Carrier Airconditioning & Refrigeration Limited Unlisted Shares

Annual Report: 2022

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Year: 2022

Annual Report Summary

The Carrier Airconditioning & Refrigeration Ltd. annual report for 2021-22 covers various aspects of the company's performance and governance, including financials, operations, and compliance matters.

Financial Performance: The company's financial performance for the year ended March 31, 2022, shows a total net revenue from operations of Rs. 161,207 Lakh compared to Rs. 121,813 Lakh in the previous financial year. The Profit before tax for the year 2022 was Rs. 5,699 Lakh against Rs. 3,340 Lakh in the previous financial year. The total comprehensive income was Rs. 3,985 Lakh against Rs. 1,812 Lakh in the previous financial year. Basic earnings per share stood at Rs. 3.96.

Business Segment Updates:

HVAC Air Conditioning: The air conditioning industry was impacted during the peak season due to the second wave of the COVID-19 pandemic. Toshiba Fixed Speed production started.
Service: The aftermarket team focused on retrofits, capture, and recapture in contracts.
Totaline: The team worked on expanding the margin and also on business growth in segments like e-commerce and home services.
Commercial Refrigeration: The business experienced exponential growth due to increased capital expenditure in key segments.
Transicold: Carrier Transicold remains a market leader, focusing on sustainable solutions and expanding its service network.

Environment, Health & Safety (EH&S): The report highlights the company's commitment to EH&S, noting that the Carrier India Commercial HVAC division achieved "Zero Accident" goals for 2021 and clocked more than 32 million hours without Lost Time Accident. There are also several environmental goals which the company has been striving towards with data regarding percentage reduction in GHG, water consumption and hazardous waste.

Annual General Meeting (AGM): The 30th AGM is scheduled for September 21, 2022, via video conferencing. The notice details ordinary and special business to be transacted, including adoption of financial statements, re-appointment of a director (Mr. Pritesh Agrawal), declaration of dividend (Rs. 1 per equity share), and appointment of Mr. Siraj Azmat Chaudhry as an Independent Director. E-voting procedures are specified for shareholders.

Corporate Governance & Compliance: Key governance aspects include the composition of the Board of Directors and various committees like the Audit Committee, Nomination and Remuneration Committee, and Corporate Social Responsibility Committee. It covers policies related to nomination/remuneration, secretarial standards, auditor reports, risk management, and vigil mechanisms.

Corporate Social Responsibility (CSR): The CSR policy and activities are outlined, referencing Annexure A. The CSR committee composition is provided. Focus areas include promoting education, vocational skills, healthcare, sanitation and environmental sustainability. The accreditation for maintaining green building standards under the IGBC Green Factory Building Ratings is a milestone for the 33-year-old factory located on the Company's Gurugram campus.

Financial Statements & Disclosures: The report includes audited financial statements (balance sheet, statement of profit and loss, statement of cash flow, statement of changes in equity) and extensive notes to the financial statements, detailing accounting policies, financial instruments, contingent liabilities, and segment information. The auditor's report and annexures are included.

Directors' Report: The Directors' Responsibility Statement is provided, affirming compliance with accounting standards, maintenance of records, and adherence to applicable laws. Changes in the Board of Directors are noted, including the resignation of Mr. Pankaj Prakash Sahni and the appointment of Mr. Siraj Azmat Chaudhry as an Independent Director. The meeting attendance of each member is recorded.

Other Information: Details regarding unclaimed dividends and the process for claiming them are provided. Additionally, there is information on tax deductions at source for dividends.

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