Mar 31, 2018
The Members,
The Directors are pleased to present their Report on your company''s business operations along with the Audited Statement of Accounts for the financial year ended March 31, 2018.
FINANCIAL HIGHLIGHTS:
(Rs. In lacs)
Particulars |
Year Ended |
|
31.03.2018 |
31.03.2017 |
|
Revenue from operations |
19,200.32 |
18,014.70 |
Other Income |
0.58 |
10.64 |
Total Revenue |
19,200.90 |
18,025.33 |
Profit before interest & Depreciation |
2,434.43 |
2,193.89 |
Interest & Finance Cost |
444.37 |
438.33 |
Depreciation and Amortization |
317.94 |
285.38 |
Profit Before Tax |
1,672.12 |
1,470.19 |
Tax Expenses |
(429.41) |
(342.20) |
Other Comprehensive Income/(Exp) |
(4.34) |
(1.32) |
Profit for the year |
1,238.37 |
1,126.67 |
Operations:
During the year under review, your Company has achieved revenue from operations of Rs.19,200.32 Lacs, as compared to the revenue from operation of Rs.18,014.70 Lacs of the previous year.
The Company has earned a Net profit after tax of Rs.1,238.37 Lacs as compared to the previous year Rs.1,126.67 Lacs showing an increase of 9.91%.
Dividend:
Your directors are pleased to recommend a final dividend @ Rs.3.50 per share i.e. @ 35% (previous Year - 30%), subject to approval of the shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs.273.01 Lacs as against Rs.234.01 Lacs for the previous year. Dividend distribution tax paid/ payable by the Company for the year would amount to Rs.55.58 Lacs.
Reserves:
The Company proposes to transfer Rs.124 Lacs to Reserves. (Previous Year Rs.62.50 Lacs).
Deposits:
During the year under review, the Company has not accepted any deposits under the provisions of Companies Act, 2013 read with rules made thereunder and as such no amount on account of principal or interest on deposits was outstanding as on the date of the Balance Sheet.
Subsidiaries, Associates and Joint Ventures:
During the Year Company acquired 100% holding of the Ecotech Green Lifecycle Limited.
A separate statement containing the salient features of financial statements of all subsidiary of the Company forms a part of consolidated financial statements in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013. In accordance with Section 136 of the Companies Act, 2013, the financial statements of the subsidiary company are available for inspection by the members at the corporate office of the Company during normal business hours on all the working days upto the date of the Annual General Meeting (AGM).
Pursuant to Section 136 of the Companies Act, 2013 ("the Act"), the Company is exempted from attaching to its Annual Report, the Annual Report of the Subsidiary Companies. The Company shall provide the copy of the financial statement of its subsidiary companies to the shareholders upon their request.
Number of Meetings of the Board:
The Board of Directors of the Company met Seven times during the previous financial year on 13.04.2017, 19.04.2017, 01.05.2017, 25.05.2017, 10.08.2017, 09.11.2017 and 12.02.2018. The particulars of attendance of the Directors at the said meetings are detailed in the Corporate Governance Report of the Company, which forms a part of this Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
Policy on Directors Appointment and Remuneration:
For the purpose of selection of any Director, the Nomination & Remuneration Committee identifies persons of integrity who possess relevant expertise, experience and leadership qualities required for the position and also takes into consideration recommendation, if any, received from any member of the Board.
The Committee also ensures that the incumbent fulfills such other criteria with regard to age and other qualifications as laid down under the Companies Act, 2013 or other applicable laws.
Performance Evaluation:
The Board of Directors has carried out an annual evaluation of its own performance, its Committees and individual Directors pursuant to the requirements of the Act and the Listing Regulations. Further, the Independent Directors, at their exclusive meeting held during the year reviewed the performance of the Board, its Chairman and Non-Executive Directors and other items as stipulated under the Listing Regulations.
The Directors were satisfied with the evaluation results, which reflected the overall engagement of the Board with the Company.
Independent Directors:
The Company has received declaration from all the Independent Directors of the Company confirming that they fulfill the criteria of independence specified in Section 149 (6) of the Companies Act, 2013 and under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Terms and conditions of appointment of Independent Directors are placed on the website of the Company.
During the year Mr. Suryapratap Gupta was appointed as Additional Director on 09.11.2017 on the Board subject to the regularisation in next Annual General Meeting.
Nomination and remuneration policy:
The Company has adopted a Policy on Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under Section 178 (3) of the Companies Act, 2013. The remuneration paid to the Directors is as per the terms laid out in the Nomination and Remuneration policy of the Company. The Policy is available on the website of the Company.
