Mar 31, 2018
To the Members,
The Directors have immense pleasure in presenting the 30th Annual Report of Wim Plast Limited along with the Audited Financial Statements for the year ended March 31, 2018.
1. FINANCIAL RESULTS
(Rs, In Lacs)
Particulars |
Standalone |
Consolidated |
||
2017-18 |
2016-17 |
2017-18 |
2016-17 |
|
Revenue from Operations |
39,198.81 |
39,139.98 |
39,547.87 |
39,169.54 |
Other Income |
152.31 |
236.54 |
160.24 |
237.30 |
Total Income |
39,351.12 |
39,376.52 |
39,708.11 |
39,406.84 |
Profit before Interest, Depreciation and Tax |
8,265.35 |
8,471.67 |
8,239.38 |
8,466.10 |
Less: |
||||
Finance Cost |
14.89 |
20.21 |
16.03 |
20.45 |
Depreciation |
1,525.61 |
1,194.00 |
1,525.75 |
1,194.00 |
Tax Expenses |
2,259.33 |
2,396.96 |
2,252.26 |
2,395.17 |
Profit after Tax |
4,465.52 |
4,860.50 |
4,445.34 |
4,856.48 |
Less : Share of Non Controlling Interest |
- |
- |
8.07 |
1.61 |
Net Profit for the year |
4,465.52 |
4,860.50 |
4,453.41 |
4,858.09 |
Other Comprehensive Income |
2.74 |
(2.62) |
2.74 |
(2.62) |
Total Comprehensive Income |
4,468.26 |
4,857.88 |
4,456.15 |
4,855.47 |
2. COMPANYâS PERFORMANCE
The Standalone revenue from operations for financial year 2017-18 was Rs, 39,198.81 Lacs as compared to Rs, 39,139.98 Lacs of the Financial Year 2016-17 thereby recording a slight increase of 0.15%. However, the Standalone Profit after tax for the year has decreased from Rs, 4,857.88 lacs in FY 2016-17 to Rs, 4,468.26 Lacs in FY 2017-18.
3. DIVIDEND
Your Directors are pleased to recommend Final Dividend of Rs, 7/- (70%) per equity share of face value of Rs, 10/- each for the Financial Year 2017-18 aggregating to a payout of Rs, 8.40 Crores, subject to approval of Members at the ensuing 30th Annual General Meeting of the Company.
4. TRANSFER TO RESERVES
The Board does not propose transfer to reserves for the year 2017-18 and an amount of Rs, 4,468.26 Lacs is proposed to be retained in profit and loss account for the year ended March 31, 2018.
5. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
The Company has transferred an amount of Rs, 2.77 Lacs to Investor Education and Protection Fund Account towards the balance lying in the Unpaid Dividend Account for the year 2009-10.
6. SHARE CAPITAL
As at March 31, 2018, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stood at Rs, 12,00,33,600 (Rupees Twelve Crores Thirty Three Lakhs Six Hundred Only) divided into 12,003,360 (One Crore Twenty Lakhs Three Thousand Three Hundred and Sixty Only) Equity Shares of Rs, 10/- (Rupee Ten Only) each.
7. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The statement containing particulars of employees as required under 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 is annexed herewith as Annexure I (A) and forms part of this Report.
Other details in terms of Section 197(12) of the Companies Act, 2013 read along with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as Annexure I (B) and forms part of this Report.
8. SUBSIDIARY COMPANY
The Company has one (1) non material Subsidiary Company Wim Plast Moldetipo Pvt. Limited having Tools and Dies business. The requirement of appointing Independent Director of the Company on the Board of Directors of the subsidiary Company has been duly complied with. The requirements of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015 (âSEBI Listing Regulationsâ) with regard to subsidiary company have been complied with.
Statement containing salient features of the financial statement of Subsidiary Companies in Form AOC-1 forms part of this Annual Report as Annexure - II.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on the website of the Company, www.cellowimplast.com. Further as per the fourth proviso of the said Section, Audited Annual Accounts of the Subsidiary Company have also been placed on the website of the Company - www.cellowimplast.com.
There has been no material change in the nature of business of the said company.
9. PUBLIC DEPOSITS
During the Financial Year 2017-18, the Company has not accepted any public deposit covered under the Companies Act, 2013.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO
The particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings/outgo are set out in Annexure â III forming part of this Report.
11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of Companies Act, 2013 and as per Articles of Association of the Company, Mr. Ghisulal D. Rathod and Ms. Karishma Rathod, Directors of the Company are liable to retire by rotation at the ensuing 30th Annual General Meeting of the Company and being eligible offer themselves for re-appointment and the Board therefore recommends their re-appointment.
As on March 31, 2018, the Board comprises of 10 Directors namely Mr. Ghisulal D. Rathod (Chairman), Mr. Pradeep G. Rathod (Managing Director), Mr. Pankaj G. Rathod (Whole Time Director), Ms. Karishma P. Rathod, Mr. Fatechand M. Shah, Mr. S.M. Khinvesra, Mr. Mahendra F. Sundesha, Mr. Prem G. Manghani, Mr. Pushp Raj Singhvi and Mr. Sudhakar Mondkar.
As on March 31, 2018, there was no disqualification of any Director pursuant to Section 164 (2) of the Companies Act, 2013. The other details with respect to Board of Directors are given in Corporate Governance section forming part of this Report.
As on March 31, 2018, the Key Managerial Persons of the Company are Mr. Pradeep G. Rathod (Managing Director), Mr. Pankaj G. Rathod (Whole-Time Director), Mr. Madhusudan Jangid (Chief Financial Officer) and Ms. Neha Somani (Company Secretary and Compliance Officer). During the year under, there was a change in Key Mangerial Personnel as appointment of Ms. Neha Somani as Company Secretary with effect from June 01, 2017 in place of Mr. Kapil Joshi whose tenure was upto May 31, 2017.
12. COMMITTEES OF THE BOARD
The Board has constituted necessary Committees pursuant to the provisions of the Companies Act, 2013, rules framed there under and SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015. The Committees of the Board are Audit Committee, Stakeholders'' Relationship Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee and Risk Management Committee.
The details about Composition of Committees and their Meetings are incorporated in the Board of Directors in Corporate Governance section forming part of this Report.
13. EXTRACT OF ANNUAL RETURN
Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return in Form MGT-9 is annexed herewith as Annexure - IV and forms part of this Report.
14. NUMBER OF MEETINGS OF THE BOARD
During the financial year 2017-18, Five (5) Board Meetings were held on May 26, 2017, August 11, 2017, September 14, 2017, November 14, 2017, and February 14, 2018. The maximum time-gap between any two consecutive meetings did not exceed four months. Further details regarding Board Meetings are given in the Section of Corporate Governance which forms part of this Report.
15. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (3) (C) read with Section 134 (5) of the Companies Act, 2013, Directors state that:
a) In the preparation of Annual Accounts for the year ended on March 31, 2018, the applicable accounting standards have been followed and there are no material departures from the same;
b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 on March 31, 2018 and the Profit and Loss of the Company for that period;
c) The Directors have taken proper and sufficient care for the maintenance of the 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 Directors have prepared Accounts on âgoing concern'' basis;
e) The Directors have laid down internal financial controls to be followed by the Company and that such financial controls are adequate and are operating effectively; and
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system are adequate and operating effectively.
16. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS
The Company has received necessary declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed both under Section 149 (6) of the Companies Act, 2013 and under Regulation 16 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
17. NOMINATION AND REMUNERATION COMMITTEE
The Board has framed a policy on the recommendation of the Nomination and Remuneration Committee relating to remuneration of the Directors and Key Managerial Personnel. The policy is available at Company''s website - www.cellowimplast.com. The other details with respect to committee composition and meetings are given in Corporate Governance Report annexed to this Report.
18. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of Section 124 of the Act, relevant amounts which remained unpaid or unclaimed for a period of seven years have been transferred by the Company to the Investor Education and Protection Fund established by Central Government. Details of unpaid and unclaimed amounts lying with the Company as on March 31, 2018 have been uploaded on the Company''s website at www.cellowimplast.com.
19. AUDITORS & THEIR REPORT
a) Statutory Auditor:
In terms of Section 139 of the Companies Act, 2013, M/s Jeswani & Rathore, Chartered Accountants have been appointed as Statutory Auditors of the Company in 29th Adjourned Annual General Meeting of the Company till the conclusion of the 34th Annual General Meeting of the Company subject to ratification by the Members at every intervening Annual General Meeting. However, as per Section 40 of the Companies (Amendment) Act, 2017 (notified vide notification dated May 07, 2018) the provision of ratification of the appointment of Auditor has been omitted, therefore in the ensuing 30th Annual General Meeting, the appointment of M/s Jeswani & Rathore, Chartered Accountants will be confirmed for the rest of their tenure without any ratification in respective Annual General Meeting during their tenure and the remuneration will remain the same as approved in the 29th Adjourned AGM and the Company will be authorised to revise their remuneration from time to time in consultation with Board of Directors.
The Statutory Auditors, M/s Jeswani & Rathore, Chartered Accountants have issued their reports on Financial Statements for the year ended March 31, 2018. There are no adverse remarks or qualifications in the said report. The Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments. The Members are therefore requested to approve the Auditors'' Report.
b) Secretarial Auditor:
In compliance with the provisions of Section 204 and other applicable provisions of Companies Act 2013, the Board of Directors have appointed M/s. HS Associates, Practising Company Secretaries as Secretarial Auditors to undertake secretarial audit of the Company for the financial year ended March 31, 2018. The Secretarial Audit Report is attached herewith marked as âAnnexure -Vâ and forms an integral part of this report. The Report does not contain any qualifications.
The Board has re-appointed M/s HS Associates, Practising Company Secretaries, to undertake Secretarial Audit of the Company for the Financial Year ended March 31, 2018.
c) Internal Auditors:
The Board has re-appointed M/s. B. P. Shah & Co., Chartered Accountants (FRN - 109517W), Mumbai as the Chief Internal Auditors of the Company for the Financial Year 2018-19.
d) Cost Auditor:
The Board has re-appointed Cost Accountant Mr. Pradip M. Damania, Mumbai as Cost Auditor of the Company for the Financial Year 2018-19. The Cost Audit Report for the financial year 2016-17 has been duly filed with the Ministry of Corporate Affairs.
20. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
In pursuance of Section 186 of the Companies Act, 2013, the Company has an Investment of '' 1860.80 Lacs as on March 31, 2018, details of which are given in the notes to the Financial Statements. However, during the year under review, Company has not given loans or Guarantees covered under the aforementioned section.
21. TRANSACTIONS WITH RELATED PARTIES
All the transactions with Related Parties are placed before the Audit Committee as also before the Board for approval. Prior omnibus approval of the Audit Committee and the Board is obtained for the transactions which are of a foreseen and repetitive nature. The transactions entered into pursuant to the omnibus approval so granted are audited and a statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis.
All transactions entered into with related parties during the year were on arm''s length basis, largely in the ordinary course of business and in line with the threshold of materiality defined in the Company''s policy on Related Party Transactions & are in accordance with the provisions of the Companies Act, 2013, Rules issued thereunder & Regulation 23 of (SEBI Listing Obligations and Disclosure Requirements) Regulations, 2015. During the financial year ended March 31, 2018, there were no transactions with related parties which qualify as material transactions.
