Mar 31, 2018
To,
The Members,
The Directors have pleasure in presenting the 30th Annual Report of the company together with the financial statements, for the year ended on 31st March 2018.
FINANCIAL PERFORMANCE OF THE COMPANY:
During the Financial Year 2017-2018, The Financial position of the Company is as under: (Amount in lakhs)
PARTICULARS |
Year Ended 31st March 2018 |
Year Ended 31st March 2017 |
Gross Sales and Other Income |
7,656 |
7,506 |
Earnings before interest, taxes, depreciation and amortization |
911 |
1169 |
Profit/(loss) before depreciation and amortization, exceptional item and tax |
648 |
879 |
Depreciation and Amortization |
313 |
343 |
Profit / (Loss) before tax |
335 |
536 |
Provision for tax |
87 |
45 |
Net Profit// (Loss) |
249 |
491 |
Earning Par share |
4.87 |
9.60 |
Propose dividend on Equity Share |
â |
â |
Tax on Dividend |
â |
â |
DIVIDEND:
To conserve the funds for the business of the Company including the funding for the expansion plans, your directors regret their inability to recommend any dividend for the financial period 2017-18.
RESERVES:
Taking into account overall financial performances of the Company. Your Directors do not transfer any amount to General Reserve Account.
STATE OF COMPANYâS AFFAIR:
The Company is pleased to inform the shareholders that it has started unit in the Kutch region of the state of Gujarat for manufacturing BOPP Packaging Tapes for both the domestic and the international markets, the production of such facilities has been commenced and the company is making maximum efforts to sale maximum capacity in the overseas market The total investment in the new project is approximately Rs. 35 crores, financial closure of which has been completed with the support of our existing bankers, unsecured loans and internal accruals of the company.
The Company also continues to make efforts to increase the sales of Carton Sealing Tapes in the domestic markets and other Specialty Adhesive Coated products by providing the customers an excellent quality product backed by dedicated customer services from its unit located in north india.
The company sees a good future in the sales of Carton Sealing Tapes and the acceptance of the new products developed by the Company for the Indian market and as well expected growth in the FMCG sector in India for all manufactured products and services. The Company continues to focus on building its Brand and Image as a quality supplier of Adhesive Coated Products in India.
The Company has also been developing high value added POF shrink films during the current year. This will enhance the turnover and bring good profits to the Company during the next year.
CHANGE IN THE NATURE OF BUSINESS
During the financial year under review, no changes have occurred in the nature of the Companyâs business.
MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THE DIRECTOR REPORT:
There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year and date of the director report of the Company to which the financial statements relates.
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL
There have been no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Companyâs operations.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENT:
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors and the reviews performed by Management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Companyâs internal financial controls were adequate and effective during the financial year 2017-18.
COMPANYâS POLICY ON DIRECTORSâ APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION 178:
The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management and their remuneration. The Remuneration Policy is stated in the Corporate Governance Report and also available on the Company website www.bagla-group.com
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
During the year, the company has sold substantial shares of M/s Bagla Wellness Private Limited, a subsidiary company during the year. Therefore, at the end of the year the M/s Bagla Wellness Private Limited is no more subsidiary company as defined u/s 2(87) of the companies act, 2013.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Company has not given any Loan, any guarantee and security in connection with a Loan to any other body corporate or person and has not acquired by way of subscription, purchase or otherwise, the securities of any other body corporate.
DEPOSITS:
During the year under review, your Company did not accept any deposits within the meaning of provisions of Chapter V-Acceptance of Deposits by Companies of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
AUDITORS AND AUDITORSâ REPORT
(1) STATUTORY AUDITORS:
The Report given by M/s SPMR & Associates, Chartered Accountants (Registration No. 007578N), Statutory Auditors on the financial statements of the Company for the Financial year 2017-18 is part of Annual Report. The Notes on financial statements referred to in Auditorâs Report are self explanatory and do not call for any further comments. There has been no qualification, reservation or adverse remark or disclaimer in their Report on Financial Statement for FY 2017-18.
The Board of Directors recommends appointment of M/s. Rajan Goel & Associates, Chartered Accountants (Firm Registration No: 004624N) as Statutory Auditors of the Company in place of M/s SPMR & Associates, Chartered Accountants (Registration No. 007578N) who has tendered their resignation as Statutory Auditors of the Company. The Board of Directors of the Company at its meeting held on 14th August, 2018 have appointed M/s. Rajan Goel & Associates, Chartered Accountants (Firm Registration No: 004624N), subject to approval of shareholders at ensuing Annual General Meeting, to hold office from the conclusion of 30th Annual General Meeting till the conclusion of 35th Annual General Meeting.
The Board recommends to the members of the Company approval of appointment of M/s. Rajan Goel & Associates, Chartered Accountants (Firm Registration No: 004624N) as the Statutory Auditors of the Company. Your Company has received a letter from M/s. Rajan Goel & Associates, Chartered Accountants (Firm Registration No: 004624N) to the effect that their appointment, if made, would be under the second and third proviso to Section 139 (1) of the Companies Act, 2013 and that they are not disqualified within the meaning of Section 141 of the Companies Act, 2013 read with Rule 4(1) of the Companies (Audit and Auditors) Rules, 2014.
(2) SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204 of the Act and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Puneet Kumar Pandey, a Company Secretary in Practice to undertake the Secretarial Audit of the Company for the year ended 31st March, 2018. The Secretarial Audit Report is annexed as âAnnexure Aâ.
The Secretarial Audit Report for the financial year ended 31st March, 2018 do not contain any qualification, reservation, adverse remark or disclaimer.
