Annual Report: 2024
Anugraha Valve Castings Limited - 32nd Annual Report Summary:
Notice of Annual General Meeting (AGM):
The Thirty Second Annual General Meeting will be held on Saturday, September 14, 2024, at 11:00 AM at Sree Annapoorna Sree Gowrishankar Hotels (P) Ltd., Sai Baba Colony Branch, Coimbatore. The agenda includes adopting the standalone audited financial statements for the year ended March 31, 2024, declaring a final dividend of ₹2 per equity share of face value ₹10, and appointing a director in place of Shri Ajay J Shah, who retires by rotation. Special resolutions include approving revisions to the remuneration of Shri R Baskaran and Shri Anandkumar B as Chairman and Managing Director and Joint Managing Director, respectively, and the appointment of Mrs. A Kavitha as a Director in the category of Women Director. Shri R Baskaran's revised remuneration includes a salary of ₹25,00,000 per month and a bonus of ₹75,00,000 per annum. Shri Anandkumar B's revised remuneration includes a salary of ₹22,00,000 per month and a bonus of ₹66,00,000 per annum. Both also have perquisites such as medical reimbursements and leave travel assistance. Mrs. A. Kavitha's appointment is due to the company exceeding ₹300 crores in turnover in FY 2022-23. Shri R Baskaran holds 846121 equity shares and Shri Anandkumar B holds 663862 equity shares in the Company. The meeting's notice and annual report are available on the company website. Dividend will be paid to shareholders appearing in the Register of Members or by the Depository Participant/Registrar and Share Transfer Agent as of the cut-off date, September 7, 2024. Unclaimed dividends up to March 31, 2017, will be transferred to the Investor Education and Protection Fund (IEPF). The register of members and share transfer books will be closed from Saturday, September 7, 2024, to Friday, September 13, 2024.
Board's Report to the Shareholders:
The directors present the 32nd Annual Report and Audited Financial Statements for the year ended March 31, 2024. The company registered a turnover of ₹358.87 Crores, an 18.80% increase from the previous year, and earned a profit before tax of ₹28.28 Crores, against ₹2.87 Crores in the previous financial year. The company is committed to continuous improvement in quality and operational efficiency and expects better prospects compared to the previous year. The Directors recommend a dividend of ₹2.00 per equity share (20% on 3526504 equity shares), resulting in a cash outflow of ₹70.53 Lakhs. The company has not granted any loans or provided guarantees or security or made any investments during the year. The company has a Corporate Social Responsibility (CSR) policy focused on education, health care, sustainable livelihood, and basic infrastructure development. A business risk management policy is in place. Shri Ajay J Shah retires by rotation and seeks reappointment. Mrs. A Kavitha was appointed as an Additional Director and is recommended for appointment. Independent Directors, Shri R Vidhya Shankar and Shri L Kamesh, have given a declaration confirming that they meet the criteria of independence. Shri R Baskaran and Shri Anandkumar B will continue as key managerial personnel until 30/09/2027. The company has an internal audit system and a Vigil Mechanism policy. There were no qualifications, reservations, or adverse remarks made by the Statutory Auditor or Secretarial Auditor. The company maintains cost records as per the Companies Act, 2013. The company had a paid-up Equity Share Capital of ₹3,52,65,040 as of March 31, 2024. The Company has zero tolerance towards sexual harassment at the workplace.
Annexure A: Annual Report on Corporate Social Responsibility ("CSR") Activities:
The company's CSR activities focus on education, health care, sustainable livelihood, and basic infrastructure development.
Annexure B: Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:
The Company continues its efforts to improve energy conservation. In terms of actual inflows during the year, the Foreign Exchange earned was ₹31748.72 Lakhs. The Foreign Exchange outgo during the year in terms of actual outflows was ₹667.11 Lakhs.
Independent Auditor's Report:
The standalone financial statements give a true and fair view of the company's affairs as of March 31, 2024. Key audit matters were addressed in the audit of the financial statements as a whole. The company has an adequate internal financial control system over financial reporting and such controls were operating effectively as of March 31, 2024. The company has used accounting software with audit trail facility, except for Payroll records, and there have been no instances of tampering.
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