Goodluck Defence And Aerospace Unlisted Shares

Annual Report Summary

Goodluck Defence and Aerospace Limited - 1st Annual Report Summary:

This is the first annual report of Goodluck Defence and Aerospace Limited, covering the financial year ended March 31, 2024.

Corporate Information:

• Board of Directors: Consists of Shri Mahesh Chandra Garg, Shri Ramesh Chandra Garg as Directors, Mr. Madhur Gupta as Non-Executive Independent Director, and Ms. Charu Jindal as Non-Executive Woman Independent Director.
• Statutory Auditor: M/s Sanjeev Anand & Associates.
• Company Secretary: Ms. Jyoti Sachdeva.
• Chief Financial Officer: Mr. Arun Kumar.
• Registered Office: Goodluck House, Ghaziabad.

Notice of Annual General Meeting (AGM):

• The 1st AGM will be held on Saturday, September 21st, 2024, at 11:00 AM via Video Conferencing (VC) / Other Audio Visual Means (OAVM).
• Ordinary Business: Includes receiving and adopting the financial statements for the year ended March 31, 2024, appointing a director in place of Mr. Mahesh Chandra Garg who retires by rotation, and appointing auditors and fixing their remuneration.
• Special Business: Alteration of the Memorandum of Association of the company, specifically changing clause 3(B) by deleting sub-clauses 1-29 and adding new sub-clauses 1-41. Approve the appointment of Shri Mahesh Chandra Garg (DIN: 00292437) and Shri Ramesh Chandra Garg (DIN: 00298129) as Whole Time Director - Key Managerial Personnel of the Company. Approval for the creation of charges and securities on the company's properties/assets under Section 180(1)(A) and Overall borrowing limits of the company, under Section 180(1)(C) of the Companies Act, 2013, and related party transactions.

Key Resolutions to be Passed at the AGM:

• Altering the Memorandum of Association to expand the company's objectives, including entering contracts with other companies, employing experts, establishing branches and subsidiaries, acquiring property, and seeking government concessions.
• Approving the appointment of Shri Mahesh Chandra Garg and Shri Ramesh Chandra Garg as Whole Time Directors and Key Managerial Personnel, including setting their remuneration. Any increase in remuneration should comply with applicable law without requiring approvals.
• Approving the creation of charges/securities on the company's assets, including the power to take over management in case of defaults, in favor of lenders for securing borrowings.
• Approving the overall borrowing limits of the company up to Rs. 200 crores.
• Approving related party transactions with Goodluck India Limited, its Holding Company, for sale, purchase, or supply of goods or materials and availing services up to a limit of Rs. 50 Crore.

Important Notes for AGM Participants:

• The AGM will be held via VC/OAVM, and physical presence is not required.
• Members can attend and vote, and corporate/institutional members need to send a scanned copy of their authorization.
• Members attending via VC/OAVM will be counted for quorum.
• The facility for participation at the AGM through VC/OAVM will be made available for 1000 members on first-come-first-served basis. Certain members can attend without restriction of first-come-first-served basis.
• Registers of Directors and Key Managerial Personnel will be available during the AGM.
• Members can send questions/comments in advance to cs@goodluckdefence.com.
• Registers of Members and Share Transfer Books will be closed from September 15th to September 21st, 2024.
• The notice of the AGM and Annual Report are being sent electronically.
• Remote e-voting will be available from September 18, 2024, at 9:00 AM to September 20, 2024, at 05:00 PM.
• Instructions for e-voting and joining the AGM are provided, including login methods for different types of shareholders.
• Institutional shareholders are required to send scanned copies of relevant Board Resolutions/Authority letters.

Director's Report:

• Presents the first annual report and audited standalone accounts.
• Financial results for 2023-24 show a total income of Rs. 303.68 Lakh, primarily from interest income, as the company hasn't started business operations. Profit after tax is Rs. 184.23 Lakh, with an earning per share of Rs. 1.01.
• No dividend is recommended as there is no operational income.
• Reports changes in directors and key management personnel (KMP), including resignations and appointments.
• The Board met twelve times during the financial year.
• M/s Sanjeev Anand & Associates have been appointed as Statutory Auditors.

Other Key Points from the Director's Report:

• No fraud has been reported by the Auditor.
• There was no foreign exchange earnings or outflow.
• The Company did not invite or accept any fixed deposits.
• There is an adequate internal financial control system in place.
• Goodluck Defence and Aerospace Limited is a subsidiary of M/s Goodluck India Limited.
• Independent Directors have confirmed that they fulfil all the requirements.
• The Company has a policy on prevention, prohibition and redressal of sexual harassment at the workplace.
• The company has put in place a Risk Management Policy.
• The company has been converted from Private Company to Public Company.
• All Contracts / transactions / arrangements entered into by the Company during the financial year with the Related Parties were in the ordinary course of business.

Financial Statements Highlights (Standalone):

• Assets: Total assets amount to Rs. 17,079.17 lakhs, with non-current assets at Rs. 2,033.25 lakhs and current assets at Rs. 15,045.92 lakhs.
• Equity: Total equity is Rs. 17,014.63 lakhs, comprising equity share capital of Rs. 4,911.00 lakhs and other equity of Rs. 12,103.63 lakhs.
• Liabilities: Non-current liabilities total Rs. 2.41 lakhs. Current liabilities total Rs. 62.13 lakhs.
• Statement of Profit and Loss: Revenue from operations: NIL; Other income (Interest): Rs 303.68 lakhs; profit before tax: Rs 260.54 lakhs; profit after tax: Rs 184.24 lakhs.
• Cash Flow Statement: Net cash from operating activities amounts to Rs. (4,690.69) lakhs, from investing activities amounts to Rs. (1,726.57) lakhs, and from financing activities amounts to Rs. 16,830.39 lakhs
• The Company made investments of Rs 4090 lakhs, unsecured
• Basic & Diluted Earnings Per Share is Rs 1.01
• The long-term provisions include provision for Gratuity- 1.92 Lakh and Provision for Compensated Absences - 0.49 lakh

The report also includes detailed notes to the financial statements, auditor's reports, and other annexures.