Annual Report Summary
Frick India Limited Annual Report Summary (Financial Year 2021-22)
The 59th Annual Report of Frick India Limited covers the financial year ended March 31, 2022. Frick India Limited was incorporated in 1962 in collaboration with Frick Company USA and is the largest equipment manufacturer and turnkey solution provider for Industrial refrigeration in India.
Financial Highlights:
- Total Revenue: Increased to ₹28,771.80 Lakhs (FY21: ₹23,753.86 Lakhs).
- EBITDA: ₹2,603.13 Lakhs (FY21: ₹3,184.92 Lakhs).
- Profit Before Tax (PBT): ₹2,189.71 Lakhs (FY21: ₹2,731.59 Lakhs).
- Profit After Tax (PAT): ₹1,636.34 Lakhs (FY21: ₹2,079.05 Lakhs).
- Dividend: Recommended @ 30% p.a.
- Earnings per Share: Basic and Diluted both at ₹272.73 (FY21: ₹346.52).
- The Company had transferred an amount of Rs. 1618.34/-being 98.90% of the profit after tax of the year under review, to the General Reserve of the Company.
Corporate Governance and Board Matters:
- The 59th Annual General Meeting (AGM) will be held on September 23, 2022, via Video Conferencing/Audio Visual Mode.
- Ms. Jasleen Kaur is retiring by rotation at the AGM and being eligible, has offered herself for re-appointment. The Board recommends her re-appointment.
- The board reports the death of Late Sh. C.A. Mahendra Kumar Doogar, Non-Executive Independent Director of the Company and the appointment of Mr. Govindarajula Bhaskara Rao as an Additional Director in his place.
- The Company has received declarations from Independent Directors, that they meet the criteria of independence.
Company Information:
- Company CIN is L74899HR1962PLC002618. The registered office is located at 21.5 KM, Main Mathura Road, Faridabad.
- Key management personnel include: Mr. Jasmohan Singh (Managing Director), CA. Sharad Bhatnagar (Director Finance & Taxation & CFO), and CS Amit Singh Tomar (Company Secretary- Manager - Legal).
- Statutory Auditors: M/s Lodha & Co., Chartered Accountants
- Internal Auditors: Grant Thornton India LLP
- Cost Auditors: M/s Jatin Sharma & Company.
Business Overview and Outlook:
- Frick India is the largest equipment manufacturer and turnkey solution provider for industrial refrigeration in India.
- The company is focusing on consolidation of various lines of business and increasing sales domestically and through exports.
- Directors are hopeful of increasing growth in the refrigeration sector.
- The company faces challenges given the slower rate of pick-up of the world economy after the global slowdown and prevalent recessionary trends due to the COVID-19 Pandemic.
Capacity Expansion and Quality Initiatives:
- The Company has been under the process for capacity expansion as well as for modernization of facilities, therefore, over the period of time has acquired various advanced technological equipments.
- Undertaking various initiatives on the Quality matters, in all aspects, viz. from the stage of procurement of raw-materials / inputs for the production process up to the stage of final installation at the Project Site of the Client and beyond commissioning as well, under the Annual Maintenance Contracts.
Dividend Information:
- The Board has recommended a dividend of 30% p.a. for the year ended March 31, 2022, subject to approval by members.
Corporate Social Responsibility (CSR):
- The Company constituted the committee on Corporate Social Responsibility on May 09, 2014 and is committed to discharging its social responsibility as a good corporate citizen, complying with all the provisions of Section 135 in accordance with the Companies Act, 2013.
Investor Information and AGM Details:
- The 59th AGM of Frick India Limited will be held on Friday, 23rd day of September, 2022 at 11:00 A.M. through Video Conferencing/Audio Visual Mode.
- Details of unclaimed dividend and shares are available on the company website.
- Members are requested to register their email IDs to receive documents in electronic mode.
Risk Management and Internal Control:
- Effective risk management is essential. Risks are broadly classified as Strategic, Operational, Financial, and Legal/Regulatory. The Company has a comprehensive Internal Control System.
- The internal financial control framework is commensurate with the size and operations of the business.
Compliance and Declarations:
- The Company is fully compliant with applicable Secretarial Standards and has a Code of Business Conduct and Ethics. A compliance certificate from a Company Secretary is included in the report.
- The Directors have made necessary declarations regarding compliance and responsibility.
Financial Ratios and Analysis:
Details of significant changes in key financial ratios and their explanations are provided, such as Debtors Turnover Ratio, Inventory Turnover Ratio, Interest Coverage Ratio, Current Ratio, Debt Equity Ratio, Operating Profit Margin (%), and Net Profit Margin (%).