(3) INTERNAL AUDITOR
As per section 138 of the Companies Act, 2013, the Company is required to have Internal Auditor. In this connection, the Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of M/s. Navin Sudhir & Associates as the Internal Auditor of the Company.
SHARE CAPITAL:
The paid up Equity Share Capital as on 31st March, 2018 was Rs. 5.11 Crores. During the year under review, the Company has not issued any shares.
The Company has not issued shares with differential voting rights. It has neither issued employee stock options nor sweat equity shares and does not have any scheme to fund its employees to purchase the shares of the Company.
EXTRACT OF THE ANNUAL RETURN:
The extracts of Annual Return in Form MGT - 9 pursuant to the provisions of Section 92 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 for the Financial Year 2017-18 is furnished in âAnnexure-Bâ and is attached to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as âANNEXURE Câ.
CORPORATE SOCIAL RESPONSIBILITY:
Corporate Social Responsibility (CSR) is a way of conducting business, by which corporate entities visibly contribute to the social good. The essence of CSR is to integrate economic, environmental and social objectives with the Companyâs operations and growth.CSR is the process by which an organization thinks about and evolves its relationships with society for the common good and demonstrates its commitment by giving back to the society for the resources it used to flourish by adoption of appropriate business processes and strategies.
In accordance with the provisions of section 135 of the Act read with the Companies (Corporate Social Responsibility policy) Rules, 2014, the annual report on Corporate Social Responsibility activities is given at âAnnexure- Dâ to this Report.
The CSR committee comprises two Non-executive Independent Directors Namely Shri. Amit Kumar and Shri. Pawan Sharma and One Executive Director namely, Shri M. S. Bagla.
The details of CSR Committee meetings and attendance of the members there at are provided in the Corporate Governance Report and forms part of this Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Company has received the necessary declaration from each Independent Directors in accordance with Section 149(7) of the Companies Act, 2013, that he meets the criteria of independence as laid out in sub-section (6) of Section149 of the Companies Act, 2013.
Pursuant to provisions of Section 152 of Companies Act, 2013 and the Articles of Association of the Company Mr. Lalit Kumar Bagla, (DIN 01596548) Director of the Company is liable to retire by rotation and being eligible, offer himself for reappointment.
Mr. Sudeep Pande (DIN: 08212946) who was appointed as the Additional non executive Independent director of the Company by the Board with effect from 1st September, 2018 and who holds office under Section 161 of the Companies Act, 2013 (âthe Actâ) upto the date of the forthcoming Annual General Meeting but who is eligible for re-appointment, and in respect of whom the Company has received a notice in writing from a member proposing his candidature for the office of Director under the provision of Section 160 of the Companies Act, 2013.
Pursuant to the provisions of section 203 of the Act, the key managerial personnel of the Company are - Mr. M.S. Bagla, Managing Director, Mr. Nakul Bagla, Chief Financial Officer and Mr. Sarabjeet Singh Dua, Company Secretary. There has been no change in the key managerial personnel during the year
NUMBER OF MEETINGS OF BOARD OF DIRECTORS:
Seven meetings of the board were held during the year. For details of the meetings of the board, please refer to the corporate governance report, which forms part of this report.
BOARD EVALUATION:
In line with the requirement of Regulation 25(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a meeting of the Independent Directors of the Company was held on 31stMarch, 2018, wherein the performance of the non-independent directors including Chairman was evaluated.
The Board, based on the recommendation of the Nomination and Remuneration Committee (âNRCâ), evaluated the effectiveness of its functioning and that of the Committees and of individual directors by seeking their inputs on various aspects of Board/Committee Governance.
The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practices, participation in the long-term strategic planning and fulfillment of Directorsâ obligations and fiduciary responsibilities, including but not limited to active participation at the Board and Committee meetings.
AUDIT COMMITTEE:
The Company being a Listed Company was required to constitute an Audit Committee under Section 177(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Composition of the Audit Committee is provided in the Corporate Governance Report forming part of this report. All the recommendations made by the Audit Committee were accepted by the Board.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Company was required to constitute a Stakeholders Relationship Committee under Section 178(5) of the Companies Act, 2013. The Composition of the Stakeholders Relationship Committee is provided in the Corporate Governance Report forming part of this report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and as per the listing regulations, the Company has adopted a Whistle Blower Policy, which provides for a vigil mechanism that encourages and supports its Directors and employees to report instances of unethical behavior, actual or suspected, fraud or violation of the Companyâs Code of Conduct or Ethics Policy. It also provides for adequate safeguards against victimization of persons who use this mechanism. The policy adopted by the company is also posted on the website of the company. www.bagla-group.com.
NOMINATION AND REMUNERATION COMMITTEE:
The Company being a Listed Company was required to constitute a Nomination and Remuneration Committee under Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. The Composition of the Nomination and Remuneration Committee is provided in the Corporate Governance Report forming part of this report.
Remuneration of the Key Managerial Personnel and Employees of the Company is based on the performance of the company. Remuneration of the employees are revised on timely basis and based on their performances. The company generally sees the ability and review the performance of the candidate before the appointment of the Director.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act 2013 for the Financial Year 2017-18 in the prescribed format, Form AOC-2 has been enclosed with the report as âANNEXURE Eâ.
RISK MANAGEMENT POLICY:
The Company does not have any Risk Management Policy as the element of risk threatening the Companyâs existence is very minimal.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy, in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, the Company did not receive any complaint.
DECLARATION OF INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board that they fulfill the criteria of independence as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves for their continuance as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, none of the employees drawing remuneration in excess of the limits set out in the said Rules.
