इंडिया पॉली

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