Annual Report: 2021
Anugraha Valve Castings Limited’s 29th Annual Report covers the financial year 2020-21. The 29th Annual General Meeting (AGM) is scheduled for September 25, 2021, at the company's Unit II in Coimbatore.
Board of Directors & Committees:
The Board of Directors includes Shri R. Baskaran (Chairman & Managing Director), Shri B. Anandkumar (Joint Managing Director), Shri R. Vidhya Shankar (Independent Director), Shri L. Kamesh (Independent Director), Shri Ramnath Dureja (Non-Executive Director), and Shri Ajay J Shah (Non-Executive Director). Key committees include the Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee.
Financial Performance:
The company's turnover for FY 2020-21 was ₹.201.11 Crores, a decrease of 11.13% from the previous year (₹.226.30 Crores). Profit before tax was ₹.17.82 Crores, compared to ₹.12.73 Crores in the previous year. Cash and Cash Equivalent as at March 31, 2021, was ₹.7.59 Crores.
Operations & State of Affairs:
Despite COVID-19 related lockdowns, salaries and wages were paid to all employees, and operations resumed on May 6, 2020. The company has maintained its existing customers and orders without impacting production or financial commitments. The company has adopted various business excellence models, including Quality Management Systems (QMS), Environmental Management System (EMS), and Occupational Health & Safety (OH&S).
Future Prospects:
The global economic environment showed positive growth in the first quarter of FY 2021-22. The company's operation is closely linked to chemical and refinery industries and depends on the inflow of orders.
Dividend:
The Directors recommended a dividend of ₹.2.00 per equity share (20%) for the Financial Year ended March 31, 2021, subject to member approval.
Reserves:
₹.1.396 Crores were transferred to the general reserve. ₹.12.56 Crores is proposed to be retained as surplus in the profit and loss account.
Corporate Social Responsibility (CSR):
The company focuses its CSR activities on education, health, sustainable livelihood, basic infrastructure, and safe drinking water.
Business Risk Management:
The company has implemented a risk management policy to identify and mitigate risks. A separate hedging policy is in place to manage foreign exchange risks.
Directors’ Responsibility Statement:
The directors confirm that applicable accounting standards have been followed, accounting policies are consistently applied, proper care has been taken for maintenance of accounting records, and the annual accounts are prepared on a going concern basis.
Changes in Board of Directors:
Shri Ramnath Dureja retires by rotation and seeks reappointment. Shri R.P. Joshua resigned, replaced by Shri Ramani Vidhya Shankar. Shri R. Ponraj ceased to be an independent director due to his demise. Shri L. Kamesh was appointed as a Non-Executive Independent Director.
Independent Directors Declaration:
Shri R. Vidhya Shankar and Shri L. Kamesh have confirmed that they meet the criteria of independence.
Remuneration Policy:
The company's policy regarding the appointment and remuneration of directors is available on the company's website.
Meetings and Attendance:
Five Board meetings and three Audit Committee meetings were held during the year, with details of attendance provided.
Internal Financial Controls:
The Board confirms that internal financial controls are adequate. No frauds were reported by the Company or auditors.
Auditor's Report:
CA R. Maheswaran, the statutory auditor, confirms that there were no qualifications, reservations, or adverse remarks in his report. The financial statements present a true and fair view.
Other Key Points:
The report also includes annexures with details on CSR activities, energy conservation, the attendance slip, and the proxy form for the AGM.
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