Mar 31, 2023
The Directors present the Thirty Seventh Annual Report and the Audited Financial Statements for the year ended 31st March, 2023.
Financial Results:
(Rs. in Lacs) |
|||
Particulars |
Current Year |
Previous Year |
|
Profit before Interest, Depreciation and Tax |
4897 |
4686 |
|
Less: Interest & Other Finance Costs |
135 |
17 |
|
Depreciation |
10 |
* |
|
Profit before Taxation |
4752 |
4669 |
|
Less: Provision for Current Taxation |
1191 |
1180 |
|
(Add)/Less: Provision for Deferred Tax |
(3) |
3 |
|
Profit for the year |
3565 |
3486 |
|
(Add)/Less: Other Comprehensive Income |
2 |
4 |
|
Total Comprehensive Income |
3562 |
3482 |
|
Add: Profit Brought Forward from Previous Year |
8191 |
5397 |
|
Opening balance of Retained Earnings |
11753 |
8879 |
|
Appropriations: |
|||
Dividend on Equity Shares |
#1833 |
@688 |
|
Transfer to General Reserve |
$ |
$ |
|
Total |
1833 |
688 |
|
Closing balance of Retained Earnings |
9920 |
8191 |
* less than Rs.1 lac
# relates to Dividend for F.Y. 2021-2022 @ relates to Dividend for F.Y. 2020-2021
$ It is proposed not to transfer any amount to the General Reserve
Dividend:
Out of Current Yearâs profit, the Directors recommend payment of Total Dividend of '' 10 per equity share of '' 1 each comprising of Normal Dividend of '' 5 per equity share and a Special Dividend of '' 5 per equity share (Previous Year '' 10 per equity share comprising of Normal Dividend of '' 5 per equity share and a Special Dividend of '' 5 per equity share) aggregating to '' 18,33,71,110 (Previous Year '' 18,33,71,110) on 1,83,37,111 equity shares of '' 1 each. Dividend is subject to approval of members at the ensuing Annual General Meeting and shall be subject to deduction of income tax at source, as applicable.
Performance:
a. The Companyâs current business is in Chemicals - which is trading mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was '' 96,211 lacs as against '' 82.377 lacs in the previous year.
c. During the year, the Company earned Net Profit of '' 3,565 lacs as against '' 3,486 lacs in the previous year. Outlook:
The Company expects to perform reasonably well subject to prevailing market conditions and fluctuations in the exchange rate.
Directors:
In accordance with the provisions of the Companies Act, 2013 (the Act) and Articles of Association of the Company, Shri A.B. Parekh, a Director of the Company, retires by rotation and being eligible, offers himself for re-appointment.
None of the Director of the Company is disqualified for being appointed as Directors as specified under Section 164(2) of the Act read with Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Declaration from Independent Directors:
The Company has, inter alia, received the following declarations from all the Independent Directors confirming that:
⢠they meet the criteria of independence as prescribed under the provisions of the Act, read with the Rules made thereunder and Listing Regulations;
⢠they have complied with the Code for Independent Directors prescribed under Schedule IV to the Act and
⢠they have registered themselves with the Independent Directorsâ Database maintained by the Indian Institute of Corporate Affairs.
Annual Return:
The Annual Return of the Company for the Financial Year 2022-2023 is available on the website of the Company www.vinylchemicals.com.
Number of Board Meetings:
During the year, the Board of Directors met 4 times. The details of Board Meetings are given in the Corporate Governance Report section of this Annual Report.
Particulars of Loans, Guarantees or Investments:
Particulars of Loans, Guarantees or Investments under Section 186 of the Act are given in the Notes forming part of the Financial Statements for the year ended 31st March, 2023.
Related Party Transactions:
All related party transactions that were entered into during the Financial Year were on an armâs length basis and in the ordinary course of business and were placed before the Audit Committee for approval.
Particulars of arrangements with related parties as referred to in Section 188(1) of the Act for the Financial Year 20222023 are given in the prescribed Form AOC-2, which is annexed as Annexure 1.
Disclosure of related party transactions with the promoter(s)/promoter group which individually hold 10% or more shareholding of the Company, as per Indian Accounting Standards, are set out in Note No. 36 of the Financial Statements of the Company.
The policy on related party transactions as recommended by the Audit Committee and as approved by the Board is uploaded on the Companyâs website www.vinylchemicals.com.
Risk Management:
The Company has a structured Risk Management Plan. The Risk Management process is designed to safeguard the organization from various risks through adequate and timely actions.
Corporate Social Responsibility Report and Policy:
The Annual Report on Corporate Social Responsibility (CSR) activities as required under Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, as amended, is annexed as Annexure 2.
The CSR Policy of the Company and details of projects can be accessed on the Companyâs website www.vinylchemicals.com.
The Remuneration Policy of the Company is available on the Companyâs website www.vinylchemicals.com. The remuneration paid to the Directors are as per the terms laid out in the Remuneration Policy of the Company.
Committees of the Board:
The following statutory Committees constituted by the Board function according to their respective roles and defined scope:
a. Audit Committee
b. Nomination and Remuneration Committee
c. Corporate Social Responsibility Committee
d. Stakeholders Relationship Committee
The details of composition, terms of reference and number of meetings held during the year of the above Committees are given in the Corporate Governance Report section of this Annual Report.
All recommendations made by the Audit Committee have been accepted by the Board.
Statutory Auditors:
There are no qualifications, reservations, adverse remarks or disclaimers made in the Auditorsâ Report on the Financial Statements of the Company for the Financial Year ended 31st March, 2023.
During the year under review, the Auditors have not reported any matter under Section 143(12) of the Act.
At the 33rd Annual General Meeting of the Company, the Members have appointed M/s Khanna & Panchmia, Chartered Accountants, Mumbai as the Statutory Auditors for a second term of five consecutive years upto the conclusion of the 38th Annual General Meeting. The Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.
Subsidiaries, Associates and Joint Ventures:
The Company has no Subsidiaries, Associates and Joint Venture Companies.
Vigil Mechanism/Whistle Blower Policy:
The Company has established a Vigil Mechanism and adopted a Whistle Blower Policy for its Directors and employees. The details of the policy are posted on the Companyâs website www.vinylchemicals.com. For further details, please refer to the Report on Corporate Governance, which forms a part of this Annual Report.
