You are here » Home » Companies » Company Overview » Cubex Tubings Ltd

Cubex Tubings Ltd.

BSE: 526027 Sector: Metals & Mining
NSE: CUBEXTUB ISIN Code: INE144D01012
BSE 00:00 | 26 Nov 22.55 -0.65
(-2.80%)
OPEN

22.50

HIGH

23.15

LOW

22.50

NSE 00:00 | 26 Nov 22.60 -0.70
(-3.00%)
OPEN

24.45

HIGH

24.45

LOW

22.25

OPEN 22.50
PREVIOUS CLOSE 23.20
VOLUME 3798
52-Week high 35.05
52-Week low 15.15
P/E 16.83
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22.50
CLOSE 23.20
VOLUME 3798
52-Week high 35.05
52-Week low 15.15
P/E 16.83
Mkt Cap.(Rs cr) 32
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cubex Tubings Ltd. (CUBEXTUB) - Director Report

Company director report

To

The members of

M/s. CUBEX TUBINGS LIMITED

The Directors have pleasure in presenting the 42nd Annual Report of theCompany together with the Audited Accounts for the year ended 31st March 2021.

FINANCIAL RESULTS

(Rs. in Lakhs)

Particulars Year ended Year ended
31.03.2021 31.03.2020
Income from operations 7030.01 5988.59
Other Income 90.85 108.20
Total Expenditure 6727.92 5849.41
Interest & Bank Charges 61.48 40.59
Depreciation & Amortization of Exp. 137.16 130.67
Provision for Tax 61.29 33.21
Net Profit 133.01 42.91

THE COMPANY'S PRODUCTS / SERVICES

CUBEX is manufacturer of seamless solid drawn Tubes Rods Bus bars and Wires of copperand copper based alloys such as Cupronickel admiralty Brass Aluminum Brass etc. Copperbecause of its high electrical conductivity and heat transfer characteristics finds wideapplication in the form of Tubes Rods Strips and Wires. The user industries are Powerplants Power plants manufacturers Switchgears Refineries Furnace manufacturers Sugarplants Automobile Electrical Equipment industries and Ship building Company.

OPERATIONS

Your company has registered a total income of Rs.7120.86 Lakhs for 2020-21 as comparedto Rs. 6096.79 Lakhs for 2019-2020 and the company posted a net profit of Rs. 133.01 lakhsfor 2020-21 as compared to Rs. 42.91 Lakhs for 2019-20.

DIVIDEND

The Directors regret their inability to recommend the dividend for the year. The Fundswill be deployed for buying new equipment.

BUSINESS RISK MANAGEMENT

The Company like any other enterprise is exposed to business risk which can beinternal risks as well as external risks. The threats to the segments in which the companyoperates are volatility in Exchange rate & Metal Prices. The company is concernedabout the vide Fluctuations in Copper prices globally and locally and increase in foreignexchange value.

DEPOSITS

The Company has not accepted deposits covered under Chapter V of the Companies Act2013 and accordingly the disclosure requirements stipulated under the said Chapter arenot applicable.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

During the year under review the company has not given any loans Guarantees andInvestments covered under the provisions of Section 186 of the Companies Act 2013

CONTRACTS AND ARRANGEMEMENTS WITH RELATED PARTIES

Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) ofthe Companies (Accounts) Rules 2014 except the remuneration to managerial personnelthere is no other related party transactions to be disclosed.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is availableon www.cubextubings.com.

DEMAT SUSPENSE ACCOUNT UNCLAIMED SHARES

As on 31st March 2021 there were no Equity Shares of Shareholders werelying in the Escrow Account due to non-availability of the correct particulars.

CORPORATE GOVERNANCE

Your Directors are happy to report that your Company is compliant with the CorporateGovernance requirements as per the provision of SEBI (LODR) Regulations 2015. A separatesection on Corporate Governance together with a certificate from the Statutory Auditor'sconfirming compliance is set out in the Annexure forming part of this report.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

A Management Discussion and Analysis Report has been attached and forms part of theAnnual Report.

ADDITIONAL INFORMATION AS REQUIRED U/ S 134(3)(m) OF THE COMPANIES ACT 2013

(a) Conservation of Energy:

The Company is monitoring the consumption of energy and is identifying measures forconservation of energy.

(i) the steps taken by the company for utilising alternate sources of energy -Nil

(ii) the capital investment on energy conservation equipments - Nil

(b) (i) Technology Absorption adaptation and innovation:- Indigenous Technology isinvolved for the manufacturing the products of the Company.

(ii) Research and Development (R & D): No research and Development has been carriedout.

(c) Foreign Exchange Inflow: Rs. 57292045/- (on Export of Goods) Foreign ExchangeOutflow: Rs. 4905947/-

PARTICULARS OF EMPLOYEES

The Directors are to report that none of the employee was in receipt of remunerationexceeding the limit prescribed under rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014

STATUTORY AUDITORS

The provisions of Section 139(2) of the Companies Act 2013 and the Rules madethere-under mandated the Company to rotate its Statutory Auditors and Board of Directorsof the Company (on recommendation of Audit Committee) in its meeting held on 1st September2017 has (which was ratified by the shareholders in the Annual General meeting to heldon 29th September 2017) approved the appointment of M/s. P C N & Associates.Chartered Accountants as the Statutory Auditors of the Company for a period of FiveYears. In accordance with the Companies Amendment Act 2017 enforced on 7thMay 2018 by the Ministry of Corporate Affairs the appointment of Statutory Auditors isnot required to be ratified at every Annual General Meeting.

