AFFLUENCE

Your company is engaged in the manufacturing of HDPE/PP woven fabrics and sacks. During the year under report the Company recorded a turnover of Rs. 4496.79 lakhs (pr.yr. Rs. 3668.66 lakhs) and earned a profit of Rs. 37.18 lakhs (pr. yr. profit of Rs. 27.60 lakhs) after providing for interest, depreciation and tax. Your company transitioned to ISO 9001:2015 from the erstwhile ISO 9001: 2008 standards on September 2018. Its management system is now ISO - 9001:2015 Certified.

Pursuant to section 134(3)(m) of the Companies Act, 2013, read with rule 8(3) of the Companies (Accounts) Rules, 2014, it is stated that the Company is taking every possible steps to conserve the energy wherever possible by stream lining the production process. Its impact will be visible in the time to come. The Company is exploring avenues for alternate sources of energy. The Company has made no additional capital investments on energy conservation equipments.

The Company has imported no technology. The technology employed for the manufacture of HDPE/PP woven sacks/fabrics is indigenously sourced and time tested. The Company regularly keeps itself updated with the latest development in the technology with the motto of cost reduction and improvement of quality of the products. No expenditure has been incurred on research and development.

During the year under review earnings in foreign exchange was Rs 2129.11 lakhs ( pr.yr. Rs 1665.30 lakhs). Out go in foreign exchange was Rs. 8.92 lakhs (pr.yr. Rs. 35.54 lakhs)

Pursuant to section 134 sub-section (3) clause (c) of the Companies Act, 2013, it is stated that: i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to the material departures, if any; ii) the directors had selected such accounting policies and applied them consistently and made judgment 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 loss of the Company for that period; iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records, and the adequate steps have been taken to make it afresh, 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 on a “going concern” basis. v) internal financial controls has been laid down to be followed by the company and such financial controls are adequate and are operating effectively;