Sen Pet (India) Ltd. के निदेशक की रिपोर्ट

Mar 31, 2014

Dear Members,

The directors have pleasure in presenting the Twenty-Forth Annual Report together with the Audited Accounts for the period ended on March 31, 2014.

Financial Performance Summary :

Following table gives the financial highlights of your Company on a standalone basis according to the Indian Generally Accepted Accounting Principles (GAAP).

Year Ended March 31, 2014 2014 2013

Turnover 6,361 20,915

Other Income 9 168

Excess Liability written back 0 0

Variation in Stock 0 0

Total Expenditure 20,970 31,875

Profit/(Loss) before Interest, Depreciation , Impairment of Fixed Assets,

Misc. expenses and prior period items -14,600 -10,792

Interest 0 0

Depreciation 33,939 33,772

Provision for doubtful debts & prior period expenses 0 0

Net Profit/(Loss) Before Tax -48,539 -44,564

Fringe Benefit Tax 0 0

Net Profit /(Loss) after Tax -48,539 -44,564

Add: Balance brought forward from

previous year -1,975,320 -1,930,756

Balance Carried forward to Balance Sheet -2,023,859 -1,975,320

Corporate Governance

As per clause 49 of the Listing Agreement, a separate report on Corporate Governance is furnished as a part of the Annual Report along with the Auditors Certificate regarding the compliance of the Conditions of Corporate Governance.

Corporate Social responsibility

Your Company recognized that its operations has a wide effect on the society and therefore give appropriate attention to the fulfillment of its corporate responsibilities.

Directors

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 1956, Mr. Supratik Sen Barat retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Your Directors recommend his reappointment.

Director''s Responsibility Statement

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 withrespect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the Annual Accounts for the financial year ended March 31, 2014, the applicable accounting standards except AS15 read with requirements set out under schedule VI to Companies Act,1956 have been followed along with proper explanation. The Company had shut down the plantsince August, 2009.

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

(iii) that the Directors had taken proper and sufficient care to the extent possible 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 March 31, 2014 on a ''going concern'' basis, subject to the fact that there has been adverse market condition during the relevant accounting year and the Company had to shut down the plant since August, 2009.

Compliance of Sec. 274 (1) (g)of the Companies Act, 1956, as amended The Companies (Amendment) Act, 2000 had introduced clause (f) to subsection (3) ofSection227 in terms of whichthe auditors are required to state in their Report whether any Director is disqualified from being appointed as Director in terms of clause (g) to sub section (1) of Section 274 of the Act.

The Board has the pleasure to inform that none of the Directors of your Company is disqualified under section 274 (1) (g) of the Companies Act, 1956 and necessary declaration regarding this has been obtained from all the Directors.

Conservation of Energy, Technology, Absorption, etc.

Information as required under section 271 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors), Rules, 1988, regarding Conservation of Energy, Technology, Absorption and Foreign Exchange Earning and Outgo is given in Annexure-A forming Part of this report.

Human Resources:

The Company firmly believes that human resources and knowledge capital are vital for business success and creating value for stakeholders. The Industrial Relations during the year under review was cordial.

Employee Particulars

None of the employees of the company have received remuneration in excess of the limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

Auditors

The auditors of the company M/s. Basu Das & Basu, Chartered Accountants, retire at the ensuing Annual General Meeting, and being eligible offer themselves for re-ppointment. The Company has received letters from all of them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re- appointment.The Board recommends their re-appointment.

Auditors'' Observation

The observations made by the Auditors have been fully explained in the Notes on Accounts.

Acknowledgment

Your directors wish to place on record their sincere appreciation to all employees for their individual and collective contribution towards the growth and development of the company. The directors also thank the Shareholders, Bankers, Statutory Authorities and Business Associates for the confidence reposed by them in the Company.

On Behalf of the Board of Directors

Place: Kolkata Umasankar Chattopadhyay Date:May 28,2014 Director

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Mar 31, 2013

Dear Members

The directors have pleasure in presenting the Twenty-Third Annual Report together with the Audited Accounts for the period ended on March 31, 2013.

Financial Performance Summary:

Following table gives the financial highlights of your Company on a standalone basis according to the Indian Generally Accepted Accounting Principles (GAAP).

