grip polymers ltd Directors report

Directors Report

To,

The Members,

Your Directors have pleasure to present their 21^ST ANNUAL REPORT together with the AUDITED ACCOUNTS for the year ended 31^st March, 2014.

PERFORMANCE:

Total income for the year is Rs. 2,54,022/- (Previous year Rs.2,15,459/-). Net profit after tax for the year is Rs. 1,96,058/- (Previous year Rs. 1,03,159/). During the current year, efforts will continue to explore the trading opportunities in domestic and international market.

DIVIDEND:

For conserving the financial resources, Directors do not recommend payment of any dividend for the year.

AUDITORS:

A.B. Modi & Associates, Chartered Accountants, Mumbai, who are our auditors, retire and are eligible for reappointment.

PARTICULARS OF EMPLOYEES:

The particulars of employees as per section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of employees) Rules, 1975, as amended are not given as the Company has no employee drawing remuneration exceeding the limits specified under the above provisions.

DIRECTORS’ RESPONSIBILITY STATEMENT:

The Directors hereby confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards read with requirements set out under Schedule VI to the Companies Act, 1956, have been followed and there has been no material departure.

ii) 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 the financial year.

iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

v) The Directors have prepared the annual accounts on a going concern basis.

DISCLOSURE PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:

The particulars pursuant to 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 to the extent applicable are as under :

a) Foreign exchange earning & outgo (Rs.)

Earnings in foreign exchange (FOB value of exports) Nil

Foreign exchange outgo Nil

b) Since the Company is not engaged in any manufacturing activity, the provisions regarding information on conservation of energy and technology absorption is not applicable and therefore, not provided.

ACKNOWLEDGEMENT:

The Board of Directors is grateful to the government authorities, bankers and business constituents for their continued cooperation and timely support to the company.

For & on behalf of the Board of Directors

Rajendra V. Gandhi

Chairman

Place : Mumbai

Date :23^rd May , 2014