Resin & Plastic Limited Unlisted Shares Annual Reports

Resin & Plastic Limited Unlisted Shares

Annual Report 2023-2024: Resins & Plastics Ltd. Summary Results: The summary results from FY 2019-20 to FY 2023-24 includes a balance sheet and a profit and loss account. In FY 2023-24, Resins & Plastics Ltd had a net fixed asset of 1,497.39 Lakhs, investments of 0.09 Lakhs, long term loans and advances of 119.82 Lakhs, and net current assets (working capital) of 9,318.09 Lakhs. Represented by deferred tax liability (74.84 Lakhs), other long term liabilities, long term provisions (61.23 Lakhs), share capital (417.23 Lakhs), share capital suspense, and reserves (10,382.09 Lakhs). The profit and loss account shows total income (26,052.48 Lakhs), with sales net of taxes reaching 25,820.63 Lakhs. Total expenditure amounted to 24,497.51 Lakhs, leaving a profit before tax of 1,554.97 Lakhs. After accounting for taxes (397.47 Lakhs), the profit after tax was 1,157.50 Lakhs. The Board recommended a dividend of ₹7 per share (70%) for FY 2023-24, subject to shareholder approval. Board of Directors & Other Key Personnel: As of March 31, 2024, Shri Dhiren P. Mehta served as Chairman until 31.03.2024, Shri Rupen A. Choksi as Managing Director, Shri Jalaj A. Dani as Director (w.e.f. 28.02.2024), Smt. Dipika A. Vakil, Smt. Hemangi N. Modi, Smt. Nina P. Kapasi (w.e.f. 08.09.2023), Shri Atul A. Bansal (w.e.f. 31.03.2024), and Shri Chetan S. Thakkar (upto 31.03.2024) all as Directors. Shri Sanket D. Dwivedi is the Chief Operating Officer, and Smt. Sunita R. Satpalkar is the Chief Financial Officer & Compliance Officer. The auditors are M/s. CNK & Associates LLP. Notice of Annual General Meeting (AGM): The 63rd AGM will be held on August 8, 2024, at 10:30 a.m. at the IMC Chamber of Commerce and Industry, Mumbai. The ordinary business includes adopting the audited financial statements and declaring a dividend. Special business includes ratifying the remuneration of the cost auditors for FY 2024-25, and the appointment of Smt. Nina Pradip Kapasi, Shri Jalaj Ashwin Dani, and Shri Atul Avadh Bansal as Directors. A member entitled to attend and vote may appoint a proxy, with certain restrictions on the number of members a proxy can represent. The Register of Members and Share Transfer Books will be closed from August 2 to August 8, 2024. The AGM Notice is available on the company website www.resplast.com and on the NSDL website. E-Voting: The company provides remote e-voting facilities through NSDL. The remote e-voting period is from August 3, 2024, to August 7, 2024. Members can also vote through ballot paper at the AGM. Dividend Information: The final dividend for FY 2023-24, if approved, will be paid on or after August 11, 2024. Members holding shares in electronic form should have their bank particulars registered with their respective Depository Participants. TDS will be deducted from dividends as per Income Tax Act, 1961. Board's Report: The Board of Directors reported an increase in revenue from operations to ₹25,820.63 Lakhs during FY 2023-24. They recommended a dividend of ₹7 per share, totaling ₹292.06 Lakhs. ₹160 Lakhs was transferred to the General Reserve. During the FY 2023-24, the Board expressed condolences at the demise of Shri Bharat B. Chovatia and Shri Ashwin S. Dani. Smt. Dipika A. Vakil is retiring by rotation but is eligible for re-appointment. Smt. Nina P. Kapasi, Shri Jalaj A. Dani, and Shri Atul A. Bansal were appointed as Additional Directors and their appointments are subject to member approval at the AGM. Shri Dhiren P. Mehta and Shri Chetan S. Thakkar retired as Non-Executive Independent Directors. Other Key Information: The Company's CSR expenditure for FY 2023-24 was ₹29.93 Lakhs, focusing on education. The Directors confirm the responsibility statement related to the financial statements, adherence to accounting standards, and going concern basis. The Company has an adequate internal audit system and there were no qualifications in the auditors' reports. The report includes annexures on CSR activities, the secretarial audit report, and details on energy conservation, technology absorption, and foreign exchange earnings and outgo. The Board is responsible for maintaining an adequate internal financial controls system and that such controls operated effectively. Volume sales increased by 21%, but revenue only increased 3% due to reduction of inflationary pricing by 15%.

