Annual Report: 2022
Annual Report - 2021-22 for Manjushree Technopack Limited (MTL) highlights the company's performance and initiatives during the fiscal year.
Chairman's Overview:
The Chairman, Ashok Sudan, expresses gratitude to stakeholders for their support amidst challenging circumstances. The year began with the second wave of COVID-19, prompting dynamic planning and implementation. The company demonstrated resilience and delivered a strong performance. The chairman acknowledges the tragic consequences of the Russia-Ukraine conflict and its impact on energy shortages, rising prices, and supply chains. Key accomplishments include acquiring the B2B businesses of Pearl Polymers Limited (PPL) and Classy Kontainers (CK), which expanded the company's manufacturing footprint and diversified its business mix. PPL's four manufacturing units are integrated and functioning smoothly. CK's business acquisition enabled entry into the paint and specialty chemicals segment. The company has also taken initiatives to procure renewable energy by replacing hydro/thermal energy sources. MTL received the 'Golden Peacock Occupational Health & Safety Award' for 2021. MTL New Initiatives Private Limited, a wholly owned subsidiary, successfully operated three units in Silvassa, Bidadi (Karnataka), and Nandyal (Andhra Pradesh). The subsidiary achieved revenue of Rs. 707.76 million in FY22 compared to Rs. 167.04 million in FY21 and positive EBITDA of Rs. 28.32 million. Manjushree's standalone performance shows a top-line of Rs. 14,062.49 million in FY22 compared to Rs. 10,337.94 million in FY21 and a positive EBITDA of Rs. 2,396.38 million. After the resignation of Mr. Sanjay Kapote, Mr. Thimmaiah NP was appointed as Managing Director and CEO.
Board's Report:
The Board of Directors presents the 35th Annual Report, noting the challenging year due to COVID-19, resulting in restricted movement and supply line disruptions. The company focused on people's health and safety, uninterrupted supplies, meeting FMCG and Pharma sector demand, community care, and cash preservation. The company complied with Government directions during lockdowns, adhering to safety protocols. Plants in Northern and Eastern India were shut down for half a month.
Financial Performance & Operations:
Consolidated financial positions include a turnover of Rs. 146,752.57 Lakhs in FY22 (Rs. 1,04,683.05 Lakhs in FY21). Gross Profit was Rs. 31,241.59 Lakhs (FY21: Rs. 26,675.14 Lakhs). The net surplus amounts to Rs. 7,123.34 Lakhs (FY20: Rs. 9,049.31 Lakhs). The basic EPS is Rs. 52.58 (FY21: Rs. 66.80). Standalone financial results show a gross turnover of Rs. 1,40,624.94 Lakhs (FY21: Rs. 1,03,379.37 Lakhs). The Gross Profit was Rs. 30,499.62 Lakhs (FY21: Rs. 26,837.16 Lakhs) and operating profit was Rs. 23,362.46 Lakhs. Net surplus was Rs. 7,998.99 Lakhs (FY20: Rs. 10004.46 Lakhs).
MTL New Initiatives Private Limited recorded a turnover of Rs 7,077.65 Lakhs (FY21: 1,670.38 Lakhs).
Directors & Key Personnel:
Mrs. Shweta Jalan will retire by rotation and offers herself for reappointment. Mr. Sanjay Kapote stepped down as Managing Director and CEO and Mr. Thimmaiah NP was appointed in his stead. Mr. Biren Shah resigned as Chief Financial Officer effective 31st July 2022.
Share Capital and Debentures:
The authorized capital increased from Rs. 15.00 Crores to Rs. 25.00 Crores. The company issued 5,52,00,133 Compulsorily Convertible Debentures (CCDs) to Al Lenarco Midco Limited for Rs. 552,00,13,300. Interim dividend of Rs. 16.75 per share was declared.
Board Meetings & Committees:
Thirteen Board meetings were held. The report details the composition of the Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee. M/s Deloitte Haskins & Sells are the statutory auditors for five years from 2021-2025. Mr. Vijayakrishna K T was appointed as Secretarial Auditor.
Other Disclosures:
There were no qualifications in the audit reports. Details on energy conservation, technology absorption, and foreign exchange earnings and outgo are provided. Research and Development activities are ongoing.
Directors' Responsibility Statement:
The Directors confirm that the applicable accounting standards have been followed, proper accounting records maintained, the Annual Accounts prepared on a going concern basis, and proper systems are in place to ensure compliance.
Other Important Information:
The report discusses internal financial controls, related party transactions (AOC-2 is enclosed), details of loans, guarantees, or investments. It details transfer to Investor Education and Protection Fund (IEPF) and reports on risk management with the formation of a Risk Management Committee. The company affirms a safe workplace policy, along with a policy on Prevention of Sexual Harassment at Workplace, and states that no complaints were reported. There were no orders passed by any court or regulator impacting going concern status. There was no fraud reported by auditors. Vigil Mechanism and Whistle Blower Policy are in compliance. The Directors express gratitude for the cooperation, guidance, and support from Bankers, Registrars, Industries Dept. of Govt., Local Authorities, Suppliers, Contractors, Customers, and Vendors.
Annual Return: As required by Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014 read with Companies Amendment Act, 2020 an Annual Return in MGT-7 is placed on the website of the Company i.e., www.manjushreeindia.com.
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