The details of the related party transactions are set out in Note 41 to the Standalone Financial Statements forming part of this Annual Report. The Form AOC-2 pursuant to section 134(3)(h) of the Companies Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 is set out as Annexure - VI_to this Report. The Policy on Related Party Transactions as approved by the Board is also uploaded at the the website of Company www.cellowimplast.com.
22. CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company for the Financial Year 2017-18 are prepared in compliance with the applicable provisions of the Act, Accounting Standards and as prescribed by Listing Regulations. The said Financial Statements have been prepared on the basis of the Audited Financial Statements of the Company and the subsidiary as approved by their respective Board of Directors.
23. RISK MANAGEMENT
The Board has constituted Risk Management Committee headed by an Independent Director. The key risk pertaining to the Company and mitigating actions are placed before the Committee. A Risk Management Policy is framed to proactively manage uncertainty and changes in the internal and external environment to limit negative impacts and capitalize on opportunities.
The Risk Management policy of the Company is available on Company''s website - www.cellowimplast.com. The details of the Risk Factors and the Committee Composition and Meetings are given in Corporate Governance section forming part of this Report.
24. CORPORATE SOCIAL RESPONSIBILITY
The Board has constituted a Corporate Social Responsibility (âCSRâ) Committee in terms of the provisions of Section 135 of the Companies Act, 2013, read with Companies (Corporate Social Responsibility Policy) Rules, 2014. The composition and terms of reference of the CSR Committee is provided in the Corporate Governance Report, forming part of this Report.
During the financial year 2017-18, the Corporate Social Responsibility (CSR) expenditure incurred by the Company was Rs,127.50 Lacs. The annual report on CSR activities undertaken during the financial year 2017-18 is in accordance with the provisions of the Companies Act,
2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 and is appended as Annexure-VII to this Report. During the year, the Company had successfully completed CSR obligation.
25. EVALUATION OF BOARD
Pursuant to the provisions of the Act, and provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors. The Board also carried out annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as Stakeholder Relationship Committee. The Directors expressed their satisfaction with the evaluation process.
26. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT
As provided under Section 134 of the Companies Act, 2013 and Rules framed thereunder and pursuant to Regulation 34(2) (d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Report on Corporate Governance along with necessary certificates set out in Annexure - VIII and forms part of this Report. Also, the statement of Management Discussion and Analysis forms part of this report as Annexure - IX.
27. LISTING OF SHARES
The shares of the Company are listed on BSE Limited (BSE). The applicable listing fees for the financial year 2017-18 have been duly paid to the Stock Exchange.
28. CHANGE IN THE NATURE OF BUSINESS
During the period under review, there is no change in the nature of business of the Company.
29. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There were no material changes and commitments affecting the financial position of the Company, which occurred between the end of the financial year and the date of this Report.
30. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.
31. ADJOURNMENT OF 29⢠ANNUAL GENERAL MEETING
During the year, the erstwhile Statutory Auditors of the Company, M/s. B. P. Shah & Co., Chartered Accountants had expressed their ineligibility to be re-appointed at the 29th Annual General Meeting (AGM) held on August 12, 2017.
Since their re-appointment formed part of the Agenda of the businesses to be transacted at the 29th AGM, the particular resolution/ agenda no. 05 of the Notice dated May 26, 2017 pertaining to re-appointment of Auditor was adjourned with the permission of the Chairman and with consent of the Members present at the Meeting and was taken up in the Adjourned AGM held on September 08, 2017 in which M/s. Jeswani & Rathore, Chartered Accountants were appointed as Statutory Auditors for a term of five (5) years.
32. ADOPTION OF INDIAN ACCOUNTING STANDARD
The Ministry of Corporate Affairs (MCA) on February 16, 2015, notified that Indian Accounting Standards (Ind AS) are applicable to certain classes of companies from April 01, 2017 with a transition date of April 01, 2016. Ind AS has replaced the previous Indian GAAP prescribed under Section 133 of the Companies Act, 2013 (âthe Actâ) read with Rule 7 of the Companies (Accounts) Rules, 2014. Ind AS is applicable to the Company from April 01, 2017. The reconciliations and descriptions of the effect of the transition from previous GAAP to Ind AS have been set out in Note 27 in the notes to accounts in the Standalone Financial Statement and in Note 26 in the notes to account in the Consolidated Financial Statement.
33. VIGIL MECHANISM POLICY
The Vigil Mechanism Policy aims to provide a channel to the Directors and employees to report genuine concerns about unethical behavior, actual or suspected fraud or violation of the Code of Conduct or policy. The mechanism provides for adequate safeguards against victimization of Directors and Employees and ensures that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behaviour. This Policy can be viewed on the Company''s website - www.cellowimplast.com.
34. SEXUAL HARRASSMENT AT WORKPLACE
The Company has zero tolerance towards sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rule made thereunder. During the year under review, there were no cases filed or reported pursuant to the provisions of the said Act.
35. INTERNAL FINANCIAL CONTROL
The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets commensurate with its size, scale and complexities of its operations. The internal auditors of the Company check and verify the internal control and monitors them in accordance with policy adopted by the Company.
The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. All the transactions are properly authorised, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements.
36. ACKNOWLEDGEMENTS
Your Directors would like to express their appreciation for the assistance and co-operation received from the Members, Banks, Government Authorities, Customers, Suppliers, Associates, Employees and Various Authorities. The Directors of the Company thank all stakeholders for their valuable sustained support and encouragement towards the conduct of the proficient operation of the Company and look forward to their continued support during the year.
For and on behalf of the Board of Wim Plast Limited
Ghisulal D. Rathod
Date: May 29, 2018 Chairman
Place: Mumbai (DIN: 00027607)
Mar 31, 2017
DIRECTORS'' REPORT
To the Members,
The Directors have pleasure in presenting the 29th Annual Report of Wim Plast Limited along with the Audited Financial Statements for the year ended 31st March, 2017.
1. FINANCIAL RESULTS
(Rs, In Lacs)
Particulars |
Standalone |
Consolidated |
|
2016-17 |
2015-16 |
2016-17 |
|
Revenue from Operations |
35770.22 |
35907.64 |
35779.78 |
Other Income |
234.00 |
153.79 |
234.76 |
Profit before Depreciation and Tax |
8445.74 |
7626.24 |
8439.93 |
Less : Depreciation |
(1194.00) |
(1124.92) |
(1194.00) |
Less : Tax Expenses |
(2394.98) |
(1986.72) |
(2393.19) |
Profit after Tax |
4856.76 |
4514.60 |
4852.74 |
Less: Minority Interest |
- |
- |
(-1.61) |
Net Profit for the year |
4856.76 |
4514.60 |
4854.35 |
Transfer to General Reserve |
- |
- |
- |
Balance c/fd to Balance Sheet as at 31.03.2017 |
4856.76 |
4514.60 |
4854.35 |
2. COMPANYâS PERFORMANCE
The revenue from operations for financial year 2016-17 stands at Rs, 35770.22 Lacs as compared to Rs, 35907.64 Lacs of the Financial Year 2015-16 thereby recording a slight decrease of 0.38%. However, the Profit after tax for the year have increased from Rs, 4514.60 Lacs in FY 2015-16 to Rs, 4856.76 Lacs in FY 2016-17 recording a growth of 7.58%.
3. DIVIDEND
Based on the Company''s performance, the Board has recommended Final Dividend of Rs, 7/- (i.e. 70%) per share, for total 12,003,360 Equity Shares of Rs,10/- each for the Financial Year ended 31st March, 2017, subject to approval of members at the ensuing 29th Annual General Meeting of the Company.
4. TRANSFER TO RESERVES
The Board does not propose transfer to reserves for the year 2016-17 and an amount of Rs, 4856.75 Lacs is proposed to be retained in profit and loss account for the year ended 31st March, 2017.
5. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
The Company has transferred an amount of Rs, 2.29 Lacs to Investor Education and Protection Fund Account towards the balance lying in the Unpaid Dividend Account for the year 2008-09.
6. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The prescribed particulars of employees 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 are set out in Annexure â I forming part of this Report.
7. SUBSIDIARY COMPANY
The Company has One (1) Subsidiary Company Wim Plast Moldetipo Pvt. Limited, incorporated on 31st May 2016, with the main object of carrying out Tools and Dies business. In terms of proviso to sub-section (3) of Section 129 of the Act, the salient features of the financial statement of the subsidiary is set out in the prescribed Form AOC-1, set out in Annexure â II forming part of this Report.
In accordance with third proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on the website of the Company, www.cellowimplast.com. Further as per the fourth proviso of the said Section, audited annual accounts of the Subsidiary Company have also been placed on the website of the Company - www.cellowimplast.com.
8. ISSUE OF BONUS SHARES AND SHARE CAPITAL STRUCTURE
During the year, the Company had issued 6,001,680 Equity Shares on 14th September, 2016 to its then existing shareholders in the ratio of 1:1 by way of capitalisation of free reserves which has resulted into increase in paid up share capital of the Company.
As at 31st March, 2017, the Issued, Subscribed and Paid-up Equity Share Capital of the Company stood at Rs, 12,00,33,600 (Rupees Twelve Crores Thirty Three Lacs Six Hundred Only) divided into 12,003,360 (One Crore Twenty Lacs Three Thousand Three Hundred and Sixty Only) Equity Shares of Rs, 10/- (Rupee Ten Only) each.
9. PUBLIC DEPOSITS
During the Financial Year 2016-17, the Company has not accepted any public deposit covered under the Companies Act, 2013.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO
The particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings/outgo are set out in Annexure â III forming part of this Report.
11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
As on 31st March, 2017, the Board comprises of 10 Directors namely Mr. Ghisulal D. Rathod (Chairman), Mr. Pradeep G. Rathod (Managing Director), Mr. Pankaj G. Rathod (Whole Time Director), Ms. Karishma P. Rathod, Mr. Fatechand M. Shah, Mr. S.M. Khinvesra, Mr. Mahendra F. Sundesha, Mr. Prem G. Manghani, Mr. Pushp Raj Singhvi and Mr. Sudhakar Mondkar. During the year, Mr. Pankaj G. Rathod was appointed as a Whole Time Director w.e.f. 1st June 2016.
As on 31st March, 2017, there was no disqualification of any Director pursuant to Section 164 (2) of the Companies Act, 2013.
The Directors Mr. Ghisulal D. Rathod and Mr. Fatehchand M. Shah are liable to retire by rotation at the ensuing 29th Annual General Meeting of the Company and being eligible offer themselves for re-appointment, and the Board recommends their re-appointment.
The other details with respect to Board of Directors are given in Corporate Governance section forming part of this Report.
The Key Managerial Persons of the Company are Mr. Pradeep G. Rathod (Managing Director), Mr. Pankaj G. Rathod (Whole-Time Director), Mr. Madhusudan Jangid (Chief Financial Officer) and Mr. Kapil D. Joshi (Company Secretary and Compliance Officer).
Mr. Kapil D. Joshi - Company Secretary and Compliance Officer of the Company has resigned w.e.f. 31st May, 2017 and the Board has appointed Ms. Neha K. Somani as Company Secretary and Compliance Officer of the Company w.e.f. 1st June, 2017.
12. COMMITTEES OF THE BOARD
The Board has constituted necessary Committees pursuant to the provisions of the Companies Act, 2013, rules framed there under and SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015. The Committees of the Board are Audit Committee, Stakeholders'' Relationship Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee, Risk Management Committee and Bonus Allotment Committee (constituted for the purpose of allotment of bonus shares).