Extract of Annual Return:
The extract of Annual Return as provided under sub-section (3) of section 92 of the Companies Act, 2013 (''the Act'') in prescribed Form MGT-9 is enclosed as Annexure "Aâ to this report.
Auditors:
Statutory Auditor:
M/s. Raman S. Shah & Associates, Chartered Accountants, Mumbai (Firm''s Regn No. 119891W), have been appointed as the Statutory Auditor of the Company in the last Annual General Meeting. M/s Raman S. Shah & Associates were appointed as Statutory Auditors of the Company for the period of five years upto the Conclusion of the AGM to be held for year 2021-2022, Subject to ratification by members at every Annual General Meeting of the Company. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for reappointment as Auditors of the Company. M/s Raman S. Shah & Associates, Chartered Accountants have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
Secretarial Auditor:
Pursuant to the provisions of Section 204 of the Companies Act, 2013, and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Arun Dash & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company.
Loans, Guarantees & Investments:
The particulars of loans, guarantees and investments have been disclosed in the financial statements.
Related Party Transactions:
All related party transactions entered into during FY 2017-18 were on an arm''s length basis and in the ordinary course of business and were in compliance with the applicable provisions of the Companies Act, 2013 (''the Act'') and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (''Listing Regulations''). Further, there were no transactions with related parties which qualify as material transactions under the Listing Regulations. All transactions with related parties were reviewed and approved by the Audit Committee. Prior omnibus approvals are granted by the Audit Committee for related party transactions which are of repetitive nature, entered in the ordinary course of business and are on arm''s length basis in accordance with the provisions of the Act read with the Rules issued thereunder and the Listing Regulations.
The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board is available on the Company''s website. 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 E" to this Report.
Material Changes:
There is No Material Changes affecting the financial position of the company which have occurred between the end of the financial year of the company to which this financial statement relate on the date of this report.
Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo:
The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure D".
Risk Management:
The risk management includes identifying types of risks and its assessment, risk handling and monitoring and reporting. Your Company follows well-established and detailed risk assessment and minimisation procedures, which are periodically reviewed by the Board. The Company''s Risk Management Policy has been developed to include various categories such as Human Resources, Financial, Business Processes and Systems, Corporate Governance, Compliance and Information Security.
A detailed exercise has been carried out to identify, evaluate, manage and monitor the risks which shall help the Company to take pro-active decisions and avoid all financial implications. The Board periodically reviews the risks and suggests steps to be taken to control and mitigate the same through a properly defined framework.
Audit Committee Composition:
The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms a part of this Report.
Corporate Social Responsibility:
In compliance with the requirements of section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility) Rules, 2014, the Board of Directors have constituted a Corporate Social Responsibility Committee. The details of membership of the Committee & the meetings held are detailed in the Corporate Governance section of the Annual Report.
Details of the CSR contribution spent by the Company for the F.Y. 2017-18 is provided in the CSR report which is annexed herewith as "Annexure C".
Corporate Governance:
As required under the provisions of Regulation 34(3) read with Schedule V of the SEBI Listing Regulations, a separate report on Corporate Governance forms part of this Annual Report, together with a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance.
Management discussion and analysis:
In terms of the provisions of Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, (hereinafter referred to as ''SEBI Listing Regulations''), the management''s discussion and analysis is set out in this Annual Report.
Vigil Mechanism-Whistle Blowerâs Policy:
The Company believes in conducting its affairs in a fair and transparent manner by adopting the highest standards of professionalism, honesty, integrity and ethical behavior. In order to achieve the same, the Company has formulated a Whistle Blowers'' Policy to provide a secure environment and to encourage all employees and Directors of the Company, shareholders, customers, vendors and/or third party intermediaries to report unethical, unlawful or improper practices, acts or activities in the Company and to prohibit managerial personnel from taking any adverse action against those employees who report such practices in good faith. The Policy has been uploaded on the website of the Company.
Significant and Material Orders Passed by the regulators or Courts or Tribunals:
No significant or material Orders were passed by the Regulators or Courts or Tribunals during the previous year which may impact the Going Concern Status of the Company''s Operation in the future.
Internal Financial Controls:
The Company has in place a well defined organizational structure and adequate internal controls for efficient operations which is cognizant of applicable laws and regulations, particularly those related to protection of intellectual property, resources and assets, and the accurate reporting of financial transactions in the financial statements. The company continually upgrades these systems.
