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बीएसई: 500203  |  NSE: INDIAPOLY  |  ISIN: INE860C01015  |  Textiles - Manmade

खोजें इंडिया पॉलीफाइबर्स कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '05
The Directors present the Twenty-first Annual Report and the Audited
 Statement of Accounts of the Company for the financial year ended 31st
 March, 2005.
 
 FINANCIAL RESULTS :
 
                                                           (Rs. in lacs)
 PARTICULARS                                      2004-05        2003-04
 
 Profit/(Loss) before Interest & depredation    (1426.26)        1104.50
 
 Less: Interest                                                    80.34
 
 Depreciation                                      849.47         737.50
 
 Less: Transfer from Revaluation Reserve           562.83         286.64
 
                                                   562.83         174.67
 
 Profit/(Loss) before Tax                       (1793.24)         929.83
 
 Less: Provision for Tax
 
 Profit/(Loss) after Tax                        (1793.24)         929.83
 
 Balance in Profit and Loss Account             (3061.18)      (3991.01)
 
 Balance carried to Balance Sheet               (4854.42)      (3061.18)
 
 DIVIDEND :
 
 The Directors regret their inability to propose any dividend in view of
 the accumulated losses of the Company.
 
 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL PERFORMANCE :
 
 During the year under review the production of Dope Dyed Black
 Polyester Staple Fibre was 24,148 MT as against 26,994 MT in the
 previous financial year. The production of Semi Dull Polyester Staple
 Fibre was 5,968 MT as against 1,985 MT in the corresponding period in
 the previous financial year. Thus the total production of Polyester
 Staple Fibre was 30,116 MT against 28,979 MT in the previous year.
 
 During the year under review the Gross Turnover was Rs.23,979.47 lacs
 against Rs.23,976.14 lacs in the previous financial year. The dispatch
 was 29,563 MT against 31,424 MT in the previous year.
 
 The second phase of diversification program was completed during the
 year and the Company commenced the commercial production with effect
 from 1st September, 2004 on the new PSF Plant installed under the
 said diversification plan. The production capacity of Dope Dyed Black
 Polyester Staple Fibre has, consequently increased from 80 MT per day
 to 110 MT per day.
 
 Loss for the year was Rs.1,793.24 lacs as against Profit of Rs.929.83
 lacs in the previous financial year. The loss was caused due to
 increase in raw material prices, teething problems/stabilisation in new
 plant and huge third party exports at lower rates comparable to
 international prices and lower demand in domestic market.
 
 PRODUCTWISE PERFORMANCE :
 
 Your Company has commissioned a new plant with capacity of 30 MT/day.
 Though the plant has been commissioned, we are however, yet to
 establish the quality in the market place. All efforts are being made
 to establish the quality. We are hopeful of establishing the quality
 and achieving the desired specifications shortly.
 
 INDUSTRY STRUCTURE AND DEVELOPMENTS :
 
 The global fibre market was dominated by polyester during the first
 half of 2004-05. However, bumper Cotton crop in the new cotton season
 from October, 2004 onwards worldwide has taken a heavy toll on
 consumption of Polyester. Polyester consumption in the country has
 dropped by nearly 15-20% on account of very low prices of cotton.
 Apparel manufacturers preferred to use cotton because of low cotton
 prices instead of polyester to produce garment and fabrics.
 
 Crude prices had directly influenced the raw material prices for
 Polyester i.e. PTA and MEG resulting in very high price for Polyester
 thereby increasing the delta between cotton and polyester. For the
 first time in near past, Polyester prices were higher than Cotton
 prices by almost 40-45%.
 
 In the last union budget the Government of India have reduced the
 excise duty on cotton yarns to 4% and yarn spinners were also allowed
 exemption route. Whereas Cotton fibre attracted nil duty, PSF continued
 to attract excise duty at 16%. This further inflated the polyester
 prices vis-a-vis Cotton.
 
 Industry is making all efforts for reducing the excise duty on
 Polyester to make it competitive vis-a-vis Cotton.
 
 OPPORTUNITIES AND THREATS :
 
 Post quota regime offers more opportunities for countries like India
 and China, who have strong infrastructures in textile, right from raw
 material to weaving, knitting and garments. Many leading retailers like
 Wal Mart, JC Penny, Target etc., as a matter of policy, have decided to
 source part of their textile requirement from India as well. This is
 getting reflected in Cotton volumes at the moment. However, once the
 polyester price also stabilizes in the Country, the demand for
 polyester fabric and garments for export will rise.
 
