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Wim Plast Ltd.

BSE: 526586 Sector: Industrials
NSE: WIMPLAST ISIN Code: INE015B01018
BSE 10:44 | 26 Oct 359.00 -3.65
(-1.01%)
OPEN

355.55

HIGH

375.00

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355.55

NSE 05:30 | 01 Jan Wim Plast Ltd
OPEN 355.55
PREVIOUS CLOSE 362.65
VOLUME 2650
52-Week high 459.00
52-Week low 211.00
P/E 13.96
Mkt Cap.(Rs cr) 431
Buy Price 359.00
Buy Qty 51.00
Sell Price 361.00
Sell Qty 50.00
OPEN 355.55
CLOSE 362.65
VOLUME 2650
52-Week high 459.00
52-Week low 211.00
P/E 13.96
Mkt Cap.(Rs cr) 431
Buy Price 359.00
Buy Qty 51.00
Sell Price 361.00
Sell Qty 50.00

Wim Plast Ltd. (WIMPLAST) - Director Report

Company director report

To the Members of Wim Plast Limited

Your Company's Directors are pleased to present the 32nd Annual Report ofthe Company along with the Audited Financial Statements for the financial year endedMarch 31 2020.

1. FINANCIAL PERFORMANCE

The financial performance of the Company for the financial year ended March 312020 issummarised below:-

(Rs. in Lakhs)

Particulars

Standalone

Consolidated

2019-20 2018-19 2019-20 2018-19
Revenue from Operations 31709.23 35200.97 32160.29 37256.41
Other Income 790.21 187.38 788.80 197.46
Total Income 32499.44 35388.35 32949.09 37453.87
Profit before Interest Depreciation and Tax 7495.76 7634.61 7450.65 7632.78
Less:
Finance Cost (24.63) (16.68) (24.83) (17.08)
Depreciation (1849.67) (1681.74 (1849.89) (1681.88)
Tax Expenses (1093.78) (2010.47) (1081.94) (2010.13)
Profit after Tax 4527.68 3925.72 4493.99 3923.69
Less : Share of Non Controlling Interest - - (13.48) (0.81)
Net Profit for the year 4527.68 3925.72 4507.47 3924.50
Other Comprehensive Income (13.34) (1.13) (13.34) (1.13)
Total Comprehensive Income 4514.34 3924.59 4494.13 3923.37

2. COMPANY'S PERFORMANCE

The revenue from operations for financial year 2019-20 stood at Rs.31709.23 Lakhs ascompared to Rs.35200.97 Lakhs of the Financial Year 2018-19 thereby recording a slightdecrease of 9.92%. And the Profit after tax for the year increased from Rs.3925.72 Lakhsin F.Y. 2018-19 to Rs.4527.68 Lakhs in F.Y. 2019-20 recording a increase of 15.53%.

During the Financial Year 2019-20 the total revenue in plastic business declined by12.23% as compared to the previous year whereas the revenue from other segments/ products(which includes cooler moulds and die business) recorded a growth of 11.16% as comparedto the previous year.

3. DIVIDEND

On March 14 2020 the Board of Directors announced an Interim dividend of 7.00/- (70%)per equity share for F.Y. 2019-20 which involved a cash outflow of '1012.95 lakhsincluding Dividend Distribution Tax (DDT) of '172.72 lakhs. The Interim dividend via NEFT/RTGS/ Direct Credit/ NACH has been subsequently paid to all eligible shareholders.However the shareholders to whom the said dividend is required to be paid throughnon-electronic mode i.e. through issuance of Bank Warrants/ Demand Drafts (DDs) therewill be a delay in the receipt of Bank Warrants/ DDs by the shareholders as the printingservices along with courier and/ or post services in the country have been suspended ornot operating due to the nation-wide lockdown announced by the Government of India on thebackdrop of COV1D-19 pandemic. The Company shall make it best efforts to dispatch the BankWarrants/ DDs to such shareholders promptly once normalcy returns and the dispatchservices in the country are resumed.

No further dividends are proposed/ recommended by the Board.

