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Your Company was incorporated as "SAND PLAST (INDIA) LTD." on January 01, 1989 under the provisions of Companies Act, 1956 with Registrar of Companies. Subsequently, your company was converted into a Public Limited Company.
Your Company is engaged in the production of calcium silicate/fly ash bricks, blocks, tiles, kerb stones and precast products at their various plants in Rajasthan. Sand plast is the only manufacturer of calcium silicate coloured bricks in the country.
The company has five divisions -- calcium silicate products, technical know-how, precast, machine manufacture and construction.
OVERVIEW OF ACTIVITY
Spil is the pioneer in the introduction of calcium silicate bricks in India. it has entered into a technical know-how arrangement with Dorstener, Germany (the worlds top manufacturer of sand lime bricks machinery), to manufacture sand lime bricks at Behror, Rajasthan. the project is the largest one funded by housing and urban development corporation (HUDCO).
SPIL sells calcium silicate machinery to customers within India and to countries such as Pakistan, Bhutan, Nepal, Bangladesh, Thailand, Mauritius, Maldives and Srilanka.
Sandlime products India, a company promoted by Spil, has set up the worlds largest calcium silicate plant at Patalganga, Maharashtra, to manufacture 40 Cr bricks, blocks and tiles pa.
The company has diversified into the construction industry. it also plans to concentrate on production of tiles by adding new tile production lines, instal fire kilns for production of refractory bricks, glazing line including fire kilns for production of glazed bricks/split bricks etc.
FACTORS AFFECTING OUR RESULTS OF OPERATION
? General economic and demographic conditions. ? Demonetization.
? The condition and performance of the property market with overall sentiment being subdued and lack lustre. ? Our ability to identify suitable projects and execute them in timely and cost effective manner. ? The availability of finance on favourable terms and low cost for our business and for our customer. ? Growing Competition.
THREATS & CHALLENGES
Unfavorable changes in government policies and the regulatory environment can adversely impact the performance of the sector. Retrospective policy changes and regulatory bottlenecks may impact profitability and affect the attractiveness of the sector and companies operating within the sector.
INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Companies Act, 2013 re-emphasizes the need for an effective Internal Financial Control system in the Company. The system should be designed and operated effectively. Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 requires the information regarding adequacy of Internal Financial Controls with reference to the financial statements to be disclosed in the Boards report.
The Companys internal control system is commensurate with the nature, size and complexities of operations. Adequate records and documents are maintained as required by laws. The company has established well defined polices and processes across the organization covering the major avidities. The Companys audit Committee reviewed the internal control system on an ongoing basis keeping in mind the growth prospects and ever evolving business environment. Audit committee reviews proper implementation of corrective measures. All efforts are being made to make the internal control systems more effective.
To ensure effective Internal Financial Controls the Company has laid down the following measures:
All legal and statutory compliances are ensured on a monthly basis. Non-compliance, if any, is seriously taken by the management and corrective actions are taken immediately. Any amendment is regularly updated by internal as well as external agencies in the system.
Approval of all transactions is ensured through a pre approved Delegation of Authority Schedule which is reviewed periodically by the management.
The Company follows a robust internal audit process. Transaction audits are conducted regularly to ensure accuracy of financial reporting, safeguard and protection of all the assets. Fixed Asset verification of assets is done on an annual basis.
RISKS AND CONCERNS
Every business has both Risk and Return and they are inseparable. As a responsible management, the Companys principal endeavor is to maximize returns. The Company continues to take all steps necessary to minimize its expenses through detailed studies and interaction with experts. Our senior management identifies and monitors the risk on regular basis and evolves process and system to control and minimize it. With regular check and evaluation business risk can be forecasted to the maximum extent and thus corrective measures can be taken in time.
Management is doing successfully in building experienced team and nurturing them to be leaders. The main motive of the company is trust, integrity, teamwork, innovation, performance and partnership. Various Departments are headed by Professional Qualified Personal, helping our business to remain competitive, achieve greater success and newer milestone.
|By Order of the Board of Directors|
|For SAND PLAST (INDIA) LIMITED|
|Rajesh Gupta]||Ram Swaroop Garg|
|DIN: 01663485||DIN: 02316019|