Plastiblends India : Annual Report 2022-23

June 08, 2023
To,	To,
Department of Corporate Services	Corporate Relation Department
BSE Limited	National Stock Exchange of India Limited
Floor 25, Phiroze Jeejeebhoy Tower,	Exchange Plaza, 5th Floor, Plot No. C/1,
Dalal Street,	G- Block, Bandra Kurla Complex,
Mumbai - 400 001	Bandra (East), Mumbai- 400 051
Re. : Scrip Code : 523648	Re. : Stock Code : PLASTIBLEN

Sub. : Notice of the Thirty Second Annual General Meeting to be held on June 30, 2023 and Annual Report for the Financial Year 2022-23.

Dear Sir/Madam,

Pursuant to Regulation 30 and 34(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith Annual Report for the Financial Year 2022-23 along with the notice of the 32nd Annual General Meeting (AGM) of the Company scheduled on Friday, June 30, 2023 at 11:00 a.m. through Video Conferencing (VC)/Other Audio Visual Means (OAVM). The said documents are uploaded on the website of the Company at www.plastiblends.com

Kindly note that the Notice of 32nd AGM and Annual Report for FY 2022-23 are being sent only by e-mail to the registered e-mail addresses of the shareholders of the Company.

Further details about the manner of attending the AGM and casting of votes by members is set out in the Notice of the AGM. The Company is providing remote e- voting facility to all its members to cast their votes on all resolutions as set out in the Notice of AGM. Remote e-voting period would commence at 9:00 am (IST) on Tuesday, June 27, 2023 and shall end at 5 p.m. (IST) on Thursday, June 29, 2023. During this period only those members of the Company, holding shares either in physical form or in dematerialized form, on the cut-off date i.e. Friday, June 23, 2023, shall be entitled to avail the facility of remote e- voting.

The Register of Members and Share Transfer Books of the Company will remain closed from Saturday, June 24, 2023 to Friday, June 30, 2023 (both days inclusive) for the purpose of Annual General Meeting.

In terms of Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we would also like to inform that Record Date for the payment of final dividend for the financial Year 2022-23, if approved by the shareholders in aforesaid AGM, will be Friday, June 23, 2023.

Thanking you,

Yours truly,

For Plastiblends India Limited

HIMANSHU SURESH MHATRE

Digitally signed by HIMANSHU SURESH MHATRE

Date: 2023.06.08 19:47:30 +05'30'

Himanshu Mhatre Company Secretary

Encl. : as above

FINANCIAL HIGHLIGHTS

						(` in Lakhs)
	2022-23	2021-22	2020-21	2019-20	2018-19	2017-18
Sales and Other Income	76851.52	71763.29	57733.49	60587.24	62685.38	56782.12
Profit before Depreciation, Interest & Tax	5503.75	6816.80	7208.21	7006.81	6148.63	5726.28
Less : Depreciation	1643.45	1609.22	1587.29	1705.01	1174.25	1165.15
Finance Cost	211.64	309.80	301.68	148.22	813.66	761.43
Profit before Tax (PBT)	3648.66	4897.78	5319.24	5153.58	4160.72	3799.70
Net Profit after Tax (PAT)	2685.10	3669.90	3734.70	3717.54	3116.70	2731.52
Share Capital	1299.46	1299.46	1299.46	1299.46	1299.46	1299.46
Reserves	38193.38	36847.94	31711.48	26790.25	25570.61	23498.31
Total shareholders funds	39492.84	38147.40	33010.94	28089.71	26870.07	24797.77
Number of Equity Shares	25989200	25989200	25989200	25989200	25989200	25989200
Face Value of shares (`)	5.00	5.00	5.00	5.00	5.00	5.00
Book Value Per Share (`)	151.95	146.78	127.01	108.08	103.39	95.42
Earning Per Share (EPS) (`)	10.33	14.12	14.37	14.30	11.99	10.51
Dividend Per share (`)	4.00	4.00	4.00	3.75	2.75	2.50

STOCK PERFORMANCE

650.00											65000.00
600.00											60000.00
550.00											55000.00
500.00											50000.00
450.00											45000.00
400.00											40000.00
350.00											35000.00
300.00											30000.00
250.00											25000.00
200.00											20000.00
150.00											15000.00
	PBI-HIGH		PBI-LOW
100.00											10000.00
50.00	BSE-HIGH		BSE-LOW								5000.00
0.00											0.00
Apr-22	May-22	Jun-22	Jul-22	Aug-22	Sep-22	Oct-22	Nov-22	Dec-22	Jan-23	Feb-23	Mar-23

CORPORATE INFORMATION

BOARD OF DIRECTORS

Shri Satyanarayan G. Kabra

(Chairman & Managing Director)

Shri Varun S. Kabra

(Vice-Chairman & Managing Director)

Shri Shreevallabh G. Kabra (Director)

Smt Jyoti V. Kabra (Director)

Shri Pushp Raj Singhvi

(Independent Director)

Shri Sudarshan K. Parab

(Independent Director)

Shri Bajrang Lal Bagra

(Independent Director)

Shri Rahul R. Rathi

(Independent Director)

Smt Meena S. Agrawal

(Independent Director)

REGISTERED OFFICE

Fortune Terraces, A-Wing, 10th Floor, New Link Road, Opp. Citi Mall, Andheri (West), Mumbai - 400 053 Tel. No. : [phone]

Fax : [phone]

E-mail : [e-mail]

Website : www.plastiblends.com

CIN : L25200MH1991PLC059943

SHARE TRANSFER AGENT

Link Intime India Pvt Ltd.

