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XPRO India Ltd

BSE Code : 590013 | NSE Symbol : XPROINDIA | ISIN:INE445C01015| SECTOR : Plastic products |

NSE BSE
 
SMC up arrow

502.80

14.70 (3.01%) Volume 280564

24-Sep-2021 EOD

Prev. Close

488.10

Open Price

480.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

502.80(403)

 

Today’s High/Low 512.50 - 465.60

52 wk High/Low 536.35 - 18.75

Key Stats

MARKET CAP (RS CR) 594.57
P/E 23.25
BOOK VALUE (RS) 76.0861726
DIV (%) 0
MARKET LOT 1
EPS (TTM) 21.65
PRICE/BOOK 6.61486815279758
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 30.62
4

News & Announcements

17-Sep-2021

XPRO India Ltd - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate

17-Sep-2021

XPRO India Ltd - Xpro India Limited - Loss of Share Certificates

03-Sep-2021

TD Power Systems Ltd leads losers in 'B' group

01-Sep-2021

XPRO India Ltd - Xpro India Limited - Shareholders meeting

02-Aug-2021

XPRO India to hold board meeting

26-May-2021

XPRO India to hold AGM

17-May-2021

XPRO India to declare Quarterly Result

15-Mar-2021

XPRO India receives revision in ratings outlook for bank facilities

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aadi Industries Ltd 530027
ABCO Plastics Ltd 526699
Ahimsa Industries Ltd 532594 AHIMSA
Anka India Ltd 531673
Apollo Pipes Ltd 531761 APOLLOPIPE
Apt Packaging Ltd 506979
Aravali (India) Ltd 530473
Arcee Industries Ltd 520121
Arihant Thermoware Ltd 526564
Arrow Greentech Ltd 516064 ARROWGREEN
Arvind International Ltd 524760
Ashish Polyplast Ltd 530429
Astral Ltd 532830 ASTRAL
Avro India Ltd 535098 AVROIND
AVSL Industries Ltd 538373 AVSL
Axel Polymers Ltd 513642
Beardsell Ltd 539447 BEARDSELL
Bharat Pipes & Fittings Ltd 513028 BHARATPIPE
Bhor Industries Ltd 523808 BHORIND
Biopac India Corporation Ltd 532330
Bisil Plast Ltd 531671
Bonanza Biotech Ltd 532027
Bright Brothers Ltd 526731 BRIGHTBROS
Caprihans India Ltd 509486 CAPRIHANS
Captain Pipes Ltd 538817
Captain Polyplast Ltd 536974
D K Chemo-Plast Ltd 523612
Deep Polymers Ltd 541778
Dhabriya Polywood Ltd 538715
Dutron Polymers Ltd 517437
Eon Polymers Ltd 40295
Fancy Fittings Ltd 40314
Fenoplast Ltd 526689
Finolex Industries Ltd 500940 FINPIPE
Fusion Polymers Ltd 514108
G M Polyplast Ltd 543239
Good Value Irrigation Ltd 531997
Gujarat Chemi Plasto Ltd 524776
Gujarat Petrosynthese Ltd 506858
Gujarat Pipes Ltd 517445
Gummadi Industries Ltd 531243
Gwalior Polypipes Ltd 506987
Hans Polyurethanes Ltd 526327
Hansaflon Plasto Chem Ltd 526079
Indian Plastics Ltd 40073
Innocorp Ltd 531929
Innovative Tech Pack Ltd 523840
Integrated Thermoplastics Ltd 530921
J K Leatherite Ltd 519388
Jai Corp Ltd 512237 JAICORPLTD
Jain Irrigation Systems Ltd 500219 JISLJALEQS
Jain Irrigation Systems Ltd-DVR 570004 JISLDVREQS
Jain Plastics & Chemicals Ltd (Merged) 526769 JAINPLAST
Jasch Industries Ltd 500220 JASCHIND
Jauss Polymers Ltd 526001
Jay Vinyls Ltd 514424
Jayavant Products Ltd 531382
Jolly Plastic Industries Ltd 507968
Jyoti Poly Vinyl Ltd 531623
Kanoria Plaschem Ltd 530847
Kemrock Industries & Exports Ltd 526015 KEMROCK
Kingfa Science & Technology (India) Ltd 524019 KINGFA
