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Amol Minechem Limited Shares

Annual Report: 2023

Year: 2023

Annual Report Summary

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.

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