Annual Report: 2023
Anugraha Valve Castings Limited 31st Annual Report Summary:
Company Information:
Anugraha Valve Castings Limited, incorporated under CIN: U27109TZ1992PLC003873, has its registered office and works at S.F.NO.391/2, S.G. PUDUR, ARASUR VILLAGE, COIMBATORE - 641 407. The company also lists multiple other unit and windmill locations within Coimbatore and Tirunelveli districts. The administrative office is located at D.NO. 434, CROSS CUT ROAD, LAWRENCE COMPLEX, COIMBATORE - 641 012. The company website is www.anugrahavalvecastings.com, and the email for secretarial matters is secretarial@anugrahavalve.com.
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). The Audit Committee comprises Shri B. Anandkumar, Shri R. Vidhya Shankar, and Shri L. Kamesh. The Nomination and Remuneration Committee includes Shri R. Vidhya Shankar, Shri L. Kamesh, and Shri Ramnath Dureja.
Notice of AGM:
The 31st Annual General Meeting will be held on September 23, 2023, at Sree Annapoorna Sree Gowri Shankar Hotels (P) Ltd., Coimbatore, to approve the financial statements for the year ended March 31, 2023, and to appoint a director in place of Shri Ramnath Dureja, who is retiring by rotation.
Key Financial Highlights (Year ended March 31, 2023):
Operations and State of Affairs:
The company adopted various business excellence models, including QMS, EMS, and OH&S. The Company is committed to continuous improvement in Quality and operational efficiency. There has been no change in the nature of its business.
Future Prospects:
The first quarter's performance of the financial year 2023-24 was comparatively better. The company expects better prospects comparing to the previous year.
Dividend:
The Directors did not recommend any Dividend for the F.Y. 2022-23.
Loans, Guarantees, Securities or Investments:
During the year, the company did not grant any Loans or provided any Guarantee or Security or made any Investment.
Transfer to IEPF:
Unclaimed interim dividend declared on 21/03/2016 has been transferred to IEPF.
CSR Activities:
The company's CSR activities are focused on education, healthcare, sustainable livelihood, basic infrastructure development and safe drinking water. The report on CSR activities is included as ANNEXURE - A. Two percent of average net profit of the Company as per section 135(5) is .23,94,084/-.
Business Risk Management Policy:
The Board has implemented a risk management policy, including a mechanism for mitigating foreign exchange risks.
Directors' Responsibility Statement:
The directors confirm that the financial statements comply with applicable accounting standards, give a true and fair view of the company's affairs, and are prepared on a going concern basis.
Changes in Board & KMP:
Shri Ajay J Shah retires by rotation and seeks re-appointment. Shri R. Baskaran, and Shri B. Anandkumar continue to be the Key Managerial Personnel of the Company. The period of office of Chairman and Managing Director and Joint Managing Director is ending by 30/09/2027.
Independent Directors:
Shri R. Vidhya Shankar and Shri L. Kamesh have given a declaration of independence.
Remuneration Policy:
The company's policy relating to the appointment and remuneration of directors is available on the company's website.
Employee Details:
Details of top employees' remuneration are disclosed, with R. Baskaran and B. Anandkumar being the highest-paid employees. Detailed employee disclosures are available on the company website.
Meetings of Board and Committees:
Four Board meetings and one Nomination and Remuneration Committee meeting were held during the year. A separate meeting of Independent directors was held on 25th March 2023.
Internal Audit:
M/s. M. Eswaramoorthi & Co, Chartered Accountants, Coimbatore has been appointed as internal auditors.
Internal Financial Controls:
The Board confirms that the Internal Financial Controls are adequate.
Statutory Auditor:
M/s.Κ.Κ.Β. & Associates are the Statutory Auditors. There has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditor in their report.
Vigil Mechanism:
The company has a Vigil Mechanism policy. No complaints were received during the year.
Cost Records:
Cost audit is not mandatory.
Material Changes and Commitments:
No material changes or commitments have affected the financial position of the Company between the end of the financial year and the date of the report.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
Information on these aspects is furnished in ANNEXURE NO. B.
Related Party Transactions:
There were no materially significant related party transactions.
Subsidiaries, Joint Ventures, and Associate Companies:
The Company does not have any.
Deposits:
The Company has neither accepted nor renewed any deposits from the public.
Share Capital:
The Paid up Equity Share Capital was ₹.3,52,65,040/-. The Company had not issued shares or securities, granted stock options, bought back securities, or issued bonus shares.
Sexual Harassment Policy:
The Company has a zero-tolerance policy towards sexual harassment.
Human Resources:
The Company invests in attracting, retaining and developing talent.
Compliance with Secretarial Standards:
The Company is in compliance with the applicable Secretarial Standards.
Acknowledgements:
The Directors express appreciation for the support received from various stakeholders.
Shareholder Information:
Information is provided regarding dividend encashment, electronic credit of dividend, dematerialization of shares, and dates of book closure (September 15th, 2023 to September 22nd, 2023).
Annual Return:
The copy of the Annual Return is available on the company website.
Financial Statement Analysis:
The report includes a detailed breakdown of the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement, alongside notes on share capital, reserves and surplus, long-term and short-term borrowings, deferred tax liabilities, and other financial assets and liabilities. Detailed notes are included for contingent liabilities, earnings per share, and related party transactions. The audit report provides unqualified opinions on the standalone financial statements and on internal controls over financial reporting, with a focus on transparency, proper accounting, and adherence to regulatory requirements.
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