Amol Minechem Limited Shares Annual Reports

Amol Minechem Limited Shares

Amol Minechem Limited’s annual report for the financial year ended March 31, 2024, provides an overview of the company's financial performance, industry structure, risk management, and corporate social responsibility initiatives. The report also includes the auditor's report, directors' responsibility statement, and details of subsidiaries. **Financial Performance:** The company's financial results for the year ended March 31, 2024, compared to the previous year (in INR Lakhs), are as follows: * Earnings Before Interest, Depreciation and Tax Adjustments (EBIDTA): 1,845.50 vs 1,194.99 * Earnings for the year: 1,220.30 vs 1,226.66 * Total Comprehensive Income for the year: 1,209.85 vs 1,218.65 * Sales, operating and other income: INR 6,810.85 Lakhs compared to last year's INR 5,966.02 Lakhs The report indicates that the overall market for Perlite products increased post-COVID-19 pandemic, with sales growth driven by demand for thermal insulation. Reduced finance and raw material costs contributed to improved profit margins. **Industry Structure and Development:** Amol Minechem Limited is identified as the largest producer of Perlite-based products in India, holding a significant market share and a strong leadership position. The company supplies high-quality Perlite products to both domestic and international markets, catering to various industries. **Operations and Outlook:** The company continues to develop new markets and applications. Geopolitical issues create substantial disruption in business and uncertainty, Economy is under lot of stress and overall sentiments are weak, Business is bound to suffer. However, the company is making all efforts to maintain the volumes of business to the extent possible without taking undue risks. Considering all aspects Perlite business does not seem to be affected much, during this year. **Risk Management and Internal Control:** The company has adopted a Risk Management Policy for systematic risk control, encompassing risk identification, evaluation, monitoring, review, and reporting. An Internal Control System commensurate with the size, scale, and complexity of its operation is in place. The current status of the Company is unlisted due to transfer of the Company to the dissemination Board, and hence the requirement for appointment of Internal Audit is not applicable now onwards. **Human Resources:** Cordial relations with employees are maintained, and there were no strikes or lockouts during the year. **Transfer to Reserves and Dividend:** The company proposes to retain an amount of INR 3,014.22 Lakhs as surplus in statement of profit and loss account. The directors recommended a dividend of INR 2.50 per share (25%) for the financial year ended March 31, 2024. Further, the director has recommended a special divided of INR 2.50/- per share (25%). **Investor Education and Protection Fund (IEPF):** The company will transfer outstanding unpaid or unclaimed dividend and corresponding shares for the Financial Year ending on March 31, 2016 to the IEPF authorities during the year under review. **Subsidiaries and Consolidated Financial Statements:** Amol Cryogenic Insulation (USA) Inc. and Amol Cryogenic Insulation Ltd. UAE continue to be subsidiaries. **Share Capital:** The authorized share capital is ₹13,00,00,000, while the total issued, subscribed & paid-up capital is ₹81,91,350. **Directors and Key Managerial Personnel:** Mrs. Priti S. Sheth, Director of the Company, shall retire by rotation at the ensuing Annual General Meeting and being eligible, had offered himself for re-appointment. The Board recommends his appointment for the consideration of the members of the Company at the ensuing Annual General Meeting. The requirement of appointment of Whole Time Key Managerial Personnel pursuant to Section 203 of the Companies Act, 2013 is not applicable to the Company. **Board Meetings:** Four Board Meetings were held during the financial year 2023-24. **Independent Directors:** Mr. Naishadh I. Parikh, Independent Director of the Company have given declaration that he meets the criteria of independence as laid down under Section 149 (6) of the Act. **Corporate Social Responsibility (CSR):** The Company has a CSR Committee, and one meeting was held during the year. **Related Party Transactions:** Particulars of contracts or arrangements entered by the Company with related parties are provided under “Annexure – C” in Form AOC – 2. **Energy Conservation, Technology Absorption, and Foreign Exchange:** Steps have been taken for energy conservation, including the use of high-efficiency welding machines and LED lighting. The company has decided to utilize solar power for domestic usage. The Company is planning to utilize waste heat of process to reduce natural gas consumption. Foreign exchange outgo was INR 501.56 Lakhs. **Auditor's Report:** B. R. Shah & Associates, Chartered Accountants, were re-appointed as Statutory Auditors for a term of five years. There were no qualifications, reservations, adverse remarks, or disclaimers made by the auditors. The report expresses an unmodified opinion on the adequacy and operating effectiveness of the company's internal financial controls. **Financial Statement Highlights:** The standalone balance sheet as of March 31, 2024, shows total assets of ₹8,328.61 Lakhs and total equity & liabilities of ₹8,328.61 Lakhs. The standalone statement of profit & loss for the year ended March 31, 2024, indicates a profit for the year of ₹1,220.30 Lakhs. The standalone statement of cash flows for the year ended March 31, 2024, shows a net increase/(decrease) in cash and cash equivalents of (₹3.23) Lakhs. The consolidated balance sheet as of March 31, 2024, shows total assets of ₹7,876.92 Lakhs and total equity & liabilities of ₹7,876.92 Lakhs. The consolidated statement of profit & loss for the year ended March 31, 2024, indicates a profit for the year of ₹1,184.26 Lakhs. The consolidated statement of cash flows for the year ended March 31, 2024, shows a net increase/(decrease) in cash and cash equivalents of (₹45.92) Lakhs. **Notice of AGM:** The 45th Annual General Meeting will be held on September 2, 2024, to adopt financial statements, declare dividends, re-appoint a director, and consider the re-appointment of the Chairman & Managing Director, and alteration of object clause. **Overall, the report paints a picture of a company that is growing, profitable, and committed to good corporate governance and social responsibility.**

