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Frick India Limited Unlisted Shares

Annual Report: 2024

Year: 2024

Annual Report Summary

Frick India Limited's 61st Annual Report for 2023-24 contains the company's information, financial highlights, and notices for the Annual General Meeting. The AGM will be held on September 21, 2024, via video conferencing, to address ordinary and special business matters.

Company Information & Financial Highlights:

  • Registered Office: 21.5 Km., Main Mathura Road, Faridabad -121003, Haryana.
  • Corporate Office: 809, Suryakiran Building, 19 K. G. Marg, New Delhi-110001.
  • The company's website is www.frickweb.com.
  • Board of Directors: Includes Mr. Jasmohan Singh (Managing Director), Ms. Gurleen Kaur, Ms. Jasleen Kaur Queenie Singh (Non-Executive Directors), and Mr. Ramesh Chandra Jain, Dr. Govindarajula Bhaskara Rao, CA. Divaker Jagga, Mr. Harbhajan Singh, Mr. Vidyanidhi Dalmia, and Mr. Suresh Chandra (Independent Directors).
  • Key Managerial Personnel: Mr. Jasmohan Singh, CA. Sharad Bhatnagar (Director (Finance & Taxation) & CFO), and CS. Amit Singh Tomar (Company Secretary - Manager - Legal).
  • Auditors: M/s Lodha & Co. LLP (Statutory Auditors), M/s Jatin Sharma & Company (Cost Auditors), M/s Aditi Agarwal & Associates (Secretarial Auditors), and Grant Thornton India LLP (Internal Auditors).
  • Bankers: Canara Bank, ICICI Bank Limited, and HDFC Bank Limited.
  • Registrar & Transfer Agent: Link Intime India Private Limited.
  • Financial Performance (Rs. in Lakhs):
    • Net Sales (including other income): 49,368.75 (2024) vs. 36,927.00 (2023)
    • Assets before Depreciation: 4,689.67 (2024) vs. 4,374.24 (2023)
    • Equity Capital (Rs. 60 Lakhs Plus Reserves): 27,371.77 (2024) vs. 23,175.42 (2023)
    • Profit Before Taxation: 5,292.71 (2024) vs. 3,856.46 (2023)
    • Provision for taxation (Net): 1,060.36 (2024) vs. 1,004.25 (2023)
    • Dividend Paid: 24.00 (2024) vs. 18.00 (2023)
    • Rate of Dividend: 40% (2024) vs. 30% (2023)

Notice of the 61st Annual General Meeting:

  • The meeting will be held via Video Conferencing/Other Audio Visual Means (OAVM) on September 21, 2024, at 11:00 A.M.
  • Ordinary Business:
    • To receive and adopt the financial statements for the year ended March 31, 2024, along with the reports of the Directors and Auditors.
    • To declare a dividend of Rs. 4/- per equity share.
    • To appoint a Director in place of Ms. Jasleen Kaur Queenie Singh, who retires by rotation and offers herself for re-appointment.
  • Special Business:
    • Ratification of remuneration to be paid to M/s Jatin Sharma & Co., Cost Auditors, for the financial year 2024-2025 for INR 120,000 plus expenses.
    • Approval of members for re-appointment of Mr. Jasmohan Singh as the Managing Director of the Company for a period of 5 years with effect from 21st July, 2024.
    • Approval of members for increase in remuneration for Mr. Jasmohan Singh as the Managing Director of the Company pursuant to Section 197 read with Section II of Part II of Schedule V of the Companies Act, 2013.
    • Approval of members for payment of remuneration to increase in payment of remuneration to Ms. Gurleen Kaur, Non-Executive Director of the Company.
    • Approval of members for appointment of Mr. Harbhajan Singh as a Non-Executive & Independent Director of the Company.
    • Approval of members for appointment of Mr. Vidyanidhi Dalmia as a Non-Executive & Independent Director of the Company.
    • Approval of members for appointment of Mr. Suresh Chandra as a Non-Executive & Independent Director of the Company.
  • E-Voting Information: Remote e-voting will be available from September 18, 2024 (10:00 A.M.) to September 20, 2024 (05:00 P.M.) through Linkintime India Private Limited. Members attending the AGM through VC/OAVM can also vote.

Director's Report:

  • The Board recommends final dividend of Rs. 4.00 per equity share (40%) subject to shareholder approval.
  • Unclaimed dividend of Rs. 83,533 pertaining to the year ended March 31, 2016 was transferred to the Investor Education & Protection Fund.
  • The company transferred Rs 4,208.35 Lacs to the General Reserve.
  • Ms. Jasleen Kaur Queenie Singh is retiring by rotation and is eligible for re-appointment.
  • New directors, Mr. Vidyanidhi Dalmia, Mr. Harbhajan Singh and Mr. Suresh Chandra, were appointed to the Board, with shareholder approval sought at the AGM.
  • Mr. Jasmohan Singh's re-appointment and remuneration are recommended for approval.
  • The Directors affirm that remuneration paid to directors, Key Managerial Personnel, senior management and other employees is as per the Remuneration Policy.
  • The company installed 2 dual fuel Gensets of 500 KVA each to replace with already installed generators to reduce its carbon emission.
  • Details on corporate social responsibility (CSR) activities, loan guarantees, and related party transactions are provided.
  • The report has stated regarding maintenance of secretarial records and its accuracy by company auditor.
  • The report describes a policy on sexual harassment.
  • The Company's ESG approach emphasizes sustainable operations, energy and water neutrality, and product stewardship, aligned with zero waste, emission goals, and circulatory principles. Focus areas are: Climate Change, Management, Waste and Effluents.

Corporate Governance Report:

  • The Company adheres to Corporate Governance practices and has a defined set of guidelines based on business ethics, legal compliance, and professional conduct.
  • The Board comprises an appropriate mix of Executive, Non-Executive, and Independent Directors.
  • Mr. Vidyanidhi Dalmia, Mr. Harbhajan Singh and Mr. Suresh Chandra were appointed as Additional Director(s) in the capacity of Non-Executive Independent Director of the Company to hold office for a period from July 16, 2024 for 5 years.
  • Various committees are in place, including the Audit Committee, Nomination & Remuneration Committee, and Stakeholders' Relationship Committee.
  • All Independent Directors inducted on the Board go through an orientation programme on March 09, 2024 which a copy of the same has been posted on the website of the Company.
  • The Company’s whistleblower policy is described and available on the website.
  • Ms. Aditi Gupta from M/s Aditi Agarwal & Associates has been appointed to conduct Secretarial Audit pursuant to Section 204 of the Act.
  • The Company proposes to obtain approval of the members by way of Special Resolution in case profits are inadequate, to enable the Company to pay the managerial remuneration as stated in the resolution.

Financial Statements:

  • The report includes the Balance Sheet as at 31st March, 2024, Statement of Profit and Loss, Cash Flow Statement, and statement of changes in equity for the year ended on that date. These statements follow Indian Accounting Standards (Ind AS) and provide detailed financial information.
  • The Independent Auditor's Report is included, containing the auditor's opinion and their responsibilities.

Additional Information:

  • Nomination Form (SH-13), details on Electronic Clearing Service (ECS), and a form for Registration of E-MAIL Address are provided for shareholders' convenience.

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