Kisan Mouldings Ltd 530145
KKalpana Industries (India) Ltd 526409
KPR Teleproducts Ltd 531258
Kriti Industries (India) Ltd 526423 KRITIIND
Kshitij Polyline Ltd 535114 KSHITIJPOL
Kunststoffe Industries Ltd 523594
Lalit Polymers & Electronics Ltd 524250
Machino Plastics Ltd 523248
Mahindra EPC Irrigation Ltd 523754 MAHEPC
Marvel Vinyls Ltd 531394
Mayur Uniquoters Ltd 522249 MAYURUNIQ
Mazda Enterprises Ltd 523172
MB Industries Ltd 526863
Mitsu Chem Plast Ltd 540078
Mold-Tek Packaging Ltd 533080 MOLDTKPAC
Mold-Tek Packaging Ltd Partly Paidup 890151 MOLDTEKPP
Movilex Irrigation Ltd 526411
MPL Plastics Ltd 526143 MILTONPLAS
MSL Industries Ltd 513242 MSLIND
Multibase India Ltd 526169
Narmada Macplast Drip Irrigation Systems Ltd 517431
National Flask Industries Ltd 531903
National Plastic Industries Ltd 526616
National Plastic Technologies Ltd 531287
Naval Technoplast Industries Ltd 532014
Nilkamal Ltd 523385 NILKAMAL
Niraj Ispat Industries Ltd 538386 NIRAJISPAT
Noble Polymers Ltd 539200
Nova Pumech Ltd 526303
OK Play India Ltd 526415
Osian Industries Ltd 531617
Padmanabh Alloys & Polymers Ltd 531779
Padmini Technologies Ltd 500321 PADMINPOLY
Paramani Replast Ltd 40249
Pasumai Irrigations Ltd 524616
Pearl Polymers Ltd 523260 PEARLPOLY
Pet Plastics Ltd 524046
Pil Italica Lifestyle Ltd 500327 PILITA
Polycon International Ltd 531397
Polylink Polymers (India) Ltd 531454
Polymac Thermoformers Ltd 537573
Prakash Pipes Ltd 542684 PPL
Premier Polyfilm Ltd 514354 PREMIERPOL
Premier Vinyl Flooring Ltd 500334 PREMVINYL
Prima Plastics Ltd 530589
Prime Petro Products Ltd 524252
Prince Pipes & Fittings Ltd 542907 PRINCEPIPE
R M Drip & Sprinklers Systems Ltd 535010 RMDRIP
Raj Irrigation Pipes & Fittings Ltd 513406
Rajasthan Polyvin Tubes Ltd 500351
Rajshri Forex Ltd (Merged) 526395
Rasuvishi Plastic Ltd 40221
Responsive Industries Ltd 505509 RESPONIND
Rikvin Floors Ltd 523365
Roplas India Ltd 509854
Royal Cushion Vinyl Products Ltd 526193 ROYALCUSHN
Rungta Irrigation Ltd 530449
Saket Extrusions Ltd 526527
Sanco Industries Ltd 532120 SANCO
Shaily Engineering Plastics Ltd 501423
Shish Industries Ltd 540693
Shivalik Agro-Poly Products Ltd 40407
Shri Khodiyar Industries Ltd 531401
Shyam Vinyls Ltd 523297
Sintex Plastics Technology Ltd 540653 SPTL
Skip Plastics Ltd 532043
SMVD Poly Pack Ltd 535038 SMVD
Sri KPR Industries Ltd 514442
SRPL Ltd 531174
Supreme Industries Ltd 509930 SUPREMEIND
Suryodaya Plastics Ltd 530753
Tainwala Chemicals & Plastics (India) Ltd 507785 TAINWALCHM
Technology Plastics Ltd 526459
Texmo Pipes & Products Ltd 533164 TEXMOPIPES
Tijaria Polypipes Ltd 533629 TIJARIA
Time Technoplast Ltd 532856 TIMETECHNO
Tirth Plastic Ltd 526675
Tokyo Plast International Ltd 500418 TOKYOPLAST
Tulsi Extrusions Ltd 532948 TULSI
Union Quality Plastics Ltd 526799
Uniplas India Ltd 500428 UNIPLAS
Uniroll Leather India Ltd 514384
VHCL Industries Ltd 522233
VHCL Industries Ltd(merged) 40379
Vikas Ecotech Ltd 530961 VIKASECO
Vinayak Polycon International Ltd 534639
Vinyoflex Ltd 530401
Vishal Chairs Ltd 526502
Wim Plast Ltd 526586 WIMPLAST
Yuvraaj Hygiene Products Ltd 531663

