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Indian Polyfins Ltd.

BSE: 514292 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Indian Polyfins Ltd. (INDIANPOLYFINS) - Director Report

Company director report

DIRECTORS

To

The Members of

Indian Polyfins Limited

Dear Shareholders

Your directors have pleasure in presenting the Twenty Seventh Annual Report togetherwith the audited accounts for the year ended 31.03.2014.

FINANCIAL RESULTS :

The summarised financial results are as under:

(Rs. In Lacs)
Particulars 2013-14 2012-13
Sales& Other Income 596.58 663.78
Net Profit(Loss) Before Tax 0.61 5.60
Less : Current tax (Including tax of earlier years) 0.12 1.17
Less : Deferred tax (0.40) 2.32
Net Profit after tax 0.89 2.11
Profit & (Loss) Account (342.60) (344.71)
Balance Brought forward
Balance to be carried forward (341.70) (342.60)

DIVIDEND :

During the year under review Company has earned insufficient profit. In the view ofcarried forward losses your directors regret their inability to recommend any dividend.

PERFORMANCE & FUTURE OUTLOOK :

During the year under review the company's turnover has declined to Rs. 589.66 Lacs ascompared to Rs. 651.17 Lacs in previous year and net profit after tax has declined to Rs.0.89 Lacs. The textile processing units have been witnessing huge competition labourproblems and constant rise in variable costs which has directly affected performance ofthe company. Further lack of availability of adequate finance has debarred the company totake initiative towards various expansions and modernization programme. Your directors aretaking effective steps to increase operational efficiency and quality of products and aredevising cost control techinques to cut down variable costs to the extent possible.Moreover your directors believe in maintaining long term and healthy relations with allthe stakeholders and are confidents that company will continue to improve its performancefor coming years and reward its shareholders for their faith in the company.

DIRECTORS :

Pursuant to the Articles of Association of company read with the section 256 of theCompanies Act 1956 Shri Sunil Kumar Hada retire by rotation at the ensuing Annual GeneralMeeting and being eligible offer himself for reappointment.

AUDITORS :

M/s. Soni Surana & Company Chartered Accountants retires at the conclusion ofensuing Annual general meeting and had confirmed their eligibility for the reappointmentand willingness to accept office if reappointed.

AUDITOR'S REPORT :

The observations made by the Auditors in their report are self - explanatory and do notrequire further explanation. There was no adverse remark in audit report.

DIRECTORS' RESPONSIBILITY STATEMENT

As required under section 217 (2AA) of the Companies Act 1956 it is hereby statedthat:

(i) In the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures.

(ii) We have selected such Accounting Policies

and applied them consistently and made judgements and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at theend 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 adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities; and.

(iv) We have prepared annual accounts on a going concern basis.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO:

A. CONSERVATION OF ENERGY

The Company continues its efforts to improve methods of energy conservation andUtilisation and the present consumption of the company is in line of the industry norms.The company has taken following measures in respect of conservation of energy :

(a) Energy conservation measures taken reducing the maximum demand by evenlydistributing the loads throughout the day and increasing efficiency of plant andequipments.

(b) No Additional investments and proposals are being implemented for reduction ofconsumption of energy.

The cost of electricity consumption during the year is a s under.

(A) Units Purchased 2149414 units

Total Cost Rs.13801081/-
Per unit cost Rs. 6.42 per unit

The diesel consumption for the year is Rs.5358121-. There were no consumption ofcoal furnace oil and LDO etc.

B. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION

(1) Area in which R&D carried out by the Company.

R&D have continuously been earned out for improvement in the quality of theproducts.

(2) Benefits derived as a result of above R&D

Improvement in the quality of product quality product performance and costeffectiveness.

(3) Future Plan of action.

With the growth of the Company's operation Research & Development activities willbe further intensified.

(4) Expenditure on R & D

As the activities of R & D are integrated with the total manufacturing andproduction activities of the plant it is not possible to identify separately theexpenditure on R&D.

C. FOREJGN EXCHANGE EARNINGS & OUT GO

(a) Total foreign exchange earned : Rs. Nil (Previous year NIL)

(b) Total foreign exchange out go : Rs. Nil (Previous year NIL)

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) Rules1975

PUBLIC DEPOSITS:

During the year under review the Company has not accepted any deposits within themeaning of Section 58A of the Companies Act 1956 and rules made there under.

INSURANCE:

The properties and insurable interests of company are insured.

CORPORATE GOVERNANCE:

Your company is following standards of Corporate Governance and we have well documentedcompany's internal policies on Corporate Governance in the line with the recommendation ofthe Securities and Exchange Board of India (SEBI) and various committees. A Report ofCorporate Governance is incorporated as Annexure to this report.

SECRETARIAL COMPLIANCE CERTIFICATE:

As required under section 383A of the Companies Act 1956 with Companies (ComplianceCertificate) Rule 2001 a certificate is obtained from a secretary in the whole timepractice confirming that the company has complied with all the provisions of the Act. Thecompliance certificate issued by the practicing Company Secretary is annexed to the reportand is self explanatory needs no further comments.

AUDIT COMMITTEE :

The Audit Committee of the company has met five times during the year and the financialresults of the company duly approved by the Audit Committee.

MATERIAL CHANGES:

During the year under review there were no material changes in the company.

ACKNOWLEDGEMENT:

Your Directors place on record their gratitude for the continuous support received fromits shareholders and all others who have been extended their co-operation in difficultperiod for the company.

BY THE ORDER OF BOARD OF DIRECTORS

Managing Director

Registered office :

Plot A 1-2

Block No. 57 Pipodara Industrial Area

Pipodara Taluka: Mangrol

District Surat-394110

Date :14th August 2014

Place: Surat.