APL Metals Unlisted Shares

Annual Report Summary

The 73rd Annual Report of APL Metals Limited for 2021-2022 covers the notice for the Annual General Meeting (AGM), Director's Report, Corporate Governance, and Audited Financial Statements. The AGM is scheduled for September 15, 2022, via video conferencing, where members will consider adopting the financial statements for FY 2021-22, re-appoint Mr. Prakash Kumar Damani as a director, and appoint M/S VPC & Associates as the statutory auditor, replacing M/S Sanjay Maheswary & Company. Remuneration of the Cost Auditors for the financial year 2022-23, M/s. B. Saha & Associates, is also to be ratified.

The notice details the procedure for e-voting and joining the virtual meeting, including instructions for shareholders holding shares in demat and physical modes. It emphasizes the mandatory furnishing of KYC details and nomination by holders of physical securities, as per SEBI circular.

The Director's Report discusses the company's performance in the context of the Indian economy and the lead storage battery industry. APL Metals Limited, originally Associated Pigments Limited, is a 73-year-old company manufacturing Lead and lead oxides across three units. The company observed an 8.7% GDP growth rate in FY 2021-22 despite several challenges. Revenue from operations increased by 14.36% to Rs. 724.29 Crores, but operating profit (EBITDA) decreased to Rs. 22.12 Crores compared to Rs. 25.70 Crores in the previous year. The Company’s earnings per share were Rs. 4.62 during the current year. Due to inadequate current year profit to absorb past losses, the board couldn't recommend dividends.

Key financial ratios are presented, with explanations for changes between FY 2021 and FY 2022. The report also mentions risks related to supply chain management, environmental compliance, fluctuating raw material prices, and foreign exchange fluctuations, with the management taking steps to mitigate these risks. The company has implemented a Risk Management Committee. There has been no change in the nature of the business, and there were no significant orders passed by regulators impacting the going concern status.

APL Metals Limited reports on Occupational Health, Safety, Environment, Internal Financial Control, and Share Capital & Reserves. The Board consists of both Independent and Non-Independent Directors and a list of Key Managerial Personnel as well. The company has established systems for evaluating the board, committees, and individual directors. Also, the company’s code of conduct and ethics for the board and senior management is in place. The Annual Report contains Annexures, including the Corporate Governance Report, which covers aspects such as the composition of the Board and its committees, meetings held, remuneration policy, and stakeholder relationships. The report states commitment to addressing shareholder grievances and compliance with SEBI regulations. CSR activities, in compliance with Section 135 of the Companies Act, 2013 with Rs 12.25 lacs spent for FY 2021-22, are detailed. B. Saha & Associates are Cost Auditors for cost audit of records of the Company.

Statutory auditors have issued unmodified opinions. There is a report on Sexual Harassment, a Secretarial Audit was conducted and the Company is complaint to Secretarial Standards.

The financial statements include the balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statement, along with notes explaining various accounting policies and financial details.