Rs.000''

Year Ended March 31,2013 2013 2012

Turnover 20,915 13,558

Other Income 168 366

Excess Liability written back 0 0

Variation in Stock 0 -5,310

Total Expenditure 31,875 19,174

Profit/(Loss) before Interest, depreciation, impairment of fixed assets, misc. expenses and prior period items, -10,792 -10,560

Interest 0 0

Depreciation 33,772 34,410

Provision for doubtful debts & prior period expenses 0 0

Net Profit/(Loss) Before Tax -44,564 -44,970

Fringe Benefit Tax 0 0

Net Profit /(Loss) after Tax -44,564 -44,970

Add: Balance brought forward

from previous year -1,930,756 -1,885,786

Balance Carried forward to Balance Sheet -1,975,320 -1,930,756

MANAGEMENT DISCUSSION AND ANALYSIS REPORT Industry structure and developments:

The Company is engaged in the manufacturing of bottle grade PET Resin. The product is basically used for downstream manufacturing of PET bottles which are normally used in the bottled drinks, beverage, liquor and pharmaceutical sector.

Opportunities and Threats:

Due to its strength, transparency and lightweight PET bottle industry is growing day by day which provides ample opportunity and scope for our Company. The main threats to our industry are the volatility of prices of raw materials such as PTA and MEG mainly due to unstable PX-ACP in Asian commodity trading. This problem is further complicated with the increase in production capacity of PET resin within the country and abroad.

Prospects and Future outlook

As the demand for PET Resin is increasing worldwide, the management of the company is putting all its effort to reopen its plant during the current financial year.However, with an increase in manufacturing capacities in various countries, profit margin of PET is likely to remain under pressure. The power requirement of your Company was being met through HFO based Generator. However, due to increase in prices of furnace oil, your Company is planning to run the unit on grid power for which discussions with the West Bengal State Electricity Distribution Company Limited is going on, we hope to get the grid power connection very soon, which will have direct impact on the bottom-line of your Company through cost reduction. Further areas of cost reduction are being identified and techno economic viability is under consideration fora Coal based captive power plant. This will enable the Company to reduce the Power and Fuel cost even further.

Internal Control System

The Company has adequate system of internal controls and checks and balances to ensure that its assets are safeguarded and protected against loss from unauthorised use. The strength of these systems is continuously being monitored by the internal audit systems.

Segment Wise Reporting

Your Company operates only in one business segment i.e. PET Resin. BIFR Status

The Company continues to remain under the purview of BIFR, therefore, no provision of interest and consequential charges has been made in the book of accounts in respect of the outstanding loans from banks & financial institutions based on various legal opinions obtained by the company.

Depository System

Your Company''s shares have been dematerialized form with CDSL since October 19, 2001. In view of the numerous advantages offered by the Depository System, members are requested to avail of the facility of dematerialization of the Company''s shares.

Corporate Governance

As per clause 49 of the Listing Agreement, a separate report on Corporate Governance is furnished as a part of the Annual Report along with the Auditors Certificate regarding the compliance of the Conditions of Corporate Governance.

Corporate Social responsibility

Your Company recognized that its operations has a wide effect on the society and therefore give appropriate attention to the fulfillment of its corporate responsibilities.

Directors

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 1956, Mr. UmasankarChattopadhyay

retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

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 March 31,2013, the applicable accounting standards except AS-15 had been followed along with proper explanation relating to material departures. The Company had shut down the plant since August, 2009.

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

(iii) that the Directors had taken proper and sufficient care to the extent possible 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 March 31,2013 on a ''going concern'' basis, subject to the fact that there has been adverse market condition during the relevant accounting year and the Company had to shut down the plant since August, 2009.

Compliance of Section 274 (1) (g) of the Companies Act, 1956, as amended

The Companies (Amendment) Act, 2000 had introduced clause (f) to sub section (3) of Section 227 in terms of which the auditors are required to state in their Report whether any Director is disqualified from being appointed as Director in terms of clause (g) to sub section (1) of Section 274 of the Act.