Secretarial Auditor and Secretarial Audit Report:
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. Parikh & Associates, Practising Company Secretaries to undertake the Secretarial Audit of the Company for the Financial Year 2022-2023.
The Secretarial Audit Report for the Financial Year 2022-2023 under the Companies Act, 2013 read with Rules made thereunder and Regulation 24A of the Listing Regulations, is set out in Annexure 3 to this report. There are no qualifications or adverse remarks in their Report.
Deposits:
The Company has not accepted any deposit covered under Chapter V of the Act during the Financial Year 2022-2023 (Previous Year - Nil).
Internal Financial Controls:
Adequate internal financial control system and checks are in place commensurate with the size of the Company and nature of its business.
The Company has appointed Internal Auditors who periodically audit the adequacy and effectiveness of the internal controls laid down by the management and suggest improvements.
Directorsâ Responsibility Statement:
As required under the provisions of Section 134 of the Act, your Directors state that:
⢠in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanations relating to material departures, if any;
⢠the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2023 and of the profits of the Company for the year ended on that date;
⢠the Directors have 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;
⢠the Directors have prepared the annual accounts on a going concern basis;
⢠the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and
⢠the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Corporate Governance:
The Company is committed to good corporate governance practices. Report on Corporate Governance in accordance with Regulation 34 read with Schedule V of the Listing Regulations alongwith a certificate from M/s. Parikh & Associates, Practising Company Secretaries, is given separately in this Annual Report. The requisite certificate for no disqualification of Directors received from M/s Parikh & Associates, Practising Company Secretaries, is attached to the Report on Corporate Governance.
Management Discussion and Analysis Report:
Management Discussion and Analysis Report for the year under review as stipulated under the Listing Regulations is given in a separate section of this Annual Report. For the sake of brevity, the items covered in this Report are not repeated in the Management Discussion and Analysis Report.
Particulars of Employees and Related Disclosure:
Disclosure pertaining to remuneration as per Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed as Annexure 4.
Details of employees remuneration as required under provisions of Section 197 of the Act and Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any modifications thereof) shall be made available on request by any Shareholder.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:
The particulars under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, to the extent applicable to the Company, is annexed as Annexure 5.
Annual Evaluation by the Board of its own performance, its Committees and Individual Directors:
The Board of Directors of the Company have carried out evaluation of its own performance, its Committees and individual Directors. The result of the evaluation is satisfactory, adequate and meets with the requirements of the Company. For further details, please refer to the Report on Corporate Governance, which forms a part of this Annual Report.
The Company has put in place a familiarisation programme for all its Directors including Independent Directors and the
same is available on its website www.vinylchemicals.com.
General:
a) The Company has not issued Sweat Equity shares and Equity shares with Differential Rights during the Financial Year 2022-2023.
b) The Company does not have Employees Stock Option Scheme.
c) No Significant and Material Orders were passed by the Regulators against the Company during the Financial Year 2022-2023.
d) The Company has complied with provisions relating to formulation of Prevention of Sexual Harassment Policy and constitution of Internal Complaints Committee under the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder and no complaints were received by the Company during the Financial Year 2022-2023 under the said Act.
e) There have been no material changes and commitments affecting the financial position of the Company after the end of financial year till the date of this Report.
f) The Company has complied with the Secretarial Standards issued by Institute of Company Secretaries of India on Meetings of Board of Directors and General Meetings.
g) The Central Government has not specified maintenance of cost records under Section 148(1) of the Companies Act, 2013 for the Company.
h) No proceedings are made or pending under the Insolvency and Bankruptcy Code, 2016 and there is no instance of one-time settlement with any Bank or Financial Institution
i) There has been no change in the nature of business of the Company.
Appreciation:
The Directors wish to place on record their appreciation of the contribution made by the employees at all levels to the
working of the Company. The Directors also wish to place on record their appreciation for the shareholders, customers
and banks for their continued support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B. PAREKH
Date: 4th May, 2023 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2018
The Directors present the Thirty Second Annual Report and the Audited Financial Statements for the year ended 31st March, 2018.
Financial Results:
(Rs. in Lacs)
Particulars |
Current Year |
Previous Year |
Profit before Interest, Depreciation and Tax |
1820 |
1346 |
Less: Interest & Other Finance Costs |
8 |
3 |
Depreciation |
* |
* |
Profit before Taxation |
1812 |
1343 |
Less: Provision for Current Taxation |
616 |
534 |
(Add)/Less: Provision for Deferred Tax |
29 |
(63) |
Profit for the year |
1167 |
872 |
(Add)/Less: Other Comprehensive Income |
(*8) |
3 |
Total Comprehensive Income |
1167 |
869 |
Add: Profit Brought Forward from Previous Year |
3418 |
2920 |
Opening balance of Retained Earnings |
4585 |
3789 |
Appropriations: |
||
Dividend on Equity Shares |
#330 |
@275 |
Tax on Dividend |
#67 |
@56 |
Transfer to General Reserve |
50 |
40 |
Total |
447 |
371 |
Closing balance of Retained Earnings |
4138 |
3418 |
* less than Rs. 1 lac
# relates to Dividend for F.Y. 2016-2017
@ relates to Dividend for F.Y. 2015-2016
Dividend:
Out of Current Yearâs profit, the Directors recommend payment of dividend of Rs.2.40 per equity share of Rs.1 each (previous year Rs.1.80 per equity share) amounting to Rs.4,40,09,066 (previous year Rs.3,30,06,800) on 1,83,37,111 equity shares of Rs.1 each.
Performance:
a. The companyâs current business is in Chemicals - which is trading mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs.36,231 lacs.
c. During the year, the Company earned Net Profit of Rs.1,167 lacs as against Rs.872 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, Shri N.K. Parekh, a Director of the Company, retires by rotation and being eligible, offer himself for re-appointment.
It is proposed to pass Special Resolutions for re-appointment of Shri N.K. Parekh and Shri R.M. Gandhi, Directors, as required under Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI Listing Regulations).
