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Prima Plastics

BSE: 530589|ISIN: INE573B01016|SECTOR: Plastics
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Directors Report Year End : Mar '17    Mar 16

Dear Shareholders,

The Directors have great pleasure in presenting the 23rd Annual Report along with the Audited Statement of Accounts of the Company for the year ended March 31, 2017.

(Rs, In Lakhs)

FINANCIAL RESULTS

2016-2017

2015-2016

Gross Income

10,317.86

10,679.73

Profit before Depreciation, Finance Cost and Tax

1,514.62

1,406.57

Less : Depreciation

95.96

176.34

Less : Finance Cost

56.70

26.32

Profit before Taxation

1,361.96

1,203.91

Less : Current Tax

386.07

241.41

Profit after Tax

975.89

962.50

Add : Balance b/f from previous year

2,652.20

2,004.50

Balance available for appropriation

3,628.09

2,967.00

Appropriation :

Balance c/f

3,628.09

2,967.00

Less : Proposed Dividend / Interim Dividends (p.y.)

220.01

220.01

Less: Dividend Tax

44.79

44.79

Less : General Reserve

50.00

50.00

Balance c/f to Balance Sheet

3,313.29

2,652.20

OPERATIONAL PERFORMANCE

One of the characteristic that has defined the Indian economy is “uncertainty” caused due to “demonetization”. It has come at a time when the economy was just beginning to look up; the demonetization move of the Government led to pull out of 86% of cash from the economy. Our economy even today depends heavily on cash for conduct of trade and business transactions. India is still at the nascent stage coming to terms with use of plastic money and e-pay system. The aftermath was a severe cash crunch. This cash shortage put a strain on the consumer demand. The nation went frenzy to hold on to cash to cushion against the scarcity, heavily curtailing on their spending. The effects of demonetization can be witnessed as the last 2 quarters i.e. almost half the year felt its brunt.

Net Sale from operation on standalone basis has marginally reduced to Rs, 8,708.12 Lakhs as against Rs, 9,312.52 Lakhs in the previous year mainly because of the uncertainty prevailing in second half of the year. Your Company has reasonably performed taking into consideration the uncertainty looming in the Indian market.

The profit after tax for the current year is Rs, 975.89 Lakhs as against Rs, 962.51 Lakhs in the previous year - marginally improved by 1.39%. The growth in profit is mainly due to the handsome return from the overseas investment in joint venture.

On a consolidation basis, your Company achieved net revenue of Rs, 12,683.90 Lakhs as against Rs, 12,918.09 Lakhs. Net profit for the current year is Rs, 1,063.35 Lakhs as against Rs, 1,227.74 Lakhs in the previous year.

No significant or material orders have been passed against the Company by the Regulatory, Courts or Tribunals which impacts the going concern status and Company''s operations in future.

CONSOLIDATED ACCOUNTS

The consolidated financial statement of your Company for the financial year 2016-17 are prepared in compliance with applicable provisions of the Companies Act, 2013 read with the Rules issued there under, applicable Accounting Standards and the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the “Listing Regulations”). The consolidated financial statement have been prepared on the basis of audited financial statement as of March 31, 2017 of your Company and Subsidiary and Joint Venture as on December 31, 2016 as approved by the respective Board of Directors.

DIVIDEND

Your Directors have recommended a final dividend of Rs, 2/- (20%) per equity share (two interim dividends were paid in last year of Rs, 1/- per equity share) for the financial year ended March 31, 2017 amounting to Rs, 264.80 lakhs (inclusive of tax on Dividend of Rs, 44.79 Lakhs). The dividend payout is subject to approval of members at the ensuing Annual General Meeting (AGM).

TRANSFER TO RESERVES

The Company proposes to transfer Rs, 50.00 Lakhs to the General Reserve out of the amount available for appropriations and an amount of Rs, 3,313.29 Lakhs is proposed to be retained in the Profit and Loss Account. The Reserve on standalone basis, at the beginning of year were Rs, 3,839.56 Lakhs. The Reserve at the end of year is Rs, 4,550.65 Lakhs.

ESTABLISHMENT OF SUBSIDIARY COMPANY

Your Company has been on a continuous endeavor to tap and penetrate into new markets with intent to encash on the opportunities and create more demand for our quality products world over. With this intent, your Company has successfully established a Subsidiary Company, Prima Union Plasticos S.A. at Guatemala, Central America with a local partner. Your Company holds 90% stake. The Subsidiary Company has a planned capacity of 3,000 MT per annum of which in first phase a capacity of 2,250 MT per annum will be brought into utilisation. The further 750 MT will be brought into utilisation after analyzing market response. The commercial production and operation for first phase has commenced w.e.f. March 13, 2017.

