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Suryodaya Plastics Ltd.

BSE: 530753 Sector: Industrials
NSE: N.A. ISIN Code: INE998B01015
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Suryodaya Plastics Ltd. (SURYODAYAPLAST) - Director Report

Company director report

SURYODAYA PLASTICS LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT To, The Members Your Directors present their Twenty Fourth Annual Report with Audited Statement of Accounts of your Company for the year ended 31st March, 2012. Financial Results for the year are summarized as under: (Rs. in lacs) 31.03.2012 31.03.2011 Sales/Other Income Profit/(Loss) before Interest & Depreciation (1.45) (1.51) Interest & Financial Charges - - Depreciation - - Profit/(Loss) for the year (1.45) (1.51) MANAGEMENT DISCUSSION AND ANALYSIS The Company is exploring the new opportunities in the near future .Since there is no production and the company has sold its fixed assets, it is not possible to attach a detailed management discussion and analysis. DIVIDEND In view of the accumulated losses, your Directors regret their inability to propose any dividend. PUBLIC DEPOSITS Your Company has not accepted any deposits from the public within the meaning of the Companies (Acceptance of Deposits) Rules, 1975, during the year under review. CORPORATE GOVERNANCE A report on Corporate Governance, as required by the Listing Agreement, is attached herewith. A certificate from the Statutory Auditors on the compliance of the conditions of Corporate Governance has been obtained and the copy of the same is enclosed herewith. PARTICULARS OF EMPLOYEES AS PER SECTION 217 OF THE COMPANIES ACT, 1956 Particulars of employees in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended are not given, as presently the Company has no employees. DIRECTORS Shri Kamal Parihar retires by rotation and being eligible offers himself for re-appointment at the ensuing Annual General Meeting. BOARD COMMITTEES In order to ensure compliance with the applicable provisions of the Companies Act, 1956 as well as the provisions of the Listing Agreement, the Board has constituted an Audit Committee and Shareholders/Investor's Grievances Committee. Details of the Committees are given in the Corporate Governance Report which is annexed hereto. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' responsibility statement, it is hereby confirmed: i) That in the preparation of the annual accounts for the financial year ended 31st March, 2012, the applicable accounting standards had been followed along with proper explanation relating to material departures; ii) That the Directors had 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 loss of the Company for that period; iii) That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) That the Directors had prepared the accounts for the financial year ended 31st March, 2012 on a 'going concern' basis. AUDITORS M/s. Raman S. Shah a Associates, Chartered Accountants, Mumbai, Auditors of the Company hold office up to conclusion of ensuing Annual General Meeting. The Directors recommend their re-appointment as Statutory Auditors of the Company. AUDITORS REPORT Regarding the comments of the Auditor , that the going concern status of the company is affected, the Board of Directors propose to continue the Company and explore the possibilities for new opportunities in the future . CONVERSATION OF ENERGY AND TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT (i) Conservation of Energy and Technology Absorption: Adequate measures have been taken to avoid wastage of energy. The requirement of disclosure in respect of conservation of energy is not applicable to the Company since the company has no production . (iii) Foreign Exchange Earnings and Outgo: NIL DEMATERIALISATION OF SHARES The Directors wish to inform the members that the trading in the shares of Suryodaya Plastics Ltd. is being done in dematerialized form w.e.f. 30.10.2000 as per SEBI Circular SMDRP/POLICY/CIR-23/2000 dated 29/05/2000. ISIN number of the Company in NSDL and CDSL is INE 998 B01015. ACKNOWLEDGEMENTS Your Directors place on record their sincere appreciation for the co- operation and assistance received from Banks, Government Authorities and members, during the year under review. For and on behalf of the Board KAMAL PARIHAR TUSHAR MISHRA Director Director Place: Gummidipoondi Dated: 28.5.2012