The Company has received declarations from Shri R.M. Gandhi, Smt. Y.J. Mogrelia and Shri A.D. Mavinkurve, Independent Directors that they meet with the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations.
Extract of Annual Return:
Extract of Annual Return for the Financial Year ended on 31st March, 2018, as required by Section 92(3) of the Companies Act, 2013 is annexed as Annexure 1.
No. of Board Meetings:
During the year, the Board of Directors met 4 times. The details of Board Meetings are given in the Corporate Governance Report section of this Annual Report.
Particulars of Loans, Guarantees or Investments:
Particulars of Loans, Guarantees or Investments under Section 186 of the Companies Act, 2013 are given in the Notes forming part of the Financial Statements for the year ended 31st March, 2018.
Related Party Transactions:
All related party transactions that were entered into during the financial year were on an armâs length basis and in the ordinary course of business and were placed before the Audit Committee for approval.
Particulars of arrangements with related parties as referred to in Section 188(1) of the Companies Act, 2013 for the Financial Year 2017-2018 are given in prescribed Form AOC - 2 which is annexed as Annexure 2.
The policy on Related Party Transactions as recommended by Audit Committee and as approved by the Board is uploaded on the Companyâs websitewww.vinylchemicals.com.
Risk Management:
The Company has a structured Risk Management Plan. The Risk Management process is designed to safeguard the organization from various risks through adequate and timely actions.
Corporate Social Responsibility:
In terms of the provisions of Section 135 of the Companies Act, 2013 and the Rules framed thereunder, the company has formulated a policy on Corporate Social Responsibility (CSR) and has also constituted a CSR Committee to recommend and monitor expenditure on CSR. The CSR Committee comprises of Shri M.B. Parekh, Shri N.K. Parekh and Shri R.M. Gandhi, Directors, as the members. Shri N.K. Parekh is the Chairman of the Committee. The Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 in the prescribed format is annexed as Annexure 3.
Remuneration Policy:
The Remuneration Policy of the Company is available on the Company''s website www.vinylchemicals.com and is annexed as Annexure 4. There has been no change in the policy since the last financial year. The remuneration paid to the Directors are as per the terms laid out in the Remuneration Policy of the Company.
Audit Committee:
The Audit Committee was reconstituted on 3rd May, 2018 by appointing Shri A.D. Mavinkurve as a Member of the Committee. The present members of the Committee comprises of Shri R.M. Gandhi (Chairman), Smt. Y.J. Mogrelia, Shri M.B. Parekh and Shri A.D. Mavinkurve. All the recommendations made by the Audit Committee were accepted by the Board.
Statutory Auditors:
There are no qualifications, reservations, adverse remarks or disclaimers made in the Auditorsâ Report on the Financial Statements of the Company for the Financial Year ended 31st March, 2018.
During the year under review, the Auditors have not reported any matter u/s 143(12) of the Companies Act, 2013.
At the 28th Annual General Meeting of the Company, the Members have appointed M/s. Khanna & Panchmia, Chartered Accountants, Mumbai as the Statutory Auditors of the Company for a period of five years upto the conclusion of the 33rd Annual General Meeting, subject to ratification by shareholders at every Annual General Meeting.
In view of the amendments to the provisions of Section 139 of the Companies Act, 2013, now the appointment of Auditors is not required to be ratified by the members at every Annual General Meeting.
Subsidiaries and Joint Ventures:
The Company has no Subsidiaries and Joint Venture Companies.
Vigil Mechanism/Whistle Blower Policy:
The Company has established a Vigil Mechanism and Whistle Blower Policy for Directors & employees. The details of the policy are posted on the Companyâs website www.vinylchemicals.com.
Secretarial Audit Report:
Pursuant to Section 204 of the Companies Act, 2013, the Secretarial Audit Report for the year ended 31st March, 2018 given by M/s. M.M. Sheth & Co., Practicing Company Secretaries, is annexed as Annexure 5. The report is unqualified.
Deposits:
The Company has not accepted any public deposit.
Internal Financial Controls:
Adequate internal financial control system and checks are in place commensurate with the size of the Company and nature of its business.
Directorsâ Responsibility Statement:
As required under the provisions of Section 134 of the Companies Act, 2013, your Directors state that:
- in the preparation of the annual accounts, the applicable accounting standards have been followed alongwith proper explanations relating to material departures, if any;
- the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2018 and of the profits of the Company for the year ended on that date;
- the Directors have 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;
- the Directors have prepared the annual accounts on a going concern basis;
- The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and
- The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis in accordance with Regulation 34 read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 alongwith a certificate from the Auditors of the Company are given separately in this Annual Report.
Management Discussion and Analysis Report:
Management Discussion and Analysis Report for the year under review as stipulated under the SEBI Listing Regulations is given in a separate section of this Annual Report.
Disclosure under Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014:
The information pursuant to Section 197 of the Companies Act, 2013 read with Rules 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors, Key Managerial Personnel and employees of the Company are annexed as Annexure 6.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:
The particulars under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, to the extent applicable to the Company, is given in the prescribed format which is annexed as Annexure 7.
Annual Evaluation by the Board:
The Board of Directors of the Company have carried out evaluation of its own performance, its committees and individual Directors. The result of the evaluation is satisfactory, adequate and meets with the requirements of the Company.
Familiarisation Programme:
The Company has put in place a familiarisation programme for all its Directors including Independent Directors and the policy is available on the website of the Company www.vinylchemicals.com.
Composition of Audit Committee:
Details of composition of Audit Committee, its terms of reference and meetings held during the year are given in the Corporate Governance Report section of this Annual Report.
General:
a) The Company has not issued Sweat Equity shares and Equity shares with Differential Rights during the Financial Year 2017-2018.
b) The Company does not have Employees Stock Option Scheme.
c) No Significant and Material Orders were passed by the Regulators against the Company during the Financial Year 2017-2018.
d) No complaints under the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 were received by the Company during the Financial Year 2017-2018.
e) There have been no material changes and commitments affecting the financial position of the Company after the end of the financial year till the date of this Report.
f) The Company has complied with the Secretarial Standards issued by Institute of Company Secretaries of India on Meetings of Board of Directors and General Meetings.
g) The details of the constitution of Nomination & Remuneration Committee and Stakeholders Relationship Committee are given in the Corporate Governance Report section of this Annual Report.