Share Holding

Category No. of shares Percentage
Total Foreign 207710 1.76
Total Institutions 8375 0.07
Total Govt Holding 4000 0.03
Total Non Promoter Corporate Holding 606102 5.13
Total Promoters 5909286 50.02
Total Public & others 5078027 42.98
Total 11813500 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About XPRO India Ltd

Xpro India Ltd is a diversified multi-divisional, multi-locational company with a strong commitment to the polymer processing industry. The company forms an integral part of India's largest and most reputed Industrial House with a global presence in manufacturing and trading activities - the BIRLA Group, a conglomerate comprising of many divisions, each consisting of a number of publicly-listed companies and headed by a member of the Birla Family. Xpro India Ltd was incorporated in the year 1997. The company is engaged in the polymers processing business primarily in India. They operate in three divisions namely, Biax, Coex, and Thermoset. Biax division manufactures a range of coextruded biaxially oriented polypropylene (BOPP) films on sophisticated, automated production lines having multipurpose use ranging from food packaging to films for use in electronics. Coex division manufactures coextruded sheets, thermoformed refrigerator lines and cast films. Thermoset division is a manufacturer of phenol formaldehyde and melamine formaldehyde besides phenolic resins. During the year 2002-03, the company increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 1,500 MT to 18,600 MT. They also increased the production capacity of Thermosetting Powders & Synthetic Resins by 186 MT to 4,450 MT. During the year 2003-04, the company further increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 2,500 MT to 21,100 MT. In September 29, 2003, the company acquired a running BOPP firm plant located in Pithampur (MP) and synergized the plant with the existing business of Biax Division and the unit was named 'Unit II' of Biax division. Also, they sold the 100% EOU for Cotton Yarn located at Solapur with effect from October 21, 2003. During the year 2004-05, the company entered into a joint venture agreement with 'Rani Group' and established a company namely Terxpro Films Pvt Ltd for the development, production and marketing of specialized base and metallised film for capacitors. Also, the company transferred the Biax Division - Unit II at Pithampur, to the joint venture company, for their subsequent modification and conversion into a capacitor films manufacturing plant, with effect from January 19, 2005. During the year 2005-06, the company increased the production capacity of Thermosetting Powders & Synthetic Resins by 1,000 MT to 5,450 MT. In March 2006, they completed the first phase of Thermoset materials plant at Ranjangaon (near Pune) and commenced commercial production. During the year 2006-07, they further increased the production capacity of Thermosetting Powders & Synthetic Resins by 3,800 MT to 9,250 MT. During the year 2007-08, the company increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 6,500 Mt to 27,600 MT. Also, the joint venture company, Terxpro Films Pvt Ltd established a production facilities for BOPP Capacitor Film. During the year 2008-09, the company acquired the entire shareholding of the joint venture company, namely Terxpro Films Pvt Ltd, as the joint venture incurred significant losses. As a result, Terxpro Films Pvt Ltd became a wholly owned subsidiary of the company. In January 27, 2010, the company commenced commercial production in the second thermoforming line at Ranjangaon Unit. In March 22, 2010, they commenced commercial production in new Co-extruded Sheet Line at Coex Division, Ranjangaon. Also, they enhanced the capacity for Synthetic Resins and Moulding Powders at Thermosets Division, Ranjangaon.