The internal control system is supplemented by extensive internal audits, conducted by independent firms of chartered accountants.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace. The Company has not received any complaint of any sexual harassment during the previous year.
Acknowledgements:
The Directors express their appreciation to all employees of the various divisions for their diligence and contribution to performance. The Directors also record their appreciation for the support and co-operation received from Banks, Financial Institutions, Government Departments and all other stakeholders. Last but not the least, the Directors wish to thank all shareholders for their continued support.
For and on behalf of the Board
M. K. Wadhwa Mangesh Sarfare
Place: Mumbai Director Whole Time Director
Date: 22.05.2018 DIN - 00064148 DIN- 07793543
Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting the 21st ANNUAL REPORT on
the Business and Operations of the Company and the Audited Statement of
Accounts for the year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS:
(Rs. Lacs)
Particulars Year Ended
31.03.2014 31.03.2013
Revenue from 19013.65 15383.99
Operations 2.58 2.71
Other Income
Net Sales 19016.23 15386.70
Profit before Interest
and Depreciation 1742.80 1593.66
Less : Interest 514.92 480.17
: Depreciation 371.10 355.59
Profit/(Loss) for the 856.78 757.90
year before tax
Tax Expenses (173.50) (130.22)
Net Profit/(Loss)
after tax 719.28 627.99
OPERATIONS:
During the year under review, your Company has achieved a Revenue from
operations of Rs. 19013.65 lacs, thereby registering a growth of 23.59%
as compared to the revenue from operation of Rs. 15383.99 lacs of the
previous year.
The Company has earned a Net profit after tax of Rs. 719.28 lacs,
thereby registering an increase of 14.59% as compared to the Net Profit
after tax of Rs. 627.99 lacs of the previous year.
DIVIDEND:
Your directors are pleased to recommend a final dividend @ Rs. 2.00 per
share i.e. @ 20% (previous Year - 20%), subject to approval of the
shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs. 156.01 lacs as
against Rs. 156.01 lacs for the previous year. Dividend distribution
tax paid/ payable by the Company for the year would amount to Rs. 26.51
lacs.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Collaborators offer periodical training to improve the quality of
the Company''s products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Collaborators for better understanding of the technology and
the Collaborators continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employees whose
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS:
Mr. Jagdish Bhuta resigned as director of the Company w.e.f 15.5.2014.
The Directors wish to place on record their appreciation for the
valuable guidance during his tenure as Director of the Company.
Dr. G.N. Mathur was a nominee director of Time Technoplast Limited upto
24.5.2014. There after he continues on the Board as an independent
director on the Board of TPL PLASTECH LIMITED.
Mr. Vishal Jain was appointed as nominee director of Time Technoplast
Limited on the Board of TPL PLASTECH Limited w.e.f. 24th May 2014.
Mr. Murarilal Jangid has been appointed as Chief Financial Officer of
the Company w.e.f. 24th May, 2014 under Sec 203 of the Companies Act
2013.
The Companies Act, 2013 provides for appointment of independent
directors. Sub-section (10) of Section 149 of the Companies Act, 2013
(effective April 1, 2014) provides that independent directors shall
hold office for a term of upto five Consecutive years on the Board of a
company and shall be eligible for re-appointment on passing a special
resolution by the share holders of the company.
Pursuant to Section 149 and Section 152 of the Companies Act 2013 read
with the Companies (Appointment and Qualification of Directors) Rules,
2014, Mr. Sanjaya Kulkarni, Mr. M.K. Wadhwa, Dr. G.N. Mathur retire at
the forthcoming Annual General Meeting of the Company and are eligible
for appointment for a term of five consecutive years as Independent
Directors in accordance with the Companies Act 2013.
In order to give effect to the applicable provisions of Sec 149 and Sec
152 of the Act, it is proposed that these directors be appointed as
Independent Directors, to hold office for five consecutive years, w.e.f
the date of the forthcoming AGM and they shall not be liable to retire
by rotation.
CONSTITUTIONS OF BOARD COMMITTEES/ REDEFINING THEIR ROLES:
The role, powers and terms of reference of the Audit Committee were
revised w.e.f. 24th May 2014, so as to align it with the requirements
of Revised clause 49 of the Listing Agreement as well as provisions of
Sec 177 of the Companies Act, 2013.
The Shareholders''/Investors'' Grievance Committee constituted by the
Board was renamed as Stakeholders Relationship Committee on 24th May
2014 and its scope was enhanced to align it with the scope and powers
as set out in Sec 178 of the Companies Act 2013.
