Annual Report: 2022
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.
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