 The change in fashion trend has seen a dip in demand for Black coloured
 fabrics resulting in drop in consumption of black fibre in the Country
 and also yarn export by our consumers.
 
 OUTLOOK :
 
 Demand for Dope Dyed Black fibre is expected to pick up again. To
 expand the market size for Dope Dyed Black fibre all efforts are being
 made to establish the product for alternative uses like non apparels
 and non wovens. With the abolition of quotas, we expect the market for
 your Companys product to be better than last year.
 
 RISK AND CONCERNS :
 
 Cotton prices will remain a major concern for improving consumption of
 polyesters. Raw material prices for polyesters are expected to become
 stable at lower levels shortly. This may result in lower prices for
 polyesters. At lower price levels of polyesters, the competition from
 cotton can be effectively dealt with resulting in higher consumption
 for your Companys products.
 
 INTERNAL CONTROL SYSTEM AND ITS ADEQUACY :
 
 There exists a proper and adequate internal control system in the
 Company for all its activities including safeguarding and protecting
 its assets against any loss from its unauthorized use or disposition.
 All transactions are properly documented, authorized, recorded and
 reported correctly. The implementation of SAP, duly customized, in its
 application to all the transactions in the Company ensures that all
 systems and procedures are followed, authorized and recorded properly
 in the computer media. The system is continuously improved and its
 effectiveness is enhanced based on feedback from the field.
 
 The above control is further supplemented by exhaustive scope of
 internal audit, which is carried out by external, qualified and reputed
 firm of Chartered Accountants as well as ISO Auditors. The policies,
 procedures and internal controls are further reviewed by the Companys
 Management on periodical basis.
 
 HUMAN RESOURCE DEVELOPMENT (HRD) :
 
 In order to develop the human resources, high emphasis has been placed
 on employees training. Trainings were focussed on Technical skills,
 Soft skills and HSE aspects. During the year under review, our Learning
 Centre has conducted 86 in- house training programmes and the training
 manhours per person achieved this year was 43 in addition to extensive
 on- job trainings. Further as a part of continuous learning process and
 sharing of knowledge, 33 training modules have been made. Your Company
 is on way to create an exhaustive Learning system on Real time network
 with implementation of SAP-HR SDM module.
 
 In the area of small group activities, 12 quality circles are
 functioning in manufacturing and non-manufacturing areas. These
 Quality Circles are updated with regular refresher programmes. This
 year two Quality Circles have received awards at 15th National
 Convention of QCFI, Mumbai.
 
 Quality week was celebrated in the second week of November, 2004. This
 was marked by Awareness on Quality, Training on Quality Tools,
 Competitions on Quality circle case studies, Hindi and English Quality
 Slogans and Essays.
 
 Your Company continues to improve its business using the ISO 9001:2000.
 On way to become a complete Quality Organisation, your Company has
 established Health, Safety and Environment Management Systems and is
 going for ISO 14001 and OHSAS 18001 certification.
 
 Your Company has adopted the Six Sigma concept, a world class
 breakthrough strategy and completed 6 projects. With 7 old Blackbelts
 and 6 new Blackbelts, 13 new Six Sigma projects are in hand.
 
 During the year under review increments would be released based on
 performance appraisal system which in turn is based on Key Result
 Areas. The system ensures that good performers are suitably rewarded on
 a transparent basis and based on objective criteria.
 
 The relationship with the workers remained cordial during the year. The
 number of persons employed in the Company at the close of the financial
 year was 277.
 
 FIXED DEPOSITS :
 
 The Company has not accepted any deposit from the Public during the
 year.
 
 DIRECTORS :
 
 Shri Sat Pal Arora ceased to be Director of the Company with effect
 from 29th October, 2004 consequent to the withdrawal of his nomination
 by IFCI Limited. The Board has placed on record its deep appreciation
 for the valuable guidance given by him to the Company during his tenure
 as Nominee Director.
 
 Shri Indubhai F. Sheth retires by rotation at the ensuing Annual
 General Meeting and being eligible offers himself for reappointment. .
 
 Shri Ramakrishnan Rajaram was appointed as an Additional Director by
 the Board of Directors of the Company with effect from 6th January,
 2005. He holds office upto the date of the ensuing Annual General
 Meeting. Notice for his appointment under Section 257 of the Companies
 Act, 1956 has been received from a member of the Company alongwith
 requisite deposit.
 