4. TRANSFER TO RESERVES

The Board does not propose transfer to reserves for the year 2019-20 and an amount ofRs.4527.68 Lakhs is proposed to be retained in profit and loss account for the year ended31st March 2020.

5. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

The Company transferred an amount of Rs.406194/- to the IEPF Authority on November26 2019 towards balance lying in respect of final dividend of the financial year ended2011-12 and thereafter had transferred corresponding 10472 shares held by 91shareholders to the 1EPF Authority.

Shareholders /claimants whose shares unclaimed dividend have been transferred to theaforestated IEPF Suspense Account or the Fund as the case may be may claim the shares orapply for refund by making an application to the IEPF Authority in Form 1EPF-5 (availableon www.iepf.gov.in) along with requisite fee as decided by the IEPF Authority from time totime.

Further the Company shall be transferring the unclaimed Dividend for the financialyear 2012-13 to the IEPF Account on or before September 1 2020. The Company shall also betransferring the shares on which the dividend has remained unclaimed for a period ofseven consecutive years to the 1EPF Account simultaneously on the same date.

Members are therefore requested to ensure that they claim the dividends referred abovebefore they are transferred to the said Fund. Details of unpaid and unclaimed amountslying with the Company as on as on last AGM date i.e. August 10 2019 have been filed withMinistry of Corporate Affairs.

6. SHARE CAPITAL

As at March 312020 the Issued Subscribed and Paid-up Equity Share Capital of theCompany stood at Rs.120033600 (Rupees Twelve Crores Thirty Three Lakhs Six HundredOnly) divided into 12003360 (One Crore Twenty Lakhs Three Thousand Three Hundred andSixty Only) Equity Shares of Rs.10/- (Rupees Ten Only) each.

7. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

The statement containing particulars of employees as required under Section 197(12) ofthe Companies Act 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is annexed herewith as Annexure I (Aiand forms part of this Report.

Other details in terms of Section 197(12) of the Companies Act 2013 read along withRule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is annexed herewith as Annexure I (B) and forms part of this Report.

8. SUBSIDIARY COMPANY/ JOINT VENTURE/ASSOCIATE

Your Company has one (1) non material Subsidiary Company - M/s. Wim Plast MoldetipoPvt. Limited having Tools and Dies business. Statement containing salient features of thefinancial statements of this Subsidiary Company in Form AOC-1 forms part of this AnnualReport as Annexure - II.

In accordance with third proviso of Section 136(1) of the Companies Act 2013 theAnnual Report of the Company containing therein its standalone and the consolidatedfinancial statements has been placed on the website of the Company www.cellowimplast.com.Further as per the fourth proviso of the said Section audited annual accounts of theSubsidiary Company have also been placed on the website of the Company - www.cellowimplast.com.There has been no material change in the nature of business of the said company.

Your Company does not have any joint venture or associate Company.

9. PUBLIC DEPOSITS

During the Financial Year 2019-20 the Company has not accepted any public depositcovered under the Companies Act 2013.

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO

Information on conservation of energy technology absorption foreign exchange earningsand outgo required to be given pursuant to Section 134(3) (m) of the Companies Act 2013read with Rule 8 of the Companies (Accounts) Rules 2014 is annexed herewith as Annexure- III to this report.

11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

As on March 31 2020 the Board comprised of 10 (Ten) Directors namely Mr. Pradeep G.Rathod (Chairman & Managing Director) Mr. Pankaj G. Rathod (Director) Ms. KarishmaP. Rathod Mr. Fatechand M. Shah Mr. Sumermal M. Khinvesra Mr. Mahendra F. Sundesha Mr.Pushap Raj Singhvi Mr. Sudhakar Mondkar Ms. Rasna Patel and Mr. Piyush S. Chhajed.During the year there was a change in composition of Board following the cessation of Mr.Ghisulal D. Rathod Chairman w.e.f. 9th February 2020 due to death andappointment of Mr. Piyush S. Chhajed Additional Director w.e.f. 14th March2020. Mr. Gaurav P. Rathod was appointed as Additional Director w.e.f. 13thJune 2020.