The details about Composition of Committees and their Meetings are incorporated in the Corporate Governance section forming part of this Report.
13. EXTRACT OF ANNUAL RETURN
The Extract of Annual Return in Form MGT - 9 pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12 (1) of Companies (Management and Administration) , Rules 2014 are set out as Annexure â IV forming part of this Report.
14. NUMBER OF MEETINGS OF THE BOARD
During the financial year 2016-17, Four (4) Board Meetings were held on Friday, 27th May, 2016, Tuesday, 2nd August, 2016, Thursday 10th November, 2016, and Tuesday, 14th February, 2017. Further details regarding Board Meetings are given in the Corporate Governance Section which forms part of this Report.
15. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (3) (C) read with Section 134 (5) of the Companies Act, 2013, Directors state that:
a) In the preparation of Annual Accounts for the year ended 31st March, 2017, the applicable accounting standards have been followed and there are no material departures from the same;
b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 on 31st March, 2017 and the profit and loss of the Company for that period;
c) The Directors have taken proper and sufficient care for the maintenance of the 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 Directors have prepared Accounts on âgoing concern'' basis;
e) The Directors have laid down internal financial controls to be followed by the Company and that such financial controls are adequate and are operating effectively; and
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system are adequate and operating effectively.
16. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS
All the Independent Directors of the Company have given declarations that they meet the criteria of the Independence as prescribed both under section 149 (6) of the Companies Act, 2013 and under Regulation 16 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
17. NOMINATION AND REMUNERATION COMMITTEE
The Board has framed a policy on the recommendation of the Nomination and Remuneration Committee relating to remuneration of the Directors and Key Managerial Personnel. The policy is available at Company''s website - www.cellowimplast.com. The other details with respect to committee composition and meetings are given in the Corporate Governance Section annexed to this Report.
18. AUDITORS & THEIR REPORT
a) Statutory Auditor:
M/s B. P. Shah & Co., Chartered Accountants (FRN - 109517W), Mumbai, the Statutory Auditors of the Company, holding office till the conclusion of the ensuing Annual General Meeting are eligible for re-appointment. They have expressed their willingness to be re-appointed and have confirmed that their appointment, if made, will be in accordance with the provisions of Section 139 & 141 of the Companies Act, 2013.
The Statutory Auditors M/s B. P. Shah & Co., Chartered Accountants have issued their reports on Financial Statements for the year ended 31st March, 2017. There are no adverse remarks or qualifications in the sand report. The Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments. Your Directors recommend re-appointment of M/s. B. P. Shah & Co., Chartered Accountant, as the Auditors of the Company for the financial year 2017-18.
b) Secretarial Auditor:
In compliance with the provisions of Sec 204 and other applicable provisions of Companies Act 2013, the Board of Directors have appointed M/s. H S Associates, Practicing Company Secretaries as Secretarial Auditor to undertake secretarial audit of the Company for the financial year ended 31st March, 2017. The Secretarial Audit Report is attached herewith marked as âAnnexure -Vâ and forms an integral part of this report. The Report does not contain any qualifications.
The Board has re-appointed M/s HS Associates, Practicing Company Secretaries, to undertake Secretarial Audit of the Company for the Financial Year ended 31st March 2018.
c) Internal Auditors:
The Board has re-appointed M/s Jeswani & Rathore, Chartered Accountants, Mumbai as the Chief Internal Auditors of the Company for the financial year 2017-18.
d) Cost Auditor:
The Board has re-appointed Cost Accountant Mr. Pradip M. Damania, Mumbai as Cost Auditor of the Company for the financial year ended 2017-18. During the year the Cost Audit Report for the financial year 2015-16 have been duly filed with the Ministry of Corporate Affairs.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has received Dividend of Rs, 107.89 lacs from the Investment in Mutual Funds for the year ended 31st March, 2017. Also the Company has not given loans or Guarantees covered under Section 186 of Companies Act, 2013.
20. TRANSACTIONS WITH RELATED PARTIES
The details with respect to related party transaction in Form AOC-2 are set out in Annexure-VI and forms part of this Report. The Related Party Transactions Policy is available at the Company''s website - www.cellowimplast.com.
21. CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial Statements of the Company for the Financial Year 2016-17 are prepared in compliance with the applicable provisions of the Act, Accounting Standards and as prescribed by Listing Regulations. The said Financial Statements have been prepared on the basis of the audited financial statements of the Company and the subsidiary as approved by their respective Board of Directors.
22. RISK MANAGEMENT
The Board has constituted Risk Management Committee headed by an Independent Director. The key risk pertaining to the Company and mitigating actions are placed before the Audit Committee. A Risk Management Policy is framed to proactively manage uncertainty and changes in the internal and external environment to limit negative impacts and capitalize on opportunities.
The Risk Management policy of the Company is available on Company''s website - www.cellowimplast.com. The details of the Risk Factors and the Committee composition and meetings are given in Corporate Governance section forming part of this Report.
23. CORPORATE SOCIAL RESPONSIBILITY
The Board has constituted a Corporate Social Responsibility (âCSRâ) Committee in terms of the provisions of Section 135 of the Companies Act, 2013, read with Companies (Corporate Social Responsibility Policy) Rules, 2014. The composition and terms of reference of the CSR Committee is provided in the Corporate Governance report, forming part of this Report.
During the financial year 2016-17, the Corporate Social Responsibility (CSR) expenditure incurred by the Company was Rs, 105.56 Lacs. The annual report on CSR activities undertaken during the financial year 2016-17 is in accordance with the provisions of the Companies Act, 2013 and Companies (Corporate Social Responsibility Policy) Rules, 2014 and is appended as Annexure-VII to this Report. During the year, the Company had successfully completed almost 97% of its CSR obligation and shall complete the remaining obligation in the coming year.
24. EVALUATION OF BOARD
Pursuant to the provisions of the Act, and provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors. The Board also carried out annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as Stakeholder Relationship Committee. The Directors expressed their satisfaction with the evaluation process.
25. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT
As provided under Section 134 of the Companies Act, 2013 and Rules framed thereunder and pursuant to Regulation 34(2)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Report on Corporate Governance along with necessary certificates set out in Annexure - VIII and forms part of this Report. Also, the statement of Management Discussion and Analysis forms part of this report as Annexure - IX.
26. LISTING OF SHARES
The shares of the Company are listed on BSE Limited (BSE). The applicable listing fees for the financial year 2016-17 have been paid to the Stock Exchange.
27. CHANGE IN THE NATURE OF BUSINESS
During the period under review, there is no change in the nature of business of the Company.
28. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There were no material changes and commitments affecting the financial position of the Company, which occurred between the end of the financial year and the date of this Report.
29. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations.
During the year, the Hon''ble Gujarat High Court had set aside Hon''ble District Court''s stay order w.r.t. case against Symphony Ltd.
30. VIGIL MECHANISM POLICY
The Vigil Mechanism Policy aims to provide a channel to the Directors and employees to report genuine concerns about unethical behavior, actual or suspected fraud or violation of the Code of Conduct or policy. The mechanism provides for adequate safeguards against victimization of Directors and Employees and ensures that the activities of the Company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty, integrity and ethical behaviour. This Policy can be viewed on the Company''s website - www.cellowimplast.com.
31. SEXUAL HARRASSMENT AT WORKPLACE
The Company has zero tolerance towards sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rule made there under. During the year under review, there were no cases filed or reported pursuant to the provisions of the said Act.
32. INTERNAL FINANCIAL CONTROLS
The Company has adequate system of internal control to safeguard and protect from loss, unauthorized use or disposition of its assets commensurate with its size, scale and complexities of its operations. The internal auditor of the Company checks and verifies the internal control and monitors them in accordance with policy adopted by the company.
The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. All the transactions are properly authorized, recorded and reported to the Management. The Company is following all the applicable Accounting Standards for properly maintaining the books of accounts and reporting financial statements.
33. ACKNOWLEDGEMENTS
The Directors express their grateful appreciation towards its Shareholders, Customers, Suppliers, Associates, Employees and Various Authorities for their continued support during the year. The directors of the Company thank all stakeholders for their valuable sustained support and encouragement towards the conduct of the proficient operation of the Company and look forward to their continued support during the year. Our consistent growth was made possible by their hard work, solidarity, cooperation and support.
For and on behalf of the Board of Wim Plast Limited
Ghisulal D. Rathod
Date : 26th May, 2017 Chairman
Place : Mumbai (DIN : 00027607)
Mar 31, 2016
To the Members,
The Directors submit the 28th Annual Report of Wim Plast Limited along with the audited financial statements for the year ended March 31, 2016.
1. FINANCIAL RESULTS: (Rs, in lacs)
Particulars |
2015-16 |
2014-15 |
Revenue from Operations |
42,745.35 |
42,328.21 |
Profit before Depreciation and Tax |
7626.23 |
6,258.08 |
Less : Depreciation |
1,124.91 |
901.54 |
Tax Expenses |
1986.72 |
1,520.92 |
Net Profit for the year |
4,514.59 |
3,835.62 |
Add. Profit & Loss A/c Bal of Previous year |
14,056.33 |
11,135.82 |
Appropriations: |
||
Proposed Dividend |
- |
600.17 |
Interim Dividend |
720.20 |
- |
Dividend Distribution Tax |
146.62 |
122.18 |
Transfer to General Reserve |
- |
192.74 |
Balance c/fd to Balance Sheet as at 31.03.2016 |
17,704.11 |
14,056.34 |
2. COMPANYâS PERFORMANCE:
The revenue from operations for financial year 2015-16 at Rs, 42745.35 lacs was higher with increase of 1 % over last year Rs, 42,328.21 lacs. The Profit after tax for the year was Rs, 4514.59 lacs recording the growth by 15 % over the Profit after tax of Rs, 3835.62 lacs for the year 2014-15.
3. BONUS ISSUE:
Your Directors recommend an issue of 6001680 fully paid bonus shares, subject to the approval of the members at the 28th Annual General Meeting to be held on Friday 26th August, 2016, in the ratio of 1:1 i.e. one additional equity share of Rs, 10/- each, for every one equity share held by the members on a record date to be fixed by the Board/Committee, by capitalizing Rs, 600.17 lacs from Securities Premium A/c of the Company.
4. INCREASE IN AUTHORISED SHARE CAPITAL AND ADOPTION OF NEW SET OF ARTICLES:
Pursuant to the recommendation of Bonus Shares your Directors recommend the alteration in the Share Capital Clause of the Memorandum and Articles of Association of the Company by increase of the Authorized Share Capital from Rs, 7,00,00,000/- (Rupees Seven Crores Only) i.e. 70,00,000 Equity Shares of Rs, 10/- each to Rs, 14,00,00,000/- (Rupees Fourteen Crores Only) i.e. 1,40,00,000 Equity Shares of Rs, 10/- each. Also the Board hereby recommends to the members for necessary approval at ensuing 28th Annual General Meeting for the Adoption of New Set of Articles of Association of the Company.
5. DIVIDEND:
Based on the Company''s performance the Board has declared an Interim Dividend of 120% i.e. Rs, 12/- per share on 6001680 Equity Shares of Rs, 10/- each in the meeting held on 8th March, 2016. Total dividend payment which amounted to Rs, 720.20 lacs, the Dividend Distribution Tax on this Interim Dividend which amounted to Rs, 146.62 lacs. The Board has not recommended Final Dividend for the year ended 31st March, 2016.
