Board's Report
DEAR MEMBERS,
Your Directors take pleasure to present this 54th Annual Report of Kanpur
Plastipack Limited together with Standalone and Consolidated Audited Financial Statements
for the financial year ended 31st March, 2025.
FINANCIAL HIGHLIGHTS
|
|
|
|
(Rs. in Lacs) |
Particulars |
Standalone |
Consolidated |
|
2024-25 |
2023-24 |
2024-25 |
2023-24 |
Sale of products |
62,861.03 |
49,272.57 |
62,861.03 |
49,741.24 |
Other Income |
1,410.44 |
1,138.11 |
1,450.53 |
1,145.38 |
Total Income |
64,271.47 |
50,410.68 |
64,311.56 |
50,886.62 |
Profit Before Tax |
2,389.12 |
102.65 |
2,434.65 |
152.32 |
Less: Exceptional Items (Loss on sale of CPP Machines) |
1,161.93 |
- |
1,161.93 |
- |
Less: Current Tax |
219.77 |
- |
224.62 |
4.65 |
Less: Earlier year Tax Adjustment |
(0.63) |
82.42 |
(0.63) |
82.42 |
Less: Deferred Tax |
(61.80) |
(15.45) |
(61.80) |
(15.45) |
Net Profit After Tax |
1,069.85 |
35.68 |
1,110.53 |
80.70 |
Balance profit from Last Years |
14,742.31 |
14,787.37 |
14,732.52 |
14,732.56 |
Less: Appropriations: |
|
|
|
|
Other Comprehensive Incomes |
(12.78) |
(26.59) |
(8.64) |
(23.04) |
Foreign Currency Translation Reserve |
- |
- |
(3.40) |
(3.55) |
Transfer to General Reserve |
- |
- |
- |
- |
Dividend paid during the year |
- |
107.33 |
- |
107.33 |
Tax on Dividend |
- |
- |
- |
- |
Balance carried to Balance Sheet |
15,824.94 |
14,742.31 |
15,855.09 |
14,732.52 |
REVIEW OF OPERATIONS AND OUTLOOK:
FY 2024-25 emerged as a landmark year for your Company, registering the highest-ever
sales revenue in its history. Despite facing global headwinds and market volatility, your
Company exhibited strong resilience and delivered a remarkable turnaround. It achieved a
record turnover of Rs. 642.71 Cr., marking a significant milestone in its growth journey.
The year under review your company faced three significant challenges:
The closure of its subsidiary in Brasil which led to an impairment loss of
Rs.39.07 Lacs. The management decided to shut down this business as the cost of logistics
and warehousing was not generating the profits that were envisaged.
Significant cash losses in the CPP division in the early part of the year.
The decision to exit the CPP business which led to a one time impairment loss of
Rs.11.62 Cr.
We are proud that the company was able to achieve such an exceptional performance amid
a challenging global environment. It is nothing but a testament to our well-defined
strategy and disciplined execution.
A sustained focus on strategic marketing initiatives, customer acquisition, and deeper
market penetration contributed significantly to the enhanced operational and financial
performance, as outlined below:
Operational Performance: |
Financial Performance: |
Production increased by 17% |
Turnover increased by 27% |
Sales volumes increased by 16% |
PBIDT increased by 123% |
Export volumes increased by 9% |
Net Profit after Tax increased by 2872% |
DIVESTMENT OF CAST POLYPROPYLENE FILM (CPP) DIVISION:
Your Company ventured into the Cast Polypropylene Film (CPP) division in the previous
financial year as part of its diversification strategy. However, it was soon observed that
the CPP industry as a whole was facing significant headwinds, characterized by subdued
demand, lower price realizations, and considerable overcapacity. This resulted in
underutilization of installed capacity and unremunerative prices leading to enormous
losses. This was beginning to impact our core business of FIBCs and Fabrics. Recognizing
the long-term implications of this trend, the Company undertook a comprehensive strategic
review of the CPP division's future prospects in the new scenarios that evolved. Based on
this assessment, and in line with its commitment to operational efficiency and value
creation, the Company decided to exit from the segment and focus its resources on the core
business verticals with higher growth potential.
Accordingly, the Company entered into an Asset Purchase Agreement with M/s SRF Ltd. and
since then has executed the sale of the CPP division's plant, machinery and related assets
on an 'as-is-where-is' basis. This strategic divestment enabled the Company to strengthen
its financial position and channel capital and management bandwidth toward its more
profitable and sustainable business segments.