The Remuneration Committee constituted by the Board was renamed as
Nomination and Remuneration Committee on 24th May 2014 and its scope
was enhanced to align it with the scope and powers as set out in Sec
178 of the Companies Act 2013 and the Amended Clause 49 of the Listing
Agreement. In order to meet the requirements of the Companies Act 2013.
The Corporate Social Responsibility Committee was constituted on 24th
May 2014 in accordance with the Sec 135 of the Companies Act 2013 to
formulate and recommend to the Board of directors, the CSR Policy and
to indicate the activities to be undertaken by the Company to meet the
objectives of the CSR Policy.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, as amended by
the Companies (Amendment) Act, 2000, the Board of Directors of the
Company confirm that:
(i) in the preparation of the Annual Accounts for the year ended 31st
March, 2014, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
(ii) 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
as at 31st March, 2014 and of the Profit of the Company for the
financial year ended 31 st March, 2014.
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
irregularities.
(iv) That the annual accounts for the year ended 31st March 2014 have
been prepared on a going concern basis.
AUDITORS:
The Auditors M/s Lodha & Co, Chartered Accountants, will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible
for re-appointment.
As required under the provisions of Section 139 and 141 of the
Companies Act 2013, the Company has received written consent and
certificate from M/s. Lodha & Co, Chartered Accountants, to the effect
that their re-appointment, if made, would be in conformity with the
limits specified in the said Section and it is proposed to re-appoint
them as Auditors upto the conclusion of the 24th Annual General Meeting
of the Company to be held in 2017, subject to ratification of the
appointment by the members at AGM,.
Members are requested to consider their re- appointment and authorize
the Board to fix their remuneration.
COST AUDITOR:
As per the requirement of the Central Government and pursuant to
Section 233B of the Companies Act, 1956 and the Rules thereunder, the
Company''s Cost Records for the year ended March 31, 2014 are being
Audited by Cost Auditors, M/s. C G Pampat & Co. The Cost Audit Report
for the year ended March 31, 2013 was filed within the stipulated due
date. The Board of Directors of the Company has, at its meeting held on
24th May 2014 appointed M/s. C G Pampat & Co. as the Cost Auditors for
the year ending March 31, 2015. The members will be required to ratify
the remuneration proposed to be paid to the Cost Auditors in terms of
relevant provisions of the Companies Act, 2013.
MANAGEMENT''S DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors'' Certificate on its compliance is given in " Annexure B " to
this Report .
PERSONNEL:
Your Directors are pleased to inform you that employee relations
continued to be cordial and peaceful both at the factory and the office
during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Company''s bankers, its
shareholders, customers and suppliers.
Your Directors also wish to place on record their appreciation for the
devoted services of the executives, staff and workers of the Company
and look forward to their continued support .
For and on behalf of the Board of Directors
Kamlesh Joisher Sanjaya Kulkarni
Whole Time Director Chairman
Date : 24th May 2014
Place : Mumbai
Mar 31, 2013
To The Members of TPL PLASTECH LIMITED Mumbai.
The Directors present the twentieth ANNUAL REPORT on the Business and
Operations of the Company and the Audited Statement of Accounts for the
year ended 31st March, 2013.
FINANCIAL HIGHLIGHTS:
(Rs.Lacs)
Particulars Year Ended
31.03.2013 31.03.2012
Revenue from Operations 15383.99 12,857.32
Other Income 271 3.17
Net Sales 15386.70 12,860.49
Profit before Interest and
Depreciation 1593.66 1,438.69
Less : Interest 480.17 428.61
Depreciation 355.59 305.40
Profi t/(Loss) for the year before 757.90 704.68
tax
Provision for Taxation
- Current Tax (154.53) (142.12)
- Wealth Tax (0.16) (0.21)
- Deferred Tax (57.91) (59.78)
- MAT Credit Adjustment 82.39 84.70
Net Profi t/(Loss)after tax 627.69 587.26
OPERATIONS:
During the year under review, your Company has achieved a Revenue from
operations of Rs.15383.99 lacs, thereby registering a growth of 19.65% as
compared to the revenue from operation of Rs. 12857.32 lacs of the
previous year.
The Company has earned a Net profi t after tax of Rs. 627.69 lacs,
thereby registering an increase of 6.88% as compared to the Net Profi t
after tax of Rs. 587.26 lacs of the previous year.