The Final Dividend for the previous year ended on 31st March, 2015 was 100% i.e. Rs, 10/- per share on 6001680 Equity Shares of Rs, 10/each total Final Dividend payment of Rs, 600.17 lacs and Dividend Distribution Tax of Rs, 122.18 lacs.
6. TRANSFER TO RESERVES:
The Board does not propose transfer to reserves for the year 2015-16 and an amount of Rs, 17704.10 lacs is proposed to retain in profit and loss account for the year ended 31st March, 2016.
7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
The Company has transferred an amount of Rs, 1.67 lacs to Investor Education and Protection Fund Account towards the balance lying in the Unpaid Dividend Account for the year 2007-08.
8. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
The prescribed particulars of employees required under the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are set out in Annexure â I forming part of this Report.
9. SUBSIDIARY COMPANY:
The Company does not have any subsidiary as at 31st March, 2016. The Company Wim Plast Moldetipo Pvt. Limited, incorporated on 31st May 2016, as the Subsidiary Company of Wim Plast Limited for Tools and Dies business.
10. DEPOSITS:
During the Financial Year 2015-16, the Company has not accepted any public deposit covered under the Companies Act, 2013.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO:
The particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings/outgo are set out in Annexure â II forming part of this Report.
12. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:
As on 31st March, 2016 comprises of 10 Directors namely Ghisulal D. Rathod (Chairman), Pradeep G. Rathod (Managing Director), Pankaj G. Rathod, Karishma P. Rathod, Fatechand M. Shah, S.M. Khinvesra, Mahendra F. Sundesha, Prem G. Manghani, Pushp Raj Singhvi and Sudhakar Mondkar.
Mr. Harilal Boolani an Independent Director resigned on 19th February 2016.
Mr. Sudhakar Mondkar was appointed as an Additional Independent Director of the Company on 8th March 2016.
The Board recommends appointment of the Additional Director Mr. Sudhakar Mondkar, as the Director of the Company for a term of 5 years up to 7th March, 2021.
As on 31st March, 2016 there was no disqualification of any Director pursuant to Section 164 (2) of the Companies Act, 2013.
The Directors Mr. Ghisulal D. Rathod and Miss. Karishma P. Rathod are liable to retire by rotation at the ensuing 28th Annual General Meeting of the Company and being eligible offer themselves for re-appointment, and the Board recommends their re-appointment.
The Director Mr. Pankaj G. Rathod was appointed as Whole Time Director from 1st June, 2016. The Board recommends his appointment for a term of 5 years i.e. from 1st June, 2016 to 31st May, 2021.
The other details with respect to Board of Directors are given in Corporate Governance section forming part of this Report.
The Key Managerial Persons of the Company are Mr Pradeep G. Rathod (Managing Director), Mr. Pankaj G. Rathod (Whole Time Director), Mr. Madhusudan Jangid (Chief Financial Officer) and Mr. Kapil D. Joshi (Company Secretary). During the year there was no change in the Key Managerial Persons of the Company.
13. EXTRACT OF ANNUAL RETURN:
The Extract of Annual Return in Form MGT - 9 pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12 (1) of Companies (Management and Administration) , Rules 2014 are set out Annexure â III forming part of this Report.
14. NUMBER OF MEETINGS OF THE BOARD:
Five Board Meetings were held during the year 2015-16 on Saturday, 23th May, 2015, Monday, 10th August, 2015, Saturday, 7th November, 2015, Saturday, 6th February, 2016 and Tuesday, 8th March, 2016. The further details regarding Board Meetings are given in the Section of Corporate Governance which forms part of this Report.
15. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (C) of the Companies Act, 2013, Directors state that:
(a) in the preparation of Annual Accounts for the year ended on 31st March, 2016, the applicable accounting standards have been followed and there are no material departures from the same.,
(b) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 on 31st March, 2016 and the profit and loss of the Company for that period.,
(c) the Directors have taken proper and sufficient care for the maintenance of the 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 Directors have prepared Accounts on âgoing concern'' basis., and
(e) the Directors have laid down internal financial controls to be followed by the Company and that such financial controls are adequate and are operating effectively.
(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system are adequate and operating effectively.
16. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS:
The Company has received declarations from all the Independent Directors confirming that they meet with the criteria of the Independence as prescribed both under section149 (6) of the Companies Act, 2013 and under Regulation 16 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
17. NOMINATION AND REMUNERATION COMMITTEE:
The Company''s Policy on Directors'' appointment and remuneration and other matters provided in section 178(3) of the Act.
The nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. The policy is available at Company''s website on www.cellowimplast.com. The other details with respect to committee composition and meetings are given in Board of Directors in Corporate Governance Section forming part of this Report.
18. AUDITORSâ REPORT AND SECRETARIAL AUDITORSâ REPORT:
The auditors'' report and secretarial auditors'' report do not contain any qualifications, reservations or adverse remarks. Secretarial Audit Report issued by Mr. Hemant Shetye, Partner of M/s HS Associates, Practicing Company Secretaries, in Form MR-3 form part of this report.
19. AUDITORS:
Board recommends the re-appointment of M/s B. P. Shah & Co. (FRN - 109517W) as Statutory Auditors of the Company from the conclusion of the 28th Annual General Meeting till the conclusion of 29th Annual General Meeting of the Company.
20. INTERNAL AUDITORS:
The Board has re-appointed M/s Jeswani & Rathore, Chartered Accountants, Mumbai as the Chief Internal Auditors of the Company for the financial year 2016-17.
21. COST AUDITOR:
The Board has re-appointed Cost Accountant Mr. Pradip M. Damania, Mumbai as Cost Auditor of the Company for the financial year ended on 31st March, 2017.
22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has received Dividend of Rs, 107.89 lacs from the Investment in Mutual Funds for the year ended 31st March, 2016. Also the Company has not given Loans or Guarantees covered under Section 186 of Companies Act, 2013.
23. TRANSACTIONS WITH RELATED PARTIES:
The details with respect to related party transactions in Form AOC - 2 are set out in Annexure â IV and forms part of this Report. The Related Party Transactions Policy is available at Company''s website- www.cellowimplast.com.
24. RISK MANAGEMENT:
The Board has constituted Risk Management Committee headed by an Independent Director. The key risk pertaining to the Company and mitigating actions are placed before the Audit Committee.
The Risk Management policy of the Company is available on Company''s website - www.cellowimplast.com and the policy focuses on include Risk assessment, risk monitoring and risk mitigation. The details of the Risk Factors and the Committee composition and meetings are given in Board of Directors in Corporate Governance section forming part of this Report.
25. CORPORATE SOCIAL RESPONSIBILITY:
The Board has constituted Corporate Social Responsibility (CSR) Committee under the Chairmanship of an Independent Director pursuant to the subsection (1) of Section 135 of Companies Act, 2013.
The CSR Committee has formulated CSR Policy of the Company which is available on Company''s website - www.cellowimplast.com. The CSR policy mainly includes CSR Expenditure primarily on the Education and Health and also includes the other objects covered under Schedule VII to the Companies Act, 2013. The CSR Expenditure done for the year ended on 31st March, 2016 are set out in Annexure -V and forms part of this report.
The other details with respect to Committee composition and meetings are set out in Board of Directors in Corporate Governance section forming part of this Report.
26. EVALUATION OF BOARD:
Pursuant to the provisions of the Companies Act, 2013 read with the Rules issued hereunder and the Listing Regulations (Including any statutory modification(s) or re-enactment(s) for the time being in force), the process for evaluation of the annual performance of the Directors/ Board/ Committees was carried out. The separate meeting of Independent Directors was held during the year to evaluate the performance of other Non Independent Directors and of the Board as a whole, the performance of Committees of the Board was reviewed. In addition, the chairman was also evaluated on the key aspects of his role.
27. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT:
The Report on Corporate Governance along with necessary certificates set out in Annexure â VI and forms part of this Report.
Also the Statement of Management Discussion and Analysis forms part of this Report.
28. SECRETARIAL AUDITORS:
The Secretarial Audit Report of Mr. Hemant Shetye, Partner of M/s HS Associates, Company Secretaries, for the year ended on 31st March, 2016 is self explanatory. The Board has re-appointed Mr. Hemant Shetye, Partner of M/s HS Associates, Company Secretaries, as the Secretarial Auditors of the Company for the financial year ended on 31st March, 2017.
29. COMMITTEES OF THE BOARD:
The Board has constituted necessary Committees pursuant to the provisions of the Companies Act, 2013, rules framed there under and SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015 The Committees of the Board are Audit Committee, Stakeholders'' Relationship Committee, Nomination and Remuneration Committee, Corporate Social Responsibility Committee and Risk Management Committee. The details about Composition of Committees and their Meetings are incorporated in the Board of Directors in Corporate Governance section forming part of this Report.
30. VIGIL MECHANISM POLICY:
The Board has constituted the Vigil Mechanism Policy for Directors and Employees of the Company to ensure adequate safeguard to employees and Directors from victimization against any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statement and reports. The detailed Vigil Mechanism Policy is available at Company''s Website www.cellowimplast.com. Your Directors further state that during the year under review, there was no cases filed pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
31. INTERNAL FINANCIAL CONTROLS:
The Board hereby reports that no material or serious observation has been received from Internal Auditors of the Company. The Internal Financial Control system of the company ensures proper recording of financial and operational information and compliance of various internal control and other regulatory and statutory compliances.
32. ACKNOWLEDGEMENTS:
The Board of Directors appreciates all its Shareholders, Customers, Suppliers, Associates, Employees and various Authorities for extending their valued support and patronage to the Company.
For and on behalf of the Board of Wim Plast Ltd
. Ghisulal D. Rathod
2nd August, 2016 Chairman
Mumbai (DIN 00027607
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the 27th Annual Report
together with the Audited Financial Statements for the year ended on
31st March, 2015.
1. FINANCIAL RESULTS:
RS. in lacs
Particulars For the year For the year
ended on ended on
31st March, 31st March,
2015 2014
Revenue from Operations 42,328.21 34,082.20
Profit before Depreciation and Tax 6,258.08 5,373.06
Less : Depreciation 901.54 903.38
Tax Expenses 1,520.92 1,218.21
Net Profit for the year 3,835.62 3,251.47
Add. Profit & Loss A/c Bal of Previous 11,135.82 8,842.04
year
Appropriations:
Proposed Dividend 600.17 540.15
Dividend Distribution Tax 122.18 91.81
Transfer to General Reserve 192.74 325.75
Balance c/fd to Balance Sheet as at 14,056.34 11,135.81
31.03.2015.
2. STATEMENT OF COMPANY''S AFFAIRS:
The year 2014-15 was optimistic year for the Company''s operations with
rising trends. The revenue from operations reached to RS. 42328.21 lacs
with increase of 24% from the last year''s revenue of RS. 34082.20
lacs. The Profit After Tax reported was RS. 3835.62 lacs increased by
18% from the figures of last year''s Profit After Tax of RS. 3251.41
lacs.
3. EXPANSION PROJECTS:
In the year 2014-15 the Company has Invested RS. 3000/- lacs in the
Fixed Assets for the business towards the expansions with value added
products of premium ranges in Plastic Furniture, for setting up world
class tool room for manufacturing Moulds and the Company has started
manufacturing of the AIR Coolers and planning to enter the market in
coming years with variety range of the residential AIR Coolers.
