Annual Report: 2024
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:
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.
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