Mar 31, 2018
We have pleasure in presenting 7''" Annual Report along with Audited Financial Statements of your Company for the year ended 31a March, 2018.
1. FINANCIAL RESULTS
(Rs. In Lakhs)
Particulars |
2017-18 |
2016-17 |
Change In (%) |
Revenue from Operations |
95,517.47 |
71,711.19 |
33.20 |
Profit before interest, depreciation &tax |
20,743.15 |
15,768.45 |
-- |
Less: - Finance Cost |
292.08 |
118.48 |
-- |
Profit before depreciation tax |
20451.07 |
15,649.97 |
30.60 |
Less: - Depreciation and Amortization expenses |
8,660.76 |
7,375.68 |
-- |
Profit before Tax |
11,790.31 |
8,274.29 |
42.49 |
Less:- Tax Expenses |
1,790.62 |
1,010.58 |
-- |
Profit after tax |
9,999.69 |
7,263.71 |
43.12 |
Add:-Total other Comprehensive Income for the period net of tax |
20.07 |
(35.36) |
-- |
Total Comprehensive Income for the Year |
10,019.76 |
7,228.35 |
44.10 |
2. DIVIDEND
Your Directors have recommended a dividend @ 5 % i.e. Rs. 0.50 per equity share of Rs. 10/- each for the financial year ended 31st March, 2018. The dividend payout shall be subject to approval of the members at the ensuing Annual General Meeting.
3. NEW FACILITY SET-UP
The Company has acquired land in the State of Odisha, Dist. Khurda, for setting up a new facility and groundbreaking ceremony of the new facility took place in the presence of Honorable Chief Minister of Odisha, Shri Naveen Patnaik.
4. ASSOCIATION WITH PARLE PRODUCTS PRIVATE LIMITED
During the year, the Company has entered into an association with Parle Products Private Limited and will have access to its outlets pan India. In this association, both companies will cross promote their brands and aims to achieve a significant market share in snacks/biscuits and the beverage industry.
5. INCREASE THE LIMIT OF FOREIGN INSTITUTIONAL INVESTORS (Fils)/FOREIGN PORTFOLIO INVESTORS (FPIs)
During the year, the Company has obtained the approval from the shareholders and Reserve Bank of India (RBI) in respect of increase in the limit of investment of FII/FPI from 24 % to49 % of paid up capital of the Company.
6. DEPOSIT
During the year, the Company has not accepted any deposit as contemplated in the Companies Act, 2013 and Rules framed there under.
7. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
Your Company does not have any Subsidiary, Joint Ventures or Associate Company during the financial year 2017-2018.
8. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN, INVESTMENTS MADE AND SECURITIES PROVIDED UNDER SECTION 186 OF THE COMPANIES ACT, 2013
During the year, the Company has neither given any Loan nor given guarantee or provided any security nor invested into any securities under section 186 of the Companies Act, 2013.
9. SHARE CAPITAL
A. Authorized Capital
During the year, the Authorized Share Capital of the Company increased to Rs. 115,00,00,000/- (One Hundred and Fifteen Crores Only) divided into 11,50,00,000 (Eleven Crores Fifty Lakhs Only) Equity Shares of Rs. 10/- each.
B. Issue of Equity Shares
During the year under the review, the paid up share capital of the Company got increased from Rs. 57,21,61,980 to Rs. 114,46,23,960/- on account of;-
i. Issue and allotment of 5,72,16,198 Equity Shares of Rs. 10 each in the ration of 1 :1 as Bonus Shares in compliance with the provisions of Companies Act, 2013 and SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009.
ii. Upon exercise of 30,000 Employees Stock Options under ESOP - 2014 and subsequently, the Company has issued and allotted 30,000 Equity shares of Rs. 10/- each to the eligible employees.
These shares have been issued majority in demat form and for which listing and trading permission from BSE Limited and National Stock Exchange of India Limited have been obtained by the Company.
C. Employee Stock Option Purchase
The details as per the requirement of Rules 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 are given below.
Sr. No. |
Particulars of ESOP |
No. of Shares/Amt. in Rs. |
1 |
Options Granted |
100,000 |
2 |
Options Vested |
100,000 |
3 |
Options exercised |
100,000 |
4 |
The total number of shares arising as a result of exercise of option |
100,000 |
5 |
Options lapsed |
Nil |
6 |
The exercise price |
20/- |
7 |
Variation of terms of options |
Nil |
8 |
Money realized by exercise of options |
20,00,000/- |
9 |
Total number of options in force |
Nil |
10 |
Employee-wise details of options granted to |
|
(i) Key Managerial Personnel - Mr. Paresh Thakkar* - Mr. Bhavesh Jingar |
2600 1000 |
|
(ii) Any other employee who receive a grant of options in any one year of option amounting to 5 % or more of option granted during that year - Mr. Vijay Panchal |
80,000 |
|
(iii) Identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding outstanding warrantsand conversion) of the Company at the time of grant. |
Nil |
*During the year, additional 600 options are allotted to Mr. Paresh Thakkar, Chief Financial Officer of the Company out of cancelled options.
10. BOARD MEETINGS
During the year, 06 (Six) Board Meetings were convened and held. The details of meetings and the attendance of the Directors are provided in the Corporate Governance Report.
Board Committees
Your Company has in place the committees as mandated under the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosures Requirements), Regulations, 2015. Currently there are six committees of the Board namely;
- Audit Committee
- Nomination and Remuneration Committee
- Stakeholderâs Grievance Committee
- Corporate Social Responsibility Committee
- Risk Management Committee
- Finance Committee.
Details of the committee, composition and meeting held during the year, are provided in the Corporate Governance Report, which forms part of this Report.
11. DIRECTORS
All Independent Directors have given their declarations confirming that they meet with the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013.
In accordance with the provisions of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Mr. Abhishek Singh, Whole Time Director of the Company retires by rotation and is eligible for re-appointment. However, his tenure as Whole Time Director shall continue without any break.
BOARD EVALUATION
The Nomination and Remuneration Committee of the Board constituted under Section 178 of the Companies Act, 2013 has been made responsible for carrying out evaluation of every Directorâs performance. The Board has evaluated its own performances and all individual Directors (i.e. both Independent and Non Independent) considering attendance, contribution at the meetings and otherwise, adherence of Code of Conduct and Business ethics, monitoring of regulatory compliances etc. All the Directors of the Company are found to be persons of having sound knowledge and vast experience in their respective areas and their association with the Company is considered to be beneficial to the Company.
12. DIRECTORâS RESPONSIBILITY STATEMENT
As required under the provisions of Section 134 (5) of the Companies Act, 2013, your directors report that:
a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) The directors had selected such accounting policies and applied them consistently and made judgement 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 and of the profit and loss of the Company for that period;
c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) The directors had prepared the annual accounts on a going concern basis;
e) The directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.
13. RISK MANAGEMENT
The Company has established Risk Management Policy. The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. The Company has also constituted Risk Management Committee to review risk. Underthis, risks are identified across all business processes of the Company on annual basis. Once identified, these risks are systematically categorized as strategic risks, business risks or reporting risks and the same is intimated to the concerned department for mitigating the risk.
