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DUTRON POLYMERS LIMITED
Your directors are delighted to present the report on your companys business and operations for the year ended on 31st March, 2018.
OPERATING RESULTS AND BUSINESS
The performance of the Company during the year 2017-18 is summarized below:
|( Rs in Lakh)||( Rs in Lakh)|
|Profit before Depreciation & Taxation||375.98||429.64|
|Provision for Taxation||98.06||92.41|
|Net Profit after Tax||181.53||183.29|
|Profit Available for Appropriation||311.91||288.27|
|Transfer to General Reserve||50.00||50.00|
Your Companys total revenue has grown 11.09% compared to previous year. Net profit has declined 0.96% to Rs 181.53 Lakh mainly due to decreased margins. Earnings per share came to Rs 3.03 during the year review.
Your directors recommend a dividend @ 14% on 60,00,000 equity shares of Rs 10 each for the year ended 31st March, 2018 which will be free of tax in the hands of shareholders.
During the year, the Company has not accepted any deposits from the public except deposits from directors & shareholders as at 31.03.2018 amounting to Rs 7,98,06,953. The Company has filed a statement in lieu of advertisement with the Registrar of Companies, Gujarat.
All the assets of the Company including inventories, building, plant & machineries are adequately insured.
Pursuant to the provisions of the Companies Act, 2013, Shri Mitesh C. Shah and Shri Sudip B. Patel, Directors of the Company, retire at the ensuing Annual General Meeting of the Company and are eligible for reappointment. The Board recommends their reappointment as Directors of the Company.
FORMAL EVALUATION STATEMENT
Formal evaluation statement u/s 134(3)(p) of the Companies Act, 2013 is attached herewith to the report. The evaluation includes evaluation of board as a whole, individual director and of every committee of board.The evaluation framework for assessing the performance of Chairman, Directors, Board and Committees comprises, inter-alia, of the following parameters:
a. Directors bring an independent judgment on the Boards discussions utilizing his knowledge and experience, especially on issues related to strategy, operational performance and risk management.
b. Directors contribute new ideas/insights on business issues raised by Management.
c. Directors anticipate and facilitate deliberations on new issues that Management and the Board should consider.
d. The Board / Committee meetings are conducted in a manner which facilitates open discussions and robust debate on all key items of the agenda.
e. The Board receives adequate and timely information to enable discussions/decision making during Board meetings.
f. The Board addresses interests of all stakeholders of the Company.
g. The Committee is delivering on the defined objectives.
h. The Committee has the right composition to deliver its objectives.
M/s. Manthan M. Shah and Associates, Chartered Accountants, Ahmedabad; the statutory Auditors of the Company has been appointed to hold office till the conclusion of 41st Annual General meeting. Hence, they are not subject to reappointment at current annual general meeting in the light of Companies (Amendment) Act, 2017.
The observations made in the Auditors Report are self-explanatory and therefore, need not require any further comments by the Board of Directors.
SECRETARIAL AUDIT REPORT
In pursuant to Section 204 of the Companies Act, 2013, the Board attaches herewith the secretarial audit report issued by practicing company secretary in Annexure A to this report. There are no remarks or comments in said report which requires clarifications by the Board.
ABSTRACTS OF ANNUAL RETURN
In pursuant to requirement of 93(3) of the Companies Act, 2013, the abstract of annual return is attached herewith in Annexure of the report in prescribed Form No. MGT - 9.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirement under section 134(3)(c) of the Companies Act, 2013, with respect to Directors Responsibility Statement, it is hereby confirmed that:
a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b) 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 and loss of the company for that period;
c) 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;
d) the directors had prepared the annual accounts on a going concern basis;
e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
f) 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.
PARTICULARS OF EMPLOYEES
During the year, there were no employees, within the organization, who were in receipt of remuneration exceeding Rs 60,00,000 p.a. or if employed for part of the year drawing remuneration in excess of Rs 5,00,000 p.m. as prescribed.
RISK MANAGEMENT POLICY
The Risk management policy of the company has been discussed in detail in the Management Discussion & Analysis Report which forms part of this Directors Report, attached with Annual Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
There are no contracts or arrangements entered by the Company with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013.
The Company has generally implemented the procedure and adopted practices in conformity with the Code of Corporate Governance as enunciated in Clause 49 of the Listing Agreement with the Stock Exchanges. The Management Discussion & Analysis and Corporate Governance Report are made a part of the Annual Report. A Certificate from the Auditors regarding compliance of the conditions of the Corporate Governance is given in Annexure, which is attached hereto and forms part of Directors Report.
NUMBER OF BOARD MEETINGS
During the year, the company had conducted total 14 Board Meetings. Notice for them were given properly and due quorum was present at above meetings. The dates of meetings are 5th April, 2017; 27th May, 2017; 10th June, 2017; 20th June, 2017; 8th August, 2017; 21st August, 2017; 19th September, 2017; 25th September, 2017 (AGM); 1st November, 2017; 1st December, 2017; 17th January, 2018; 3rd February, 2018; 12th February, 2018 and 20th March, 2018.
NOMINATION AND REMUNERATION COMMITTEE
The Board has formed nomination and remuneration committee as required under section 178(1) of the Companies Act, 2013. The company has disclosed policies as required under 178(3) of the Companies Act in its Corporate Governance Report, forming part of Directors Report.
The Board has constituted Audit Committee as required under section 177(1) of the Companies Act, 2013. The Composition of the same has been disclosed in Corporate Governance Report forming part of Directors Report. During the year, the Board has agreed to all recommendations of the audit committee.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is responsible corporate citizen of our country and is concerned about its social responsibility. It is not mandated u/s 135 of the Companies Act, 2013 to contribute its profit towards CSR. However, the Company will contribute voluntarily when it has substantial profit and finds a good cause to help.
Your Directors would like to take this opportunity to express sincere thanks to Companys valued clients and customers for their continued patronage. The Directors express their deep sense of appreciation to all the employees for their commitment and initiative for Companys growth. Finally, the Directors wish to express their gratitude to the Members for their trust and support.
|BY ORDER OF THE BOARD OF DIRECTORS|
|Place : Ahmedabad||S. B. PATEL|
|Date : 30th July, 2018||Chairman|