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EQUITY - MARKET SCREENER

Mold-Tek Packaging Ltd
Industry :  Plastics Products
BSE Code
ISIN Demat
Book Value()
533080
INE893J01029
168.4596038
NSE Symbol
P/E(TTM)
Mar.Cap( Cr.)
MOLDTKPAC
38.34
3083.83
EPS(TTM)
Face Value()
Div & Yield %
24.25
5
0.65
 

As on: May 29, 2023 09:27 PM

Dear Members,

Your Directors have pleasure in presenting their report on the business and operations of the Company for the year ended 31st March, 2021.

FINANCIAL RESULTS

Rs in lakhs

Particulars STANDALONE CONSOLIDATED
2020-21 2019-20 2020-21 2019-20
Revenue from operations 47,893 43,744 47,893 43,820
Other income 60 116 88 116
Total income 47,953 43,860 47,981 43,936
Profit before Finance cost, depreciation & tax 9,656 8,120 9,538 7,794
Finance cost 994 1,019 994 1,040
Depreciation 2,149 1,907 2,151 1,921
Profit before exceptional items and tax 6,513 5,194 6,393 4,833
Provision for current tax 1,546 1,218 1,546 1,218
Provision for deferred tax 51 (129) 51 (129)
Exceptional items 108 286 - -
Net profit (After Tax) 4,808 3,819 4,796 3,744
Other comprehensive income (net of tax) (22) (47) (22) (47)
Profit brought forward from previous years 8,333 7,568 8,383 7693
Amount available for appropriation 13,119 11,340 13,157 11,390
Less: Appropriation
Dividend on equity shares (excluding tax) 837 2,494 837 2494
Tax on dividends 0 513 0 513
Closing Balance of retained earnings 12,282 8,333 12,320 8,383

PERFORMANCE REVIEW

Your Company has shown a healthy performance at Standalone level in terms of revenue, EBIDTA & PAT inspite of severe lockdown and economic collapse due to Covid, Your Company has achieved total revenue of Rs.47893 lakhs up from Rs.43744 lakhs in the previous year at a growth rate of 9.48%. The operating profit (EBIDTA) increased by 18.92%, from Rs.8120 lakhs to Rs.9656 lakhs, resulting into a healthy increase in net profits by 25.90% to Rs.4808 lakhs as against Rs.3819 lakhs for financial year 2019-20. The EPS on weighted average equity has increased from Rs.13.78 in the financial year 2019-20 to Rs.16.86 in the financial year 202021, leading to an increase of 22.34%.

ANNUAL SNAP SHOT & FUTURE OUTLOOK

New products & development

Mold-tek has progressed considerably in last few years with increased product range with innovative packaging solutions, keeping in mind the evolving needs of the packaging in India. In spite of Covid-19 we continue to invest in new technologies and products to ensure that we are future-ready and have a better outreach of sustainable packaging solutions to our esteemed clients.

Commercial supply of pumps

Your Company has successfully established & started commercial production and supplies of pumps. Initially, Mold-Tek has been focusing on Sanitizers, Lotions, Soap and later wish to position for cosmetics and premium oils. Supplies started to prominent customers like Wipro, Biocon and Godrej.

QR Coded IML

The company has successfully developed futuristic dynamic QR coded IML packaging with complete traceability all across the supply chain. There is considerable interest for this concept and after the second wave we expect commercial trials by our customers. This brings in the "Digital packaging" Concept for the first time to India.

Launch of Confectionary Containers

Your Company has launched a range of products for sweets, confectionery and online food delivery. Mold-Tek expect a healthy adoption of this packaging in the next couple of years.

Additional capacity

In view of consistent demand and based on our customer trends, the Company has gradually added capacity in the Satara, Mysore, Vizag & Hyderabad plants In the lasRs.10 months. Further, Mold-Tek has doubled its IML label production capacity.

New Segments

By improving the product range, the Company expanded footprint into new segments like - restaurants, dates, growth enhancers, seeds etc. Some of these segments will be our growth drivers over the next 2-3 years.

