Annual Report: 2021
Polymatech Electronics Pvt Ltd - Summary of Annual Report
This document primarily consists of the Notice of the Annual General Meeting and the Report of the Board of Directors for Polymatech Electronics Pvt Ltd, along with the Independent Auditor's Report and the Financial Statements for the year ended March 31, 2021. The registered office is located at Plot No OZ-13, SIPCOT Hi-Tech SEZ, Oragadam, Kancheepuram District, Tamil Nadu.
Notice of Annual General Meeting: The Annual General Meeting was scheduled for November 30, 2021, at 11:00 A.M. at the registered office. The ordinary business includes receiving, considering, and adopting the audited Balance Sheet of the Company as at 31st March 2021, the Statement of Profit & Loss for the year ended on that date, notes thereon, other financial statements, and the reports of the Directors' and Auditor's thereon. Eswara Rao Nandam, Director (DIN:02220039), signed the notice on behalf of the Board. A note specifies proxy appointment conditions.
Report of the Board of Directors: The report presents the 14th Annual Report, encompassing the audited statement of accounts for the fiscal year concluding on March 31, 2021. Key financial results are highlighted.
Financial Results: The company's financial results are compared between 31.03.2021 and 31.03.2020. Key figures include:
Dividend: No dividend was recommended for the financial year ended 31.03.2021.
Transfer to Reserves: No amount was transferred to reserves for the financial year ended 31.03.2021.
Operations and State of Company’s Affairs: Income increased compared to the prior year. The company anticipates improved performance in the current financial year through business activity expansion and enhanced client service.
Directors: No directors were appointed or resigned during the Financial Year 2020-2021, and the Directors are not liable to retire by rotation.
Conservation of Energy and Technology Absorption: The company implemented energy conservation and efficiency measures. It continues to adopt new technologies by identifying alternate fuels, utilizing waste material, and improving product quality.
Foreign Exchange Earnings and Outgo: Foreign exchange earnings for the year ended 31.03.2021 were Rs. 3898309.22, while foreign exchange outgo was Rs. 61845682.90.
Auditors: M/s.V.Selvamani, Chartered Accountant, Coimbatore, is the Statutory Auditor. They were appointed on 30.09.2018 for 5 years and will hold office until the conclusion of the AGM for the financial year 2022-2023.
Cost Auditors: The company is not required to maintain cost records.
Deposits: The company has not accepted or renewed any deposits under Section 73 of the Companies Act, 2013.
Material Changes and Commitments: No material changes or commitments affected the company’s financial position during the year.
Details of Significant and Material Orders Passed by Regulators or Courts or Tribunals: There were no significant orders affecting the company's financial position.
Particulars of Board/General Meetings: Several board meetings were held during the financial year 2020-2021, covering undertakings, creation of charge-bank, approval of accounts, and general review of business. One Annual General Meeting was held on 31.12.2020, attended by Eswara Rao Nandam & Uma Nandam.
Directors Responsibility Statement: Directors confirm adherence to Section 134(3)(C) of the Companies Act, 2013.
Compliance with Secretarial Standards: The company followed applicable Secretarial Standards (SS-1 and SS-2).
Declaration by Independent Director: Not applicable as the company is private limited.
Subsidiary, Joint Venture or Associates: The company does not have any subsidiary, Joint Venture or Associate Companies.
Development and Implementation of Risk Management Policy: The company has a risk management policy to identify and mitigate potential risks.
Internal Financial Controls: Adequate internal financial controls are in place and were tested, with no reportable material weaknesses observed.
Particulars of Loans, Guarantees, or Investments Under Section 186: No loans, guarantees, or investments were advanced under Section 186 of the Companies Act, 2013.
Related Party Transactions: There were no materially significant related party transactions, except those disclosed in the financial statements.
Details of Frauds Reported by Auditors: No frauds were reported by the Statutory Auditor.
Corporate Social Responsibility: The company is not required to constitute a CSR Committee for the financial year 2020-2021 but will comply with Section 135 provisions for the year 2021-2022.
Internal Complaints Committee: An ICC is constituted under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. No complaints were filed during the year.
Explanation to Adverse Remarks: No explanation is required, as there were no adverse remarks in the Auditor's report.
Acknowledgement: Directors acknowledge support from Banks, Government Agencies, and Shareholders.
Independent Auditor's Report: V. Selvamani, Chartered Accountant, issued an independent auditor's report. The audit was conducted according to the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. The auditor expressed an opinion that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India, as at March 31, 2021.
The report also covers the auditor's responsibilities, reporting on other legal and regulatory requirements including compliance with the Companies (Auditor's Report) Order, 2016, CARO 2016, pending litigations, derivative contracts and Investor Education and Protection Fund.
Financial Statements: The financial statements include the Balance Sheet as at 31st March 2021, the Profit and Loss Account for the year ended 31st March 2021, and the associated Schedules to Accounts. The Balance Sheet shows Sources of Funds (Shareholders' Funds, Loan Funds, Current Liabilities & Provisions) and Application of Funds (Fixed Assets, Investments, Current Assets, Loans & Advances, Miscellaneous Expenditure). The Profit and Loss Account details the company’s income and expenditure for the year. Key line items in the schedules include Share Capital, Reserves and Surplus, Secured and Unsecured Loans, Fixed Assets, Inventories, and Sundry Debtors. Notes to Accounts provide information about the company’s accounting policies, going concern concept, related party disclosures, cash and cash equivalents, and employees and auditor remuneration. Polymatech had incurred business losses every year from 2007 until March 31, 2020. The company states that it is now eligible for Income Tax exemption going forward.
Cash flow statement includes cash inflows and outflows from operating, investing and financing activities.
Key Personnel: The report is signed by Eswara Rao Nandam (Managing Director), Uma Nandam (Director), and V. Selvamani (Partner, V S & VR Associates, Chartered Accountants).
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