DIVIDEND:
Your directors are pleased to recommend a fi nal dividend @Rs.2 per share
i.e. @ 20 % (previous Year - 20%), subject to approval of the
shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs. 156.01 lacs as
against Rs. 156.01 lacs for the
previous year. Dividend distribution tax paid/ payable by the Company
for the year would amount to Rs. 26.51 lacs.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy effi ciency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Collaborators offer periodical training to improve the quality of
the Company''s products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Collaborators for better understanding of the technology and
the Collaborators continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Nil
Total foreign exchange outgo - Rs. 8760.44 Lacs
PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employees whose
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and in
accordance with the Articles of Association of the Company, Mr. Sanjaya
Kulkarni and Mr. M.K. Wadhwa, Directors of the Company, retires by
rotation at the ensuing Annual General Meeting of the company and being
eligible, offers themselves for re appointment as Non- Executive
Independent Director of the company.
As required, the requisite details of Directors seeking re-appointment
are included in this Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, as amended by
the Companies (Amendment) Act, 2000, the Board of Directors of the
Company confi rm that:
(i) in the preparation of the Annual Accounts for the year ended 31st
March, 2013, the applicable accounting standards have been followed
along with proper explanation relating to material disclosures.
(ii) 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
as at 31st March, 2013 and of the Profi t of the Company for the fi
nancial year ended 31st March, 2013.
(iii) the Directors have taken proper and suffi cient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
irregularities.
(iv) the annual accounts for the year ended 31st March, 2013 have been
prepared on a going concern basis.
AUDITORS:
The Auditors M/s Lodha & Co, Chartered Accountants, will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible
for re-appointment. A certifi cate from the Auditors has been received
to the effect that their re-appointment, if made, would be within
prescribed limits under Section 224 (1B) of the Companies Act, 1956.
Members are requested to consider their re- appointment and authorize
the Board to fi x their remuneration.
COST AUDITORS:
In terms of the Notifi cation F No 52/26/CAB- 2010 dated January 2012
issued by the Ministry of Corporate Affairs, Government of India, the
Company has appointed M/s C G Pampat & Co, Cost Accountant as Cost
Auditor for the audit of the Cost Accounting records for the fi nancial
year 2012-13 .
The Company has appointed M/s C G Pampat & Co, Cost Accountant as Cost
Auditor for the audit of the Cost Accounting records for the fi nancial
year 2013-14. It is in the process of making necessary application to
the Central Government for seeking its approval to the appointment of
Cost Auditor.
MANAGEMENT''S DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
CORPORATE GOVERNANCE :
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors'' Certifi cate on its compliance is given in "ANNEXURE" to this
Report .
PERSONNEL:
Your Directors are pleased to inform you that employee relations
continued to be cordial and peaceful both at the factory and the offi
ce during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Company''s bankers, its
shareholders, customers and suppliers.
Your Directors also wish to place on record their appreciation for the
devoted services of the executives, staff and workers of the Company
and look forward to their continued support .
For and on behalf of the Board of Directors
Kamlesh Joisher Sanjaya Kulkarni
Whole Time Director Chairman
Date : 18th May 2013
Place : Mumbai
Mar 31, 2012
To,The Members of TPL PLASTECH LIMITED Mumbai.
The Directors present the NINETEENTH ANNUAL REPORT on the Business and
Operations of the Company and the Audited Statement of Accounts for the
year ended 31st March, 2012.
FINANCIAL HIGHLIGHTS:
(Rs.in Lacs)
Particulars Year Ended
31.03.2012 31.03.2011
Revenue from Operations 12,857.32 9,758.37
Other Income 3.17 2.13
Net Sales 12,860.49 9,760.50
Profit before Interest and 1,438.69 1,409.92
Depreciation
Less: Interest 428.61 300.67
: Depreciation 305.4 263.37
Profit/(Loss) before tax 704.63 845.88
Provision for Taxation
-Current Tax (142.13) (167.63)
-Wealth Tax (0.21) (0.19)
- Deferred Tax (59.78) (178.72)
- MAT Credit Adjustment 84.70 73.61
Net Profit/(Loss)after tax 587.26 572.95
Exceptional Items Gain - 330.29
Net Profit 587.26 903.24
OPERATIONS:
During the year under review, your Company has achieved a Revenue from
operations of Rs. 12,857.32 lacs, thereby registering a growth of 31.75 %
as compared to the revenue from operation of Rs. 9,758.37 lacs of the
previous year.
The Company has earned a Net profit after tax of Rs. 587.26 lacs, thereby
registering an mairginal increase of 2.50% as compared to the Net
Profit after tax of Rs. 572.95 lacs of the previous year.