XPRO India Ltd Chairman Speech

XPRO India Ltd Company History

Xpro India Ltd is a diversified multi-divisional, multi-locational company with a strong commitment to the polymer processing industry. The company forms an integral part of India's largest and most reputed Industrial House with a global presence in manufacturing and trading activities - the BIRLA Group, a conglomerate comprising of many divisions, each consisting of a number of publicly-listed companies and headed by a member of the Birla Family. Xpro India Ltd was incorporated in the year 1997. The company is engaged in the polymers processing business primarily in India. They operate in three divisions namely, Biax, Coex, and Thermoset. Biax division manufactures a range of coextruded biaxially oriented polypropylene (BOPP) films on sophisticated, automated production lines having multipurpose use ranging from food packaging to films for use in electronics. Coex division manufactures coextruded sheets, thermoformed refrigerator lines and cast films. Thermoset division is a manufacturer of phenol formaldehyde and melamine formaldehyde besides phenolic resins. During the year 2002-03, the company increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 1,500 MT to 18,600 MT. They also increased the production capacity of Thermosetting Powders & Synthetic Resins by 186 MT to 4,450 MT. During the year 2003-04, the company further increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 2,500 MT to 21,100 MT. In September 29, 2003, the company acquired a running BOPP firm plant located in Pithampur (MP) and synergized the plant with the existing business of Biax Division and the unit was named 'Unit II' of Biax division. Also, they sold the 100% EOU for Cotton Yarn located at Solapur with effect from October 21, 2003. During the year 2004-05, the company entered into a joint venture agreement with 'Rani Group' and established a company namely Terxpro Films Pvt Ltd for the development, production and marketing of specialized base and metallised film for capacitors. Also, the company transferred the Biax Division - Unit II at Pithampur, to the joint venture company, for their subsequent modification and conversion into a capacitor films manufacturing plant, with effect from January 19, 2005. During the year 2005-06, the company increased the production capacity of Thermosetting Powders & Synthetic Resins by 1,000 MT to 5,450 MT. In March 2006, they completed the first phase of Thermoset materials plant at Ranjangaon (near Pune) and commenced commercial production. During the year 2006-07, they further increased the production capacity of Thermosetting Powders & Synthetic Resins by 3,800 MT to 9,250 MT. During the year 2007-08, the company increased the production capacity of Thermoplastic Films/ Sheets/ Liners by 6,500 Mt to 27,600 MT. Also, the joint venture company, Terxpro Films Pvt Ltd established a production facilities for BOPP Capacitor Film. During the year 2008-09, the company acquired the entire shareholding of the joint venture company, namely Terxpro Films Pvt Ltd, as the joint venture incurred significant losses. As a result, Terxpro Films Pvt Ltd became a wholly owned subsidiary of the company. In January 27, 2010, the company commenced commercial production in the second thermoforming line at Ranjangaon Unit. In March 22, 2010, they commenced commercial production in new Co-extruded Sheet Line at Coex Division, Ranjangaon. Also, they enhanced the capacity for Synthetic Resins and Moulding Powders at Thermosets Division, Ranjangaon.

XPRO India Ltd Directors Reports

TO THE SHAREHOLDERS

We present herewith our Annual Report together with the Audited Financial Statements of your Company for the year ended March 31, 2021.

FINANCIAL RESULTS

(INR Lacs)
FY 2021 FY 2020
Operations for the year resulted in a Profit before Interest and Depreciation (PBIDT) of 43,25.86 32,01.36
less: Interest & other finance costs 17,31.52 18,58.27
Profit before Depreciation and Tax (PBDT) 25,94.34 13,43.09
less: Depreciation 12,39.69 12,21.34
Profit Before Tax (PBT) 13,54.65 1,21.75
less: Exceptional items (net) ( 51.00 ) -
less: MAT credit for earlier years written off ( 5,33.58 )
add: Tax adjustment for earlier years 20.93 ( 0.84 )
Profit after Tax (PAT) 7,91.00 1,20.91
add : Other comprehensive income ( 39.55 ) ( 20.32 )
add : Surplus brought forward ( 1,61.44 ) ( 2,62.03 )
Balance available for appropriation 5,90.01 ( 1,61.44 )
Which is appropriated as :
- Surplus carried forward 5,90.01 ( 1,61.44 )

Notwithstanding the clearly improved performance and a reasonable surplus carried-forward, deeming it prudent to conserve resources in the face of wide-ranging uncertainties the Directors do not recommend a Dividend.

Shareholders may note that these results are the aggregate of about one quarter of seriously inhibited performance (due to the countrywide lockdown) and three quarters of recovering performance. A note of caution is expressed, that unforeseen external circumstances and/or business conditions can affect the sustainability of these performance levels.

The tax adjustment for earlier years principally relates to writing off deferred tax assets, required under a choice which the Company has opted for under the Income Tax Act (covered below in this report), and therefore does not have a direct relation to the operating results for the year.

