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Captain Polyplast Ltd.

BSE: 536974 Sector: Industrials
NSE: N.A. ISIN Code: INE536P01021
BSE 00:00 | 01 Dec 15.85 0.15
(0.96%)
OPEN

15.95

HIGH

15.95

LOW

15.55

NSE 05:30 | 01 Jan Captain Polyplast Ltd
OPEN 15.95
PREVIOUS CLOSE 15.70
VOLUME 36016
52-Week high 27.60
52-Week low 14.65
P/E 37.74
Mkt Cap.(Rs cr) 80
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.95
CLOSE 15.70
VOLUME 36016
52-Week high 27.60
52-Week low 14.65
P/E 37.74
Mkt Cap.(Rs cr) 80
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Captain Polyplast Ltd. (CAPTAINPOLYPLAS) - Director Report

Company director report

Dear Member

Your Directors have pleasure in presenting the 24THAnnual Report along withthe audited statements of accounts of your Company for the financial year ended 31stMarch 2021.

1. FINANCIAL RESULTS:

The audited financial statements of the Company as on March 31 2021 are prepared inaccordance with Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 ("Listing Regulations") and provisions of theCompanies Act 2013 ("Act").

The Financial highlight is depicted below:

(Rs. In Lakhs)

Particulars

CONSOLIDATED

STANDALONE

Year Ended on 31.03.2021 Year Ended on 31.03.2020 Year Ended On 31.03.2021 Year Ended on 31.03.2020
Revenue from operations 17805.92 18622.36 17805.92 18622.36
Other Income 107.74 331.23 107.74 331.23
Total Revenue 17913.66 18953.86 17913.66 18953.86
Operating and Administrative expenses 15245.45 15799.18 15245.45 15799.18
Operating Profit before finance costs Depreciation and Tax 2668.21 3154.68 2668.21 3154.68
Less: Depreciation and Amortization expenses 416.37 421.56 416.37 421.56
Profit before finance costs exceptional items tax and Deff tax adjustable in/(recoverable from) future tariff 2251.84 2733.12 2251.84 2733.12
Less: Finance Costs 1008.47 1010.08 1008.47 1010.08
Less: Exceptional Item 0 0 0 0
Profit Before Tax (PBT) 1243.37 1723.04 1243.37 1723.04
Provision for Tax (Including Deferred Tax) 338.80 463.22 338.80 463.22
Profit after Tax 904.57 1259.83 904.57 1259.83
Other Comprehensive Income 21.25 6.34 9.03 (5.67)
Total Comprehensive Income for the year 925.82 1266.16 913.60 1254.16
Profit available for appropriation 925.82 1266.16 913.60 1254.16

2. PERFORMANCE HIGHLIGHTS:

A. REVENUE

During the year under review company has total revenue of Rs. 17913.66 lakhs as againstthe previous year turnover of Rs. 18953.86 lakhs which shows decrease of 5.49% incomparison with the previous year. Profit before tax decrease by 27.84% as compared toprevious year. The net profit after tax of the company decreased by 28.20% with comparedto previous year.

B. OPERATING AND ADMINISTRATIVE EXPENSES

The operating Expenses of Rs. 15245.45 Lakhs during FY 2020-21 as compared to previousfinancial year incurred of Rs. 15799.18 lakhs.

C. DEPRECIATION AND AMORTISATION EXPENSES

The depreciation Expenses of Rs. 416.37 Lakhs during FY 2020-21 as compared toprevious financial year incurred of Rs. 421.56 Lacs showing decrease as compared toprevious year.

D. FINANCE COST

The finance cost of Rs. 1008.47 Lakhs during FY 2020-21 as compared to previousfinancial year incurred of Rs. 1010.08 lakhs.

E. TOTAL PROFIT AFTER TAX FOR THE YEAR

Profit after tax for the year was Rs.904.57 Lakhs as compared to Profit after tax ofRs.1259.83 Lakhs in FY 2019-20. Decrease as compared to previous year.

COVID-19 IMPACT

As ours is the agriculture sector essential nature of the industry and consequently thedemand for our products to have limited impact of covid-19.

Due to the lockdown announced by the government of India from 22th March 2020 entireoperations of the company came to a halt. Further as per district collector's orders ourplants resumed operations from 19th April 2020.Our business is closely linked toagriculture and because of the essential nature of the products/services demand and saleshave seen limited impact post resumption of production at our plants. Our plant at Shapar(Gujarat) remained closed for 28 days. However the production activity has recovered postresuming operations. The supply chain was disrupted in view of lockdown during March-May2020 due to closure of our plants and our vendors. However the situation has improvedmaterially in June 2020 with Central & states relaxing lockdown norms. There is noimpact on internal financial controls due to the COVID-19 situation.