As on 31st March 2020 there was no disqualification of any Directorpursuant to Section 164 (2) of the Companies Act 2013. The other details with respect toBoard of Directors are given in Corporate Governance section forming part of this Report.

In accordance with the provisions of Companies Act 2013 and as per Articles ofAssociation of the Company Mr. Pankaj G. Rathod (DIN: 00027572) and Ms. Karishma P.Rathod(DIN: 06884681) Directors of the Company are liable to retire by rotation at theensuing 32nd Annual General Meeting of the Company and being eligible offerthemselves for re-appointment and the Board recommends their reappointment.

Mr. Pradeep G. Rathod was elected as Chairman of the Company w.e.f. 12th February2020.

It is further proposed to re-appoint Mr. Sudhakar L. Mondkar (DIN: 7458093) asIndependent Director on the Board of the Company for a second term of five years upto theconclusion of the 37th Annual General Meeting (AGM) subject to the approval of theMembers. The Company has received declarations from all the Independent Directors of theCompany confirming that they meet with the criteria of the independence as prescribed bothunder section 149(6) of the Companies Act 2013 and under Regulation 16(1)(b) of SEBI(Listing Obligations and Disclosure Requirements)Regulations 2015. In accordance with theprovisions of the Companies Act 2013 none of the Independent Directors are liable toretire by rotation.

The required information of the Directors being re-appointed pursuant to theprovisions of the Listing Regulations forms part of the Annual Report.

As on March 312020 the Key Managerial Personnel of the Company were Mr. Pradeep G.Rathod (Managing Director) Mr. Madhusudan Jangid (Chief Financial Officer) and Ms. DarshaAdodra (Company Secretary and Compliance Officer). During the year under there was achange in Key Managerial Personnel with change in designation of Mr. Pankaj G. Rathod fromWhole Time Director to Director w.e.f. May 30 2019.

12. COMMITTEES OF THE BOARD

The Board has constituted necessary Committees pursuant to the provisions of theCompanies Act 2013 rules framed there under and SEBI (Listing Obligations and DisclosureRequirements) Regulation 2015. The Committees of the Board are Audit CommitteeStakeholders' Relationship Committee Nomination and Remuneration Committee CorporateSocial Responsibility Committee and Risk Management Committee.

The Board has accepted all the recommendations of the above committees. The detailsabout Composition of Committees and their Meetings are incorporated in the Board ofDirectors in Corporate Governance section forming part of this Report.

13. EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies (Management andAdministration) Rules 2014 an extract of the Annual Return in Form MGT-9 is attachedherewith marked as "Annexure -IV" and forms an integral part of thisreport.

14. NUMBER OF MEETINGS OF THE BOARD

During the financial year 2019-20 Five (5) Board Meetings were held on 30thMay 2019 10th August 2019 13th November 2019 12thFebruary 2020 and 14th March 2020. The maximum time-gap between any twoconsecutive meetings did not exceed 120 days. Further details regarding BoardMeetings are given in the Section of Corporate Governance which forms part of this Report.

15. FAMILIARISATION PROGRAMME FOR THE INDEPENDENT DIRECTORS

In compliance of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 (SEBI (LODR) Regulations") the Company has put in place aFamiliarization Programme for the Independent & Non-Executive Directors to familiarizethem with the Company their roles rights responsibilities in the Company nature of theindustry in which the Company operates business model etc. The details of such programmeare available on the website of the company http://www.cellowimplast.com and may beaccessed through the web link http://www.cellowimplast.com/index.php?option=comcontent&view=article&id=70&Itemid=68.

16. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to Section 134 (3) (C) read with Section 134 (5) of the Companies Act 2013Directors state that:

a) In the preparation of Annual Accounts for the year ended on March 31 2020 theapplicable accounting standards have been followed and there are no material departuresfrom the same;

b) The Directors have selected such accounting policies and applied them consistentlyand estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year on March 312020 and theprofit and loss of the Company for that period;

c) The Directors have taken proper and sufficient care for the maintenance of theadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

d) The Directors have prepared Accounts on ‘going concern' basis;

e) The Directors have laid down internal financial controls to be followed by theCompany and that such financial controls are adequate and are operating effectively; and

f) The Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such system are adequate and operating effectively.

