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Pithampur Poly Products Directors Report, Pithampur Poly Reports by Directors
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Pithampur Poly Products

BSE: 530683|ISIN: INE747D01012|SECTOR: Packaging
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Directors Report Year End : Mar '15    Mar 14
Dear Members,
 
 The Directors have pleasure in presenting their 18th Annual Report on
 the business and operation of the Company and the accounts for the
 Financial Year ended 31st March, 2015
 
 1) EXTRACT OF ANNUAL RETURN
 
 The Extract of Annual Return in form MGT-9 as per section 92 of the
 Companies Act, 2013 and the relevant rules is annexed as Annexure-A.
 
 2) DIVEDEND
 
 Considering the Company''s Financial Performance, the Directors do not
 recommended any dividend for this year.
 
 3) NUMBER OF MEETINGS OF THE BOARD
 
 S. no.      Type of meeting           Date of meeting
 
 01          Board Meeting               28.05.2014
 
 02          Board Meeting               30.07.2014
 
 03          Board Meeting               28.08.2014
 
 04          Board Meeting               15.10.2014
 
 05          Board Meeting               13.01.2015
 
 06          Board Meeting               05.03.2015
 
 07          Board Meeting               27.03.2015
 
 4) DIRECTORS'' RESPONSIBILITY STATEMENT :-
 
 Pursuant to the requirements of section 134(5) of the Companies Act,
 2013 with respect to Directors'' Responsibility Statement, it''s hereby
 confirmed:
 
 (i) That in the preparation of the accounts for the financial year ended
 31s1 march 2015, the applicable accounting standards have been followed
 along with proper explanation relating to material departures from the
 same;
 
 (ii) 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 of the Company for the year under review;
 
 (iii) That the directors have been 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;
 
 (iv) That the directors have prepared accounts for the financial year
 ended 31st march 2015 on a going concern basis; and
 
 (v) That the directors have devised proper system to ensure compliance
 with the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 (vi) That proper internal financial controls are followed by the
 Company and that such financial controls are adequate and are operating
 effectively; and
 
 5) STATUTORY AUDITORS
 
 pursuant to the provisions of Section 139 and other applicable
 provisions, if any, of the Companies Act,2013 (including any statutory
 modification or re-enactment thereof for the time being in force) and
 the Companies (Audit and Auditors Rules), 2014 made there under, as
 amended from time to time and pursuant to the recommendations of the
 Audit Committee of the Board of Directors, M/s Arif Jain & Associates,
 Chartered Accountants who retires and being eligible, offers himself
 for reappointment be and is hereby re-appointed as a statutory auditors
 of the Company for the financial year 2015-16 and they shall hold
 office up to the conclusion of the Annual General Meeting to be held
 for the Financial Year 2015-16 and that the Board of Directors be and
 is hereby authorized to fix the remuneration payable to them for the
 financial year ending March 31, 2016, on the recommendation of the
 audit committee in consultation with the Statutory Auditors of the
 Company.
 
 6) DEPOSITS
 
 Your Company has not accepted any deposit within the meaning of
 provisions of Section 73 of Companies Act, 2013 read with the Companies
 (Acceptance of Deposits) Amendment Rules, 2015.
 
 7) STATEMENT OF DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER
 SECTION 149(6) :-
 
 The company has three independent directors and all have given the
 declarations declaring that they are qualified and does not hold any
 disqualifications to act as independent directors. Their declarations
 have been taken on record by the Board in its meeting held on 31.03.2015
 
 8) EXPLANATIONS OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION,
 RESERVATION OR ADVERSE REMARK OR DISCLAIMER BY AUDITOR IN HIS REPORT
 AND BY COMPANY SECRETARY IN PRACTICE IN HIS SECRETARIAL AUDIT REPORT :-
 
 The Auditor''s Report is self explanatory and there are no
 qualifications, reservation or adverse remarks made by the auditors.
 Hence no comments are required. The Company Secretary in his audit
 report raised queries regarding non publication of quarterly results
 and book closure. Your directors placed on record the queries raised by
 him and noted the same for future compliances. Further he raised a
 query for non appointment of a woman director. In this respect the
 Company has appointed a woman director on 05/06/2015.
 
 9) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
 
 The particulars of loans, guarantees or investments under section 186
 is furnished in Annexure-B and is attached to this report.
 
 10) CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN
 SECTION 188(1)
 
 The particulars of contract or arrangement made with related party
 pursuant to section 188 is furnished in * Annexure-C and is attached to
 this report.
 