THE YEAR GONE BY
FY 2024-25 was a remarkable year- your Company demonstrated significant progress on all
strategically significant parameters. While improving production efficiency and adopting a
go-to-market strategy the Company also strengthened its focus on increasing the share of
value added products in its portfolio. We continued to invest in technologies to reduce
carbon emissions and to drive resources efficiency.
These integrated efforts resulted in improved operational performance across all
business segments. The sales volumes recorded during FY 2024-25 reflect this strong
performance and are summarized below:
|
|
(In MT) |
Product |
2024-25 |
2023-24 |
FIBC |
13,913 |
13,546 |
Small Bags |
690 |
884 |
Fabric/Liner |
11,404 |
10,213 |
MFY |
3,864 |
3,777 |
CPP |
4,909 |
1,601 |
Others |
4,343 |
1,660 |
Total |
39,123 |
31,681 |
Your Company continues to place strong emphasis on the export of value-added products
and on expanding its global presence. During the year under review, the Company
successfully entered two new international markets, thereby opening up fresh avenues for
its product portfolio. Additionally, your Company actively participated in prominent
global trade exhibitions such as Tokyopack in Japan and Plastico in Brazil.
The encouraging response and engagement received at these events are expected to
significantly contribute to the Company's efforts in deepening its global footprint. We
are glad to report that your company continues to enjoy a strong loyalty from its
customers where almost 80% of our export sales are from repeated customers.
Solar Power:
Sustainability remains a cornerstone of your Company's operational philosophy and
long-term strategy. Your Company has been a front runner in the adoption of renewable
energy sources. Demonstrating a firm commitment to clean energy, your Company met
approximately 47% of its total power requirements through solar energy during the
yearresulting in meaningful cost savings and a significant reduction in carbon
emissions.
Building on this momentum, the Company further entered into a long-term open access
Group Captive Solar Power Purchase Agreement for a capacity of 3,000 kWp. Additionally, a
1,000 kWp rooftop solar installation was implemented at Unit 3 under the OPEX model. With
the commissioning of these two solar power projects, the Company now expects to meet
nearly 60% of its total energy requirements through renewable solar sourcesmarking a
substantial step forward in its journey toward sustainable, efficient, and environmentally
responsible operations.
Trading Activities:
The performance of Dealer Operated Polymer Warehouse activity of Indian Oil Corporation
Limited was adversely impacted during the year under review. The Company recorded a
decline of approximately 11% in this segment compared to the previous financial year. This
decline was primarily due to intensifying market competition, with emerging players' entry
into the polymer space, thereby reshaping competitive dynamics.
In response, the Company has initiated corrective measures by strengthening its
customer outreach and opening the new warehouse in Bareily will also improve service
efficiency. These steps are expected to help stabilize and revive the performance of this
business vertical in the coming year.
OUTLOOK:
During FY 2024-25, the Company undertook several decisive actions to further improve
its operational focus and strengthen its financial position. Key amongst these was the
strategic divestment of the under performing CPP division, which has enabled a sharper
focus on core, margin-accretive businesses and a more disciplined approach to capital
allocation.
The vacated land and building from the CPP division will be effectively repurposed for
the expansion of the Company's core business in due course, thereby ensuring optimal asset
utilization and capacity enhancement aligned with long-term strategic objectives.
In parallel, the Company is streamlining its operations, targeting efficiency
improvements across its operations. The Raffia division will be scaled-up to bridge the
volume gap left by the divestment, with a concerted focus on improving productivity and
driving higher throughput. These measures are expected to strengthen the operating
leverage and margin profile of the Company going forward.
Further, with a strengthened balance sheet and the number of activities undertaken, the
Company will be better positioned to pursue sustainable growth, respond proactively to
market dynamics, and invest in strategic opportunities with greater agility and
confidence.
Despite continued global disruptions and market volatility, positive signs are already
emerging across key business segments. Sales realizations in the FIBC division have shown
an upward trend. The Company's foray into the Japanese marketsthe world's
third-largest importer of FIBCshas started attaining traction, with regular
shipments now underway. This market had remained largely untapped by Indian manufacturers,
and our early entry positions us favorably for long-term engagement.
