India Polyspin Ltd. के निदेशक की रिपोर्ट

Mar 31, 2013

Dear Members of India Polyspin Limited

The Directors have pleasure in presenting the 21st Annual Report along with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS

The financial results for the year under review are summarized below for your consideration:

(Rs. In lacs)

Year ended Year ended PARTICULARS 31st March 2013 31st March 2012

Total Income 0.00 0.00

Profit before Depreciation & Tax (0.83) (1.46)

Depreciation 0 0

Profit/Loss before tax (0.83) (1.46)

Tax Expenses: 0 0

Current Tax 0 0

Deferred Tax 0 0

Deferred Tax Assets Reversed 0 0

Profit /Loss after Tax (0.83) (1.46)

Surplus/(deficit) carried to Balance sheet (732.87) (732.04)

REVIEW OF OPERATIONS

The company has not carried on any commercial activity during the year The Company do not have any fixed assets. No material changes have occurred since the date of the Balance sheet and this report, which has any adverse effect on the working of the company.

SUBSIDIARY COMPANIES

Your Company has no subsidiary Company.

PUBLIC DEPOSITS

Your Company does not accept public deposits under section 58A of the Companies Act, 1956. There are no unclaimed or unpaid deposits as at 31st March, 2013.

DIVIDEND

In view of the losses incurred during the year, the Directors express their inability to recommend dividend.

DIRECTORS

Mr. Dipak D. Sosa, retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for reappointment.

AUDIT COMMITTEE

Pursuant to the provisions of Section 292 A of the Companies Act, 1956 and clause 49 of the Listing Agreement, the Board of Directors of the Company have a Committee of Board of Directors known as Audit Committee, which consists of Mr. Ganeshbhai K. Patel, as its Chairman and Mr. Dipak Sosa and Mr. Arjunlal Uttamchandani, as its members. Audit Committee has all powers and authorities as provided under the aforesaid provisions of the Act and the Listing Agreement.

PREFERENTIAL ISSUE

During the financial year, Company not issued any Equity Shares/Preferential Issue and No further instrument is pending for conversion as on date of this report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements of section 217(2AA) of the Companies Act, 1956, your directors state and confirm that:

I. In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

II. Accounting Policies selected were applied consistently, reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of March 31, 2013 and of the loss of the Company for the year ended on that date;

III. Proper and sufficient care has been taken 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 frauds and other irregularities;

IV. The annual accounts of the Company have been prepared on a going concern basis.

AUDITORS

M/s. SONI JHAWAR & CO. CHARTERED ACCOUNTANTS, SURAT, Chartered Accountants, retire at the conclusion of the forthcoming Annual General Meeting of the Company and are eligible for re- appointment. A certificate has been obtained from them to the effect that their re-appointment, if made, would be within the prescribed limits under section 224(1B) of the Companies Act, 1956. The Audit Committee and your Board recommends their reappointment as Auditors of the Company.

AUDITORS REPORT

There are no adverse qualifications in the report which need to be explained here.

PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956

There is no employee in the Company whose particulars as required to be furnished u/s 217(2A) of the Companies Act, 1956 and rules made there under.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding the conservation of energy and technology absorption are not given as the Company has not undertaken any manufacturing activity. Still it endeavors to save the energy wherever possible at all levels of operation.

CORPORATE GOVERNANCE

Your Company follows the principles of the effective corporate governance practices. The Clause 49 of Listing Agreement deals with the Corporate Governance requirements which every publicly listed Company has taken steps to comply with the requirements of the revised Clause 49 of the Listing Agreement with the Stock Exchange.

A separate section on Corporate Governance forming part of the Directors'' Report and the certificate from the Company''s Auditors on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is included in the Annual Report.

The information as required by provisions of section 217(2A) of the Companies Act, 1956 read with the companies (Particular of employees) amendments rules, 1988 is reported to be NIL.

