Annual Report: 2024
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%.
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