KLM Axiva Finvest Ltd., in a document dated May 14, 2024, communicates several key financial and corporate updates to the BSE Limited, adhering to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
**Outcome of Board Meeting:** The Board of Directors, in a meeting held on May 14, 2024, approved the standalone financial results for the quarter and year ended March 31, 2024, and also approved an interim dividend at a rate of 5%, with the record date being the same day. Additionally, the Board approved the shifting of the corporate office along with the books of accounts to KLM Grand Estate, Edappally Bypass Road, Ernakulam, Kerala – 682024. The meeting commenced at 05:30 P.M. and concluded at 10:20 P.M.
**Submission of Financial Results:** The company submitted various disclosures pursuant to regulations 52 and 54 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including:
* Audited standalone annual financial results for the quarter and year ended March 31, 2024.
* Audit Report from Statutory Auditors on financial statements of the year ended March 31, 2024.
* Disclosure of line items.
* Statement on utilization of issue proceeds of non-convertible securities.
* