Dear Members,
The Directors are pleased to present the 29th Annual Report and the Audited
Financial Statements (Standalone as well as Consolidated) of Prima Plastics Limited
(“the Company or Prima”) for the financial year ended March 31, 2023 (“year
under review” or “year” or “FY 2022-23”).
In compliance with the applicable provisions of Companies Act, 2013, (including any
statutory modification(s) or re-enactment(s) thereof, for time being in force)
(“Act”) and the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), this report
covers the financial results and other developments during the financial year ended March
31, 2023 and upto the date of the Board Meeting held on May 29, 2023 to approve this
report, in respect of the Company.
FINANCIAL PERFORMANCE
The Companys financial performance for the financial year ended March 31, 2023 is
summarized below:
( in Lakhs)
|
Standalone |
Consolidated |
| Particulars |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
Year ended March 31, 2023 |
Year ended March 31, 2022 |
| Revenue from Operations |
13,880.97 |
11,070.30 |
19,172.75 |
14,760.24 |
| Other Income |
298.95 |
52.22 |
37.63 |
21.10 |
| Total Income |
14,179.92 |
11,122.52 |
19,210.38 |
14,781.34 |
| Total Expenditure |
12,742.55 |
10,741.68 |
16,657.05 |
13,699.56 |
| ProfitBefore Depreciation, Finance Cost and Tax |
1,437.37 |
380.84 |
2,553.33 |
1,081.78 |
| Less : Depreciation, Amortisation and Impairment |
545.07 |
331.81 |
729.60 |
530.36 |
| Less : Interest and Finance Cost |
430.15 |
216.76 |
457.02 |
237.59 |
| ProfitBefore Tax and Share in Profit of Joint Venture |
462.15 |
(167.73) |
1,366.71 |
313.83 |
| Share of Profit of Joint Venture |
- |
- |
606.87 |
736.46 |
| Profit Before Tax |
462.15 |
(167.73) |
1,973.58 |
1,050.29 |
| Less : Current Tax |
(4.46) |
- |
271.69 |
145.57 |
| Deferred Tax |
21.77 |
4.07 |
21.77 |
4.07 |
| ProfitAfter Tax |
444.84 |
(171.80) |
1,680.12 |
900.65 |
| Other Comprehensive Income (Net of Tax) |
(0.72) |
17.71 |
97.06 |
55.96 |
| Total Comprehensive Income |
444.12 |
(154.09) |
1,777.18 |
956.61 |
| Add : Balance b/f from previous year |
4,166.85 |
4,485.94 |
9,341.66 |
8,621.89 |
| Balance available for appropriation |
4,610.97 |
4,331.85 |
10,933.55 |
9,506.66 |
| Appropriation: |
|
|
|
|
| Balance c/f |
4,610.97 |
4,331.85 |
10,933.55 |
9,506.66 |
| Less : Dividend Paid |
- |
(165.00) |
- |
(165.00) |
| Less : General Reserve |
- |
- |
- |
- |
| Balance c/f to Balance Sheet |
4,610.97 |
4,166.85 |
10,933.55 |
9,341.66 |
The above figures are extracted from the audited standalone and consolidated financial
statements of the Company as per the Indian Accounting Standards ("Ind AS").
The financial statements for the financial year ended March 31, 2023 have been prepared
in accordance with Ind AS, notified under the Companies (Indian Accounting Standards)
Rules, 2015, read with Section 133 of Act and other relevant provisions of the Act.
There are no material departures from the prescribed norms stipulated by the accounting
standards in preparation of the annual accounts. Accounting policies have been
consistently applied, except where a newly issued accounting standard if any, initially
adopted, or a revision to an existing accounting standard, required a change in the
accounting policy hitherto in use.
The Company discloses unaudited consolidated and standalone financial results on a
quarterly basis, which are subject to limited review, and publishes audited consolidated
and standalone financial results annually.
A detailed analysis of the Companys performance, consolidated as well as standalone,
is included in the Management Discussion and Analysis Report, which forms integral part of
this Annual Report.