 Necessary resolutions are set out in the Notice for appointment of Shri
 Indubhai F. Sheth and Shri Ramakrishnan Rajaram, at the ensuing Annual
 General Meeting.
 
 DIRECTORS RESPONSIBILITY STATEMENT :
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
 Directors of your Company confirm:
 
 i) that in the preparation of the accounts for the financial year ended
 31st March, 2005, 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 were
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March, 2005 and of the loss of the
 Company for the year ended on that date.
 
 iii) that the Directors have taken proper and sufficient care 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 have prepared the accounts for the financial
 year ended 31st March, 2005 on a going concern basis.
 
 AUDITORS :
 
 Messrs Lodha & Co., Chartered Accountants, the Auditors of the Company
 hold office until the conclusion of the ensuing Annual General Meeting.
 The Company has received requisite letter under Section 224(1 B) of the
 Companies Act, 1956 from the Auditors regarding their eligibility for
 re-appointment as Auditors of the Company.
 
 COST AUDIT :
 
 The Central Government has directed an audit of the cost accounts
 maintained by the Company. The Central Government has approved the
 appointment of Messrs K.G. Goyal & Co., Cost Accountants, Jaipur for
 conducting the cost audit for the financial year ended 31st March,
 2005.
 
 PERSONNEL:
 
 There was no employee in respect of whom information is required to be
 given pursuant to section 217(2A) of the Companies Act, 1956 read with
 the Companies (Particulars of Employees) Rules, 1975.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO :
 
 Information 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 is given-in Annexure A forming part
 of this report.
 
 CORPORATE GOVERNANCE :
 
 As a Listed Company, necessary measures are taken to comply with the
 conditions stipulated in the Listing Agreements with the Stock
 Exchanges. A report on Corporate Governance, alongwith the Report of
 Compliance from the Auditor, forms part of the Annual Report.
 
 VOLUNTARY DELISTING :
 
 In accordance with the approval granted by the shareholders, the
 Company has made an application to Calcutta Stock Exchange Association
 Limited, Kolkata fordelisting of its equity shares. The said
 application is pending for its approval.
 
 The Companys equity shares, however; continue to be listed on the
 Stock Exchange, Mumbai (BSE), which has nation-wide trading terminals.
 
 ACKNOWLEDGEMENTS :
 
 The Directors acknowledge, with gratitude, the co-operation and
 assistance received from the Government Authorities, Banks, Financial
 Institutions, other Business Constituents, Members and Employees during
 the year under review.
 
                                          For and on behalf of the Board
                                                         Subodh P. Sapra
                                                                Chairman
 Place : Mumbai
 Dated : 27th June, 2005.
 
 ANNEXURE A TO THE DIRECTORS REPORT
 
 PARTICULARS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN
 THE REPORT OF BOARD OF DIRECTORS) RULES, 1988.
 
 A. CONSERVATION OF ENERGY:
 
 a. Energy Conservation measures taken:
 
 A new Energy efficient Steam Boiler installed.
 
 Reciprocating type Air Compressor replaced with an Energy efficient
 Screw type Air Compressor.
 
 Cell deck type Air washer installed for Pack maintenance and Creel area
 AHUs.
 
 Conventional copper chokes of Tube lights replaced with Electronic
 chokes.
 
 An automatic Voltage Regulator installed for lighting load. Energy
 audits done by PCRA and internal teams. - 2 x 40 KVAR Capacitor bank
 installed on PCC-4.
 
 Six Sigma approach used to improve Diesel Generator efficiency and SFR
 of Steam Boilers.
 
 b. Additional Investments and proposals for reduction in consumption
 of energy:
 
 Reduction in Nitrogen consumption by process optimization.
 
 Provision of VFD for Air Compressors - Estimated cost Rs. 10 lacs.
 
 c. Impact of measures at (a) and (b) for reduction of energy
 consumption and consequent impact on the cost of production of goods:
 
 Consumption of Electricity per MT of PSF produced was 642 KWH as
 against 621- KWH in the preceding financial year.
 
 Consumption of Fuel Oil per MT of PSF produced was 0.239 MT as against
 0.228 MT in the preceding financial year.
 
 The increase in Power & Fuel consumption is due to:
 
 (a) Development & regular production of Dope Dyed Super Black PSF.
 
 (b) Installation of new facilities under diversification project and
 stabilization of the plant.
 
 d. Total energy consumption and energy consumption per unit of
 production as per Form - A attached hereto.
 