REVIEW OF KEY BUSINESS MATTERS

The year ended March 31, 2021 was an unprecedented year for the economy, businesses and citizens alike. It brought about economic and personal distress that could not be imagined. We wish to respectfully empathize with the turmoil this pandemic has caused to millions of lives in India and across the globe. Governments worldwide deployed a range of policy tools to support citizens and economies. India too recognised the socio-economic disruptions and announced some proactive strategies, containment measures, fiscal support and demand push, besides financial measures and structural reforms - which are collectively facilitating recovery and trying to stabilize businesses in stress.

However, the present second wave of Covid has as yet unpredictable socio-economic outcomes. Enough has been written in the public domain on analysis of the macro-economic situation and the impact on businesses, lives and livelihoods. Of late, various surveys including by the RBI, flag the possibility of poor consumer sentiment - particularly for discretionary spending (which can affect the Company's ultimate markets). Many commentators point out that exuberance in the stock markets may not be a pragmatic reflection of the state and condition of corporates and the economy. Recently, some forecasters are scaling back growth estimates and remain alert for problems on the bad-loans front. It is possible that for some time this year the resilience of both citizens and companies across sectors may get seriously tested amid the ongoing Covid-19 crisis. All aspects considered, going forward one must be reasonably prepared for unforeseeable business challenges and an ultra-sensitive atmosphere in the banking system.

Throughout the challenging period of addressing Covid-19 issues, the health, safety and well-being of our employees and people in our environs has been a management priority. Wherever possible, work-from-home was implemented, and our protocols for productive activities incorporate best practices as well as stipulated guidelines for safety. Strict standards of hygiene and sanitation, social distancing, use of masks etc., have been implemented and suitable safe practices continue to evolve dynamically. Management's precautions helped to severely limit negative outcomes. There were no job losses at the Company on account of Covid or lockdowns.

The Company's operations were temporarily suspended from March 24, 2020 on imposition of general lockdown, which was extended in multiple phases upto May 31, 2020. On resumption of economic activity the units resumed phased operations under tough guidelines. The first quarter's performance was an obvious washout. As a leading OE and industrial supplier to the consumer durables and capacitor industries, even in normal times the Company's production and revenues are always subject to swings in demand from these sectors, and to our incoming and outgoing transport logistics. Thus extrapolation of quarterly performance cannot yield exact trends.

After an almost lost first-quarter, the rest of the year fortunately saw a rebound in demand for us (including pent-up demand) and therefore production volume for the full year at 28,478 MT (30,298 MT) was lower only by 6%, but net sales value of an improved product-mix rose by over 5% to Rs.373.36 Crores. Operating PBIDT increased by about 35% to Rs.4325.86 lacs (Rs.3201.36 lacs). Interest and financial costs were lower at Rs.1731.52 lacs (Rs.1858.27 lacs) and accordingly Profit before Depreciation, exceptional items and tax was Rs.2594.34 lacs (Rs.1343.09 lacs). Profit before exceptional items and tax was Rs.1354.65 lacs (Rs.121.75 lacs).

Some long-term initiatives and immediate liquidity support were initiated by the Government through the banking system; the Company has availed of certain facilities to which it became entitled, and this helped reinforce our resource position which in turn helps working capital needs to support smooth and increased production. The cash generation has been adequate to meet the Company's debt-servicing obligations.

As a prudent measure, the Company availed of a 6-month moratorium/deferral on payment of term loan instalments falling due during lockdown, from the consortium of Banks. Management had initially envisioned a restructuring of loans under the guidelines for resolution of Covid related stress. However, with markets stabilizing, the Company could on its own cash flow meet repayments of loans and therefore withdrew its restructuring proposal. The Company was eligible for and was sanctioned Rs.22.60 Crores as Government guaranteed working capital term loans under the Emergency Credit Line Guarantee Scheme 2.0. During the year overall debt decreased by Rs.33.74 Crores.

Operating details are annexed in the Managements' Discussion & Analysis which forms a part of this report. The Management is confident of maintaining its track record of meeting rated outputs when required, the quality and competitiveness of product offerings, and of the service levels to clients. Under typical and reasonable conditions, operational capability is not expected to be a constraining factor to improved financial performance. However relevant capacity enhancements may be a desirable way forward when the economy returns to sustainable growth path.

The Company, being essentially a business-to-business supplier, has its output really determined by the end-markets of its industrial clients. Resultantly demand and related pricing power of the Company can get influenced by several factors such as consumer sentiment, production of electrical goods, and aggressive pricing tactics adopted by foreign suppliers (sometimes due to spillover from their regular markets).

