Manjushree Technopack India Limited Unlisted Shares

Annual Report: 2021

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Year: 2021

Annual Report Summary

Okay, here's a comprehensive summary of the Manjushree Technopack Limited Annual Report for FY 2020-2021, based on the provided PDF content:

Overview and Financial Performance

The report begins with the Chairman's address, highlighting the economic challenges posed by the COVID-19 pandemic but expressing confidence in the company's resilience. Manjushree Technopack Limited (MTL) experienced a resilient financial performance despite challenges including COVID-19-related shutdowns, with the North and East plants being shut down for 15 days. The gross turnover for FY21 was ₹1,04,683.05 Lakhs (2020: ₹1,08,113.11 Lakhs). Net Surplus amounted to ₹9049.31 Lakhs (2020: ₹6649.55 Lakhs), resulting in a basic EPS of ₹66.80 (2020: ₹49.08). The company also acquired National Plastics (NAPLA) which was successfully integrated, and established MTL New Initiatives Private Limited as a wholly-owned subsidiary.

Subsidiaries and Acquisitions

MTL New Initiatives Private Limited was formed on January 1, 2020. The subsidiary established three units at Silvassa, Bidadi Recycling (Karnataka), and Nandyal (Andhra Pradesh). Top-line of the subsidiary was ₹167.03 million in FY21 (FY20: ₹7.50 million). The company also acquired the B2B business of Pearl Polymers Limited (PPL) in April 2021, acquiring four manufacturing units of PPL located at Jigani (Karnataka), Baddi (Himachal Pradesh), Pantnagar (Uttarakhand), and Guwahati (Assam).

Directors, Management, and Governance

The Board of Directors included Ashok Sudan (Chairman & Independent Director), Sanjay Kapote (Managing Director & CEO), Shweta Jalan, Pankaj Patwari, Manu Anand, and Jayesh Merchant (Independent Director). Biren Shah served as CFO and Rasmi Ranjan Naik as Company Secretary. Pankaj Patwari and Manu Anand will retire by rotation and are eligible for re-appointment. Vimal Kedia, Surendra Kedia, and Vinod Padikkal resigned from the Board during the year. The report includes declarations from Independent Directors and a Directors’ Responsibility Statement. The company complied with applicable Secretarial Standards.

Corporate Social Responsibility (CSR)

MTL's efforts in Environment and Sustainability was recognized with the Golden Peacock Award 2020 for best environment management in the Packaging Industry. The CSR Committee included Ashok Sudan, Pankaj Patwari, and Sanjay Kapote. The report details amounts spent on CSR activities and those available for set off in coming years. For 2020-21 there has been no amount available for set off from proceeding financial years and total amount of CSR activity is (81,961) in Rupees.

Financial Details

The report provides detailed standalone and consolidated financial statements, including the Balance Sheet, Statement of Profit and Loss, Cash Flow Statement, and Statement of Changes in Equity. These statements include detailed notes on various items such as Property, Plant & Equipment, Intangible Assets, Investments, Inventories, Trade Receivables, Cash and Cash Equivalents, Share Capital, Reserves, Borrowings, Provisions, and Contingent Liabilities. The gross turnover for FY 2021 was at Rs. 1,04,683.05 Lakhs (2020 – Rs. 1,08,113.11 Lakhs). The Gross Profit during FY 2021 was Rs. 26,675.14 Lakhs (2020 – Rs. 25,824.83 Lakhs), while the Operating Profit stood at Rs. 20,317.28 Lakhs (2020 Rs. 18,856.36 Lakhs).

Operational Details

The Company's plants in Northern and Eastern India were shut down for half a month. The company complied with government directives for lockdown in all manufacturing units. Work from home concept was adopted.

Auditors

Deloitte Haskins & Sells served as Statutory Auditors, while G S & Associates were appointed as Cost Auditors for the product shrink film. Vijayakrishna K T was appointed as Secretarial Auditor. The audit reports are included as annexures.

R&D and Technology Absorption

The company is continuously putting effort to develop new products. R&D expenditure for financial year 2020-21 was: Rs. 163.11 Lakhs Total R&D expenditure as a percentage of total turnover for financial year is 0.15%

Other Key Points:

The company complied with maintenance of cost records.
The Company confirmed that no orders were passed by any court or regulator impacting its going concern status.
No complaints pertaining to sexual harassment were reported during the year.
The company has transferred total profit amount to Reserve & Surplus Account

This summary captures the key aspects of the Manjushree Technopack Limited Annual Report for FY 2020-2021.

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