 11) PERFORMANCE OF THE COMPANY: -
 
 (a) Turnover: in Rs. Lacs
 
 Current Year                      Previous Year            % Decrease
 
 580.92                               674.81                  13.91
 
 (b) Net profit: Rs. In Lacs
 
                                                Current       Previous
                                                year          year
 
 Profit/(loss) for the year before             (23.19)         (1.84)
 taxation and Extra-ordinary item
 
 Provision for taxation
 
 Extraordinary item of Expenditure             0.51             2.16
 
 Net profit/(loss)                             (23.70)         (4.00)
 
 Balance of profit/(loss)                      (591.58)        (587.58)
 from previous year
 
 Less: Adjustment for Additional
 
 Depreciation as per Schedule                   50.20            0.00
 
 Surplus retained in Profit and
 loss Account                                   (665.49)        (591.58)
 
 12) MATERIAL CAHNGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
 POSITION OF THE COMNPANY WHICH HAVE OCCRRED BETWEEN THE END OF THE
 FNANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
 AND THE DATE OF THE REPORT
 
 No material changes and commitments affecting the financial position of
 the company occurred between the end of the financial year of the
 company to which the financial statements relate on the date of this
 report.
 
 13) ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS
 COMMITTEES AND INDIVIDUAL DIRECTORS
 
 Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
 the Listing Agreement, the Board has carried out an annual evaluation
 of its own performance, performance of its Directors individually as
 well as the evaluation of the working of its Committees. The evaluation
 of all the directors and the Board as a whole was conducted based on
 the criteria and framework adopted by the Board. The evaluation process
 has been explained in the Corporate Governance Report section which
 forms part of this report.
 
 14) THE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Provisions of section 134(m) of the Companies Act, 2013 do not apply to
 our company and hence required information is Nil. There was no foreign
 exchange earnings and outgo during the year.
 
 15) STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
 MANAGEMENT POLICY OF THECOMPANY
 
 The company does not have risk management policy as the elements of the
 risk threatening the company''s existence s very minimal.
 
 16) DETALS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
 CORPORATE SOCAL RESPONSBLITYINITIATVES
 
 The company has not developed and implemented the following corporate
 responsibility initiatives during the year under review.
 
 17) LISTING OF SHARES
 
 Company''s shares are listed with BSE Limited. The company has paid
 annual listing fee forfinancial year2015-16
 
 18) INDUSTRIAL RELATIONS:
 
 Company''s Industrial relations continued to be healthy, cordial and
 harmonious during the period under review.
 
 19) GENERAL DISCLOSURES:
 
 (I) There are no significant and/or material orders passed by the
 Regulators or Courts or Tribunals impacting the going concern status of
 the Company.
 
 (II) No material changes and commitments affecting the financial
 position of the company have occurred between the end of the financial
 year to which the financial statements relate and the date of this
 directors report.
 
 20) ENVIRONMENT AND SAFETY:
 
 The Company is conscious of the importance of environmentally clean and
 safe operations. The Company''s policy required conduct of operations in
 such a manner, so as to ensure safety of all concerned, compliances
 environmental regulations and preservation of natural resources.
 
 21) SAD DEMISE OF MR. SHARAD DUBEY, INDEPENDENT DIRECTOR OF THE
 COMPANY:
 
 Your Board regrets to inform the sad demise of our beloved independent
 directors Mr. Sharad Dubey. Your Directors pray God to rest the soul of
 demised director in peace and give courage to his family to overcome
 the sorrow.
 
 22) ACKNOWLEDGMENT:
 
 On behalf of the Directors of the Company, I would like to place on
 record our deep appreciation to our Shareholders, Customers, Business
 Partners, Vendors, both international and domestic, Bankers, Financial
 Institutions and Academic Institutions. Your Directors also wish to
 place on record their sincere thanks to the Government of India and the
 various Ministries, the State Governments and the various Ministries,
 the Central and State Electricity Regulatory authorities, communities
 in the neighborhood of our operations, Municipal and local authorities
 in areas where we are operational.
 
                            For and on behalf of the Board of Directors
                                        Pithampur Poly Products Limited
 
                                                    RAJENDRA TEKRIWAL
                                       Chairman and Managing Director
 Place: Indore                                          DIN 00011492
 Date: 15/07/2015
 
Source : Dion Global Solutions Limited
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