Resin & Plastic Limited Unlisted Shares

ANNUAL REPORT 2022 - 2023 **Financial Performance (FY 2022-23):** Resins & Plastics LTD. reports an 18% increase in revenue from operations, rising to ₹25,225.05 Lakhs compared to ₹21,376.31 Lakhs in the previous fiscal year. Profit after tax (PAT) decreased by 17% to ₹981.42 Lakhs from ₹1,181.77 Lakhs in FY 2021-22. The Board recommends a dividend of ₹6.00 per share (60%) on 41,72,300 equity shares, resulting in a cash outflow of ₹250.34 Lakhs. ₹1 Crore has been transferred to the General Reserve. The company faced unpredictable volatility in raw material prices due to the COVID-19 situation and the Ukraine conflict, resulting in a demand-supply gap impacting the Indian economy. **Corporate Governance and Compliance:** The Board of Directors includes Shri Dhiren P. Mehta (Chairman), Shri Rupen A. Choksi (Managing Director), and other directors. Shri Ashwin S. Dani is retiring by rotation and is eligible for re-appointment. Four Board meetings were held during the financial year. The company confirms adherence to secretarial standards issued by the Institute of Company Secretaries of India. M/s CNK & Associates LLP, Chartered Accountants, are proposed for re-appointment as statutory auditors for a second term of five years. M/s. Kishore Bhatia & Associates are appointed as Cost Auditors for FY 2023-24. **Risk Management, Internal Controls, and Social Responsibility:** The company has a defined risk management mechanism and periodically reviews risks. Internal financial controls are adequate. The CSR expenditure for FY 2022-23 was ₹28.49 lakhs, focusing on education and hygiene. The Company continues to focus on thrust areas of education and hygiene and making positive impact on society through educational development, and the company aims to continue its focus on core indicators of the educational cycle, improving learning outcomes. **Shareholder Information and AGM Details:** The 62nd Annual General Meeting (AGM) will be held on Monday, July 31st, 2023, at 11:00 a.m. at the IMC Chamber of Commerce and Industry, Mumbai. The register of members and share transfer books will be closed from Tuesday, July 25th, 2023, to Monday, July 31st, 2023, for the purpose of the final dividend. The Annual Report and AGM Notice are available on the company website. Members can vote electronically between July 26th and July 30th, 2023. **Dividend-Related Information and Tax Deductions:** The final dividend for FY 2022-23, if approved, will be paid on or after Thursday, August 3rd, 2023. Tax will be deducted at source (TDS) from dividend payments as per the Income Tax Act, 1961. Shareholders are requested to update their PAN and other relevant details to ensure appropriate TDS rates. Various forms for tax exemption can be downloaded from Link Intime's website, and these documents must be uploaded before Monday, the 17th July, 2023. **Detailed Financial Data:** Summarized balance sheet and profit and loss account information are provided for FY 2022-23, FY 2021-22, FY 2020-21, FY 2019-20, and FY 2018-19, including details on net fixed assets, investments, loans, working capital, share capital, reserves, sales, material consumed, overheads, depreciation, interest, and taxes. Shareholding patterns, including those of promoters, are detailed. **Operational Developments and Outlook:** Management highlights the company's ability to maintain its supply pipeline despite price volatility and supply scarcity through coordination with suppliers and agile supply chain management. The company is focusing on strengthening its supply chain, talent management, and upgrading infrastructure across its manufacturing units, including renovation of the R&D facility at Taloja. The Ankleshwar - Unit II has received Environmental clearance for capacity expansion. The financial report has stated a detailed explanation for E-voting. **Auditors' Report & Internal Controls:** The auditors' report does not contain any qualifications, reservations, or adverse remarks. Internal financial controls with reference to the financial statements are considered adequate and operating effectively.