DIVIDEND:
Your directors are pleased to recommend a final dividend @ Rs. 2 per
share i.e. @ 20% (previous Year - 20%), subject to approval of the
shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs. 156.01 lacs as
against Rs. 156.01 lacs for the previous year. Dividend distribution tax
paid/ payable by the Company for the year would amount toRs. 25.31 lacs.
NEW PROJECT:
The Directors are pleased to inform that the new unit set up at Kutch
District, Gujarat has commenced with its production.
FIXED DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
ENERGY CONSERVATION:
Your Company continues to emphasize on energy conservation at the early
stage of plant design and in selection of plant and equipment,
electrical motors /designs for optimizing energy consumption by
installation of necessary equipment to improve the power factor with a
view to achieve better energy efficiency at all levels of operations.
TECHNOLOGY ABSORPTION:
The Parent Company offer periodical training to improve the quality of
the Company's products and performance to conform to the latest
international standards. Besides, employees of the Company have been
attending in-house training programs designed and developed with the
help of Parent Company for better understanding of the technology and
the Parent Company continue to express their full satisfaction and
appreciation with the level of technology absorption in the Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Total foreign exchange earnings - Nil
Total foreign exchange outgo - Rs. 5,092.84 Lacs
PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employees whose
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and in
accordance with the Articles of Association of the Company, Mr. Vishal
Jain Director of the Company, retires by rotation at the ensuing Annual
General Meeting of the company and being eligible, offers himself for
re-appointment as Non- Executive Independent Director of the company.
As required, the requisite details of Directors seeking re-appointment
are included in this Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA)of the Companies Act, 1956, as amended by
the Companies (Amendment) Act, 2000, the Board of Directors of the
Company confirm that:
(i) in the preparation of the Annual Accounts for the year ended 31st
March, 2012, the applicable accounting standards have been followed
along with proper explanation relating to material disclosures.
(ii) 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
as at 31st March, 2012 and of the Profit of the Company for the
financial year ended 31stMarch, 2012.
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
irregularities.
(iv) the annual accounts for the year ended 31st March, 2012 have been
prepared on a going concern basis.
AUDITORS:
The Auditors M/s Lodha & Co, Chartered Accountants, will retire at the
conclusion of the
forthcoming Annual General Meeting and are eligible for re-appointment.
A certificate from the Auditors has been received to the effect that
their re-appointment, if made, would be within prescribed limits under
Section 224 (1B) of the Companies Act, 1956. Members are requested to
consider their re- appointment and authorize the Board to fix their
remuneration.
MANAGEMENT'S DISCUSSION & ANALYSIS REPORT:
A detailed review of the progress of the Company and the future outlook
of the Company and its business, as stipulated under clause 49 of the
Listing Agreement with the Stock Exchanges, is presented in a separate
section forming part of the Annual Report.
CORPORATE GOVERNANCE:
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors' Certificate is presented in a separate section forming part
of the Annual Report.
PERSONNEL:
Your Directors are pleased to inform you that employee relations
continued to be cordial and peaceful both at the factory and the office
during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Company's bankers, its
shareholders, customers and suppliers.
Your Directors also wish to place on record their appreciation for the
devoted services of the executives, staff and workers of the Company
and look forward to their continued support.
For and on behalf of the Board of Directors
Kamlesh Joisher Sanjaya Kulkarni
Whole Time Director Chairman
Date :21st May, 2012
Place: Mumbai
Mar 31, 2011
To,
The Members,
TPL PLASTECH LIMITED
Mumbai.
The Directors present the EIGHTEENTH ANNUAL REPORT on the Business and
Operations of the Company and the Audited Statement of Accounts for the
year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS:
(Rs. Lakhs)
Particulars Year Ended
31.03.2011 31.03.2010
Sales 10733.94 7915.55
Less Excise Duty 975.57 600.26
Net Sales 9758.37 7315.29
Profit/(Loss) before
Interest and Depreciation 1409.92 1060.60
Less: Interest 300.67 171.18
: Depreciation 263.37 190.14
Profit/(Loss) for the year 845.88 699.28
before tax
Provision for Taxation
- Current Tax (167.63) (232.87)
- Wealth Tax (0.19) -
- Deferred Tax (178.71) (8.34)
- MAT Credit Adujstment 73.61 -
Net Profit after tax 572.96 458.07
Provision for Tax for
Earlier year - 0.10
written back
Add: Exceptional Items 330.29 -
Net Profit 90324 458.17
OPERATIONS:
During the year under review, your Company has achieved a Gross
Turnover of Rs. 10733.94 lacs, thereby registering a growth of 35.61 %
as compared to the Gross Turnover of Rs. 7915.55 lacs of the previous
year.
