Annual Report: 2024
POLYMATECH ELECTRONICS LIMITED Annual Report 2023-24
Company Information:
Polymatech Electronics Limited has its registered office at Plot No OZ 13, SIPCOT Hi-Tech SEZ, Oragadam, Kancheepuram, Tamil Nadu, India, 602105. The company’s CIN is U32107TN2007PLC063706.
The Board of Directors includes Mr. Eswara Rao Nandam (Managing Director), Ms. Uma Nandam (Director), Mr. Vishaal Nandam (Director), Mrs. Rapala Virtanen Tarja (Independent Director), Mr. Ryan Alexander Young (Independent Director), and Ms. Janani S (Non-Executive Director). Key Managerial Personnel consist of Mr. Eswara Rao Nandam (Managing Director), Mr. Manoj Bajaj (Chief Financial Officer), and Mr. Badri Prasad Mahapatro (Company Secretary). JDS Associates, Chartered Accountants, Coimbatore, are the Statutory Auditors. M/s. VJN & Associates, Practicing Company Secretary, Chennai, serve as the Secretarial Auditor. Link Intime India Private Limited is the Registrar & Share Transfer Agent. The company’s bankers are Bank of Baroda, ICICI Bank, and Standard Chartered Bank.
Managing Director's Message:
The Managing Director expresses gratitude to customers, business partners, shareholders, and stakeholders. The message acknowledges the destabilization of supply chains due to international tensions and emphasizes the importance of stable product supply. Polymatech aims for stable growth and provides a wide variety of products worldwide, including sapphire substrates for semiconductors and HTCC and LTCC packaged chips. The company is working toward forward and backward integration to become self-sufficient by 2030 and is committed to enhance production capacity. Polymatech is investing in the United States and other regions with low country risks and contributing to global carbon neutrality. The company produces LEDs, Sapphire and Silicon wafers.
Notice of Annual General Meeting:
The seventeenth annual general meeting of Polymatech Electronics Limited will be held on Saturday, the 30th of November 2024, at 3.00 P.M.(IST) through video conferencing (“VC”) / other audio-visual means (“OAVM”).
Ordinary Business:
Special Business:
Notes to the Notice:
The meeting is deemed to be conducted at the registered office. The 17th AGM is being conducted through VC/OAVM facility, without physical presence of members. The company is providing remote e-Voting facility. The M/s. Accurate Securities and Registry Private Limited (RTA) shall be providing the voting facility. Members seeking information can write to cos@polymatech.in before 18th November 2024. Members holding shares in physical form are requested to submit their PAN and Bank Account details to the RTA along with a self-attested copy of PAN Card and original cancelled cheque. Speaker registration is open until 13th November, 2024, at cos@polymatech.in. The company has applied for an extension of AGM and obtained a two-month extension until 30th November 2024.
Explanatory Statement:
Item No. 3: Appointment of JDS Associates as Statutory Auditor to fill the casual vacancy arising out of resignation of SS Kothari Mehta & Company, for a period of five years. Item No. 4: Appointment Mr. Ryan Alexander Young as Independent Director of the Company. Item No. 5: Appointment of Mr. Vishaal Nandam as an Executive Director of the Company. Item No. 6: Appointment of Ms. S Janani as a Non- Executive Director of the Company. Item No. 7: Enhancement of the limit up to 500 crores under section 186 of the Companies Act, 2013. Item No. 8 & 9: Sub-division/splitting of equity shares of the Company and Alteration to the Capital Clause of the Memorandum of Association of the Company.
Board's Report:
The directors present the Company's Seventeenth Annual Report and audited financial statements for the year ended March 31, 2024.
Financial Results: The revenue from operations was ₹1,23,762.85 lakhs, compared to ₹64,966.49 lakhs in the previous year. The Profit Before Tax was ₹26,996.84 lakhs, against ₹16,677.66 lakhs in the previous year. The Earnings Per Share was as against the previous year which was at 31.41 per share.
Share Capital: The Authorised Share Capital was increased from ₹75,00,00,000/- divided into 7,50,00,000 Equity Shares of ₹10/- each to ₹135,00,00,000/- divided into 13,50,00,000 Equity Shares of ₹10/- each. The paid-up capital as of March 31, 2024, was ₹79,68,77,750 /- (7,96,87,775 equity shares of ₹10 each). The enhancement of capital was due to preferential allotments of shares at different prices.
Dividend: The directors did not recommend any dividend for the financial year ended 31.03.2024.