New plants

We are glad to inform you that the Company is setting up new plant in Uttar Pradesh to cater the needs of all North region clients. Your Company is acquiring about 3 acres of land at Sandila Industrial Estate, Utter Pradesh. However to save time Company starting operations in a leased premises near Kanpur by October, 2021. A plant in Sulthanpur near Hyderabad is also being envisaged to start construction in this Financial Year..

Recycling

Your Company is planning to expand in-house recycling capacity to evaluate the possibility of using reprocessed plastic from our operations (mostly set up wastage). The above developments will ensure good growth prospects for the Company in the coming quarters.

Looking ahead

During the first quarter of the FY 2021-22, India experienced a "second wave" of COVID-19, a significant surge of COVID-19 cases following the discovery of mutant coronavirus variants in the country. All state governments implemented regional lockdowns in areas with significant number of COVID-19 cases. The impact of "second wave" of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian markets and a significant decrease in global and local demand. Our Company operations and revenue were also impacted due to second wave of COVID-19. However, your Company achieved a revenue growth of 104% in Q1 over similarly affected Q1 of last Financial Year (FY20) and PAT of Q1, FY21 is up by 671% over Q1 of FY20.

Starting from July .21, second wave has been controlled and demand for our products started picking up considerably. Going forward we are confident of achieving double digit growth and improved profitability for next few years owing to expansion and widening of product range with higher value addition, subject to control of the pandemic in the country.

IMPACT ASSESSMENT OF THE GLOBAL HEALTH PANDEMIC - COVID 19 AND RELATED ESTIMATION UNCERTAINTY:

The Company has considered the possible effects that may result from the pandemic relating to Covid-19 in the preparation of these financial results including the recoverability of carrying amounts of financial and nonfinancial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, at the date of approval of these financial results, used internal and external sources of information including credit reports and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of Covid-19 on the Company's financial results may differ from that estimated as at the date of approval of these financial results.

ENVIRONMENT, HEALTH AND SAFETY

The Environmental, Health and Safety policy of the Company has a "No Accident" as one of its main objectives which acts as a key differentiator in driving workplace safety initiatives. There are no reportable accidents or injuries during the year ended March 31, 2021.

The manufacturing units are certified for conformance to ISO 9001:2015 standards. The Company manages occupational health and safety by systematically assessing the hazards and mitigating risks through awareness programs and safety training for employees. The Company also addresses health and hygiene needs at workplace by engaging with occupational health experts and providing advice to proactively manage health and wellness of employees.

A process was put in place to manage risks related to COVID-19 by having standard operating procedures (SOP) based on best practices, including day-to-day health monitoring of all employees and sanitizing the workplace with the highest safety standards. Most of the employees were vaccinated to safeguard their health and welfare.

Effective mechanism and guidelines were implemented for an efficient hybrid working model, that enabled work from home (WFH) when possible and physical presence in the office, labs or factory as and when required.

TRANSFER TO RESERVES

The Board of Directors of the Company have not recommended for transfer of any amount to the General Reserve for the financial year ended 31st March, 2021.

DIVIDEND

Your Company has recommended a final dividend of 80% (Rs.4 per share) in addition to interim dividend 60% (Rs.3 per share) on face value of Rs.5 each declared on 8 March, 2021. Total dividend declared for the financial year 2020-21 is 140% (i.e. Rs.7 per share) on face value of Rs.5.This will entail an outflow of Rs.1671.26 lakhs.

The dividend payout for the year under review has been formulated keeping in view your Company's need for capital and rewarding shareholders.

Equity shares that may be allotted on or before the Book Closure will rank pari passu with the existing shares and will be entitled to receive the dividend.

AUTHORIZED SHARE CAPITAL

The Authorized Share Capital of the Company as on 31st March, 2021 stands at 20,00,00,000 (Rupees Twenty crore only) divided into 4,00,00,000 (Four crore only) equity shares of Rs.5 (Rupees Five only) each. During the year, the Company has increased its Authorized Share Capital fromRs.14,50,00,000 to 20,00,00,000 in the Extra-Ordinary General meeting held on 12th October, 2020.

PAID UP SHARE CAPITAL

The paid up share capital of the Company is 13,95,26,797.50.

