Annual Report: 2024
APL Metals Limited 75th Annual Report Summary (2023-2024):
Company Overview: APL Metals Limited, formerly known as Associated Pigments Limited, is engaged in the production of refined lead and lead alloys. During FY 2023-24, lead production constituted approximately 89% of the total output, while lead oxides represented about 11%. The company has three manufacturing units: a lead manufacturing unit at Panskura, a lead oxide manufacturing unit at BT Road, Kolkata, and another lead oxide manufacturing unit at Malwan, Uttar Pradesh. The manufactured goods are primarily used as raw materials for lead-acid storage batteries. The corporate headquarters and registered office shifted to 16/S, Block-A, 2nd Floor, New Alipore, Kolkata-700053, effective July 1st, 2024.
Annual General Meeting (AGM) Information: The 75th AGM is scheduled for Thursday, September 26th, 2024, at 12:30 PM IST via video conferencing (VC) or other audio-visual means (OAVM). The notice details ordinary and special resolutions to be considered, including the adoption of financial statements, re-appointment of Mr. Prakash Damani as a director, and approval of material related-party transactions.
Material Related Party Transactions: The AGM seeks approval for material related-party transactions (RPTs) with the promoter group, concerning loans/financial facilities, repayment of loans, finance costs involving sales, purchases, leasing, assignment, and services with specified related parties, within an overall limit not exceeding INR 200 Crores for financial years 2024-25 up to 2030-31. A similar resolution seeks approval for material RPTs with non-promoter group entities.
AGM Logistics & Voting: The AGM will be held virtually, dispensing with physical attendance. Remote e-voting is available to members through Central Depository Services (India) Limited (CDSL). Members can join the AGM via VC/OAVM 15 minutes before and after the scheduled time, with participation limited to at least 1000 members on a first-come, first-served basis, excluding large shareholders, directors, and other key personnel.
Financial Performance (FY 2023-24): The financial year was challenging for the lead recycling industry due to high inflation, rising import costs, and logistic barriers. Production decreased by 6.96% to 38,648 MT. Export sales fell by 40.21% to Rs 38.91 crores. Overall gross sales decreased by 4.23% to INR 869.28 Crore. The cost of materials also declined by 2.93% to INR 637.78 crores. The company incurred a loss before tax of INR 13.10 crores. The net loss after tax is INR 9.84 crores.
Key Financial Ratios & Changes:
Directors' Report Highlights:
Corporate Social Responsibility (CSR): The company has a CSR policy and spent Rs. 13.50 lacs for FY 2023-24.
Directors and KMP:
Risk Management: The company regularly reviews and monitors risks related to supply chains, environmental norms, fluctuating prices, and financial factors in Board/Committee Meetings. Foreign currency risk is hedged.
Internal Controls: The company has established internal control systems, with internal audits conducted quarterly and reviewed by the Audit Committee.
Vigil Mechanism: The company has a vigil mechanism/whistleblower policy.
Operational Information: Registered Office: 16/S, Block-A, 2nd Floor, New Alipore, Kolkata-700053. Email: secretarial@aplgroupco.com; Website: www.aplmetalsltd.com; Telephone: 033-35836907 Plant Locations: B.T. Road (Kolkata), Malwan (Fatehpur, U.P.), and Panskura (West Bengal).
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