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 has been enclosed with the report as âANNEXURE Fâ.
DIRECTORSâ RESPONSIBILITY STATEMENT:
Accordingly, pursuant to Section 134 (3) (c) and 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual financial statements for the year ended March 31, 2018, the applicable Accounting Standards had been followed along with proper explanation relating to material departures.
b) for the financial year ended March 31, 2018, such accounting policies as mentioned in the Notes to the financial statements have been applied consistently and judgments and estimates that are reasonable and prudent have been made so as to give a true and fair view of the state of affairs of the Company and of the Profit of the Company for the year ended March 31, 2018.
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
d) the annual financial statements have been prepared on a going concern basis.
e) that proper internal financial controls were followed by the Company and that such internal financial controls are adequate and were operating effectively.
f) That proper systems to ensure compliance with the provisions of all applicable laws were in place and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENT:
The Board appreciates and places on record the contribution made by the employees during the year under review. The Board also places on record their appreciation of the support and co-operation of all stakeholders particularly shareholders, bankers, financial institutions, customers, suppliers and business partners.
By order of the Board of Directors of
HINDUSTAN ADHESIVES LIMITED
SURESH AJILA MADHUSUDAN BAGLA
Date: 01.09.2018 WHOLE TIME DIRECTOR MANAGING DIRECTOR
Place: New Delhi DIN: 03203748 DIN: 01425646
Mar 31, 2015
The Directors have pleasure in presenting the 27th Annual Report of the
Company, together with the financial statements, for the year ended on
31st March 2015.
FINANCIAL PERFORMANCE OF THE COMPANY:
During Financial year 2014-15, performance of the Company is as under:
Key Financial figures are as follows: (Amount in lakhs)
PARTICULARS Year Ended Year Ended
31st March
2015 31st March
2014
Turnover 7629.66 7776.21
Profit Before Interest, Depreciation
& tax 953.32 861.73
Interest & Financial Charges 340.32 333.15
Depreciation 357.36 207.21
Profit before Taxation 255.64 321.37
Less: - Provisions for Income Tax 71.00 64.29
Add/(Less): - Mat Credit adjustments 13.27 4.51
Add/(Less): - Deferred tax Assets/
(liabilities) 10.22 13.19
Net profit after tax 161.15 239.38
Equity 511.63 511.63
Earnings Per Share 3.08 4.68
DIVIDEND:
To conserve the funds for the business of the Company including the
funding for the expansion plans, your directors regret their inability
to recommend any dividend for the financial period 2014-15.
TRANSFER TO RESERVES:
Taking into account overall financial performances of the Company Your
Directors do not transfer any amount to General Reserve Account.
STATE OF COMPANY'S AFFAIR:
The Company continues to make efforts to increase the sales of Carton
Sealing Tapes and other Specialty Adhesive Coated products by providing
the customers an excellent quality product backed by dedicated customer
services.
The sales of Carton Sealing Tapes and the acceptance of the new
products developed by the Company for the Indian market and as well
expected growth in the FMCG sector in India for all manufactured
products and services have been stagnant during the year and the
company has been unable to utilize full capacities for production of
Self Adhesive Tapes. The Company continues to focus on building its
Brand and Image as a quality supplier of Adhesive Coated Products in
India.
The Company has also been developing high value added POF shrink films
during the current year which will enhance the turnover and bring good
profits to the Company during the next year.
The Company has also strategically invested in a subsidiary company
named Bagla Wellness Private Limited for promoting wellness and fitness
by setting up fitness centres in New Delhi and expects this business to
also grow in the coming years.
MATERIAL CHANGES BETWEEN THE END OF FINANCIAL YEAR AND DATE OF THE
DIRECTOR REPORT:
The material changes and commitments affecting the financial position
of the Company which have occurred between the end of the financial
year and date of the director report of the Company to which the
financial statements relate is the Company named Bagla Wellness Private
Limited became the Subsidiary Company of Hindustan Adhesives Limited.
STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENT:
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by
the Internal, Statutory and Secretarial Auditors and the reviews
performed by Management and the relevant Board Committees, including
the Audit Committee, the Board is of the opinion that the Company's
internal financial controls were adequate and effective during the
financial year 2014-15.
COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING
CRITERIA FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES,
INDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION
(3) OF SECTION 178:
The Board has on the recommendation of the Nomination and Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report and also available on the
Company website www.bagla-group.com
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES:
Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5
of the Companies (Accounts) Rules, 2014, the statement containing
salient features of the financial statements of the Company's
Associates' in Form AOC-1 is attached as "Annexure A".
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
Details of loans, guarantees and investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes to the Financial Statements.
DEPOSITS:
During the year under review, your Company did not accept any deposits
within the meaning of provisions of Chapter V Â Acceptance of Deposits
by Companies of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014.
AUDITORS AND AUDITORS' REPORT
(1) STATUTORY AUDITORS:
Pursuant to Section 139 of the Act and Rules made thereunder, M/s.
Salarpuria & Partners, Chartered Accountants were appointed as
statutory auditors of the Company at the last annual general meeting
held on 12th September, 2014 for a period of 3 years commencing from
the closure of the 26th Annual general Meeting till the closure of the
29th Annual General Meeting, subject to ratification by the members at
every AGM. Accordingly, your directors recommend the ratification of
the appointment of M/s. Salarpuria & Partners as statutory auditors of
the Company from the conclusion of the 27th Annual General Meeting till
the conclusion of the 28th Annual General Meeting.
