Annual Report: 2022
Annual Report 2022 for Chennai Super Kings Cricket Limited
Notice to Shareholders
The 8th Annual General Meeting (AGM) of Chennai Super Kings Cricket Limited was held on Wednesday, September 21, 2022, at 09:30 A.M. (IST) through Video Conferencing ("VC")/ Other Audio Visual Means (“OAVM"). The notice included information on ordinary and special business to be transacted at the AGM, including the adoption of audited financial statements, the reappointment of Director Sri R. Srinivasan, and the reappointment of Sri K.S. Viswanathan as Wholetime Director designated as Chief Executive Officer (CEO) for two years effective January 19, 2023, with specified remuneration. Members were informed that the AGM would be conducted in virtual mode, and attendance through VC/OAVM would count towards quorum. Remote e-voting was available through Central Depository Services (India) Limited (CDSL). Instructions for shareholders on e-voting and joining virtual meetings were provided, including alternative login methods through Depositories CDSL/NSDL. The voting rights of shareholders shall be in proportion to their shares of the paid-up equity share capital.
Directors' Report
The Directors presented the Eighth Annual Report, highlighting the financial results for the year ended March 31, 2022. The company's total revenue was ₹34914.26 Lakhs compared to ₹25369.86 Lakhs for the previous year. Profit after tax was ₹3212.49 Lakhs versus ₹4026.22 Lakhs in the previous year. No dividend was declared to conserve resources, and no amounts were transferred to reserves. The team won the IPL Trophy for the 4th time. Expenses were higher due to the tournament being held in two stages and overseas.
The company is planning a High-Performance Centre on its land at Navallur and submitted a bid for a franchise in the T20 domestic league conducted by Cricket South Africa, which was granted. During the year, Superking Ventures Private Limited (SVPL) was incorporated as its wholly owned subsidiary on 15.02.2022 and has not commenced operations till 31.03.2022.
The company has adequate internal financial controls and has implemented a risk management policy. There were no material changes and commitments affecting the financial position of the Company, and the annual return is available on the company website. No public deposits were accepted.
Sri R. Srinivasan retires by rotation. The Board approved the reappointment of Sri K.S Viswanathan as Wholetime Director. An independent director's statement on meeting independence criteria was received.
The report also includes statements on Directors' Responsibility, Personnel (number of board meetings), Key Managerial Personnel, Audit Committee, Auditors (Brahmayya & Co. appointed), and Corporate Social Responsibility (CSR).
Annexures to the Directors' Report
Annexure 1 details the Annual Report on Corporate Social Responsibility (CSR) Activities for 2021-22. The company has a CSR policy focused on supporting and developing communities and nurturing the environment. The average net profit of the company as per section 135(5) was ₹10110.82 Lakhs, with a total CSR obligation of ₹202.22 Lakhs for the financial year. The company spent ₹202.80 Lakhs on CSR projects, with a focus on promoting healthcare and disaster management.
Annexure 2 contains the Secretarial Audit Report for the financial year ended March 31, 2022, by P R Sudha, Company Secretary. The report states that the company has complied with the statutory provisions listed, maintains proper board processes, and has a duly constituted Board of Directors.
Independent Auditor's Report
Brahmayya & Co., Chartered Accountants, issued an independent auditor's report with an unmodified opinion on the financial statements. The auditors have expressed an unmodified opinion on the adequacy and operating effectiveness of the Company's internal financial controls over financial reporting. The report includes Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditor's Report) Order, 2016.
Financial Statements
The balance sheet as at March 31, 2022, and the statement of profit and loss for the year ended March 31, 2022, are presented. Key figures from the balance sheet include total shareholders' funds of ₹24,824.02 Lakhs, non-current liabilities of ₹36.84 Lakhs, and current liabilities of ₹14,172.00 Lakhs. Total assets equal total equity and liabilities at ₹39,032.86 Lakhs. Key figures from the statement of profit and loss include total revenue of ₹34,914.26 Lakhs, total expenses of ₹30,781.07 Lakhs, and profit after tax of ₹3,212.49 Lakhs.
The cash flow statement for the year ended March 31, 2022, is presented, showing cash flow from operating activities, investing activities, and financing activities. Net increase in cash and cash equivalents was ₹1,355.39 Lakhs.
Notes on Accounts provide detailed information on various aspects of the financial statements, including corporate information, accounting policies, share capital, reserves and surplus, long-term borrowings, deferred tax liabilities, long-term provisions, trade payables, and other current liabilities. The notes also cover revenue from operations, finance costs, other expenses, earnings per share, capital commitments, contingent liabilities, effective tax rate, and expenditure in foreign currency.
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