bisil plast ltd Management discussions

a. Industry Structure and Developments:

The packaged Mineral Water and PET Bottles Industry have undergone various changes during past few years. Company proposes to resume the business of dealing in PET bottles and Jars by way of whole-supply to Pharmaceutical companies, FMCG companies, bottling companies and the like. The company has been working on developing proper understanding of the relevant marketto enter into the bottling market with firm footing.

b. Opportunities and Threats:

The packaged Mineral Water and PET Bottles industry is subject to competition among various manufactures within the country.

c. Segment wise Performance:

The Company is operating in single segment. Hence, there is no need of reporting segment wise performance.

d. Recent Trend and Future Outlook:

There is recent shift in the manufacturing of PET bottles and plastic industry.In order to revive the business operations of the Company by dealing in PET bottles and jars, Company has already identified supplier of PET bottles and Jars manufacturers and have initiated the process and executed the agreement to acquire PET bottles and Jars as well as simultaneously the Company has identified and executed the agreement with buyers of the PET bottles and Jars.

e. Risks and Concerns:

There are various manufacturers of packaged Mineral Water and PET Bottles. The competition amongst them is a major risk. The adverse changes in Government policies towards Excise, Sales Tax, GST, BIS, Pollution may affect operations adversely.

f. Internal Control Systems and their Adequacy:

The Company has adequate systems of Internal Controls commensurate with its size and operations to ensure orderly and efficient conduct of business. These controls ensure safeguarding of assets, reduction and detection of fraud and error, adequacy and completeness of the accounting records and timely preparation of reliable financial information.

g. Financial Performance with respect to Operational Performance:

The financial performance of the Company for the year 2020-21 is described in the Directors Report.

h. Material Developments in Human Resources and Industrial Relations Front:

Your Company has undertaken certain employees development initiatives, which have very positive impact on the morale and team spirit of the employees. The Company has continued to give special attention to Human Resources/Industrial Relations development. Industrial relations remained cordial throughout the year.

i. Key Financial Ratios:

Key Ratios	FY 2020-21	FY 2019-20	Change %	Explanation, if required
Debtors Turnover (days)	90 Days	89 Days	1.12%	The average receivable recovery days have increased by 1 day.
Inventory Turnover (days)	-	-	N.A.	-
Interest Coverage Ratio	-	-	-	-
Current Ratio	1.21	2.87	(-) 57.84%	Impact on operations has affected the ratio
Debt Equity Ratio (long term)	-	-	-	-
Operating Profit Margin (%)	3.15	8.41	(-) 62.55%	Impact on operations has affected the ratio
Net Profit Margin (%)	-	-		-
Return on Networth	-	-	-	-

j. Cautionary Statement:

Statement in this Management Discussion and Analysis Report, describing the Companys objectives, estimates and expectations may constitute ‘Forward Looking Statements within the meaning of applicable laws or regulations. Actual results might differ materially from those either expressed or implied.

11. DISCLOSURES:

a. The Company has not entered into any transaction of material nature with the Promoters, the Directors or the Management that may have any potential conflict with the interest of the Company. The Company has no subsidiary.

b. There has neither been any serious non compliance of any legal provision of applicable law, nor any penalty structure imposed by the Stock Exchange/s or SEBI or any other authorities, on any matters related to Capital Market during the last three years.

c. The Company has implemented Vigil Mechanism and Whistle Blower Policy and it is hereby affirmed that no personnel have been denied access to the Audit Committee.

d. The Company is generally in compliance with all mandatory requirements under Listing Regulations. Adoption of non-mandatory requirements of Listing Regulations is being reviewed by the Board from time to time.

e. The policy on related party transactions is disclosed on the Companys website viz.www.bisilplast.com

f. Disclosure of Accounting Treatment :

These Financial Statements are prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 notified under Section 133 of the Companies Act, 2013 (the ‘Act) and other relevant provisions of the Act.

g. The Company has not raised any funds through Preferential Allotment or Qualified Institutions Placement (QIP) during the financial year and hence no disclosure is required with respect to Clause 10(h) of Para C of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

h. A Certificate from M/s. Kashyap R. Mehta & Associates, Practicing Company Secretaries to the effect that none of the directors on the Board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority has been attached as Annexure –D.

i. During the financial year, the Board of Directors of the Company has not rejected any recommendation of any committee of the Board which was mandatorily required under the Companies Act, 2013 or the Listing Regulations.

j. The details of total fees for all services paid by the Company to the Statutory Auditor of the Company viz. S KJha& Co. and all entities in the network firm/network entity of which the Statutory Auditor is a part are as follows:

Type of fee	2020-21	2019-20
Audit Fees	Rs. 50,000/-	Rs. 50,000/-
Other fees (specify)	-	-
Other fees (specify)	-	-

12. DETAILS OF NON COMPLIANCE CORPORATE GOVERNANCE REQUIREMENT:

The Company is treated as Shell Company vide BSE Notice no. 20170807-31 dated 7^th August, 2017 by BSE Limited pursuant to SEBIs directions.

1. There was no non-compliance during the year and no penalties were imposed or other strictures passed on the Company by the Stock Exchanges, SEBI or any other statutory authority except that the Company paid Annual Listing fees for the financial year 2020-21 to BSE Limited as per Reg. 14 of SEBI-LODR after the close of financial year i.e. on 12^thMay, 2021.

13. NON-MANDATORY REQUIREMENTS OF REGULATION 27 (1) & PART E OF SCHEDULE II OF THE LISTING

REGULATIONS:

i. The quarterly / half yearly results are not sent to the shareholders. However, the same are published in the newspapers and also posted on the Companys website.

ii. The Companys financial statements for the financial year 2020-21 do not contain any audit qualification.

iii. The internal auditors report to the Audit Committee.

14. The Company, on voluntary basis, is in compliance with the corporate governance requirements specified in Regulation 17 to 27 and Clause (b) to (i) of sub-regulation (2) of Regulation 46 of SEBI Regulations.

	For and on behalf of the board
Place : Ahmedabad	Sanjay S. Shah
Date : 26th July, 2021	Chairman & Managing Director
	(DIN:01515296)

DECLARATION

All the Board Members and Senior Management Personnel of the Company have affirmed the compliance with the provisions of the code of conduct of Board of Directors and Senior Management for the year ended on 31^st March, 2021.

For BISIL PLAST LIMITED,
Place : Ahmedabad	Sanjay S. Shah
	Paresh V. Sukhadiya
Date : 26th July, 2021	Chairman and Managing Director CFO
	(PAN:ARMPS8115M)
	(DIN:01515296)