Inkel Limited Unlisted Shares

Annual Report Summary

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.