14. SIGNIFICANT AND MATERIAL ORDER IMPACTING THE GOING CONCERN STATUS AND COMPANYâS OPERATIONS IN FUTURE
No Significant and Material order was passed by any authority during the year under review impacting the going concern status and Companyâs operation in future.
15. INTERNAL FINANCIAL CONTROLS
Your Company has adopted the standard procedures on Internal Financial Controls for ensuring the orderly conduct of its business including adherence to the Companyâs policies, the safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records with reference to the Financial Statements.
16. DISCLOSURE
We confirm that, during the financial year, the Company has complied with the applicable Secretarial Standards i.e. SS-1 & SS -2 issued by Institute of Company Secretaries of India.
17. REPORT ON CORPORATE GOVERNANCE
The Company has complied with the compliance of Corporate Governance as required under the Companies Act, 2013, and as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 report on Corporate Governance as âAnnexure -1â.
18. BUSINESS RESPONSIBILITY REPORT
The SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 mandates inclusion of the Business Responsibility Report (BRR) as part of the Annual Report for top 500 Listed companies based on market capitalization. Your Company being a part of top 500 Listed Companies based on Market Capitalization is subject to the Business Responsibility Report (BRR) and the same is attached as âAnnexure - 2â and forming part of this report.
19. DIVIDEND DISTRIBUTION POLICY
The Company is, in compliance with Regulation 43 (A) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 and has adopted the Dividend Distribution Policy. The same has been uploaded on the Companyâs Website and available at the link httD://manDasand.co.in/wD-content/uDloads/IR/Dividend-Distribution-Policv.Ddfand the said policy is attached as âAnnexure - 3" to this Report.
20. NOMINATIONS REMUNERATION POLICY
Nomination & Remuneration Policy is adopted by the Company in compliance with the Section 178 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 and the said policy is uploaded on the Company website at the link http://manpasand.co.in/wp-content/uploads/IR/Nomination-and-Remuneration-Policv.pdf and the same is attached as âAnnexure - 4" to this report.
21. CORPORATE SOCIAL RESPONSIBILITY (GSR)
As a part of CSR initiatives, the Company has undertaken CSR Projects and Programs, in compliance with Section 135 of the Companies Act 2013 and related rules made there under, the CSR Activities Report is attached as âAnnexure - 5". The policy of CSR is uploaded on website at the link http://manpasand.co.in/wp-content/uploads/IR/CSR-POLICYpdf.
Content of CSR Policy
In line with Section 135 and Schedule VII of the Companies Act, 2013, the Company has framed policy for CSR activities. Following are content of the CSR Policy;
1. Eradicating hunger and poverty and malnutrition, promoting health care and sanitation and making available safe drinking water;
2. Promotion of education, including special education and employment and employment enhancing vocation skills among children, women, elderly and the differently abled and livelihood enhancement projects;
3. Promoting gender equality and empowering women, setting up homes and hostels for women and orphans; setting up old age homes, day care centres and such other facilities for senior citizens and measures for reducing inequalities faced by socially and economically backward groups;
4. Ensuring environmental sustainability, ecological balance, protection of flora and fauna, animal welfare, agro forestry, conservation of natural resources and maintaining quality of soil, air and water;
5. Protection of national heritage, art and culture including restoration of building and sites of historical importance and works of art; setting up public libraries; promotion and development of traditional arts and handicrafts;
6. Measures for the benefits of armed forces veterans, war widows and their dependents
7. Training to promote rural sports, nationally recognized sports, Paralympics sports and Olympic sports.
8. Contribution to the Prime Ministerâs national Relief Fund or any other fund set up by the Central Government for Social-economic development and relief and welfare of the Scheduled Caste, the Schedules Tribes, other backward classes, Minorities and women.
9. Contributions or funds provided to technology incubators located within academic institutions which are approved by the Central Government.
10. Rural development projects,
11. Such other activities, programmes, acts, donations, projects etc. as per the direction of CSR Committee and as per the Schedule VII of the Companies Act, 2013 amended from time to time.
22. EXTRACT OF ANNUAL RETURN
The Extract of Annual Return in the prescribed format i .e. Form MGT-9 pursuant to the provisions of Section 92 of the Companies Act, 2013 read with its Rules 12 of the Companies (Management and Administration) Rules, 2014 is appended as âAnnexure - 6".
23. PERSONNEL Disclosure under Section 197 (12) and Rules5 of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014.
The information required to be disclosed in the Boardsâ Report pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are set out as âAnnexure-7â to this report.
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
Information in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo is given as âAnnexure - 8.â
25. PARTICULARS OF CONTRACTS ORARRANGEMENT WITH RELATED PARTY
Particulars of the contracts or arrangement with related parties referred into Section 188(1) of the Companies Act, 2013, in prescribed Form AOC -2 is attached as âAnnexure -9â.
26. AUDITORS
A. STATUTORY AUDITOR
During the current year, M/s. Deioitte Haskins & Sells, Chartered Accountants, Vadodara Statutory Auditor of the Company had tendered their resignation on May 26,2018 with immediate effect, as a result casual vacancy of Auditor has arisen.
In the case of casual vacancy, the Board has power to appoint Statutory Auditors of the Company. Hence, the Board at the recommendation of Audit Committee appointed M/s. Mehra Goel & Co., Chartered Accountants, New Delhi, (FRN 000517N) as Statutory Auditors of the Company subject to the approval of the Shareholders. The Company accordingly has sought approval of shareholders on July 6, 2018 through Postal Ballot and got the approval.
They have confirmed their eligibility under Section 139 of the Companies Act, 2013 and the Rules framed there under as Statutory Auditors of the Company.
There is no qualification or adverse remarks or disclaimers made by the auditors in their report on the financial statement of the Company for the financial year ended on 31st March, 2018.
B. INTERNAL AUDITORS
The Board of the Company has re-appointed M/s. Sharp & Tannan Associates, Chartered Accountant, Vadodara as Internal Auditors of the Company for the F.Y 2018-19.
C. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed Mr. Niraj Trivedi, Practicing Company Secretaries, Vadodara to undertake the Secretarial Audit of your Company for the financial year 2017-18. Mr. Niraj Trivedi, Practicing Company Secretary has submitted the Secretarial Audit Report dated June 27, 2018, confirming compliance with the applicable provisions of the Companies Act, 2013 and other applicable laws. The report in Form MR-3 is annexed herewith and marked as âAnnexure-10â to this Report. The observation made in Secretarial Audit Report is self- explanatory.
27. MATERIAL CHANGES
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relate and upto the date of this report.
28. REPORT ON THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT 2013.
In terms of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 we report that, during 2017-18, no complaint has been received under the said Act.
29. ACKNOWLEDGEMENT
We thank our customers, vendors, investors, bankers, dealers and other business partners for their continued support during the year. We also place on record our appreciation of the contribution made by our employees at all levels. Our growth was made possible by their hard work, cooperation and support.
We also thank the various Central and State Government Departments, Organizations and agencies for their support and look forward to their continued support in the future.
By order of the Board of Directors of
Manpasand Beverages Limited
Place:-Vadodara DhirendraSingh
Date:- June27,2018 Chairmans Managing Director
(DIN:-00626056)
Mar 31, 2017
Dear Members,
We are pleased to present 6th Annual Report along with Audited Financial Statements for the year ended 31st March,2017.
