Board of Directors have not
recommended any dividend for the financial year ended 31.03.2015.
The Company has not accepted any deposits from the public.
5. Directors & Key Managerial Persons:
The Company had at its AGM held on 24th September 2014, appointed Mr.
SudhirK Patel and Mr. Ajit Kumar Chordia as Independent Directors for
a period of five year w.e.f. 24th September, 2014. The Independent
Directors have acknowledged the terms of appointment. The Independent
Directors have declared that they met all the criteria of independence
as provided under section 149(6) of the Companies Act, 2013 and Clause
49 of Listing Agreement. The independent Directors were fully kept
informed of the Company''s activities in all its spheres.
Smt Manju Parakh is a woman director liable to retire by rotation and
being eligible, offers herself for reappointment. She is a
non-executive non-independent Director. The Company is in compliance
with section 149 of the Companies Act, 2013 read with Companies
(Appointment and Qualification of Directors) rules, 2014 and Clause 49
of the listing agreement w.r.t appointment of Woman Director.
Shri Sudershan Parakh, was reappointed as the Managing Director of the
Company for a period of 3 year w.e.f. 1st October, 2014 on the terms
and conditions as recommended by the Nomination and Remuneration
Committee and approved by the Board at its meeting held on 14th August,
2014 and the shareholders vide resolution passed by the shareholders at
the AGM held on 24th September, 2014.
Shri AlokParakh, was reappointed as the Joint Managing Directorof the
Company for a period of 3 year w.e.f. 1st October, 2013 on the terms
and conditions as approved by the Nomination and Remuneration Committee
and approved by the Board at its meeting held on 13th August, 2013 and
the shareholders vide resolution passed by the shareholders at the AGM
held on 23rd September, 2013.
6. Nomination and Remuneration Policy:
The Nomination and Remuneration Committee of Directors (NRC) reviews
the composition of the Board, to ensure that there is an appropriate
mix of abilities, experience and diversity to serve the interest of all
shareholders and the Company. In accordance with the requirements under
Section 178 of the Companies Act 2013 and Clause 49 of Listing
Agreement,the NRC governs the terms of nomination and appointment and
remuneration of Directors, Key Managerial Personnel and Senior
Management of the Company. As and when a vacancy arises or is expected,
the NRC will identify, ascertain the integrity, qualification,
appropriate expertise and experience of potential candidates, having
regard to the skills that the candidate will bring to the
Board/Company, and the balance of skills added to that of which the
existing members hold. The NRC will review the profile and other
aspects of the person and the most suitable person is recommended for
appointment by the Board or is recommended to shareholders for their
election. The NRC has discretion to decide whether qualification,
expertise and experience possessed by a person are sufficient/
satisfactory for the concerned position. NRC will ensure that any
person who is appointed or continues in employment of the Company as
Directors shall comply with the conditions as laid out under Part I of
Schedule V to the Companies Act, 2013. NRC will ensure that appointment
of Independent Directors of the Company will be made in accordance with
the provisions of Section 149 read with Schedule IV of the
Companies Act,2013 and Clause 49 of Listing Agreement.
7. Directors1 Responsibility Statement:
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013, your Directors confirm:
1. That in the preparation of the annual accounts for the year ended
31st March, 2015, the applicable accounting standards have been
followed by your Company and there were no material departures.
2. That the Directors have 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 or loss of the Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
4. That the Directors have prepared the annual accounts for the year
ended 31st March, 2015 on a going concern basis.
5. That the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively and
6. 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. Particulars of Employees & Directors Remuneration & Related
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, forms part of this
report as ''Annexure''. However, as permitted in terms of Section 136 of
the Act, this Annual Report is being sent to all the members and others
entitled thereto, excluding the said annexure. Members who are
interested in obtaining these particulars may write to the Company
Secretary at the Registered Office of the Company. The aforesaid
annexure is also available for inspection by members at the Registered
Office of the Company, 21 days before the Annual General Meeting and up
to the date of Annual General Meeting during business hours on working
9. Financial Performance & position of Subsidiaries & Associate
The Company does not have any Subsidiary or Associate Company and hence
disclosure about subsidiary and associate company does not arise.
10. Consolidated Financial Statement:
The company does not have any Subsidiary/Associate and preparation of
Consolidated Financial Statements does not arise.
11. Information Under Section 134(3)(m) of the Companies Act, 2013 is
furnished below: A. Conservation of Energy:
1. Change of circuitry in the machines developed in house to reduce
2. Power saving equipments have been installed on machines and there
has been considerable reduction in power consumption.
3. Heater insulation jackets have been provided on the machines to
prevent the energy losses.
4. Timers have been installed to reduce the idle running of the motors
preventing energy losses.
5. Natural lighting is being used in plants to avoid usage of
industrial lamps in the day.
6. APFC Panels have been installed in all plants to maintain power
factor, thus ensuring efficient energy management.
B. Technology Absorption:
The Company at its 25th AGM held on 24th September, 2014 appointed M/s.
C.A. Patel & Patel, Chartered Accountants, Chennai, (Firm Registration
No.005026S) as statutory auditors of the Company to hold office for a
period of 3 years from the conclusion of the said AGM, subject to
ratification at every AGM. The Auditors Report for the financial year
2014-15 does not contain any qualification, reservation or adverse
remark and the same is attached with the annual report. The Company has
obtained necessary certificate under Section 141of the Act 2013 from
the auditors conveying their eligibility for the above appointment.
Since the business activities do not fall under the scope of cost
audit, the company has not appointed cost auditor.
As required under Section 204 of the Companies Act, 2013, the Company
is required to appoint a Secretarial Auditor for auditing secretarial
and related records of the Company. Accordingly Mr. S. Bhaskar has
been appointed as Secretarial auditor. The secretarial audit report is
attached along with the annual report for the year 2014-15. The
secretarial audit report does not contain any qualification,
reservation or other remarks.
13. Corporate Governance
The Company has been practicing the principles of good corporate
governance and lays emphasis on transparency, accountability and
integrity. A separate section on Corporate Governance and certificate
from statutory auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under clause 49 of
Listing Agreement with Stock Exchange forms part of this Annual Report.
14. Performance Evaluation of the Board:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out the annual performance
evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Board Committees. The Directors
expressed their satisfaction with the evaluation process
15. Other Disclosures:
Extract of Annual Return in the prescribed form is given as Annexure to
this report, in terms of the requirement of Section 134(3)(a) of
Companies Act, 2013 read with Companies (Accounts) rules, 2014.
Corporate Social Responsibility:
The mandatory provisions under section 135 of the Companies Act, 2013
is not applicable to the Company.
The Company has not given any Loans or Guarantees.
The Directors wish to express their sincere appreciation & gratitude to
Late Mr. Bachhraj Parakh, the founder Chairman of the Company for the
guidance provided by him over the years in building the company and the
Your Directors place on record their appreciation of the co-operation
and support extended by the customers, suppliers, employees and
assistance received from Bankers, Local Bodies and other Government
On behalf of the Board
For National Plastic Technologies Ltd.,
Place: Chennai Sd/- Sd/-
Date : 07-08-2015 Managing Director Joint Managing Director