Appreciation:
The Directors wish to place on record their appreciation of the contribution made by the employees at all levels to the working of the Company. The Directors also wish to place on record their appreciation for the shareholders, dealers, customers and banks for their continued support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B. PAREKH
Date: 23rd May, 2018 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2016
The Directors present the Thirtieth Annual Report and the Audited Financial Statements for the year ended 31st March, 2016.
Financial Results: (Rs. in lacs)
Particulars |
Current Year |
Previous Year |
Profit before Interest, Depreciation and Tax |
1118 |
1879 |
Less: Interest & Other Finance Costs |
7 |
7 |
Depreciation |
* |
* |
Profit before Taxation |
1111 |
1872 |
Less: Provision for Current Taxation |
390 |
638 |
Provision for Deferred Tax |
- |
* |
Profit for the year |
721 |
1234 |
Add: Profit brought forward from previous year |
2178 |
1400 |
Profit available for appropriation |
2899 |
2634 |
Appropriations: |
||
Proposed Dividend on Equity Shares |
275 |
275 |
Tax on Dividend |
56 |
56 |
Transfer to General Reserve |
36 |
125 |
Total |
367 |
456 |
Balance carried to Balance Sheet |
2532 |
2178 |
* less than Rs.1 lac
Dividend:
Out of Current Yearâs profit, the Directors recommend payment of dividend of Rs.1.50 per equity share of Rs.1 each (previous year Rs.1.50 per equity share) amounting to Rs.2,75,05,666 (previous year Rs.2,75,05,666) on 1,83,37,111 equity shares of Rs.1 each.
Performance:
a. The companyâs current business is in Chemicals - which is trading mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs.32,531 lacs.
c. During the year, the Company earned Net Profit of Rs.721 lacs as against Rs.1,234 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, Shri N.K. Parekh, a Director of the Company, retires by rotation and being eligible, offer himself for re-appointment.
It is proposed to continue the appointment of Shri M.B. Parekh as Managing Director on his attaining the age of 70 years on 28th August, 2016 for the remaining period of his tenure, i.e. 31st March, 2017 and also to re-appoint him as Managing Director for a further period of 5 years from 1st April 2017 to 31st March, 2022, subject to approval of members at the ensuing Annual General Meeting.
The Company has received declarations from Shri R.M. Gandhi, Smt. Y.J. Mogrelia and Shri A.D. Mavinkurve, Independent Directors, that they meet with the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013.
Extract of Annual Return:
Extract of Annual Return for the Financial Year ended on 31st March, 2016, as required by Section 92(3) of the Companies Act, 2013 is annexed as Annexure 1.
No. of Board Meetings:
During the year the Board of Directors met 4 times. The details of Board Meetings are provided in the Corporate Governance Report section of this Annual Report.
Particulars of Loans, Guarantees or Investments:
Particulars of Loans, Guarantees or Investments under Section 186 of the Companies Act, 2013 are given in the Notes forming part of the Financial Statements for the year ended 31st March, 2016.
Related Party Transactions:
All related party transactions that were entered into during the financial year were on an armâs length basis and in the ordinary course of business.
All Related Party Transactions were placed before the Audit Committee for approval.
Particulars of arrangements with related parties as referred to in Section 188(1) of the Companies Act, 2013 for the Financial Year 2015-2016 are given in prescribed Form AOC - 2 which is annexed as Annexure 2.
The policy on Related Party Transactions as recommended by Audit Committee and as approved by the Board is uploaded on the Companyâs Website www.vinylchemicals.com.
Risk Management Policy:
The Company has a structured Risk Management Policy. The Risk Management process is designed to safeguard the organization from various risks through adequate and timely actions.
Corporate Social Responsibility:
In terms of the provisions of Section 135 of the Companies Act, 2013 and the Rules framed there under, the company has formulated a policy on Corporate Social Responsibility (CSR) and has also constituted a CSR Committee to recommend and monitor expenditure on CSR. The CSR Committee comprises of Shri M.B.Parekh, Shri N.K.Parekh and Shri R.M.Gandhi, Directors, as the members. Shri N.K.Parekh is the Chairman of the Committee. The details of CSR Expenditure are given in the prescribed format as Annexure 3.
Remuneration Policy:
The Board on recommendation of the Nomination and Remuneration Committee has framed a Remuneration Policy. The salient features of the policy are given in the Corporate Governance Report section of this Annual Report.
Statutory Auditors:
There are no qualifications, reservations, adverse remarks or disclaimers made in the Auditorsâ Report on the Financial Statements of the Company for the Financial Year ended 31st March, 2016.
During the year under review, the Auditors have not reported any matter u/s 143 (12) of the Companies Act, 2013.
At the 28th Annual General Meeting of the Company, the Members have appointed M/s. Khanna & Panchmia, Chartered Accountants, Mumbai as the Statutory Auditors of the Company for a period of five years up to the conclusion of 33rd Annual General Meeting subject to ratification by shareholders at every Annual General Meeting.
The Board recommends ratification of the appointment of M/s. Khanna & Panchmia, Chartered Accountants, Mumbai as the Statutory Auditors of the Company at the ensuing Annual General Meeting.
Subsidiaries and Joint Ventures:
The Company has no Subsidiaries and Joint Venture Companies.
Vigil Mechanism/Whistle Blower Policy:
The Company has established a Vigil Mechanism for Directors & employees. The details of the policy are posted on the Companyâs Website www.vinylchemicals.com.
Secretarial Audit Report:
Pursuant to Section 204 of the Companies Act, 2013, the Secretarial Audit Report for the year ended 31st March, 2016 given by M/s. M.M.Sheth & Co., Practicing Company Secretaries, is annexed as Annexure 4. The report is unqualified.
Deposits:
The Company has not accepted any public deposit.
Internal Financial Controls:
Adequate internal financial control system and checks are in place commensurate with the size of the Company and nature of its business.