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
(2) SECRETARIAL AUDITORS:
Pursuant to the provisions of Section 204 of the Act and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors of the Company had appointed Mr. Puneet Kumar
Pandey, a Company Secretary in Practice to undertake the Secretarial
Audit of the Company for the year ended 31st March, 2015. The
Secretarial Audit Report is annexed as "Annexure B".
The Secretarial Audit Report for the financial year ended 31st March,
2015 do not contain any qualification, reservation, adverse remark or
disclaimer.
SHARE CAPITAL:
The paid up Equity Share Capital as on 31st March, 2015 was ' 5.11
Crores. During the year under review, the Company has not issued any
shares.
The Company has not issued shares with differential voting rights. It
has neither issued employee stock options nor sweat equity shares and
does not have any scheme to fund its employees to purchase the shares
of the Company.
EXTRACT OF THE ANNUAL RETURN:
The extracts of Annual Return in Form MGT Â 9 pursuant to the
provisions of Section 92 read with Rule 12 of the Companies (Management
and Administration) Rules, 2014 for the Financial Year 2014-15 is
furnished in "Annexure C" and is attached to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule, 8 of The Companies
(Accounts) Rules, 2014, is annexed herewith as "ANNEXURE D".
CORPORATE SOCIAL RESPONSIBILITY:
The Company is not required to constitute a Corporate Social
Responsibility Committee as it does not fall within purview of Section
135(1) of the Companies Act, 2013 and hence it is not required to
formulate policy on corporate social responsibility.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
The Board of Directors of the Company at present has Seven members.
Pursuant to provisions of Section 152 of Companies Act, 2013 and the
Articles of Association of the Company Mr. Lalit Kumar Bagla Director
of the Company is liable to retire by rotation and being eligible,
offer himself for re-appointment.
As per the provisions of Sections 196, 197 of the Companies Act, 2013
read with Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014, Mr. Suresh Shridhar Ajila and Mrs. Urmila
Goenka were appointed as whole-time Director of the Company for a
period of 3 years w.e.f 30th September, 2014 and simultaneously the
approval was taken in previous Annual General Meeting.
Pursuant to the provisions of Section 149 of the Act, which came into
effect from April 1, 2014, Mr. Pawan Sharma, Mr. Amit Kumar and Mr. K.
C. Gupta were appointed as independent directors at the annual general
meeting of the Company held on September 12, 2014 up to September 11,
2019. The terms and conditions of appointment of independent directors
are as per Schedule IV of the Act.
Mr. D. P. Gupta non-executive independent director resign from the
board of director effective August 13, 2014. The board recommends
appropriation of the valuable contribution made by Mr. D. P. Gupta
during his tenure as director.
Mr. Nakul Bagla was appointed as Chief Financial Officer i.e, Key
Managerial Person of the Company pursuant to Section 2(51) and 203 read
with Rule 8 of the Companies (Appointment & Remuneration of Managerial
Personnel) Rules, 2014 w.e.f 12th July 2014.
NUMBER OF MEETINGS OF BOARD OF DIRECTORS:
Five meetings of the board were held during the year. For details of
the meetings of the board, please refer to the corporate governance
report, which forms part of this report.
AUDIT COMMITTEE:
The Company being a Listed Company was required to constitute an Audit
Committee under Section 177(1) of the Companies Act, 2013 and Rule 6 of
the Companies (Meetings of Board and its Powers) Rules, 2014. The
Composition of the Audit Committee is provided in the Corporate
Governance Report forming part of this report. All the recommendations
made by the Audit Committee were accepted by the Board.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Company was required to constitute a Stakeholders Relationship
Committee under Section 178(5) of the Companies Act, 2013. The
Composition of the Stakeholders Relationship Committee is provided in
the Corporate Governance Report forming part of this report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
Pursuant to the provisions of Section 177 (9) & (10) of the Companies
Act, 2013 read with Rule 7 of Companies (Meetings of Board and its
Powers) Rules, 2014 and Clause 49 of the Listing Agreement, the Company
has adopted a Whistle Blower Policy, which provides for a vigil
mechanism that encourages and supports its Directors and employees to
report instances of unethical behaviour, actual or suspected, fraud or
violation of the Company's Code of Conduct or Ethics Policy. It also
provides for adequate safeguards against victimisation of persons who
use this mechanism. The policy adopted by the company is also posted on
the website of the company. www.bagla-group.com
NOMINATION AND REMUNERATION COMMITTEE:
The Company being a Listed Company was required to constitute a
Nomination and Remuneration Committee under Section 178(1) of the
Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and
its Powers) Rules, 2014. The Composition of the and Remuneration
Committee is provided in the Corporate Governance Report forming part
of this report.
Remuneration of the Key Managerial Personnel and Employees of the
Company is based on the performance of the company. Remuneration of
the employees are revised on timely basis and based on their
performances. The company generally see the ability and review the
performance of the candidate before the appointment of the Director.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of contracts or arrangements with related parties
referred to in Section 188(1) of the Companies Act 2013 for the
Financial Year 2014-15 in the prescribed format, Form AOC 2 has been
enclosed with the report as "ANNEXURE E".
RISK MANAGEMENT POLICY:
The Company does not have any Risk Management Policy as the element of
risk threatening the Company's existence is very minimal.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management's Discussion and Analysis Report for the year under review
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
BOARD EVALUATION:
The board of directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by the Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49").
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, Independent Directors at their meeting without
the participation of the Non independent Directors and Management,
considered/evaluated the Boards' performance, Performance of the
Chairman and other Non-independent Directors.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION & REDRESSAL) ACT, 2013:
The Company is not required to adopt a policy for prevention of Sexual
Harassment of Women at workplace as the Company having less than 10
women Employees at its workplace.
