| Dear Members,
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accounts for the financial year ended
on 31st March 2014.
1. Financial Results
(In Rs.)
Particulars 2013-14 2012-13
Sales 63, 05,279 1, 13, 60,742
Other income ---- 3
Depreciation 1,799 1,799
Other Expenditure 1, 77,695 2, 56,076
Exceptional Items ---- 60,000
Profit/ Loss before Tax 1, 21,120 4, 62,222
Profit/Loss after Tax 83,696 3, 14,964
During the current year your company has achieved a reasonable level of
growth. Adverse economic affairs, unfavorable Market condition are the
cause of decline in the profits of the company. We are hoping that the
phenomenal growth shall be achieved during the next coming years.
2. Directors
As per provisions of Section 152(6) of the Companies Act, 2013, Mr.
Gunjan Doshi, Director liable to retire by rotation, being eligible,
offers himself for re-appointment at the general meeting and if
appointed, would be appointed as Director of the company.
Mr. Naresh Rana, Mr. Manoj Shah & Mr. Gaurang Patel are being appointed
as an Independent Directors for consecutive five financial years as per
provisions of Section 149 of the Companies Act, 2013. Necessary
resolutions for the appointment/re. appointment of the aforesaid
directors have been included in the notice convening the ensuing AGM
and details of the proposal for appointment/re-appointment are
mentioned in the explanatory statement of the notice. Your directors
commend their appointment/reappointment. All the directors of the
Company have confirmed that they are not disqualified from being
appointed as directors in terms of Section 164 of the Companies Act,
2013 (Previously being Section 274(1) (g) of the Companies Act, 1956).
3. Personnel
Your directors' wish to place on record their appreciation for the
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as It is not applicable.
4. Auditors
M/s. Pradip B. Gandhi & Co., Chartered Accountants, Statutory Auditor
of the Company, (Firm Registration No.: 118674W) holds office until the
conclusion of the ensuring Annual General Meeting. As per newly
inserted Section 139 of the Companies Act, 2013, they are to be
appointed for a term of Five (5) consecutive financial years till the
conclusion of AGM of 2018-19, for which necessary resolution is put to
vote in this AGM, as stated in the item no. 3 of the notice, they are
eligible for appointment to conduct statutory audit. The company has
received certificate from the auditor to the effect that their
appointment if made, would be within the prescribed limits under the
Companies Act
5. Deposits
During the year, Company has not accepted Deposits, falling under
Section 58A of Companies Act, 1956.
6. Energy, Technology and Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
7. Director's Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts, appropriate accounting
standard have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at the end of financial year ended 31st March, 2014.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies' ct, 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
8. Auditor's Qualification
Auditors have given unqualified report to the members of the Company.
In this connection directors of the Company have discussed the same at
arm's length on the recommendation of Audit committee and have
initiated to take necessary action so as to show fair view of state of
affairs of the company in the coming financial year.
9. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is
annexed herewith.
10. Acknowledgements
Your Directors wish to please on record their appreciation of the whole
hearted co-operation extended to company from various departments of
the central and state governments, company bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
By order of the Board of Directors,
FOR, TIRTH PLASTIC LIMITED
Mr. Vans Doshi
CHAIRMAN
(DIN: 02963528)
PLACE: Ahmedabad
DATE: 01/09/2014
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