 B. TECHNOLOGY ABSORPTION
 
 e. Efforts made in technology absorption- as per Form - B attached
 hereto:
 
 C. FOREIGN EXCHANGE EARNINGS AND OUT GO:
 
 f. Activities relating to exports; initiatives Not applicable taken
 to increase exports; development of new export markets for products and
 services; and export plans
 
 g. Total Foreign Exchange used and earned:
 
 (i) Total Foreign Exchange earned       Nil
 
 (ii) Total Foreign Exchange used        Rs. 2,279.94 lacs
 
 RESEARCH AND DEVELOPMENT (R&D)
 
 1. Specific areas in which Research and Development is carried out by
 the Company :
 
 Development of value added products of Dope Dyed Black Polyester Staple
 Fibre.
 
 - Technology upgradation/development for Dope Dyed Black Polyester
 Staple Fibre.
 
 Process improvement for better quality and better yield for Dope Dyed
 Black Polyester Staple Fibre.
 
 Energy Conservation.
 
 2. Benefits derived as a result of R&D :
 
 Development of Dope Dyed Super Black PSF. Development of Super Black
 Trilobal Tow.
 
 Plant thruput stabilized at increased thruput with Dope Dyed Super
 Black PSF.
 
 3. Future plan of action :
 
 Development of new value added products of Dope Dyed Black Polyester
 Staple Fibre.
 
 Reduction of energy consumption.
 
 FORM -B
 
 4. Expenditure on R&D :
 
 There is no separate R&D department and R&D activities are carried out
 by the process departments. Therefore no capital assets and manpower
 have been separately earmarked for R&D activities. Thus the expenditure
 incurred by the Company towards research and development is absorbed as
 cost of the process department and is not segregated as expenditure on
 research and development.
 
 TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
 
 1. Efforts made towards technology absorption, adaptation and
 innovation
 
 Constant watch is kept on market trends and processes are adapted to
 cater to new trends and developments and to improve quality of products
 and plant efficiency.
 
 2. Benefits derived as a result of the above efforts
 
 Production of value added products of Dope Dyed Black Polyester Staple
 Fibre.
 
 3. Details of imported technology Not applicable.
 
                                          For and on behalf of the Board
                                                         Subodh P. Sapra
                                                                Chairman
 Place : Mumbai
 Dated : 27th June, 2005
 
 ANNEXURE B TO THE DIRECTORS REPORT
 
 AUDITORS REPORT ON CORPORATE GOVERNANCE
 
 To the Members of India Polyfibres Limited
 
 We have examined the compliance of conditions of Corporate Governance
 by India Polyfibres Limited, for the year ended 31st March, 2005, as
 stipulated in Clause 49 of the Listing Agreement of the said Company
 with the Stock Exchange.
 
 The compliance of conditions of Corporate Governance is the
 responsibility of the Management. Our review was limited to procedures
 and implementation thereof, adopted by the Company for ensuring the
 compliance of the conditions of the Corporate Governance. It is neither
 an audit nor an expression of opinion on the financial statements of
 the Company.
 
 In our opinion and to the best of our information and according to the
 explanations given to us, we certify that the Company has complied with
 the conditions of Corporate Governance as stipulated in the above
 mentioned Listing Agreement.
 
 As per representation received from the Registrars of the Company, we
 state that as per records maintained by the Shareholders/Investors
 Grievance Committee, no investor grievance is remaining
 unattended/pending for more than 30 days.
 
 We further state that such compliance is neither an assurance as to the
 future viability of the Company nor the efficiency or effectiveness
 with which the Management has conducted the affairs of the Company.
 
                                                        For Lodha & Co.,
                                                  Chartered Accountants,
                                                              H.K. Verma
                                                                 Partner
                                                    Membership No. 55104
 Place : Kolkata
 Dated : 27th June, 2005
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1116.79 Cr की बिकवाली की
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  • MARKET CUES : इंडेक्स फ्यूचर्स में `1197.47 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `1280 Cr की खरीदारी
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  • CS ON AUROBINDO PHARMA : रेटिंग Neutral से घटाकर Underperform
  • CS ON AUROBINDO PHARMA : लक्ष्य `450/Sh से घटाकर `345/Sh
  • HSBC ON BAJAJ FIN : BUY रेटिंग, लक्ष्य `4,860 से घटाकर `3,750/Sh

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