Subsidiary, Joint Venture or Associates: As of March 31, 2024, the Company does not have any.
Conversion of Company to Public: The company was converted into a public limited company on June 6th, 2023.
Re-Appointment of Directors Retiring by Rotation: Mrs. Uma Nandam is liable to retire by rotation and offers herself for re-appointment.
Number of Board Meetings Held: The Board of Directors met 14 times during the year.
Details of Present Board of Directors: Includes key personnel and their designations. Mr. Ryan Alexander Young, Mr. Vishaal Nandam, and Ms. Selvamani Shri Janani are being appointed as Independent Director, Executive Director, and Non-Executive Director, respectively.
Committees of the Board: Various committees exist, including the Audit Committee, Nomination and Remuneration Committee, Stakeholder Relationship Committee, CSR Committee, IPO Committee, and Risk Management Committee.
Development and Implementation of Risk Management Policy: The Board of Directors has a risk management policy to formalize the process of identifying potential risks.
Particulars of Employees: Being an unlisted company, disclosure under section 134(3)(q) of the Companies Act, 2013 is not required.
Related Party Transactions: None of the transactions with related parties were in conflict with the Company's interest.
Loan, Guarantees and Investments under Section 186: The Company has not advanced any loans/ given guarantees/ made investments.
Loan from Director: The company has availed an unsecured loan from the director/promoter.
Directors Responsibility Statement: The directors state that the applicable accounting standards had been followed, and the directors had selected such accounting policies, taken proper care for adequate accounting records, and prepared the annual accounts on a going concern basis.
Statement on Annual Evaluation Made by the Board of Directors: The Board evaluated the effectiveness of its functioning and individual Directors.
Vigil Mechanism: The company has adopted a Whistle Blower Policy.
Human Resource Management: The company is continuously striving to create a conducive work environment for employees.
Business Conduct Policy: The Company has framed “Business Conduct Policy”.
Compliance with Secretarial Standards: The Directors state that applicable Secretarial Standards have been duly followed.
Internal Financial Control Systems and their Adequacy: The Company has adequate internal financial controls in place.
Deposits: The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013.
Material Changes and Commitments: There have been no material changes or commitments affecting the financial position of the Company.
Declaration by Independent Director: The company has received necessary declarations from independent directors.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo: The Company has undertaken energy conservation and efficiency measures.
Corporate Social Responsibility: The Company has been undertaking and participating in the socially important projects.
Extract of Annual Return: The Annual Return of the Company has been placed on the website.
Auditors: JDS Associates, Chartered Accountants have been recommended for approval of appointment as special business by shareholders.
Statutory Auditors Report: There are no qualifications in the statutory audit report.
Cost Auditors: As the company operates from a Special Economic Zone, the requirement for appointment of Cost Auditor is exempted.
Secretarial Auditor: The company has appointed M/s.VJN and ASSOCIATES, Practicing Company Secretaries Chennai as Secretarial Auditor of the Company for FY 2023-24.
Details of Frauds Reported by Auditors: There were no frauds reported by the Statutory Auditor.
Internal Complaints Committee: There exist at the company level an Internal Complaint Committee.
Significant & Material Orders Passed by the Regulators or Courts or Tribunals: The Company filed DRHP with SEBI on 30.09.2023 and the filed DRHP has been returned for resubmission by SEBI on 28th March 2024.
Acknowledgement: The directors acknowledge their sincere thanks to the Banks, Government Agencies and Shareholders.
Financial Performance (Highlights from Financial Statements): The revenue from operations for the year ended March 31, 2024, was ₹1,22,067.10 Lakhs, a significant increase from ₹64,902.00 Lakhs in the previous year. Total income was ₹1,23,762.85 Lakhs. Profit before tax stood at ₹26,996.84 Lakhs. After accounting for tax expenses of ₹2,987.63 lakhs, the profit after tax was ₹24,009.21 Lakhs. The basic and diluted earnings per share were both ₹31.41.
The company's authorized share capital is ₹13,500.00 Lakhs. The issued, subscribed, and paid-up equity share capital amounted to ₹7,968.78 Lakhs. The company also reports on a number of financial ratios, including a current ratio of 1.51:1, and a debt-equity ratio of 1.04:1. There was also expenditure on research and development amounting to ₹14,615.06 lakhs and a significant Foreign Exchange Earnings of INR 843,90,48,013 versus INR 855,01,78,479 Outgo.
The report also includes detailed notes on accounting policies, financial instruments, and other relevant information.
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