DECLERATION OF INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board
that they fulfil the criteria of independence as stipulated in Section
149(6) of the Companies Act, 2013 so as to qualify themselves for their
continuance as Independent Directors under the provisions of the
Companies Act, 2013 and the relevant rules.
DIRECTORS' RESPONSIBILITY STATEMENT:
Accordingly, pursuant to Section 134 (3) (c) and 134 (5) of the
Companies Act, 2013, the Board of Directors, to the best of their
knowledge and ability, confirm that:
a) in the preparation of the annual financial statements for the year
ended March 31, 2015, the applicable Accounting Standards had been
followed along with proper explanation relating to material departures.
b) for the financial year ended March 31, 2015, such accounting
policies as mentioned in the Notes to the financial statements have
been applied consistently and judgments and estimates that are
reasonable and prudent have been made so as to give a true and fair
view of the state of affairs of the Company and of the Profit of the
Company for the year ended March 31, 2015.
c) that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
d) the annual financial statements have been prepared on a going
concern basis.
e) that proper internal financial controls were followed by the Company
and that such internal financial controls are adequate and were
operating effectively.
f) that proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and
operating effectively.
ACKNOWLEDGEMENT:
The Board appreciates and places on record the contribution made by the
employees during the year under review. The Board also places on record
their appreciation of the support and co-operation of all stakeholders
particularly shareholders, bankers, financial institutions, customers,
suppliers, medical fraternity and business partners.
By order of the Board of Directors of
HINDUSTAN ADHESIVES LIMITED
(L.K. BAGLA)
Place:Delhi CHAIRMAN
Date :14/08/2015 DIN: 01596548
Mar 31, 2014
Dear Members,
The Board of Directors presents this 26th Annual Report along with
audited accounts for the accounting period ended on 31st March 2014.
I. FINANCIAL RESULTS
Key Financial figures are as follows: (Amount in lakhs)
Particulars 31.03.14 31.03.13
Total Revenue 7795.03 7649.76
Profit Before Interest, Depreciation & tax 861.73 798.53
Interest & Financial Charges 333.15 338.90
Depreciation 207.21 218.83
Profit before Taxation 321.37 240.80
Less: - Provisions for Income Tax 64.29 48.18
Add/(Less): - Mat Credit adjustments 4.51 (09.42)
Add/(Less): - Deferred tax Assets/
(liabilities) 13.19 (25.56)
Net profit after tax 239.37 157.64
Equity 511.63 511.63
Net worth 1585.43 1347.04
II DIVIDEND
Yours directors regret to inform you that on account of insufficient
profit in the company no dividend is recommended for the year ended
31st March 2014.
III OPERATIONS
During the year under review:
The Company continues to increase the sales of Carton Sealing Tapes and
other Specialty Adhesive Coated products by providing the customers an
excellent quality product backed by dedicated customer services. The
Company had commenced production of POF shrink films from 16th March,
2012 in the new location at Roorkee in Uttarakhand and this new product
has been well appreciated in the market and will also help
significantly in improving the sales turnover of the company and
enhancing its profits in the current financial year.
IV CURRENT SCENARIO
The growing sales of Carton Sealing Tapes and the acceptance of the new
products developed by the Company for the Indian market and as well
growth in the FMCG sector in India for all manufactured products and
services provides ample opportunity for the Company to utilize full
capacities for production of Self Adhesive Tapes and be able to focus
on building its Brand and Image as a quality supplier of Adhesive
Coated Products in India.
The Company expects to utilize 100% capacity of the POF shrink films
plant during the current year which will enhance the turnover and bring
good profits to the Company.
V FINANCIAL RESULTS
The total income of the Company has increased marginally by about 1.90%
despite the slowdown in the global economy, whereas the PAT has
increased by about 54.12% due to the highest sales of speciality value
added product by the Company.
The Company is confident of further improving the performance in the
Current financial year and is pleased to inform you that it is moving
towards greater success and prosperity and would keep looking for new
opportunities to expand the business in the packaging industry.
VI RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Director''s
confirm that:
a) In the preparation of the Annual Accounts for the financial year
2013-14, the applicable accounting standards have been followed and
that no material departures have been made from the same.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and
prudent has been made so as to give a true and fair view of the State
of Affairs at the end of the Financial year and the profit of the
Company for the Financial year ended March 31, 2014.
c) 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 the detecting fraud and other irregularities; and
d) The annual accounts have been prepared on a going concern basis.
VII BOARD OF DIRECTORS
Mr. Amit kumar was appointed non-executive Independent Director of the
company w.ef. July 12, 2014 in term of Section 161 of the companies
Act, 2013.
Mrs. Urmila Goenka and Mr. Suresh Shridhar Ajila retires by rotation at
the ensuing general Meeting ("AGM") and are eligible for reappointment,
which the Boards recommends.
Mr. D.P. Gupta has resigned from directorship of company w.e.f.
13.08.2014.
Keeping in view his contribution in the growth of the Company and his
leadership qualities supported by experience, the Board of Director in
their meeting held August 13, 2014 has re-appointed Mr. Suresh Shridhar
Ajila and Mrs. Urmila Goenka as a Whole-time Director for a further
period of three years.
VIII AUDITORS
M/s Salarpuria & Partners, chartered Accountants, who are the statutory
auditors of the Company, hold the office till the conclusion of the
forthcoming AGM and are eligible for re-appointment, pursuant to the
provision of section 139 of the companies act, 2013 and the rules
framed thereunder, it is proposed to appoint M/s Salarpuria & Partners
as statutory auditors of the Company from the Conclusion of the
forthcoming AGM till the conclusion of the Twenty-Ninth AGM to be held
in the year 2017, subject to ratification of their appointment at every
AGM.