1. FINANCIAL RESULTS
Particulars (As per IND AS) |
2016-17 Rs,. In Lakhs |
2015-16 Rs,. In Lakhs |
Change in (%) |
Revenue from Operations |
71,711.19 |
53,200.40 |
34.79 |
Profit before interest, depreciation & tax |
15,768.45 |
11,945.15 |
- |
Less : - Finance Cost |
118.48 |
571.57 |
- |
Profit before depreciation & tax |
15,649.97 |
11,373.58 |
37.60 |
Less: - Depreciation and Amortization expenses |
7,375.68 |
5,705.12 |
- |
Profit before Tax |
8,274.29 |
5,668.46 |
45.97 |
Less:- Tax Expenses |
1,010.58 |
618.55 |
- |
Profit after tax |
7,263.71 |
5,049.91 |
43.84 |
Add :- Total other Comprehensive Income for the period net of tax |
(35.36) |
(1.12) |
- |
Total Comprehensive Income for the Year |
7,228.35 |
5,048.79 |
43.17 |
2. DIVIDEND
Your Directors have recommended a dividend @ 10% i.e. '' 1 per equity share of '' 10/- each for the financial year ended 31st March, 2017. The dividend payout shall be subject to approval of the members at the ensuing Annual General Meeting.
3. NEW PRODUCT LAUNCHED
JeeraSip:- Jeera (cumin) is known for its unique flavor and is synonymous with Indian cuisine. âJeera Sipâ is our take on the age old traditional recipe with an innovative approach. While keeping the traditional drink''s taste and authenticity intact, we have added real fruit and fizz in it to give it a modern twist.
4. NEW PLANTS SET-UP
The Company has acquired lands and started construction of new manufacturing plants in three (03) different locations as mentioned below;
1. Vadodara Unit - III
Plot No. 1769, Manjusar Village, Savli Road, Vadodara - 391776, Vadodara, Gujarat.
2. Varanasi Unit - II
Plot No. G-1 & G-2, Karkhiyaon Industrial Area, UPSIDC, Varanasi, Uttar Pradesh.
3. Sri City
2755, Peepul Boulevard, Sri City, Cherivi Village, Sathyavedu Mandal, Chittoor District, Andhara Pradesh - 517588.
5. BRAND AMBASSADOR FOR âFRUITS UP"
During the year, Company has signed, one more Bollywood youth Icon âTaapsee Pannuâ as Brand Ambassador for it''s Brand âFruits Upâ.
6. SHIFTING OF REGISTERED OFFICE
The Company at its Board Meeting held on 03rd February, 2017 has shifted its registered office from E -62, Manjusar GIDC, Savli Road, Vadodara -391775, Gujarat to 1768 & 1774/1, Manjusar Village, Savli Road, Vadodara - 391775, Gujarat, which is within the same local limit of village Savli, Vadodara, Gujarat.
7. DEPOSIT
During the year, the Company has not accepted any deposit as contemplated in the Companies Act, 2013 and Rules framed there under.
8. SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES
Your Company does not have any Subsidiary, Joint Ventures or Associate Company as on 31st March, 2017.
9. PARTICULARS OF LOANS GIVEN, GUARANTEES GIVEN, INVESTMENTS MADE AND SECURITIES PROVIDED UNDER SECTION 186 OF THE COMPANIES ACT, 2013
During the year, the Company has not given any loan or given guarantee or provided any security nor invested into any securities under section 186 of the Companies Act, 2013.
10. SHARE CAPITAL
A. Authorized Capital
During the year, the Authorized Capital of the Company got increased to Rs, 65,00,00,000/- (Sixty Five Crores Only) divided into Rs, 6,50,00,000 (Six Crores Fifty Lakhs Only) Equity Shares of Rs,10/- each.
B. Issue of Equity Shares
During the year under the review, the Paid up share capital of the Company has been increased from Rs, 50,05,40,000/- to Rs, 57,21,61,980/due to following;-
i. Exercise of 70,000 Employees Stock Options under ESOP -2014 and subsequently, the Company has issued and allotted 70,000 Equity shares of Rs,. 10/- each to the eligible employees and;
ii. Allotment of 70,92,198 Equity Shares of Rs,. 10/- each with a premium of Rs,. 695.00/- aggregating to Rs,. 500.00/- crores as Qualified Institutional Placement (QIP) in compliance with the requirement of the Companies Act, 2013, read with Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.These shares have been issued in demat form and the listing and trading permission from BSE Limited and National Stock Exchange of India Limited has been obtained by the Company.
C. Employee Stock Option Purchase
The details as per the requirement of Rules 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 are given below;
Sr. No. |
Particulars of ESOP |
No. of Shares/ Amt. in Rs,. |
1 |
Options Granted |
100,000 |
2 |
Options Vested |
70,000 |
3 |
Options exercised |
70,000 |
4 |
The total number of shares arising as a result of exercise of option |
70,000 |
5 |
Options lapsed |
Nil |
6 |
The exercise price |
20/- |
7 |
Variation of terms of options |
Nil |
8 |
Money realized by exercise of options |
1,40,000/- |
9 |
Total number of options in force |
Nil |
10 |
Employee-wise details of options granted to- |
|
(i) Key Managerial Personnel; - Mr. Paresh Thakkar - Mr. Bhavesh Jingar |
2000 1000 |
|
(ii) Any other employee who receive a grant of options in any one year of option amounting to 5 % or more of option granted during that year - Mr. Vijay Panchal |
80,000 |
|
(iii) Identified employees who were granted option, during any one year, equal to or exceeding 1 % of the issued capital (excluding outstanding warrants and conversion) of the Company at the time of grant. |
Nil |
11. BOARD MEETINGS
During the year, 07 (Seven) Board Meetings were convened and held. The details of such Board Meetings have been provided in the Corporate Governance Report.
12. DIRECTORS
All Independent Directors have given their declarations confirming that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013.
During the year, Mr. Dharmendra Singh, Whole Time Director and Mr. Sitansh Magia, Independent Director of the Company have tendered their resignation w.e.f. 31st May, 2016, due to their other pre-occupation.
In accordance with the provisions of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Mr. Dhirendra Singh, Managing Director of the Company retires by rotation and is eligible for re-appointment. However, his tenure as Managing Director shall continue without any break.
BOARD EVALUATION
The Nomination and Remuneration Committee of the Board constituted under Section 178 of the Companies Act, 2013 has been made responsible for carrying out evaluation of every Director''s performance. The Board has evaluated its own performances, its committees and all individual Directors i.e. both Independent and Non Independent considering attendance, contribution at the Meetings and otherwise, adherence of Code of Conduct and Business ethics, monitoring of regulatory compliances etc. All the Directors of the Company are found to be persons of having sound knowledge and vast experience in their respective areas and their association with the Company is considered to be beneficial to the Company.
REMUNERATION POLICY
In accordance with the provisions of Section 178 of the Companies Act, 2013 read with rules made there under and SEBI (LODR) Regulation, 2015, the Company''s policy on Nomination and Remuneration of Directors, KMPs and Senior Management is uploaded on the Company''s website i.e.
http://manpasand.co.in/wp-content/uploads/2016/04/Nomination-and-Remuneration-Policy.pdf
13. DIRECTORâS RESPONSIBILITY STATEMENT
As required under the provisions of Section 134 (5) of the Companies Act, 2013, your directors report that:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any ;
b) the directors had selected such accounting policies and applied them consistently and made judgment and estimates that the reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year ended on that year ;
c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
d) the directors had prepared the annual accounts on a going concern basis;
e) the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
f) the directors had devised proper systems to ensure compliance with the provision of all applicable laws were in place and were adequate and operating effectively.