CASH FLOW STATEMENT

The Cash Flow Statement for the year ended 31st March 2013 pursuant to Clause 32 (as amended) of the Listing Agreement with Stock Exchanges is annexed herewith.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility (CSR) us commitment of the Company to improve the quality of the workforce and their families and also the community and society at large. The Company believes in undertaking business in such a way that it leads to overall development of all stake holders and Society.

LISTING OF SHARES, PAYMENT OF LISTING FEES

The Company''s Equity Shares are presently listed on Bombay Stock Exchange Limited (BSE) and Vadodara Stock Exchange Limited (VSE). The Company has un-paid the annual listing fees for the year 2013-14 to BSE. Connectivity of Both NSDL and CDSL is taken by the company for demat of shares. The members are requested to take benefits of Demat facility for trading in to the shares of the company.

ACKNOWLEDGMENT

Yours Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also on record their appreciation of the devoted services rendered by Directors.

By Order of the Board of Directors

For INDIA POLYSPIN LIMITED

(Arjunlal Uttamchandani)

Chairman and Managing Director

Place : Surat

Date : 23rd August, 2013

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Mar 31, 2012

Dear Members of India Polyspin Limited

The Directors have pleasure in presenting the 20th Annual Report along with the Audited Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS

The financial results for the year under review are summarized below for your consideration:

(Rs. In lacs)

Year ended Year ended PARTICULARS 31st March 2012 31st March 2011

Total Income 0.00 19.80

Profit before Depreciation & Tax (1.46) 7.73

Depreciation 0 0

Profit/Loss before tax (1.46) 7.73

Tax Expenses: 0 0

Current Tax 0 0

Deferred Tax 0 1.50

Deferred Tax Assets Reversed 0 0

Profit /Loss after Tax (1.46) 6.16

Surplus/(deficit) carried to Balance sheet (732.04) (730.66)

REVIEW OF OPERATIONS

The company has not carried on any commercial activity during the year The Company do not have any fixed assets. No material changes have occurred since the date of the Balance sheet and this report, which has any adverse effect on the working of the company.

SUBSIDIARY COMPANIES

Your Company has no subsidiary Company.

PUBLIC DEPOSITS

Your Company does not accept public deposits under section 58A of the Companies Act, 1956. There are no unclaimed or unpaid deposits as at 31st March, 2012.

DIVIDEND

In view of the losses incurred during the year, the Directors express their inability to recommend dividend.

DIRECTORS

Mr. Ganeshbhai K Patel, retire by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for reappointment.

AUDIT COMMITTEE

Pursuant to the provisions of Section 292 A of the Companies Act, 1956 and clause 49 of the Listing Agreement, the Board of Directors of the Company have a Committee of Board of Directors known as Audit Committee, which consists of Mr. Dipak Sosa, as its Chairman and Mr. Ganeshbhai K. Patel and Mr. Arjunlal Uttamchandani, as its members. Audit Committee has all powers and authorities as provided under the aforesaid provisions of the Act and the Listing Agreement.

PREFERENTIAL ISSUE

During the financial year, Company not issued any Equity Shares/Preferential Issue and No further instrument is pending for conversion as on date of this report.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements of section 217(2AA) of the Companies Act, 1956, your directors state and confirm that:

I. In the preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

II. Accounting Policies selected were applied consistently, reasonable and prudent judgments and estimates were made so as to give a true and fair view of the state of affairs of the Company as at the end of March 31, 2012 and of the loss of the Company for the year ended on that date;

III. Proper and sufficient care has been taken 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 frauds and other irregularities;

IV. The annual accounts of the Company have been prepared on a going concern basis.

AUDITORS

M/s. SONI JHAWAR & CO. CHARTERED ACCOUNTANTS, SURAT, Chartered Accountants, retires at the conclusion of the forthcoming Annual General Meeting of the Company and are eligible for re- appointment. A certificate has been obtained from them to the effect that their re-appointment, if made, would be within the prescribed limits under section 224(1B) of the Companies Act, 1956. The Audit Committee and your Board recommends their reappointment as Auditors of the Company.

