Inkel Limited Unlisted Shares Annual Reports

Inkel Limited Unlisted Shares

INKEL 17th Annual Report 2023-2024 Summary INKEL Limited, a Public Private Partnership (PPP) enterprise of the Government of Kerala, presents its 17th annual report for 2023-2024. The company focuses on infrastructure development in various sectors, including health, education, tourism, transport, and finance, and has been recognized by KIIFB for its quality work. INKEL emphasizes safety and quality in every project and aims to deliver cost-efficient solutions. The company's expertise includes Project Management Consultancy (PMC) and construction services in EPC mode, and specializes in renewable energy solutions. **Financial Performance:** * The annual turnover decreased slightly from ₹81.17 Cr in FY 2022-23 to ₹79.20 Cr in FY 2023-24, a reduction of 2.43%. * Profit After Tax (PAT) increased to ₹16.25 Cr, up 26.16% from ₹12.88 Cr in the previous year. * The increase in PAT is attributed to increased lease premiums in the estate division and dividend income from INKEL-EKK and INKID. * The overall turnover of the INKEL Group increased to ₹115.11 Cr, up 13.98% from ₹100.99 Cr in the previous year. * The PAT of the group increased significantly to ₹30.74 Cr, up 113.03% from ₹14.43 Cr the previous year. **Project Management Consultancy (PMC):** * INKEL’s PMC division commenced operations in 2007. * The division undertakes PMC services, and Non-PMC/EPC construction, funded primarily by KIIFB. * INKEL is an ISO 9001:2015 certified project management consultancy. * Works worth ₹1440 Cr are under construction, with 97% being government projects funded by KIIFB. * Strategic initiatives include strengthening the Design & Engineering Wing, seeking empanelment with other agencies, and establishing a Training Academy. **Renewable Energy:** * INKEL is a turnkey Solar EPC player in Kerala and expanding into Karnataka. * Major projects under execution include solar power plants for KSEBL and hybrid rooftop systems in Karnataka. * The company has signed an MOU with the National Institute of Wind Energy for a wind power project in Palakkad. **INKEL Group of Companies:** * **INKEL KSIDC Projects Limited (INKID):** A joint venture focused on land infrastructure development for industrial purposes, holding land parcels in Angamaly and Malappuram. * **INKEL EKK Roads Private Limited (INKEL EKK):** A special purpose vehicle for rehabilitation of state highways in Kottayam and Thiruvananthapuram districts, engaged in operation and maintenance. * **INKES Trade Centre Limited (INKES):** A joint venture for commercial development of land near Thampanoor, Trivandrum, with plans for a trade center. * **INKEL Infrastructure Development Projects Limited (IIDPL):** A 100% subsidiary of INKEL, serving as an investing arm for infrastructure projects. IIDPL has incorporated a wholly owned subsidiary company, INKEL Renewable Energy Private Limited, * **INKEL Renewable Energy Private Limited (INKEL RE):** A wholly-owned subsidiary of IIDPL focused on renewable energy projects. INKEL RE has won a tender for a 14 MW wind energy project for KSEBL. * **MIV Logistics Private Limited (MIV):** An associate company with equity participation by INKEL; a Container Freight Station at Vallarpadam Terminal, Cochin. The project could not take off and the investments have to be written off. * **Seguro Foundations & Structures Private Limited (SFS) & SEGURO INKEL Consortium LLP (SEGURO LLP):** INKEL is facing multiple litigations from the former management of SEGURO due to financial irregularities. Investment of 13.8 Cr in SFS was written off in FY 2019-20, and legal actions are being pursued. **Projects at a Glance:** * Ongoing Projects: Cochin Cancer Research Center, Govt. Medical College Ernakulam – SSB, GMCE-MLT, DH Mavelikkara * Completed Projects: Family Health Centre Ettumanoor, GHSS Naluchira, GHSS Panamattam, Alappuzha Heritage Projects, 1.5MWp Solar Power plant at Nenmara Palakkad, 2MWp Autokast Limited Cherthala, 2MWp Solar Power Plant at Mananthavady, 