Resin & Plastic Limited Unlisted Shares

ANNUAL REPORT 2021 - 2022 **Financial Performance Summary** The Resins & Plastics Ltd. annual report for 2021-2022 presents a summarized balance sheet and profit and loss account. Net fixed assets increased from ₹973.48 lakhs in FY 2020-21 to ₹1,239.39 lakhs in FY 2021-22. Net current assets (working capital) also increased from ₹7,244.57 lakhs to ₹7,855.80 lakhs. Total income grew from ₹14,906.83 lakhs to ₹21,565.42 lakhs, primarily driven by increased sales. Total expenditure increased from ₹13,337.10 lakhs to ₹19,977.58 lakhs, with material consumed being the most significant component. Profit before tax was ₹1,587.84 lakhs, and profit after tax was ₹1,181.77 lakhs. The Board recommended a dividend of ₹6 per share (60%) for FY 2021-22. Figures from the previous year are not strictly comparable due to the merger of Pragati Chemicals Ltd. with Resins & Plastics Ltd., effective from April 1, 2019. **Board of Directors and Key Personnel** As of March 31, 2022, the Board of Directors consisted of Shri Dhiren P. Mehta (Chairman), Shri Rupen A. Choksi (Managing Director), Shri Ashwin S. Dani (Director), Smt. Dipika A. Vakil (Director, appointed effective February 8, 2022), Shri Bharat B. Chovatia (Director), Shri Chetan S. Thakkar (Director), and Smt. Hemangi N. Modi (Director). Shri Abhay A. Vakil served as Chairman until November 2, 2021. The Chief Operating Officer is Shri Sanket D. Dwivedi, and the Chief Financial Officer & Compliance Officer is Smt. Sunita R. Satpalkar. **Annual General Meeting (AGM) Information** The Sixty-First Annual General Meeting will be held on August 5, 2022, at 11:00 a.m. via video conferencing (VC) or other audio-visual means (OAVM). Ordinary business includes adopting the audited financial statements for FY 2021-22, declaring a dividend, and appointing a director in place of Shri Ashwin S. Dani, who retires by rotation. Special business includes ratifying the remuneration of the Cost Auditors, appointing Smt. Dipika A. Vakil as a Director, and re-appointing Shri Rupen A. Choksi as Managing Director. Remote e-voting will be available from August 2 to August 4, 2022, and the AGM will be held through VC/OAVM mode. **Dividend and Tax Information** The Board has recommended a final dividend of ₹6 per share (60%) subject to shareholder approval, payable on or after August 8, 2022, to members on the register as of July 29, 2022. Shareholders are requested to update their bank details with their Depository Participants. Dividends are taxable in the hands of shareholders, and the company will deduct tax at source (TDS) as per the Income Tax Act, 1961, and Finance Act, 2020. Resident shareholders are subject to TDS at 10% if a valid PAN is registered, and 20% if not. Non-resident shareholders are subject to TDS at 20% plus surcharge and cess, but may claim treaty benefits by providing specified documents. **Auditors** M/s. CNK & Associates LLP, Chartered Accountants, are the Statutory Auditors. M/s. Kishore Bhatia & Associates are appointed as Cost Auditors. M/s. Aneja Associates, Chartered Accountants, are appointed as the Internal Auditor. **Corporate Social Responsibility (CSR)** The company's CSR expenditure for FY 2021-22 was ₹24.80 lakhs, focused on education, health, and hygiene. Initiatives included supporting local hospitals during the COVID-19 pandemic and contributions towards medical equipment, oxygen pipelines, and school renovations. **Directors’ Report Highlights** The Director’s Report provides further information. The Revenue from Operations increased to ₹21,376.32 lakhs in FY21-22 compared to ₹14,530.99 lakhs in FY20-21, marking 47% growth. The profit after tax grew to ₹1,181.77 lakhs as against ₹1,168.31 lakhs. Directors note the sudden passing of the Co-Founders of the company Shri Abhay and Amar Arvind Vakil. They also mention the efforts made to increase the company's growth through efficient cost management, improvement in yields, changes in product mix and the recommendation to set aside ₹120 Lakhs for General Reserve during FY21-22. **Management Discussion and Analysis** The company operates within the Synthetic Resins market, serving the Industrial Coatings, Printing Inks, Adhesives and Construction Chemical industries. A vision of becoming an Agile, Process and System based Organization has driven Supply Chain Management improvements, better data analytics, and synchronizations as well as improved Talent Management. Long Term Settlements were negotiated with the new Labor Union at Taloja, Taloja plant infrastructure was upgraded, Environmental clearance was provided to the Ankleshwar Unit, Integrated Management System (IMS) was successfully implemented. **Annexures to the Report** The report also includes annexures relating to the Board, including the Corporate Social Responsibility, secretarial audit, compliance and ethics details as mandated.