PERFORMANCE
On a consolidated basis, the revenue from operations for FY 2022-23, was 19,172.75
lakhs which increased by 29.89% compared to 14,760.24 lakhs for the previous year
2021-22. Also, the consolidated EBITDA increased to 3,160.20 lakhs for FY 2022-23 which
is 73.81% higher than that of the previous year 2021-22 i.e. 1,818.24 lakhs.
On a standalone basis, the revenue from operations for FY 2022-23, was 13,880.97
lakhs which increased by 25.39% compared to 11,070.30 lakhs for the previous year
2021-22. Also, the standalone EBITDA increased to 1,437.37 lakhs for FY 2022-23 which is
277.42% higher than previous year 2021-22 i.e. 380.84 lakhs.
SUBSIDIARY & JOINT VENTURE COMPANIES
As on March 31, 2023, your Company has one (1) direct Subsidiary in Guatemala
"Prima Union Plasticos S.A.” and "Prima Dee-Lite Plastics SARL" is a
Joint Venture Company with 50% share in Cameroon, West Africa.
A statement containing silent features of the financial statements of Subsidiary /
Joint Venture as required under Section 129 (3) of the Act is attached as Annexure 1
to this report.
Further, pursuant to the provisions of Section 136 of the Act, the financial statements
of the Company and separate audited financial statements in respect of its subsidiary, are
available on the Companys website at https://www.primaplastics.com/
subsidiary-financials.php .
The Board of Directors of the Company has adopted a policy for determining Material
Subsidiary Company in line with Listing Regulations. The Policy is uploaded on the
website of the Company at https://www.primaplastics.com/uploads/
codes_policies/ppl-policy-of-determining-material-subsidiaries-1686141180.pdf. The policy
was last amended by the Board at its meeting held on May 29, 2023.
TRANSFER TO RESERVES
The Company has not transferred any amount to General Reserve during year under review.
RETURNS TO INVESTORS (DIVIDEND)
The Board of Directors of your Company is pleased to recommend a final dividend of
1.50 per equity share of the face value of 10 each (@15%) which is subject to
consideration and approval of the Shareholders at the ensuing Annual General Meeting
(“AGM”) of the Company, and shall be payable to those Shareholders whose name
appears in the Register of Members as on the Record Date i.e. Friday, August 4, 2023.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 of the Listing Regulations, the Management Discussion and
Analysis Report for the year under review, is presented in a separate section, forming
part of this Annual Report.
FIXED DEPOSITS
Your Company has not accepted any deposits under Chapter V of the Act during the
financial year and as such, no amount on account of principal or interest on deposits from
public is outstanding as on March 31, 2023.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The details of Loans, Guarantees and Investments covered under the provisions of
Section 186 of the Act read with the Companies (Meetings of Board and Its Powers) Rules,
2014 are given in the Notes to the Financial Statements.
DIRECTORS
Members of the Companys Board of Directors are eminent persons of proven competence
and integrity. Besides experience, strong financial acumen, strategic astuteness and
leadership qualities, they have a significant degree of commitment to the Company and
devote adequate time to meetings and preparation.
In terms of requirement of Listing Regulations, the Board has identified core skills,
expertise and competencies of the Directors in the context of the Companys business for
effective functioning and how the current Board of Directors is fulfilling the required
skills and competencies is detailed at length in the Corporate Governance Report.
Shri Dilip M. Parekh (DIN: 00166385) retires by rotation at the ensuing AGM and being
eligible, offers himself for re-appointment. A resolution seeking members approval
for his re-appointment along with other required details forms part of the Notice.
The following changes took place during the financial year ended March 31, 2023:
The Members of the Company at the AGM held on August 17, 2022 approved:
- Re-appointment of Shri Bhaskar M. Parekh (DIN: 00166520) as the Whole-time Director
& Executive Chairman for a term of three consecutive years from September 1, 2022 to
August 31, 2025 liable to retire by rotation.
- Re-appointment of Shri Dilip M. Parekh (DIN: 0016385) as the Managing Director for a
term of three consecutive years from September 1, 2022 to August 31, 2025 liable to retire
by rotation.
