Annual Report: 2021
Axles India Limited Thirty Ninth Annual Report 2020-21
The Thirty Ninth Annual General Meeting of Axles India Limited will be held on Thursday, August 26, 2021, via Video Conference (VC) or Other Audio-Visual Means (OAVM). The business includes: Adopting the audited financial statements for the year ended March 31, 2021; Electing Mr. S Ram and Mr. Saket Sapra, who retire by rotation, as Directors; and Re-appointing Mr. V Madhavan as Managing Director.
Due to COVID-19, the meeting will be held via VC/OAVM, without physical presence of shareholders. As such, appointment of proxies is not available. Representatives of shareholders like the President of India or the Governor of a State or Body Corporate can attend and vote through e-voting. Shareholders can join 15 minutes before and after the scheduled time. The facility will be available to at least 1000 shareholders on a first-come, first-served basis, with exceptions for large shareholders, Promoters, Institutional Investors, Directors, Key Managerial Personnel, and committee chairpersons.
The Register of Shareholders and Share Transfer Books will be closed from August 19, 2021, to August 26, 2021. Unclaimed dividends for the financial year ended 2013-14 will be transferred to the Investor Education and Protection Fund (IEPF). Shareholders should claim dividends on or before October 28, 2021. 15,559 shares pertaining to the financial year 2012-13 have been transferred to the Demat Account of the IEPF Authority.
Shareholders can claim unclaimed dividends/shares by applying online to the IEPF Authority and sending a signed physical copy. The company is providing remote e-voting through Central Depository Services (India) Limited (CDSL) from August 23, 2021, to August 25, 2021. The Board has appointed M/s. S Dhanapal & Associates as the Scrutinizer. The results will be placed on the company's website and CDSL's website.
Shareholders holding shares as of August 18, 2021, can vote electronically. The e-voting module will be disabled after that date. Shareholders can register as speakers from August 10, 2021, to August 14, 2021, to express views/ask questions.
The Board of Directors re-appointed Mr. V Madhavan as Managing Director for 5 years with effect from July 6, 2021. His remuneration includes Rs. 6,00,000/- to Rs. 8,00,000/- per month, 0.5% of net profits, and perquisites as per Income Tax Rules. The company is looking forward to improving productivity and profits. During the financial year ended March 31, 2021, the remuneration to Mr. V Madhavan aggregated to Rs. 73.27 lakhs.
The company's sales for 2020-21 were Rs. 30,604.78 lakhs compared to Rs. 40,477.72 lakhs in 2019-20. The company manufactures axle housings, with commercial operations commencing in 1981.
The Directors report that domestic Housing Sales were lower by 24% in FY'21 due to Vehicle Production disruption consequent to COVID. The company did not recommend dividend for the financial year 2020-21. Mr. S Ram and Mr. Saket Sapra retire by rotation and offer themselves for reappointment. Mrs. C Bharathi was appointed as Company Secretary with effect from April 1, 2021. The Board conducted an Annual Performance Evaluation of the Board, Directors, and Committees.
The company spent Rs. 134 Lakhs on Corporate Social Responsibility (CSR) activities during the year. The company has a Risk Management policy and maintains an Internal Control System. A Vigil Mechanism/Whistle Blower Policy is in place. The Board acknowledges responsibility for compliance with the Companies Act. The company has complied with applicable accounting standards. Related Party Transactions were in compliance with Section 188.
The Board met 4 times during the year. The Audit Committee comprises of Mr. S Ram, Chairman, Mr. V Madhavan, and Mr. Saket Sapra. The Stakeholders Relationship Committee comprises Mr. S Ram, Mr. V Madhavan, and Mr. Srivats Ram. The Corporate Social Responsibility Committee comprises Mr. S Ram, Mr. V Madhavan, and Mr. Saket Sapra. The Company has in place an Anti-Sexual Harassment Policy. M/s. Price Waterhouse & Co Chartered Accountants LLP were appointed as the Statutory Auditors.
M/s. S Dhanapal & Associates conducted the Secretarial Audit. There were no qualifications, reservations, or adverse remarks in the Auditors' reports. The company is implementing Energy conservation activities and has capability to design and test Axle Housings. Foreign Exchange used was Rs. 476.49 lakhs, and Foreign Exchange earned was Rs. 8987.25 lakhs.
The criteria for Board Evaluation were in accordance with the Nomination & Remuneration Policy adopted by the Company, taking into account factors like composition, commitment, adherence to compliance, financial performance, risk management, and CSR. The CSR policy of the Company extends to all CSR activities covered under Schedule VII of the Companies Act, 2013.
The Independent Auditor's Report states that the financial statements give a true and fair view in conformity with accounting principles. Note 34 to the financial statements describes management's assessment of the impact of COVID-19. In the auditor's opinion, the Company has an adequate internal financial controls system. There are no material contracts or arrangements or transactions not at arm's length basis. The Secretarial Audit Report confirms the company complied with statutory provisions.
The financial summary shows key data points for the last ten years including Sales Turnover, Paid-up Capital, Reserves & Surplus, and Profit.
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