Dear Members,
The Directors present their Twenty Eighth Annual Report together with
the Audited Statement of Accounts for the year ended 3rd March,
2014.
1. FINANCIAL RESULTS:
2013-2014 2012-2013
(Rupees in Lakhs) (Rupees in Lakhs)
Profit before depreciation and Taxes 63.80 161.18
and investment allowance reserves.
Depreciation for the year. 26.71 42.87
Profit before taxes and investment 37.09 118.31
allowance reserves.
Provision for taxation. 15.93 36.70
Balance 21.17 81.61
Balance brought forward. 1325.48 1243.87
Balance carried to Balance Sheet. 1346.65 1325.48
2. DIVIDEND:
In view of conservation of resources, the directors regret their
inability to recommend any dividend on the equity shares of the
company.
3. DIRECTORS:
Mr. Timir Shah, Director retires on rotation and being eligible offers
himself for reappointment.
Your directors recommend her reappointment.
4. PARTICULARS OF EMPLOYEES:
The Company does not have any employee of the category specified in
Section 217 (2-A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
5. AUDIT COMMITTEE:
As per the requirements of the Companies Act, 1956 and Listing
Agreement, the Company has constituted an Audit Committee.
The Audit Committee met on 30/04/2013, 31/07/2013, 31/10/2013 and
30/01/2014 during the year under review.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibilities Statement,
you''re Directors it is hereby confirmed:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. 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. The directors have taken proper and sufficient care ofthe
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 an other irregularities;
4. The directors have prepared the annual accounts on a going concern
basis.
7. SAFETY AND ECOLOGY:
Safety and Environment protection strategies continue to be accorded
the same priority.
8. FIXED DEPOSITS:
The Company has not accepted any Deposit from the Public, during the
year under review.
9. FINANCE:
Your Directors wish to further diversify its business and for the same
it is necessary to raise funds and the Directors are in process of
identifying the new line of business, which will be easily carried on
with the existing business of the company. For further requirements of
the company, the directors would be tapping various sources for
raising the money, viz., loans, debentures, warrants and working
capital facilities and factoring.
10. AUDITORS:
The Board has appointed MR. MULRAJ D. GALA Chartered Accountants, for
year 31st March, 2015. The members are also requested to re-appoint
Statutory Auditors to hold office for the conclusion of the next
Annual General Meeting and to fix their remuneration.
11. CONSERVATION OF ENERGY:
The Company is not covered under the list of specified industries.
However, required conservation measures are already taken for limiting
power consumption to the extent necessary.
12. CORPORATE GOVERNANCE:
A report on Corporate Governance alongwith a Certificate of Compliance
from the auditors forms part of this report.
14. LISTING AGREEMENT COMPLIANCE:
The company''s shares are listed on Bombay Stock Exchange, the
company 1SIN activation no. 1SIN-1NE704F01018. The Company has
reappointed M/s. Bigshare Services Pvt. Ltd., Mumbai as the Registrar
and Share Transfer Agent. (As per norms of Bombay Stock Exchange)
15. ACKNOWLEDGEMENT:
The Directors wish to place on record their appreciation for the
support and assistance extended by Bankers, various Government
Departments, Customers, Members and Employees at all levels of
operation of your company. Your Directors wish to place on records
their sincerely appreciation for the trust & confidence reposed in the
company by the Shareholders.
16. REDEMPTION OF FACTORING DIVISION:
The Director wish to inform that factoring coupon with recourse &
without recourse is held by investor & no default of coupon reported.
17. NETTING OFF DIVISION:
As permitted by RBI, company has followed netting off procedures.
18. SOCIAL PROGRAMMES:
No major progress could be made to PET FOUNDATION PROGRAMME, but
company is committed to this social advancement programme
For and on behalf of the Board
Pet Plastics Limited
Vijay Vakil
Chairman & Managing Director
Place: Mumbai
Date: 14th August, 2014
