ICEX (Indian Commodity Exchange) Limited Unlisted Shares

Annual Report Summary

Indian Commodity Exchange Limited Annual Report 2023-24 Summary:

Board of Directors and Key Personnel:

As of August 20, 2024, the Board included Mr. Sushil Kumar Agrawal (Independent Director), Ms. Vaishali Kale (Shareholder Director), Mr. Suresh Babu Konakanchi (Shareholder Director), Mr. Gopala Ramaratnam (Independent Director), and Mr. Shantanu Walke (Independent Director). Key management includes Mr. Tridib Swain (Chief Executive Officer), Mr. Narayanaswamy Iyer (Chief Financial Officer), and Ms. Poonam Chhikara (Company Secretary).

AGM Information:

The 16th Annual General Meeting (AGM) will be held on September 20, 2024, via video conferencing. Key agenda items include adopting the audited financial statements and re-appointing Mr. Suresh Babu Konakanchi as a director. The remote e-voting period is from September 17-19, 2024.

Financial Performance and Operations:

During the FY 2023-24, the Exchange had an operating income of ₹0.006 Crore, compared to ₹0.25 Crore in FY 2022-23. Other income was ₹9.61 Crore versus ₹1.58 Crore in the prior year. The net profit before tax for the year ended March 31, 2024, was ₹2.91 Crore, a significant improvement from the (₹58.27) Crore loss in the previous year. Net worth stood at ₹26.27 Crore as of March 31, 2024. Trading operations were suspended for the Commodity Segment and Mutual Fund transactions wef April 01, 2022 and April 14, 2022. SEBI withdrew the permanent recognition granted to ICEX. The Board approved a voluntary surrender of recognition. There was no trading and other activities by the Exchange in the FY 2023-24.

Share Capital:

The authorized share capital is ₹368,00,00,000, divided into 73,60,00,000 equity shares of ₹5 each. The issued, subscribed, and paid-up share capital is ₹266,75,37,380, divided into 53,35,07,476 equity shares of ₹5 each.

Investor Protection Fund (IPF) and Investor Service Fund (ISF):

The ICEX-Investor Protection Fund Trust (ICEX-IPF) stood at ₹161412495.89 as of March 31, 2024. The balance in the Investor Service Fund (ISF) account is ₹40,93,374.71.

Related Party Transactions & Internal Controls:

No related party transactions under section 188 (1) of the Companies Act, 2013 were entered into. The company has adequate internal financial controls commensurate to the size and nature of the business.

Loans, Guarantees, Investments, and Securities:

No loans or guarantees were given as per section 186 of the Companies Act, 2013, but investments were made as per the section.

Directors and Meetings:

Mr. Gopala Ramaratnam and Mr. Shantanu Walke were appointed as additional directors. Mr. Ranjit Kumar Samantaray resigned as a whole-time director. The Board met four times during the year.

Audit Committee:

The Audit Committee comprised Mr. Sushil Kumar Agrawal, Ms. Vaishali Kale and Mr. Shantanu Walke. All recommendations of the Audit Committee were accepted by the Board.

Employees:

There were no employees covered under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Risk Management:

The Risk Management Committee is currently non-functional due to the voluntary surrender of recognition.

Auditors:

M/s A.R. Sodha & Co. are the Statutory Auditors. M/s. AVS & Associates undertook the Secretarial Audit. No frauds were reported by auditors.

Material Changes and Commitments:

No material changes or commitments affecting the financial position of the Exchange.

Conservation of Energy:

LED lights and HVAC central controller system are installed to reduce energy consumption.

Foreign Exchange:

Foreign Exchange Earnings: NIL, Foreign Exchange Outgo ₹ 1,66,57,322

Directors’ Responsibility Statement:

The directors confirm adherence to accounting standards, selection of appropriate accounting policies, maintenance of adequate records, preparation of annual accounts on a going concern basis, and implementation of internal financial controls.

Auditor’s Report:

The auditor's report includes a statement on the matters specified in paragraphs 3 and 4 of the Companies (Auditor's Report) Order, 2020.

Corporate Governance:

The company is partially compliant with Corporate Governance Norms as specified for listed companies.

Remuneration:

Details of remuneration paid to directors and key management personnel are provided.

Shareholding:

Details regarding changes in the composition of existing ones including composition, details of meetings of the Board and Committees at March 31,2024 are provided.

Financial Statements:

The provided content also includes the Balance Sheet, Statement of Profit and Loss, and Statement of Changes in Equity as of March 31, 2024, along with detailed notes on these statements, outlining accounting policies, capital management, financial instruments, and other relevant financial information. The auditor’s opinion indicates that the financial statements provide a true and fair view of the company's financial position and performance, subject to certain limitations and observations noted in the report.

In summary, the report outlines the company's financial performance, strategic decisions to surrender recognition, compliance with regulatory requirements, and key aspects of its corporate governance and financial statements, covering the period up to March 31, 2024.