The strategic consolidation and other steps taken over the past few years in the Company have visibly played a positive role. The Company has engaged Deloitte Touche Tohmatsu India LLP to further drive sustainable cost reductions and operational efficiency improvements at the production units. The assignment has commenced recently and we are hopeful this will help the management in consolidating process improvements and upgrading competitiveness; we expect positive results to be derived regularly in subsequent periods.

The Dielectric film line (Biax Division - Unit II at Barjora, West Bengal) delivered healthy volumes on production and sales build-up. This unit remains the solitary Indian manufacturer for high-quality dielectric BOPP films and has established itself in the market, competing with imports from multiple suppliers in China (price-led), Japan, South Korea and Europe (perceived quality-led). Exports to USA and Germany also continued well despite the pandemic and shipping uncertainties. New groups of products continue to be developed and gain client acceptance, but at present the capacity demanded by regular products dominates the daily discourse.

Shareholders had approved at the EGM of April 16, 2019, the sale, transfer or disposal otherwise of Barjora Unit I (manufacturing mostly non-dielectric BOPP films). The sale, while contracted, remained incomplete as necessary final (essentially routine) permissions from the West Bengal Government end for sale/transfer are pending; the assets are reflected in the accounts as "held for sale". Barring unforeseen circumstances, the transaction is now expected to be completed during the current year and the financials and cash flows will be accounted for then. In the interim we have commenced toll manufacturing at this unit for the purchaser as a holding arrangement.

Consumer durables, including refrigerators (the significant client base for Coex Division at Ranjangaon, Maharashtra and Greater Noida, UP) markets witnessed a quick resumption post the lock-down. Our clients could take advantage of the pent-up demand, besides that for larger and more advanced units following changing food patterns and lifestyles with work from home trends. Demand growth was pronounced in the latter part of the year but value addition stayed under pressure due to aggressive competition in the end-product markets. The Company continues to be the leading supplier of sheets and liners for white goods of most leading brands. White goods hold good and long-term potential and continue to attract global players, and we expect to expand our capacity appropriately as needed. Coex division continued to supply cast films for use in surgical drapes and other hygiene products used in Covid-19 applications.

The Company is exercising an option (w.e.f. AY 2020-21) allowed under Section 115BAA of the Income-tax Act, 1961 in terms of the Taxation Laws (Amendment) Ordinance, 2019. This option reduces the effective corporate tax rate in future provided inter-alia that the Company will not avail tax exemptions/incentives nor avail set-off of certain losses or depreciation carried forward; the company would not be required to pay MAT. The Deferred Tax Assets/Liabilities as at March 31, 2021 and the estimate of Tax Expense for the year ended 31st March, 2021 have been accordingly remeasured and Rs.533.58 lacs of net Deferred Tax Asset (MAT credit) has been written off in the accounts for the year ended March 31, 2021.

Operations at the subsidiary company, Xpro Global Limited remained insignificant, with trading activities suspended during the year while management seeks trading opportunities for future. Following the extraordinary loss suffered by it last year, on review the value of investment in Xpro Global Limited was written down by Rs.51.00 lacs during the year. Further, the erstwhile subsidiary Xpro Global Pte. Ltd., Singapore, which had no business activity for some time, had applied voluntarily and was accordingly struck off the Register of Companies by the regulatory agency in Singapore, with effect from February 8, 2021. The net proceeds repatriated under this process resulted in a gain of Rs.5.54 lacs which has been accounted for during the year.

DIRECTORS AND KEY MANAGEMENT PERSONNEL

Smt. Madhushree Birla retires by rotation at the ensuing Annual General Meeting. Being eligible, she offers herself for re-appointment in terms of Section 149, 152 and other applicable provisions of the Companies Act, 2013.

At the end of his term, Sri C Bhaskar was re-appointed by the Board as Managing Director & Chief Executive Officer of the Company (on recommendation by the Remuneration and Nomination Committee) whose office shall not be liable to retirement by rotation under the Companies Act, 2013 for a period of three years from January 1, 2021 (subject to necessary approval of the shareholders).

Key management personnel and senior-level progressions include promotion of Sri Himangshu Bakshi as Senior President & Chief Operating Officer, Sri Vinay Agarwal as President (Finance) & Chief Financial Officer and Sri N Ravindran as Joint President & Chief Marketing Officer w.e.f. January 15, 2021. Sri Amit Dhanuka was appointed Company Secretary w.e.f. July 1, 2020 pursuant to the vacancy arising on the superannuation of Sri S. C. Jain.