AUDITORS REPORT

There are no adverse qualifications in the report which need to be explained here.

PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT, 1956

There is no employee in the Company whose particulars as required to be furnished u/s 217(2A) of the Companies Act, 1956 and rules made there under.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 regarding the conservation of energy and technology absorption are not given as the Company has not undertaken any manufacturing activity. Still it endeavors to save the energy wherever possible at all levels of operation.

Further, your Company does not use any foreign technology which needs to be absorbed.

The foreign exchange earning/outgo during the year are as under:

(Rs in lacs)

Current Year Previous Year

Foreign Exchange Earning Nil Nil

Foreign Exchange Outgo Nil Nil

CORPORATE GOVERNANCE

Your Company follows the principles of the effective corporate governance practices. The Clause 49 of Listing Agreement deals with the Corporate Governance requirements which every publicly listed Company has taken steps to comply with the requirements of the revised Clause 49 of the Listing Agreement with the Stock Exchange.

A separate section on Corporate Governance forming part of the Directors'' Report and the certificate from the Company''s Auditors on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is included in the Annual Report.

The information as required by provisions of section 217(2A) of the Companies Act, 1956 read with the companies (Particular of employees) amendments rules, 1988 is reported to be NIL.

CASH FLOW STATEMENT

The Cash Flow Statement for the year ended 31st March 2012 pursuant to Clause 32 (as amended) of the Listing Agreement with Stock Exchanges is annexed herewith.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Corporate Social Responsibility (CSR) us commitment of the Company to improve the quality of the workforce and their families and also the community and society at large. The Company believes in undertaking business in such a way that it leads to overall development of all stake holders and Society.

LISTING OF SHARES, PAYMENT OF LISTING FEES

The Company''s Equity Shares are presently listed on Bombay Stock Exchange Limited (BSE) and Vadodara Stock Exchange Limited (VSE). The Company has not paid the annual listing fees for the year 2011-12 to BSE. Connectivity of Both NSDL and CDSL is taken by the company for demat of shares. The members are requested to take benefits of Demat facility for trading in to the shares of the company.

ACKNOWLEDGMENT

Yours Directors place on record their sincere appreciation of the co-operation and assistance extended by the bankers of the Company. They also on record their appreciation of the devoted services rendered by Directors.

By Order of the Board of Directors

For INDIA POLYSPIN LIMITED

(Arjunlal Uttamchandani)

Chairman and Managing Director

Place : Surat

Date : 23rd August, 2012

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Mar 31, 2011

TO THE MEMBERS OF INDIA POLYSPIN LIMITED

The Directors have pleasure in presenting the Nineteenth Annual General Report of the company together with the audited statement of accounts for the year ended on 31st March, 2011.

OPERATTONS:-

31-03-2011 31-03-2010

Sales & Other Income 19,79,863.00 2,805.00

Profit (Loss) before interest and depreciation 7,73,159.40 (10,50,918.00)

Less : Interest for the year 6,485.75 1,34,97,174.22

Less : Depreciation for the year 0.00 0.00

Profit (Loss) after Depreciation & Interest 7,66,673.65 (1,45,48,092.22)

Provision for Taxation (Incl. FBT) 1,50,000.00 0.00

DTVTDENDS

In absence of accumulated profits your directors do not recommend any dividend for the year under review. The company has ceased to function

DTRECTORS

The retiring directors are eligible for reappointment. The directors recommend reappointment of directors retiring by rotation.

DEPOSTTS

The company has not accepted any fixed deposits as per section 58A of the Companies Act 1956. The unsecured loans are not in the nature of deposit.

PARTTCULARS OF EMPLOYEES

Disclosure of particulars of remuneration paid to the employees as required under section 217 (2A) of the companies Act, 1956, is not applicable as no such payment has been made.