IX AUDITORS REPORT
All the relevant notes on accounts are self-explanatory and therefore,
do not call for any further comments.
X COST AUDITOR
The Ministry of Corporate Affairs (MCA) has introduced, The Companies
(Cost Audit Report) Rules, 2011 and, vide its notifications, has made
mandatory the appointment of Cost Auditor for certain Companies. The
same is applicable to the Company and, in accordance with provision of
law, M/s JSN & Co., Cost Accountants Firm, has been appointed to
conduct cost audit for the financial year ending 31st March, 2014 and
the cost audit report for the said financial year shall be filed with
the Central Government within the prescribed time.
XI AUDIT COMMITTEE
Audit Committee of the Company is duly constituted.
XII STAKEHOLDERS RELATIONSHIP COMMITTEE
To be in line with companies act, 2013 the shareholders/investors
Grievance committee has been renamed as stakeholder relationship
committee. Stakeholders relationship committee of the company is duly
constituted.
XIII NOMINATION AND REMUNERATION COMMITTEE
Further, in lines with the Companies Act, 2013 committee has been
renamed as nominations and remunerations committee. Nomination and
Remunerations Committee of the company is duly constituted.
XIV REPORT ON CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ETC.
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
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo is given at Annexure-I to this report.
XV REPORT ON CORPORATE GOVERNANCE
A detailed report on Corporate Governance is provided in the Annual
Report.
XVI MANAGEMENT DISCUSSION AND ANALYSIS
A detailed Management Discussion and Analysis is provided in the Annual
Report.
XVII DEPOSITS
The Company has not accepted any public deposits and as such, no amount
on account of principal or interest on public deposits was outstanding
as on the date of the Balance sheet.
XVIII STATUTORY STATEMENTS
There is no employee in the company drawing salary more than that
prescribed under section 217(2A) of the Companies Act, 1956 read with
The Companies (particulars of Employee) Rule, 1975.
Information as required under Section 217(1)(e) read with Companies
Disclosure of Particulars in the Report of Board of Directors Rules
1988 is given in the Annexure forming part of this report.
XIX LISTING
The Shares of the Company are listed with Bombay, Delhi and Kolkata
Stock Exchanges.
XX INDUSTRIAL RELATIONS
The relations between management and workers continued to be cordial
throughout the year. The Directors wish to place on records their
sincere appreciation for the sincere efforts of all the workers and
executives of the company for improving the performance of the company.
XXI ACKNOWLEDGEMENT
The Board of Directors wish to thank their Bankers and various
Government Departments for their support and co- operation extended to
the company. The Directors deeply acknowledge the continued trust and
confidence reposed by all the shareholders, investors, suppliers and
customers of the company.
By order of the Board of Directors of
HINDUSTAN ADHESIVES LIMITED
Place : Delhi (L.K. BAGLA)
Date : 13/08/2014 CHAIRMAN
Mar 31, 2012
Dear Members,
The Board of Directors presents this 24th Annual Report along with
audited accounts for the accounting period ended on 31st March 2012.
FINANCIAL RESULTS
Key Financial figures are as follows: (Amount in lakhs)
Particulars 31.03.12 31.03.11
Total Revenue 6,692.37 6300.16
Profit Before Interest, Depreciation & tax 590.44 602.99
Interest & Financial Charges 210.45 182.66
Depreciation 153.13 156.47
Profit before Taxation 226.86 263.85
Less: - Provisions for Income Tax 45.39 52.59
Add/(Loss): - Mat Credit Adjustments 15.96 (63.71)
Add/(Loss): - Deferred tax Assets/ (liabilities) (40.41) 29.60
Net profit after tax & Extra Ordinary Items 157.03 177.20
Equity 511.63 511.63
Net worth 1,183.91 1,022.38
DIVIDEND
Yours directors regret to inform you that on account of insufficient
profit in the company no dividend is recommended for the year ended
31st March 2012.
OPERATIONS
During the year under review: .
The Company continues to increase the sales of Carton Sealing Tapes and
other Specialty Adhesive Coated products by providing the customers an
excellent quality product backed by dedicated customer services. The
Company continues to add value to the product and has focus towards
using self adhesive tapes as both a security feature and as well as a
product branding tool which have resulted in higher sales and as well
better contribution to the profits of the company in the current year.
The Company has now the focus on converting 100% of the BOPP film
production into adhesive tapes and has undertaken an initiative to
upgrade the quality of the film by some major changes in the critical
components of the film plant which will become operational by June
2012. The installation of the new adhesive coating machine initiated
last year is still under process and it will become operational by
April 2012 helping to further covert more of the BOPP film into
adhesive tapes.
The Company has commenced production of POF shrink films from 16lh
March, 2012 in the new location at Roorkee in Uttarakhand and this new
product will also help significantly in improving the sales turnover of
the company and enhancing its profits in the current financial year.
CURRENT SCENARIO
The growing sales of Carton Sealing Tapes and the acceptance of the new
products developed by the Company for the Indian market and as well
growth in the FMCG sector in India for all manufactured products and
services provides ample opportunity for the Company to utilize full
capacities for production of Self Adhesive Tapes and be able to focus
on building its Brand and Image as a quality supplier of Adhesive
Coated Products in India.
The goodwill that the Company commands because of superior quality
products makes it a preferred choice supplier to many new and existing
multinational companies setting up facilities in India and also leading
domestic companies who prefer to rely on the company for all of their
requirements of packaging tapes and POF shrink films.
