Annual Report: 2023
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.
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