400kWp Solar Power Plant at Cherpulassery, 400kWp Solar power plant at Manjeshwaram, 100kWp Solar Power plant at Kelappaji College of Agricultural Engineering & Food Technology, Malappuram * Projects Commenced: GMC Thrissur- Mother & Child Block, GMC Thrissur- Super Speciality Block, Taluk Hospital Kunnamkulam, Taluk Hospital Pathanapuram, General Hospital, Kottayam **Corporate Actions & Governance:** * The 17th Annual General Meeting (AGM) is scheduled for September 9, 2024. * The board recommends a dividend of 4.75% for the FY 2023-24. * The board seeks approval for the reappointment of Adv. Geethakumary P.S. and the extension of the period of appointment of Mr. Jacob Kovoor Ninan as Independent Directors. * The board also seeks approval to extend the period of appointment of Dr. Ellangovan K as Managing Director. * Mr. S. Harikishore IAS has been appointed as Nominee Director in lieu of Mr. Suman Billa IAS. * Mr. Riju Thomas appointed as Chief Financial Officer (CFO). **Key Issues and Risks:** * Litigations against INKEL related to past investments in Seguro Foundations and Structures (SFS) and the Calicut Expressway Project * The report also mentions areas of concern as well, investment into Seguro Foundations and Structures in the year 2017, has not only led to loss of entire investment of 13.8 Cr, but also led to large number of litigations against INKEL. * The directors are taking all possible measures to protect the interest of shareholders. **Financial Ratios** The report includes key financial ratios. Current ratio shows improvement. Debt Equity Ratio, Net Profit Ratio & Return on Capital Employed increased. **Overall:** The report emphasizes INKEL's commitment to infrastructure development in Kerala, its focus on renewable energy, and its efforts to address challenges from past investments. The company is aiming to expand into new areas and improve financial performance.

Inkel Limited Unlisted Shares

INKEL's 16th Annual Report for 2022-2023 highlights the company's financial performance and operational activities. **Overview of INKEL:** INKEL Limited, a Public-Private Partnership (PPP) enterprise of the Government of Kerala, aims to boost infrastructure development in Kerala by attracting private investment. The company acts as a bridge between the state government and the private sector, engaging with public sector banks, institutional investors, and NRI investors. INKEL’s mission focuses on professional expertise for quality infrastructure development with emphasis on safety and quality in every project. INKEL's expertise spans Project Management Consultancy (PMC), EPC (Engineering Procurement and Construction) services, and renewable energy solutions, specializing in solar and wind energy. **Financial Performance:** The fiscal year 2022-2023 was a milestone, with INKEL achieving its highest-ever turnover. The company's income grew by 37% to ₹81.16 Crore. Net profit saw a 1007% increase, reaching ₹12.88 Crore. The growth was attributed to good project implementation and monitoring. **Project Management Consultancy (PMC):** INKEL's PMC division provides comprehensive project management services, from concept to commissioning. As an ISO 9001:2015 certified consultancy, it delivers solutions for infrastructure projects, including hospitals, roads, bridges, conservation projects, and institutional and industrial buildings. INKEL receives 3-7% of project costs as centage fee for PMC services. The division's work involves feasibility studies, engineering designs, estimation, tendering, contractor selection, contract awarding, project execution, monitoring, and control. INKEL also assists with statutory approvals and provides training sessions for capacity building. Clients include government departments and organizations like the National Health Mission, Smart Mission Limited, KSIDC, and KINFRA. INKEL is managing 177 projects with a total project outlay of ₹4280 Cr, with ₹2484 Cr received as Financial Sanction from KIIFB. The distribution of PMC projects is