Annual Report: 2023
Elofic Industries Limited's 50th Annual Report for the financial year 2022-23 highlights the company's performance, operations, and governance.
Highlights & Overview: Elofic Industries boasts six state-of-the-art manufacturing units in Faridabad, Hosur, Noida, and Nalagarh, with a production capacity exceeding 110 million pieces per annum. They employ lean manufacturing principles, single-piece flow, and in-house production of child parts. Elofic manufactures air purifiers and clean air towers with virus protection. The company maintains zero defects at the customer end and has an in-house R&D Center approved by DSIR, Govt. of India. Elofic is a NABL Certified Lab holding 12 patents with 10 more pending approval. The company acts as a preferred OEM supplier. With a network of 1,400 distributors and 55,000 dealers in India, Elofic exports worldwide and has achieved its highest-ever export turnover. Modern WMS-based warehouses are located in Faridabad, Zirakpur, Nagpur, Lucknow, Ahmedabad, and Hosur. Awards include the Quality Award of the Year by Kawasaki Motors, USA, the Zero PPM Supplier Award from Tata Motors Ltd., and a 100% Maruti Suzuki Excellence Dynamic Rating for the last 3 years.
Board of Directors and Corporate Governance: The Board of Directors includes Mr. Mohan Bir Sahni (Chairman Cum Managing Director), Mr. Kanwal Deep Sahni (Vice Chairman Cum Joint Managing Director), Mr. Prem Arora (Director), Mr. Subodh Kumar Jain (Director), Maj. Gen. Jatinder Singh Bedi (Retd.) (Director), and Mrs. Sangeeta Bajaj (Director). M/s S.N. Dhawan & Co. LLP serve as the auditors. The report details the board's meetings, attendance, and the Audit Committee's composition (Sh. Prem Arora, Sh. Subodh Kumar Jain, Sh. Kanwal Deep Sahni) and meetings. The Board accepted all Audit Committee recommendations. A CSR committee exists, comprised of Sh. Prem Arora, Sh. Subodh Kumar Jain and Sh. Mohan Bir Sahni, meeting twice during the year.
Financial Performance: The company's sales and other income reached Rs. 35467 lakhs, an 8.86% increase. Domestic sales increased by 8.77%, and export sales reached a record Rs 15024 lakhs, an 8.20% increase. There was a decrease of Rs. 226 lakhs in profit (before interest, depreciation, and tax). The Profit Before Tax (PBT) decreased by Rs.336 lakhs, and Profit After Tax (PAT) decreased by Rs. 240 lakhs. The profit figure includes profits from Elofic USA, LLC, the Company's wholly-owned subsidiary in the USA. The Board recommends a dividend of Rs. 3 per equity share. Rs. 397 lakhs has been transferred to the general reserve.
Key financial figures for the year ended March 31, 2023 (with figures for March 31, 2022, in parentheses) are:
Operational Highlights:
Research and Development: Elofic is designing best-in-class products and practices; a continued focus on research and development (R&D) has resulted in innovative products. They are exploring new avenues in ambient air and water purification and working to develop filters for hydrogen and air filtration in fuel cell electric vehicles. The company is upgrading to meet BS-VI norms and know-how for in-house development of all types of automotive and industrial filters. The R&D laboratory has NABL accreditation. The company attained two process patents, and total patent count has risen to twelve.
Corporate Social Responsibility (CSR): The company has a well-defined CSR policy. The committee held two meetings in the period. The company runs a nursing home at Village Rajpura, Nalagarh and has also contributed to Prime Minister's National Relief Fund. The average net profit of the company as per Sub-section (5) of Section 135 is 39,21,49,730. Two percent of the average net profit is 78,42,995. Total CSR obligation for the financial year is 78,42,995, and 78,47,627 was spent on CSR projects.
Other Key Points:
Resolutions and Approvals: The notice of the Annual General Meeting (AGM) details the resolutions to be passed, including the adoption of financial statements, declaration of a dividend of Rs. 3/- per share, the re-appointment of Mr. Mohan Bir Sahni as a director, ratification of the remuneration of cost auditors, and approval of the increase in remuneration of Maj. Gen. Jatinder Singh Bedi (Retd.).
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