Amol Minechem Limited Shares

Annual Report: 2023

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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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