17. DECLARATIONS GIVEN BY INDEPENDENT DIRECTORS

The Company has received necessary declarations from all the Independent Directorsconfirming that they meet the criteria of independence as prescribed both under section149(6) of the Companies Act 2013 and under Regulation 16(1)(b) of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015.

18. NOMINATION AND REMUNERATION COMMITTEE

The Board has framed a policy on the recommendation of the Nomination and RemunerationCommittee relating to remuneration of the Directors Key Managerial Personnel SeniorManagement and other employees along with the criteria for appointment and removal of theDirectors Key Managerial Personnel and Senior Management of the Company. The Nominationand Remuneration Committee is fully empowered to determine /approve and revise subject tonecessary approvals the remuneration of managerial personnel after taking into accountthe financial position of the Company trends in the industry qualifications experiencepast performance and past remuneration etc. The policy is available at Company's websiteat http://www.cellowimplast.com/index.php?option=com content&view=article&id=75&Itemid=84.

The other details with respect to committee composition and meetings are given in Boardof Directors Section of Corporate Governance Report annexed to this Report.

19. AUDITORS & THEIR REPORT

a) Statutory Auditor:

In terms of Section 139 of the Companies Act 2013 M/s Jeswani & RathoreChartered Accountants (FRN: 104202W) have been appointed as Statutory Auditors of theCompany in 29th Adjourned Annual General Meeting of the Company till the conclusion of the34th Annual General Meeting of the Company subject to ratification by theMembers at every intervening Annual General Meeting.

The requirement of seeking ratification of the members for continuance of StatutoryAuditors appointment has been withdrawn consequent upon the changes made by the Companies(Amendment) Act 2017 w.e.f. May 72018. Hence the resolution seeking ratification of themembers for their appointment is not being placed at the ensuing Annual General Meeting.

The Statutory Auditor has confirmed their eligibility and submitted the certificate inwriting that they are not disqualified to hold the office of the statutory auditor.Further in terms of the Listing Regulations the Auditors have confirmed that they hold avalid certificate issued by the Peer Review Board of the ICAI.

The Statutory Auditors M/s Jeswani & Rathore Chartered Accountants have issuedtheir reports on Financial Statements for the year ended March 312020. There are noadverse remarks or qualifications in the said report. The Notes on Accounts referred to inthe Auditors' Report are self-explanatory and do not call for any further comments. TheMembers are therefore requested to approve the Auditors' Report.

b) Secretarial Auditor:

In compliance with the provisions of Sec 204 and other applicable provisions ofCompanies Act 2013 the Board of Directors have appointed M/s. HS Associates PractisingCompany Secretaries as Secretarial Auditors to undertake secretarial audit of the Companyfor the financial year ended March 312020. The Secretarial Audit Report is attachedherewith marked as "Annexure -V" and forms an integral part of thisreport. The Report does not contain any qualifications.

The Board has re-appointed M/s HS Associates Practising Company Secretaries toundertake Secretarial Audit of the Company for the Financial Year 2020-21.

c) Internal Auditors:

The Board has re-appointed M/s. B. P. Shah & Co. Chartered Accountants (FRN -109517W) Mumbai as the Internal Auditors of the Company for the Financial Year 2020-21.

d) Cost Auditor:

The Board had appointed Cost Accountant Mr. Pradip M. Damania Mumbai as Cost Auditorof the Company for the Financial Year 2019-20. The Cost Audit Report for F.Y. 2018-19 hasbeen duly filed with the Ministry of Corporate Affairs. They being eligible and willingto be re-appointed as Cost Auditors were appointed as the Cost Auditors of the Companyfor the financial year 2020-2021 by the Board of Directors upon the recommendation of theAudit Committee.

A resolution seeking Members' approval for remuneration payable to Cost Auditor formspart of the Notice of the 32nd Annual General Meeting of the Company and same isrecommended for your consideration.