Smt. Daxa J. Baxi (DIN: 00944951) was appointed as an Additional Director in the
capacity of Non-Executive, Independent Director by the Nomination and Remuneration
Committee (“NRC”) and the Board at their meetings held on May 29, 2023 for a
period of five years subject to the approval of the members at the 29 th AGM.
The Board has recommended the appointment. The Members of the Company, at the 25th
AGM held on August 3, 2019 had appointed Shri Snehal N. Muzoomdar as an Independent
Director of the Company to hold office for a term of five consecutive years upto January
28, 2024. In accordance with the provisions of Section 149, 152 of the Act and applicable
provisions of Listing Regulations and based on performance evaluation and recommendation
of NRC, it is proposed to re-appoint Shri Snehal N. Muzoomdar as an Independent Director
for a further second term of five consecutive years from January 29, 2024 to January 28,
2029. A special resolution to this effect forms part of the Notice. The Board has
recommended the appointment.
Brief resume of the Directors proposed to be appointed / re-appointed, nature of
expertise and the names of companies in which they hold Directorships and Chairpersonships
/ Memberships of Board Committees etc. are provided in Notice to Members forming part of
this Annual Report. Resolutions seeking Members approval for their appointment /
re-appointment along with other required details forms part of the Notice. The Directors
seeking appointment / re-appointment are not debarred from holding the office of Director
pursuant to any order.
Pursuant to the provisions of Section 149(7) of the Act, all the Independent Directors
of the Company have submitted declarations that they meet the criteria of independence as
provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation
16(1)(b) of the Listing Regulations. The Independent Directors have also confirmed that
they have complied with Schedule IV of the Act and the Companys code of conduct.
Companys code of conduct is available on the website of the Company at
https://www.primaplastics.com/uploads/codes_policies/code-of-conduct-for-directors-and-senior-officers-1555063358.pdf
Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment
and Qualifications of Directors) Rules, 2014, Independent Directors of the Company have
confirmed that they have registered themselves with the databank maintained by the Indian
Institute of Corporate Affairs and have passed the proficiency test, if applicable to
them. The Board is of the opinion that all Directors including the Independent Directors
of the Company possess requisite qualifications, integrity, expertise and experience in
the fields of manufacturing, technology, digitalisation, strategy, finance, governance,
human resources, safety, sustainability, etc.
KEY MANAGERIAL PERSONNEL
Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel
("KMP") of the Company as on March 31, 2023 are Shri Bhaskar M. Parekh,
Whole-time Director, Shri Dilip M. Parekh, Managing Director, Shri Dharmesh R. Sachade,
Chief Financial Officer and Ms. Vandana S. Ahuja, Company Secretary & Compliance
Officer.
During the year under review, there was no change.
SHARE CAPITAL
The Companys paid-up equity share capital as on March 31, 2023 continues to stand at
1,100.05 lakhs divided into 11000470 equity shares of face value of 10 each.
During the year under review, the Company has not issued any shares or convertible
securities. The Company does not have any scheme for the issue of ESOP shares, including
sweat equity to its Employees or Directors.
Your Company has not resorted to any buyback of its Equity Shares during the year under
review.
ANNUAL EVALUATION BY THE BOARD
During the year, the Board carried out an annual evaluation of its performance as well
as of the working of its Committees and individual Directors, including the Chairperson of
the Board as per the formal mechanism for such evaluation adopted by the Board. The
exercise of performance evaluation was carried out through a structured evaluation process
covering various criterias as recommended by the NRC at its meeting held on February 14,
2023.
The evaluation criteria is broadly based on the Guidance Note on Board Evaluation
issued by the Securities and Exchange Board of India (“SEBI”) on January 5,
2017.
In a separate meeting of the Independent Directors held on March 25, 2023, the
performance of non-independent directors, the Board as a whole and Chairperson of the
Company was evaluated.
The Board Evaluation Report for the financial year 2022-23 was adopted at the Board
Meeting held on May 29, 2023.