Looking ahead, your Company remains committed to its strategy of innovation,
operational excellence, and responsible growth. By staying agile, focused, and
forward-thinking, we aim to deliver enhanced stakeholder value and solidify our leadership
in the global industrial bulk packaging solutions space.
CREDIT RATING:
We have Credit Rating from Acuite Rating & Research Limited which has provided
following credit ratings to the various credit facilities of the Company:
Long Term Rating |
'ACUITE BBB/Stable' |
Short Term Rating |
'ACUITE A2 ' |
Recently, the company has got its credit rating upgraded from CRISIL Ratings Limited
which has accorded BBB+ rating with Stable outlook for the Company's outstanding longterm
facilities.
The dual rating affirms the Company's financial stability, operational resilience, and
commitment to maintaining transparency with lenders and stakeholders.
SHARE CAPITAL:
The Company had allotted 17,60,000 warrants on 17th October, 2024 out of
which 10,08,000 warrants were converted into equity shares on 24th December,
2024. As on 31st March, 2025 your Company has total shares capital of
'22,47,47,580.00 divided into 2,24,74,758 equity shares of '10/- each, which is listed
with both stock exchanges viz. BSE Limited and National Stock Exchange.
The Company had on 02 May, 2025 further converted remaining 7,52,000 warrants into
equity shares consequently the paid-up capital has been increased to '23,22,67,580.00
divided into 2,32,26,758 equity shares of '10/- each. The entire shares of the Company are
listed with both stock exchanges viz. BSE Limited and National Stock Exchange.
The Company is under process to issue further 10,12,000 warrants convertible into
equity shares on preferential basis.
SUBSIDIARY COMPANIES
As on 31st March, 2025, your Company has two subsidiary Companies. During
the year, there has been no material change in the nature of the business of the
subsidiaries.
As required under Section 129(3) of the Act, the report on the performance and
financial position of each subsidiary company and salient features of their Financial
Statements are attached in the prescribed form AOC-1 with the financial statements which
forms part of this Annual Report.
In accordance with the provisions of Section 136 of the Act and the amendments thereto,
read with the SEBI Listing Regulations, the audited financial statements, including the
consolidated financial statements and related information of the Company and financial
statements of the subsidiary companies are available on our website at www.kanplas.com.
During the year, M/s Kanplas Do Brasil, Brasil, wholly owned foreign subsidiary of the
Company was closed. Except this there is no Company which became or ceased to be
subsidiary, joint venture and associate during the year under review. There is no material
subsidiary Company in terms of regulation nos. 16(1)(c) and 24 of the SEBI ( Listing
Obligation and Disclosure Requirements) Regulations, 2015.
Your Company funds its subsidiaries, from time to time, in the ordinary course of
business and as per the funding requirements, through capital, loan and/or other means to
meet working capital requirements.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Regulation 34 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (The 'Listing Regulations') and Section 129(3) of the Act,
the consolidated financial statements have been prepared by the Company, as per the Indian
Accounting Standards (Ind AS), and form part of this Annual Report. The Consolidated
Financial Statements shall also be laid at the ensuing Annual General Meeting of the
Company.
DIVIDEND:
The Dividend Distribution Policy of the Company has been duly uploaded on the website
of the Company at www.kanplas.com.
Your Directors have recommended a final dividend for the year 2024-25 @ 9% i.e. '0.90
per Equity Share. Payment of dividend is subject to the approval of shareholders at the
ensuing Annual General Meeting.
DIRECTORS:
Shri Shashank Agarwal is retiring by rotation at the ensuing Annual General Meeting and
is eligible for re-appointment. In view of the valuable services, guidance and support
received from him, your Directors recommend his re-appointment.
The Board of Directors of the Company is having optimum combination of Independent and
Promoter Directors as required under Section 149(4) read with Regulation 17 of SEBI
(Listing Obligation and Disclosure Requirement) Regulations, 2015, as amended.
MEETINGS OF THE BOARD OF DIRECTORS:
During the year your Company has conducted 6 meetings of the Board of Directors. The
details of the meeting of the Board & Committees thereof including attendance therein
are given under Corporate Governance Report.
Your company has digitalized the Board Process and adopted paper less Board meetings
platform.
