M/S INDIA POLYSPIN LIMITED
Your Directors have pleasure in presenting the 22nd Annual Report of the companytogether with the audited statement of accounts for the year ended on 31st March 2014.
|OPERATIONS:- || || |
| ||31-03-2014 ||31-03-2013 |
|Profit (Loss) before interest and depreciation ||(457773.17) ||(83672.09) |
|Less : Interest for the year ||- ||- |
|Less : Depreciation for the year ||- ||- |
|Profit (Loss) after Depreciation & Interest ||(457773.17) ||(83672.09) |
|Provision for Taxation (Incl. FBT) ||- ||- |
|Profit after Tax ||(457773.17) ||(83672.09) |
Your Directors have decided not to declare any dividend during the year to strengthenthe capital base of company.
MANAGEMENT DISCUSSION AND ANALYSIS
The company has not carried out any business operations. The company does not have naymanufacturing facility and in absence of any business area the discussion on managementanalysis relating to specific industry / sector do not arise.
M/s. SONI JHAWAR & CO. CHARTERED ACCOUNTANTS SURAT retires at the close of thisannual general meeting and being eligible offer themselves for reappointment yourDirectors recommend the appointment.
The notes to accounts referred to in the Auditors Report are self explanatory andtherefore do not require any further comments.
The company has not accepted any deposits during the year under review OPPORTUNITIESAND FUTURE OUTLOOK
Though the company did not carry out business activity during the year however thedirectors are optimistic to start the business activities either in textiles or otherareas.
PARTICULARS OF EMPLOYEES
There is no employee in the company whose particulars are required to be given undersection 217 (2A) of the companies Act 1956 read with Companies (Particulars ofEmployees) Rules 1975 as amended.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUT GO
Additional information as required by the companies (disclosure of particulars in thereport of the board of directors) Rules 1988 are not applicable during the year becausethe company have not manufacturing activity during the year.
DIRECTORS' RESPONSIBILITY STATEMENT
Persunat to the requirement u/s 217(2AA) of the companies act1956 with respect toDirectors Responsibility Statementit is hereby confirmed:
(i) That in the preparation of annual accounts the applicable accounting standardshave been followed;
(ii) That the directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of financialyear ended 31st March 2014 and of the loss of the company for that year;
(iii) That the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in safeguarding the assets of the company and for preventingand detecting fraud and other irregularities;
(iv) That the directors have prepared the annual accounts on a going concern basis.
i) The company has complied with all the mandatory provisions of clause 49 of theListing Agreement relating to the corporate Governance.
ii) Pursuant to Clause 49 of the listing agreement with Stock-ExchangeCorporateGovernance Report and Auditors Certificate regarding compliance of conditions of CorporateGovernance and a Management Discussion and Analysis Statement are made as a part of theAnnual Report.
iii) Your company is listed with Bombay stock exchange limited.
Your directors place on record their appreciation of co operation and support forBankers Government Departments Employees and shareholders.
| ||On behalf of the |
| ||Board of Directors |
| ||s/d |
|Place : SURAT ||(Arjunlal Uttamchandani) |
|Date : 25th May 2014 ||CHAIRMAN |