A separate statement in form AOC-1 Part-A containing the salient features of the financial statements of Subsidiary Company in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013 is annexed here with as Annexure-A. The financial statement including the consolidated financial statement and all other documents required to be attached to that report have been uploaded on the website of your Company www.primaplastics.com

MATERIAL SUBSIDIARY:

The Board of Directors of the Company had adopted a policy for Determining Material Subsidiary Company in line with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Policy is uploaded on the website of the Company www.primaplastics. com. Presently there is no Material Subsidiary Company.

PERFORMANCE OF JOINT VENTURE

Prima Dee-lite Plastics S.A.R.L. Cameroon; West Africa has successfully completed expansion undertaken whereby the existing capacity at the Company of 4,500 MT per annum has been increased to 8,500 MT per annum. Post the expansion, commercial production at Prima Dee-lite Plastics S.A.R.L. Cameroon, West Africa has commenced w.e.f. January 03, 2017.

The total turnover of Joint Venture for the calendar year ended 2016 was equivalent to INR 7,742.93 Lakhs as compared to previous calendar year of INR 7,029.45 Lakhs. The profit for the year after depreciation and tax was INR 607.96 Lakhs as compared to INR 511.86 Lakhs in the previous year..

The Joint Venture - Prima Dee lite Plastics S.A.R.L. issued Bonus shares in the ration of 5:2 during the year under review, your Company holds 16,100 Equity shares in the Joint Venture Company post the Bonus issue. However the partnership with local partner continues at 50:50 sharing basis.

Your Company has received Rs, 509.95 Lakhs as dividend during the year under review.

A separate statement in form AOC-1 Part-B containing the salient features of financial statement of Joint Venture in compliance with Section 129 and other applicable provisions, if any, of the Companies Act, 2013 is annexed here with as Annexure - A. The financial statement including the consolidated financial statement and all other documents required to be attached to that report have been uploaded on the website of your Company www.primaplastics.com

NEW PROJECT AT ONGOLE, ANDHRA PRADESH

Further, on the domestic front your Company has completed the set-up of a green-field project with an installed capacity of 1500 MT per annum and the commercial production and operation at the newly established plant at Ongole has commenced w.e.f. February 17, 2017.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report forms an integral part of this report and provides details of the overall industry structure, economic developments, performance and state of affairs of your Company''s internal controls and their adequacy, risk management systems and other material developments during the financial year 2016-17.

HEALTH, SAFETY & ENVIRONMENT

Your Company gives equal priority to ensuring Health and Safety of its employees and the Environment. Your Company has a Policy on Health, Safety and Environment and has received certification under ISO 14001:2015 Standard for Daman plant during the year under review.

Your Company had no accidents / mishaps during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013

The Company for the set-up of Greenfield project at the Subsidiary Company has infused funds by way of subscribing to the equity shares as well as partly provided the funds as loan. The Company has invested INR 1075.52 Lakhs in total including loan of INR 755.55 Lakhs. Except above investment, there were no other loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All contracts or transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm''s length basis. The Company had not entered into any contract or transaction with related parties which could be considered material in accordance with the provision of the Companies Act, 2013.

An omnibus approval has been granted by the Audit Committee of the Board for transactions which are of a foreseen and repetitive nature with other related parties. Such omnibus approvals are subjected to review and monitored by the Audit Committee on a quarterly basis. Statement containing salient features of the related party transactions are stated in Annexure - B.

BUSINESS RISK MANAGEMENT

A Risk Management Policy has been developed and implemented by the Company for identification of elements of risk if any, which in the opinion of the Board may threaten the existence of the Company. The key elements of the Company''s risk management framework have been captured in the Risk Management Policy which details the process for identifying, escalating, prioritizing, mitigating and monitoring key risk events and action plans. The assessment of the risks covers Strategy, Technology, Financial, Operations & Systems, Legal & Regulatory and Human Resources Risks. The effectiveness of the Risk Management framework and systems is periodically evaluated by the Audit Committee.

ROLL OUT OF GST MODEL LAW

In view of impending roll out of GST w.e.f. July 01, 2017, the Company is gearing up to get itself to the tune of new GST framework which will not only lead to the change in Indirect Tax structure but will also lead to the change in business process and functions. The Company has obtained provisional registration under the GST model law. Your Company is taking the necessary steps ensuring it is in sync with the regulatory changes initiated by the Government.

