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Ushanti Colour Chem Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 61.48 Cr. P/BV 1.31 Book Value (Rs.) 43.93
52 Week High/Low (Rs.) 77/52 FV/ML 10/2000 P/E(X) 62.72
Bookclosure 27/09/2023 EPS (Rs.) 0.92 Div Yield (%) 0.00
Year End :2018-03 

Dear Members,

The Directors are pleased to present the Twenty-Fifth Annual Report and the Company's audited financial statement for the financial year ended March 31, 2018.

Financial Results

The Company's financial performance, for the year ended March 31, 2018 is summarized below:

(Amount in Rs.)

Particulars

Year ended on March 31, 2018

Year ended on March 31, 2017

Gross Income

393832718

307744407

Less: Goods and Services tax/ Excise Duty

36450680

21293905

Export incentives

7775730

8540932

Other Income

2767736

1211651

Total Income

367925504

296203085

Profit before Depreciation, Finance Costs, Exceptional items and Taxation

55631127

38202918

Less: Depreciation/Amortisation

11720674

8400222

Profit before Finance Costs, Exceptional items and Taxation

43910453

29802696

Less: Finance Costs

9772692

8965377

Profit before Exceptional items and Taxation

34137761

20837319

Add: Exceptional items

-

-

Profit before Taxation

34137761

20837319

Less: Provision for Tax - Current Tax

9752833

7005118

Add: Provision for Tax - Deferred Tax (Net)

76000

(50000)

Profit for the year

24460928

13782201

Performance / Highlights of the Company

During the year under review, your company has achieved Revenue from Operation of Rs.3651.58lacs as against Rs.2949.91 lacs which recorded a growth of 23.79%.

Other Income during FY 2017-18 was Rs.27.68 lacs as against Rs.12.12 lacs which recorded a growth of 128.38%.

The Company recorded Profit Before Tax of Rs.341.38 lacs as against Rs.208.37 lacs which recorded a growth of 63.83%.

Change in the Nature of Business

There was no Change in the nature of the business of the Company done during the year.

Corporate Governance

The Equity Shares of the Company get listed on the SME platform (NSE-emerge) of NSE after closure of financial year. Further regulation 27 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 relating to Corporate Governance is not applicable to the Company listed on the SME platform (NSE-emerge) of NSE. Hence the Company is not required to disclose information as covered under Para (C), (D) and (E) of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Annual Return

The extracts of Annual Return pursuant to the provisions of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration) Rules, 2014 is furnished in Form MGT-9 and is attached to this Report as 'Annexure I'.

Board Meetings conducted during the year under review

During the Financial year 2017-18, 17 (Seventeen) Board Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.

Meetings were conducted on 06th April, 2017, 25th April, 2017, 05th May, 2017, 18th May, 2017, 31st August, 2017, 19th September, 2017, 05th October, 2017, 25th October, 2017, 09th November, 2017, 01st December, 2017, 31st January, 2018, 15th February, 2018, 23rd February, 2018, 13th March 2018, 16th March, 2018, 19th March, 2018 (2 Board Meeting).

The detail of attendance at the aforesaid meeting is as follows:

Name of Directors

Designation

No. of Meetings

Held during their respective tenures

Attended

Mr.MaunalShantilal Gandhi

Joint Managing Director

17

17

Mr.MinkuShantibhai Gandhi

Joint Managing Director

17

17

Mr.ShantilalBhailal Gandhi

Chairman and Executive Director

3

3

Mr.ShaileshIndradamanPatwari

Independent Director

6

6

Mrs.HanishaJinish Patel

Independent Director

6

6

Mrs.PurviTapanTrivedi

Independent Director

6

6

Mrs.HarshabenNishithbhai Mehta

Non Executive Director

2

2

Annual General Meeting and Extra Ordinary General Meeting

The 24th Annual General Meeting (AGM) of the Company was held on September 23, 2017.

During the Financial year 2017-18, 6 (Six) Extra Ordinary General Meeting were convened and held.

