Annual Report: 2022
Polymatech Electronics Private Limited, located in Oragadam, Kancheepuram District, Tamil Nadu, India, has issued a notice for its Annual General Meeting to be held on Friday, 30th September 2022 at 11:00 A.M. at the registered office of the company to transact the ordinary business of receiving, considering, and adopting the audited Balance Sheet as at 31st March 2022, the Statement of Profit & Loss for the year ended on that date, along with notes and other financial statements for the financial year ended 31st March 2022, and the reports of the Directors' and Auditor's. Members entitled to attend and vote may appoint a proxy. Completed proxy forms must be deposited at the registered office at least 48 hours before the meeting.
Report of the Board of Directors:
The Directors present the 15th Annual Report with the Audited Statement of Accounts for the financial year ended 31st March 2022.
Financial Results:
The company's financial results for the year ended 31.03.2022, compared with the previous year, are as follows:
The Directors did not recommend any dividend for the financial year ended 31.03.2022, and no amount was transferred to reserves. Income during the year increased compared to the previous year, and the company expects further improvement in performance.
Directors:
No Director was appointed or resigned during the Financial Year 2021-2022. The Directors are not liable to retire by rotation.
Conservation of Energy and Technology Absorption:
The company has undertaken energy conservation and efficiency measures and continues efforts towards adopting new technologies.
Foreign Exchange Earnings and Outgo:
Auditors:
M/s. V.Selvamani, Chartered Accountant, Coimbatore, is the Statutory Auditor, appointed on 30.09.2018 for 5 years, holding office until the conclusion of the AGM for 2022-2023. The company is required to appoint a Cost Auditor for the Financial Year 2022-2023 due to exceeding the prescribed turnover, but this requirement is exempted because the company operates from a Special Economic Zone.
Deposits:
The company has not accepted or renewed any amount falling within the purview of Section 73 of the Companies Act 2013.
Material Changes and Commitments:
No material changes or commitments affected the financial position of the Company.
Details of Significant and Material Orders Passed by Regulators or Courts or Tribunals:
There are no significant and material orders passed by Regulators or Courts or Tribunals.
Board and General Meetings:
Details of Board and General Meetings held during the Financial Year 2021-2022 are listed. Board meetings were held on 15.06.2021, 30.07.2021, 04.10.2021, 13.11.2021, and 18.01.2022. The annual general meeting was held on 30.11.2021.
Directors Responsibility Statement:
The directors state that the applicable accounting standards had been followed with proper explanation relating to material departures in the preparation of the annual accounts for the financial year ended 31st March, 2022. The directors had selected accounting policies and estimates reasonably and prudently, maintained adequate accounting records, prepared annual accounts on a going concern basis, and devised systems to ensure compliance with applicable laws.
Compliance with Secretarial Standards:
Applicable Secretarial Standards (SS-1 and SS-2) have been duly followed.
Details of Subsidiary, Joint Venture or Associates:
As on March 31, 2022, 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 formalize risk identification and mitigation.
Internal Financial Controls:
The Company has adequate internal financial controls which were tested during the year, and no reportable material weakness was observed.
Particulars of Loans, Guarantees or Investments under Section 186:
The Company has not advanced any loans/ given guarantees/ made investments under section 186 of the Companies Act, 2013.
Related Party Transactions:
There have been no materially significant related party transactions between the Company and the Directors, the management, the subsidiaries or the relatives except for those disclosed in the financial statements, if any.
Details of Frauds Reported by Auditors:
No frauds were reported by the Statutory Auditor.
Corporate Social Responsibility:
The provisions of Corporate Social Responsibility (CSR) are applicable, but a CSR Committee is not required as the CSR amount does not exceed Fifty Lakh Rupees. The company has not spent the requisite CSR amount during the financial year 2021-2022 due to Covid-19 and other operational reasons.
Internal Complaints Committee:
An Internal Complaint Committee exists at the group level, and no complaints were filed during the year.
Explanation to Adverse Remarks:
No explanation is required as there were no reservation, qualification or adverse remarks in the Auditors report.
Acknowledgement:
The Directors acknowledge their thanks to the Banks, Government Agencies and Shareholders and appreciate the efforts of the employees.
Independent Auditor's Report:
V. Selvamani audited the financial statements of Polymatech Electronics Private Limited, which include the balance sheet as at 31st March 2022 and the statement of profit and loss for the year then ended. In the auditor's opinion, the financial statements give a true and fair view of the company's affairs in conformity with accounting principles generally accepted in India. The audit was conducted in accordance with the Standards on Auditing specified under section 143(10) of the Companies Act, 2013. The auditor is independent of the Company.
The company's net worth is negative, and it has taken unsecured loans from its directors. The company is considered a going concern despite these factors.
Other Key Points from Auditor's Report:
Balance Sheet Highlights (as at 31st March 2022):
Statement of Profit and Loss Highlights (Year Ended 31st March 2022):
Cash Flow Statement (Year Ended 31st March 2022):
Significant Accounting Policies:
The company is eligible for income tax exemptions, being situated in a Special Economic Zone.
The significant risks and securities offered to the existing banks for loans are also disclosed.
The main people involved are Eswara Rao Nandam (Director) and Uma Nandam (Director).
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