The good results of the company has been encouraging the management to
expand and explore more opportunities in the terminal end packaging
sector and in the future it would be able to take more advantage of the
global network created by it over the last few years with consistent
exports to various parts of the world for different types of packaging
materials.
FINANCIAL RESULTS
The total income of the Company has increased marginally by about 6.3%
despite the slowdown in the global economy, . whereas the PAT has
decreased by about 11.59%, due to the volatility in raw material prices
during the year and the higher rates of interest charged by the
lenders.
The Company is confident of further improving the performance in the
Current financial year and is pleased to inform you that it is moving
towards greater success and prosperity and would keep looking for new
opportunities to expand the business in the packaging industry.
RESPONSIBILITY STATEMENT
Pursuant to Section 217(2A) of the Companies (Amendment) Act, 2000, the
Director''s confirm that:
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed and that no material departures have been
made from the same.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and
prudent has been made so as to give a true and fair view of the State
of Affairs at the end of the Financial year and the profit of the
Company for the Financial year ended March 31, 2012.
c) 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 the detecting fraud and other irregularities; and
d) The annual accounts have been prepared on a going concern basis.
BOARD OF DIRECTORS
Mrs. Urmila Goenka and Mr. Suresh Shridhar Ajila are the Whole time
directors that retire by rotation at the conclusion of forthcoming
Annual General Meeting and being eligible offer themselves for
re-appointment.
Mr. D.P. Gupta was appointed as Additional Director w.e.f 31/10/2011
and being eligible offer himself for appointment as Director at the
ensuing Annual General Meeting.
AUDITORS
M/S Salarpuria & Partners, Chartered Accountants, the retiring auditors
of the Company have shown their willingness to be re-appointed as
statutory auditors from conclusion of this annual general meeting till
the conclusion of next annual general meeting. They have furnished a
certificate to the effect that the appointment, if made, will be in
accordance with sub-section (1B) of section 224 of the Companies Act,
1956.
AUDITORS REPORT
All the relevant notes an accounts are self-explanatory & therefore do
not call for any further comments.
AUDIT COMMITTEE:
Audit Committee of the Company is duly constituted.
SHAREHOLDERS GRIEVANCE COMMITTEE:
Shareholders Grievances Committee of the Company is duly constituted.
REMUNERATION COMMITTEE
Remuneration Committee of the Company is duly constituted.
FIXED DEPOSITS
During the year no deposit was accepted or renewed from the public
pursuant to provisions of section 58A of the Companies Act, 1956 and
rules made there under in this behalf.
STATUTORY STATEMENTS
There is no employee in the company drawing salary more than that
prescribed under section 217(2A) of the Companies Act, 1956 read with
The Companies (particulars of Employee) Rule, 1975.
Information as required under Section 217(1) (e) read with Companies
Disclosure of Particulars in the Report of Board of Directors Rules
1988 is given in the Annexure forming part of this report.
LISTING
The Shares of the Company are listed with Bombay, Delhi and Kolkata
Stock Exchanges.
The Company has already delisted it''s shares from the Jaipur Stock
Exchange.
INDUSTRIAL RELATIONS
The relations between management and workers continued to be cordial
throughout the year. The Directors wish to place on records their
sincere appreciation for the sincere efforts of all the workers and
executives of the company for improving the performance of the company.
ACKNOWLEDGEMENT
The Board of Directors wish to thank their Bankers and various
Government Departments for their support and co-operation extended to
the company.The Directors deeply acknowledge the continued trust and
confidence reposed by all the shareholders, investors, suppliers and
customers of the company.
By order of the Board of Directors of
HINDUSTAN ADHESIVES LIMITED
Place: Delhi (L.K.BAGLA)
Date: 04.09.2012 CHAIRMAN
Mar 31, 2010
The Board of Directors presents this 22nd Annual Report along with
audited accounts for the accounting period ended on 31st March 2010.
FINANCIAL RESULTS
Key Financial figures are as follows: (Amount in lakhs)
Particulars 31.03.10 31.03.09
Total Income 5280.89 4878.22
Profit Before Interest, Depreciation & tax 661.49 664.90
Interest & Financial Charges 173.10 180.90
Depreciation 141.71 130.56
Profit / (Loss) before tax and
extraordinary items 326.68 353.45
Depreciation due to change in
Accounting Policy 97.08 -
Extraordinary items - 54.33
Pfrot before Taxation 229.60 407.78
Less: - Provisions for Tax
Income Tax 45.00 50.00
Fringe Benefit - 6.40
Wealth Tax 0.41 0.35
Add: - Excess Provision W/off 1.12 0.18
Less: -Income Tax paid for earlier year - 2.69
Add: - Mat Credit for Current Year for
Eearlier Year 74.35 -
Less: -Deferred tax Assets/ (liabilities) (35.83) (108.87)
Net profit after tax & Extra Ordinary Items 223.83 239.65
Equity 511.63 511.63
Net worth 845.17 621.34
DIVIDEND.
Yours directors regret to inform you that on account off insufficient
profit in the company no dividend is recommended for the year ended
31st March 2010.
OPERATIONS
During the year under review:
The Company continues to increase the sales of its primary finished
product namely Carton Sealing Tapes and other specialty Adhesive Coated
products by providing the customers an excellent quality product backed
by dedicated customer services. In the current year the Company has
been successful is selling the various innovative products like
MysticGold Brand carton sealing tape where it has reinforced the
existing tape with four strips of high tensile filament yarn and thus
giving the product an excellent strength and as well a security
feature. These new products of the Company and its focus towards using
self adhesive tapes as both a security feature and as well as a product
branding tool have resulted in higher sales and as well better
contribution to the profits of the company in the current year and the
same has been well appreci- ated by leading multinational companies now
operating in India.