During the year, seven Board Meetings were convened and held as per details in the annexed Corporate Governance Report. The Independent Directors met separately on February 10, 2021 as required.

STATUTORY AND OTHER MATTERS

Information as per the requirements of the Companies Act, 2013 ("the Act"), our report on Corporate Governance and the Managements' Discussion & Analysis Report form a part of this Report and are annexed hereto.

The Annual Return (Form MGT-7) is available on the Company's website at www.xproindia.com/annual-reports.html. Information on Conservation of Energy, Technology absorption & foreign exchange earnings and outgo is furnished in annexure hereto.

The Board has, on the recommendation of the Remuneration and Nomination Committee, framed a Policy for appointment and remuneration of Directors and Senior Managerial Personnel as well as criteria for determining independence and other relevant matters (policy and criteria annexed herewith; policy also available on weblink: www.xproindia.com/Codes/XILPolicyRemuneration.pdf). Pursuant to the provisions of the Act and SEBI Listing Regulations, 2015, the Board carried out annual evaluation of its performance, and of individual directors (including independent) as well as the evaluation of its Audit, Remuneration and Nomination, and Stakeholders Relationship Committees. The concerned Director did not participate in the meeting while he/she was being evaluated. A questionnaire was circulated to all Directors. The Remuneration and Nomination Committee also evaluated the performance aspects of every Director. The evaluation of the Chairman and of the non-independent Directors was also carried out at the separate meeting of Independent Directors.

The Company has formulated a Policy for determining material subsidiaries as required under Regulation 16(1)(c) of the SEBI Listing Regulations, 2015 (weblink: www.xproindia.com/Codes/XILPolMatSubs.pdf). The Company has only one wholly owned subsidiary viz. Xpro Global Limited, following the voluntary strike-off from the Register of Companies, Singapore of erstwhile subsidiary, Xpro Global Pte. Ltd., Singapore during the year. Performance and Financial Position of the said Subsidiary is annexed herewith in Form AOC-1 as required.

The Company has a system of review of business risks by Senior Executives at plants. Further, although not mandated under applicable regulations, the Company during the year voluntarily constituted a Risk Management Committee of the Board to, inter alia, review business risks. The Board is informed about the identified risks, assessment thereof and minimization procedures and identification of risk elements which in the opinion of the Committee may threaten existence of the Company. The Company has an internal control system commensurate with its size of operations. The internal audit function is carried out by external agencies which report to the Audit Committee. During the course of internal audit the efficacy and adequacy of internal control systems of the Company is also evaluated. Based on the reports, corrective actions are taken and the controls strengthened.

The Company has not granted any loan or issued any guarantee or made any investment to which the provisions of Section 186 of the Act apply. The Company does not invite or accept any Fixed Deposits and accordingly there are none outstanding as on March 31, 2021.

Transactions with related parties during the year were in the ordinary course of business and on arm's length basis. There are no material related party transactions entered into by the Company which may have a potential conflict of interest with that of the Company and to which Section 188(1) of the Act applies. Accordingly Form AOC-2 is not required to be annexed. As required under provisions of the Act and Regulation 23 of the SEBI Listing Regulations, 2015, all proposed Related Party Transactions are placed before the Audit Committee for approval or for omnibus approval as necessary and a statement of all such transactions is also placed for review. The Policy on Related Party Transactions is uploaded on the website www.xproindia.com/Codes/XILPolRelPartyTrans.pdf. The Audit Committee is compliant with Section 177 of the Act and Regulation 18 of SEBI Listing Regulations, 2015; composition details are furnished in the Corporate Governance Report. There was no instance during the year where the Board did not accept any recommendation of the Audit Committee.

There are no significant and material orders passed by the Regulators/Courts/Tribunals which impact the going concern status of the Company and its future operations.

The Company has a vigil mechanism for directors and employees to report genuine concerns in accordance with the Whistle Blower Policy; no employee is denied access to the Audit Committee in this regard. The said Policy provides for safe guards through Protected Disclosures against victimization of persons who use such mechanism, and is displayed on the Company's website. The details of the whistle blower policy are also annexed herewith.