14. RISK MANAGEMENT
The Company has established Risk Management Policy. The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. The Company has also constituted Risk Management Committee to review and monitor the implementation of the Risk Management Plan. Under this, risks are identified across all business processes of the Company on annual basis. Once identified, these risks are systematically categorized as strategic risks, business risks or reporting risks and the same is intimated to the concern department for mitigating the risk.
15. SIGNIFICANT AND MATERIAL ORDER IMPACTING THE GOING CONCERN STATUS AND COMPANYâS OPERATIONS IN FUTURE
No Significant and Material order was passed by any authority during the year under review impacting the going concern status and Company''s operation in future.
16. INTERNAL FINANCIAL CONTROLS
Your Company has adopted the policy and procedures on Internal Financial Controls for ensuring the orderly conduct of its business including adherence to the Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records with reference to the Financial Statements.
17. REPORT ON CORPORATE GOVERNANCE
The Company has complied with the compliance of Corporate Governance as required under the Companies Act, 2013, and as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 report on Corporate Governance as âAnnexure - 1â.
18. BUSINESS RESPONSIBILITY REPORT
The SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 mandates inclusion of the Business Responsibility Report (BRR) as part of the Annual Report for top 500 Listed companies based on market capitalization. Your Company is a part of top 500 Listed Companies based on Market Capitalization. In compliance with the requirements, the Business Responsibility Report (BRR) is attached as âAnnexure - 2â.
19. CORPORATE SOCIAL RESPONSIBILITY (CSR)
As a part of CSR initiatives, the Company has undertaken CSR Projects and Programs, in compliance with Section 135 of the Companies Act 2013 and related rules made there under, the CSR Activities Report is attached as âAnnexure - 3".
20. EXTRACT OF ANNUAL RETURN
The extract of Annual Return in Form MGT-9 pursuant to the provisions of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as âAnnexure-4â and forming part of this Report.
21. PERSONNEL
Disclosure under Section 197 (12) and Rules 5 of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014, the information required to be disclosed in the Boards'' Report pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are set out as âAnnexure - 5â to this report.
22. AUDITORS
A. STATUTORY AUDITOR
In terms of Section 139 of the Companies Act, 2013 and the rules made there under, M/s Deloitte Haskins & Sells, Chartered Accountants, Vadodara were appointed as Statutory Auditor of the Company till conclusion of 09th Annual General Meeting of the Company, subject to ratification by the members of the Company at every Annual General Meeting.
They have confirmed their eligibility under Section 139 of the Companies Act, 2013 and the Rules framed there under as Statutory Auditors of the Company.
There is no qualification or adverse remarks or disclaimers made by the auditors in their report on the financial statement of the Company for the financial year ended 31st March, 2017.
B. INTERNAL AUDITORS
The Board of the Company has retained M/s. Sharp & Tannan Associates, Chartered Accountant, Vadodara as Internal Auditors of the Company.
C. SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors appointed Mr. Niraj Trivedi, Practicing Company Secretaries, Vadodara to undertake the Secretarial Audit of your Company for the financial year 2016-17. Mr. Niraj Trivedi, Practicing Company Secretary, has submitted the Secretarial Audit Report dated 13th June, 2017 confirming compliance with the applicable provisions of the Companies Act, 2013 and other applicable laws. The report in Form MR-3 is annexed herewith and marked as âAnnexure- 6â to this Report.
As regards, the observations made in Secretarial Audit Report the shortfall in spending on CSR activities, necessary explanation for the same is also given in Annual Report on CSR Activities.
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
Information in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo is given as âAnnexure - 7â.
24. PARTICULARS OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTY
Particulars of the contracts or arrangement with related parties referred into Section 188 (1) of the Companies Act, 2013, in prescribed Form AOC -2 is attached as âAnnexure - 8â.
25. MATERIAL CHANGES
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statement relate and up to the date of this report.
26. REPORT ON THE SEXUAL HARRESSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSEL) ACT 2013.
In terms of Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressel) Act 2013 we report that, during 2016-17, no complaint has been received under the said Act.
27. ACKNOWLEDGEMENT
The Directors take this opportunity to express their deep sense of gratitude to the Banks & Government authorities for their support.
Board would also like to place on record sincere thanks for the commitment, dedication and hard work put in by every member of Manpasand Family.
The Directors also gratefully acknowledge all stakeholders of the Company viz., Customers, Members, Dealers, Vendors, Banks and other Business partners for their continuous support received during the year.
By order of the Board of Directors of Manpasand Beverages Limited
Place:- Vadodara Dhirendra Singh
Date:- 13.06.2017 Chairman & Managing Director
(DIN:- 00626056)
Mar 31, 2016
Dear Members,
The are pleased to present the 5th Annual Report along with Audited Financial Statements for the year ended 31st March, 2016.
1. FINANCIAL RESULTS
Particulars 2015-16 2014-15 Change in
Rs. In Lacs Rs. In Lacs (%)
Sales (net of excise duty) 55,670.89 35,974.87 54.75
Profit before interest,
depreciation & tax 11,954.14 6,451.95 -
Less : Finance Cost 571.57 1,064.76 -
Profit before depreciation
& tax 11,382.89 5,387.19 111.26
Less : Depreciation and
Amortisation expenses 5,708.57 2,052.90 -
Profit before Tax 5,674.32 3,334.29 70.19
Less : Tax Expenses 618.17 339.76 -
Profit after tax 5,056.17 2,994.53 68.80
Add : Balance as per the
last Financial Statements 6,793.43 4,387.77 -
Profit available for
appropriation 11,849.60 7,382.30 60.51
Appropriation
Interim Dividend on
Equity Shares 500.54 500.54 -
Dividend Distribution Tax 115.47 88.33 -
Total 616.01 588.87 -
Balance carried forward to
Balance Sheet 11,233.59 6,793.43 65.36
2. PERFORMANCE REVIEW
During the year under review, your Company has achieved gross revenue of Rs.55,670.89 Lacs as against Rs.35,974.87 Lacs in the previous year.
The profit before interest, depreciation and tax amounted to Rs.11,954.14 Lacs as against Rs.6,451.95 Lacs in the previous year.
Profit before tax during year worked out to Rs.5,674.32 Lacs as against to Rs.3,334.29 Lacs in the previous year, while Profit after tax derived to Rs.5,056.17 Lacs compared to Rs.2,994.53 Lacs in the previous year.
3. DIVIDEND
During the year, the Company had declared and paid an interim dividend at 10 % i.e. (Rs.1 per share). The total outgo for such dividend is Rs.616.01 Lacs including dividend distribution tax Rs.115.47 Lacs.
With a view to conserve resources for the future expansion plans, directors have not recommend any further dividend and hence the interim dividend would be the final dividend.
4. DEPOSIT
During the year, the Company has not accepted any deposit as provided in the Companies Act, 2013 and Rules framed thereunder.