The Company has not been able to sell much surplus capacity of BOPP
film in the market as the focus of the Company is to eventually convert
100% of the BOPP film production into adhesive tapes. In the long term
the company continues to concen- trate and focus on increasing the
coating capacities and better the capacity utilization by introducing
new innovative adhesive coated products.
In the last financial year the company has substantially improved the
total sales of the Company and it is further buoyant for the current
year sales as the Indian economy is performing better than most of the
global economies in the world and most Indian companies are flourishing
and having impressive growth in sales thus increasing the demand for
the product manu- factured by the Company.
CURRENT SCENARIO
The growing sales of Carton Sealing Tapes and the acceptance of the new
products developed by the Company for the Indian market and as well
growth in the fast moving consumer goods sector in India for all
manufactured products and services provides ample opportunity for the
Company to utilize full capacities for production of Self Adhesive
Tapes and be able to focus on building its Brand and Image as a quality
supplier of Adhesive Coated Products in India.
The Company appreciates the initiatives of the Government of India for
introduction of a uniformed and combined tax regime of GST which will
help the company to be more competitive and reduce the burdens of
double taxations to the customers.
The goodwill that the Company commands because of superior quality
products makes it a preferred choice supplier to many new and existing
multinational companies setting up facilities in India and also leading
domestic companies who prefer to rely on the company for all of their
requirements of packaging tapes.
The Company has also purchased land at Uttarakhand for larger expansion
of the Coating facilities, for which the production has to commence
latest by March 2012 so as to enable it to take advantage of the 5
years income tax holiday and other benefits available in the State.
The good results of the company has been encouraging the management to
expand and explore more opportunities in the adhesive coating business
in the future and thus it would be able to take advantage of the global
network created by it over the last few years with consistent exports
to various parts of the world for different types of adhesive coated
products.
FINANCIAL RESULTS
The total income of the Company has increased substantially by about
8.35%, whereas the PBIDT has decreased by 3.52 %
The Company is confident of further improving the performance in the
Current financial year and is pleased to inform you that all the
accumulated losses have been now recovered and the Company is moving
towards success and prosperity and would keep looking for new
opportunities to expand the business in the packaging industry.
RESPONSIBILITY STATEMENT
Pursuant to Section 217(2A) of the Companies (Amendment) Act, 2000, the
Directors confirm that:
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed and that no mate- rial departures have
been made from the same.
b) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates that are reasonable and
prudent has been made so as to give a true and fair view of the State
of Affairs at the end of the Financial year and the profit of the
Company for the Financial year ended March 31, 2010.
c) 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 the detecting fraud and other irregularities; and
d) The annual accounts have been prepared on a going concern basis.
BOARD OF DIRECTORS
Sh. K C Gupta and Sh. L.K.Bagla are the directors that retire by rotation
at the conclusion of forthcoming Annual General Meeting and being
eligible offer themselves for re-appointment.
Sh. Suresh Ajila and Mrs Urmila Goenka was appointed as an additional
Director w.e.f. 30.04.2010, whose term of office t expire at the
ensuing Annual General Meeting and being eligible offer themselves for
re-appointment.
Mr M.M.Haque expired during the year and the same was taken on record
by the Board on 30.04.2010. The company appreciates the contribution of
Mr. Haque in helping the Company to turnaround and achieve success in
the Business.
AUDITORS
M/S Salarpuria & Partners, Chartered Accountants, the retiring auditors
of the Company have shown their willingness to be re-appointed as
statutory auditors from conclusion of this annual general meeting till
the conclusion of next annual general meeting. They have furnished a
certificate to the effect that the appointment, if made, will be in
accordance with sub-section (1B) of section 224 of the Companies Act,
1956.
AUDIT COMMITTEE:
Audit Committee of the Company is duly constituted.
SHAREHOLDERS GRIEVANCE COMMITTEE:
Shareholders Grievances Committee of the Company is duly constituted.
FIXED DEPOSITS
During the year no deposit was accepted or renewed from the public
pursuant to provisions of section 58A of the Companies Act, 1956 and
rules made there under in this behalf.
STATUTORY STATEMENTS
There is no employee in the company drawing salary more than that
prescribed under section 217(2A) of the Companies Act, 1956 read with
The Companies (particulars of Employee) Rule, 1975.
Information as required under Section 217(1) (e) read with Companies
Disclosure of Particulars in the Report of Board of Directors Rules
1988 is given in the Annexure forming part of this report.
LISTING
The Shares of the Company are listed with Bombay, Delhi, Kolkata and
Jaipur Stock Exchanges. The Company is pursuing with Kolkata and Jaipur
Stock Exchanges for delisting of its Shares.
INDUSTRIAL RELATIONS:
The relations between management and workers continued to be cordial
throughout the year. The Directors wish to place on records their
sincere appreciation for the sincere efforts of all the workers and
executives of the company for improving the performance of the company.
ACKNOWLEDGEMENT
The Board of Directors wish to thank their Bankers and various
Government Departments for their support and co-operation extended to
the company. The Directors deeply acknowledge the continued trust and
confidence reposed by all the shareholders, investors, suppliers and
customers of the company.
For and behalf of Board of Directors of
Hindustan Adhesives Limited
PLACE : DELHI (LK. BAGLA)
DATE : 03.09.2010 Chairman
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