INTERNAL FINANCIAL CONTROLS

The Company has in place Internal Financial Control System, commensurate with size and complexity of its operations to ensure proper recording of financial and operational information and compliance of various internal controls & other regulatory and statutory compliances. During the year under review, no material or serious observation were received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

Internal Auditors'' comprising of professional Chartered Accountants monitor and evaluate the efficacy of Internal Financial Control Systems in the Company, its compliance with operating system, accounting procedures and policies at all the locations of the Company. Based on their report of Internal Audit function, corrective actions in the respective area are undertaken and controls are strengthened. Significant audit observations and corrective action suggested are presented to the Audit Committee.

MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

There are no material changes or commitment occurring after March 31, 2017 which may affect the financial position of the Company or may require disclosure.

BOARD EVALUATION

Pursuant to the provisions of the Act and the SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015, evaluation of performance of all Directors is undertaken annually. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board''s functioning composition of Committees, culture, execution and performance of specific duties, obligations and governance.

The Independent Directors, in their meeting evaluated the performance of the Board, the Chairperson and the Non-Independent Directors, while the Nomination and Remuneration Committee evaluated the performance of all the Directors, while the Board evaluated the performance of the Independent Directors. The Directors'' expressed their satisfaction with evaluation process.

DIRECTORS AND KEY MANAGERIAL PERSONS

Shri Dilip M. Parekh, Managing Director (DIN No. 00166385) Shri Manoj O. Toshniwal Chief Financial Officer and Smt. Nidhi Goradia Company Secretary who resigned on February 2, 2017, there after Shri Alok S. Desai was appointed as Company Secretary & Compliance Officer (Membership No. A47550) w.e.f. February 3, 2017. These are the Key Managerial Personnel’s of your Company in accordance with the provisions of Sections 2(51), read with 203 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 (including any statutory modification(s) or re-enactment(s) for the time being in force).

DISCLOSURE RELATING TO BOARD, COMMITTEES AND POLICIES

The Company''s Board comprises of six members. Shri Bhaskar M. Parekh, Executive Chairman (DIN-00166520) and Shri Dilip M. Parekh, Managing Director (DIN-00166385) represents the Promoter Group and Executive Directors. Three other Non-Executive Directors - Shri Mulchand S. Chheda (DIN - 00179932), Shri Krishnakant V. Chitalia (DIN - 00443945) and Shri Rasiklal M. Doshi (DIN- 00239580) are independent in terms of Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. Woman Director Smt. Hina V. Mehta (DIN-07201194) is a Non-Executive Director and represents Promoter Group. The Directors are reputed persons with diverse functional expertise and industry experience relevant to fulfilling the Company''s objectives and strategic goals.

None of the Independent Directors are liable to retire at the forthcoming Annual General Meeting (AGM). All Independent Directors have submitted declarations that they continue to meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013, read with Regulation 16 (1)(b) of SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015.

As per the provisions of the Companies Act, 2013, Shri Dilip M. Parekh, Managing Director (DIN-00166385) who retires by rotation at the Annual General Meeting and being eligible, offers himself for re-appointment to the Board. His profile details are contained in the accompanying Notice of this (AGM).

The Board of Directors met 4 times during financial year 2016-17. The details of the meetings and the attendance of the Directors are mentioned in the Corporate Governance Report.

The Board has established Committees as a matter of good corporate governance practice and as per the requirements of the Companies Act, 2013. The Committees are Audit Committee, Nomination and Remuneration Committee, Management Committee, Share Transfer Committee, Stakeholders'' Relationship Committee and CSR Committee. The composition, terms of reference, number of meetings held and business transacted by the Committees is given in the Corporate Governance Report.

The appointment and remuneration of Directors is governed by the Remuneration Policy of the Company to serve on the Board for guiding the Management team to enhance organizational performance. The detailed Remuneration Policy is contained in the Corporate Governance section of the Annual Report and is also available on the website of the Company www.primaplastics.com. The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors and is within the prescribed limits of the Companies Act, 2013.

The Company periodically discloses details of holding of its promoter group and persons acting in concert in the shareholding pattern and other filings with the Stock Exchange.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Board of Directors acknowledge the responsibility for ensuing compliances with the provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013 in the preparation of annual accounts for the year ended on March 31, 2017 and states that:

I. In the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

II. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year ended on that date;

III. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

IV. Directors have prepared the Annual Accounts on a going concern basis.

V The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

VI. The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

DETAILS OF FRAUDS, if any REPORTED BY AUDITORS”

No frauds have been reported by the Auditor under Section 143(12) of the Companies Act, 2013 during the year under review. PARTICULARS OF EMPLOYEES

During the year, there was no employee in receipt of remuneration as prescribed in the Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The prescribed particulars of employees as required under Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure - E and forms part of this Report.