During the year 2020-21, the Company has issued 5,95,830 Equity Shares, the details are as below:

S.No. Allotment details No. of Shares Face value of shares Paid up Capital of the Company
1 Shares at the beginning of the Year of Rs.5 each 2,77,26,027 Rs.5 each 13,86,30,135
2 ESOP allotment dated 13 th Aug, 2020 6,690 Rs.5 each 33,450
3 ESOP allotment dated 3rd Oct, 2020 33810 Rs.5 each 1,69,050
4 Rights issue allotment of Partly paid up Equity Shares dated 18th Nov, 2020 555330 Rs.1.25 each 6,94,162.5
Total No. of shares & paid up capital as on 31st March, 2021 2,83,21,857 13,95,26,797.5

*Note: Conversion of Warrants into Equity Shares-dated 15th March, 2021: 5,094 Equity Shares of Rs.5 each has been admitted for trading on both the stock exchanges namely BSE & NSE w.e.f 27th April, 2021.

STATEMENT OF DEVIATION OR VARIATION

During the year 2020-21, the Company has issued partly paid up Shares & detachable warrants to raise Rs.7,130.44 lakhs as on 31st March, 2021 through part payment by allotting 5,55,330 Partly Paid Up Equity Shares of Rs.1.25 along with 33,31,980 detachable warrants. Further there is no deviation or variation in the funds utilization.

CREDIT RATING

ICRA

The rating details are as follows:

Instrument Rating
Long-term, Term loan [ICRA] A (Stable)
Long-term loans fund based [ICRA] A (Stable)
Short-term non- fund based [ICRA]A1

CHANGE IN THE NATURE OF BUSINESS, IF ANY

No change in the nature of Business

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE Company

No material changes and commitments affecting the financial position of the Company have occurred between the end of the financial year to which the financial statements relate and the date of this Directors' Report.

SUBSIDIARY

Your Company has closed down the operations of the wholly owned subsidiary, Mold-Tek Packaging FZE, UAE pending winding up formalities. During the quarter ended 31st March, 2021, the Company has made an additional provision of Rs.107.74 lakhs towards loan granted and advance given.

The consolidated financial statements of the group prepared in accordance with applicable Accounting Standards as specified in the Companies (Accounts) Rules, 2014, form part of the annual report. Pursuant to the provisions of Section 129(3) of the Companies Act, 2013 (the Act), a statement containing salient features of financial statements of subsidiary in Form AOC 1 forms part of Board's Report.

Separate audited financial statements in respect of the subsidiary Company shall be kept open for inspection at the Registered Office of the Company during working hours for a period of 21 days before the date of the Annual General Meeting. Your Company will also make available these documents upon request by any Member of the Company interested in obtaining the same. The separate audited financial statements in respect of the subsidiary Company is also available on the website of your Company at: http:// www.moldtekgroup.com.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Loans, guarantees and investments covered under Section 186 of the Act form part of the notes to the financial statements provided in this Annual Report.

DEPOSITS

The Company has neither accepted nor renewed any deposits from public within the meaning of Section 73 of the Act read with Companies (Acceptance of Deposits) Rules, 2014 during the year under review.

INTERNAL CONTROLS SYSTEMS AND ADEQUACY

The Company's internal audit systems are geared towards ensuring adequate internal controls commensurate with the size and needs of the business, with the objective of efficient conduct of operations through adherence to the Company's policies, identifying areas of improvement, evaluating the reliability of financial statements, ensuring compliances with applicable laws and regulations and safeguarding of assets from unauthorized use.

Details of the internal controls system are given in the Management Discussion and Analysis Report, which forms part of the Board's Report.

DETAILS OF DIRECTORS/KEY MANAGERIAL PERSONNEL

All the Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Rules made thereunder and are independent of the management.

Based on the confirmations received, none of the Directors are disqualified for being appointed/re-appointed as directors in terms of Section 164 of the Companies Act, 2013.

In accordance with the provisions of Section 152 of the Act, Mrs. J. Mytraeyi, Non-Executive Promoter Director (DIN: 01770112) and Mr. Madireddy Srinivas, Whole Time Director (DIN: 01311417) are retiring by rotation at the ensuing Annual General Meeting and being eligible offers themselves for re-appointment.