The Board has the pleasure to inform that none of the Directors of your Company is disqualified under section 274 (1) (g) of the Companies Act, 1956 and necessary declaration regarding this has been obtained from all the Directors. ,

Conservation of Energy, Technology, Absorption, etc

Information as required under section 271 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors), Rules, 1988, regarding Conservation of Energy, Technology, Absorption and Foreign Exchange Earning and Outgo is given in Annexure-A forming Part of this report.

Human Resources

The Company firmly believes that human resources and knowledge capital are vital for business success and creating value for stakeholders. The Industrial Relations during the year under review was cordial.

Employee Particulars

None of the employees of the company have received remuneration in excess of the limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

Auditors

The auditors of the company M/s. Basu Das & Basu, Chartered Accountants, retire at the ensuing Annual General Meeting, and being eligible offer themselves for re-ppointment. They have also confirmed that their appointment, if made, would be within the prescribed limit under Section 224 (IB) of the Companies Act, 1956.The Board recommends their re-appointment.

Auditors'' Observation

The observations made by the Auditors have been fully explained in the Notes on Accounts.

Acknowledgment

Your directors wish to place on record their sincere appreciation to all employees for their individual and collective contribution towards the growth and development of the company. The directors also thank the Shareholders, Bankers, Statutory Authorities and Business Associates for the confidence reposed by them in the Company.

On Behalf of the Board of Directors

Place: Kolkata Umasankar Chattopadhyay

Date : May 28,2013 Director

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Mar 31, 2012

The directors have pleasure in presenting the Twenty-Second Annual Report together with the Audited Accounts for the period ended on March 31, 2012.

Financial Performance Summary :

Following table gives the financial highlights of your Company on a standalone basis according to the Indian Generally Accepted Accounting Principles (GAAP).

Rs. 000'

Year Ended March 31, 2012 2012 2011

Turnover 14,828 37,820

Other Income 365 663

Excess Liability written back 0 0

Variation in Stock -5,310 -24,956

Total Expenditure 20,442 54,110

Profit/(Loss) before Interest,

Depreciation , Impairment of Fixed Assets,

Misc. expenses and prior period items -10,559 -40,583

Interest 0 0

Depreciation 34,411 34,765

Provision for doubtful debts &

prior period expenses 0 0

Net Profit/(Loss) Before Tax -44,970 -75,348

Fringe Benefit Tax 0 0

Net Profit /(Loss) after Tax -44,970 -75,348

Add : Balance brought forward

from previous year -1,885,786 -1,810,438

Balance Carried forward to Balance Sheet -1,930,756 -1,885,786

Segment Wise Reporting

Your Company operates only in one business segment i.e. PET Resin.

BIFR Status

The Company continues to remain under the purview of BIFR, therefore, no provision of interest and consequential charges has been made in the book of accounts in respect of the outstanding loans from banks & financial institutions based on various legal opinions obtained by the company.

Depository System

Your Company's shares have been dematerialized form with CDSL since October 19, 2001. In view of the numerous advantages offered by the Depository System, members are requested to avail of the facility of dematerialization of the Company's shares.

Corporate Governance

As per clause 49 of the Listing Agreement, a separate report on Corporate Governance is furnished as a part of the Annual Report along with the Auditors Certificate regarding the compliance of the Conditions of Corporate Governance.

Corporate Social Responsibility

Your Company recognized that its operations has a wide effect on the society and therefore give appropriate attention to the fulfillment of its corporate responsibilities.

Directors

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 1956, Mr. Supratik Sen Barat retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Your Directors recommend his reappointment.

Director's 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 March 31, 2012, the applicable accounting standards except AS-15 had been followed along with proper explanation relating to material departures. The Company had shut down the plant since August, 2009.

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review.

(iii) that the Directors had taken proper and sufficient care to the extent possible 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 March 31, 2012 on a ‘going concern' basis, subject to the fact that there has been adverse market condition during the relevant accounting year and the Company had to shut down the plant since August, 2009.

Compliance of Section 274 (1) (g) of the Companies Act, 1956, as amended

The Companies (Amendment) Act, 2000 had introduced clause (f) to sub section (3) of Section 227 in terms of which the auditors are required to state in their Report whether any Director is disqualified from being appointed as Director in terms of clause (g) to sub section (1) of Section 274 of the Act.