Directorsâ Responsibility Statement:
As required under the provisions of Section 134 of the Companies Act, 2013, your Directors state that:
- in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;
- the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2016 and of the profits of the Company for the year ended on that date;
- the Directors have 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;
- the Directors have prepared the annual accounts on a going concern basis;
- the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively and
- the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis in accordance with Regulation 34 read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 along with a certificate from the Auditors of the Company are given separately in this Annual Report.
Disclosure under Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014:
The information pursuant to Section 197 of the Companies Act, 2013 read with Rules 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of Directors, Key Managerial Personnel and employees of the Company are annexed to this Report as Annexure 5.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:
The particulars under Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, to the extent applicable to the Company, is given in the prescribed format as Annexure 6.
Annual Evaluation by the Board:
The Board of Directors of the Company has put in place evaluation of its own performance, its committees and individual Directors. The result of the evaluation is satisfactory and adequate and meets with the requirements of the Company.
Composition of Audit Committee:
Details of Composition of Audit Committee, its terms of reference and meetings held during the year are given in the Corporate Governance Report section of this Annual Report.
General:
a) Sweat Equity shares and Equity shares with Differential Rights:
None issued during the Financial Year 2015-2016.
b) Employees Stock Option Scheme:
The Company does not have Employees Stock Option Scheme.
c) Significant and Material Orders passed by the Regulators:
None passed during the Financial Year 2015-2016.
d) Sexual Harassment Laws:
No complaints under the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act, 2013 were received during the Financial Year 2015-2016.
Appreciation:
The Directors wish to place on record their appreciation of the contribution made by the employees at all levels to the working of the Company. The Directors also wish to place on record their appreciation for the shareholders, dealers, customers and banks for their continued support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B. PAREKH
Date: 18th May, 2016 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2015
Dear Members,
The Directors present the Twenty Ninth Annual Report and the Audited
Financial Statements for the year ended 31st March, 2015.
Financial Results: (Rs. in lacs)
Particulars Current Year Previous Year
Profit before Interest, Depreciation 1879 1137
and Tax
Less: Interest & Other Finance Costs 7 4
Depreciation * *
Profit before Taxation 1872 1133
Less: Provision for Current Taxation 638 385
Provision for Deferred Tax * *
Profit for the year 1234 748
Add: Profit brought forward from previous 1400 946
year
Profit available for appropriation 2634 1694
Appropriations:
Proposed Dividend on Equity Shares 275 183
Tax on Dividend 56 31
Transfer to General Reserve 125 80
Total 456 294
Balance carried to Balance Sheet 2178 1400
* less than Rs.1 lac Dividend:
Out of Current Year's profit, the Directors recommend payment of
dividend of Rs.1.50 per equity share of Rs. 1 each (previous year Rs. 1
per share) amounting to Rs. 2,75,05,666 (previous year Rs. 1,83,37,111)
on 1,83,37,111 equity shares of Rs. 1 each.
Performance:
a. The company's current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs.
42,574 lacs.
c. During the year, the Company earned Net Profit of Rs. 1,234 lacs as
against Rs. 748 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing
market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, Shri
N.K. Parekh, a Director of the Company, retires by rotation and being
eligible, offer himself for re-appointment.
The Company has received declarations from Shri R.M. Gandhi, Smt. Y.J.
Mogrelia and Shri A.D. Mavinkurve, Independent Directors, that they
meet with the criteria of independence as prescribed under Section
149(6) of the Companies Act, 2013.
Extract of Annual Return:
Extract of Annual Return for the Financial Year ended on 31st March,
2015, as required by Section 92(3) of the Companies Act, 2013, is
annexed as Annexure 1 .
No. of Board Meetings:
During the year the Board of Directors met 5 times. The details of
Board Meetings are provided in the Corporate Governance Report section
of this Annual Report.
Particulars of Loans, Guarantees or Investments:
Particulars of Loans, Guarantees or Investments under Section 186 of
the Companies Act, 2013 are given in the Notes forming part of the
Financial Statements for the year ended 31st March, 2015.
Related Party Transactions:
All related party transactions that were entered into during the
financial year were on an arm's length basis and in the ordinary course
of business.
All Related Party Transactions were placed before the Audit Committee
for approval.
Particulars of arrangements with related parties as referred to in
Section 188(1) of the Companies Act, 2013 for the Financial Year
2014-2015 are given in prescribed Form AOC - 2, which is annexed as
Annexure 2. The policy on Related Party Transactions as recommended by
Audit Committee and as approved by the Board is uploaded on the
Company's Website www.vinylchemicals.com.
Risk Management Policy:
The Company has a structured Risk Management Policy. The Risk
Management process is designed to safeguard the organization from
various risks through adequate and timely actions. It is designed to
anticipate, evaluate and mitigate risks in order to minimize its impact
on the Company's business.
Corporate Social Responsibility:
In terms of the provisions of Section 135 of the Companies Act, 2013
and the Rules framed thereunder, the company has formulated a policy on
Corporate Social Responsibility (CSR) and has also constituted a CSR
Committee to recommend and monitor expenditure on CSR. The CSR
Committee comprises of Shri M.B. Parekh, Shri N.K. Parekh and Shri R.M.
Gandhi, Directors, as the members. Shri N. K. Parekh is the Chairman of
the Committee. The details of CSR Expenditure are given in the
prescribed format as Annexure 3.
Remuneration Policy:
The Board on recommendation of the Nomination and Remuneration
Committee has framed a Remuneration Policy. The salient features of the
policy are given in the Corporate Governance Report section of this
Annual Report.
Auditors' Report:
There are no qualifications, reservations, adverse remarks or
disclaimers made in the Auditors' Report on the Financial Statements of
the Company for the Financial Year ended 31st March, 2015.
At the 28th Annual General Meeting of the Company, the Members have
appointed M/s. Khanna & Panchmia, Chartered Accountants, Mumbai as the
Auditors of the Company for a period of five years upto the conclusion
of 33rd Annual Geneal Meeting, subject to ratification by shareholders
at every Annual General Meeting.
The Board recommends ratification of the appointment of M/s. Khanna &
Panchmia, Chartered Accountants, Mumbai as the Auditors of the Company
at the ensuing Annual General Meeting.
Subsidiaries and Joint Ventures:
The Company has no Subsidiaries and Joint Venture Companies.