5. REPORT ON CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION ANALYSIS
The Company has complied with the compliance of Corporate Governance required under the Companies Act, 2013, and as stipulated under the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The said reports are attached at "Annexure - 1 & 2 respectively."
6. NEW PLANT SET-UP
During the year, the Company is in process of setting up a new manufacturing facility at SAHA Industrial Estate of HSIIDC, Ambala, Haryana.
7. POLICIES
The SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain polices for all listed companies. All such polices are available on the website as per details mentioned below;
Name of the Policy Web link
Whistle blower Policy/
Vigil Mechanism http://manpasand.co.in/wp-content/uploads/
2015/07/Whistle-blower-Policy.pdf
Nomination and
Remuneration Policy http://manpasand.co.in/wp-content/uploads/
2016/04/Nomination-and-Remuneration-Policy.pdf
Corporate Social
Responsibility Policy http://manpasand.co.in/wp-content/uploads/
2015/07/CSR-POLICY pdf
The requisite details i.e. Annual Report on
CSR Activities pursuant to Section 134 of
the Act, 2013 read with its Rules framed
thereunder is attached at "Annexure - 3"
Related Party Transaction
Policy http://manpasand.co.in/wp-content/uploads/
2016/02/Related-Party-Transaction-Policy.pdf
Policy on Determination
of http://manpasand.co.in/wp-content/uploads/201
6/02/Policy-on-Determination-of-Materiality-of
Materiality of Events -Events.pdf
Policy on Preservation
of Documents http://manpasand.co.in/wp-content/uploads/
2016/02/Policy-on-preservation-of-documents.
pdf
8. LISTING AGREEMENT
The SEBI on 02.09.2015, issued SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 and the said regulations were effective from December 1, 2015. Accordingly, all listed companies are required to enter into the Listing Agreement. The Company in compliance of the said regulation has entered into Listing Agreement with BSE Limited and National Stock Exchange of India Limited within the stipulated time.
9. SUBSIDIARY OR ASSOCIATE COMPANIES
The Company does not have any subsidiary or associate Company.
10. SHARE CAPITAL
A. Issue of Equity Shares
During the year, the Company has, successfully completed its Initial Public Offer (IPO) and has issued and allotted 12,500,000 equity shares of Rs.10 each with a premium of Rs.310 aggregating to Rs.400.00 crores in compliance with the requirement of the Companies Act, 2013, and the rules framed thereunder and SEBI (ICDR) Regulations.
B. Employee Stock Option Purchase
The Company has granted 100,000 Shares to the Employees of the Company under ESOP -2014. The details as per the requirement of Rules 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 are given below.
Sr.
No. Particulars of ESOP No. of Shares/
Amt. in Rs.
1 Options granted 100,000
2 Options vested 70,000
3 Options exercised Nil
4 The total number of shares arising as a
result of exercise of option Nil
5 Options lapsed Nil
6 The exercise price 20/-
7 Variation of terms of options Nil
8 Money realised by exercise of options Nil
9 Total number of options in force 70,000
10 Employee-wise details of options granted to :
(i) Key Managerial Personnel;
- Mr. Paresh Thakkar 2000
- Mr. Bhavesh Jingar 1000
(ii) Any other employee who receives a grant of
options in any one year of option amounting to
5 % or more of option granted during that year
- Mr. Vijay Panchal 80,000
(iii) Identified employees who were granted
option, during any one year, equal to or
exceeding 1 % of the issued capital (excluding
outstanding warrants and conversion) of the
Company at the time of grant. Nil
11. BOARD MEETINGS
During the year, 09 (Nine) Board Meetings were convened and held. The details of such Board Meetings have been provided in the Corporate Governance Report.
12. RISK MANAGEMENT
The Company has established a risk management plan. The Company has also constituted Risk Management Committee to review and monitor the
implementation of the risk management plan. Under this, risks are identified across all business processes of the Company on continuous basis. Once identified, these risks are systematically categorised as strategic risks, business risks or reporting risks and the same is intimated to the concern department for mitigating the risk.
13. SIGNIFICANT AND MATERIAL ORDER IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE
No significant and material order was passed by any authority during the year under review impacting the going concern status and company''s operation in future.
14. INTERNAL FINANCIAL CONTROLS
The Company has adopted the policy and procedures on Internal Financial Controls for ensuring the orderly and efficient conduct of its business including adherence to the company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable financial information system with reference to the Financial Statements
15. DIRECTORS
All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act,2013.
During the year, Mr. Dhruv Agrawal as Professional Director and Mr. Sitansh Magia as Independent Director were appointed with the approval of
shareholders.
In accordance with the provisions of the Companies Act, 2013 and in terms of the Memorandum and Articles of Association of the Company, Mr. Dhruv
Agrawal, Professional Director and Mr. Vishal Sood, Director of the company retire by rotation and are eligible for re-appointment.
Mr. Dharmendra Singh, Whole Time Director and Mr. Sitansh Magia, Independent Director of the company have tendered their resignation
w.e.f. 31st May, 2016.
BOARD EVALUATION
The Nomination and Remuneration Committee of the Board has devised criteria for evaluation of the performance of Directors. The Board has evaluated its own performances and that of its committees and all individual directors i.e. both Independent and Non Independent considering attendance, contribution at the meetings and otherwise, adherence of Code of Conduct and Business ethics, monitoring of regulatory compliances etc. All the directors of the Company are found to be persons having knowledge and experience in their respective area and their association with the Company is considered to be beneficial to the Company.
16. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form "MGT-9" is attached herewith at "Annexure - 4".
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year, the Company has not given any loan or guarantee or provided any security and invested into any securities.
18. DIRECTOR''S RESPONSIBILITY STATEMENT
As required under the provisions of Section 134 (5) of the Companies Act, 2013, your directors report that :
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any
b) the Directors had selected such accounting policies and applied them consistently and made judgement 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 and of the profit of the company for the year ended on that period
c) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
d) the Directors had prepared the accounts on a going concern basis
e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively
f) the Directors had devised proper systems to ensure compliance with the provision of all applicable laws were in place and were adequate and
operating effectively
19. PERSONNEL
A. Disclosure under Section 197 (12) and rule 5 of the Companies (Appointment and Remuneration of Managerial personnel) Rules,
2014.
The requisite details relating to ratio of remuneration, percentage increase in remuneration etc. as stipulated under the above rules are annexed at "Annexure - 5" to this report.
B. Statement of Particulars of Employees Pursuant to Rule 5 (2) Companies (Appointment And Remuneration of Managerial
Personnel) Rules, 2014
(I) Names of employees employed throughout the year and were in receipt of remuneration of not less than Rs.1.02 Cr. per annum- None.
(ii) Names of employees employed for part of the year and were in receipt of remuneration of not less than Rs.8.50 Lacs per month - None.
(iii) The Percentage of equity shares held by the employee in the company within the meaning of clause (iii) of sub rule (2) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014- Not Applicable
Note:
None of the Company''s employees is related to any directors of the company except Mr. Dhirendra Singh (Chairman & Managing Director), Mr. Abhishek Singh (Whole Time Director) and Mr. Dharmendra Singh (Whole Time Director), who are related to each other.
