Annual Report: 2023
The following is a comprehensive summary of the Kannur International Airport Limited (KIAL) 14th Annual Report for 2022-23:
Overview: The report presents the 14th Annual Report and Audited Accounts of Kannur International Airport Limited for the financial year ended March 31, 2023. The company was incorporated on December 3, 2009, for the purpose of designing, financing, construction, operation and maintenance of an international airport at Kannur, Kerala. It commenced commercial operations on December 9, 2018. The company is promoted by the Kerala State Government, which held 39.23% of the equity shares of the Company as of March 31, 2023. The AGM will be held on September 29, 2023, via video conferencing.
Annual General Meeting (AGM) & E-Voting: Due to the COVID-19 pandemic, the AGM will be held via video conferencing. Members who held shares as of the cut-off date, September 22, 2023, are eligible to vote electronically from September 26-28, 2023. Instructions for e-voting via NSDL and CDSL are provided, including helpdesk details. Procedures are in place for members attending the AGM through VC/OAVM to participate and cast votes.
Ordinary Business at the AGM: To consider the annual accounts for the year ended March 31, 2023, along with the Directors' and Auditors' Reports. To appoint a Director in place of Sri. Abdul Qadir Theruvath (DIN: 07633785) and Dr. Shamsheer V.P.(DIN: 02371712), who retires by rotation and is eligible for reappointment.
Special Business at the AGM: To approve the remuneration of the Cost Auditor for the Financial Year 2023-24, fixing Rs. 75,000/- plus applicable taxes and out-of-pocket expenses for M/s Sankara Kumar Associates, and Rs. 18,000 for report preparation.
Directors' Report & Financial Highlights: The Company commenced its commercial operations on December 9, 2018. Financial highlights for the year ended March 31, 2023, compared to the year ended March 31, 2022, are as follows (values in lakhs):
Revenue from Operations Breakdown (in lakhs):
Aero Revenue (Rs. 8,989.68 lakhs):
User Development Fee (UDF) 5294.46
Landing Charges 1288.26
Inline X-Ray Charges 734.27
TNLC Collection 434.5
Revenue Share on Ground Handling 318.77
Parking Charges 285.99
Aerobridge Charges 221.14
Domestic Cargo 219.56
CUPPS/CUSS/BRS 192.73
Non-Aero Revenue (Rs. 1,852.11 Lakhs):
Revenue Share From Concessionaire 954.16
Space Rentals 427.15
Car Parking 179.95
Others 207.14
CAM Charges 58
Visitor's Entry Pass 25.71
Expenditure (Rs. 25,747.45 Lakhs):
Board of Directors and Committees: Lists the present board of directors, including Sri. Pinarayi Vijayan (Chairman) and Sri. Dinesh Kumar C (Managing Director), and various committees such as Stakeholder Relationship Committee, Nomination and Remuneration Committee, etc. Changes in the Board of Directors include the appointment of Smt. V Srividya, Sri N V Subbarayudu and Sri. Dinesh Kumar as Managing Director. The sad demise of former Hon'ble Chief Minister of Kerala Sri. Oommen Chandy is remembered. Independent directors are Sri. M. Madhavan Nambiar and Smt. K. Parvathy Ammal.
Directors' Responsibility Statement: Affirms adherence to accounting standards and proper record maintenance.
Frauds Reported by the Auditor: No frauds reported.
Disclosures Relating to Subsidiaries, Associates and Joint Ventures: BPCL -KIAL Fuel Farm Pvt Ltd is the Associate Company of Kannur Airport. Financial details of this associate are included.
Deposits: The company has not accepted deposits from members or the general public as on March 31, 2023.
Particulars of Contracts or Arrangements with Related Parties: Details provided in Form AOC – 2.
Auditors & Audit Report: M/s Krishnamoorthy & Krishnamoorthy are the Statutory Auditors. The report expresses a qualified opinion due to weaknesses in the internal financial control system over financial reporting, specifically concerning book closing procedures and assessing the recoverability of overdue receivables. The auditors draw attention to matters concerning recognition of Right of Use (ROU) assets, recoverability of deposits with the Ministry of Home Affairs (MoH), and contractually receivable expenses.
Key Financial Controls & Management Response The report identifies internal control weaknesses and outlines managements response:
Other Key Points:
Auditor's Report on the Standalone and Consolidated Financial Statements: Krishnamoorthy & Krishnamoorthy issued a qualified opinion, stating that the financial statements present a true and fair view, except for certain matters. The report outlines various responsibilities of management and the auditor. The audit report express adverse opinion on the company's internal financial controls and notes for the years ended March 31, 2023.
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