Annual Report: 2022
The 13th Annual Report of Kannur International Airport Ltd. for the year 2021-22 includes a notice that the Annual General Meeting will be held on July 20, 2023, via video conferencing to consider the annual accounts, Director's Report, Auditor's Report, and appointment of statutory auditors. Due to the COVID-19 pandemic, members' physical attendance is not required, and the meeting is conducted through video conferencing or other audio-visual means. The report outlines electronic voting procedures for members.
Board of Directors and Committees:
The report lists the Present Board of Directors and the composition of various committees of the board, including the Stakeholder Relationship Committee, Nomination and Remuneration Committee, Share Allotment & Transfer Committee, Strategic Management Committee, Audit Committee, HR & Selection Committee, CSR Committee, and Technical Committee.
Financial Highlights and Operations:
The company's commercial operations commenced on December 9, 2018. Key financial data for the year ended March 31, 2022, compared to the previous year, includes:
The revenue is divided into Aero Revenue (₹5369.26 lakhs) and Non-Aero Revenue (₹2462.28 Lakhs). Expenditure for 2021-22 totaled ₹22,766.96 lakhs.
Management and Corporate Governance:
The maximum strength of the Board of Directors is 20. The Hon'ble Chief Minister of Kerala will be the Chairman of the Company. BPCL can nominate 2 Directors when they hold 20% in the paid-up equity capital of the Company. As of now BPCL is holding 16.20% of paid-up capital. Sri. R. Madhavan resigned from his directorship due to superannuation. Three Board of Director's meetings were held. The Audit Committee was reconstituted. Board of Directors decided not to take up new CSR activities until the Company starts making a profit, but will incur committed expenditure on already approved projects. Several committees are described, along with their members.
Auditor's Report & Qualifications:
M/s Krishnamoorthy & Krishnamoorthy have been appointed as the Statutory Auditors for FY 2021-22. The audit report expresses a qualified opinion, drawing attention to the de-recognition of a deferred tax asset related to MAT credit, stating the losses for the current year are overstated by Rs.220.29 Lakhs and earnings per share by Rs. (0.16). Several "Emphasis of Matter" points are raised, including the non-recognition of Right of Use for leased land, recoverability of deposits with the Ministry of Home Affairs, and contractually receivable expenses from the Government of Kerala.
An adverse opinion is expressed on the internal financial controls over financial reporting, citing material weaknesses. Key issues identified include a lack of adequate controls for: (1) completeness and accuracy of transactions relating to acquisition/construction of property, plant and equipment; (2) financial book closing procedures; (3) assessing recoverability of overdue receivables.
Other Key Points:
Financial Statements and Notes:
The report includes standalone and consolidated balance sheets, statements of profit and loss, statements of changes in equity, cash flow statements, and extensive notes to the financial statements detailing accounting policies, assets, liabilities, equity, revenue, expenses, and other financial disclosures. Details of financial commitments, contingent liabilities, loans, investments, and related party transactions are provided. Significant attention is paid to detailing the impact of COVID-19 on the company's operations and its assessment of going concern status. Details of capital and revenue, along with financial analyses and key information on operations, is explained with precision throughout.
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