20. AUDITORS
A. STATUTORY AUDITOR
The Company''s Auditors, M/s. Deloitte Haskin & Sells, Chartered Accountants, Vadodara who retire at the ensuring Annual General Meeting of the Company are eligible for re-appointment. They have confirmed their eligibility under Section 139 of the Companies Act, 2013 and the Rules framed thereunder for re-appointment as Statutory Auditors of the Company.
There is no qualification or adverse remarks or disclaimers made by the auditors in their report on the financial statement of the company for the financial year ended 31st March, 2016.
B. INTERNAL AUDITORS
The Board of the Company has appointed M/s. Sharp & Tannan Associates, Chartered Accountant, Vadodara as Internal Auditors of the Company.
C. SECRETARIAL AUDIT
The Company has appointed M/s. Niraj Trivedi, Practising Company Secretaries, Vadodara for Secretarial Audit purpose. The Report of the Secretarial Audit Report is attached at "Annexure -6".
As regards, the observation made in secretarial audit report the shortfall in spending on CSR activities, necessary explanation for the same is also given in Annual Report on CSR Activities.
21. PARTICULARS OF CONTRACTS OR ARRANGEMENT
During the year, the company has not entered into any contract or arrangement which falls under Section 188 (1) of the Companies Act, 2013.
22. MATERIAL CHANGES
No material changes and commitments affecting the financial position of the company occurred between the end of the financial year to which this
financial statement relate and the date of the report
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO
Information in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo is given at "Annexure - 7."
24. REPORT ON THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSEL) ACT 2013.
In terms of section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressel) Act 2013 we report that, during 2015-16, no case has been filed under the said act.
25. ACKNOWLEDGMENT
The Directors take this opportunity to express their deep sense of gratitude to the Banks & Government authorities for their support.
Board would also like to place on record their sincere thanks for the commitment, dedication and hard work put in by every member of the Manpasand Family.
The Directors also gratefully acknowledge all stakeholders of the company viz., Customers, Members, Dealers, Vendors, Banks and other Business Partners for their continuous trust and support given during the year.
By order of the Board of Directors of
Manpasand Beverages Limited
Place : Vadodara Dhirendra Singh
Date : 20th July, 2016 Chairman & Managing Director
(DIN:- 00626056)
Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the FOURTH Annual Report
along with audited financial statement for the year ended 31st March,
2015.
1. FINANCIAL RESULTS
Particulars 2014-15 2013-14
Rs. in Lacs Rs. in Lacs
Revenue from operation (Net) and other 36,016.04 29,435.86
income
Profit Before Tax (PBT) 3,334.29 2,314.80
Provision for Tax 339.76 264.84
Profit After Tax (PAT) 2,994.53 2,049.96
Balance brought forward from 4,387.77 2,582.27
previous year
Profit available for Appropriations 2,994.53 2,049.96
Appropriation :
Proposed Final Equity Dividend 500.54 34.00
Distribution Tax on Dividend 88.33 5.46
2. DIVIDEND
Your directors are pleased to recommend a dividend of Rs. 1 per equity
shares of Rs. 10/- each. The total outgo for the current year amount is
Rs. 588.87 Lacs, including dividend distribution tax of Rs. 88.33 Lacs.
3. DEPOSIT
During the year, the Company has not accepted any deposit as provided
in the Companies Act, 2013 and Rules framed thereunder.
4. REPORT ON CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION ANALYSIS
Your Company''s equity shares have been listed on National Stock
Exchange of India Limited and BSE Limited with effect from 09th July,
2015. Though it being non mandatory for the year under review, the
Company, to demonstrate its commitment to highest principles of
governance has decided to adopt the same as the part of Boards'' Report.
The same are attached at "Annexure - 1 & 2 respectively."
5. CHANGE OF NAME
During the year, the Company has changed its name from "Manpasand
Beverages Private Limited" to "Manpasand Beverages Limited" by
complying the requirements of the Companies Act, 2013 and Rules framed
thereunder.
6. NEW PLANT SET-UP
Vadodara Facility -2
The Company has set-up new plant facility at R.S.No. 1768,1774/1,
Village Manjusar, Savli Road, Tal. Savli, Dist. Vadodara- 391775. The
Commercial production has been commenced at this facility from the
month of April, 2015.
Haryana Facility
The Company is setting-up one more new manufacturing facility at SAHA
Industrial Estate of HSIIDC, Haryana to meet the demand of products at
Haryana and nearby states. During the year, the Company has got land
allotment approval from HSIIDC.
7. NEW PRODUCTS
Fruits Up:
During the year, the Company has launched new product under the Brand
"FRUITS UP". Under the FRUITS UP brand, we offer differentiated
Carbonated Fruit Drinks with real fruit content and Fruit Drink with
relatively higher fruit content of pulp. Carbonated Fruits Drinks is
presently available in grape, orange and lemon flavours while Fruit
Drinks is presently available in mango, apple, guava, lichi, orange and
mixed fruits flavours.
Manpasand ORS
The Company has also lunched another new brand product "MANPASAND ORS".
Manpasand ORS consists of rehydration Salts and Fruits Contents. It is
available in two flavours apple and orange.
8. POLICIES
i. CORPORATE SOCIAL RESPONSIBILITY POLICY
During the year, the Company has adopted Corporate Social
Responsibility (CSR) Policy in Compliance with provision of Section 135
read with Schedule VII of the Companies Act, 2013. The CSR Policy is
available on web-link : http://manpasand.co.in/wp-content/
uploads/2015/ 07/ CSR-POLICY.pdf.
The requisite details i.e Annual Report on CSR Activities pursuant to
Section 135 of the Act, 2013 read with its Rules is attached at
"Annexure - 3".
ii. NOMINATION AND REMUNERATION POLICY
The Company, is in compliance with the Section 178 of the Companies
Act, 2013 and Listing Agreements, has adopted "Nomination and
Remuneration Policy" for various matters in respect of Directors, Key
Managerial and Senior Level Personnel. The policy is attached at
"Annexure - 4."
iii. WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower policy to establish a vigil
mechanism for Directors and Employees of the Company to report concern
about unethical behavior, actual or suspected fraud or violation of the
company''s Code of Conduct. The policy is attached at "Annexure -5."
9. SUBSIDIARY/ASSOCIATE COMPANIES
The Company does not have any subsidiary/associate Company.
10. SHARE CAPITAL
A. Issue of Equity Shares and Compulsorily Convertible Preference
Shares(CCPs)
During the year, the Company has issued and allotted following Shares
to the members in compliance with the requirement of the Companies Act,
2013 and the rules frame thereunder.
Equity Compulsorily Face
Date of Allotment Shares Convertible Value
Preference Shares (Amt. in
(CCPs) Rs.)
18th June, 2014 - 2,18,600 10
(Private Placement)
14th August, 2014 112,500 - 10
(Private Placement)
14th August, 2014 23,740,200 10,058,400 10
(Bonus Issue)
Date of Allotment Premium Total
Amount Amount
(Amt. in (Amt. in
Rs.) Rs.)
18th June, 2014
(Private Placement) 2048.55444 45.00 Crs.
14th August, 2014
(Private Placement) 2323.33 26.25 Crs.