The Company is required to maintain Cost Records as specified by the Central Governmentunder sub-section (1) of section 148 of the Companies Act 2013. Accordingly the Companyhas made and maintained such accounts and records.

20. REPORTING OF FRAUDS

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and/or Board under Section 143(12) ofthe Act and Rules framed there under.

21. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

In pursuance of Section 186 of the Companies Act 2013 the Company has made Investmentof Rs.8246.48 lakhs during the year ended March 312020 details of which are given inthe notes to the Financial Statements. However during the year under review Company hasnot given loans or Guarantees covered under the aforementioned section.

22. TRANSACTIONS WITH RELATED PARTIES

All the transactions with Related Parties are placed before the Audit Committee as alsobefore the Board for approval. Prior omnibus approval of the Audit Committee and the Boardis obtained for the transactions which are of a foreseen and repetitive nature.

All transactions entered into with related parties during the year were on arm's lengthbasis largely in the ordinary course of business and in line with the threshold ofmateriality defined in the Company's policy on Related Party Transactions & are inaccordance with the provisions of the Companies Act 2013 Rules issued thereunder &Regulation 23 of (SEBI Listing Obligations and Disclosure Requirements) Regulations 2015.During the financial year ended March 312020 there were no transactions with relatedparties which qualify as material transactions.

The details of the related party transactions are set out in Note 41 to the standalonefinancial statements forming part of this Annual Report. The Form AOC-2 pursuant tosection 134(3)(h) of the Companies Act read with Rule 8(2) of the Companies (Accounts)Rules 2014 is set out as Annexure — VI to this Report.

The Policy on Related Party Transactions as approved by the Board is also uploaded onthe Company's website at the Link: www. cellowimplast.com.

23. CONSOLIDATED FINANCIAL STATEMENTS AND CASH FLOW

The Consolidated Financial Statements of the Company for the Financial Year 2019-20 areprepared in compliance with the applicable provisions of the Act Accounting Standards andas prescribed by Listing Regulations. The said Financial Statements have been prepared onthe basis of the audited financial statements of the Company and the subsidiary asapproved by their respective Board of Directors .A statement containing the salientfeatures of the Financial Statements of Subsidiary Company in the prescribed format AOC-1is annexed herewith as Annexure - II to this Report. The statement also providesthe details of performance and financial position of the Subsidiary Company.

As required under the Listing Regulations a cash flow statement is part of the AnnualReport 2019-2020.

24. RISK MANAGEMENT

The Board has constituted Risk Management Committee headed by an Independent Director.The key risk pertaining to the Company and mitigating actions are placed before the AuditCommittee. A Risk Management Policy is framed to proactively manage uncertainty andchanges in the internal and external environment to limit negative impacts and capitalizeon opportunities.

The Risk Management policy of the Company is available on Company's website -http://www.cellowimplast.com/index.php?option=comcontent&view=article&id=75&ltemid=84. The details of the Risk Factors and theCommittee composition and meetings are given in Board of Directors in Corporate Governancesection forming part of this Report.

25. CORPORATE SOCIAL RESPONSIBILITY

The Board has constituted a Corporate Social Responsibility ("CSR") Committeein terms of the provisions of Section 135 of the Companies Act 2013 read with Companies(Corporate Social Responsibility Policy) Rules 2014. The composition and terms ofreference of the CSR Committee is provided in the Corporate Governance report formingpart of this Report. The policy is available on the website of the Company; weblinkhttp://www.cellowimplast.com/index.php?option=comcontent&view=article&id=75&ltemid=84 During the financial year 2019-20 theCorporate Social Responsibility (CSR) expenditure incurred by the Company was Rs.132.91Lakhs. The annual report on CSR activities undertaken during the financial year 2019-20 isin accordance with the provisions of the Companies Act 2013 and Companies (CorporateSocial Responsibility Policy) Rules 2014 and is appended as Annexure-VII to thisReport. During the year the Company had successfully completed its CSR obligation.