The Board has the pleasure to inform that none of the Directors of your Company is disqualified under section 274 (1) (g) of the Companies Act, 1956 and necessary declaration regarding this has been obtained from all the Directors.

Conservation of Energy, Technology Absorption, etc.

Information as required under section 271 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors), Rules, 1988, regarding Conservation of Energy, Technology, Absorption and Foreign Exchange Earning and Outgo is given in Annexure-A forming Part of this report.

Human Resources

The Company firmly believes that human resources and knowledge capital are vital for business success and creating value for stakeholders. The Industrial Relations during the year under review was cordial.

Employee Particulars

None of the employees of the company have received remuneration in excess of the limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

Auditors

The auditors of the company M/s. Basu Das & Basu, Chartered Accountants, retire at the ensuing Annual General Meeting, and being eligible offer themselves for re-appointment. They have also confirmed that their appointment , if made, would be within the prescribed limit under Section 224 (1B) of the Companies Act, 1956.The Board recommends their re-appointment.

Auditors' Observation

The observations made by the Auditors have been fully explained in the Notes on Financial Statements.

Acknowledgment

Your directors wish to place on record their sincere appreciation to all employees for their individual and collective contribution towards the growth and development of the company. The directors also thank the Shareholders, Bankers, Statutory Authorities and Business Associates for the confidence reposed by them in the Company.

On behalf of the Board of Directors

Umasankar Chattopadhyay Director

Place : Kolkata Date : August 10, 2012

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Mar 31, 2010

The directors have pleasure in presenting the Twentieth Annual Report together with the Audited Accounts for the period ended on 31st March, 2010.

FINANCIAL RESULTS (Rs. in thousand)

For the period For the period 1st April, 09 to 1st April, 08 to 31st March, 10 31st March, 09

Turnover 201948 -

Other Income 18380 4885

Excess Liability written back -- -

Variation in Stock 32097 -

Total Expenditure (287411) (11888)

Profit/(Loss) before Interest, Depreciation, Impairment of Fixed Assets, Misc. expenses and prior period items (34986) (7003)

Interest -- -

Depreciation 35487 35135

Provision for doubtful debts 694 928

Net Profit/(Loss) Before Tax (71167) (43066)

Fringe Benefit Tax -- 28

Net Profit /(Loss) after Tax (71167) (43094)

Add: Balance brought forward (1739271) (1696177) from previous year

Balance Carried forward to Balance Sheet (1810438) (1739271)

REVIEW OF OPERATIONS

Your Directors take the pleasure of informing you that the Company had restarted the operation of its plant at Falta from the month of May 2009. Inspite of tough competition the Turnover of the Company in the first quarter of 2009-2010 was Rs. 21268 thousands. Due to high cost of furnace oil, the plant was again shut down from August 2009. Your company is trying to tap alternate sources of energy for restart of operations of the plant which will result in low cost of production and increased profitability.

The Indian PET industry is growing at a steady rate which is higher than the average growth rate in other industrial sectors of our economy and your directors are confident of better results in 2010-2011 financial year.

Your Company is expected to operate at full capacity in the next ensuing fiscal year and hope to make proper utilization of its resources to reap in profit to make a turnaround.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Industry structure and developments

The Company is engaged in the manufacturing of bottle grade PET Resin. The product is basically used for downstream manufacturing of PET bottles which are normally used in the bottled drinks, beverage, liquor and pharmaceutical sector.

Opportunities and Threats

Due to its strength, transparency and lightweight PET bottle industry is growing day by day which provides ample opportunity and scope for our Company.

The main threats to our industry are the volatility of prices of raw materials such as PTA and MEG mainly due to unstable PX- ACP in Asian commodity trading. This problem is further complicated with the increase in production capacity of PET resin within the country and abroad.

Prospects and Future outlook

The demand for PET Resin has increased worldwide. However, with an increase in manufacturing capacities in various countries, profit margin of PET is likely to remain under pressure.