sector-based, with health dominating at 77.30%. **Renewable Energy Department:** INKEL has expanded into renewable energy, particularly solar power projects in Kerala and Karnataka, recognized as a "Government accredited agency" for renewable energy. The company has implemented projects worth 15 MW in Kerala. As of 2022, INKEL received the Kerala State Renewable Energy Award in recognition of their effort to develop cost-effective photovoltaic solar plants. The Renewable Energy (RE) division provides services ranging from engineering to end-of-life handling. INKEL also works on managing solar energy projects across various sectors, including utility, rooftops, and special projects like floating solar plants and battery energy storage systems. The company is pursuing accreditation for EV charging stations. INKEL ventures into Karnataka, executing hybrid rooftop solar systems. INKEL has completed over 500 installations. INKEL's cumulative solar capacity has exceeded 15.649 MWp, with further 15MWp+ projects in the pipeline. In addition to solar, INKEL plans to venture into wind farm development and EV charging station installations. RE performance shows an upward trend in achievement over the years. **Projects at a Glance:** The report presents visual examples of completed and ongoing projects, including: * Completed Hospital Project FY22-23 - Cancer Block at GH EKM * Completed school buildings such as GHSS Kizhkupuram & GHSS Anapara * Alappuzha and Muziris Heritage Projects * Completed treasury projects such as Stamp Depot Nedumkandam * Ongoing major hospital projects such as Cochin Cancer Research Center and Govt. Medical College Ernakulam * Several solar power plants **Major Achievements & New Verticals:** INKEL received the Kerala State Renewable Energy Award for best company of the year 2021-22 and multiple awards at the Solar Quarter Business Meet 2023. They are expanding into new verticals: Wind Energy, Logistic Parks, Warehouse Projects, Green Mobility **Corporate Governance & Board Matters:** The company's 16th Annual General Meeting is scheduled for August 19, 2023. The board recommends a dividend of 4.5% (₹0.45 per equity share). The Board of Directors consists of Mr. P Rajeeve (Chairman), Dr. K Ellangovan (Managing Director), Mr. Suman Billa IAS, Mr. Varghese Kurian, Mr. C V Rappai, Mr. Jayakrishnan Krishna Menon, Mr. Mohamed Althaf, Adv. Geethakumary P.S., and others. The report details several board committees including Audit, Nomination and Remuneration, Stakeholders Relationship, Corporate Social Responsibility, Subcommittee on Legal Matters, and Committee for Finalization of Operational Strategy. **Compliance and Audit:** The report includes sections on: Internal Financial Controls, Directors’ Responsibility Statement, Auditors’ Report (including qualifications), Secretarial Audit Report, details of legal cases, and compliance with various accounting standards and regulations. M/s. Sridhar & Co, Chartered Accountants, are the Statutory Auditors. A secretarial audit report is included and acknowledges that INKEL has complied with applicable secretarial standards issued by the Institute of Company Secretaries of India (ICSI). **Financial Statements & Disclosures:** The report contains standalone and consolidated financial statements, including the balance sheet, statement of profit and loss, and cash flow statement. It provides details on share capital, reserves and surplus, borrowings, trade payables, provisions, property, plant and equipment, investments, and related party transactions. There is also a note concerning fraud related to investment in Seguro Foundations & Structures Private Limited (SFS) and the steps taken to recover funds, however, the loss has been accounted for. **Risk Management & Vigil Mechanism:** The company has a risk management system and a vigil mechanism for reporting concerns. In closing, the Directors acknowledge and appreciate the support from shareholders, the Government of Kerala, agencies, officials, bankers, business associates, and employees.