Based on the outcome of the evaluation, the Board and its Committees have agreed on
various action points, which would result in the Board, its Committees and each Director
playing more meaningful roles to increase shareholder value.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Act, the Board of Directors to the best of its
knowledge and ability, confirms that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
b) 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 the end of the financial year and
the profit of the Company for that period;
c) the directors have 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 have prepared the annual accounts on a going concern basis;
e) the directors have laid down internal financial controls followed by the Company and
that such internal financial controls are adequate and were operating effectively and
f) the directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of Corporate Governance and
believes in adopting best practices of Corporate Governance. The report on Corporate
Governance as stipulated under the Listing Regulations together with a certificate from
Shri Prashant Diwan, Practicing Company Secretary, confirming compliance with the
conditions of Corporate Governance forms part of this Annual Report.
BOARD MEETINGS
Regular meetings of the Board are held to discuss and decide on various business
policies, strategies, financial matters and other businesses. Five meetings of the Board
were held during the financial year 2022-23. For details of meetings of the Board, please
refer to the Corporate Governance Report which forms part of this Annual Report.
COMMITTEES
The details pertaining to Committees of the Board are included in the Corporate
Governance Report which forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
In accordance with the provisions of Section 135 of the Act and the rules made
thereunder, your Company has constituted Corporate Social Responsibility ("CSR")
Committee of Directors. The role of the Committee is to review and monitor CSR activities
of the Company and recommend to the Board the amount to be spend on CSR annually. The
Committee presently consists of four Directors of which Chairperson of the Committee is a
Non-Executive, Independent Director.
The CSR policy, formulated by Committee and approved by the Board can be accessed at
https://www.primaplastics.com/ uploads/codes_policies/csr-policy-1608719753.pdf.
Pursuant to Rule 8 of the Companies (Corporate Social Responsibility Policy) Rules,
2014, Annual Report on the CSR activities for the financial year ended March 31, 2023 is
annexed as Annexure 2 to this report.
NOMINATION AND REMUNERATION COMMITTEE
The current policy is to have an appropriate mix of executive, non-executive and
independent directors to maintain the independence of the Board and separate its functions
of governance and management. As of March 31, 2023, the Board has seven members,
consisting of two executive directors, a non-executive and non-independent director and
four independent directors. Details of the Companys policy on Directors appointment and
remuneration including criteria for determining qualifications, positive attributes,
independence of a director and other matters is available on the website of the Company at
https://www.primaplastics.com/uploads/codes_policies/ppl-nrcm-policy-1656148267.pdf
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your Company maintains an adequate and effective internal control system commensurate
with its size and complexity.
We believe that these internal control systems provide, among other things, a
reasonable assurance that transactions are executed with managements authorization and
that they are recorded in all material respects to permit preparation of financial
statements in conformity with established accounting principles and that the assets of
your Company are adequately safe guarded against significant misuse or loss. An
independent internal audit function is an important element of your Companys internal
control system. The internal control system is supplemented through an extensive internal
audit programs and periodic review by Management and Audit Committee.
Your Company has in place, adequate Internal Financial Controls with reference to
financial statements. During the year, such controls were tested and no reportable
material weaknesses were observed.
RISK MANAGEMENT
The Board of Directors have framed a Risk Management Policy for identification of
elements of risk if any, which in the opinion of the Board may threaten the existence of
the Company and is designed to identify, assess and frame a response to threats that
effect the achievement of its objectives.
CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
All contracts or transactions entered by the Company during the financial year under
review with related parties were in the ordinary course of business and on an arms length
basis.
During the year, the Company has not entered into any contracts / arrangements /
transactions which are required to be reported in Form No. AOC-2 in terms of Section
134(3)(h) read with Section 188 of the Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014 and hence does not forms part of this Boards Report.
The policy on materiality of related party transactions as approved by the Board can be
accessed on Companys website at
https://www.primaplastics.com/uploads/codes_policies/ppl-related-party-transaction-policy-1648789871.pdf
In accordance with Ind AS 24, the related party transactions are also disclosed in the
notes to the standalone financial statements.