KEY MANAGERIAL PERSONNEL:
Following are the Key Managerial Personnel of your Company:
Sl No. |
Name of KMP |
Designation |
1 |
Shri Manoj Agarwal |
Chairman Cum Managing Director |
2 |
Shri Ankur Srivastava |
Company Secretary & Compliance Officer |
3 |
Shri Shobhit Agarwal |
Chief Financial Officer |
DECLARATION OF INDEPENDENT DIRECTORS:
The Independent Directors have submitted their disclosures to the Board that they
fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so
as to qualify themselves to be appointed as Independent Directors under the provisions of
the Companies Act, 2013 and the relevant rules.
DEPOSITS:
In view of Section 73 to 76 of the Companies Act, 2013 read with Companies (Acceptance
of Deposit) Rules, 2014 your Company did not accept any deposit during the year under
review.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate Governance and
adhere to the Corporate Governance requirements set out by the Securities and Exchange
Board of India (SEBI). The report on Corporate Governance as stipulated under the Listing
Regulations is annexed to the Annual Report as Annexure 'A' and Management Discussion and
Analysis Report also forms part of this Report.
The Certificates certifying that
(i) the Company has complied with the requirements of Corporate Governance in terms of
SEBI (LODR) Regulations, 2015;and
(ii) none of the Directors on the Board of the company have been debarred or
disqualified from being appointed or continuing as Directors of Companies by the SEBI/ MCA
or any such authority are attached and forms the part of this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information as per Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014 relating to conservation of energy, technology absorption
and foreign exchange earnings and outgo for the financial year 2024-25 are annexed as
Annexure 'B' which forms part of this Report.
PARTICULARS OF EMPLOYEES:
The information required under Section 197(12) of the Companies Act, 2013 read with
Rule 5(1) & 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are annexed as Annexure 'C' which forms part of this Report.
AUDITORS:
I. STATUTORY AUDITORS AND THEIR REPORT
M/s Rajiv Mehrotra & Associates (FRN: 002253C), Chartered Accountants, were
appointed as Statutory Auditors of your Company for a period of 5 years in the Annual
General Meeting held on 02/09/2022 till the conclusion of 56th Annual General
Meeting to be held in the year 2027.
The Audit Report from the Statutory Auditors forms part of this Annual Report. The said
report does not contain any qualification, reservation or adverse remark.
II. COST AUDITORS
As per Section 148 of the Act read with Companies (Audit and Auditors) Rules, 2014, the
Company, is required to maintain and audit its cost records conducted by a Cost
Accountant. The Board of Directors of the Company has on the recommendation of the Audit
Committee, approved the appointment of M/s Rakesh Misra & Company, Cost Accountants as
the Cost Auditors of the Company to conduct cost audits for relevant products prescribed
under the Companies (Cost Records and Audit) Rules, 2014 for the year ending 31st
March, 2026. Under Section 139(1) of the Act and the Rules framed thereunder, M/s Rakesh
Misra & Company have furnished a certificate of their eligibility and consent for
appointment.
The Board on recommendations of the Audit Committee have approved the remuneration
payable to the Cost Auditor, subject to ratification of their remuneration by the Members
at the ensuing AGM. The resolution, accordingly, placed in the notice of Annual General
Meeting for consideration and approval of the Members at the ensuing Annual General
Meeting.
The cost audit report for the financial year 2024-25 will be filed within the
stipulated time.
III. SECRETARIAL AUDITORS
In terms of the provisions of Section 204 of the Act read with the Companies
(Appointment and Remuneration of Managerial Personnel) Rules 2014, M/s Adesh Tandon &
Associates, Practicing Company Secretaries was appointed as the Secretarial Auditors of
the Company for the year 2024-25. The Secretarial Audit Report for the financial year
2024-25, as placed by the Auditor, is annexed with this Report as Annexure 'D'. There was
no qualification, reservation or adverse remark made by the Auditor in their respective
report.
Pursuant to the provisions of Regulation 24A of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI
Listing Regulations") and provisions of Section 204 of the Act and Rule 9 of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
("Rules"), the Audit Committee and the Board of Directors at their respective
meetings held on 15th May, 2025, have recommended the appointment of M/s Adesh
Tandon & Associates, Practicing Company Secretaries (CP. No. 1121, Peer Review
Certificate no.: 6778/2025), a Practicing Company Secretary for a term of five consecutive
years commencing from Financial Year 01st April, 2025 to 31st March,
2030. The appointment of Secretarial Auditors is subject to approval of the members at
ensuing Annual General Meeting and accordingly suitable resolution is placed in the notice
for consideration and approval of the shareholders at the ensuring Annual General Meeting.