Mr. Ramakrishna Bonagiri, Non-Executive Independent Director has resigned from the post of Independent Director of the Company w.e.f. 29th August, 2020 and the Board accepted the resignation of Mr. Ramakrishna Bonagiri in the Board meeting held on 2nd September, 2020.The Board has placed its sincere appreciation for the services rendered by him during his tenure.

Pursuant to the provisions of regulation 36 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standard 2 on General Meetings issued by ICSI, brief particulars of the directors proposed to be appointed/ re-appointed are provided as an annexure to the notice convening the AGM.

EMPLOYEE STOCK OPTION SCHEME

The Company has in operation Mold-Tek Packaging Employees Stock Option Scheme-2016 for granting stock options to the employees of the Company, in accordance with the Securities Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and Securities Exchange Board of India (Share Based employee benefits) Regulations, 2014.

The Company has granted 1,50,000 options under this scheme in the Nomination and Remuneration Committee meeting on 23rd December, 2020.

There have been no changes in the Scheme.

Disclosures pursuant to Regulation 14 of the Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 are enclosed as Annexure-A to this report.

The Annexure-A is also available on website of the Company at www.moldtekpackaging.com

GOVERNANCE GUIDELINES

The Company has adopted Governance Guidelines or code of conduct on Board, Independent Director, Key Managerial Personnel and senior managerial personnel. The Governance Guidelines or code of conduct cover aspects relating to Board diversity, definition of independence and duties of independent directors, Code of Conduct, moral, ethics and principles to be followed.

STATEMENT ON COMPLIANCE WITH APPLICABLE SECRETARIAL STANDARDS

It is hereby stated that the Company has duly complied with applicable Secretarial Standards for the year 2020-21.

NOMINATION, REMUNERATION AND PERFORMANCE EVALUATION POLICY

The requisite details as required by Section 134(3),Section 178(3) & (4) of the Act and Regulation 34(2) of Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in the Report on Corporate Governance.

TRANSACTIONS WITH RELATED PARTIES

The requisite details as required by Sections 134 & 188 of the Act and Regulation 23, 34(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in the Report on Corporate Governance and financial statements.

BOARD AND COMMITTEE MEETINGS

Details of the composition of the Board and its Committees and of the Meetings held and attendance of the Directors at such Meetings, are provided in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Section 173(1) of the Act and Regulation 17(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DIRECTORS' RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory, cost and secretarial auditors and the reviews performed by management and the relevant Board Committees, including the Audit Committee, the Board is of the opinion that the Company's internal financial controls were adequate and effective during the financial year 2020-21.

Accordingly, pursuant to Section 134(3)(c) and 134(5) of the Act, the Board of Directors, to the best of their knowledge and ability, confirm that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures;

ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a going concern basis;

iv. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;

v. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Pursuant to the provisions of Section 135 of the Companies Act 2013 read with the Companies (Corporate Social Responsibility Policy) Rules 2021, the Company has constituted a CSR Committee. The Corporate Social Responsibility Committee comprises of 3 Executive Directors and one independent Director, chaired by J. Lakshmana Rao. The composition of the Corporate Social Responsibility Committee meets the requirements of Section 135 of the Act. The Board of Directors, based on the recommendations of the Committee, formulated a CSR Policy. The requisite details on CSR activities pursuant to Section 135 of the Act and as per Annexure attached to the Companies (Corporate Social Responsibility Policy) Rules, 2021 are annexed as Annexure-B to this Report.

POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL HARASSMENT AT WORKPLACE

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. The Company has also constituted an Internal Complaints Committee, known as the Prevention of Sexual Harassment (POSH) Committee, to inquire into complaints of sexual harassment and recommend appropriate action. In the financial year 2020-21, the Company has not received any complaint which falls within the scope of this policy. The policy is available on website of the Company at: http:// moldtekpackaging.com/pdf/corporate-governance/MPL- Policy-of-SH.pdf

VIGIL MECHANISM/WHISTLE BLOWER POLICY

The requisite details as required by Section 177 of the Act and Regulation 22 & 34(3) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in the Report on Corporate Governance.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

No significant material orders have been passed by the regulators or courts or tribunals which would impact the going concern status of the Company and its future operations.

