Annual Report: 2023
The following is a comprehensive summary of the Ring Plus Aqua Limited 36th Annual Report for FY 2022-23:
Overview
The report presents the business and operations of Ring Plus Aqua Limited (RPAL) along with the audited financial statements for the year ended March 31, 2023. The 36th Annual General Meeting (AGM) will be held on September 18, 2023.
Financial Performance
The company's gross revenue for FY 2022-23 stood at Rs. 378.47 crores, up from Rs. 323.95 crores in the previous year. The company reported a profit before exceptional items and tax of Rs. 55.17 crores, compared to a profit of Rs. 51.58 crores in the previous year. The company paid Rs 3.35 Crore towards Voluntary Retirement Scheme.
Board of Directors and Key Personnel Changes
Shri Ravikant Uppal is the Chairman, and several individuals serve as Non-Executive and Independent Directors. Smt. Rashmi Mundada was appointed as a Non-Executive Director w.e.f. March 10, 2023. Manish Kothari was appointed Chief Financial Officer w.e.f. May 02, 2023. Ms. Reshma Ramchandani, Company Secretary, and Shri Sitesh Maheshwari, Chief Financial Officer, resigned during the year.
Auditor Information
M/S. Price Waterhouse Chartered Accountants LLP are the Statutory Auditors. M/S. DM & Associates, Company Secretaries LLP are the Secretarial Auditors. M/S. Ernst & Young LLP are the Internal Auditors. The Statutory Auditors' report indicated no audit qualifications in the standalone financial statement.
Share Capital
The authorized share capital of the company is Rs. 30,00,00,000. The paid-up equity share capital is Rs. 7,75,66,710. The company has not issued shares with differential voting rights or sweat equity.
Corporate Governance
The company has complied with applicable Secretarial Standards. The Board has constituted an Audit Committee, a Nomination and Remuneration Committee, and a Corporate Social Responsibility (CSR) Committee. A Vigil Mechanism/Whistle Blower policy is in place.
Related Party Transactions
All related party transactions are approved by the Audit Committee and are in the ordinary course of business on an arm's length pricing basis.
Subsidiaries and Joint Ventures
The company does not have any subsidiaries, joint ventures, or associate companies.
Risk Management
The company is exposed to foreign exchange, interest rates, commodity prices, business, compliance, and people's risk. The Audit Committee reviews and monitors these risks.
Directors' Responsibility Statement
The directors confirm that the financial statements comply with accounting standards, present a true and fair view of the company's affairs, and that adequate accounting records and internal control systems are in place.
Conservation of Energy and Technology Absorption
Various steps have been taken for energy conservation, resulting in savings. A solar power plant has been installed. Capital investments have been made for energy-efficient equipment. Efforts were made towards technology absorption.
Foreign Exchange Earnings and Outgo
Foreign exchange earnings were Rs. 160.74 crore, and foreign exchange outgo was Rs. 11.51 crore.
Sexual Harassment Policy
The company has a policy on prevention of sexual harassment at the workplace, and no complaints were filed during the year.
CSR Activities
The company spent Rs. 69 Lakhs on CSR activities, focusing on holistic development of host communities. The CSR Committee includes Shri Parthiv Kilachand, Shri V. Balasubramanian, and Shri Satish Chand Mathur.
Details of Directors seeking Appointment/Re-Appointment
Shri B.K. Chaturvedi, retiring by rotation, is recommended for reappointment. Smt. Rashmi Mundada, appointed as an Additional Director, is proposed for appointment as a Non-Executive Woman Director.
Employee Stock Option Plan
The company has an Employee Stock Option Scheme 2019 but no grants were made during the year.
Auditor's Report
The Price Waterhouse Chartered Accountants LLP report expresses an unqualified opinion on the financial statements, stating they present fairly the financial position and performance of the company. Internal financial controls are adequate and operating effectively.
Notice by Central Government
During the year under review, a notice was received by the Company for non-maintenance of Cost Records as specified by the Central Government. The Company replied.
Key Financial Data (from Balance Sheet)
Equity Share Capital: 775.67 lakhs Other Equity: 15,418.17 lakhs Total Assets: 26,097.76 lakhs
Key Financial Data (from Statement of Profit and Loss)
Revenue from Operations: 37,480.74 lakhs Profit for the Year: 3,911.05 lakhs
Annual General Meeting Details The 36th AGM of the Company will be held on Monday, September 18, 2023, at 2:30 PM at the Registered Office of the Company at D-3,4, Sinnar Taluka Audyogik Vasahat Maryadit Village Musalgaon, Taluka Sinnar, Nasik 422112, Maharashtra.
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