AUDITORS & AUDITORS’ REPORT

At the 20th AGM of your Company, the shareholders had approved the appointment of M/s. G.P Kapadia & Co., Chartered Accountants (Firm Registration No. 104768W) as the Statutory Auditors to hold office till the conclusion of the 23rd AGM.

Pursuant to the provisions of the Companies Act, 2013 and Rules made thereunder M/s. G. P Kapadia & Co. Chartered Accountants (Firm) has completed their term of appointment and as a mandatory compliance are required to retire at the conclusion of the 23rd AGM. The Board on the recommendation of the Audit Committee at its meeting held on 29th May, 2017 recommends appointment of M/s Khimji Kunverji & Co. Chartered Accountants (Firm Registration No. 105146W) for a term of 5 years who shall hold office from the conclusion of the 23rd AGM to the conclusion of the 28th AGM.

Your Company has received written consent(s) and certificate(s) of eligibility from M/s. Khimji Kunverji & Co. Chartered Accountants in accordance with Sections 139, 141 and other applicable provisions of the Companies Act, 2013 and Rules made there under (including any statutory modification(s) or re-enactment(s) for the time being in force), Further, M/s. Khimji Kunverji & Co. Chartered Accountants have confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India (ICAI) as required under the Listing Regulations.

The Auditors'' Report for the financial year ended March 31, 2017 doesn''t contain any qualification, reservation or adverse remark SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board reappointed Shri Sadashiv V. Shet, Practicing Company Secretary to undertake the Secretarial Audit for the financial year 2016-2017.

The Secretarial Audit Report for the financial year ended March 31, 2017 is annexed herewith this report as Annexure - C. The Secretarial Audit Report does not contain any qualification, reservation or adverse remark.

CORPORATE SOCIAL RESPONSIBILITY

Your Company believes in the philosophy of giving back to the society. The Company''s primary focus has been on health care along with ensuring up-lift of the differently abled persons belonging to the economically challenged and deprived sections of the society. We further envision the strong need of sustainable development and care for the environment. Our focus during the year under review has been on health care, upliftment of the differently abled and building sustainable environment for living of all beings including animals, we have as part our social responsibility consciously extended our support for environment, health care and animal welfare.

The CSR Policy is available on the website of the Company and a brief report on CSR activities, required under Section 135 of the Companies Act, 2013, is annexed as Annexure - F to this Report.

During the year under review, the Company spent '' 10,65,000/- as against its statutory obligation of '' 10,28,000/-. The Company has spent '' 37,000/- in excess of the required amount under law in spirit of giving back and fulfilling its social responsibility.

The Company has plans to scale up its operations in areas of preventive health care and up lifting the differently abled persons belonging to the economically weaker section of the society and other areas based on recommendation of the CSR Committee the funds will be allocated and disbursed towards meeting the need of the society pursuant to Section 135 read with schedule VII of the Companies Act, 2013 and Rules made there under. The follow up on spending under the CSR budget is monitored by the CSR Committee and intimated to the Board on a quarterly basis.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT - 9 is annexed herewith as Annexure - D.

VIGIL MECHANISM

The Company has formulated Whistle Blower Policy with a view to providing a mechanism for employees to report violations and assure them of the process that will be followed to address the reported violation. The Policy also lays down the procedures to be followed by Senior Management for tracking of complaints, giving feedback, conducting investigations and taking disciplinary actions. It also provides assurances and guidelines on confidentiality of the reporting process and protection from reprisal to complainants.

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 (‘Act'') and Rules made there under, your Company has constituted Internal Complaints Committees. In line with the said provisions, during the year the Company has not received any complaints with allegations of sexual harassment.

Workplace sexual harassment complaints received during the year

2016-17

Number of cases filed

Nil

Disposal through conciliation

Nil

Pending cases

Nil

Number of workshops & awareness programme conducted

1

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND

The dividend on equity shares paid in August 2010 which is unclaimed will be due for transfer to IEPF Fund in October, 2017. Investors who have not yet claimed their dividend are requested to contact the Secretarial team or R&T Agent.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 the Company has disclosed the requisite information below:

(A) CONSERVATION OF ENERGY

The Company is continuously putting its efforts to improve Energy Management by way of monitoring energy related parameters on regular basis.

