For the Year 2020-21
The Directors of the Company have pleasure in presenting the 64th Annual Report andAudited Financial Statements of the Company for the year ended 31st March 2021.
The financial results in brief for the year ended 31st March 2021 are as under:
(Rs. In Lacs)
| ||31.03.2021 ||31.03.2020 |
|Total Income ||9062.61 ||9863.86 |
|Profit After Tax ||46.79 ||159.15 |
|Retained Earnings ||3284.97 ||3241.24 |
In view of the unprecedented times and the need to conserve cash at this time yourDirectors have recommended to the Members a dividend of Rs. 0.10 per share (previous yearRs. 0.10 per share) amounting to Rs. 3.06 Lacs for the financial year ended 31st March2021.
OPERATIONS & FUTURE OUTLOOK
During the year under review Lockdown government/covid restrictions/situationsaffected the performance of the Company and the Company closed the Financial Year withdecreased turnover & profits. The current situation is unprecedented. Government/covidrestrictions/situation continue. This may have some bearing on our performance in the nearfuture. The Company is making its best efforts to ensure that its employees theirfamilies and the public at large stay safe and all health & government guidelines arefollowed. Efforts are being made to ensure best results during these adverse times. Theplan for expansion cum modernization is underway which is expected to be completed in FY2022-23.
Your Company continues to maintain its leadership in Technical Textiles due tocontinued thrust on new product development and technology up-gradation. A number of stepstaken to reduce costs and increase market penetration will lead to improved performance inthe coming years. The current economic scenario may however affect the results of theCompany in the short term. With economic improvement the Indian Paper Industry isexpected to grow at a higher rate than the GDP growth especially in the packagingsegment. The expected completion of expansion cum modernization project together with ourstrong thrust on exports will enable your Company to become more competitive and enternew markets.
The term of office of Mr. Kishan Kumar Khaitan as Chairman cum Managing Director of theCompany is due to expire on 31st March 2022 and the Board has reappointed him with changein his designation from Chairman cum Managing Director to Executive Chairman of theCompany with effect from 1st April 2022 subject to the approval of shareholders at theensuing Annual General Meeting.
The term of office of Mr. Mahendra Khaitan Managing Director is due to expire on 31stMarch 2022 and the Board has re-appointed him as Managing Director for a further periodof five years with effect from 1st April 2022 subject to the approval of shareholders atthe ensuing Annual General Meeting.
The term of office of Mr. Devesh Khaitan as Executive Director of the Company is due toexpire on 31st March 2022 and the Board has re-appointed him with change in hisdesignation from Executive Director to Joint Managing Director of the Company with effectfrom 1st April 2022 subject to the approval of shareholders at the ensuing Annual GeneralMeeting.
In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the Company Mrs. Pranika Khaitan Rawat Director of the Company willretire by rotation at the ensuing Annual General Meeting and being eligible offer herselffor reappointment. The Board recommends her reappointment. Profile of Mrs. Pranika KhaitanRawat is given in the Notice of the Annual General Meeting.
Mr. Satish Ajmera Mr. Saroj Khemka Mr. Rishi Bajoria and Dr. Sudhir BhandariIndependent Directors of the Company seeked their re-appointments/ appointments at the63rd Annual General Meeting of the Company held on 21st July 2020 and the necessaryapprovals of the Shareholders were granted.
M/s. Jain Shrimal & Co. Chartered Accountants (Firm Registration No. 001704C)Statutory Auditors of the Company were appointed for a term of five years from theconclusion of the 63rd Annual General Meeting till the conclusion of the 68th AnnualGeneral Meeting of the Company. There are no qualifications reservations adverse remarksor disclaimer in the Statutory Audit Report and neither any fraud has been reported byauditors under section 143(12) of the Companies Act 2013.
The Secretarial Audit was carried out by Mr. Mayank Daga Practicing Company Secretary(Certificate of Practice No. 16509) for the financial year ended 31st March 2021. Interms of the provisions of the Companies Act 2013 on recommendation of the AuditCommittee the Board at its meeting held on 13th June 2020 had appointed Mr. Mayank DagaPracticing Company Secretary as the Secretarial Auditor for the financial year ending 31stMarch 2021. The Secretarial Auditors' Report for the financial year ending 31st March2021 is annexed herewith. There are no qualifications reservations adverse remarks ordisclaimer in the Secretarial Audit Report.
Information's / statements as per the applicable provisions of the Companies Act 2013& rules made thereunder the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 Secretarial Standard 1 & 2 and other applicable statutoryprovisions are annexed.
The Directors wish to place on record their gratitude to the Customers InvestorsBankers Suppliers Government agencies and all other business associates for theirvaluable assistance continued support and confidence in the Company. The Directors alsoplace on record their deep appreciation to all employees of the Company for theircontinued & unstinted efforts during the year.
| ||For and on behalf of the Board |
| ||K.K. Khaitan ||M. Khaitan |
|Place: Jaipur ||Chairman cum Managing Director ||Managing Director |
|Date: 31st May 2021 ||DIN: 00514864 ||DIN: 00459612 |