Amol Minechem Limited Shares

Annual Report 2022-2023 for Amol Minechem Limited (formerly known as Amol Dicalite Limited) **Company Overview:** Amol Minechem Limited, formerly known as Amol Dicalite Limited, is the largest producer of Perlite-based products in India. The company manufactures and supplies high-quality Perlite-based products to both domestic and international markets, catering to diverse industries through various applications. **Key Personnel:** * Shreyas C. Sheth: Chairman & Managing Director * Priti S. Sheth: Director * Naishadh I. Parikh: Independent Director, Chairman of Stakeholders Relationship Committee * Statutory Auditors: M/s. B. R. Shah & Associates, Chartered Accountants, Ahmedabad. **Financial Performance (Year Ended March 31, 2023):** * Sales, operating and other income has been INR 5,966.03 Lakhs compared to INR 4,533.83 Lakhs of last year * Earnings Before Interest, Depreciation and Tax Adjustment (EBIDTA): INR 1,194.99 Lakhs (previous year: INR 610.16 Lakhs) * Earnings for the year: INR 1,226.66 Lakhs (previous year: INR 271.33 Lakhs) * Total Comprehensive income for the year: INR 1,218.65 Lakhs (previous year: INR 260.82 Lakhs) **Subsidiary Financial Performance:** * Amol Cryogenic Insulation (USA) Inc.: * Total Income: $2,82,628 (for the year ended 31st December, 2022) * Profit Before Tax: $83,380 (for the year ended 31st December, 2022) * Amol Cryogenic Insulation Ltd. (UAE): * Total Income: NIL (for the year ended 31st March, 2023) * Loss Before Tax: $(7,497) (for the year ended 31st March, 2023) **Share Capital:** * Authorized Share Capital: INR 13,00,00,000 (30,00,000 Equity Shares of ₹10/- each and 10,00,000 4% Redeemable Non – Cumulative Preference Shares of ₹100/- each) * Issued, Subscribed & Paid-up Capital: INR 81,91,350 (8,19,135 Equity Shares of ₹10/- each) **Dividend:** * The directors recommended a dividend of INR 2.50 per share (25%) for the financial year ended March 31, 2023. **Risk Management & Internal Control:** * The Company has adopted a Risk Management Policy for systematic risk control. * The company has an Internal Control System commensurate with its size and complexity, with regular Internal Audit Reports placed before the Audit Committee. **Corporate Social Responsibility (CSR):** * The Company constituted a Corporate Social Responsibility Committee on May 30, 2019. * CSR Committee Composition: Naisadh I Parikh (Chairman), Shreyas Sheth (Member), Priti Sheth (Member). * The Company spent INR 13.10 Lakhs towards CSR activities. The CSR policy and projects are available on the website. **Related Party Transactions:** * Particulars of contracts with related parties are provided in "Annexure – C” in Form AOC – 2. All related party transactions are presented to the Audit Committee and Board for approval. **Other Key Highlights:** * Five Board Meetings were held during the financial year 2022-23. * Mr. Naishadh I. Parikh, an Independent Director, has met the independence criteria as per Section 149 (6) of the Companies Act, 2013. * M/s. B. R. Shah & Associates were re-appointed as Statutory Auditors for a consecutive term of five years. * There were no qualifications, reservations, adverse remarks, or disclaimers by the Statutory Auditors in their Audit Report. * The company has zero tolerance for sexual harassment at workplace. **Auditor's Report:** * The Independent Auditors' Report confirms that the standalone and consolidated financial statements give a true and fair view of the company's affairs, in conformity with accounting principles. * The report also includes a statement on the matters specified in paragraphs 3 and 4 of 'the Companies (Auditor's Report) Order, 2020'. * The auditors have expressed an unmodified opinion and have also reported on the adequacy of the internal financial controls and their operating effectiveness. * A matter of emphasis highlights concerns about the company's investment in Amol Cryogenic Insulations (USA) Inc. **Appendices:** The report includes several annexures detailing CSR activities, financial statements of subsidiaries, details of loans, guarantees, investments, related party transactions and other statutory disclosures.