AUDITORS
STATUTORY AUDITOR
The Members at the 28th AGM held on August 17, 2022, approved the
appointment of C N K & Associates LLP, Chartered Accountants (Firm Registration No.
101961W/W-100036), for a term of 5 (Five) years to hold office till the conclusion of 33rd
AGM of the Company to be held in the year 2027.
The report given by the Statutory Auditors on the financial statements of the Company
forms part of the Annual Report. There are no qualifications, reservations, adverse
remarks or disclaimers given by the statutory auditors in their report.
SECRETARIAL AUDITOR
The Board of Directors appointed Shri Prashant Diwan, Practicing Company Secretary
(FCS: 1403 / COP: 1979) as Secretarial Auditor of the Company to undertake the Secretarial
Audit for the financial year 2022-23. The Secretarial Audit Report for the financial year
ended March 31, 2023 pursuant to the provisions of Section 204 of the Act is annexed
herewith this report as
Annexure 3.The Secretarial Audit Report is self-explanatory and does not call for
any further comments. The Secretarial Audit
Report does not contain any qualifications, reservations or adverse remarks.
During the year, your Company has complied with applicable Secretarial Standards i.e.
SS-1 and SS-2, relating to “Meetings of the Board of Directors” and
“General Meetings” respectively.
In terms of Section 204 of the Act, read with the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors at their
meeting held on May 29, 2023 appointed Shri Prashant Diwan, Practicing Company Secretary
(FCS: 1403 / COP: 1979) as the Secretarial Auditor of the Company in relation to the
financial year ended March 31, 2024.
The Company has received the written consent that the appointment is in accordance with
the applicable provisions of the Act and rules framed thereunder.
INTERNAL AUDITOR
The Company has re-appointed Shailesh Kamdar & Associates LLP as the Internal
Auditor for the FY 2023-24.
COST RECORDS AND COST AUDIT
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148 of the Act are not applicable for the business activities
carried out by the Company.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the Statutory Auditors nor the Secretarial
Auditor has reported to the Audit Committee under Section 143(12) of the Act any instances
of fraud committed against the Company by its officers or employees.
MATERIAL CHANGES AND COMMITMENTS
There were no material changes and commitments which affect the financial position of
the Company which have occurred between the end of the financial year to which the
financial statements relate and date of this report.
There has been no change in the nature of business of the Company.
SIGNIFICANT AND MATERIAL ORDERS
There were no significant and material orders passed by the Regulators, Courts or
Tribunals impacting the going concern status and the Companys operations in future.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONGWITH THEIR STATUS AS AT THE END OF
THE FINANCIAL YEAR
There were neither any applications made under the Insolvency and Bankruptcy Code, 2016
nor any proceedings were pending.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
Not Applicable
ANNUAL RETURN
Pursuant to Sections 92(3) and 134(3) of the Act, Annual Return (in e-form MGT-7) for
the financial year ended March 31, 2023 is available on the Companys website at
https://www.primaplastics.com/board-meeting.php
PARTICULARS OF EMPLOYEES
The particulars of employees as required under Section 197 of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Amendment
Rules, 2016 is attached as Annexure 4 to this report.
HUMAN RESOURCES
Employees being the key assets to any organization, your Company is committed to
creating a safe and healthy work environment, where every employee is treated with respect
and is able to work without fear of discrimination, prejudice, gender bias or any form of
harassment at the workplace.
Your Companys total employees as on March 31, 2023 were 342.
The Company has in place a policy on prevention against sexual harassment, which is
frequently communicated among the employees of the Company through various programs at
regular intervals. The Company has set up an Internal Complaints Committees at every
location where it operates in India, which have men and women Committee Members.
