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Paras Petrofils Ltd.

BSE: 521246 | NSE: PARASPETRO | Series: NA | ISIN: INE162C01024 | SECTOR: Textiles - Manmade

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Paras Petrofils is not traded on BSE in the last 30 days

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Paras Petrofils is not traded on NSE in the last 30 days

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2005

Director’s Report

The Members of Paras Petrofils Limited Dear Shareholders, The directors have pleasure in presenting the Twenty Third Annual report together with the audited statements of accounts for the year ending on 31st March, 2014. FINANCIAL RESULTS: The summarized financial results are as under: - (Rs. In Lacs) Particulars 2013-14 2012-13 Revenue from Operations 952.86 11795.76 Other Income 3.18 56.17 Profit/(Loss) before depreciation 774.19 (1451.23) Less: Depreciation 7.11 456.24 Net Profit/(Loss) Before Tax 767.08 (1907.47) Less: Provision for Tax including tax of earlier years 0.00 0.11 Less: MAT Credit Entitlement 174.63 0.00 Less/(Add): Deferred Tax Liability/(Assets) 236.99 (588.88) Net Profit/(Loss) after Tax 355.46 (1318.70) Balance of Profit & Loss account brought forward (1020.02) 298.68 Balance of Profit & Loss account to be carried forward (664.56) (1020.02) DIVIDEND: For the year under review, company has earned net profit. However to set off the previous year losses, your directors regret their inability to recommend any divided for the year. PERFOMANCE DURING THE YEAR & OUTLOOK: During the year under review, the turnover of the company has decreased to Rs. 952.86 Lacs as against turnover of Rs. 11795.76 Lacs during the previous year. The Company has earned net profit after tax of Rs. 355.46 Lacs during the year. During the year under consideration the manufacturing operation of the company were suspended due to sluggish market condition and heavy losses incurred by the company during previous years from manufacturing activity. However company has continued its trading activity during the year. Looking to the current market situation of the manufacturing activity in India and specially of the standalone yarn manufacturing units, directors of the company are of the view to permanently discontinue its manufacturing activity and dispose-off all related assets of the company subject to approval of the share holders and use all available recourses to expand its textile trading activity. The directors of the company are quite confident to improve its profitability and performance in coming years from textile trading activity. AUDITORS: M/s. RKG & Company, Chartered Accountants, the auditors of the company, retires at the conclusion of ensuing Annual general meeting and had confirmed their eligibility for the reappointment and willingness to accept office, if reappointed. AUDITOR''S REPORT: The observations made in the Auditor''s Report are self-explanatory and do not require further explanation. DIRECTORS: Pursuant to the provisions of Sections 255 and 256 of the Companies Act, 1956 and as per the provisions of Articles of Association of the Company, Shri Harshad J Patel, Shri Ashok R Jain retire by rotation and being eligible offer themselves for re-appointment. The board recommends reappointment of retiring directors. Details of the Directors seeking reappointment as required under Clause 49 (VI) of the Listing Agreements are provided in Notice forming part of this Annual Report. None of the Directors are disqualified under Section 274(1) (g) of the Companies Act, 1956. PERSONNEL: The Company does not have any employee drawing salary as stipulated under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. CASH FLOW ANALYSIS The Cash Flow statement for the year ended on 31st March, 2014, in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges where the shares of the Company are listed forms part of the Annual Report. DIRECTORS'' RESPONSIBILITY STATEMENT: As required under section 217(2AA) of the Companies Act, 1956, it is hereby stated that- (i) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. (ii) We 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. (iii) We have taken proper and sufficient care for the maintenance of the 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; and (iv) We have prepared annual accounts on a going concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO: Information required u/s 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, technology absorption are as per the Annexure forming part of this Report. PUBLIC DEPOSITS: The Company has not accepted any deposit during the period under review. MATERIAL CHANGES: During the period under review, Company has discontinue its yarn manufactring operations. SAFETY HEALTH & ENVIRONMENT Your company is committed to being proactive to Safety, Health and Environment. Continued safety awareness was maintained through several activities such as training, competitions, awards, etc. where there is high worker participation. Your Company has ensured eco-friendly disposal of various hazardous waste at the designated disposal site recognized by Pollution Control Board. In addition, the Company has complied with the environmental norms. CORPORATE GOVERNANCE Your Company complies with all the mandatory requirements pertaining to Corporate Governance, in terms of clause 49 of the Listing Agreement with the Stock Exchanges. A report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the stock exchanges, forms part of the annual report. A separate section on Corporate Governance containing all the information as mandated by the Listing Agreement is attached herewith and forms a part of this report. Certificate from the Practicing Company Secretary of your Company regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement with the Stock Exchange is attached herewith and forms a part of the Corporate Governance report. MANAGEMENT DISCUSSION AND ANALYSIS Management Discussion and Analysis on matters relating to business performance, as stipulated in Clause 49 of the listing agreement with the stock exchanges, is given as a separate statement in the Annual Report. ACKNOWLEDGEMENTS Your Directors place on record their appreciation for the continued support and co-operation received from customers, suppliers, dealers, banks and government authorities. The Board also, expresses its appreciation for the understanding and support extended by the shareholders and employees of the Company. Registered office: For and on behalf of Board of Directors, Block No 529, N. H. No. 8, Village-Palsana, Surat-394315 Place: Palsana (Ashok R Jain) (Harshad J Patel) Date : 14th August, 2014 Managing Director Director

Director’s Report