14th August, 2014
(Bonus Issue) Nil Nil
B. Employee Stock Option Purchase
During the year, the Company has introduced Employee Stock Option
Purchase (ESOP) 2014 with the approval of the Shareholders. The Company
has granted 100,000 Shares to the employees of the Company. The details
as per the requirement of Rules 12(9) of the Companies (Share Capital
and Debentures) Rules, 2014 are given below.
Sr. No. Particulars of ESOP
1 Options Granted 100000
2 Options Vested # Nil
3 Options exercised Nil
4 The total number of shares arising as a Nil
result of exercise of option
5 Options lapsed Nil
6 The exercise price 20/-
7 Variation of terms of options Nil
8 Money realized by exercise of options Nil
9 Total number of options in force Nil
10 Employee-wise details of options granted to-
(i) Key Managerial Personnel;
- Mr. Paresh Thakkar 2000
(ii) Any other employee who receive a grant of options
in any one year of option amounting to 5 % or more of
option granted during that year
- Mr. Vijay Panchal 80,000
(iii) Identified employees who were granted
option, during any one year,equal to or exceeding
1% of the issued capital (excluding
outstanding warrants and conversion) of the
Company at the time of grant. Nil
# Vesting period for the ESOP 2014 Scheme as approved by the
Shareholders is minimum period of one year between the grant of options
and vesting options.
C. Conversion of Preference Shares into Equity Shares.
The Company, during the year, has obtained the approval of members for
conversion of Compulsorily Convertible Preference Shares (CCPs) into
Equity Shares at the ratio of 1:1. The Company has converted 11,176,000
CCPs into equity shares.
D. Initial Public Offer ("IPO").
During the current year, your company had successfully completed its
Initial Public Offer ("IPO") and through this IPO has allotted
12,500,000 Equity Shares of Rs.10/- each at a premium of Rs.310/- per
shares. After the allotment, the share capital of the Company is Rs.
500.54 Lacs.
The Management is thankful to the Investors who have reposed a faith in
the Company.
11. BOARD MEETINGS AND COMMITTEE CONSTITUTION.
A. Board Meetings.
During the year, 11 (eleven) Board Meetings were convened and held. The
details of such Board Meetings have been provided in the Corporate
Governance Report.
B. Constitution of Various Committees.
During the year, in compliance with the Companies Act, 2013 read with
Listing Agreements, the Company has constituted following Committees
namely;
I. Audit Committee
II. Nomination and Remuneration Committee
III. Stakeholders Committee
IV. Corporate Social Responsibility Committee
V. Risk Management Committee
The details regarding Chairman, Member, attendance etc. of the said
committees provided at report on Corporate Governance.
12. RISK MANAGEMENT
The Company has established risk management plan. The Company has also
constituted Risk Management Committee to review and monitor the
implementation of the Risk Management Plan. Under this, risks are
identified across all business processes of the Company on continuous
basis. Once identified, these risks are systematically categorized as
strategic risks, business risks or reporting risks and the same is
intimated to the concern department for mitigating the risk.
13. SIGNIFICANT AND MATERIAL ORDER IMPACTING THE GOING CONCERN STATUS
AND COMPANY''S OPERATIONS IN FUTURE
No Significant and Material order was passed by any authority during
the year under review impacting the going concern status and company''s
operation in future.
14. INTERNAL FINANCIAL CONTROLS
The Company has adequate internal financial control system with
reference to the Financial Statements.
15. DIRECTORS
During the year, Mr. Satyendra Singh has resigned from the post of
Directorship. The Board has placed on record appreciation for the
contribution made by him during his tenure as director.
All Independent Directors have given declarations that they meet the
criteria of Independence as laid down under Section 149(6) of the
Companies Act, 2013.
In accordance with the provisions of the Companies Act, 2013 and in
terms of the Memorandum and Articles of Association of the Company, Mr.
Dhirendra Singh and Mr. Abhishek Singh retire by rotation and are
eligible for re-appointment. Their Re-appointment as director shall not
be deemed to constitute a break in their appointment as MD/WTD.
During the year, the Company, with the consent of the shareholders, has
appointed Mr. Milind Babar, Mr. Chirag Doshi and Ms. Bharti Naik as
Independent Directors of the Company. Further at the Board Meeting held
on 01st May, 2015, the Board has appointed Mr. Dhruv Agarwal and Mr.
Sitansh Magia as Additional Directors of the Company w.e.f. 01st May,
2015.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 the Board has
carried out an evaluation of its own performance, the directors
individually as well as the evaluation of the working of its Audit,
Appointment & Remuneration Committees.
A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the
Board'' functioning such as adequacy of the composition of the Board and
its Committees, Board culture, execution and performance of specific
duties, obligations and governance.
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,
independence of judgement, safeguarding the interest of the Company and
its minority shareholders etc. 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 who also
reviewed the performance of the Secretarial Department.
The Directors expressed their satisfaction with the evaluation process
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTOR
The Company has conducted the familiarization program for Independent
Directors appointed during the year. The program aims to provide
insights into the company to enable the independent director to
understand its business in depth, to familiarize them with the process,
business and functionaries of the company and to assist them in
performing their role as independent director of the Company.
16. EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
"MGT-9" is attached herewith at "Annexure -6".
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year, the company neither given any loan, provide security
nor invested into any security. As on 31st March, 2015 the total
investment is Rs. 3.00 Lacs.
18. DIRECTOR''S RESPONSIBILITY STATEMENT
As required under the provisions of Section 134 of the Companies Act,
2013, your directors report that;
a) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures, if any
b) the directors had selected such accounting policies and applied them
consistently and made judgement and estimates that the reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit of the
company for the year ended on that period;
c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities
d) the directors had prepared the accounts on a going concern basis;
e) the directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
f) the directors had devised proper systems to ensure Compliance with
the provision of all applicable laws were in place and were adequate
and operating effectively.
19. APPOINTMENT OF KEY MANAGERIAL PERSONNEL
The following employees were designated as Key Managerial Personnel, as
per Section 203(1) of the Companies Act, 2013, by the Board of
Directors during the year namely;
Mr. Dhirendra Singh Managing Director
Mr. Dharmendra Singh Whole Time Director
Mr. Abhishek Singh Whole Time Director
Mr. Paresh Thakkar Chief Financial Officer; and
Mr. Bhavesh Jingar Company Secretary
During the year, Ms. Urmi Majethia has resigned from the post of
Company Secretary and Mr. Bhavesh Jingar was appointed as Company
Secretary & Compliance Officer of the Company w.e.f. 18th September,
2014.
20. PERSONNEL
A. Disclosure under Section 197 (12) and Rules 5 of the Companies
(Appointment and Remuneration of Managerial personnel) Rules, 2014.
The requisite details relating to ratio of remuneration, percentage
increase in remuneration etc. as stipulated under the above rules are
annexed at "Annexure - 7" to this report.
(ii) Names of employees employed for part of the year and were in
receipt of remuneration of not less than Rs.5.00 Lacs per month - None.
(iii) The Percentage of equity shares held by the employee in the
company within the meaning of clause (iii) of sub rule (2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014- Not Applicable
Note:
1. The percentage of equity shares held by above mentioned employee is
67.21 % as on 31st March, 2015.
2. None of the Company''s employees is related to any directors of the
company except Mr. Dhirendra Singh (Chairman & Managing Director), Mr.