Inkel Limited Unlisted Shares

The INKEL Limited 2021-2022 annual report highlights the company's pioneering role in infrastructure development in Kerala as a PPP initiative of the Government of Kerala. Chairman Shri P Rajeeve mentions a crucial phase for INKEL since 2007, acknowledging that COVID slowed project implementation but has improved subsequently. Efforts are underway to diversify profit streams, with a focus on becoming an EPC contractor and project management consultant, with promise from renewable energy projects. A new operational strategy is being adopted to identify future areas of growth, aiming for INKEL to become a leading agency in Kerala. There's a renewed enthusiasm among the Board of Directors, Managing Director, and employees to enhance operations and provide returns to shareholders, with shareholder interest considered paramount. The company's Board of Directors consists of Mr. P Rajeeve (Chairman), Dr. K Ellangovan (Managing Director), and directors Mr. Suman Billa IAS, Mr. Varghese Kurian, Mr. Rappai C V, Mr. Mohamed Althaf, Mr. Jayakrishnan Krishna Menon, Adv. Geethakumary, and Mr. Jacob Kovoor Ninan. INKEL is a technology-driven Total Solution Provider for infrastructure projects. The company delivers services from concept to commissioning, encompassing super specialty hospitals, roads, bridges, conservation, institutional and industrial buildings. Its expertise includes project management consultancy (PMC), specialized works such as Cathlabs & Medical Lab systems, civil construction via EPC, and renewable energy projects, such as solar and wind. As an accredited agency with the Kerala Government, INKEL implements major projects like hospitals, schools, and treasury buildings as a SPV or PMC. Major clients include various Kerala government departments, as well as Cochin Smart Mission Limited, and Kerala Industrial Infrastructure Development Corporation. Out of the total Administrative Sanctioned (AS) amount of Rs 4127 Cr, INKEL has received Financial Sanction (FS) to the tune of Rs. 2096 Cr. Currently, there are more than 150 projects that INKEL is implementing. INKEL receives a centage fee of 3 to 7% of the project cost, which serves as a major revenue source. Completed projects include the elevated corridor at Govt. Medical College Trivandrum, 19 school projects across Kerala, 13 treasury buildings, and a liquid oxygen plant at Govt. Medical College Ernakulam. Ongoing major projects include hospital projects under the Healthcare to the Poor mission funded by KIIFB, 39 schools being upgraded under KIIFB, construction of 24 Sub Treasury Buildings, development of Alappuzha Mobility Hub (estimated cost Rs 493.06 Cr), and conservation of heritage buildings (total cost Rs 151.38 Cr). INKEL's Renewable Energy (RE) wing has an experienced in-house team and can develop cost-effective PV solar plants. INKEL executes large-scale solar projects and can manage solar energy projects including floating solar plants and BESS. The cumulative capacity of solar projects executed by INKEL has crossed 12.143 MWp, and over 10MWp projects are under execution. INKEL is also venturing into Wind Power and Large-scale BESS development. The RE division has expanded to Karnataka for hybrid rooftop solar systems in 8 districts. INKEL is the only Kerala-based agency with the highest rating of SP1B for Solar System Integrators. The 15th Annual General Meeting (AGM) of INKEL Limited will be held on September 15, 2022, via video conferencing, to consider ordinary business (financial statements, director appointment) and special business (appointment and remuneration of Managing Director Dr. Ellangovan, appointment of Independent Director Ms. Geethakumary and appointment of director Mr. Mohamed Althaf) . The notice explains the remote e-voting procedure for shareholders, including those holding securities in Demat mode with CDSL/NSDL and physical shareholders and other than individual shareholders holding shares in Demat form. Shareholders can join the AGM in VC/OAVM mode 15 minutes before and after the scheduled time. The facility of participation at the AGM through VC/OAVM will be made available to at least 1000 members on first come first served basis. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions mentioned above for e-voting. The Directors' Report provides a summary of the company's financial results, review of performance, and other key aspects of its operations. In FY 2021-22, the company recorded total income of Rs 5940.12 lakhs and a profit after tax of Rs 117.70 lakhs. On a consolidated basis, the company reported a total income of Rs 10301.51 lakhs and a profit after tax of Rs 887.82 lakhs. INKEL also has investments in several subsidiaries and associate companies such as Seguro Foundations & Structures Private Limited, INKEL Infrastructure Development Projects Limited, MIV Logistics Private Limited, INKEL KSIDC Projects Limited and INKES Trade Centre Limited. During the year under review, an amount of Rs. 117.70 lakhs were transferred to reserves. The Company had transferred an amount of Rs 50,400 being the dividend for the year 2013-14. The Board of your Company consisted of nine Directors as on 31.03.2022. The company had received declarations from Independent Directors confirming that they meet the criteria of independence. Ms Anjana M A resigned from the post of Company Secretary of the Company with effect from 01.01.2022 and Ms Meera C joined with effect from 17.01.2022. M C Sajumon, Practicing Company Secretary has been appointed as Secretarial Auditor of the Company.The report in Form MR-3 is attached as Annexure 2 to this report. As per financial results the company is earning adequate profits. The company has adopted a policy regarding directors' appointment and remuneration. The authorized capital of the company is Rs.200 crores. The company has complied with applicable Secretarial Standards issued by ICSI. The directors were responsible for accounting records, selection of accounting policies, and internal financial controls. The directors affirmed that there were no material changes or commitments affecting the financial position of the company, and that the company has complied with relevant laws and regulations. The company is committed to maintaining a zero-tolerance approach to sexual harassment at work.

