Ring Plus Aqua Limited Unlisted Shares

Annual Report: 2021

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Year: 2021

Annual Report Summary

RING PLUS AQUA LIMITED - 34th Annual Report 2020-21 Summary:

Overview: Ring Plus Aqua Limited held its 34th Annual General Meeting (AGM) on September 14, 2021, via video conferencing (VC) to discuss the company's financial performance for the year ending March 31, 2021, and other relevant matters. The company manufactures Ring Gears, Flexplates, and Shaft Bearings.

Key Personnel: The report lists the Board of Directors, including Chairman Shri Ravikant Uppal, and mentions changes in the board composition during the year, such as resignations and appointments of directors like Shri Gautam Hari Singhania, Shri Vipin Agarwal, Shri Bhuwan Kumar Chaturvedi and Shri Shiv Surinder Kumar. Other key personnel mentioned include Chief Financial Officer Shri Sitesh Maheshwari and Company Secretary Miss Reshma Ramchandani. The Statutory Auditors are M/s. Price Waterhouse Chartered Accountants LLP.

AGM Agenda:

Adoption of the Audited Financial Statement for the year ending March 31, 2021
Re-appointment of Shri Ravikant Uppal, who retires by rotation
Re-appointment of Shri V. Balasubramanian as Whole-Time Director (Executive Director) for a further period of 3 years. His remuneration for the year ended March 31, 2021, was 129.14 lakh.
Appointment of Shri Bhuwan Kumar Chaturvedi as a Non-Executive and Non-Independent Director.
Appointment of Shri Shiv Surinder Kumar as an Independent Director for a term of 5 consecutive years.

AGM & E-Voting Information: The AGM was conducted through VC/OAVM facility. The notice details the process for members to participate through remote e-voting and the e-voting cut-off date (September 7, 2021). It also provides contact information for assistance with e-voting. National Securities Depository Limited (NSDL) provided the facility for remote e-Voting.

Financial Performance (FY 2020-21):

Gross Revenue: ₹203.69 crores (Previous Year: ₹210.74 crores)
Profit Before Tax: ₹28.58 crores (Previous Year: Profit ₹25.37 crores)
Net Sales and Other Income: 20,369.41 Lakh
Operating Profit (before interest, depreciation and tax): 4,031.36 Lakh
Foreign exchange earnings was 102.29 crore and outgo was 1.60 crore.

Dividend & Reserves: No dividend was recommended for the financial year 2020-21. The company has not transferred any amount to the reserves of the company.

COVID-19 Impact: The report acknowledges the impact of the COVID-19 pandemic on the company's operations and the economy. While there was a marginal drop in revenues, the company implemented operational excellence and cost reduction measures.

Directors' Report: The Directors' Report notes no audit qualifications. Shri Ravikant Uppal will retire by rotation. Details of loans, guarantees, and investments are in the financial statement notes.

Corporate Social Responsibility (CSR): The company spent ₹74 Lakh in pursuance of its CSR activities. The report includes a CSR policy and a report on CSR activities. The policy is available on the company's website (www.ringplusaqua.com).

Employee Stock Option Plan (ESOP): The company has a Ring Plus Aqua Limited Employee Stock Option Scheme 2019 ("RPAL ESOP 2019").

Risk Management: The Company's risk management covers market fluctuations, interest rates, commodity prices, business risks, compliance risks and people's risk. These risks are assessed and steps are taken to mitigate these risks.

Internal Control Systems: The company has entrusted internal audit to M/s. Mahajan & Aibara Chartered Accountants LLP and mentions a robust Management Information System.

Auditors: M/s. Price Waterhouse Chartered Accountants LLP were the statutory auditors and confirmed their re-appointment.

Additional Key Points:

A vigil mechanism is in place for directors and employees.
All related party transactions were at arm's length.
The company’s performance in relation to productivity has increased.
The company has complied with applicable Secretarial Standards.
The annual return is available on the company website.
In the event of inadequacy of profits, Shri V. Balasubramanian will be paid the remuneration comprising salary, perquisites and benefits as detailed above as minimum remuneration subject to necessary approval as required by law.
The company is taking efforts to improve on losses or inadequacy of profits.

The report includes several annexures detailing information on Directors seeking appointment, Corporate Social Responsibility, conservation of energy, Secretarial Audit, and details of share capital/debentures. It also provides detailed financial statements and related notes.

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