Amol Minechem Limited Shares

Annual Report 2021-2022 Amol Minechem Limited, formerly known as Amol Dicalite Limited, presents its annual report for the financial year ended March 31, 2022. The Directors of the company are Mr. Shreyas C. Sheth (Chairman & Managing Director), Mrs. Priti S. Sheth (Director), and Mr. Naishadh I. Parikh (Independent Director). The company’s registered office is located at 401, “Akshay”, 53, Shrimali Society, Navrangpura, Ahmedabad – 380009. Notice is given for the 43rd Annual General Meeting (AGM) to be held on Thursday, October 20, 2022, at 11:00 a.m. at the registered office address, to transact business such as adopting the financial statements, declaring a dividend, and re-appointing a director. Due to the COVID-19 pandemic, the meeting will be held through video conferencing (VC) or other audio-visual means (OAVM), and physical attendance of members will be dispensed with. The facility for appointment of proxies by members will not be available for this AGM. **Financial Performance:** The company's sales and operating income increased to INR 4,533.83 Lakhs compared to the previous year's INR 3,890.60 Lakhs. Earnings before Interest, Depreciation and Tax Adjustment (EBIDTA) stood at INR 610.16 Lakhs, against INR 673.25 Lakhs the previous year. The net profit for the year was INR 260.82 Lakhs, compared to INR 337.47 Lakhs the previous year after providing tax liability. The thermal insulation market saw increased demand compared to the previous year; however, increased finance and raw material costs decreased profit margins. **Key Highlights & Disclosures:** * The directors recommend a dividend of INR 2.50 per share (25%) for the financial year ended March 31, 2022. * The company has adopted a Risk Management Policy. * Talent acquisition, retention, and development are integral to HR initiatives. There were cordial relations with employees and no strikes/lockouts. * The company proposes to retain INR 1,816.09 Lakhs as surplus in the profit and loss account. * Two foreign subsidiaries, Amol Cryogenic Insulation (USA) Inc. and Amol Cryogenic Insulation Ltd. UAE, continue to be subsidiaries. Financial details are provided in the annexure. * National Company Law Tribunal (NCLT), Ahmedabad, approved the Scheme of Amalgamation of Perlcon Premix Private Limited with Amol Minechem Limited on January 3, 2022. * The company has zero tolerance for sexual harassment at the workplace and has formed an Internal Complaint Committee. No complaints were received. * Steps were taken to conserve energy, including utilizing solar power and replacing conventional equipment with high-efficiency alternatives. * The company plans to utilize waste heat to reduce natural gas consumption, reducing energy consumption and cost. **Financial Statement Details (Standalone):** *Equity:* * Equity Share Capital: 67.77 Lakhs * Other Equity: 4,357.30 Lakhs *Non-Current Liabilities:* * Borrowings: 627.34 Lakhs *Current Liabilities:* * Borrowings: 495.76 Lakhs * Trade Payables: 597.50 Lakhs *Total Revenue from Operations:* 4,122.75 Lakhs *Profit for the year:* 271.33 Lakhs **Auditor's Report:** * Auditors B.R. Shah & Associates issued an unmodified opinion on the standalone and consolidated financial statements. * The report emphasizes a matter regarding investment in and loans given to subsidiary Amol Cryogenic Insulations (USA) Inc. that has incurred significant losses. Management believes ACI will recover, but diminution in value had been previously provided. * The auditors report that the company has adequate internal controls over financial reporting and that they were operating effectively. * The auditors also confirm that the company has complied with provisions of section 185 and 186 of the companies Act, 2013 in respect of loans, investments, guarantees and security. **Corporate Social Responsibility (CSR):** * The CSR Committee includes Naisadh I. Parikh (Chairman), Shreyas Sheth (Member), and Priti Sheth (Member). * The company has a CSR policy available on its website. * INR 13.50 Lakhs was spent on CSR activities related to the promotion of Education & Healthcare and other activities which falls under Schedule VII of the act to “Chinubhai Manibhai Charitable Trust”. **Subsidiary Performance:** The financial performance of subsidiaries Amol Cryogenic Insulation (USA) Inc. and Amol Cryogenic Insulation Ltd. (UAE) is detailed in the report. **Share Capital Structure:** Authorized share capital: 30,00,000 Equity Shares of ₹10/- each and 10,00,000 4% Redeemable Non – Cumulative Preference Shares of ₹100/- each. Issued, Subscribed & Paid-up Capital 6,77,652 Equity Shares of ₹10/- each. **Other Key Points:** * Mr. Shreyas C. Sheth retires by rotation and offers himself for re-appointment. The board recommends his re-appointment. * Declaration of Independence: Mr. Naishadh I. Parikh meets the criteria of independence as laid down under Section 149 (6) of the Act and is considered independent by the Board. * Directors' Responsibility Statement confirms compliance with accounting standards, proper care for safeguarding assets, and preparation of accounts on a going concern basis. * The company has a policy against sexual harassment at the workplace. * Shareholders are entitled to electronic voting for the AGM. * Annexures to the report include details about Subsidiaries/Associate Companies, CSR activities, details of contracts with related parties, and other pertinent information.