Meetings were conducted on 02nd May, 2017, 03rd January, 2018, 19th February, 2018, 15th March, 2018, 24th March, 2018 (2 EOGM).

Directors' Responsibility Statement

Pursuant to section 134(5) of the Companies Act, 2013, the Directors Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b) the Directors 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 as at March 31, 2018 and of the profit of the Company for the year ended on that date;

c) the Directors 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;

d) the Directors have prepared the annual accounts on a going concern basis;

e) the Company being unlisted, sub clause (e) of section 134(5) of the Companies Act, 2013 pertaining to laying down internal financial controls is not applicable to the Company; and

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

Comment on Auditor's Report

The Auditors Report is annexed with the Audited Accounts of the Company. The observation made by Auditors in their Report, your Directors wish to state that the report is self - explanatory and do not require any further clarification from the Board.

Particulars of Loans, Guarantees or Investments made under Section 186 of the Companies Act, 2013

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable.

The State of Company's Affairs

During the year under review the Company has put all of its efforts to serving our products to all its Customer in time. The turnover of the Company during the reporting period amounted Rs. 3651.58 lacs.

Company is listed on EMERGE Platform of National Stock Exchange Board of India as on 2nd August, 2018 as SME Listed Company.

With this information, the Directors assure the stakeholders of the Company to continue their efforts and enhance the overall performance of the Company in the coming financial years. The Directors express their gratitude towards the stakeholders for all the support the Company has received from them and hope that the Company continues to receive the same support in the coming future.

Particulars of Contracts or Arrangements made with Related Parties

The Company presents all related party transactions before the Board specifying the nature, value, and terms and conditions of the transaction. Transactions with related parties are conducted in a transparent manner with the interest of the Company and Stakeholders as utmost priority.

Particulars of Contracts entered into with Related Parties referred to in Section 188(1) of the Companies Act, 2013, in prescribed Form AOC-2 is attached as an 'Annexure II' to this Report.

Reserve

The Company has a Closing Balance of Rs. 4,00,16,473(Rupees Four Crore Sixteen Thousand Four Hundred Seventy Three Only) as Reserve and Surplus as on 31/03/2018.

Sr. No.

Particulars

Amount (In Rs.)

1.

Balance at the beginning of the year

58862545/-

2.

Current Year's Profit

24460928/-

3.

Amount of Securities Premium

5563000/-

4.

Bonus Issue for the year

-48870000/-

Total

40016473/-

Dividend

Considering the capital requirement for ongoing business expansion during the year 2017-18, the Board of Directors do not recommend any dividend on the Equity shares.

Material changes and commitment if any affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate and the date of the Report:

Apart from the Change as mentioned below, No material changes and commitments, affecting the financial position of the Company have been occurred between the end of the financial year to which this financial statements relate and the date of the report.

Listing

The company had come out with a public issue of 19,26,000 equity shares for Rs. 60 each including a share premium of Rs. 50 per equity share. The IPO had successfully completed and got huge success through subscribing by 6.00 times and the resulting shares have been listed on the Emerge Platform of NSE, Mumbai.

Depository System

The Company's total paid-up capital representing as on March 31, 2018 are now in dematerialized form.

Conversion of Company

During the year Company has been converted from Private Limited Company to Public Limited Company and necessary fresh Certificate to that effect has been issued by Deputy Registrar of Companies, Ahmedabad dated March 07, 2018. Consequent to conversion of the company the name of the Company changed from Ushanti Colour Chem Private Limited to Ushanti Colour Chem Limited.

Transfer to Investor Education and Protection Fund

The provisions of Section 125(2) of the Companies Act, 2013 does not apply as the Company has not declared and paid in last seven years so the Company was not require to transfer any amount to the Investor Education and Protection Fund (IEPF) established by the Central Government pursuant to the provision of Section 125(e) of the Companies Act, 2013 as there is no amount unclaimed for a period of 7 years from the date it become due for repayment.

