To
The Members,
PIOTEX INDUSTRIES PRIVATE LIMITED
Your Directors have pleasure in presenting the 4th Boards Report of the
Company together with audited Statement of Accounts and the Auditors' Report of your
company for the financial year ended 31s,March, 2023.
1. FINANCIAL RESULTS
Amount in Rs.
Financial Results |
Year Ended 31st March 2023 |
Year Ended 31st March 2022 |
Turnover (including Other Income) |
86,67,20,704.45 |
80,46,38,625.38 |
Depreciation |
19,220 |
- |
Net Profit/(Loss) before tax |
3,92,00,932.79 |
99,89,673 |
Less: Provision for Tax (including for deferred tax) |
1,03,25,660.24 |
25,79,029 |
Net Profit/(Loss) after tax |
2,88,75,272.55 |
74,10,644 |
2. EXTRACT OF ANNUAL RETURN
A copy of the annual return as provided under sub-section (3) of section 92 of the
Companies Act, 2013 ('the Act'), in the prescribed form, which will be filed with
Registrar of Companies/MCA, is hosted on the Company's website and can be accessed at
www.piotexindustries.com.
3. OPERATING RESULTS
The Company has achieved a turnover of Rs. 86,67,20,704.45 as compared to last year
turnover 80,46,38,625.38. The Company is positive about its future growth and expansion of
the Company.
4. DIVIDENDS
The Board of Directors would like plough back the profits of the Company for further
expansion and growth. Hence, the Board does not recommend any dividend on the equity
shares for the financial year 2022-2023.
5. RESERVES
The Board of Directors of your company has transferred amount of Rs. 2,88,75,272.55 to
Profit & Loss Surplus Account during the year 2022-2023.
6. DEPOSITS
The Company has not accepted deposit from the public falling within the ambit of
Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules,
2014.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and foreign exchange
earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013read with
Rule, 8 of The Companies (Accounts) Rules, 2014, is as under -
A) CONSERVATION OF ENERGY:
| (i) the steps taken or impact on conservation of energy |
Reasonable steps have been taken by company to ensure saving in
electrical energy and water resources by utilising more eco-friendly alternatives. |
| (ii) the steps taken by the company for utilizing alternate sources of
energy |
The Company continues to develop green belts in and around its plant
premises and is also working on rain water harvesting at plants to utilise alternative
resources more efficiently. |
| (iii) the capital investment on energy conservation equipment's |
NIL |
B) TECHNOLOGY ABSORPTION:
| (i) the efforts made towards technology absorption |
Productivity research for increasing efficiency in use of resources and
recycling of wastes. |
| (ii) the benefits derived like product improvement, cost reduction,
product development or import substitution |
Improvement of product / service quality and control, economies of scale,
efficiency of labour and saving of time and human resources. |
| (iii) in case of imported technology (imported during the last three
years reckoned from the beginning of the financial year)- |
NA |
| (a) the details of technology imported |
NA |
| (b) the year of import; |
NA |
(c) whether the technology been fully absorbed |
NA |
| (d) if not fully absorbed, areas where absorption has not taken place,
and the reasons thereof |
NA |
| (iv) the expenditure incurred on Research and Development |
NIL |
C) FOREIGN EXCHANGE EARNINGS & OUTGO -
The foreign exchange earned in terms of actual inflows during the year and the foreign
exchange outgo during the year in terms of actual outflows.
Sr. No Particulars |
Foreign Exchange Inflow (in Rs.) |
Foreign Exchange Outflow (in Rs.) |
(i) |
- |
- |
8. CHANGE IN NATURE OF BUSINESS
There is no change in nature of business of the company during the financial year.
9. ORDER PASSED BY THE COURT OR TRIBUNAL OR REGULATORS
There is no order passed or injunction imposed by any court, tribunal or regulators for
or against the company impacting the going concern status or company's future operations.
10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The Internal Control Department monitors and evaluates the
efficacy and adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations of the Company.
Based on the report of the department, corrective action was taken by the board in the
respective areas, thereby strengthening the overall controls.
11. MEETINGS DURING THE FINANCIAL YEAR
During the financial year 2022-2023, the Board of Directors of the Company duly meet
Five times i.e. on 16.05.2022, 02.08.2022, 15.09.2022, 15.12.2022, 01.03.2023. The
intervening gap between the two meetings was within the period as prescribed under the
Companies Act, 2013.
12. DIRECTORS AND INDEPENDENT DIRECTOR
The Board of Directors of the Company is duly constituted. However, the Company has
received resignation from Vijay Vithalrao Deore (DIN 01457719) on 15.12.2022. The
provisions of section 152 (6) of the Companies Act, 2013 are not applicable to the
company.
13. KEY MANAGERIAL PERSONNEL
The Company has not appointed or received resignation of any person as a Key Managerial
Personnel of the company during the financial year, as the provisions of section 203 of
the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the company.
14. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(3)(c) of Companies Act, 2013, the Board of
Directors hereby confirms,
i. In the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
ii. The directors had 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 at the end of the financial year and of
the profit of the company for that period.
iii. The directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
iv. The directors had prepared the annual accounts on a going concern basis;
v. Clause (e) of section 134(5) is not applicable as the Company is not a listed
Company; and
vi. The directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
15. DETAIL OF FRAUD AS PER AUDITORS REPORT
There is no fraud in the Company during the F.Y. ended 31st March, 2023.