Vigil Mechanism/Whistle Blower Policy:
The Company has established a Vigil Mechanism for Directors &
employees. The details of the policy are posted on the Company's
Website www.vinylchemicals.com.
Secretarial Audit Report:
Pursuant to Section 204 of the Companies Act, 2013, the Secretarial
Audit Report for the year ended 31st March, 2015 given by M/s. M.M.
Sheth & Co., Practising Company Secretaries, is annexed as Annexure 4.
Deposits:
The Company has not accepted any public deposit.
Internal Financial Controls:
Adequate internal controls, system and checks are in place commensurate
with the size of the Company and nature of its business.
Directors' Responsibility Statement:
As required under the provisions of Section 134 of the Companies Act,
2013, your Directors state that:
* in the preparation of the annual accounts, the applicable accounting
standards have been followed alongwith proper explanations relating to
material departures, if any;
* the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2015 and of the profits of the Company
for the year ended on that date;
* the Directors have 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;
* the Directors have prepared the annual accounts on a going concern
basis;
* The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively and
* The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and such systems are adequate and
operating effectively.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges alongwith a certificate from the Auditors of the Company are
given separately in this Annual Report.
Disclosure under Companies (Appointment & Remuneration of Managerial
Personnel ) Rules, 2014:
The information pursuant to Section 197 of the Companies Act, 2013 read
with Rules 5(1), 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of
Directors, Key Managerial Personnel and employees of the Company are
annexed to this Report as Annexure 5.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The particulars under Section 134 of the Companies Act, 2013 read with
the Companies (Accounts) Rules, 2014, to the extent applicable to the
Company, is given in the prescribed format as Annexure 6.
Annual Evaluation by the Board:
The Board of Directors of the Company has initiated and put in place
evaluation of its own performance, its committees and individual
Directors. The result of the evaluation is satisfactory and adequate
and meets with the requirements of the Company.
Composition of Audit Committee:
Details of Composition of Audit Committee, its terms of reference and
meetings held during the year are given in the Corporate Governance
Report section of this Annual Report.
General:
a) Sweat Equity Shares, Equity with Differential Rights:
None issued during the Financial Year 2014-2015.
b) Employees Stock Option Scheme:
The Company is not having Employees Stock Option Scheme.
c) Significant and Material Orders passed by the Regulators:
None passed during the Financial Year 2014-2015.
c) Sexual Harassment Laws:
No complaints under the Sexual Harassment of Women at Work Place
(Prevention, Prohibition and Redressal) Act, 2013 were received during
the Financial Year 2014-2015.
Appreciation:
The Directors wish to place on record their appreciation of the
contribution made by the employees at all levels to the working of the
Company. The Directors also wish to place on record their appreciation
for the shareholders, dealers, consumers and banks for their continued
support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B. PAREKH
Date: 18th May, 2015 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2014
Dear members,
The Directors present the Twenty Eighth Annual Report and the Audited
Statements of Accounts for the year ended 31st March, 2014.
Financial Results : (Rs in lac)
Particulars Current Year Previous Year
Profit before Interest,
Depreciation and Tax 1137 903
Less: Interest & Other Finance Costs 4 22
Depreciation * *
Profit before Taxation 1133 881
Less: Provision for Current Taxation 385 287
Provision for Deferred Tax * *
Profit for the year 748 594
Add: Profit Brought Forward from
Previous Year 946 594
Profit available for appropriation 1694 1188
Appropriations:
Proposed Dividend on Equity Shares 183 147
Tax on Dividend 31 25
Transfer to General Reserve 80 70
Total 294 242
Balance carried to Balance Sheet 1400 946
* less than Rs 1 lac
Dividend:
Out of Current Year''s profit, the Directors recommended payment of
dividend of Rs 1 per equity share of Rs 1 each (previous year Rs 0.80
per share) amounting to Rs 1,83,37,111 (previous year Rs 1,46,69,689)
on 1,83,37,111 equity shares of Rs 1 each.
Performance:
a. The company''s current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs
28,496 lacs.
c. During the year, the Company earned Net Profit of Rs 748 lacs as
against Rs 594 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing
market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Article of Association of the Company, Shri N.K.
Parekh, a Director of the Company, retires by rotation and being
eligible, offer himself for re-appointment.
Shri R.M. Gandhi, Smt. Y.J. Mogrelia and Shri A.D. Mavinkurve are
Non-Executive Independent Directors of the Company who are liable to
retire by rotation. In terms of Section 149, 152 read with Schedule IV
and other applicable provisions, if any, of the Companies Act, 2013,
they are proposed to be appointed as Independent Directors for a term
of 5 years from the date of this Annual General Meeting upto the
conclusion of the Thirty Third Annual General Meeting of the Company to
be held in respect of Financial Year ending 31st March, 2019 and they
will not be liable to retire by rotation.
The Company has received declarations from them that they meet with the
criteria of independence as prescribed under Section 149(6) of the
Companies Act, 2013.
The Company has received notices in writing from members alongwith
requisite deposit as required under Section 160 of the Companies Act,
2013 proposing the candidature of Shri R.M. Gandhi, Smt. Y.J. Mogrelia
and Shri A.D. Mavinkurve for the office of Directors of the Company.
In the opinion of the Board, Shri R.M. Gandhi, Smt. Y.J. Mogrelia and
Shri A.D. Mavinkurve fulfil the conditions for appointment as
Independent Directors as specified in the Companies Act, 2013 and Rules
framed thereunder and the Listing Agreement and they are Independent of
the management.
Directors'' Responsibility Statement:
Your Directors confirm that:
* in the preparation of the annual accounts, the applicable accounting
standards have been followed;
* the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year 31st March, 2014 and of
the profit of the Company for that year;
* 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 fraud and other
irregularities; and
* the Directors have prepared the annual accounts on a going concern
basis.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges along with a certificate from the Auditors of the Company are
given separately in this Annual Report.
Auditors:
M/s. D. A. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment.
Information pursuant to Section 217 of the Companies Act, 1956:
There is no employee in respect of whom information under Section
217(2A) of the Companies Act, 1956 is required to be given.
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988:
The information to the extent applicable to the Company is given in
Annexure I.