Conservation of energy, Technology absorption, Foreign exchange earnings and outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act pursuant to Section 134(3)(m) of the Companies Act, 2013 read with the Rule 8(3) of the Companies (Accounts) Rules, 2014 is given as an 'Annexure III' to this Report.

Statement concerning development and implementation of Risk Management Policy of the Company

The Company has in place, a mechanism to identify, access, monitor and mitigate various risks towards the key business objectives of the Company. Major risk identified by the business and functions are systematically addressed through mitigating actions on a continuing basis.

Details of Policy Developed and Implemented by the Company on its Corporate Social Responsibility Initiatives

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

Directors and Key Managerial Personnel

Independent Director

The Board of Directors appointed Mr.ShaileshIndradamanPatwari, Mrs.HanishaJinish Patel and Mrs.PurviTapanTrivedi as an Additional (Non-executive) Independent Directors on the board as on January 31, 2018, subject to the approval of the shareholders, will hold office till the ensuing AGM and is eligible for appointment. Their Appointment as an Independent Directors were regularized in Extra Ordinary General Meeting held on March 24, 2018. All three Independent Directors have been appointed to hold office for 5 (Five) consecutive years w.e.f. 31st January 2018 to 30th January, 2023.

As per the Companies Act, 2013 the Independent Directors are not liable to retire by rotation.

Non-Executive Non Independent Director

The Board of Directors appointed Mrs.HarshabenNishithbhai Mehta as an Additional Non Executive (Non Independent) Director on the board as on January 31, 2018, subject to the approval of the shareholders, will hold office till the ensuing AGM and is eligible for appointment.

Executive Director

The Board of Directors appointed Mr.ShantilalBhailal Gandhi as Chairman and Additional Director on the board as on March 13, 2018, subject to the approval of the shareholders, will hold office till the ensuing AGM and is eligible for appointment. His appointment as Chairman and Director was regularized in Extra Ordinary General Meeting held on March 24, 2018.

Change in Designation of Directors

Designation of Mr.MaunalShantilal Gandhi and Mr.MinkuShantibhai Gandhi changed from Director to Joint Managing Director in the Board Meeting held on February 15, 2018 on the terms and conditions as approved by the Board of Directors for a period of 5 (five) years, which was subsequently approved at the Extra Ordinary General Meeting ("EGM") held on the February 19, 2018.

Chief Financial Officer

Mr.PradipBhadriklal Parikh was appointed as the Chief Financial Officer of the Company w.e.f. 13th March, 2018 pursuant to the provision of Companies Act, 2013.

Company Secretary

Ms.ArchitaJitendrakumar Shah was appointed as the Company Secretary of the Company w.e.f. 13th March, 2018 pursuant to the provision of Companies Act, 2013.

Sr.

No.

Name of Director

Designation

DIN

1.

ShantilalBhailal Gandhi

Chairman and Executive Director

00118509

2.

MinkuShantibhai Gandhi

Joint Managing Director

00118617

3.

MaunalShantilal Gandhi

Joint Managing Director

00118559

4.

ShaileshIndradamanPatwari

Independent Director

00411439

5.

PurviTapanTrivedi

Independent Director

08064080

6.

HanishaJinish Patel

Independent Director

07190911

7.

PradipBhadriklal Parikh

Chief Financial Officer

-

8.

ArchitaJitendrakumar Shah

Company Secretary

-

Mrs.HarshabenNishithbhai Mehta was appointed as Additional Non Executive (Non Independent) Director of the Company as on January 31, 2018 who resigned on March 13, 2018 Due to personal and unavoidable circumstances.

Declaration by Independent Directors

The following directors are appointed as independent directors in terms of Section 149(6) of the Act ;

1. Mr.ShaileshIndradamanPatwari

2. Mrs.PurviTapanTrivedi

3. Mrs.HanishaJinish Patel

The Company has received requisite declarations/ confirmations from all the above Directors confirming their independence.