The Company is committed to transform energy conservation into a strategic business goal fully along with the technological sustainable development of Energy Management System. It is putting best Endeavour to reduce energy consumption in all its operations and activities.

(i) To achieve above objectives, the following steps are being undertaken by the Company: -

1. Continuously monitoring the energy parameters such as maximum demand, power factor, load factor, TOD tariff utilization on regular basis.

2. Continuously replacing the inefficient equipments with latest energy efficient technology & up gradation of equipments continually. The Company has replaced few old machines which were consuming more power with latest state of art energy efficient machines.

3. Increasing the awareness of energy saving within the organization to avoid the wastage of energy.

(ii) Steps taken for use of Alternate energy resources:

The Company Management is exploring the possibility of utilization of Solar energy for lighting purpose for plant at Ongole, in Andhra Pradesh however the project cost and change is being studied by the Management.

MANAGEMENT CONSIDERATION OF OPTIONS TO CONSERVE ENERGY:

- Evaluation of the alternative materials or additives to reduce the cost of raw material.

- Improving the output / input ratio to gain maximum finished products from per kg. raw material.

- Modify the mould and dies to improve the cycle time to get higher production from the same machine.

- To modify the process parameters to improve the quality.

- Expenditure on R & D: Not significant.

(iii) Capital investment on energy conservation equipment:

During the financial year under review the Company has not incurred any capital expenditure on energy conservation equipment.

(B) TECHNOLOGY ABSORPTION:

(i) The efforts made towards technology absorption:

- Monitoring the production patterns

- Developing new designs

- Replacing of old machines with energy efficient and technologically advanced machines.

(ii) The benefits derived like product improvement, cost reduction, product development or import substitution:

- As a result, the Company is able to give new & innovative designed product and has created strong demand of its products in export market.

(iii) The Company has not imported any technology during the year under review.

The Company has not imported any technology or processes know how. The machines and moulds used for manufacturing products are regularly upgraded to cater variety products in line with the market trend and demand. The new investments are made to procure technology upgraded machines & moulds.

(iv) Expenditure incurred on Research & Development - insignificant.

FOREIGN EXCHANGE EARNING AND OUTGO

1) Activities relating to exports, initiative taken to increase exports; development of new exports market for products and services; and export plans:-

The Company''s key markets for international business are Africa, Middle East and Latin America. The export products are well established in the international market and the exports were at Rs, 1,780.23 Lakhs as compared to Rs, 1,901.42 Lakhs in last year. The Company has received repeated orders from its existing clients.

2) Total foreign exchange used and earned.

O

2016-2017

2015-2016

Foreign Exchange earned (FOB)

163,924,356

176,873,598

Foreign Exchange used

49,096,703

9,470,529

PUBLIC DEPOSITS

During the year under review, your Company has not accepted any deposit within the meaning of Sections 73 and 74 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014 (including any statutory modification(s) or re-enactment(s) for the time being in force).

CREDIT RATING

The Company''s financial discipline and prudence is reflected in strong credit rating ascribed by CRISIL. During the year under review your company''s long term rating is maintained at BBB/Positive and short term rating at A3 .

Total Bank loan facilities rated

Rs, 33.00 Crores

Long Term Rating

CRISIL BBB / Positive

Short Term Rating

CRISIL A3

CORPORATE GOVERNANCE

The Company has taken the requisite steps to comply with the recommendations concerning Corporate Governance.

A separate statement on Corporate Governance together with a certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Annual Report.

GENERAL DISCLOSURES

Your Directors'' state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

a) Issue of equity shares with differential rights as to dividend or voting or otherwise.

b) Issue of shares (sweat equity shares) to employees of the Company under ESOS.

c) Neither the Managing Director nor the Whole Time Director of the Company received any remuneration or commission from any of its subsidiary.

d) No significant material orders were passed by the Regulators or Courts or Tribunals which impacts the going concern status and Company operations in the future.

ACKNOWLEDGEMENT

The Directors wish to convey their gratitude and appreciation to all of the employees of the Company at all its locations for their tremendous personal efforts as well as their collective dedication and contribution to the Company''s performance. The Directors would also like to thank the shareholders, customers, dealers, suppliers, bankers, government and all other business associates for their continued support extended to the Company and the Management.

For and on behalf of the Board

Mumbai, Bhaskar M. Parekh (DIN - 00166520)

May 29, 2017 Executive Chairman

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