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A V Thomas & Co. Limited Unlisted Shares

Annual Report: 2024

Year: 2024

Annual Report Summary

A.V. Thomas and Company Limited 89th Annual Report & Accounts Summary

This document summarizes the 89th Annual Report & Accounts for A.V. Thomas and Company Limited, covering the financial year 2023-2024.

Key Information:

  • Company Name: A.V. THOMAS AND COMPANY LIMITED
  • Registered Office: W-21/674, Beach Road, Alappuzha - 688 012, India.
  • Corporate Office: No. 60, Rukmani Lakshmipathi Salai, Egmore, Chennai - 600 008, India.
  • Website: www.avthomas.in
  • 89th Annual General Meeting (AGM): To be held on Thursday, 25th July 2024 at 11:00 A.M. IST via Video Conferencing (VC)/Other Audio-Visual Means (OAVM).
  • Cut-off Date for Voting Rights: 18th July 2024 (Thursday).
  • Closure of Register of Members and Share Transfer Books: 19th July 2024 (Friday) to 25th July 2024 (Thursday) (both days inclusive).
  • Auditors: Suri & Co., Chartered Accountants, Chennai.
  • Bankers: The Federal Bank Limited and Bank of Baroda.

Board of Directors:

  • Mr. Ajit Thomas (Executive Chairman)
  • Mr. Dilip Thomas (Executive Vice Chairman)
  • Mr. Habib Hussain
  • Mr. F.S. Mohan Eddy
  • Mrs. Kavitha Vijay

Ordinary Business at the AGM:

  1. Adoption of audited financial statements (including consolidated financial statements) for the year ended 31st March 2024, along with reports from the Board of Directors and Auditors.
  2. Confirming the interim dividend payment of Rs.150/- per Equity Share (1500%) already paid for the year ended 31st March, 2024.
  3. Declaring a final dividend on Equity Shares. The Directors have recommended a final Dividend of Rs.200/- per Equity share (2000%).
  4. Re-appointment of Mr. Ajit Thomas (DIN: 00018691), who retires by rotation.

Special Business at the AGM:

  1. Approval of remuneration payable to M/s.Rajendran, Mani & Varier, as Cost Auditors for the Financial Year 2024-25. The remuneration is Rs.1,25,000/- per annum plus applicable taxes and reimbursement of out-of-pocket expenses.
  2. Approval to grant an inter-corporate loan to M/s. AVT Gavia Foods Private Limited, not exceeding INR 5 Crores, at a 9% annualized interest rate for a period of 2 years.

E-Voting Information:

  • Remote e-voting will be available from 9:00 A.M. on Monday, 22nd July 2024, to 5:00 P.M. on Wednesday, 24th July 2024.
  • The facility for remote e-voting and voting during the AGM will be provided by Central Depository Services (India) Limited (CDSL).
  • Detailed instructions on how to access e-voting facilities through CDSL, NSDL, and for shareholders holding shares in physical form are provided.
  • The importance of updating email addresses and bank account details with the company's Registrar and Share Transfer Agent, M/s. Cameo Corporate Services Limited, is emphasized for receiving communications electronically and dividend payments.
  • The company is liable to transfer the Final Dividend declared for the year 2016-2017 and remaining unpaid or unclaimed to the Investor Education and Protection Fund during the month of October 2024.

Financial Performance:

  • The overall increase in sales in Consumer Products Division is 5%. AVT continues to be the market leader in Kerala.
  • Roofing Division shows improvement due to overall volume increase by 27%.
  • Logistics operations, especially Air cargo Operations shows significant improvement in volume.
  • Dairy division was satisfactory.
  • Financial Highlights:
    • Income from Operations: Rs 1079,13.37 lakhs (2023-24) vs. Rs 1021,66.11 lakhs (2022-23)
    • Profit after tax: Rs 64,61.26 lakhs vs. Rs 50,66.31 lakhs
    • The Board recommended a final dividend of Rs.200/- per equity share, making the aggregate dividend Rs.350/- per equity share (3500%) for the year.
    • Rs. 25 Crores to the General Reserve.
  • The Company had made a Buy-Back offer up to 20,841 fully paid-up Equity Shares of Rs. 10/-each at a price of Rs 17,000.
  • The company has no activities relating to conservation of energy and technology absorption.
  • The Company's earnings in foreign exchange on FOB value of Exports during the year amounted to Rs. 3,664.45 lakhs compared to Rs.1965.97 lakhs during the previous year.
  • The foreign exchange outgo during the year was Rs. 450.61 lakhs against Rs 555.58 lakhs in previous year.

Corporate Social Responsibility (CSR):

  • The CSR Committee consists of Mr. Ajit Thomas, Mr. Dilip Thomas and Mr.F.S.Mohan Eddy.
  • The company has undertaken activities relating to the Activities envisaged in the Schedule VII of the Companies Act, 2013 for the financial year 2023-24.
  • Rs.113.45 lakhs of total CSR obligation for the financial year

Other Committees:

  • Nomination and Remuneration Committee
  • Share Transfer Committee
  • Buy-Back Committee

Director's Responsibility Statement:

  • The directors confirm that applicable accounting standards have been followed, accounting policies are consistently applied, proper care has been taken for maintaining accounting records, annual financial statements are prepared on a going concern basis, and proper systems are devised for compliance with applicable laws.

Auditor's Report:

  • The Independent Auditor's Report indicates that the standalone and consolidated financial statements provide a true and fair view in conformity with Indian Accounting Standards.

Key Ratios

The following key Ratios are mentioned in the report

  • Debt Equity Ratio
  • Debt Service Coverage Ratio
  • Return on Equity Ratio
  • Inventory Turnover Ratio
  • Trade Receivable Turnover Ratio
  • Trade Payable Turnover Ratio
  • Net Capital Turnover Ratio
  • Net Profit Ratio
  • Return on Capital Employed Ratio
  • Return on Investment

Note: This summary encompasses the core points of the A.V. Thomas and Company Limited’s annual report. For complete and nuanced details, referring to the full document is recommended.

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