Annual Evaluation by the Board

The evaluation framework for assessing the performance of Directors as per section 134 (3) (p) of the Companies Act, 2013 was not applicable on your Company for the financial year ended March 31, 2018.

Subsidiaries, Joint Ventures And Associate Companies

Company does not have any Subsidiaries, Joint Ventures And Associate Companies.

Deposits

Your Company has neither accepted nor renewed any deposits during the year within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

Details of Money accepted by the Directors of the Company.

Pursuant to the provisions of Rule 2(1)(c)(viii) of the Companies (Acceptance of Deposits) Rules, 2014 an aggregate amount of Rs. 5,20,63,247 was accepted from the Directors and relatives of Directors of the Company in the financial year ended March 31, 2018.

*Amount accepted from the relatives of Directors of the Company before the conversion was made i.e. till March 07, 2018.

Auditor and Auditor's Report

Statutory Auditors

Due to pre-occupation in other assignments, resignation was given by M/s. C. R. SHAREDALAL & CO., Chartered Accountants, Ahmedabad as on March 13, 2018 and to fill the casual vacancy M/s. ANA & Associates, Chartered Accountants, Ahmedabad has been appointed as on March 15, 2018 as Statutory Auditors of your Company till the conclusion of ensuing Annual General Meeting.

M/s. ANA & Associates, Chartered Accountants, Ahmedabad are appointed as Statutory Auditors of your Company for one years from the conclusion of the 25th Annual General Meeting held on 29th September, 2018 till the conclusion of the 26th Annual General Meeting.

A written consent from them has been received along with a certificate that their appointment if made, shall be in accordance with the prescribed conditions and the said Auditors satisfy the criteria provided in Section 141 of the Companies Act, 2013. The resolution seeking of their appointment has been included in the Notice of Annual General Meeting.

Cost Auditors

Provision of Cost Audit is not applicable on your Company. Accordingly, your Company is not required to conduct the cost audit for the financial year ended March 31, 2018.

Secretarial Auditors

The provisions relating to submission of Secretarial Audit Report are not applicable to the Company for the financial year ended March 31, 2018.

Internal Auditors

The provision of Section 138 of the Companies Act, 2013 was not applicable on your Company for the financial year ended March 31, 2018. Accordingly, your Company was not required to conduct the internal audit for the financial year ended March 31, 2018.

Share Capital:

During the year 2017-18, the Company had increased its Authorized Share Capital from Rs. 60,00,000 (Rupees Sixty Lacs only) divided into 6,00,000 (Six Lacs) Equity Shares of Rs. 10 (Rupees Ten only) each ("Equity Shares") to Rs. 10,00,00,000 (Rupees Ten Crores only) divided into 1,00,00,000 (One Crore) Equity Shares of Rs. 10 each (Rupees Ten only) vide Extra-Ordinary General Meeting held on January 03, 2018 and March 15, 2018.

During the year on March 16, 2018 the company had issued and allotted Bonus Shares of 48,87,000 Equity Shares of Rs.10 each to existing Share Holders.

Committees of the Board

The Company being unlisted was not required to form various committees during the financial year under review. However, consequent upon listing of its Equity Shares on NSE Emerge on 2nd August, 2018, the Company has formed various Committees as required under the Companies Act, 2013.

Presently, the board has Three (3) committees i.e. Audit Committee, Nomination and Remuneration Committees, Stakeholders Relationship Committee, constitution of which are given below.

A) Composition of Audit Committee:

The Board of Directors in its meeting held on 13th March, 2018 constituted an Audit Committee in compliance with the provision of Section 177 of the Companies Act, 2013.

During the year under review, No meeting held during the year:

Name

Status

No. of Committee Meeting entitled

No. of Committee Meeting attended

Mr.ShaileshIndradamanPatwari

Chairman

0

0

Mrs.HanishaJinish Patel

Member

0

0

Mr.MaunalShantilal Gandhi

Member

0

0

During the year no any meeting conducted, no any recommendations suggested by Committee and accepted by the Board.