IV. INTERNAL AUDITORS
During the year under review M/s S N Saraogi & Associates, Chartered Accountants
were the Internal Auditors of the Company. Their reports were placed before the Audit
Committee of the Company from time to time.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
The Company has adequate system of internal control with reference to the financial
statements. All the transactions are properly authorized, recorded and reported to the
Management. The Company is following all the applicable Accounting Standards for properly
maintaining the books of accounts and reporting financial statements. The internal auditor
of the company checks and verifies the internal control and monitors them in accordance
with policy adopted by the company. Company ensures proper and adequate systems and
procedures commensurate with its size and nature of its business.
ANNUAL RETURN:
As per the requirement of Section 134(3)(a) read with Section 92(3) of the Companies
Act, 2013, the Annual Return for the year 2024-25 has been placed on the website of the
Company. The weblink of the same is https://www.kanplas . com/en/corporate-governance .
LISTING:
The Equity Shares of the Company are listed with National Stock Exchange (NSE) and
Bombay Stock Exchange (BSE). We confirm that the Annual Listing Fees for the financial
year 2025-26 have been paid within the stipulated time to both the Stock Exchanges.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND:
During the financial year 2024-25, the Company has transferred a sum of ' 14,77,703
which represent the unclaimed dividend for the financial year 2016-17 and 26,155 Equity
Shares to the Investor Education and Protection Fund in compliance with provisions of the
Companies Act, 2013 and rules made thereunder
POLICY ON SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
The Company has zero tolerance towards sexual harassment at the workplace and towards
this, has adopted a policy in line with the provisions of Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed
thereunder. All employees (permanent contractual, temporary, trainees) are covered under
the said policy. During the financial year 2024-25, the Company has not received any
complaint of sexual harassment and the details in this regard are given hereunder:
(a) number of complaints of sexual harassment received in the year: NIL
(b) number of complaints disposed off during the year: NIL
(c) number of cases pending for more than ninety days: NIL
MATERNITY BENEFIT COMPLIANCE:
During the year under review, the Company has ensured full compliance with the
provisions of the Maternity Benefit Act, 1961. The Company remains committed to upholding
the rights and welfare of its female employees by providing all statutory maternity
benefits and other entitlements as mandated under the Act.
CORPORATE SOCIAL RESPONSIBILITY:
During 2023-24, the provisions of Section 135 and Schedule VII of the Companies Act,
2013 read with the Companies (Corporate Social Responsibility) Rules, 2014 were not
applicable on the Company. However, the Board of Directors of your Company constituted to
comply with the provisions on voluntary basis.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
During the year, your Company has not given any Loan or Guarantees to any parties
covered under section 185 except its Subsidiary Companies which have been converted into
Capital and the details of investments are given under note 4 and 8 of the Financial
Statements. However, the investments made does not exceed the limits as prescribed under
Section 186 of the Companies Act, 2013.
VIGIL MECHANISM (WHISTLE BLOWER POLICY):
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013
read with Rule 7 of the Companies (Meeting of Board and its Powers) Rules, 2014 and
Regulations 34 (3) and 53 (f) of SEBI (LODR) Regulations, 2015, a Vigil Mechanism for
directors and employees to report genuine concerns about unethical behaviour, actual or
suspected fraud or violation of the Company's code of conduct or ethics policy has been
established. The Vigil Mechanism Policy has been uploaded on the website of the Company.
During the year under review no complaint was received by the Audit Committee under the
Whistle Blower Policy.
RISK MANAGEMENT:
The Company has a well-defined Risk Management Policy in place, under which the
management maintains close and continuous oversight of both domestic and international
markets relevant to the Company's products and raw material requirements. This includes
monitoring socio-economic developments, global trade dynamics, and currency fluctuations
to proactively identify and mitigate potential risks.
The Board of Directors is regularly apprised of key risk exposures, along with the
corresponding assessment and mitigation strategies. The Board, in turn, provides guidance
and approves appropriate plans for risk minimization and ensures that necessary steps are
taken for effective implementation and monitoring of these plans.
At present, there are no risks identified by the Board that are deemed to threaten the
Company's existence. However, the Company, in its normal course of business, continues to
manage operational risks such as fluctuations in foreign exchange rates and raw material
prices, which are monitored and addressed on an ongoing basis.
