Equity Analysis

Company Profile

Directors Report

Piotex Industries Ltd

Industry : Textiles - Cotton/Blended

BSE Code

ISIN Demat

Book Value()

544178

INE0R4W01015

46.7531546

NSE Symbol

P/E(TTM)

Mar.Cap( Cr.)

N.A

9.86

29.65

EPS(TTM)

Face Value()

Div & Yield %:

5.89

The Members,

PIOTEX INDUSTRIES PRIVATE LIMITED

Your Directors have pleasure in presenting the 4^th Boards Report of the Company together with audited Statement of Accounts and the Auditors' Report of your company for the financial year ended 31^s,March, 2023.

1. FINANCIAL RESULTS

Amount in Rs.

Financial Results	Year Ended 31st March 2023	Year Ended 31st March 2022
Turnover (including Other Income)	86,67,20,704.45	80,46,38,625.38
Depreciation	19,220	-
Net Profit/(Loss) before tax	3,92,00,932.79	99,89,673
Less: Provision for Tax (including for deferred tax)	1,03,25,660.24	25,79,029
Net Profit/(Loss) after tax	2,88,75,272.55	74,10,644

2. EXTRACT OF ANNUAL RETURN

A copy of the annual return as provided under sub-section (3) of section 92 of the Companies Act, 2013 ('the Act'), in the prescribed form, which will be filed with Registrar of Companies/MCA, is hosted on the Company's website and can be accessed at www.piotexindustries.com.

3. OPERATING RESULTS

The Company has achieved a turnover of Rs. 86,67,20,704.45 as compared to last year turnover 80,46,38,625.38. The Company is positive about its future growth and expansion of the Company.

4. DIVIDENDS

The Board of Directors would like plough back the profits of the Company for further expansion and growth. Hence, the Board does not recommend any dividend on the equity shares for the financial year 2022-2023.

5. RESERVES

The Board of Directors of your company has transferred amount of Rs. 2,88,75,272.55 to Profit & Loss Surplus Account during the year 2022-2023.

6. DEPOSITS

The Company has not accepted deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014.

7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013read with Rule, 8 of The Companies (Accounts) Rules, 2014, is as under -

A) CONSERVATION OF ENERGY:

(i) the steps taken or impact on conservation of energy	Reasonable steps have been taken by company to ensure saving in electrical energy and water resources by utilising more eco-friendly alternatives.
(ii) the steps taken by the company for utilizing alternate sources of energy	The Company continues to develop green belts in and around its plant premises and is also working on rain water harvesting at plants to utilise alternative resources more efficiently.
(iii) the capital investment on energy conservation equipment's	NIL

B) TECHNOLOGY ABSORPTION:

(i) the efforts made towards technology absorption	Productivity research for increasing efficiency in use of resources and recycling of wastes.
(ii) the benefits derived like product improvement, cost reduction, product development or import substitution	Improvement of product / service quality and control, economies of scale, efficiency of labour and saving of time and human resources.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-	NA
(a) the details of technology imported	NA
(b) the year of import;	NA
(c) whether the technology been fully absorbed	NA
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof	NA
(iv) the expenditure incurred on Research and Development	NIL

C) FOREIGN EXCHANGE EARNINGS & OUTGO -

The foreign exchange earned in terms of actual inflows during the year and the foreign exchange outgo during the year in terms of actual outflows.

Sr. No Particulars	Foreign Exchange Inflow (in Rs.)	Foreign Exchange Outflow (in Rs.)
(i)	-	-

8. CHANGE IN NATURE OF BUSINESS

There is no change in nature of business of the company during the financial year.

9. ORDER PASSED BY THE COURT OR TRIBUNAL OR REGULATORS

There is no order passed or injunction imposed by any court, tribunal or regulators for or against the company impacting the going concern status or company's future operations.

10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The Internal Control Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of the department, corrective action was taken by the board in the respective areas, thereby strengthening the overall controls.

11. MEETINGS DURING THE FINANCIAL YEAR

During the financial year 2022-2023, the Board of Directors of the Company duly meet Five times i.e. on 16.05.2022, 02.08.2022, 15.09.2022, 15.12.2022, 01.03.2023. The intervening gap between the two meetings was within the period as prescribed under the Companies Act, 2013.

12. DIRECTORS AND INDEPENDENT DIRECTOR

The Board of Directors of the Company is duly constituted. However, the Company has received resignation from Vijay Vithalrao Deore (DIN 01457719) on 15.12.2022. The provisions of section 152 (6) of the Companies Act, 2013 are not applicable to the company.

13. KEY MANAGERIAL PERSONNEL

The Company has not appointed or received resignation of any person as a Key Managerial Personnel of the company during the financial year, as the provisions of section 203 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the company.

14. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(3)(c) of Companies Act, 2013, the Board of Directors hereby confirms,

i. In the preparation of the annual accounts, the applicable accounting standards have 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 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 on a going concern basis;

v. Clause (e) of section 134(5) is not applicable as the Company is not a listed Company; and

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.

15. DETAIL OF FRAUD AS PER AUDITORS REPORT

There is no fraud in the Company during the F.Y. ended 31^st March, 2023. This is also being supported by the report of the auditors of the Company as no fraud has been reported in their audit report for the F.Y. ended 31^st March, 2023.

16. BOARD EVALUATION

The provisions of section 134 of the Companies Act, 2013, are not applicable to the Company.

17. PARTICULARS OF EMPLOYEES

As required by Section 197 of the Companies Act, 2013, read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the information be treated as NIL, as no employee is drawing salary equals to or above the limits mentioned in the said Section and Rules.

18. PARTICULARS OF LOAN, GUARNTEE OR INVESTMENTS

The Company has not given loan or provided security/guarantee to any person or any other body corporate or made investment in any body corporate in excess of limits specified in section 186(2) of Companies Act, 2013 during the year,

19. DETAILS OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any subsidiary, joint venture or Associate Company.

20. COMPLIANCE WITH SECRETARIAL STANDARDS

The Directors have devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards and that such systems are adequate and operating efficiently.

21. RELATED PARTY TRANSACTION

Related Party transactions in form AOC 2 is annexed herewith as "Annexure-A" and forms part of the Directors Report.

22. SECRETARIAL AUDIT

The Secretarial Audit under section 204 of Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not applicable to the company during the financial year.

23. ANNUAL RETURN CERTIFICATION

The Annual Return Certification in Form MGT-8 under section 92 (2) of the Companies Act, 2013 and Rule 11 (2) of Companies (Management and Administration) Rules, 2014 is applicable to the company during the financial year. Accordingly, the Company has appointed CS Namrata Nikhil Ekhe, Practicing Company Secretary (CP. No. 10045) for the certification of annual return.

24. STATUTORY AUDITORS & COMMENTS

The Auditor of the company M/s Achyut Ekhe & Co., Chartered Accountants (Firm Registration No. 114973W) was appointed as Statutory auditor for a period of 5 years in the Annual General Meeting held on 29^th December, 2020. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for continuation as Statutory Auditor of the Company for FY 2023-2024. The Directors of the company are authorised to discuss and fix their remuneration for the year 2023-2024.

The Auditors' comments are self-explanatory, and therefore, in the opinion of the Board of Directors, do not call for any further explanation.

25. COST AUDITORS

The maintenance of Cost Record and its Audit under section 148 of Companies Act, 2013 and read with The Companies (Cost Records and Audit) Amendment Rules, 2014, is not applicable to the company during the financial year.

26. BUSINESS RISK MANAGEMENT

The Company has a robust Business Risk Management (BRM) framework to identify, evaluate business risks and opportunities. This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Company's competitive advantage. The business risk framework defines the risk management approach across the enterprise at various levels including documentation and reporting. The framework has different risk models which help in identifying risks trend, exposure and potential impact analysis at a Company level as also separately for business segments.

27. REMUNERATION COMMITTEE

The Section 178 of the Companies Act, 2013, are not applicable to the Company.

28. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The Section 135 of the Companies Act, 2013, are not applicable to the Company.

29. VIGIL MACHANISM

In staying true to our values of Strength, Performance and Passion and in line with our vision of being one of the most respected companies in India, the Company has a vigil mechanism to deal with instance of fraud and mismanagement, if any. The Policy ensures that strict confidentiality is maintained while dealing with concerns and also that no discrimination will be meted out to any person for a genuinely raised concern.

30. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

In order to prevent sexual harassment of women at work place the Act, The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 has been notified on 9^thDecember, 2013. Under the said Act, every company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee.

Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up Committee for implementation of said policy. During the year Company has not received any complaint of harassment.

31. DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016:

NOT APPLICABLE

32. DIFFERENCE BETWEEN VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS:

NOT APPLICABLE

ACKNOWLEDGEMENT

The employees in the Piotex Industries Private Limited continue to work with great dedication and commitment. The Board desires to place on record its appreciation to all the employees of the company during the year under review.

The Board also acknowledges the support given by Banks, Financial Institutions and Government Authorities.

For and on behalf of Board of Directors of
PIOTEX INDUSTRIES PRIVATE LIMITED.
ABHAY SHRIRAM ASALKAR	YOGESH OMPRAKASH NIMODIYA
MANAGING DIRECTOR	CFO & DIRECTOR
DIN: 06851614	DIN:06851606
Registered office:
F/ll Block, Plot No. 16/2, M.I.D.C., Pimpri , Pune MH 411018 IN
Date: 10.07.2023
Place: Pune