Information required pursuant to Section 197(12) of the Act read with Rule 5 (as amended) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees is annexed. A Committee is set up to look into complaints under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013; no related complaint was filed during the year, and none are pending.

The Company has constituted a Committee on Corporate Social Responsibility (CSR), details of which are furnished in the Corporate Governance Report. While statutory requirements on spending are not applicable to the Company in view of inadequate profit, small steps have always been taken by the Company for social and inclusive development in its local areas; however given the relatively small size of the units and their geographical spread, it has not been practical to yet undertake any significant projects beyond these. The CSR Policy is annexed herewith.

DIRECTORS' RESPONSIBILITY STATEMENT

The CEO and CFO certified the Financial Statements as per Regulation 17(8) of SEBI Listing Regulations, 2015; which have been reviewed by the Audit Committee and taken on record by the Board. Having taken reasonable and bonafide care, pursuant to Section 134(3)(c) of the Act, the Directors indicate that (i) in preparation of the annual accounts, applicable accounting standards had been followed along with proper explanations relating to material departures; (ii) the Directors selected such accounting policies and applied them consistently and made judgements 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 the year; (iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 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) 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; 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.

AUDITORS' OBSERVATIONS

The observations of Statutory Auditors and Secretarial Auditors are routine and in the nature of general disclosures.

AUDITORS

M/s Walker Chandiok & Co LLP, Chartered Accountants, had been appointed as the Statutory Auditors of the Company at the Twentieth Annual General Meeting held on September 5, 2017 to hold office until the conclusion of the Twenty Fifth Annual General Meeting of the Company i.e. for a term of five years.

Pursuant to Section 204 of the Act, the Company appointed Sri K. C. Khowala, Practicing Company Secretary, to undertake Secretarial Audit of the Company. The Report of Secretarial Auditors is annexed herewith.

Cost Audit for the year ended March 31, 2021 is being carried out by M/s Sanghavi Randeria & Associates, Cost Accountants, Mumbai (Firm Registration No. 00175). The Board, on recommendation by the Audit Committee, has appointed M/s Sanghavi Randeria & Associates, Cost Accountants, Mumbai, to conduct the audit of the cost records of the Company for the year ending March 31, 2022. In terms of Section 148 (3) of the Act their remuneration is required to be approved at the forthcoming Annual General meeting.

ACKNOWLEDGEMENTS

We place on record our sincere appreciation of the valuable cooperation and support received at all times by the Company from all its Bankers, particularly the lead bank, State Bank of India, all concerned Government and other authorities and Shareholders. Relations with employees were generally cordial. We particularly record our appreciation of the sincere and dedicated services made by all employees during what has been a most trying year. We greatly appreciate the trust, faith and confidence of the Shareholders as reposed in the Company.

For and on behalf of the Board
New Delhi Sidharth Birla
May 25, 2021 Chairman

   

XPRO India Ltd Company Background

Sidharth BirlaC Bhaskar
Incorporation Year1997
Registered OfficeBarjoria-Mejia Road,P O Ghutgoria Tehsil Barjora
Bankura,West Bengal-722202
Telephone91-3241-257263/64,Managing Director
Fax
Company SecretaryAmit Dhanuka
AuditorWalker Chandiok & Co LLP
Face Value10
Market Lot1
ListingBSE,Kolkata,MSEI ,NSE,
RegistrarMCS Share Transfer Agent Ltd
383 Lake Gardens ,1st Floor , ,Kolkata-700045

XPRO India Ltd Company Management

Director NameDirector DesignationYear
Sidharth BirlaChairman2020
Madhushree BirlaDirector2020
Utsav ParekhIndependent Director2020
S RagothamanIndependent Director2020
C BhaskarManaging Director & CEO2020
Amitabha GuhaIndependent Director2020
Ashok Kumar JhaIndependent Director2020
Amit DhanukaCompany Secretary2020

XPRO India Ltd Listing Information

XPRO India Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 000351.479
Scrap Sales NA 0002.9367
Export Benefits NA 0000.4236
Adjustment NA 0000
Haryana Local Area Devep Tax NA 0000
Thermosetting Powders & ResinsMT 0000
Thermoplastic Films/Sheets MT 0000
Cotton Yarn MT 0000
Spindles-Cotton Yarn No 0000
VAT Subsidy NA 0000
Processing Charges NA 0000
Other Operating Revenue NA 0000
Others NA 0000

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