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National Plastic Technologies Directors Report, National Tech Reports by Directors
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National Plastic Technologies

BSE: 531287|ISIN: INE896D01017|SECTOR: Plastics
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Directors Report Year End : Mar '15    Mar 14
The Directors hereby present the 26th Annual Report of the Company
 together with the audited
 statementofaccountsfortheyearended31stMarch2015.
 
 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
 
 Profit before 
 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
 
 Profit/(Loss) 
 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
 to reserves
 
 3.  Dividends:
 
 Considering the need to conserve cash, the Board of Directors have not
 recommended any dividend for the financial year ended 31.03.2015.
 
 4.  Deposits:
 
 The Company has not accepted any deposits from the public.
 
 5.  Directors & Key Managerial Persons:
 
 Independent Directors:
 
 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.
 
 
 Woman Director:
 
 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.
 
 Executive Directors:
 
 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
 irregularities.
 
 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
 Disclosures:
 
 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
 days.
 
 9.  Financial Performance & position of Subsidiaries & Associate
 Companies:
 
 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
 power consumption.
 
 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:
 
 Not applicable.
 
 9. Auditors:
 
 Statutory Auditors:
 
 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.
 
 Cost Audit:
 
 Since the business activities do not fall under the scope of cost
 audit, the company has not appointed cost auditor.
 
 Secretarial Auditors:
 
 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:
 
 Annual Return:
 
 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.
 
 16.Acknowledgement:
 
 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
 National Group.
 
 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
 authorities.
 
                                            On behalf of the Board
 
                             For National Plastic Technologies Ltd.,
 
 Place: Chennai               Sd/-                       Sd/-
 
 Date : 07-08-2015        Managing Director    Joint Managing Director
Source : Dion Global Solutions Limited
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