B) Composition of Nomination and Remuneration Committee:

The Board of Directors in its meeting held on 13th March, 2018 constituted Nomination and Remuneration Committee in compliance with the provision of Section 178 of the Companies Act, 2013.

During the year under review, No meeting held during the year:

Name

Status

No. of Committee Meeting entitled

No. of Committee Meeting attended

Mrs.HanishaJinish Patel

Chairman

0

0

Mr.ShaileshIndradamanPatwari

Member

0

0

Mrs.PurviTapanTrivedi

Member

0

0

The term of reference of Nomination & Remuneration Committee is as below:

1. Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommend to the Board a policy relating to the level and composition of remuneration of the directors, key managerial personnel and other employees;

2. Formulation of criteria for evaluation of independent directors and the Board;

3. To ensure that the relationship of remuneration to performance is clear and meets appropriate performance benchmarks;

4. Devising a policy on Board diversity; and

5. Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, and recommend to the Board their appointment and removal.

The Policy of Nomination and Remuneration Committee has been placed before Website of the Company at www.ushanti.com and the same has been also disclosed under 'Annexure IV'.

C) Stake Holder's Relationship Committee:

The Board of Directors in its meeting held on 13th March, 2018 constituted Stake Holder's Relationship Committee incompliance with the provision of Section 178 of the Companies Act, 2013.

During the year under review, No meeting held during the year:

Name

Status

No. of Committee

No. of Committee

Meeting entitled

Meeting attended

Mrs.PurviTapanTrivedi

Chairman

0

0

Mr.ShaileshIndradamanPatwari

Member

0

0

Mrs.HanishaJinish Patel

Member

0

0

Significant and Material Orders Passed by the Regulators or Courts or Tribunals

There has been no significant and material order passed by any regulators or courts or tribunals, impacting the going concern status of the Company and its future operations.

Vigil Mechanism / Whistle Blower Policy

The Vigil Mechanism provision does not applicable on Company for the financial year ended March 31, 2018. Therefore the Company has not constituted the Vigil Mechanism for the financial year ended March 31, 2018.

Disclosures under Sexual Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013

The Company has always been committed to provide a safe and conducive work environment to its employees. Your Directors further states that during the year under review there were no cases filed pursuant to the Sexual Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013.

Particulars of Employees

The provision of section 197(12) of the Companies Act, 2013 does not apply during the financial year ended March 31, 2018.

Industrial Relations

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

Policy on Director Appointment and Remuneration

The provision of Section 178 of the Companies Act, 2013 was not applicable on your Company for the financial year ended March 31, 2018. Accordingly, your Company was not required to prepare policy on Directors' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under section 178(3) of the Companies Act, 2013 for the financial year ended March 31, 2018.

Acknowledgement

Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Company's activities during the year under review. Your Directors also place on record their appreciation for the contribution made by the former Directors of the Company who demitted their offices.

General Shareholder's Information Annual General Meeting

Date & Time: 29th September, 2018 at 03:00 pm

Venue: 88/8, G I D C Phase I, Vatva, Ahmedabad-382445, Gujarat, India.

Record Date : Friday, 14th September, 2018

Registrar and Transfer Agent (RTA)

Share Transfer and all other Investor’s / Shareholder’s related activities are attended and processed by our Registrar and Transfer Agent. For lodgment of transfer deeds and any other documents, investors may contact M/s. BigshareServices Private Limited, situated at 1st Floor, Bharat Tin Works Building, Opp. Vasant Oasis, Makwana Road, Marol, Andheri East, Mumbai- 400059, Maharashtra, India. Email ID: ipo@bigshareonline.com. However, shareholders holding shares in the electronic mode should address all correspondence to their respective Depository Participants.

By Order of the Board of Directors

For, Ushanti Colour Chem Limited

Sd/- Sd/-

Date: 28/08/2018 ShantilalBhailal Gandhi MinkuShantilal Gandhi

Place: Ahmedabad Chairman and Executive Director Joint Managing Director

(DIN: 00118509) (DIN: 00118617)


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