26. EVALUATION OF BOARD

Pursuant to the provisions of the Act and provisions of SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 a separate exercise was carried out toevaluate the performance of individual Directors including the Chairman of the Board whowere evaluated on parameters such as level of engagement and contribution and independenceof judgment thereby safeguarding the interest of the Company. The performance evaluationof the Independent Directors was carried out by the entire Board. The performanceevaluation of the Chairman and the Non Independent Directors was carried out by theIndependent Directors. The board also carried out annual performance evaluation of theworking of its Audit Nomination and Remuneration as well as Stakeholder RelationshipCommittee. The Directors expressed their satisfaction with the evaluation process.

27. CORPORATE GOVERNANCE REPORT & MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT

Your Company continues to lay a strong emphasis on transparency accountability andintegrity.

The Company has taken the requisite steps to comply with the recommendations concerningCorporate Governance. As provided under Section 134 of the Companies Act 2013 and Rulesframed thereunder and pursuant to Regulation 34(2) (d) of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 the Report on Corporate Governance alongwith necessary certificates is set out in Annexure — VIII and forms part ofthis Report.

Also the statement of Management Discussion and Analysis giving details of theoverview industry structure and developments performance of the Company etc. forms partof this report as Annexure -IX.

28. LISTING OF SHARES

The shares of the Company are listed on BSE Limited (BSE). The applicable listing feesfor the year upto F.Y. 2020-21 have been duly paid to BSE.

29. CHANGE IN THE NATURE OF BUSINESS

During the period under review there is no change in the nature of business of theCompany.

30. MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY FROM THE END OFFINANCIAL YEAR AND TILL THE DATE OF SIGNING OF REPORT

The Covid-19 pandemic has severely disrupted business operations due to nation-widelockdown and other emergency measures imposed by the Central & State Government. TheCompany continues with its operations in a phased manner in line with the directives fromCentral & State Government and local authorities. However the market is going to bevolatile till the time the situation becomes normal.

31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There were no significant material orders passed by the Regulators / Courts during theprevious year which would impact the going concern status of the Company and its futureoperations.

32. VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Vigil Mechanism Policy aims to provide a channel to the Directors and employees toreport genuine concerns about unethical behavior actual or suspected fraud or violationof the Code of Conduct or policy. The mechanism provides for adequate safeguards againstvictimization of Directors and Employees and ensures that the activities of the Companyand its employees are conducted in a fair and transparent manner by adoption of higheststandards of professionalism honesty integrity and ethical behaviour. A copy of thePolicy is available on the website of the Company and may be accessed through the weblinkhttp://www.cellowimplast.com/index. php?option=comcontent&view=article&id=75&Itemid=84.

33. DISCLOSURE UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013

The Company has zero tolerance towards sexual harassment at workplace and has adopted aPolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the requirements of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and Rules made thereunder. As required under law anInternal Complaints Committee has been constituted for reporting and conducting inquiryinto the complaints made by the victim on the harassments at the work place. During theyear under review there were no cases filed or reported pursuant to the provisions of thesaid Act.

34. INTERNAL FINANCIAL CONTROLS

The Company has adequate system of internal control to safeguard and protect from lossunauthorized use or disposition of its assets commensurate with its size scale andcomplexities of its operations. The internal auditor of the Company checks and verifiesthe internal control and monitors them in accordance with policy adopted by the company.

The Audit Committee of the Board of Directors actively reviews the adequacy andeffectiveness of the internal control systems and suggests improvements to strengthen thesame. All the transactions are properly authorised recorded and reported to theManagement. The Company is following all the applicable Accounting Standards for properlymaintaining the books of accounts and reporting financial statements.

35. ACKNOWLEDGEMENTS

Your Directors wish to express their appreciation for the assistance and co-operationreceived from the Members Banks Government Authorities Customers SuppliersAssociates Employees and Various Authorities. The directors of the Company thank allstakeholders for their valuable sustained support and encouragement towards the conduct ofthe proficient operation of the Company and look forward to their continued support duringthe year.

For and on behalf of the Board
of Wim Plast Limited
Pradeep G. Rathod
Date: June 13 2020 Chairman & Managing Director
Place: Mumbai (DIN: 00027527)

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