The Company has earned a Net profit after tax of Rs. 572.96 lacs,
thereby registering an increase of 25.05% as compared to the Net Profit
after tax of Rs. 458.17 lacs of the previous year
DIVIDEND:
Your directors are pleased to recommend a final dividend @ Rs. 2.00 per
share i.e. @ 20% (previous Year-20%), subject to approval of the
shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs. 156.01 lacs as
against Rs. 156.01 lacs for the previous year. Dividend distribution
tax paid/ payable by the Company for the year would amount to Rs. 25.31
lacs.
NEW PROJECT
Pantnagar
The Directors are pleased to inform that the new unit set up at
Pantnagar has commenced with its commercial production. The total cost
of Rs. 1228 Lacs being infused through the Internal Accruals of the
Company and External borrowings from Bank. The unit avail the benefits
of the Income Tax & Sales tax exemptions.
Kutch
During the year Company is setting up a new unit at Kutch District,
Gujarat to cater the growing demand of the Region and your director are
expects start up of commercial production in the current financial
year.
Your Directors are confident that implementation and commissioning of
on going and new projects shall take the company further on growth path
and prosperity.
FIXED DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGOINGS:
Information pursuant to Section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules 1988 is given in Annexure "A" to this report.
PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employees whose
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and in
accordance with the Articles of Association of the Company, Dr. G. N.
Mathur & Mr. Jagdish Bhuta, Directors of the Company, retires by
rotation at the ensuing Annual General Meeting of the company and being
eligible, offers himself for re appointment as Non- Executive
Independent Director of the company.
As required, the requisite details of Directors seeking re-appointment
are included in this Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 17 (2AA) of the Companies Act, 1956, as amended by
the Companies (Amendment) Act, 2000, the Board of Directors of the
Company confirm that:
(i) In the preparation of the Annual Accounts for the year ended 31st
March, 2011, the applicable accounting standards have been followed
along with proper explanation relating to material disclosures.
(ii) 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
as at 31st March, 2011 and of the Profit of the Company for the
financial year ended 31st March, 2011.
(iii) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
irregularities.
(iv) That the annual accounts for the year ended 31st March 2011 have
been prepared on a going concern basis.
AUDITORS:
The Auditors M/s Lodha & Co, Chartered Accountants, will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible
for re-appointment. A certificate from the Auditors has been received
to the effect that their re- appointment, if made, would be within
prescribed limits under Section 224 (1B) of the Companies Act, 1956.
Members are requested to consider their re- appointment and authorize
the Board to fix their remuneration.
CORPORATE GOVERNANCE
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors' Certificate on its compliance is given in "Annexure B" to
this Report.
PERSONNEL:
Your Directors are pleased to inform you that employee relations
continue to be cordial and peaceful both at the factory and the office
during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Company's bankers, its
shareholders, customers and suppliers.
Your Directors also wish to place on record their appreciation for the
devoted services of the executives, staff and workers of the Company
and look forward to their continued support.
For and on behalf of the Board of Directors
Sanjaya Kulkarni Kamlesh Joisher
Chairman Whole Time Director
Date : 21st May, 2011
Place : Mumbai
Mar 31, 2010
The Directors present the SEVENTEENTH ANNUAL REPORT on the Business
and Operations of the Company and the Audited Statement of Accounts for
the year ended 31st March, 2010.
FINANCIAL HIGHLIGHTS:
(Rs. Lakhs)
Particulars Year Ended
31.03.2010 31.03.2009
Sales 7915.55 7660.57
Less Excise Duty 600.26 866.04
Net Sales 7315.29 6794.53
Profit before
Interest and Depreciation 1060.60 719.41
Less: Interest 171.18 128.47
: Depreciation 190.14 149.24
Profit for the year before tax 699.28 441.70
Provision for Taxation
- Current Tax (232.87) (138.07)
- Wealth Tax - (0.10)
- Deferred Tax (8.34) (15.38)
- Fringe benefit tax - (1.32)
Net Profit after tax 458.07 286.83
Provision for Tax for Earlier year 0.10 4.54
written back
Net Profit 458.17 291.37
Net Profit brought forward from 605.67 518.67
previous year
Profit available for appropriation 1063.84 810.04
Less: Appropriations :-
- Proposed Dividend (156.01) (156.01)
- Dividend Tax (25.91) (26.51)
- Transfer to General (35.00) (21.85)
Reserve
Profit carried to Balance 846.92 605.67
Sheet
OPERATIONS:
During the year under review, your Company has achieved a Gross
Turnover of Rs. 7915.55 lacs, thereby registering a growth of 3.33% as
compared to the Gross Turnover of Rs. 7660.57 lacs of the previous
year.