Abhishek Singh (Whole Time Director) and Mr. Dharmendra Singh (Whole
Time Director), who are related to each other.
21. AUDITORS
A. STATUTORY AUDITOR
The Company''s Auditors, M/s. Deloitte Haskin & Sells, Chartered
Accountants, Vadodara who retire at the ensuing Annual General Meeting
of the Company are eligible for re-appointment. They have confirmed
their eligibility under Section 139 of the Companies Act, 2013 and the
Rules framed thereunder for re-appointment as Statutory Auditors of the
Company.
There is no qualification or adverse remarks or disclaimers made by the
auditors in their report on the financial statement of the company for
the financial year ended 31st March, 2015.
B. INTERNAL AUDITORS
During the year, the Board of the Company has appointed M/s. Sharp &
Tannan Associates, Chartered Accountant, Vadodara as Internal Auditors
of the Company.
C. SECRETARIAL AUDIT
During the year, the Company has appointed Mr. Niraj Trivedi,
Practising Company Secretaries, Vadodara for Secretarial Audit purpose.
The Report of the Secretarial Audit Report is attached at "Annexure -
8".
As regards, the observation made in secretarial audit report the
shortfall in spending on CSR activities, explanation is given in Annual
Report on CSR Activities.
22. PARTICULARS OF CONTRACTS OR ARRANGEMENT
During the year, the company has with the prior approval of the
directors, acquired the entire business including land, building, plant
and machinery attached thereon, from the U.K. Agro. The particular in
prescribed form AOC-2 is attached at "Annexure - 9".
23. MATERIAL CHANGES
No material changes and commitments affecting the financial position of
the company occurred between the end of the financial year to which
this financial statement relate and the date of the report
24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Information in respect of conservation of energy, technology absorption
and foreign exchange earnings and outgo is given at "Annexure - 10".
25. REPORT ON THE SEXUAL HARRESSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSEL) ACT 2013.
In terms of Section 22 of the Sexual Harressment of Women at Workplace
(Prevention, Prohibition and Redressel) Act 2013 we report that, during
2014-15, no case has been filed under the said act.
26. ACKNOWLEDGEMENT
Your Directors thank the various Central and Statement Government
Departments, Organizations and agencies for the continued help and
co-operation. The Directors also gratefully acknowledge all
stakeholders of the company viz. customers, members, dealers, vendors,
banks and other business partners for their support received during the
year. The Directors place on record their sincere appreciation to all
employees of the company for their continued contribution to the
Company.
Place:- Vadodara For Manpasand Beverages Limited
Date:- 23rd July, 2015 Dhirendra Singh
Chairman & Managing Director
(DIN:- 00626056)
Mar 31, 2014
To The Members of MANPASAND BEVERAGES PRIVATE LIMITED
The Directors have pleasure in presenting the Third Annual Report
together with the Audited Accounts of the Company for the year ended on
31st March 2014.
(Rs. In Lacs)
Financial Highlight 31.03.2014 31.03.2013
Income 29,435.85 24,056.32
Profit/ (Loss) before Tax 2,314.79 2,459.84
Tax 264.84 222.69
Profit/ (Loss) after tax & Adj. 2,049.95 2,237.15
DIVIDEND
Your Directors after taking into account the financial position, have
recommended dividend of 10% for the year 2013 Â 2014 on 25,01,000
equity shares.
The 8,99,000 fully convertible preference shares issued to SAIF
Partners India IV Ltd. carries equal dividend @ 10% and accordingly the
total out flow on account of dividend on the shares shall be Rs.
39,45,955.
PERFORMANCE
During the year your company has generated revenue of Rs. 294.36 Crores
and profit after tax Rs. 20.50 Crores compared to Rs. 240.56 Crore
turnover and Rs. 22.37 Crores profit for the last year. It means the
company has achieved a growth of 22.50 %. This was possible mainly due
the product being manufactured by the company is being accepted by the
consumer. Mango Sip is the best product, which contribute 98% of total
turnover.
Company is planning to add new plant in Vadodara (Plant- II) which will
have the manufacturing capacity of 40,000 cases per day. To fund this
expansion company is planning to issue additional shares to the
existing investors and also the raise a long term loan from the
existing bankers.
Also company is launching new premium quality products with the
separate brand name. Your management is confident that this products
will have a great demand in the market and will take the Company's
growth to new level.
FIXED DEPOSITS
The Company has not accepted any public deposit within the meaning of
Section 58A of the Companies Act, 1956 and rules made there under.
INSURANCE
All the assets of the company including the inventories, Building,
Plant and Machineries are adequately insured.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217(AA) of the Companies Act,
1956 with respect to Directors' Responsibility Statement, it is hereby
confirmed;
1) that, in the preparation of the annual accounts for the year ended
on 31st March 2014, the applicable Accounting standards had been
followed along with the proper explanation relating to material
departures.
2) that, the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year ended on
31st March 2014 and of the profits of the company for the year under
review;
3) that, the directors had taken proper and sufficient care for the
maintenance of the adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
4) that, the directors had prepared the accounts for the financial year
ended 31st March 2014 on a ' Going Concern' basis.
CORPORATE SOCIAL RESPONSIBILITY
Your company has yet not started any act towards CSR. However, looking
to the need, management has decided to start the same soon.
HUMAN RESOURCES
The Company continued in its Endeavour to impart appropriate and
intensive training to its employees to prepare them for meeting
challenges and to enhance their best performance in the best interest
of the company. The industrial atmosphere during the year remained
cordial and peaceful. The Company has undertaken steps to augment its
human resources for the expansion projects.
PERSONNEL
The relationship with the employees and workers at all levels continued
to be cordial throughout the year. Your Directors would like to place
on record their sincere appreciation for the contribution made by the
employees and for their commitment in realizing objectives and growth
of the Company.
PARTICULARS OF EMPLOYEES
The Company has not paid remuneration attracting the provisions of
Companies (Particulars of Employees) Rules, 1975 read with Section 217
(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO
Information in respect of conservation of energy, technology
absorption, foreign exchange earnings and out go is given in the
Annexure 'A' to this report.
SECRETARIAL COMPLIANCE CERTIFICATE
As required under section 383A of the Companies Act, 1956 read with
Companies (Compliance Certificate) Rules 2001, the company has obtained
a certificate from a secretary in the whole time practice confirming
that the company has complied with all the provisions of the Act. Copy
of such certificate is annexed to this report.
AUDITORS
M/s. Deloitte Haskins & Sells, Chartered Accountants, Vadodara retires
at the Annual General Meeting and are eligible for re-appointment. The
Company has received consent letter from them to the effect that their
re- appointment, if made, would be within the prescribed limits under
Section 224 (1-B) of the Companies Act, 1956.
INDUSTRIAL RELATIONS
Industrial relations were cordial throughout the year under review.
Your directors appreciate the dedicated services and co-operation of
employees at all levels.
ACKNOWLEDGEMENT
Your directors wish to place on record their appreciation for the
assistance and co-operation from the banks, other financial
institutions, creditors, and all suppliers and Business Associates and
all Government & Semi- Government Authorities, suppliers, Employees.
Place: Vadodara
Date: 18th June, 2014
For and on behalf of the Board
Sd/-
Mr. Dhirendra Singh
Chairman & M. Director
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