Asian Petroproducts & Exports Ltd

📉 Asian Petroproducts & Exports Ltd FY24: Assets Up, Revenue Zero, Loss Widens

- Total assets increased significantly to ₹379.07 lakh in March 2024 from ₹204.63 lakh in March 2023, driven by a rise in non-current assets.

- Non-current assets, primarily property, plant and equipment, grew to ₹192.83 lakh in March 2024 from ₹39.06 lakh in March 2023, largely due to land additions.

- Equity share capital increased to ₹866.75 lakh in March 2024 from ₹769.75 lakh in March 2023, reflecting issuance of new shares.

- The company reported a net loss after tax of ₹104.16 lakh for the year ended March 2024, compared to a net profit of ₹10.99 lakh in the previous year.

- Revenue from operations was nil in March 2024, down from ₹1,666.38 lakh in March 2023, indicating a halt in sales activities.

- Cash and cash equivalents improved to ₹40.26 lakh in March 2024 from ₹23.77 lakh in March 2023, supported by cash flow from operations and financing activities.

- Trade receivables decreased to ₹119.30 lakh in March 2024 from ₹128.22 lakh in March 2023, with a significant portion aged over 3 years.

- Borrowings (unsecured loans) increased to ₹372.28 lakh in March 2024 from ₹239.05 lakh in March 2023, mainly from directors and related parties.

- Key management personnel include Jaykishor Chaturvedi (Managing Director), Siddharth Chaturvedi (Director), and Ankur Chaturvedi (CFO).

- The company's main activity is manufacturing, trading, and exporting petroproducts, with shares listed on BSE.

- Company appointed M/s. Adroit Corporate Services Private Limited as Registrar & Share Transfer Agent for physical and demat equity shares.

- Managing Director has authority to approve share transfers fortnightly to expedite the process.

- Equity shares are compulsorily traded in dematerialized form with NSDL and CDSL; demat ISIN is INE810M01019.

- As of 31 March 2024, 58,26,300 equity shares (67.22% of total) were in dematerialized form.

- All 23,87,500 convertible warrants issued to promoters in 2021 were converted into equity shares by April 2023.

- Company reported a net loss after tax of Rs. 104.16 lakh for the financial year ended 31 March 2024.

- Company is debt-free and has a current ratio of 0.62 and debt-equity ratio of (1.26) as of 31 March 2024.

- Auditors issued a qualified opinion due to erosion in net worth, non-compliance with TDS provisions, and Ind AS-119 for employee benefits.

- Median employee remuneration was Rs. 5.00 lakh per annum with 6 employees on roll as of 31 March 2024.

- Company has internal control systems but auditors could not obtain sufficient evidence for their effectiveness due to limitations.

- The company has a code of conduct for trading in its shares, allowing directors and designated persons to trade only when the trading window is open.

- No employee received remuneration exceeding statutory limits during the financial year; details are in Annexure IV of the report.

- The audit committee approved transactions with related parties up to Rs. 1 crore; all transactions were at arm's length and not material.

- The company is listed on BSE Ltd. and has complied with SEBI listing regulations, with listing fees paid for 2023-24.

- Paid-up capital is Rs. 8,66,75,000; 9,70,000 warrants were converted to equity shares for the promoter and promoter group.

- Directors confirmed compliance with accounting standards, internal controls, and legal requirements in their responsibility statement.

- The company reported no significant energy consumption but emphasized conservation efforts.

- Auditors noted erosion in net worth, non-compliance with TDS provisions, and employee benefit standards; management is addressing these issues.

- No cases of sexual harassment were reported, and the company stated the related act is not applicable.

- The board expressed gratitude to stakeholders and acknowledged support from government bodies, financial institutions, and employees.

- Revised Annual Report for FY 2023-24 submitted due to a typographical error in the Nomination and Remuneration Committee composition.

- 32nd Annual General Meeting scheduled for September 30, 2024, at 3:00 PM IST via video conferencing.

- Company manufactures chemicals based on ethylene oxide, including monoethanolamine, diethanolamine, triethanolamine, and various ethoxylates.

- Revenue from operations was ₹0 for FY 2023-24, compared to ₹16.66 crore in the previous year, resulting in a loss of ₹1.04 crore.

- No dividend recommended for FY 2023-24 due to losses.

- Proposal to reappoint Siddharth Chaturvedi as Director, who retires by rotation.

- Special resolution to appoint Jaykishor Chaturvedi as Managing Director for 5 years, effective May 30, 2024.

- Special resolution to increase borrowing limit to ₹1,000 crore, exceeding paid-up capital and free reserves.

- Board of Directors includes Jaykishor Chaturvedi (Chairman and Managing Director), Siddharth Chaturvedi, Nupur Chaturvedi, and independent directors Jashwant Bhatt and Devindersingh Bhumra.

- Statutory auditors are DBS & Associates, and secretarial auditors are Roy Jacob & Co., with no qualifications in their reports.

- Record date for AGM is September 23, 2024; share transfer books closed from September 24 to September 30, 2024.

- Remote e-voting available from September 27 to September 29, 2024, via NSDL.