The power requirement if your Company is presently being met through HFO based Generator. However, due to increase in prices of furnace oil, your Company is planning to run the unit on grid power for which discussions with the West Bengal State Electricity Distribution Company Limited is going on, we hope to get the grid power connection very soon, which will have direct impact on the bottom-line of your Company through cost reduction. Further areas of cost reduction are being identified and techno economic viability is under consideration for a Coal based captive power plant. This will enable the Company to reduce the Power and Fuel cost even further. The Company is focusing on the following to expand the bottom-line.

a) Products/services, which are at the higher end of the value chain.

b) Increasing market share in both domestic and international market.

c) Identifying new areas so as to increase the product portfolio.

Internal Control System

The Company has adequate system of internal controls and checks and balances to ensure that its assets are safeguarded and protected against loss from unauthorised use. The strength of these systems is continuously being monitored by the internal auditors.

Segment Wise Reporting

Your Company operates only in one business segment i.e. PET Resin.

BIFR Status

The Company continues to remain under the purview of BIFR.

Depository System

Your Companys shares have been dematerialized from with CDSL since 19th October, 2001. In view of the numerous advantages offered by the Depository System, members are requested to avail of the facility of dematerialization of the Companys shares.

Corporate Governance

As per clause 49 of the Listing Agreement, a separate report on

Corporate Governance is furnished as a part of the Annual Report along with the Auditors Certificate regarding the compliance of the Conditions of Corporate Governance.

Corporate Social responsibility

Your Company recognized that its operations has a wide effect on the society and therefore give appropriate attention to the fulfillment of its corporate responsibilities.

Directors

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 1956, Mr. Supratik Sen Barat retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Your Directors recommend his re-appointment.

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, 2010, the applicable accounting standards except AS15 had been followed along with proper explanation relating to material departures. The Company had shut down the plant since August, 2009.

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 profit of the Company for the year under review.

(iii) that the Directors had taken proper and sufficient care to the extent possible 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, 2010 on a going concern basis, subject to the fact that there has been adverse market condition during the relevant accounting year and the Company had to shut down the plant since August, 2009.

Compliance of Sec. 274 (1) (g) of the Companies Act, 1956, as amended

The Companies (Amendment) Act, 2000 had introduced clause

(f) to sub section (3) of Section 227 in terms of which the auditors are required to state in their Report whether any Director is disqualified from being appointed as Director in terms of clause

(g) to sub section (1) of Section 274 of the Act.

The Board has the pleasure to inform that none of the Directors of your Company is disqualified under section 274 (1) (g) of the Companies Act, 1956 and necessary declaration regarding this has been obtained from all the Directors.

Conservation of Energy , Technology Absorption etc.

Information as required under section 271 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors), Rules, 1988, regarding Conservation of Energy, Technology, Absorption and Foreign Exchange Earning and Outgo is given in Annexure-A forming Part of this report.

Human Resources

The Company firmly believes that human resources and knowledge capital are vital for business success and creating value for stakeholders. The Industrial Relations during the year under review was cordial.

Employee Particulars

None of the employees of the company have received remuneration in excess of the limit prescribed under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975.

Auditors

The existing Statutory Auditors of the Company, M/s Mookherjee P.K. & Co., Chartered Accountants, retire at the ensuing Annual General Meeting of the Company, and have expressed their desire to not seek re-appointment at the Annual General Meeting. The Company has received a Special Notice from a Member proposing the name of M/s. N. Chatterjee & Associates, Chartered Accountants as Statutory Auditors for the financial year 2010-11. M/s. N. Chatterjee & Associates have also expressed their willingness to be appointed as Statutory Auditors of the Company and have given certificate of their eligibility under section 224(1 B) of the Companies Act, 1956 and being eligible offer themselves for reappointment. They have also confirmed that their appointment if made would be within the prescribed limit under Section 224 (1B) of the Companies Act, 1956.

Auditors Observation

The observations made by the Auditors have been fully explained in the Notes on Accounts.

Acknowledgment

Your directors wish to place on record their sincere appreciation to all employees for their individual and collective contribution towards the growth and development of the company. The directors also thank the Shareholders, Bankers, Statutory Authorities and Business Associates for the confidence reposed by them in the Company.

On behalf of the Board of Directors

Place : Kolkata Umasankar Chattopadhyay

Date : 9th August, 2010 Director