Appreciation:
The Directors wish to place on record their appreciation of the
contribution made by the employees at all levels to the working of the
Company. The Directors also wish to place on record their appreciation
for the shareholders, dealers, consumers and banks for their continued
support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B PAREKH
Date: 28th July, 2014 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2013
The Directors present the Twenty Seventh Annual Report and the Audited
Statements of Accounts for the year ended 31st March, 2013.
Financial Results:
The Financial performance of the Company is summarised as under:
(Rs.in lac)
Current
Year Previous
Year
Profit before Interest,
Depreciation and Tax 903 746
Less: Interest & Other Finance Costs 22 3
Depreciation
Profit before Taxation 881 743
Less: Provision for Current Taxation 287 242
Provision for Deferred Tax
Profit for the year 594 501
Add: Profit Brought Forward
from Previous Year 594 276
Profit available for appropriation 1188 777
Appropriations
Proposed Dividend on Equity Shares 147 110
Tax on Dividend 25 18
Transfer to General Reserve 70 55
Total 242 183
Balance carried to Balance Sheet 946 594
Dividend:
The Directors recommend the payment of dividend of Rs. 0.80 per equity
share of Rs. 1 each (previous year Rs. 0.60 per share) amounting to Rs.
1,46,69,689 (previous year Rs. 1,10,02,267) out of the current year''s
profit on 1,83,37,111 equity shares ofRs. 1 each. The dividend for the
current year will be free of tax in the hands of shareholders.
Performance:
a. The company''s current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs.
23,497 lacs.
c. During the year, the Company earned Net Profit of f 594 lacs as
against Rs. 501 lacs in the previous year. Outlook:
The Company expects to perform reasonably well subject to prevailing
market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, Smt.
Y.J. Mogrelia, a Director of the Company, retires by rotation and being
eligible, offer herself for re-appointment.
Shri B.K. Parekh, Founder Chairman of the Company, passed away on 25th
January, 2013. Shri B.K. Parekh was a visionary of unassuming quality
and a warm, loving and caring leader with a strong business acumen.
Directors'' Responsibility Statement:
Your Directors confirm that:
- in the preparation of the annual accounts, the applicable accounting
standards have been followed;
- the Directors have selected'' such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year ended 31 st March, 2013
and of the profit of the Company for that year;
- 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 fraud and other
irregularities; and
- the Directors have prepared the annual accounts on a going concern
basis.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges along with a certificate from the Auditors of the Company are
given separately in this Annual Report.
Auditors:
M/s. D. A. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment.
Information pursuant to Section 217 of the Companies Act, 1956:
There is no employee in respect of whom information under Section
217(2A) of the Companies Act, 1956 is required to be given.
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988:
The information to the extent applicable to the Company is given in
Annexure I.
Appreciation:
The Directors wish to place on record their appreciation of the
contribution made by the employees at all levels to the working of the
Company. The Directors also wish to place on record their appreciation
for the shareholders, dealers, consumers and banks for their continued
support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B.PAREKH R.M.GANDHI
Date: 24th May, 2013 MANAGING DIRECTOR DIRECTOR
Mar 31, 2012
The Directors present the Twenty Sixth Annual Report and the Audited
Statements of Accounts for the year ended 31st March, 2012.
Financial Results:
The Financial performance of the Company is summarized as under:
(Rs.in lac)
Current Year Previous Year
Profit before Interest,
Depreciation and Tax 743 622
Less: Interest - 2
Depreciation ' - -
Profit before Taxation 743 620
Less: Provision for
Current Taxation 242 189
Provision for Deferred Tax - -
Profit for the year 501 430
Add: Profit Brought Forward
from Previous Year 276 2
Profit available for appropriation 777 432
Appropriations
Proposed Dividend on Equity Shares 110 92
Tax on Dividend 18 14
Transfer to General Reserve 55 50
Total 183 156
Balance carried to Balance Sheet 594 276
* less than Rs.1 lac
In terms of the Scheme of Demerger of VAM Manufacturing Unit of the
Company into Pixilated Industries Ltd., the Company has transferred a
sum of Rs35,227 from 'Forfeited Shares Account' to 'Capital
Reserves Account' and consequently the figures of the previous year
have been regrouped in the Balance Sheet.
Dividend:
The Directors recommend the payment of dividend of Rs0.60 per equity
share of Rs1 each (previous year Rs0.50 per share including Silver
Jubilee Special Dividend of Rs0.25 per share) amounting to Rs1,10,02,267
(previous year Rs91,68,556) out of the current year's profit on
1,83,37,111 equity shares of Rs1 each. The dividend for the current year
will be free of tax in the hands of shareholders.
Performance:
a. The company's current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was
Rs.21148 lacs.
c. During the year, the Company earned Net Profit of Rs501 lacs as
against Rs430 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing
market conditions and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, the
tenure of Shri Santosh Kumar as a Director expires at the conclusion of
the ensuing Annual General Meeting. Shri Santosh Kumar has expressed
his unwillingness to be re-appointed as a Director. The Directors place
on record their sincere appreciation of the valuable contribution made
by him during his tenure on the Board.
In accordance with the Articles of Association of the Company, Shri
A.D. Mavinkurve and Shri N.K. Parekh, Directors of the Company, retire
by rotation and being eligible, offer themselves for re-appointment.
Directors Responsibility Statement:
Your Directors confirm that:
- In the preparation of the annual accounts, the applicable
accounting standards have been followed;
- The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year ended 31st March, 2012
and of the profit of the Company for that year;
- 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 fraud and other
irregularities; and
- The Directors have prepared the annual accounts on a going concern
basis.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges along with a certificate from the Auditors of the Company are
given separately in this Annual Report.
Auditors:
M/s. D. A. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment.
Information pursuant to Section 217 of the Companies Act, 1956:
There is no employee in respect of whom information under Section
217(2A) of the Companies Act, 1956 is required to be given.
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988:
The information to the extent applicable to the Company is given in
Annexure 1.
Appreciation:
The Directors wish to place on record their appreciation of the
contribution made by the employees at all levels to the working of the
Company. The Directors also wish to place on record their appreciation
for the shareholders, dealers, consumers and banks for their continued
support.
