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Pet Plastics Ltd.

BSE: 524046 Sector: Industrials
NSE: N.A. ISIN Code: INE704F01018
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Pet Plastics Ltd. (PETPLASTICS) - Director Report

Company director report

To

Dear Members

Your Directors present their Twenty Ninth Annual Report together with the AuditedStatement of Accounts for the year ended 31st March 2015.

I. FINANCIAL RESULTS:

2014-2015 2013-2014
(Rupees in Lakhs) (Rupees in Lakhs)
Profit before depreciation and Taxes and investment allowance reserves. 116.96 63.80
Depreciation for the year. 16.40 26.71
Profit before taxes and investment allowance reserves. 100.55 37.09
Provision for taxation. 36.21 15.93
Balance 64.34 21.17
Balance carried to Balance Sheet. 64.34 21.17

2. DIVIDEND;

In view of conservation of resources the directors regret their inability to recommendany dividend on the equity shares of the company.

3. DIRECTORS:

Mr. Mahesh Palshetkar Director retires on rotation and being eligible offers himselffor 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 Companyhas constituted an Audit Committee.

The Audit Committee met on 30/04/2014 31/07/2014 31/10/2014 and 30/01/2015 during theyear under review.

ANNEXURE TO THE DIRECTOR’S REPORT

Additional information as required under the Companies (Disclosure of Particulars inthe Report of Board of Directors) Rule 1988 and forming part of the Director’sReport for the year ended on 31st March 2015.

FORM ‘A’ 2014-2015 2013-2014
A. Energy Conservation NIL NIL
B. Foreign Exchange Earnings & Outgo:
Exports (FOB) 1027.51 NIL
Imports 1021.55 NIL
Foreign Travel NIL NIL

The Audit Committee met on 30/04/2014 31/07/2014 31/10/2014 and 30/01/2015 during theyear under review.

6. DIRECTORS’ RESPONSIBILITY STATEMENT;

Pursuant to the requirement under Section 217(2AA) of the Companies Act 1956 withrespect to Directors’ Responsibilities Statement you’re Directors it is herebyconfirmed:

1. In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures.

2. The directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit or loss of the company for that period;

3. The directors have taken proper and sufficient care of the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets 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 necessaryto raise funds and the Directors are in process of identifying the new line of businesswhich will be easily carried on with the existing business of the company. For furtherrequirements of the company the directors would be tapping various sources for raisingthe 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 March2015. The members are also requested to re-appoint Statutory Auditors to hold office forthe 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 requiredconservation measures are already taken for limiting power consumption to the extentnecessaiy.

12. CORPORATE GOVERANANCE:

A report on Corporate Governance alongwith a Certificate of Compliance from theauditors forms part of this report.

13. FOREIGN EXCHANGE EARNINGS AND OUTGO:

(Rs in Lakhs)
Earnings: Exports (FOB): (Previous Year: Rs. NIL) Rs. 1027.51
Outgoing: Imports: (Previous year: Rs. NIL) Rs. 1021.55
Foreign Travel: (Previous year: Rs. NIL) Rs. NIL

14. LISTING AGREEMENT COMPLIANCE;

The company’s shares are listed on Bombay Stock Exchange the company ISINactivation no. ISIN- INE704F01018. The Company has reappointed M/s. Bigshare Services Pvt.Ltd. Mumbai as the Registrar and Share Transfer Agent. (As per norms of Bombay StockExchange)

15. ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation for the support and assistanceextended by Bankers various Government Departments Customers Members and Employees atall levels of operation of your company. Your Directors wish to place on records theirsincerely appreciation for the trust & confidence reposed in the company by theShareholders.

16. REEDEMPTION OF FACTORING DIVISION:

The Director wish to inform that factoring coupon with recourse & without recourseis held by investor & no default of coupon reported.

17. NETTING OFF DIVISION;

As permitted by RBI company has followed netting off procedures.

18. SOCIAL PROGRAMMS:

No major progress could be made to " PET FOUNATION PROGRAMME " but companyis committed to this social advancement programme

For and on behalf of the Board Pet Plastics Limited

Vijay Vakil

Chairman & Managing Director

Place: Mumbai

Date: 1st September 2015