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Padmanabh Alloys & Polymers Ltd.

BSE: 531779 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Padmanabh Alloys & Polymers Ltd. (PADMANABHALLOYS) - Director Report

Company director report

To

The Members

The Directors have pleasure to present 19th Annual Report of the company together withAccounts for the year ended 31 st March 2014.

Financial Statements:

Year Ended

Particulars 31/03/2014 31/03/2013
Sales including other Income 2318.75 1430.66
Profit/(loss) before Interest & Depreciation 132.57 99.50
Add/Less: Interest 29.40 27.44
Depreciation 18.39 18.47
Income Tax 16.00 8.00
Net Profit / (Loss) 68.78 45.59
Balance brought forward (201.02) (246.61)
Balance/(Loss) Carried Forward (132.72) (201.02)

DIVIDEND: In order to conserve resources your Directors do not recommend any dividendforthe year.

Management Discussion and Analysis:

a) Operations: The sales including other income for the year under review wereRs.2318.11 against Rs. 1430.66 in the previous year registering the growth of about62.03%. The Net profit during the year under review amounted to Rs.68.78 Lacs as againstProfit of Rs.45.59 Lacs in the previous year.

b) Outlook: As sales target projected for the year 2013-14 was Rs.1500 Lacs. The actualsale achieved was Rs.2318.75 Lacs. Target forthe next year is Rs.3000 Lacs We havereceived good orders from automobile companies. We hope for good performance this year.

c) Internal Control System: The Company is maintaining an adequate internal controlsystem including procedures. The Company has a system to conduct regularly a review of thefinancial and operating controls at various places and levels in the company. Further thecompany has appointed audit committee which regularly reviews with management externalaudits and adequacy of internal control system.

d) Human Resources: Company currently employs 23 employees which comprises of qualifiedand trained in technical and managerial skills. It is company's first priority to enrichits employees by prompting learning and enhancing their knowledge by product training andarranging relevant program.

The company continued to have cordial and harmonious relations with its employees.

The information as per section 217(2A)(b)(ii) of the Companies Act 1956 read with theCompanies (Particulars or Employees) Rules 1975 is not furnished as no employee of theCompany falls within the limits prescribed.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information required as per the Companies (Disclosure of particulars in the Report ofthe Board of Directors) Rules. 1988 is given in the Annexure-Ato this Report.

Fixed Deposit: The Company has not accepted any deposits during the year under review:

Directors' responsibility statement:

Pursuant to section 217(2AA) of the Companies Act the Directors confirm that.

a) In the preparation of the annual accounts the applicable accounting standards havebeen followed;

b) Appropriate accounting policies have been selected and applied consistently andjudgment and estimates made that are reasonable and prudent so as to give a true and fairview of the State of affairs of the Company at the end of the financial year ended 31 stMarch 2014 and the Profit and Loss account for that year

c) Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 1956 for safeguardingassets of the Company and preventing and detecting fraud and other irregularities;

d) The annual accounts have been prepared on a going concern basis.

Corporate Governance:

Being a listed company necessary measures are taken to comply with the listingagreements with Stock Exchanges. A report on Corporate Governance along with a certificateof compliance from Auditors as per Annexure B form part of this report.

DIRECTORS: MrPravin G.Desai Mr. Dilip K.Desai Dr.HilerKDesai Mr.NileshADesai retireby rotation at the Annual General Meeting.The company has received requisite noticesfrommembers proposing them as independent Directors.

Auditors and Auditor's Report:

M/s Nilkanth Desai & Associates Chartered Accountants Auditors of the Companyretire and are eligible for reappointment. The Company has received a certificate from theAuditor to the effect that their reappointment if made will be within the prescribedlimits under section 224(1 -B) of the Companies Act 1956.

The notes on accounts referred to in the Auditors Report are self explanatory andtherefore do not call for any further comments.

Acknowledgement

The Directors would like to place on record their appreciation for the support andco-operation extended by Canara Bank and Central and State Government Authorities andemployees of the Company.

Place: Palsana/Surat For and on behalf of the Board
Vijay D. Vashi B. M. Desai
Wholetime Director Chairman & Wholetime
Date: 01/09/2014 Director

ANNEXURE-A TO THE DIRECTOR'S REPORT 2014

PARTICULARS OF ENERGY CONSERVATIONS TECHONLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO:

(A) Conservation of Energy: Adequate measures have been taken to avoid wastage ofenergy. The requirements for disclosure with respect to conservation of energy is notapplicable to the Company.

(B) Technology absorption: Research an Development (R&D):

a. Specific area in which R&D was carried out by the Company: Research andDevelopment has continuously been carried out for improvement in quality of existingproduct and development of new improved product. The development of different grades ofmasterbatches and compounds for automobiles consumer durables coolers and plastic moldedfurniture industry.

b. Benefit derived as a result of above R&D: Production process have improvedresulting in enhanced productivity efficiency through out and value addition.

c. Future plan of action: R&D effort will continue for upgrading the quality ofmasterbatches and compounds so as to increase extensive use in cooler automobile &furniture segments. Steps are continuously being undertaken to upgrade the processingtechnology development of innovative products and maximum production capacities at optimumcost.

d. Expenditure on R&D: Rs. NIL

TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION: The Company is continuously takingsteps to improve the product and process technology in en effort to provide better qualityto the customer and to compete effectively in the market place.

(C) Foreign Exchange Earnings & Outgo:

2013-14 (Rs.) 2012-2013 (Rs.)
Foreign Exchange Used Nil Nil
Foreign Exchange Earned Nil 2928000

 

Place: Palsana/Surat For and on behalf of the Board
Vijay D. Vashi B. M. Desai
Wholetime Director Chairman & Wholetime
Date: 01/09/2014 Director