DIRECTOR'S REPORT To, THE MEMBERS Ambitious Plastomac Company Ltd. You: Directors have pleasure in presenting the Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2013. DIRECTORS : Mr Dilip B. Sheth, Director of the Company retires by rotation at this annual general meeting and being eligible, offer himself for reappointment. The Board of Directors recommends his reappointment Board of Directors of the company has appointed Mr Hardik K, Patel as additional director w.e.f. 01.03.2013. Board of Directors of the company has also appointed W. Pinkal R, Patel as additional director of the company w.e.f. 24.04.2013. Accordingly they hold office upto the ensuing annual general meeting. Company has received notices from shareholders in writing proposing both these additional Director's candidature for the office of the Directors. Board recommends their appointment as Director of the Company. Mr. Dinkar Shrimali, Director of the company has resigned from the post of Directorship of the Company w,e,f. 01 03,2013. DIVIDEND : Your director do not recommend dividend for the year FIXED DEPOSJTS: The company has not accepted the public deposits during the year under report. AUDITORS ; Vishves A. Shah & Co., Auditors of the Company retires at the conclusion of this Annuai General Meeting and being eligible, are recommended for reappointment. AUDITORS REPORT: The Auditors report is self-explanatory and so far, there is no negative remark by the Auditors. DIRECTORS RESPONSIBILITY STATEMENT : Pursuant to the requirement under section 217 (2AA) of the Companies Amendment Act, 2000 with respect to Director Responsibility Statement it is hereby confirmed: 1. That in the preparation of the annual accounts for the financial year ended 3191 March, 2013 the applicable accounting standards had been followed along with proper explanation relating to material departures. 2. That the directors had 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 at the end of the financial year and of the profit of loss of the Company for the year under review, 3. That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 4. That the directors had prepared the accounts for the financial year ended 31st March, 2013 on a going concern basis. CORPORATE GOVERNANCE : As per Clause 49 of the Listing Agreement with The Stock Exchanges, a separate section on Corporate Governance together with a certificate from the Company's Auditors confirming compliance there to is set out in the Annexure forming part of this report. LISTING: The shares of the Company are listed on Ahmedabad and Bombay Stock Exchange Limited. MANAGEMENT DISCUSSION & ANALYSIS: The Management Discussion and Analysis Report is attached herewith and forms part of the Director Report. PARTICULARS OF THE EMPLOYEES : The Company has no employee to whom the provision of Section 217(2AJ of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 apply and so it is not applicable to the company. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO : The additional information required under Section 217(1)(e) of the Companies Act, 1956 relating to Conservation of energy, technology absorption and foreign exchange earnings or outgoes is not required as the company has not do such type activities. ACKNOWLEDGMENT The Directors wish to thank and deeply acknowledge the cooperation and assistance received from the Bankers, Suppliers and shareholders. The Director also wishes to place on record their appreciation of the devoted services of employees of the Company. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS, SD/-CHAIRMAN PLACE: MUMBA1 DATE : 30.05.2013 |