BOARD AND COMMITTEES PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act 2013 and SEBI (LODR) Regulations 2015the Board has carried out an annual performance the directors individually as well as theevaluation of the working of its Audit and Nomination & Remuneration Committees.

NUMBER OF BOARD MEETINGS HELD DURING THE FINANCIAL YEAR AND THE DATES OF THE BOARDMEETINGS:

The Board met 6 (Six) times during the financial year 2020-2021.

The dates on which the above-Board meetings were held are as follows;

(29th June 2020 14th September 2020 13th November2020 25th November 2020 30th January 2021 12thFebruary 2021)

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134(3)(c)of the Companies Act 2013 withrespect to Directors responsibilities Statement it is hereby confirmed:

a. That in preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures ; b. That thedirectors have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year ended 31stMarch 2021 and of the profit and loss of the company for that period; c. That thedirectors have taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of thecompany and for preventing and detecting fraud and other irregularities; d. That thedirectors have prepared the annual accounts on a going concern basis. e. that properinternal financial controls were in place and that the financial controls were adequateand were operating effectively; f. That systems to ensure compliance with the provisionsof all applicable laws were in place and were adequate and operating effectively.

POLICIES

Material Subsidiary

During the year ended March 31 2021 the Company does not have any materiallisted/unlisted subsidiary companies as defined in the Companies Act 2013 & SEBI(LODR) Regulations 2015. The policy on determining material unlisted subsidiary of theCompany is approved by the Board of Directors of the company.

Vigil Mechanism

The Board of Directors of the company are committed to maintain the highest standard ofhonesty openness and accountability and recognize that employees have important role toplay in achieving the goal. As a public company the integrity of the financial matters ofthe Company and the accuracy of financial information is paramount. The stakeholders ofthe Company and the financial markets rely on this information to make decisions. Forthese reasons the Company must maintain workplace where it can retain and treat allcomplaints concerning questionable accounting practices internal accounting controls orauditing matters or concerning the reporting of fraudulent financial information to ourshareholders the Government or the financial markets. The employees should be able toraise these free of any discrimination retaliation or harassment. Pursuant to the policyemployees are encouraged to report questionable accounting practices to Mr. Vipul KumarJain Chairman of Audit Committee through email or by correspondence through post.

Familiarisation programme for Independent Directors

Pursuant to the provisions of SEBI ( LODR) Regulations 2015 the Company has formulateda programme for familiarising the Independent Directors with the company their rolesrights responsibilities in the company nature of the industry in which the companyoperates business model of the company etc through various initiatives.

Key Managerial Personnel

The Key Managerial Personnel of the Company in accordance with the Section 203 of theCompanies Act 2013 are: Sri. Siva Prasad Sarva Chief Financial Officer; and Ms. ChandniK Moolchandani Company Secretary & Compliance Officer

Related Party Transaction

Policy on dealing with Related Party Transactions is approved by the Board

There are no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel or other designated persons (exceptremuneration) which may have a potential conflict with the interest of the Company atlarge. The same was discussed by the Audit Committee as also the Board. The policy onRelated Party Transactions as approved by the Board. None of the Directors has anypecuniary relationships or transactions vis--vis the Company.

Internal Financial Controls

The Company has in place adequate internal financial controls with reference tofinancial statements. Periodic audits are undertaken on a continuous basis covering allthe operations i.e. manufacturing sales & distribution marketing finance etc.Reports of internal audits are reviewed by management from time to time and desiredactions are initiated to strengthen the control and effectiveness of the system.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Secretarial AuditReport is obtained by the company and forms part of this Annual report.

Disclosures pursuant to The Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014

1. The Disclosures pursuant to sub-rule (1) of Rule 5 of The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 are forms part of the Board's Report.

2. The Disclosures pursuant to sub-rule (2) of Rule 5 of The Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 in respect of employees of the Companyforms part of the Board's Report.

Remuneration Policy

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The details pertaining to criteria for determining qualifications positiveattributes and independence of a Director and remuneration policy have been provided inSection of the attached Corporate Governance Report.

Significant and Material Orders Passed by the Regulators or Courts

There are no significant material orders passed by the Regulators/Courts which wouldimpact the going concern status of the Company and its future operations

Disclosure under the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013

The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal) Act2013. An Internal committee has been set up to redress the complaints received regardingsexual harassment at workplace. All employees including trainees are covered under thispolicy.

Personnel

The relationship between the management and the staff was very cordial throughout theyear under review. Your Directors take this opportunity to record their appreciation forthe cooperation and loyal services rendered by the employees.

Acknowledgements

Your Directors place on record their appreciation of the continuous assistance andco-operation extended to your Company by the valued customers bankers Reserve BankIndia SEBI Bombay Stock Exchange Limited & National Stock Exchange of India Limitedand all other regulatory Authorities. The Directors also sincerely acknowledge thesignificant contributions made by all the employees for their dedicated services to theCompany.

Place: Hyderabad For CUBEX TUBINGS LIMITED
Date: 07-08-2021
Sd/- Sd/-
P. R Bhandari Virendra Bhandari
Managing Director Executive Director

.