3. DIVIDENDS:

Your board of director has recommended dividend of Rs 0.04/- per share of Rs.2/- eachfor F.Y. 2020-21 amounting to Rs. 2015152/- and the said dividend be and is herebyapproved and paid to the equity shareholders of the company. The dividend payment issubject to approval of members at the ensuing Annual General Meeting.

4. MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and date of this report. There has beenno change in the nature of business of the Company.

5. FIXED DEPOSITS:

During the year under review your Company has not accepted any fixed deposits withinthe meaning of Section 73 of the Companies Act 2013 read with rules made there under.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

A. BOARD COMPOSITION

- Mr. Ramesh D. Khichadia (Managing Director)

- Mr. Ashokbhai K. Patel (Whole Time Director upto 13.07.2020)

- Mr. Ritesh R.Khichadia (Whole Time Director w.e.f. 13.07.2020)

- Mr. Kaushik Mori(Chief Financial Officer) and

- Mrs. Khyati S. Mehta(company Secretary)are the Whole-time Key Managerial Personnel ofthe Company.

- Mr. Gopal D. Khichadia (Director)

- Mr. Harshadray L. Patel (Independent Director)

- Mrs. Anjana P. Paghadar (Independent Director)

- Mr. Prabhulal N. Rabadia (Independent Director)

B. DIRECTOR RETIRING BY ROTATION

Pursuant to the requirements of the Companies Act 2013 and Articles of Association ofthe Company Mr. GOPALHBHAI DEVRAJBHAI KHICHADIA (DIN: 00127947) retires by rotation atthe ensuing Annual General Meeting and being eligible offers himself for re-appointment.The Board recommends the reappointment of Mr. GOPALBHAI DEVRAJBHAI KHICHADIA for yourapproval. Brief details of the Director who is proposed to be re-appointed as requiredunder Regulation 36 of the SEBI Listing Regulations are provided in the Notice of AnnualGeneral Meeting.

C. INDEPENDENT DIRECTORS AND THEIR MEETING:

Your Company has received annual declarations from all the Independent Directors of theCompany confirming that they meet with the criteria of Independence provided in Section149(6) of the Companies Act 2013 and Regulations 16(1)(b) &25 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 and there has been no change inthe circumstances which may affect their status as Independent Director during the year.Also your Company has received annual declarations from all the Independent Directors ofthe Company confirming that they have already registered their names with the data bankmaintained by the Indian Institute of Corporate Affairs ["IICA"] as prescribedby the Ministry of Corporate Affairs under the relevant rules and that the onlineproficiency self-assessment test as prescribed under the said relevant rules is applicableto them and they will attempt the said test in due course of time.

7. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to clause (c) of sub-section (3) and subsection (5) of Section 134 of theCompanies Act 2013 the Board of Directors to the best of their knowledge and abilitystate the followings:-

A. that in the preparation of the annual financial statement the applicable accountingstandards have been followed along with proper explanation relating to materialdepartures if any;

B. that such accounting policies have been selected and applied consistently andjudgment and estimates have been made that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company as at March 31 2021 and of the lossof the Company for the year ended on that date;

C. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

D. That the annual financial statement have been prepared on a going concern basis;

E. That proper internal financial controls were in place and that the financialcontrols were adequate and were operating effectively;

F. That proper system to ensure compliance with the provisions of all applicable lawsincluding the compliance of applicable Secretarial Standards were in place and wereadequate and operating effectively.

8. BOARD EVALUATION:

The Board carried out an annual performance evaluation of its own performance and thatof its committees and individual directors as per the formal mechanism for such evaluationadopted by the Board. The performance evaluation of all the Directors was carried out bythe Nomination and Remuneration Committee.

The performance evaluation of the Chairman the Non-Independent Directors and the Boardas a whole was carried out by the Independent Directors. The exercise of performanceevaluation was carried out through a structured evaluation process covering variousaspects of the Board functioning such as composition of the Board & committeesexperience & competencies performance of specific duties &obligationscontribution at the meetings and otherwise independent judgment governance issues etc.