This is also being supported by the report of the auditors of the Company as no fraud has
been reported in their audit report for the F.Y. ended 31st March, 2023.
16. BOARD EVALUATION
The provisions of section 134 of the Companies Act, 2013, are not applicable to the
Company.
17. PARTICULARS OF EMPLOYEES
As required by Section 197 of the Companies Act, 2013, read with Rule, 5 of The
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
information be treated as NIL, as no employee is drawing salary equals to or above the
limits mentioned in the said Section and Rules.
18. PARTICULARS OF LOAN, GUARNTEE OR INVESTMENTS
The Company has not given loan or provided security/guarantee to any person or any
other body corporate or made investment in any body corporate in excess of limits
specified in section 186(2) of Companies Act, 2013 during the year,
19. DETAILS OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any subsidiary, joint venture or Associate Company.
20. COMPLIANCE WITH SECRETARIAL STANDARDS
The Directors have devised proper systems to ensure compliance with the provisions of
all applicable Secretarial Standards and that such systems are adequate and operating
efficiently.
21. RELATED PARTY TRANSACTION
Related Party transactions in form AOC 2 is annexed herewith as "Annexure-A"
and forms part of the Directors Report.
22. SECRETARIAL AUDIT
The Secretarial Audit under section 204 of Companies Act, 2013 and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to
the company during the financial year.
23. ANNUAL RETURN CERTIFICATION
The Annual Return Certification in Form MGT-8 under section 92 (2) of the Companies
Act, 2013 and Rule 11 (2) of Companies (Management and Administration) Rules, 2014 is
applicable to the company during the financial year. Accordingly, the Company has
appointed CS Namrata Nikhil Ekhe, Practicing Company Secretary (CP. No. 10045) for the
certification of annual return.
24. STATUTORY AUDITORS & COMMENTS
The Auditor of the company M/s Achyut Ekhe & Co., Chartered Accountants (Firm
Registration No. 114973W) was appointed as Statutory auditor for a period of 5 years in
the Annual General Meeting held on 29th December, 2020. They have confirmed
their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed
thereunder for continuation as Statutory Auditor of the Company for FY 2023-2024. The
Directors of the company are authorised to discuss and fix their remuneration for the year
2023-2024.
The Auditors' comments are self-explanatory, and therefore, in the opinion of the Board
of Directors, do not call for any further explanation.
25. COST AUDITORS
The maintenance of Cost Record and its Audit under section 148 of Companies Act, 2013
and read with The Companies (Cost Records and Audit) Amendment Rules, 2014, is not
applicable to the company during the financial year.
26. BUSINESS RISK MANAGEMENT
The Company has a robust Business Risk Management (BRM) framework to identify, evaluate
business risks and opportunities. This framework seeks to create transparency, minimize
adverse impact on the business objectives and enhance the Company's competitive advantage.
The business risk framework defines the risk management approach across the enterprise at
various levels including documentation and reporting. The framework has different risk
models which help in identifying risks trend, exposure and potential impact analysis at a
Company level as also separately for business segments.
27. REMUNERATION COMMITTEE
The Section 178 of the Companies Act, 2013, are not applicable to the Company.
28. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Section 135 of the Companies Act, 2013, are not applicable to the Company.
29. VIGIL MACHANISM
In staying true to our values of Strength, Performance and Passion and in line with our
vision of being one of the most respected companies in India, the Company has a vigil
mechanism to deal with instance of fraud and mismanagement, if any. The Policy ensures
that strict confidentiality is maintained while dealing with concerns and also that no
discrimination will be meted out to any person for a genuinely raised concern.
30. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at work place the Act, The Sexual
Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has
been notified on 9th December, 2013. Under the said Act, every company is
required to set up an Internal Complaints Committee to look into complaints relating to
sexual harassment at work place of any women employee.
Company has adopted a policy for prevention of Sexual Harassment of Women at workplace
and has set up Committee for implementation of said policy. During the year Company has
not received any complaint of harassment.
31. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016:
NOT APPLICABLE
32. DIFFERENCE BETWEEN VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND VALUATION
DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS:
NOT APPLICABLE
ACKNOWLEDGEMENT
The employees in the Piotex Industries Private Limited continue to work with great
dedication and commitment. The Board desires to place on record its appreciation to all
the employees of the company during the year under review.
The Board also acknowledges the support given by Banks, Financial Institutions and
Government Authorities.
For and on behalf of Board of Directors of |
|
PIOTEX INDUSTRIES PRIVATE LIMITED. |
|
ABHAY SHRIRAM ASALKAR |
YOGESH OMPRAKASH NIMODIYA |
MANAGING DIRECTOR |
CFO & DIRECTOR |
DIN: 06851614 |
DIN:06851606 |
Registered office: |
|
F/ll Block, Plot No. 16/2, M.I.D.C., Pimpri , Pune MH 411018 IN |
|
Date: 10.07.2023 |
|
Place: Pune |
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