AUDTTORS

M/S. SONI JHAWAR & CO. Chartered Accountants, SURAT, auditors of the company, retiring at the close of this annual general meeting and being eligible for reappointment, has offered themselves for reappointment. Your Directors recommend the appointment.

LTSTTNG

The shares of the company are listed at Mumbai and Vadodara Stock Exchanges.

CONSERVATTON OF ENERGY. TECHNOL0GY ABSORPTTON AND FORETGN EXCHANGE EARNTNG & OUT GO

Additional information as required by the companies (disclosure of particulars in the report of the board of directors) Rules 1988 are not applicable during the year because the company have not manufacturing activity during the year.

DTRECTORS'' RESPONSTBTLTTY STATEMENT

Your Directors Confirm:

(i) that in the preparation of annual accounts, the applicable accounting standards have been followed;

(ii) that the directors have 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 financial year ended 31st March, 2011 and of the profit of the company for that year;

(iii) that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) that the directors have prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENT

Your directors express their grateful appreciation for the support and co-operation received from Government, Semi-Government, Non-Government Department, Financial Institutions, Banks Business associates and Employees. The company thanks the shareholders for their confidence reposed in the company.

For and On behalf of the Board of Directors

Place: SURAT

Date: 22nd August, 2011. ( Arjunlal Uttamchandani )

CHAIRMAN

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Mar 31, 2010

TO, The Shareholders of INDIA POLYSPIN LTD.

SURAT.

The Directors have pleasure in presenting the h Annual Report of the company together with the Audited Accounts for the year ended on 31st March 2010.

STATE OF AFFAIRS

The company has not carried on any commercial activity during the year and only income was Rs.2805.00 being the income by way of interest on Fixed deposits.

The secured loan is however reduced to nil on account of settlement made by company. The fixed assets of company except office building has been taken over by secured creditors against the out standings and same have been squared off in books of accounts.

The amount of debtors have been reduced from Rs.260.89 lacs to Rs.109.18 lacs. The directors are making efforts to recover the old debtors and to repay the liabilities of company. The Loss during the year was Rs.145.48 Lacs as against loss of Rs.56.41 lacs in previous year.

TRANSFER TO RESERVES

The Directors do not propose to transfer any amounts to reserve account on account of Loss.

DIVIDEND

In view of carried forward losses the directors do not propose to recommend any dividend for the year ended 31.03.2010.

MATERIAL CHANGES ETC.

No material changes or commitments have occurred between the end of the financial year of the company and the date of the report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO.

The company has not taken any steps to conserve energy since no activity for consumption of energy was carried on. The details of energy conservation in prescribed form is not applicable since company has not carried on any manufacturing activity.

The companies do not have any specialized technology and the details of absorption of technology is not applicable.

The foreign exchange earnings and outgo is nil.

MATERIAL CHANGES IN NATURE OF BUSINESS ETC. DURING THE YEAR

The is no material change in nature of company''s business or in the class of business in which company has interest during the year. The company has no subsidiaries.

PARTICULARS OF EMPLOYEES :

The company has no employees drawing salary in excess of limits prescribed under Companies

(Particulars of employees) Rules 1975. The details to be furnished is therefore not applicable.

CORPORATE GOVERNANCE

A report on Corporate Governance as stipulated under clause 49 of the Listing Agreement forms part of the Annual Report.

DIRECTOR''S RESPONSIBILITY STATEMENT

Your Directors confirm:

(i) That in the preparation of the accounts, the applicable accounting standards have 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 ended 31st March 2010 and of the profit of the Company for that year;

(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 have prepared the accounts on a going concern basis.

ACKNOWLEDGEMENT

Your Directors are happy to place on record their co-operation of all associated with company.

For and on behalf of the Board

Place : Surat Sd/-

Dated : 23rd August, 2010 Chairman