Resin & Plastic Limited Unlisted Shares

ANNUAL REPORT 2020 - 2021 Summary: This document is the Annual Report for Resins & Plastics Limited for the financial year 2020-2021. It details the company's financial performance, corporate governance practices, and other disclosures required by the Companies Act, 2013. The report includes summary results, Board of Director information, and notices for the upcoming annual general meeting (AGM). Due to ongoing COVID-19 restrictions, the AGM will be conducted through video conferencing (VC) or other audio-visual means (OAVM). Shareholders are encouraged to attend and vote electronically, either remotely or during the AGM. Several resolutions are proposed, including the adoption of financial statements, declaration of dividends, and the re-appointment of a director. The company manufactures synthetic resins used in various industries and operates three manufacturing plants, with its corporate office in Mumbai. **Financial Performance:** The summary results for the fiscal year 2020-21 reveal an increase in sales (net of taxes) to ₹14,530.99 Lakhs, up from ₹13,854.67 Lakhs in the previous year. Profit after Tax increased from ₹857.30 Lakhs to ₹1,168.31 Lakhs, an overall growth of 36%. The Board recommended a dividend of ₹5.50 per share. Key financial data includes: * Net Fixed Assets: ₹973.48 Lakhs * Total Income: ₹14,906.83 Lakhs * Total Expenditure: ₹13,337.10 Lakhs * Profit Before Tax: ₹1,569.73 Lakhs * Taxes: ₹401.43 Lakhs **Board of Directors and Corporate Governance:** As of March 31, 2021, the Board of Directors consisted of: * Shri Abhay A. Vakil (Chairman) * Shri Rupen A. Choksi (Managing Director) * Shri Ashwin S. Dani (Director) * Shri Bharat B. Chovatia (Director) * Shri Dhiren P. Mehta (Director) * Shri Chetan S. Thakkar (Director) * Smt. Hemangi N. Modi (Director) The company confirms compliance with Corporate Governance norms. The company has a well-defined risk management mechanism, and its CSR activities focus on education, health, and hygiene. The CSR expenditure for the financial year was ₹20.52 lakhs. The report includes details on the Audit Committee, Nomination and Remuneration Committee, and Stakeholders Relationship Committee. It confirms the existence of a Vigil Mechanism (Whistle Blower Policy) and a Related Party Transaction Policy. There are no significant and material orders passed by regulators or courts affecting the company. **Annual General Meeting Information:** The 60th AGM is scheduled for Tuesday, September 7th, 2021, at 11:00 a.m. via VC/OAVM. Key agenda items include: * Adoption of Audited Financial Statements for the year ended March 31, 2021. * Declaration of dividend on Equity Shares for the Financial Year 2020-21. * Appointment of Shri Ashwin S. Dani, who retires by rotation. * Ratification of remuneration to the Cost Auditors. * Adoption of a new set of Articles of Association. Detailed instructions are provided for members attending the AGM through VC/OAVM, including procedures for remote e-voting and accessing meeting links. The Notice details the process for shareholders to update their email addresses, claim unclaimed dividends, and provide bank account details for electronic dividend payments. **Other Key Points:** * Scheme of Amalgamation: The National Company Law Tribunal approved the Scheme of Amalgamation of Pragati Chemicals Limited with Resins and Plastics Limited. * Impact of COVID-19: The COVID-19 pandemic affected production and sales but the company managed to increase profitability through timely raw material purchases. * Auditors: M/s CNK & Associates LLP are the statutory auditors, and M/s Kishore Bhatia & Associates are the cost auditors. * The report provides annexures detailing: CSR activities, Secretarial Audit Report, details on Energy Conservation, Technology Absorption, and Foreign Exchange earnings and outgo, and Form AOC-2 pertaining to related party transactions. * The company ensures compliance with applicable Secretarial Standards. **Actionable Insights:** * Shareholders should follow the outlined procedures to participate in the AGM via VC/OAVM and cast their votes electronically. * Shareholders with unclaimed dividends are urged to make a claim. * Shareholders are encouraged to update their bank account details for electronic dividend payments. * Shareholders should ensure they have updated their PAN and other details for accurate TDS deduction on dividends. **Future Outlook:** The company aims to launch improved and new products of superior quality to meet client expectations/demands.