india polyspin ltd Directors report

Director

To,

THE MEMBERS,

M/S INDIA POLYSPIN LIMITED

Your Directors have pleasure in presenting the 22nd Annual Report of the company together with the audited statement of accounts for the year ended on 31st March, 2014.

OPERATIONS:-
	31-03-2014	31-03-2013
Profit (Loss) before interest and depreciation	(457773.17)	(83,672.09)
Less : Interest for the year	-	-
Less : Depreciation for the year	-	-
Profit (Loss) after Depreciation & Interest	(4,57,773.17)	(83,672.09)
Provision for Taxation (Incl. FBT)	-	-
Profit after Tax	(4,57,773.17)	(83,672.09)

DIVIDENDS

Your Directors have decided not to declare any dividend during the year to strengthen the capital base of company.

MANAGEMENT DISCUSSION AND ANALYSIS

The company has not carried out any business operations. The company does not have nay manufacturing facility and in absence of any business area the discussion on management analysis relating to specific industry / sector do not arise.

AUDITORS

M/s. SONI JHAWAR & CO. CHARTERED ACCOUNTANTS, SURAT retires at the close of this annual general meeting and being eligible offer themselves for reappointment, your Directors recommend the appointment.

AUDITORS REPORTS

The notes to accounts referred to in the Auditors Report are self explanatory and therefore do not require any further comments.

FIXED DEPOSITS

The company has not accepted any deposits during the year under review OPPORTUNITIES AND FUTURE OUTLOOK

Though the company did not carry out business activity during the year however the directors are optimistic to start the business activities either in textiles or other areas.

PARTICULARS OF EMPLOYEES

There is no employee in the company whose particulars are required to be given under section 217 (2A) of the companies Act, 1956, read with Companies (Particulars of Employees) Rules 1975 as amended.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & 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.

DIRECTORS RESPONSIBILITY STATEMENT

Persunat to the requirement u/s 217(2AA) of the companies act,1956 with respect to Directors Responsibility Statement,it is hereby confirmed:

(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, 2014 and of the loss 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.

CORPORATE GOVERNANCE

i) The company has complied with all the mandatory provisions of clause 49 of the Listing Agreement relating to the corporate Governance.

ii) Pursuant to Clause 49 of the listing agreement with Stock-Exchange,Corporate Governance Report and Auditors Certificate regarding compliance of conditions of Corporate Governance and a Management Discussion and Analysis Statement are made as a part of the Annual Report.

iii) Your company is listed with Bombay stock exchange limited.

ACKNOWLEDGEMENT

Your directors place on record their appreciation of co operation and support for Bankers, Government Departments, Employees and shareholders.

	On behalf of the
	Board of Directors
	s/d
Place : SURAT	(Arjunlal Uttamchandani)
Date : 25th May, 2014	CHAIRMAN