4. DIVIDEND:
For the Financial Year ended on 31st March, 2015 the Board has
recommended Final Dividend of RS. 10/- per share i.e. 100% on 6001680
fully paid up Equity Shares of face value RS. 10/- each aggregating
RS. 600.17 lacs and Corporate Dividend Tax of RS. 122.18 lacs.
(previous year Final Dividend was RS. 9/- per share Share i.e. 90% on
6001680 Equity Shares of RS. 10/- each aggregating RS. 540.15 lacs
and Corporate Dividend Tax of RS. 91.80 lacs). No Interim Dividend was
declared by the Board during the Financial Year 2014-15.
5. TRANSFER TO RESERVES:
The Board proposed to transfer RS. 192.75 lacs to General Reserve for
declaration of Final Dividend. Pursuant to the new Depreciation rates
as per Schedule II to the Companies Act, 2013 the Board has transferred
RS. 165.58 lacs to General Reserve Account from Deferred Tax Liability
Account and RS. 615.03 lacs was debited to General Reserve Account in
lieu of Depreciation on Fixed Assets.
6. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
The Company has transferred an amount of RS. 1.86 lacs to Investor
Education and Protection Fund Account towards the balance lying in the
Unpaid Dividend Account for the year 2006-07.
7. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
The relations between the Company and its employees being cordial, no
instance of any Industrial Dispute was reported during the year
2014-15. During the Financial Year the Company did not have any
employee who was drawing remuneration required to be disclosed pursuant
to the Section 197 of Companies Act, 2013 read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014. The
required disclosures with respect to Remuneration and other details are
set out in Annexure  I to this Report.
8. SUBSIDIARY COMPANY:
The Company does not have any Subsidiary Company.
9. DEPOSITS:
During the Financial Year 2014-15 The Company has not accepted any
public deposit covered under Section 76 of the Companies Act, 2013.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGO:
The particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings/outgo are set out in Annexure  II to this
Report.
11. BOARD OF DIRECTORS:
During the year 2014-15 Miss. Karishma P. Rathod was appointed as an
Additional Director/Woman Director of the Company w.e.f. 1st June,
2014 and also she was appointed as Director of the Company liable to
retire by rotation at the 26th Annual General Meeting of the members
held on 9th August, 2014.
In the 26th Annual General Meeting of the members held on 9th August,
2014 the Independent Directors Mr. Harilal L. Boolani, Mr. S.M.
Khinvesra, Mr. Mahendra F. Sundesha, Mr. Pushp Raj Singhvi and Mr. Prem
G. Manghani were appointed as an Independent Directors of the Company
for the term of 5 yrs i.e. up to 31st March, 2019. Mr. Pradeep G.
Rathod was re-appointed as Managing Director of the Company for a
period of 5 years i.e. from 29th June, 2014 to 28th June, 2019.
At the ensuing 27th Annual General Meeting of the Company the Directors
Mr. Pankaj G. Rathod and Mr. Fatechand M. Shah are liable to retireby
rotation and being eligible offers themselves for re-appointment. Board
recommends their re-appointment to the members for consideration in the
ensuing 27th Annual General Meeting.
As on 31st March, 2015 there was no disqualification for any Director
pursuant to Section 164 (2) of the Companies Act, 2013.
The other details with respect to Board of Directors are given in
Corporate Governance Report, Board of Directors Section, annexed to
this Report.
12. EXTRACT OF ANNUAL RETURN:
The Extract of Annual Return in Form MGT - 9 pursuant to Section 92 (3)
of the Companies Act, 2013 and rule 12 (1) of Companies (Management and
Administration) , Rules 2014 are as per Annexure  III to this
Report.
13. NUMBER OF MEETINGS OF THE BOARD:
Four Board Meetings were held during the year 2014-15 pursuant to
Section 173 (1) of Companies Act, 2013 on 26th May, 2014, 12th
August,2014, 14th November, 2014 and 11th February, 2015. The further
details regarding Board Meetings are given in the Board of Directors
Section of Corporate Governane Report annexed to this Report.
14. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (C) of the Companies Act, 2013 your
Directors state that:
(a) in the preparation of Annual Accounts for the year ended on 31st
March, 2015, the applicable accounting standards have been followed and
there are not material departures from the same.,
(b) the Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are 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 on 31st March, 2015 and
the profit and loss of the Company for that period.,
(c) the Directors have taken proper and sufficient care for the
maintenance of the 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 Directors have prepared Accounts on ''going concern'' basis., and
(e) the Directors have laid down internal financial controls to be
followed by the Company and that such financial controls are adequate
and are operating effectively.
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
15. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS:
As per the declarations received from Independent Directors their
appointment as an Independent Director of the Company is in compliance
with Section 149 (6) of the Companies Act, 2013.
16. NOMINATION AND REMUNERATION COMMITTEE:
The Board had constituted Nomination and Remuneration Committee
pursuant to the provisions of subsection (1) of Section 178 of
Companies Act, 2013. Pursuant to subsection (3) of Section 178 of
Companies Act, 2013 the Nomination and Remuneration Committee has
formulated the criteria for determining qualifications, positive
attributes and independence of a Director and recommended to the Board
the policy, relating to the remuneration of directors, key managerial
personnel and other employees. The policy is available at Company''s
website on www.cellowimplast.com. The other details with respect to
Committee composition and meetings are given in Board of Directors
Section of Corporate Governance Report annexed to this Report.
17. AUDIT REPORTS:
There were no qualification, reservation or adverse remark or
disclaimer made in the Independent Auditors Report of the Stautory
Auditors M/s Bharat P. Shah & Co., Chartered Accountants for the year
ended on 31st March, 2015.
18. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
During the year the Company has Invested surplus funds in Mutual Fund
Units and total Dividend of RS. 71.32 lacs were earned from the Mutual
Fund Investments. As on 31st March, 2015 there was no outstanding
balance or transactions with respect to the Mutual Fund Investments.
Also the Company has not given loans or Guarantees covered under
Section 186 of Companies Act, 2013.
19. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the year 2014-15 the Contract or Arrangements entered in to by
the Company with related parties were approved by the Audit Committee
pursuant to subsection (iv) (4) of Section 177 of Companies Act, 2013
and by the Board of Directors pursuant to Section 188 (1) of Companies
Act, 2013.
The related party transactions were at arm''s length basis and were in
the ordinary course of business of the Company. The other details with
respect to related party transactions in Form AOC - 2 are set out in
Annexure  IV to this Report. The policy on Related Party Transactons
is available on Company''s website- www.cellowimplast.com.
20. RISK MANAGEMENT:
The Board has constituted Risk Management Committee headed by an
Independent Director. The Risk Management systems were evaluated by
Audit Committee pursuant to subsection (viii (4) of Section 177 of
Companies Act, 2013.
The Risk Management policy of the Company is available on Company''s
website - www.cellowimplast.com and the policy mainly includes
Indentifying of the Risks, Risk analysis, evaluation and managing the
Risks. The details of the Risk Factors and the Committee composition
and meetings are given in Board of Directors Section of Corporate
Governance Report annexed to this Report.
21. CORPORATE SOCIAL RESPONSIBILITY:
The Board has constituted Corporate Social Responsibility (CSR)
Committee under the Chairmanship of an Independent Director pursuant to
the subsection (1) of Section 135 of Companies Act, 2013.
The CSR Committee has formulated CSR Policy of the Company which is
available on Company''s website - www.cellowimplast.com. The CSR policy
mainly includes CSR Expenditures primarily on the Education and Health
and also includes the other objects covered under Schedule VII to the
Companies Act, 2013. The CSR Expenditures done for the year ended on
31st March, 2015 are as under:
Sr CSR Project or Sector in which Area of Project Budgeted
No. Activity the project is or Programme CSR Amount
Identified covered In lacs
1. Education and Promotion Education and 76.86
Health of the Education Health.
and Healthcare.
Sr Amount Cumulative Amount Spent
No. Spent for CSR Amount Direct/
In lacs Speat up to Agency
the date in lacs
1. 70.00 70.00 CSR is given as
Donation to various
Institutions / Trusts
The CSR Expenditure for the year ended on 31st March, 2015 was short by
RS. 6.86 lacs, reason is that this was the first year and the CSR
Expenditure were spent based on the available opportunities.
The other details with respect to Committee composition and meetings
are set out in Board of Directors Section of Corporate Governance
Report annexed to this Report.
22. EVALUATION OF BOARD:
The performance of Board, its Committees and Individual Directors were
reviewed during the year pursuant to subsection (p) (3) of Section 134
of Companies Act, 2013. The separate meeting of Independent Directors
was held during the year to evaluate the performance of other Non
Independent Directors and of the Board as a whole, also the performance
of Committees of the Board were reviewed. The performance of Board,
Individual Directors and Committees were found to be satisfactory as
during the year 2014-15 there was rise in the revenue by 24% and the
profit after tax also increased by 18%.
23. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
The Report on Corporate Governance along with necessary certificates
and Statement of Management Discussion and Analysis are annexed to this
report as Annexure  V.
24. STATUTORY AUDITORS:
The Statutory Auditors of the Company M/s Bharat P. Shah & Co. (FRN -
109517W) hold office until the conclusion of forthcoming 27th Annual
General Meeting of the Company and are eligible for re-appointment. The
Board has received necessary Certificate from Statutory Auditors and
the Audit Committee has recommended their re-appointment. Hence the
Board hereby recommend to the members the re-appointment of Statutory
Auditors from the conclusion of 27th Annual General Meeting till the
conclusion of 28th Annual General Meeting of the Company.
25. INTERNAL AUDITORS:
According to the recommendation of the Audit Committee the Board has
re-appointed M/s Jeswani & Rathore, Chartered Accountants, Mumbai as
the Chief Internal Auditors of the Company for the financial year
2015-16.
26. COST AUDITOR:
According to the recommendation of the Audit Committee the Board has
appointed Cost Accountant Mr. Pradip M. Damania, Mumbai as Cost Auditor
of the Company for the financial year ended on 31st March, 2016 at the
remuneration to be determined by the members in the ensuing 27th Annual
General Meeting of the Company.
27. SECRETARIAL AUDITORS:
The Secretarial Audit Report of M/s HS Associates, Company Secretaries
for the year ended on 31st March, 2015 is seif explanatory. The Board
has re-appointed HS Associates, Company Secretaries as the Secretarial
Auditors of the Company for the Secretarial Audit of the financial year
ended on 31st March, 2016.
28. DELISTING OF SHARES FROM AHMEDABAD STOCK EXCHANGE LTD:
The Company has received approval from Ahmedabad Stock Exchange Ltd.
for delisting of Equity shares vide letter dated 9th October, 2014 for
delisting of shares pursuant to voluntary delisting of securities under
the SEBI (Delisting of Equity Shares) Regulations, 2009. After this
delisting the Company''s Equity shares continue to be listed on BSE Ltd.
29. COMMITTEES OF THE BOARD:
The Board has constituted necessary Committees pursuant to the
provisions of the Companies Act, 2013, rules framed thereunder and
Listing Agreement with Stock Exchanges. The Committees of the Board are
Audit Committee, Stakeholders'' Relationship Committee, Nomination and
Remuneration Committee, Corporate Social Responsibility Committee and
Risk Management Committee. The details about Committee Meetings and its
Compositions are incorporated in the Board of Directors section of
Corporate Governance Report annexed to this Report.