FOR AND ON BEHALF OF THE BOARD
Mumbai M.B. PAREKH N.K. PAREKH
Date: 23rd May, 2012 MANAGING DIRECTOR DIRECTOR
Mar 31, 2011
The Directors present the Twenty Fifth Annual Report and the Audited
Statements of Accounts for the year ended 31st March, 2011.
Financial Results:
The Financial performance of the Company is summarised as under:
(Rs. in lac)
Current Year Previous Year
Profit before Interest and Depreciation 620 873
Less: Interest 1 9
Depreciation * *
Profit Before Taxation 619 864
Less: Provision for Current Taxation 189 292
Provision for Deferred Tax * *
Profit for the year 430 572
Add/(Less): Profit/(Loss) Brought Forward
from Previous Year 2 (532)
Profit available for appropriation 432 40
Appropriations
Proposed Dividend on Equity Shares 92 20
Tax on Dividend 15 4
Transfer to General Reserve 50 14
Total 157 38
Balance carried to Balance Sheet 275 2 * less than Re.1 lac
Dividend:
The Directors recommend the payment of a total dividend of Re.0.50 per
equity share of Re.1 each including Silver Jubilee Special Dividend of
Re.0.25 per share (previous year Re.0.11 per share) amounting to
Rs.91,68,556 (previous year Rs.20,17,082) out of the current years
profit on 1,83,37,111 equity shares of Re.1 each. The dividend for the
current year will be free of tax in the hands of shareholders.
Performance:
a. The companys current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was
Rs.15,163 lacs.
c. During the year, the Company earned Net Profit of Rs.430 lacs as
against Rs.572 lacs in the previous year.
Outlook:
The Company expects to perform reasonably well subject to prevailing
market conditions and fluctuations in exchange rate.
Directors:
The Board of Directors has re-appointed, subject to the approval of the
members of the Company, Shri M.B. Parekh as the Managing Director of
the Company, for a further period of 5 years with effect from 1st
April, 2012.
In accordance with the Articles of Association of the Company, Shri
R.M. Gandhi and Shri B.K. Parekh, Directors of the Company, retire by
rotation and being eligible, offer themselves for re-appointment.
Directors Responsibility Statement:
Your Directors confirm that:
. in the preparation of the annual accounts, the applicable accounting
standards have been followed;
. the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31st March, 2011 and
of the profit of the Company for that year;
. 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 fraud and other
irregularities and
. the Directors have prepared the annual accounts on a going concern
basis.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges along with a certificate from the Auditors of the Company are
given separately in this Annual Report.
Auditors:
M/s. D. A. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment.
Information pursuant to Section 217 of the Companies Act, 1956:
There is no employee in respect of whom information u/s 217(2A) of the
Companies Act, 1956 is required to be given.
Appreciation:
The Directors wish to place on record their appreciation of the
contribution made by employees at all levels to the continued growth of
the Company. The Directors also wish to place on record their
appreciation for the shareholders, dealers, consumers and banks for
their continued support.
FOR AND ON BEHALF OF THE BOARD
Mumbai B.K. PAREKH
Date: 14th June, 2011 CHAIRMAN
Mar 31, 2010
The Directors present the Twenty Fourth Annual Report and the Audited
Statements of Accounts for the year ended 31st March 2010.
Financial Results:
The Financial Performance of the Company is summarised as under:
(Rs. in lac)
Current Year Previous Year
Profit before Interest and Depreciation 873 115
Less: Interest 9 *
Depreciation * *
Profit Before Taxation 864 115
Less: Provision for Current Taxation 292 26**
Provision for Deferred Tax * -
Profit for the year 572 89
Less: (Loss) Brought Forward from
Previous Year (532) (621)
Profit available for appropriation 40 (532)
Appropriations
Proposed Dividend on Equity Shares 20 -
Tax on Dividend 4 -
Transfer to General Reserve 14 -
Total 38 -
Balance carried to Balance Sheet 2 (532)
* less than Rs. 1 lac **
including FBT
Dividend:
The Directors recommend the payment of dividend of Re. 0.11 per equity
share of Re.1 each (previous year Rs. Nil) amounting to Rs. 20,17,082
out of the current years profit, on 1,83,37,111 equity shares of Re.1
each. The dividend for the current year will be free of tax in the
hands of shareholders.
Performance:
a. The companys current business is in Chemicals - which is trading
mainly in Vinyl Acetate Monomer.
b. During the year, the sales turnover from Trading activity was Rs.
11,874 lac.
c. During the year, the Company earned Net Profit of Rs. 572 lac as
against Rs. 89 lac in the previous year.
Outlook:
The Company is engaged mainly in trading of Vinyl Acetate Monomer.
There are opportunities for expanding trading activities to include a
few other chemicals. The company will weigh the opportunities and
decide at an appropriate time whether to expand trading activity.
The Company expects to perform reasonably well. However, this can get
impacted negatively in case of unusual price movements of Vinyl Acetate
Monomer and fluctuations in exchange rate.
Directors:
In accordance with the Articles of Association of the Company, Shri
N.K. Parekh and Smt. Y.J. Mogrelia, Directors of the Company, retire by
rotation and being eligible, offer themselves for re-appointment.
Directors Responsibility Statements!*"
Your Directors confirm that:
- in the preparation of the annual accounts, the applicable accounting
standards have been followed;
- the Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31st March 2010 and
of the profit of the Company for that year;
- 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 fraud and other
irregularities; and
- the Directors have prepared the annual accounts on a going concern
basis.
Corporate Governance:
Reports on Corporate Governance and Management Discussion and Analysis
in accordance with Clause 49 of the Listing Agreement with Stock
Exchanges along with a certificate from the Auditors of the Company are
given separately in this Annual Report.
Auditors:
M/s. D. A. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment.
Information pursuant to Section 217 of the Companies Act, 1956:
There is no employee in respect of whom information u/s 217(2A) of the
Companies Act, 1956 is required to be given.
Appreciation:
The Directors hereby place on record their appreciation of the
efficient services rendered by the employees of the Company at all
levels.
FOR AND ON BEHALF OF THE BOARD
Mumbai B. K. PAREKH
Date: 25th May 2010 CHAIRMAN
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article