The Company has earned a Net profit after tax of Rs. 458.17 lacs,
thereby registering an increase of 57.25% as compared to the Net Profit
after tax of Rs. 291.37 lacs of the previous year.
DIVIDEND:
Your directors are pleased to recommend a final dividend @ Rs 2 per
share i.e. @ 20% (previous Year - 20%), subject to approval of the
shareholders at the ensuing Annual General Meeting.
The total amount of dividend for the year shall be Rs. 156.01 lacs as
against Rs. 156.01 lacs for the previous year. Dividend distribution
tax paid/ payable by the Company for the year would amount to Rs. 25.91
lacs.
NEW PROJECT
Jammu
The Directors are pleased to inform that the new unit set up at Jammu
has commenced with its commercial production. The total cost of the
Project is Rs. 1400.00 Lacs and this has been financed through the
Internal Accruals of the Company and External borrowings from a Bank.
The unit will help in increasing the sales and profitability of the
Company, as the Company will be able to avail the benefits of the
Excise exemption for 10 years and Income Tax exemption for 10 years
because of the location of the plant at Jammu.
Pantnagar
During the current year Company is setting up a new unit at Pantnagar,
Uttarakhand to cater the growing demand of Northern and Eastern Region
of India. Your directors expect that this unit will start commercial
production in the current financial year.
Your Directors are confident that the implementation and commissioning
of these new projects shall take the company further on the growth path
and prosperity.
FIXED DEPOSITS:
During the year under review, the Company has not accepted any deposits
within the meaning of Section 58-A of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS / OUTGOINGS:
Information pursuant to Section 217(1)(e) of the Companies Act , 1956
read with the Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules 1988 is given in Annexure "A" to this report.
PARTICULARS OF EMPLOYEES:
During the year under review the Company had no employees whose
particulars are required to be furnished under Section 217 (2A) of the
Companies Act, 1956.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and in
accordance with the Articles of Association of the Company, Mr. Sanjaya
Kulkarni & Mr. M. K. Wadhwa, Directors of the Company, retires by
rotation at the ensuing Annual General Meeting of the company and being
eligible, offers themselves for re appointment as Non- Executive
Independent Directors of the company.
Mr. Kamlesh Joisher has been reappointed as Whole Time Director of the
Company for a period of three year with effect from 14.07.2010, subject
to approval of the members in the forthcoming Annual General Meeting.
As required, the requisite details of Directors seeking re-appointment
and appointment of Whole Time Director are included in this Annual
Report.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act , 1956, as amended
by the Companies (Amendment) Act, 2000, the Board of Directors of the
Company confirm that:
(i) in the preparation of the Annual Accounts for the year ended 31st
March, 2010, the applicable accounting standards have been followed
along with proper explanation relating to material disclosures.
(ii) 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
as at 31st March, 2010 and of the Profit of the Company for the
financial year ended 31 st March, 2010.
(iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act , 1956 for safeguarding the assets of
the Company and for preventing and detecting frauds and other
irregularities.
(iv) That the annual accounts for the year ended 31st March 2010 have
been prepared on a going concern basis.
AUDITORS:
The Auditors M/s Lodha & Co, Chartered Accountants, will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible
for re-appointment. A certificate from the Auditors has been received
to the effect that their re-appointment, if made, would be within
prescribed limits under Section 224 (1B) of the Companies Act, 1956.
Members are requested to consider their re- appointment and authorize
the Board to fix their remuneration.
CORPORATE GOVERNANCE
During the year under review, your Company has taken adequate steps to
ensure that all mandatory provisions of Corporate Governance as
stipulated in clause 49 of the Listing Agreement have been complied
with. A separate Report on Corporate Governance along with the
Auditors Certificate on its compliance is given in " Annexure B " to
this Report.
PERSONNEL:
Your Directors are pleased to inform you that employee relations
continue to be cordial and peaceful both at the factory and the office
during the year under review.
ACKNOWLEDGEMENT:
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Companys bankers, its
shareholders, customers and suppliers.
Your Directors also wish to place on record their appreciation for the
devoted services of the executives, staff and workers of the Company
and look forward to their continued support.
For and on behalf of the Board of Directors
Kamlesh Joisher Sanjaya Kulkarni
Whole Time Director Chairman
Date :20th May 2010
Place :Mumbai