C-101, 247 Park, L.B.S. Marg,

Vikhroli (West), Mumbai - 400 083

Tel.	: 022-49186000 / 49186270
Fax	: 022-49186060
Email	: [e-mail]
		WORKS
	Daman		Palsana
Daman Industrial Estate,	Block No. 18-A, 15,
Kadaiya Village,	Makhinga, Palsana,
Daman - 396 210	Surat, Gujarat - 394 315

Roorkee

Khasara No. 216, Village Raipur,

Pargana : Bhagwanpur, Tehsil : Roorkee,

Distt. Haridwar, Uttarkhand - 247 667

CHIEF FINANCIAL OFFICER

Shri Anand R. Mundra

COMPANY SECRETARY

Shri Himanshu S. Mhatre

AUDITOR

Kirtane & Pandit LLP

Chartered Accountants, Pune

BANKERS

• CITI Bank
• HDFC Bank Ltd.
• HSBC Ltd.
• Kotak Mahindra Bank Ltd.

CONTENTS	Page No.
Corporate Information	01
Notice	02
Director's Report	15
Management Discussion and Analysis	25
Report on Corporate Governance	29
Auditors' Report	47
Balance Sheet	56
Statement of Profit and Loss	57
Cash Flow Statement	58
Notes to Accounts	62

Plastiblends India Limited

1

NOTICE

NOTICE is hereby given that the THIRTYSECOND ANNUAL GENERAL MEETING of the Members of PLASTIBLENDS INDIA LIMITED will be held on Friday, the 30th day of June, 2023 at 11:00 a.m. through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM"), to transact the following business :

Ordinary Business :

1. To consider and adopt the Audited Financial Statements for the year ended 31st March, 2023, the Reports of the Board of Directors and Auditors thereon;
2. To declare dividend @80% (i.e. ` 4.00 per share) on equity shares of ` 5.00 each for the Financial Year ended 31st March, 2023;
3. To consider and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution :
   "RESOLVED THAT pursuant to the provisions of Section 152 of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, if any, (including any statutory modification(s) or re-enactment thereof, for the time being in force), Shri Shreevallabh G. Kabra (DIN: 00015415), who retires by rotation at the Annual General Meeting (AGM) and being eligible offers himself for re-appointment, be and is hereby appointed as a Non-Executive Director of the Company, liable to retire by rotation.
   RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to do all acts, deeds, matters and things as may be deemed necessary and/or expedient in connection therewith or incidental thereto, to give effect to the aforesaid Resolution."

Special Business :

4. To consider and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution :

"RESOLVED THAT in accordance with the provisions of Sections 196, 197, Schedule V of the Companies Act, 2013 (Act) and other applicable provisions of the Act read with Companies (Appointment and Qualification of Directors) Rules, 2014 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company hereby accords its approval and consent to the re-appointment of Shri Satyanarayan G. Kabra (DIN:00015930) as Chairman & Managing Director of the Company, for a period of 5 (five) years w. e. f. 1st July, 2023 to 30th June, 2028 on the terms, conditions and stipulations including remuneration as approved by the Nomination and Remuneration Committee and the Board which have been detailed in the Explanatory Statement annexed hereto (which shall form part hereof), with a liberty to the Board of Directors of the Company (hereinafter referred to as "the Board" which terms shall be deemed to include any Committee of the Board as and when constituted) to fix, increase, alter or vary from time to time, the terms and conditions of the said appointment and remuneration and/or monetary value of the perquisites as may be agreed upon by the Board of Directors and Shri Satyanarayan G. Kabra, subject to the same not exceeding at any point of time, the ceiling specified in Schedule V to the said Act, (including any Statutory Modifications or re-enactment thereof for the time being in force) or any amendment and/ or modifications that may hereinafter from time to time be made thereto by the Central Government.

RESOLVED FURTHER THAT where in any financial year during the currency of the tenure of said appointee, the Company has no profit or its profits are inadequate, the Company shall pay salary & perquisites as provided under Schedule V to the Companies Act, 2013 as minimum remuneration.

RESOLVED FURTHER THAT the aforesaid consent of the Company is accorded without prejudice to his right of holding managerial position of whatsoever nature in any other Company and draw remuneration therefrom, subject to the regulatory guidelines and ceiling stipulated in this regard.

RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, the Board of Directors of the Company, be and is hereby authorized to do all such acts, deeds, matters or things as may be necessary, expedient or desirable in the best interest of the Company."

2

32nd Annual Report 2022-2023