Inkel Limited Unlisted Shares

Annual Report Summary: INKEL Limited (2020-2021) This document is the 14th annual report for INKEL Limited, covering the financial year ending March 31, 2021. INKEL Limited is a Public Private Partnership initiative. The annual report includes notice to shareholders, directors' report, balance sheet, statement of profit & loss, cash flow statement, and consolidated financial statements. The registered office is located in Kakkanad, Kochi. The 14th Annual General Meeting was held on December 30, 2021, via video conferencing. **Notice to Shareholders:** The notice announces the 14th Annual General Meeting to be held on December 30, 2021, via video conferencing, to transact ordinary and special business. Ordinary business includes adopting the audited financial statements. Special business includes the appointment of Mr. Mohanlal as Managing Director. Terms and conditions of the appointment, including salary and incentives, are detailed. Notes provide information about electronic voting and joining virtual meetings, including instructions for shareholders whose email/mobile numbers are not registered. An explanatory statement related to the appointment of Mr. Mohanlal is also included. **Directors' Report:** Financial results show a total revenue of Rs. 61,42,67,696 for FY 2020-21, compared to Rs. 29,74,06,694 in the previous year. The net loss was Rs. 3,33,51,479, compared to Rs. 13,60,16,845 the previous year. No dividend was declared. The report reviews operations, noting INKEL's role as SPV/PMC for Kerala government projects with a total project cost of Rs. 1358 Cr and average centage of 3.30%. Projects under execution span various departments. The report highlights INKEL Business Park Angamaly and INKEL Greens Malappuram initiatives. The report details about solar division which achieved Rs.35 crore in business in the FY 2020-21. The report includes details of unclaimed dividends transferred to the Investor Education and Protection Fund. It reports changes in share capital during the year, the Board of Directors, the number of board meetings held and the date on which those meetings were held, corporate social responsibility committee activities with an amount of Rs.15,93,400 spent, Nomination and Remuneration committee, Audit committee, and Stakeholders Relationship committee. The company has adequate risk management systems in place. Related party transactions are disclosed. It also affirms compliance with Secretarial Standards and includes statements on Independent Directors and Woman Director. It provides details regarding Statutory Auditor, Cost Auditors, and Secretarial Audit. It declares that there were no cases reported regarding sexual harassment of women at the workplace. The report also includes information about deposits, loans, guarantees, investments, details of subsidiaries, and annual return. **Financial Statements:** * **Balance Sheet:** The balance sheet as of March 31, 2021, and March 31, 2020, is presented. Key figures include total equity and liabilities, and total assets. * **Statement of Profit and Loss:** The Statement of Profit and Loss for the years ended March 31, 2021, and March 31, 2020, are shown, detailing revenue, expenses, and profit/loss. * **Cash Flow Statement:** The cash flow statement provides information on cash flow from operating, investing, and financing activities for the years ended March 31, 2021, and March 31, 2020. * **Consolidated Financial Statements:** Details salient features of subsidiary financial statements, including names, financial periods, capital, reserves, total assets and liabilities, investments, and turnover. Information is given on associates and joint ventures. **Auditors' Report:** The independent auditor's report disclaims an opinion on the consolidated financial statements of the group and its associates because of the non-consolidation of SFS due to unresolved financial irregularities. The report highlights key audit matters and other legal and regulatory requirements and internal financial control.