MATERIAL CHANGES AND COMMITMENTS:
No material changes or commitments which may affect the financial position of the
Company have been occurred between the end of the financial year of the Company and the
date of this report.
INDIAN ACCOUNTING STANDARDS:
Your Company has adopted Indian Accounting Standards ('Ind- AS') with effect from 1st
April, 2017 pursuant to Ministry of Corporate Affairs notification dated 16th
February, 2015 notifying the Companies (Indian Accounting Standards) Rules, 2015.
BOARD EVALUATION:
In line with the provisions of the Companies Act, 2013 and the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors
conducts an annual evaluation of its own performance, that of its Committees, and of
individual Directors.
The performance of the Board as a whole, the Chairman of the Company and the Whole Time
Directors are evaluated linking it with the periodical performances of the Company, role
of the Board towards achievement of the said performances, the future plans as set out
from time to time and their devotion towards implementation and management of the growth
parameters of the Company.
The performance of Non-Executive and Independent Directors is evaluated on parameters
such as their contribution to corporate governance practices, commitment to transparency,
quality of deliberations, and the value they bring in supporting the Company's strategic
direction.
The Committees of the Board are assessed based on the extent to which they have
achieved their defined roles and responsibilities, as set out in their respective
charters, and their effectiveness in adding value to the Board's overall functioning.
RELATED PARTY TRANSACTIONS:
During the year no contracts / arrangements were entered / renewed by the Company with
related parties in terms of the provisions of Section 188(1) of the Companies Act, 2013.
All the transactions with the related parties entered during the year 2024-25 were in
the ordinary course of business, on arm's length basis and as per the approval of the
Audit Committee. Further, no material related party transaction was entered during the
year under review.
Disclosure as required under section 134(3)(h) of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, in form AOC-2, is not applicable as all the contracts
entered by the Company during the year are on arms length basis and there was no material
contract or arrangement.
The policy to deal with the related party transactions is uploaded on the company's
website. The weblink of the same is https://www.kanplas.com/en/policies
COMPANYS' POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:
The Company follows a well-balanced governance framework, ensuring an appropriate mix
of Executive and Independent Directors to uphold the independence of the Board and to
clearly demarcate the roles of governance and management.
In compliance with the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Company has duly
constituted a Nomination and Remuneration Committee. This Committee plays a pivotal role
in shaping the structure and composition of the Board and leadership team. Its key
responsibilities include:
1. Evaluating the need for changes in the composition and size of the Board based on
the evolving requirements of the business;
2. Recommending and reviewing the remuneration of the Managing Director and Whole-time
Directors, taking into consideration their individual performance and the overall
performance of the Company;
3. Framing and reviewing the remuneration policy for Directors, Key Managerial
Personnel (KMPs), and senior management personnel, aligned with the performance of the
Company, industry benchmarks, and good governance practices.
The Remuneration Policy, which outlines the criteria for selection, appointment, and
compensation of Directors, KMPs, and senior-level employees, is annexed to this Report as
Annexure 'E'.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS
IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE.
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to clause (c) of sub-section 3 of Section 134 of the Companies Act, 2013, the
Board of Directors of the Company hereby state and confirm that: -
i) in the preparation of the Annual Accounts, the applicable Accounting Standards had
been followed along with proper explanation relating to material departures;
ii) the Directors had 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 or loss of the Company for that period;
iii) the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
iv) the Directors had prepared the Annual Accounts of the Company on a going concern
basis.
v) The directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
vi) The directors had devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude to the Company's bankers, government
authorities, esteemed customers, business associates, and all other stakeholders for their
continued support, trust, and encouragement during the year.
The Board also places on record its deep appreciation for the dedicated efforts,
commitment, and hard work of all employeesofficers, staff, and workmenwhose
contributions have been instrumental in driving the consistent growth and success of the
Company.
Lastly, the Board extend their heartfelt thanks to the shareholders for their continued
confidence, trust, and unwavering support in the Company's vision and journey.
|
For and on behalf of the Board of Directors |
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Kanpur Plastipack Limited |
|
(Shashank Agarwal) |
(Manoj Agarwal) |
|
Deputy Managing Director |
Chairman Cum Managing Director |
|
DIN: 02790029 |
DIN:00474146 |
Place: Kanpur |
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Date: 13th August, 2025 |
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