DIRECTORS' REPORT Dear Stakeholders, Your Directors have pleasure in presenting the annual Report together with the Audited Accounts for the year ended 31st March, 2014. FINANCIAL PERFORMANCE This year Company has made a loss of Rs.7,34,854/-. CAPITAL This year Company has sub divided face value of Equity Share from Rs.10/- to Re.1/-. Subsequent to this, Share Capital of the Company is 4,35,98,000/- divided into 43598000 shares of Re. 1/-. DIVIDEND In the event of losses, the Directors do not recommend any dividend for the year ended 31st March 2014. DIRECTORS Mr. P.S. Gupta and Mr. Noor Mohammed Khan has resigned during the year. The Board of Directors comprise of Mr. Dinesh Kumar Chouhan, Mr. Sharad Dadhich, Mr. Maksud Khan and Mr. Ranjeet Ranjan Thakur. LISTING The equity shares of the company is listed at Bombay Stock Exchange Limited. DIRECTORS' RESPONSIBILITY STATEMENT In terms of section 217 (2AA) of the Companies Act, 1956, your directors confirm: (i) that in preparation of the Annual Accounts, the applicable accounting standards had been followed; (ii) that the applicable accounting policies have been consistently followed and that they had 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 they 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; and (iv) That they had prepared the annual accounts on a going concern basis. INFORMATION AS PER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956 Your Company has no activity relating to conservation of energy or technology absorption. Your Company did not have any foreign exchange earnings or outgo during the year. PERSONNEL None of the employees of the Company is in receipt of remuneration in excess of limits prescribed under Section 217 (2A) of the Companies Act, 1956. DEPOSITS Your Company has not accepted any public deposit during the period under review. MANAGEMENT DISCUSSION & ANALYSIS & CORPORATE GOVERNANCE REPORT Management Discussion & Analysis and Corporate Governance report forms part of the Directors' Report. AUDITORS Mr. D.M.Oza & Associates, Chartered Accountants, Ahmedabad were appointed as auditors of the company for the current financial year and their term of office expires at the ensuing Annual General Meeting. They being eligible offer themselves for re-appointment. ACKNOWLEDGEMENTS Yours Directors place on record their sincere appreciation for the assistance and support received to the Company from the Shareholders, Consultants and Auditors of the Company. Your directors express their appreciation for dedicated and sincere services rendered by the employees of the Company. For and on behalf of the board M.P. POLYPROPYLENE LIMITED CHAIRMAN PLACE: Raisen DATE: September 2, 2014 |