9. INTERNAL FINANCIAL CONTROL (IFC) SYSTEM AND THEIR ADEQUACY:

The Company has implemented and evaluated the Internal Financial Controls which providea reasonable assurance in respect of providing financial and operational informationcomplying with applicable statutes and policies safeguarding of assets prevention anddetection of frauds accuracy and completeness of accounting records. The Internal AuditReports were reviewed periodically by Audit Committee as well as by the Board. Furtherthe Board annually reviews the effectiveness of the Company's internal control system. TheDirectors and Management confirm that the Internal Financial Controls (IFC) is adequatewith respect to the operations of the Company. A report of Auditors pursuant to Section143(3) (i) of the Companies Act 2013 certifying the adequacy of Internal FinancialControls is annexed with the Auditors report.

10. RELATED PARTY TRANSACTIONS:

There were no materially significant related party transactions which could have had apotential conflict with the interests of the Company. Transactions with related partiesare in the ordinary course of business on arm's length and are periodically placed beforethe Audit Committee and Board for its approvals and the particulars of contracts enteredduring the year in Form AOC-2 is enclosed as ANNEXURE - B.

The Board of Directors of the Company has on the recommendation of the AuditCommittee adopted a policy to regulate transactions between the Company and its RelatedParties in compliance with the applicable provisions of the Companies Act 2013 the Rulesthere under and the Listing Agreement. This Policy was considered and approved by theBoard has been uploaded on the website of the Company.

11. CONSOLIDATED FINANCIAL STATEMENTS:

In accordance with the provisions of the Companies Act 2013 ("the Act") andInd AS 110 - Consolidated Financial Statement read with Ind AS - 28 Investments inAssociates the audited consolidated financial statement is provided in the Annual Report.

12. AUDITORS& AUDITORS' REPORT:

A. AUDITORS DETAILS

M/S SVK & ASSOCIATES Chartered Accountants Ahmadabad the Statutory Auditors ofthe Company have been appointed as Statutory Auditors of the Company by the Members of theCompany till the Conclusion of 24THAnnual General Meeting of the Company to beheld for the financial year 2020-21. M/S SVK & ASSOCIATES Chartered AccountantsAhmadabad has consented to be reappointed as statutory auditor o company for second termof five years from F.Y. 2021-22 TO F.Y. 2025-26 They have confirmed that they are notdisqualified from continuing as Statutory Auditors of the Company for second term of fiveyears.

B. AUDITORS' REPORT

In the opinion of the directors the notes to the accounts in auditor's report areself-explanatory and adequately explained the matters which are dealt with by theauditors.

C. COST AUDIT REPORT

Pursuant to Section 148 of the Companies Act 2013 read with the Companies (CostRecords and Audit) Rules 2014 the Cost Audit Report is applicable to our Company for thefinancial year 2020-21 hence; such audit has been carried out during the year.

D. SECRETARIAL AUDIT REPORT

A qualified Practicing Company Secretary carries out secretarial audit and provides areport on the compliance of the applicable Acts Laws Rules Regulations GuidelinesListing Agreement Standards etc. as stipulated by the provisions of Section 204 of theCompanies Act 2013 read with the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014. The Secretarial Audit Report forms part of this report as ANNEXUREA. The findings of the audit have been satisfactory.

13. CORPORATE GOVERNANCE:

The Company is a part of the Captain Group which has established a reputation forhonesty and integrity. We believe that by focusing on Corporate Governance we practicethe highest standards of ethical and responsible business culture and thereby enhance thevalue of all stakeholders. It is a combination of voluntary practices and compliance withlaws and regulations in all areas of its operations and in its interactions with thestakeholders. It provides direction and control to the affairs of the Company.

Your Company is fully committed to practice sound Corporate Governance and uphold thehighest business standards in conducting business. The Company has always worked towardsbuilding trust with all its stakeholders based on the principles of good corporategovernance. Your Company is guided by a key set of values for all its internal andexternal interactions. The Company is open accessible and consistent with itscommunication.

Your Company has been complying with the principles of good Corporate Governance overthe years and is committed to the highest standards of compliance. However as a goodCorporate Governance Practice the Company has generally complied with the CorporateGovernance requirements and a report on Corporate Governance is annexed as forms part ofthis Report as ANNEXURE D. As required under SEBI (LODR) Regulations 2015 the ManagementDiscussion and Analysis Report is annexed as part of this Report AS ANNEXURE C.

14. MANAGEMENT DISCUSSION AND ANALYSIS:

A detailed report on the Management discussion and Analysis is provided as a separatesection in the Annual Report.

15. CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Annual Report on Corporate Social Responsibility activities is annexed herewith asANNEXURE H. Information on the composition of the Corporate Social Responsibility (CSR)Committee is provided in the Report on Corporate Governance that forms part of this AnnualReport.

16. DISCLOSURES:

A. NUMBER OF BOARD MEETING

The Board of Directors met 14 (FOURTEEN) times during the year under review. Thedetails of Board meetings and the attendance of the Directors are provided in theCorporate Governance Report which forms part of this Report.

B. COMMITTEES OF BOARD:

Details of various committees constituted by the Board of Directors as per theprovisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015and the Companies Act 2013 are given in the Corporate Governance Report and forms partof this report.

C. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 are uploadedon website of company at www.captainpolyplast.com under investor section.

D. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has adopted a whistle blower policy and has established the necessary vigilmechanism for employees and Directors to report concerns about unethical behaviour. Noperson has been denied access to the Chairman of the Audit Committee. The Vigil MechanismPolicy has been uploaded on the website of the Company.

E. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

Particulars of loans guarantees or investments under Section 186 of the Companies Act2013 are given in the notes to the Financial Statement.

F. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS OF THE COMPANY

There are no significant and material orders passed by the Regulators or Courts orTribunals which would impact the going concern status and the Company's future operations.

G. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

Company's plants are running with electricity which are supplied by the Paschim GujaratVij Company Limited. The plants are periodically checked as a measure of periodicalmaintenance to minimal break down and energy conservation. The Company has installed theWind Turbine and generating electricity for which Company has obtained credit against itselectricity consumption at its factory. The information required under Section 134(3) (m)of the Companies Act 2013 read with Rule 8 of the Companies (Accounts) Rules 2014regarding Conservation of Energy Technology Absorption Foreign Exchange Inflow andOutflow are given in ANNEXURE G to this report

H. PARTICULARS OF EMPLOYEES PERSONNEL

None of the employees is in receipt of remuneration in excess of the limit laid downunder Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014. The information required pursuant to Section 197 of the Companies Act 2013read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 in respect of employees of the Company and Directors are annexed as ANNEXURE Fand forms part of this Report.

I. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at the work place (Prevention Prohibition andRedressal) Act 2013. All employees (permanent contractual temporary trainees) arecovered under this policy. The Company has not received any complaint under this policyduring the year 2020-2021.

J. INSURANCE

All the properties and the insurable interest of the company including building plantsand machinery and stocks wherever necessary and to the extent required have beenadequately insured.

K. LISTING AND DEMATERIALIZATION

The equity shares of the Company are listed on the Platform of Bombay Stock ExchangeLtd (BSE). All the shares of company are in dematerialize form.

L. CERTIFICATION OF STATUS OF DIRECTOR'S QUALIFICATIONS

Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 CERTIFICATE OFNON-DISQUALIFICATION OF DIRECTORS annexed to this report as ANNEXURE I.

M. UNCLAIMED DIVIDEND

In the interest of the shareholders the Company sends periodical reminders to theshareholders to claim their dividends in order to avoid transfer of dividends/shares toIEPF Authority. Details regarding unclaimed dividend is provided separately in report.

17. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation for assistance and co-operationreceived from various Ministries and Department of Government of India and other StateGovernments financial institutions banks shareholders of the Company etc. Themanagement would also like to express great appreciation for the commitment andcontribution of its employees for their committed services. Your Directors wish to placeon record their sincere appreciation for the dedicated efforts and consistent contributionmade by the employees at all levels to ensure that the Company continues to grow andexcel.

Your Directors wish to take this opportunity to place on record their gratitude andsincere appreciation for the timely and valuable assistance and support received fromBankers Share Transfer Agents Auditor Customers Suppliers and Regulatory Authorities.The Board values and appreciates the valuable committed services of the employees towardsperformance of your Company without which it would not have been possible to achieve allround progress and growth. Your Directors are thankful to the shareholders for theircontinued patronage.

REGISTERED OFFICE:

FOR AND ON BEHALF OF THE BOARD

UL25 ROYAL COMPLEX
BHUTKHANA CHOWK
DHEBAR ROAD RAJKOT SD/- SD/-
DATE : 15.06.2021 MANAGINGDIRECTOR WHOLE TIMEDIRECTOR
PLACE : RAJKOT RAMESH D. KHICHADIA RITESH R.KHICHADIA
DIN:00087859 DIN: 07617630

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