30. WHISTLE BLOWER:
The Board of Directors have set up the Whistle Blower Policy i.e. Vigil
Mechanism for Directors and Employees of the Company to report concerns
about unethical behaviour, actual or suspected fraud, or violations of
Company''s Code of Conduct or Ethics Policy. The detailed Vigil
Mechanism Policy is available at Company''s Website
www.cellowimplast.com. Your Directors further state that during the
year under review, there were no cases filed pursuant to the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
31. INTERNAL FINANCIAL CONTROLS:
The Board hereby reports that the Internal Financial Controls were
reviewed by the Audit Committee and there were adequate Internal
Financial Controls existed in the Company with respect to the Financial
Statements for the year ended on 31st March, 2015 and the Internal
Financial Controls are operating effectively.
32. ACKNOWLEDGEMENTS:
The Board of Directors hereby express thanks to all the Shareholders,
Customers, Suppliers, Associates, Employees and various Authorities for
extending their valued support and patronage to the Company.
For and on behalf of the
Board of Wim Plast Ltd.
Ghisulal D. Rathod
23Id May, 2015 Chairman
Mumbai (DIN 00027607)
Mar 31, 2014
The members of Wim Plast Limited.
The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Financial Statements for the year ended on
31st March, 2014.
1. FINANCIAL RESULTS: Rs in lacs
Particulars 2013-14 2012-13
Revenue from operations (Gross) 34082.20 28594.89
Other Income 34.86 164.95
Profit Before Tax 4469.68 3857.40
Profit After Tax 3251.47 2825.38
Balance c/f for Statement of Profit and Loss 11,135.82 8842.03
2. OPERATIONS:
During the year 2013-14 the pace of growth continues with rise in 19.18
% of the total revenue from operations for current year Rs. 34082.20
lacs (Previous Year Rs. 28594.89 lacs). The Profit After Tax rose to
15.08 % for Current Year Rs. 3251.47 lacs (Previous Year Rs. 2,825.38
lacs).
3. EXPANSION PROJECT:
The Company has acquired one acre Lesehold Land of at SIPCOT ,Chennai
for additional manufacturing unit. The construction of Factory Building
is under process and the Commercial Production of the unit is expected
in the 2nd quarter of the F.Y 2014-15.
4. DIVIDEND:
The Board has recommended Final Dividend ofRs. 9.00 per share i.e. 90%
(Previous Year Rs. 8.00 Per Share i.e. 80% Final Dividend) for the
Financial Year ended on 31st March, 2014. No Interim Dividend was
declared by the Board during the Financial Year 2013-14.
5. TRANSFER TO RESERVES:
The Company proposes to transfer Rs. 325.75 lacs (Previous Year Rs. 283.00
lacs) to General Reserve Account. The total amount of General Reserve
as at 31st March, 2014 is Rs. 2754.16 lacs (Previous Year Rs. 2428.41
lacs).
6. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
The Company has transferred an amount ofRs. 2.06 lacs to Investor
Education and Protection Fund Account towards the Unpaid Dividend
Account for the year 2005-06.
7. INDUSTRIAL RELATIONS AND PARTICULARS OF EMPLOYEES:
The relations between Company and its employees being cordial and no
instance of any Industrial Dispute reported during the year 2013-14.
During the Financial Year the Company does not have any employee who
was drawing remuneration required to be disclosed pursuant to the
Section 217(2A) of Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 including any amendments
thereto.
8. SUBSIDIARY COMPANY:
The Company does not have any Subsidiary Company.
9. FIXED DEPOSITS:
During the Financial Year 2013-14 The Company has not accepted any
public deposit as per the Section 58A of Companies Act, 1956.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGO:
The particulars as prescribed under Section 217 (1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are set out in Annexure Â
I to this Report.
11. BOARD OF DIRECTORS:
During the year 2013-14 Mr. Pushp Raj Singhvi (DIN Â 00347511) was
appointed as an Additional Director  Independent Director of the
Company w.e.f. 11th February, 2014. Also In pursuant to Compliance of
applicable provisions of Section 149 of Companies Act, 2013 about the
appointment of Woman Director on the Board of the Company, the Board in
their meeting held on Monday, 26th May, 2014 appointed Miss. Karishma
P. Rathod as an Additional Director of the Company w.e.f. 1st June,
2014. Pursuant to the applicable provisions of Section 149, 150,152,
161 and other applicable provisions of the Companies Act, 2013 and
rules made there under, the Board has received the proposal from
members of the Company for appointment of Independent Directors for 5
years, and the appointment of Miss. Karishma P. Rathod as the Director
liable to retire by rotation. The Director Shri. Ghisulal D. Rathod
(DIN - 00027607) liable to retire by rotation at the ensuing 26th
Annual General Meeting and being eligible offers himself for
re-appointment. The Board hence recommended for approval of members at
ensuing 26th Annual General Meeting of the Company the appointment of
all the proposed appointee Directors of the Company. The additional
details about Board and its Meetings are incorporated in Corporate
Governance Report Annexed to this Report.
12. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
The Report on Corporate Governance along with necessary certificates
and Statement of Management Discussion and Analysis are annexed to this
report as Annexure  II to this Report.
13. AUDITORS AND AUDITORS'' REPORT:
The Statutory Auditors Report of M/s Bharat P. Shah & Co., (FRN Â
109517W) for the Financial Year ended on 31st March, 2014 doesn''t
contain any qualification or reservation remark.
The Statutory Auditors of the Company M/s Bharat P. Shah & Co. (FRN Â
109517W) hold office until the conclusion of forthcoming 26th Annual
General Meeting of the Company and are eligible for Re-appointment. The
Board has received necessary Certificate from Statutory Auditors that
their appointment as Statutory Auditors of the Company for the
Financial Year 2014-15, if made, in the ensuing 26th Annual General
Meeting will be within the prescribed limits under Section 141(3)(g) of
the Companies Act, 2013 and they are not disqualified for
re-appointment under any of the provisions and rules framed under the
Companies Act, 2013.
14. INTERNAL AUDITORS:
The Board has appointed M/s Jeswani &^ Rathore, Chartered Accoutants,
Mumbai as the Chief Internal Auditors of the Company for the financial
year 2014-15.
15. COST AUDITOR:
The Board has appointed Cost Accountant Mr. Pradip M. Damania, Mumbai
as Cost Auditor of the Company for the financial year  2014- 15. The
Board has recommended to the members for necessary authority to fix
remuneration of the Cost Auditor.
16. SECRETARIAL AUDITOR:
The Board has appointed HS Associates, Company Secretaries as the
Secretarial Auditor of the Company for the financial year 2014-15.
17. DELISTING OF SHARES FROM AHMEDABAD STOCK EXCHANGE LTD:
The Board has proposed delisting of Equity Shares from Ahmedabad Stock
Exchange Ltd. pursuant to the provisions of the SEBI (Delisting of
Shares) Guidelines, 2009. The necessary documents are sent to the
Exchange for final approval of delisting. The Company''s Equity Shares
shall continue to be listed on BSE Ltd.
18. COMMITEES OF THE BOARD:
As on date of this report the Committees of the Board are Audit
Committee, Corporate Social Responsibility Committee, Nomination and
Remuneration Committee, Stakeholders'' Relationship Committee and Risk
Management Committee. The details about Committee Compositions are
incorporated in the Board of Director section of Corporate Governance
Report Annexed to this Report.
19. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of Companies Act, 1956 the Directors
hereby confirm that:
(i) In the preparation of the Annual Accounts for the year 2013-14, the
applicable Accounting Standards have been followed and there are no
material departures.
(ii) they have selected accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the affairs of the
Company at the end of the financial year and of the profit of the
Company for the Financial Year 2013-14.
(iii) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of Companies Act, 1956. They
confirm that there are adequate systems and controls for safeguarding
the assets of the Company and for preventing and detecting fraud and
other irregularities.
(iv) they have prepared the Annual Accounts ongoing concern basis.
20. ACKNOWLEDGEMENTS:
The Board of Directors hereby takes this opportunity to thank all the
Shareholders, Customers, Suppliers, Associates, Employees and various
Authorities for extending their valued support and patronage to the
Company.
For and on behalf of the Board
26th May, 2014 Ghisulal D. Rathod
(DIN 00027607)
Mumbai Chairman
Mar 31, 2013
To, The Members of Wim Plast Limtied.
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Financial Statements for the year ended on
31st March, 2013.
1. FINANCIAL RESULTS:
(Rs. In Lacs)
Particulars F.Y. F.Y.
2012-13 2011-12
Revenue from operations (Gross) 28,594.89 22,675.84
Other Income 164.95 122.61
Profit Before Tax 3,857.40 3,201.66
Profit After Tax 2,825.38 2,274.91
Balance c/f for Statement
of Profit & Loss 8,842.03 6,861.37
2. OPERATIONS:
In the year 2012-13 Company continued with the growth of the volumes
and earnings. The revenue from operations comes to Rs. 28,594.89 lacs
(p.y. Rs. 22,675.84) and Profit After Tax reached to Rs. 2,825.38 lacs
(p.y. Rs. 2,274.91)
3. EXPANSION PROJECTS:
During the year 2012-13 new manufacturing unit of plastic moulded
furniture was set-up at Kolkata with the total Investment in Capital
Assets for Rs. 1120.00 lacs and this unit will bring additional market
for the Company and will push the growth as the Company will cater new
Geographic markets with this new unit.
4. DIVIDEND:
The Board has recommended Final Dividend of Rs. 8/- per share i.e. 80%
(p.y. Rs. 6/- per share i.e. 60%) for the financial year ended on 31st
March, 2013. The rate of Dividend has been increased by 33.33% for the
year.
5. TRANSFER TO RESERVES:
The Company proposed to transfer Rs. 283.00 lacs (p.y. Rs. 227.60 lacs) to
General Reserve Account and with this the total amount as on 31st
March, 2013 for General Reserve stands for Rs. 2428.41 lacs (p.y. Rs.
2145.41 lacs)
6. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
During the year under review the Company has transferred Rs. 1.95 lacs to
the Investor Education and Protection Fund (IEPF) pursuant to Section
205C of the Companies Act, 1956 being the amount of Unpaid Dividend for
the Financial Year 2004-05.
7. INDUSTRIAL RELATIONS AND PARTICULARS OF EMPLOYEES:
The relations between Company and its personnel continued to be cordial
and there was not any instance of Industrial Dispute reported during
the year. During the Financial Year the Company does not have any
employee who was drawing remuneration required to be disclosed pursuant
to the Section 217 (2A) of Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 including any amendments
thereto.
8. SUBSIDIARY COMPANY:
The Company does not have any Subsidiary Company.
9. FIXED DPOSITS:
The Company has not accepted any public deposits as per Section 58A of
Companies Act, 1956.
10. CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGO:
The particulars as prescribed under Section 217(1)(e) of Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, are set out in Annexure - I to this
report.
11. DIRECTORS:
During the year 2012-13 Director Mr. Mahendra N. Patel resigned w.e.f.
16th July, 2012 and Mr. Prem G. Manghani has been appointed as an
Additional Director by the Board w.e.f. 11th August, 2012 also he is
appointed as Director liable to retire by rotation by the members in
their Annual General Meeting held on 7th September, 2012. The Directors
Mr. Prem G. Manghani, Mr. Pankaj G. Rathod and Mr. S.M. Khinvesra are
liable to retire by rotation and being eligible they offers themselves
for re-appointment. The Board of Directors has proposed their
re-appointment for consideration at the ensuing 25th Annual General
Meeting of the Company.
12. CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
The Report on Corporate Governance, Certificate for Corporate
Governance and CEO / CFO certificates pursuant to Clause 49 of Listing
Agreement with Stock Exchanges and Statement of Management discussion
and Analysis are Annexure -II to this Report.
13. AUDITORS AND AUDITORS'' REPORT:
The Statutory Auditors of the Company M/s Bharat P. Shah & Co.,
Chartered Accountants, Mumbai (FRN 109517W) hold office until the
conclusion of the forthcoming 25th Annual General Meeting of the
Company and are eligible for re-appointment. It is proposed by the
Board to re-appoint M/s Bharat P. Shah & Co., Chartered Accountants,
Mumbai (FRN 109517W) as Statutory Auditors of the Company for Audit of
f.y. 2013-14. The Company has received certificate from Statutory
Auditors to the effect that their appointment, if made, would be within
the limits prescribed under section 224(1 B) of the Companies Act,
1956.
14. COST AUDITOR:
The Company has obtained Cost Compliance Certificate for the financial
year 2012-13. Also Mr. Pradip M. Damania Cost Accountant, Mumbai is
appointed as Cost Auditor of the Company for the Cost Audit of the
financial year 2013-14.
15. COMMITTEES OF THE BOARD:
The Board has constituted Committees pursuant to the provisions of
Companies Act, 1956 and Listing Agreement with Stock Exchanges. The
present Committees of Board are Audit Committee, Investors'' Grievance
Committee and Remuneration Committee. The composition and other details
with respect to Committees are set out in the Report of Corporate
Governance annexed to this Report.
16. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of Companies Act, 1956 the Directors
hereby confirm that:
i) in the preparation of the Annual Accounts for the year 2012-13, the
applicable Accounting Standards have been followed and there are no
material departures.
ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true an fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for the financial year 2012-13.
iii) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
iv) they have prepared the Annual Accounts ongoing concern basis.
17. ACKNOWLEDGEMENTS:
The Directors take this opportunity to thank all the Customers,
Associates, Employees and various Authorities for extending their
valued support and contributions towards the Growth performance of the
Company.
For and on behalf of the Board
18th May, 2013 Mumbai
Ghisulal D. Rathod (Chairman)
Mar 31, 2012
To, The Members of Wim Plast Limtied.
The Directors have pleasure in presenting the 24th Annual Report
together with the Audited Financial Statements for the year ended on
31st March, 2012.
1. FINANCIAL RESULTS:
(Rs. In Lacs)
Particulars F.Y. F.Y.
2011-12 2010-11
Revenue from operations 22675.83 17976.31
Other Income 122.61 148.51
Profit Before Tax 3201.65 2622.91
Profit After Tax 2274.90 1824.96
Balance c/f for Statement of Profit & Loss 6861.37 5232.60
2. OPERATIONS:
The year 2011-12 was one of the rich year of performance where the
Company has widen its geographical footprint by expansion projects and
enlargement of the distribution net. As the result of expansions and
capacity utilization the performance of Company raises at the much
expected level of operations. The Company has gained revenue of Rs.
22675.83 lacs (p.y. Rs. 17976.31 lacs). The profitability also boosts
sharply with Profit After Tax of Rs. 2274.90 lacs (p.y. Rs. 1824.96 lacs).
3. EXPANSION PROJECTS:
The year 2011-12 has reported series of strategic expansion projects
across the country where the Company has setup three new manufacturing
units at Chennai, Haridwar and Daman with added capacities and range of
products. During the year total amount of Rs. 2883.99 lacs (p.y. Rs. 544.60
lacs) was invested in Capital Assets.
The project of manufacturing unit of Plastic Moulded Furniture at
Kolkata, West Bengal is in process and will complete shortly. Going
ahead the Company is equipped with strategic plans for the years to
come.
4. MATERIAL EVENT AFTER BALANCE SHEET DATE:
There was incidence of fire on 23rd April, 2012 at the Company's
Manufacturing Unit at Daman. The damaged Assets are insured.
5. DIVIDEND:
The year reports excellent financials where the profitability after tax
comes to Rs. 2274.90 lacs (p.y.Rs. 1824.96 lacs) increased by 24.65%. The
Board of Director have proposed Final Dividend of Rs. 6/- per share i.e.
60% (p.y. Rs. 4.50 per share i.e. 45%) with increase of 33.33%, no
Interim / Special Dividend has been declared by the Board during the
financial year.
6. TRANSFER TO RESERVES:
The Company proposed to transfer Rs. 227.60 lacs (p.y. Rs. 183.00 lacs) to
General Reserve Account and with this the total amount as on 31st
March, 2012 for General Reserve comes to Rs. 2145.40 lacs (p.y. Rs. 1917.80
lacs)
7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
During the year under review the Company has transferred Rs. 2.02 lacs to
the Investor Education and Protection Fund (IEPF) pursuant to Section
205C of the Companies Act, 1956 being the amount of Unpaid Dividend for
the Financial Year 2003-04.
8. INDUSTRIAL RLATIONS AND PARTICULARS OF EMPLOYEES:
The relations between Company and its personnel continued to be cordial
and there was not any instance of Industrial Dispute reported during
the year. During the Financial Year the Company doesn't have any
employee who was drawing remuneration required to be disclosed pursuant
to the Section 217 (2A) of Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 including any amendments
thereto.
9. SUBSIDIARY COMPANY:
The Company doesn't have any Subsidiary Company.
10. FIXED DPOSITS:
The Company has not accepted any public deposits as per Section 58A of
Companies Act, 1956.
11. CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGO:
The particulars as prescribed under Section 217(1)(e) of Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988, are set out in Annexure - I to this
report.
12. DIRECTORS:
During the year there was no change in the Composition of Board. The
Directors Mr. Harilal L. Boolani, Mr. Ghisulal D. Rathod and Mr.
Fatechand M. Shah are liable to retire by rotation and being eligible
they offers themselves for re-appointment. The Board of Directors have
proposed their re-appointment for consideration at the ensuing 24th
Annual General Meeting of the Company. The Director Mr. Mahendra N.
Patel has resigned from Directorship of the Company w.e.f. 16th July,
2012 and Mr. Prem G. Manghani was appointed as an Additional Director
of the Company w.e.f. 11th August, 2012.
13. CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
The Report on Corporate Governance, Certificate for Corporate
Governance and CEO / CFO certificates pursuant to Clause 49 of Listing
Agreement with Stock Exchanges and Statement of Management discussion
and Analysis are Annexure -II to this Report.
14. AUDITORS AND AUDITORS' REPORT:
The Statutory Auditors of the Company M/s Bharat P. Shah & Co.,
Chartered Accountants, Mumbai (FRN 109517W) hold office until the
conclusion of the forthcoming 24th Annual General Meeting of the
Company and is eligible for re-appointment. It is proposed by the Board
to re-appoint M/s Bharat P. Shah & Co., Chartered Accountants, Mumbai
(FRN 109517W) as Statutory Auditors of the Company for Audit of f.y.
2012-13. The Company has received certificate from Statutory Auditors
to the effect that their appointment, if made, would be within the
limits prescribed under section 224(1B) of the Companies Act, 1956.
15. COMMITTEES OF BOARD:
The Board has constituted Committees pursuant to the provisions of
Companies Act, 1956 and Listing Agreement with Stock Exchanges. The
present Committees of Board are Audit Committee, Investors' Grievance
Committee and Remuneration Committee. The composition and other details
with respect to Committees are set out in the Report of Corporate
Governance attached to this Report.
16. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of Companies Act, 1956 the Directors
hereby confirm that:
i) in the preparation of the Annual Accounts for the year 2011-12, the
applicable Accounting Standards have been followed and there are no
material departures.
ii) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true an fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
Company for the financial year 2011-12.
iii) they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 1956.
They confirm that there are adequate systems and controls for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
iv) they have prepared the Annual Accounts on going concern basis.
17. ACKNOWLEDGEMENTS:
The Directors take this opportunity to thank all the Customers,
Associates, Employees and various Authorities for extending their
valued support and contribution towards the Growth performance of the
Company.
For and on behalf of the Board
11th August, 2012 Ghisulal D. Rathod
Mumbai (Chairman)
Mar 31, 2011
The Members of Wim Plast Ltd.,
The Directors have pleasure in presenting the 23rd Annual Report
together with the Audited Statement of Accounts for the financial year
ended on 31st March, 2011.
1. FINANCIAL RESULTS:
(Rs In Lacs)
Particulars F.Y. Ended F.Y. Ended
March 31, March 31,
2011 2010
(A) (B)
Sales/Income from Operations 17976.31 14202.22
Other Income 148.51 38.60
Profit Before Tax 2622.91 2253.97
Profit After Tax & Adjustments of
Taxation of earlier years 1824.96 1701.19
Add : Profit for earlier years 3905.57 2655.33
Profit Available for Appropriations 5730.53 4356.51
Less: Transfer / Appropriations:
Transfer to General Reserves 183.00 171.00
Proposed Dividend 270.07 240.06
Corporate Dividend Tax 44.86 39.87
Surplus Carried to Balance Sheet 5232.60 3905.57
2. OPERATIONS:
The Company has reported one of the exciting financials of the year
2010-11 where the turnover increased from Rs 14202.22 Lacs for the f.y.
2009-10 to Rs 17976.31 Lacs for the f.y. 2010-11 with growth by 26.57%.
Also the Profit After Tax was increased by 7.28% i.e. Profit After Tax
of Rs 1824.96 Lacs for the f.y. 2010-11 as compared to Profit After Tax
of Rs 1701.19 Lacs for f.y. 2009-10.
During the year the Company has initiated Expansion Plans in the same
line of business to widen its distribution network with reach to mass
customers. The Company has launched number of series of premium range
of products of Plastic Moulded Furniture and varieties of applications
for Cello Bubbleguard Sheets.
3. CAPITAL EXPENDITURE:
During the year the Company has purchased Capital Assets worth Rs
544.60 Lacs and Capital Assets worth Rs 190.26 Lacs were sold. Also as
on 31st March, 2011 the total amount of Advances for Capital Assets was
of Rs 341.08 Lacs. All these assets are kept in goods conditions and
are adequately insured.
4. EXPANSION PROJECTS:
In the era of growth the Company has acquired manufacturing unit of
Plastic Moulded Furniture at Gummidipoondi, Tamilnadu and the
Commercial Production of the Unit was stated from April, 2011. The
Company has received approval of allotment of Land of approx 2 acres
from WBIDC, for setting up of manufacturing unit at Rishi Bankim
Shilpaudyan, Parganas, Kolkata.
Going ahead we have more expansion strategies in pipe line with
expansion in the same line of business for catering the untapped
regions of the Country.
5. DIVIDEND:
The Company has retained its policy of regular payment of Dividend and
the Board has pleased to recommend Final Dividend of Rs 4.50 (45%) per
share for the f.y. 2010-11 against Final Dividend of Rs 4.00 (40%) for
the f.y. 2009-10. The Dividend will be paid subject to the approval of
members at ensuing 23rd Annual General Meeting of the Company. The
Board has not declared any Interim Dividend during the F. Y. 2010-2011.
6. TRANSFER TO GENERAL RESERVE:
The company has proposed for transfer Rs 183.00 lacs to General Reserve
(p.y. Rs 171.00 lacs ) and with this the total amount standing in
General Reserve Account as on 31st March, 2011 comes to Rs 1917.80 lacs
(p.y. Rs 1734.80 lacs).
7. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
During the year under review the Company has transferred Rs 1.98 lacs
to Investor Education and Protection Fund (IEPF) pursuant to Section
205C of Companies Act, 1956 being the amount of Unpaid Dividend for the
financial year 2002-03.
8. PARTICULARS OF EMPLOYEES:
The personnel relations in the Company continued to be cordial and
peaceful. During the financial year the company did not have any
employee who was drawing remuneration required to be disclosed as per
section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 including any amendments
thereto.
9. INDUSTRIAL RELATIONS:
The Industrial Relations of the Company continued to be peaceful and
cordial.
10. SUBSIDIARY COMPANY:
The Company does not have any subsidiary Company.
11. FIXED DEPOSITS:
The Company has not accepted Fixed Deposits covered under Section 58A
of the Companies Act, 1956.
12. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
The information in accordance with the provisions of section 217(1)(e)
of the Companies Act, 1956, read with companies (Disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 regarding
conservation of energy, technology absorption and foreign exchange
earning and outgo are given in the Annexure-I forming part of this
report.
13. DIRECTORS:
During the f.y. 2010-11 Mr. Pankaj G. Rathod and Mr. Mahendra F.
Sundesha were appointed as an Additional Directors of the Company
w.e.f. 27th May, 2010 and Mr. Mahendra N. Patel was appointed as an
Additional Director of the Company w.e.f. 27th July, 2010. Director Mr.
Gulabchand P. Jain has resigned from Directorship w.e.f. 30th June,
2010. Pursuant to Article 124 of the Articles of Association of the
Company Directors Mr. Pankaj G. Rathod, Mr. S.M. Khinvesra and Mr.
Mahendra F. Sundesha are liable to retire by rotation and being
eligible offers themselves for re-appointment at the ensuing 23rd
Annual General Meeting of the Company.
14. CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
The Report on Corporate Governance and Management Discussion and
Analysis are annexed to this report as part of Annexure-II.
15. CERTIFICATE ON CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, certificate received from M/s HS Associates, Company
Secretaries, confirming compliance, is attached herewith.
16. CEO / CFO CERTIFICATION:
Certificate of CEO / CFO of the Company on financial statements, Cash
Flow for the financial year 2010-11 and certificate of CEO i.e.
Managing Director of the Company for compliance with Code of Conduct by
Board members and Senior Management personnel on an annual basis are
attached herewith.
17. AUDITORS:
M/s. Bharat P. Shah & Co. Chartered Accountants, Mumbai (FRN 109517W)
being the Statutory Auditors of the Company hold office until the
conclusion of the forthcoming 23rd Annual General Meeting of the
Company and is eligible for re-appointment. It is proposed by the Board
to re-appoint M/s Bharat P. Shah & Co., Chartered Accountants as
Statutory Auditors of the Company for Audit of f.y. 2011-12. The
Company has received certificate from the Statutory Auditors to the
effect that their appointment, if made, would be within the limits
prescribed under section 224(1B) of the Companies Act, 1956.
18. AUDITORS' REPORT:
The Auditors' Report to the shareholders did not contain any adverse or
qualification remarks.
19. COMMITTEES OF BOARD:
Board has constituted Committees pursuant to provisions of Companies
Act, 1956 and Listing Agreement with Stock Exchanges. Following
Committees are constituted by the Board.
Audit Committee, Shareholdersà / Investors' Grievance Committee and
Remuneration Committee. The composition and other details with respect
to Committees are explained under part Annexure-II i.e. details under
clause 49 of Listing Agreement with Stock Exchanges.
20. TRADING DEPOTS OF THE COMPANY:
The Company has its Trading Depots at Jodhpur, Punjab, Haryana, Vapi
and Hyderabad.
21. DIRECTORS' RESPONSIBILITY STATEMENT:
As required under section 217(2AA) of the Companies Act, 1956 it is
hereby confirm that:
(a) in the preparation of the annual accounts, the applicable
Accounting Standards have been followed, along with proper explanation
relating to material departures;
(b) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2011 and of the profit of
the Company for the year ended on that date;
(c) 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,
(d) that the directors had prepared the annual accounts on a "going
concern" basis.
22. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their grateful
appreciation and thanks for the excellent assistance and co-operation
received from all the stakeholders, various authorities and employees
of the company.
For and on behalf of the Board
Ghisulal D. Rathod
(Chairman)
27th May, 2011
Mumbai
Mar 31, 2010
The Directors have pleasure in presenting the 22nd Annual Report of
your Company together with the Audited Statement of Accounts for the
financial year ended on 31st March, 2010.
1. FINANCIAL RESULTS:
Particulars Year Ended Year Ended
March 31, 2010 March 31, 2009
(Rs. In Lacs) (Rs. In Lacs)
Sales (Including Processing
Charges, Net of Returns) 14202.23 10190.03
Other Income 28.60 27.41
Profit before Interest,
Depreciation & Tax 2569.79 1466.67
Interest 13.59 52.89
Depreciation 302.23 298.30
Profit Before Tax 2253.97 1115.48
Tax Expenses 552.6 315.20
Profit after Tax 1701.37 800.28
Short Provision for Taxation 0.18 -
Surplus available after
Adjustment 1701.19 800.28
Balance Brought Forward from
Previous Year 2655.33 2181.80
Surplus Available for
Appropriation 4356.51 2982
Less : Appropriations:
(i) Transfer to General Reserve 171.00 81.00
(ii) Proposed Dividend 240.07 210.06
(iii) Tax on Proposed Dividend 39.87 35.70
Surplus Carried to Balance Sheet 3905.57 2655.33
2. OPERATIONS:
The Company has reported excellent results in terms of both volume and
profitability. There was sharp lift in the financial parameters of the
Company.
During the year under review, the company has achieved turnover of Rs.
14202.23 lacs as compared to Rs. 10,190.03 lacs for the previous year,
indicating growth of 39.37 %.
Net Profit before tax is Rs. 2253.97 lacs for current year as compared
to Rs. 1115.48 lacs for previous year, indicating growth of 102.06 %.
3. CAPITAL EXPENDITURE:
During the year there was replacement of old machines and also sizeable
addition in the existing production capacities, resulting in much
better input / output ratios and betterment in product quality. Capital
Assets of worth Rs. 815.02 lacs were purchased during the year and the
assets of Rs. 151.82 lacs were sold during the year.
4. DIVIDEND:
It was really a cheerful announcement by the Board about the
recommendation of Dividend of Rs.4/- per Share i.e. 40% on face value
of Rs.10/- each (Previous year Rs.3.50 per share i.e. 35% on face value
of Rs.10/- each). With this we have pride to pronounce that the Company
has made an incredible record of regular payment of Dividend over the
past decade.
5. TRANSFER TO GENERAL RESERVE:
The Company has proposed to transfer Rs. 171 lacs to General Reserve
and amount of Rs. 1250.25 lacs is proposed to be retained in Profit and
Loss Account out of current yearÃs profit.
6. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
During the year under review the Company has transferred Rs. 1.82 lacs
to Investor Education and Protection Fund (IEPF) pursuant to Section
205C of Companies Act, 1 956. The said amount pertains to Unclaimed
dividend for the financial year 2001-02.
7. PARTICULARS OF EMPLOYEES:
The personnel relations in the Company continued to be cordial and
peaceful. During the financial year the company did not have any
employee who was drawing remuneration required to be disclosed as per
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975.
8. INDUSTRIAL RELATIONS:
The Industrial Relations continues to be peaceful and cordial.
9. SUBSIDIARY COMPANY:
The Company does not have any subsidiary company.
10. FIXED DEPOSITS:
The Company has not accepted Fixed Deposits covered under Section 58A
of the Companies Act, 1956.
11. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
The information in accordance with the provisions of section 21 7(1
)(e) of the Companies Act, 1956, read with Companies (Disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 regarding
conservation of energy, technology absorption and foreign exchange
earning and outgo is given in the Annexure-I forming part of this
report.
12. DIRECTORS:
Directors Mr. Ghisulal D. Rathod and Mr. Fatechand M. Shah are liable
to retire by rotation at the 22nd Annual General Meeting pursuant to
Article 124 of the CompanyÃs Articles of Association and being
eligible, offers themselves for re-appointment.
During the financial year 2009-2010 there was no change in Board of the
Company. Directors Mr. Pankaj G. Rathod and Mr. Mahendra F. Sundesha
were appointed by the Board as an Additional Directors of the Company
w.e.f. 27th May, 2010 and Mr. Mahendra N. Patel was appointed by the
Board as an Additional Director of the Company w.e.f. 27 July, 2010.
The candidature of all three Additional Director of the Company is
proposed by a member u/s 257 of Companies Act, 1956 for appointment as
Director of the Company at the ensuing 22nd Annual General Meeting. The
Director Mr. Gulabchand P. Jain has resigned w.e.f. 30 June, 2010.
13. CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT:
A report on Corporate Governance and Management Discussion and Analysis
Statement is annexed to this report as part of Annexure- II.
14. CERTIFICATE ON CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance Practices followed by the
Company together with the certificate received from M/s HS Associates,
Company Secretaries, confirming compliance, is set out in Annexure-II
forming part of this report.
15. CEO / CFO CERTIFICATION:
Certificate of CEO / CFO of the Company on financial statements, cash
flow statement for the financial year 2009-10 and certificate of CEO
i.e. Managing Director of the Company for compliance with code of
conduct by Board members and senior management personnel on annual
basis is annexed to this report as part of Annexure-II.
16. AUDITORS:
M/s. Bharat P. Shah & Co. Chartered Accountants, Mumbai being the
Statutory Auditors of the Company hold office until the conclusion of
the forthcoming 22 Annual General Meeting and is eligible for
re-appointment. It is proposed to reappoint M/s Bharat P. Shah & Co.
as Statutory Auditors of the Company. The Company has received
certificate from the Statutory Auditors to the effect that their
appointment, if made would be within the prescribed limits under
section 224(1 B) of the Companies Act, 1956.
17. AUDIORSÃ REPORT :
The Auditorsà Report to the shareholders does not contain any adverse
or qualification remarks.
18. COMMITTEES OF BOARD:
Board has constituted Committees pursuant to provisions of Companies
Act, 1956 and Listing Agreement with Stock Exchanges. Following
Committees are constituted by the Board.
Audit Committee, Shareholdersà / Investorsà Grievance Committee and
Remuneration Committee. The composition and other details with respect
to Committees are explained under part of Annexure-II i.e. details
under clause 49 of Listing Agreement with Stock Exchanges.
19. OPENING OF DEPOTS:
To raise the volume and to serve the distribution network, the Company
has in addition to its Depot at Jodhpur opened new Depots at Punjab,
Hyderabad and Vapi.
20. DIRECTORSÃ RESPONSIBILITY STATEMENT:
As required under section 217(2AA) of the Companies Act, 1956 it is
hereby confirm that:
(a) in the preparation of the annual accounts, the applicable
Accounting Standards have been followed, along with proper explanation
relating to material departures;
(b) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31 March, 2010 and of the profit
of the Company for the year ended on that date;
(c) 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, 1 956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(d) that the directors had prepared the annual accounts on a Ãgoing
concernà basis.
21. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their grateful
appreciation and thanks for the excellent assistance and co-operation
received from all the stakeholders, various authorities and employees
of the company.
For and on behalf of the Board
Date : 27 July,2010 Ghisulal D. Rathod
Place : Mumbai (Chairman)