Annual Report: 2021
58th Annual Report 2020-21 Summary:
The 58th Annual General Meeting of Frick India Limited will be held on Saturday, September 18, 2021, at 11:00 A.M. through Video Conferencing/Audio Visual Mode.
Company Information & Financial Highlights:
Frick India Limited, CIN L74899HR1962PLC002618, has its registered office at 21.5 Km., Main Mathura Road, Faridabad -121003. (Haryana). The corporate office is located at 809, Suryakiran Building, 19 K. G. Marg, New Delhi-110001. Their website is www.frickweb.com.
Key members of the Board of Directors include Mr. Jasmohan Singh (Managing Director), Ms. Jasleen Kaur and Ms. Gurleen Kaur (Non-Executive Directors), and Mr. Ramesh Chandra Jain, CA. Divaker Jagga, and Dr. G. B. Rao (Independent Directors). Committees include the Audit Committee (chaired by Dr. G. B. Rao), the Nomination & Remuneration Committee (chaired by Mr. Ramesh Chandra Jain), and the Stakeholders Relationship Committee (chaired by Mr. Ramesh Chandra Jain).
Key Managerial Personnel include Mr. Jasmohan Singh (Managing Director), CA. Sharad Bhatnagar (CFO & Director (Finance & Taxation)), and CS. Amit Singh Tomar (Company Secretary). M/s Lodha & Co., Chartered Accountants are the Statutory Auditors, and M/s Jatin Sharma & Company. are the Cost Auditors.
Financial Review:
A five-year financial review shows: * Net Sales (Including Other income): Increased from 22,700.91 Lakhs in 2020 to 23,753.86 Lakhs in 2021. * Assets before Depreciation: Increased from 3,989.72 Lakhs in 2020 to 4,013.09 Lakhs in 2021. * Equity Capital Plus Reserves: Increased from 16,708.61 Lakhs in 2020 to 18,756.78 Lakhs in 2021. * Profit Before Taxation: Increased from 1,854.05 Lakhs in 2020 to 2,731.59 Lakhs in 2021. * Dividend Paid: Remained constant at 15.00 Lakhs each year. * Rate of Dividend: Remained constant at 25% each year.
58th Annual General Meeting Agenda:
Ordinary Business includes adopting financial statements, declaring a dividend of Rs. 3/- per equity share, and appointing a director in place of Ms. Gurleen Kaur, who retires by rotation. Special Business includes ratifying the remuneration to be paid to M/s Jatin Sharma & Co., Cost Auditors for the financial year 2021-2022, re-appointing Mr. Ramesh Chandra Jain as an Independent Director for continuation of directorship after attainment of 75 years of age, approving payment of remuneration to Mr. Jasmohan Singh as the Managing Director of the Company, and appointing Mr. Govindarajula Bhaskara Rao as an Independent Director.
Notice details instructions and additional notes:
In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs ("MCA") has permitted the holding of the Annual General Meeting ("AGM") through VC / OAVM.
Members are requested to notify the Company of any address changes by September 11, 2021 and send their latest specimen signatures. Members holding shares electronically should directly contact their Depository Participants for changes. Process for registration of email id for obtaining Annual Report and user id/password for e-voting and updation of bank account mandate for receipt of dividend.
Unclaimed dividends from March 31, 2012, onwards will be transferred to the Investor Education and Protection Fund on November 01, 2021.
Resident individual shareholders with PAN who are not liable to pay income tax can submit a yearly declaration in Form No. 15G/15H to avail non-deduction of tax by September 11, 2021. Otherwise, tax will be deducted at a higher rate of 20%. Non-resident shareholders can avail beneficial rates under tax treaties by providing required documentation by September 11, 2021.
The Securities and Exchange Board of India (SEBI) has mandated submission of Permanent Account Number (PAN) by every participant.
SHAREHOLDER INSTRUCTIONS FOR REMOTE E-VOTING: The remote e-voting period begins from 10:00 A.M., September 15, 2021, and ends at 05:00 P.M. September 17, 2021.
The Company has appointed Ms. Aditi Gupta from M/s Aditi Agarwal & Associates, Practicing Company Secretary as the Scrutinizer for the voting process.
Directors' Report:
During the Financial Year 2020-2021, the Company had a Total Income of Rs. 2,3753.86 Lakhs, as compared to the previous year 2019-20, at Rs. 22,700.91 Lakhs. A dividend of 30%p.a. for the year ended 31st March, 2021 is proposed, subject to approval. The Company had transferred an amount of Rs. 2064.05/- Lakhs, being 99.28% of the profit after tax, to the General Reserve. The Authorized Share Capital of your Company is Rupees 3,00,00,000/- (comprising of 30 lacs Equity Shares of Rs. 10/- each) and Paid up share capital of Rs. 59,99,750/- (comprising of 5,99,975 Equity Shares of Rs. 10/- each.).
Ms. Gurleen Kaur will retire at the ensuing Annual General Meeting (AGM) and being eligible, has offered herself for re-appointment. Mr. Govindarajula Bhaskara Rao has been appointed as an Additional Director in the capacity of Non-Executive Independent Director of the Company.
Annual Return: The annual return is available at http://frickweb.com/annual-report.aspx
Ministry of Corporate Affairs, Govt. of India has taken a "Green Initiative in Corporate Governance" by allowing electronic service of notices/documents to Members. Members are requested to send their valid e-mail IDs to support this initiative.
The Company’s Internal Control Culture is pervasive. They have a comprehensive Internal Control System for all the major processes to ensure reliability of Financial Reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, laws and regulations, safeguarding of assets and economical and efficient use of resources.
The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements as set out by SEBI. The requisite Certificate from M/s Aditi Agarwal & Associates, Company Secretaries confirming compliance is annexed.
Total employees on the rolls of the Company, as on March 31, 2021 were 627 compare to 657 last year.
The prescribed disclosures with respect to elements of remuneration package, details of fixed component and performance linked incentives, performance criteria, service contracts, notice period, severance fees and stock options details of all the Directors, as applicable, are given in the Corporate Governance section of the Annual Report for the Financial Year 2020-2021. (Rs. in Lakhs).
The financial information has been provided.
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