The details of complaints pertaining to sexual harassment that were filed, disposed and
pending during the financial year are provided in the Corporate Governance Report which
forms part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars relating to conservation of energy, technology absorption, foreign
exchange earnings and outgo, as required to be disclosed under the Act, is annexed
herewith as Annexure 5 to this report.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Over the years, the Company has established a reputation for doing business with
integrity and maintained zero tolerance for any form of unethical behavior. The Company
has a Whistle Blower Policy and has established the necessary vigil mechanism for
Directors and Employees in accordance with the provisions of the Act and Listing
Regulations, to report concerns about unethical behavior. Your Company has provided a
dedicated e-mail address for reporting such concerns. All cases registered under Whistle
Blower Policy of your Company are reported to and are subject to the review by the Audit
Committee. The Board adopted revised policy at its meeting held on May 29, 2023 to align
the policy with the new purpose, strategy, and safety leadership principles of the
Company.
ACKNOWLEDGEMENT
The Board wishes to place on record its sincere appreciation of the efforts put in by
your Companys employees for achieving encouraging results. The Board also wishes to thank
the members, distributors, vendors, customers, bankers, Government and all other business
associates for their support during the year.
For and on behalf of the Board
Bhaskar M. Parekh
Whole-time Director & Executive Chairman
DIN: 00166520
Place: Mumbai
Date: May 29, 2023
Annexure 1
STATEMENT CONTAINING SILENT FEATURES OF THE FINANCIALS STATEMENTS OF SUBSIDIARIES AND
JOINT VENTURES
Pursuant to first proviso to sub-section (3) of Section 129 of the Companies Act, 2013
read with Rule 5 of The Companies (Accounts) Rules, 2014 Part “A”: Subsidiary
| Sr. No. |
Particulars |
Prima Union Plasticos S.A. |
| 1. |
Reporting period for the Subsidiary concerned |
March 31, 2023 |
|
| 2. |
Reporting currency and Exchange rates for the financial year |
Guatemala Quetzal |
|
|
|
Closing Rate |
Average rate |
|
|
1 Qtz = 10.56 |
1 Qtz = 10.56 |
| 3. |
Share Capital |
355.70 Lakhs |
|
| 4. |
Reserves and Surplus |
1,938.95 Lakhs |
|
| 5. |
Total Assets |
3,579.82 Lakhs |
|
| 6. |
Total Liabilities |
1,285.17 Lakhs |
|
| 7. |
Investments |
Nil |
|
| 8. |
Turnover |
5,291.79 Lakhs |
|
| 9. |
Profit before taxation |
1,151.21 Lakhs |
|
| 10. |
Provision for taxation |
(276.15 ) Lakhs |
|
| 11. |
Profit after taxation |
875.06 Lakhs |
|
| 12. |
Proposed Dividend |
Nil |
|
| 13. |
Extent of shareholding (In percentage) |
90% |
|
Names of subsidiaries which are yet to commence operations: NA
Names of subsidiaries which have been liquidated or sold during the year: NA
Part “B”: Joint Venture
| Sr. No. |
Particulars |
Prima Dee-Lite Plastics SARL |
| 1. |
Reporting period for the Joint Venture concerned |
December 31, 2022 |
| 2. |
Share of Joint Venture held by the Company on the year end |
16100 Shares |
| 3. |
Amount of Investment in Joint Venture |
102.07 Lakhs |
| 4. |
Extent of holding (In percentage) |
50% |
| 5. |
Description of how there is significant in uence |
Due to equity holding in Joint Venture |
| 6. |
Reason why the Joint Venture is not consolidated |
NA |
| 7. |
Net worth attributable to shareholding as per latest Audited Balance Sheet |
5,676.97 lakhs |
| 8. |
Profit/Loss for the year |
606.87 lakhs |
|
i Considered in Consolidation |
606.87 lakhs |
|
ii Not Considered in Consolidation |
Nil |
Names of Joint Venture which are yet to commence operations: NA
Names of Joint Venture which have been liquidated or sold during the year: NA
| Bhaskar M. Parekh |
Dilip M. Parekh |
Dharmesh R. Sachade |
Vandana S. Ahuja |
| Whole-time Director & |
Managing Director |
Chief Financial Officer |
Company Secretary |
| Executive Chairman |
DIN: 00166385 |
M.No. 139349 |
M. No. ACS: 57118 |
| DIN: 00166520 |
|
|
|
+91-9892691696