AUDITORS

a. Statutory Auditors

M/s. Anandam & Co., Chartered Accountants (Firm Registration Number 000125S) were appointed as the Statutory Auditors by the Members of the Company at the 20th Annual General Meeting (AGM) to hold office from the conclusion of the 20th AGM until the conclusion of the 25th AGM of the Company (subject to ratification by the Members at every subsequent AGM), in accordance with the provisions of the Act.

In the 22nd AGM of the Company, held on 30th September, 2019, the appointment of Anandam & Co., Chartered Accountants, has been ratified up to the conclusion of 25th Annual General meeting of the Company.

b. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed Mr. Ashish Kumar Gaggar, Practicing Company Secretary to undertake the Secretarial Audit of the Company for the year ended 31st March, 2021. The Secretarial Audit Report is annexed as Annexure-C. The Auditors' Report and the Secretarial Audit Report for the financial year ended 31st March, 2021 do not contain any qualification, reservation, adverse remark or disclaimer except the observations provided thereunder.

Pursuant to the provisions of Regulation 24A of the SEBI (LODR) Regulations, 2015 the Board of Directors of the Company had appointed Mr. Ashish Kumar Gaggar, Practicing Company Secretary to undertake the Audit of Annual Secretarial Compliance of the Company for the year ended 31st March, 2021. The Annual Secretarial Compliance Report is annexed as Annexure-C (1). The Annual Secretarial Compliance Report for the financial year ended 31st March, 2021 do not contain any qualification, reservation, adverse remark or disclaimer except the observations provided thereunder.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134 (3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed as Annexure-D.

PARTICULARS OF REMUNERATION

The information required under Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed as Annexure-E.

The information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure forming part of the Report.

EXTRACT OF ANNUAL RETURN

Pursuant to Section 92(3) of the Act and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the extract of Annual Return in form MGT-9 is annexed as Annexure-F.

MANAGEMENT DISCUSSION AND ANALYSIS, CORPORATE GOVERNANCE AND THE BUSINESS RESPONSIBILITY REPORT

The Management Discussion and Analysis Report and the Report on Corporate Governance along with the Business Responsibility Report, as required under Regulation 34(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of the Annual Report.

Your Company is committed to the tenets of good corporate governance and has taken adequate steps to ensure that the principles of corporate governance as required under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are complied with.

A Company Secretary in Practice has certified that conditions of Corporate Governance as stipulated under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 have been complied with by your Company and his certificate is annexed to the Report on Corporate Governance.

A declaration of Code of Conduct from J. Lakshmana Rao, Chairman & Managing Director forms part of the Corporate Governance Report.

CEO/CFO CERTIFICATION

J. Lakshmana Rao, Chairman & Managing Director and A. Seshu Kumari, Financial Controller & Chief Financial Officer of the Company have given a certificate to the Board as contemplated in Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

RISK MANAGEMENT

All assets of your Company and other potential risks have been adequately insured.

EMPLOYEE RELATIONS

The relationship with the workmen and staff remained cordial and harmonious during the year and the management received full co-operation from the employees.

BOARD'S OPINION OF INDEPENDENT DIRECTOR APPOINTED DURING THE YEAR

As per Rule 8 (5) (iiia) of Companies (Accounts) Rules, 2014, it is in the opinion of the Board that integrity, expertise and experience (proficiency yet to be ascertained from the online proficiency self-assessment test conducted by the IICA) of the independent directors appointed during the year, has been fulfilled.

FRAUD REPORTING

In the terms of provision of Section 134 (3) (ca) of the Companies Act 2013, during the year under review, there was no case of offense of fraud detected by the Auditors under sub section (12) of section 143.

MAINTENANCE OF COST RECORDS

The Central Government has not prescribed the maintenance of cost records under sub section (1) of section 148 of the Companies Act, 2013 for the products/services of the Company.

ACKNOWLEDGEMENTS

Your Directors wish to place on record their appreciation and gratitude for all the assistance and support received from Citibank, Yes Bank, HSBC, ICICI Bank and officials of concerned government departments for their co-operation and continued support extended to the Company. They also thank the Members for the confidence they have reposed in the Company and its management.

For and on behalf of the Board of Directors
Sd/-
J. LAKSHMANA RAO Chairman & Managing Director
Place: Hyderabad DIN:00649702
Date: 2nd September, 2021