Annual Report: 2022
This is a comprehensive summary of the Taparia Tools LTD. Annual Report for 2021-2022.
Company Information:
Taparia Tools LTD. is an ISO-9001 company with its registered office in Nashik, Maharashtra. The company’s main business is manufacturing and trading of hand tools. The company's corporate office is located in Mumbai, Maharashtra, and it has plants in Nashik and Goa.
Notice of Annual General Meeting:
The 56th Annual General Meeting (AGM) of shareholders will be held on Friday, July 29, 2022, at 11:30 A.M. via video conferencing. The notice outlines the agenda, including the adoption of financial statements, confirmation of interim dividends, declaration of final dividend, and re-appointment of directors. Specifically, it addresses the re-appointment of Shri M.P. Taparia and Smt. Premlata Purohit as directors, and Shri Sivaramakrishnan as a Whole-time Director.
Board's Report:
The Board of Directors presents the 56th Annual Report, including audited financial statements for the year ended March 31, 2022. The company's total revenue increased by 24.50% to Rs. 66,949.85 Lakh, while profit after tax increased by 34.66% to Rs. 6509.01 Lakh. A final dividend of Rs. 52.50 per equity share is recommended. The company is committed to corporate governance and has complied with SEBI Listing Regulations. 75.83% of Promoter and Promoter group shareholding has been dematerialized. The company did not accept any public deposits during the financial year. The company invested its surplus funds in plans of HDFC MUTUAL FUND with a balance of Rs. 3708.37 Lakh as of March 31, 2022. Shri G.S. Manasawala, Independent Director, passed away in October 2021. The board expresses its gratitude for his valuable contribution. Shri M.P. Taparia is retiring by rotation and offers himself for re-appointment. Smt. Premlata Purohit is proposed to be re-appointed as an Independent Director. Shri Sivaramakrishnan was reappointed as a Whole-time Director. The directors affirm responsibility for the annual accounts and internal financial controls.
Management Discussion and Analysis:
The global economy is expected to grow, but at a slower pace than in 2021, due to COVID-19, diminished fiscal support, and supply bottlenecks. The Indian economy is projected to grow significantly. COVID-19 had a massive impact on the global economy. COVID waves in the year 2021 - 2022 had a massive impact on the global economy. A reduction in demand in a number of end-use industries, as well as supply chain problems, had damaged the global industry. The company contributes to social security with its contribution of Rs. 126.35 lakh to the Employee Provident Fund and Gratuity during the financial year 2021-2022.
Corporate Governance Report:
Taparia Tools follows key principles of Corporate Governance: transparency, fairness, disclosures, and accountability. The Board consists of Executive, Non-Executive, and Independent Directors, including women directors, in compliance with SEBI regulations. Six board meetings were held during the year. The Audit Committee, Nomination and Remuneration Committee, and Stakeholders' Relationship Committee are in place. The company has a policy on related party transactions and a Vigil Mechanism. Statutory Auditor is M/s. Harshil Shah & Company. Key parameters for the variable component of remuneration paid to the Directors:During the year, no variable remuneration was paid to the Director during the year, except variable dearness allowance.
Energy, Technology & Foreign Exchange:
Details on energy conservation, technology absorption, and foreign exchange earnings/outgo are provided. Particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be disclosed under section 134(3) (m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are given in the Annexure 'C' and forms part of this Report.
Independent Auditor's Report:
M/s. Harshil Shah & Company provides an unmodified opinion on the financial statements for the year ended March 31, 2022. Key audit matters included provisions for contingencies and litigations, and disclosures of contingent liabilities. The report also addresses the responsibility of management, auditor's responsibilities, and requirements under the Companies Act, 2013.
Financial Statements:
The report includes the Balance Sheet, Statement of Profit & Loss, Cash Flow Statement, and Statement of Changes in Equity as of March 31, 2022, with comparative figures for the previous year. These statements outline the company’s assets, liabilities, equity, revenue, expenses, profits, and cash flows.
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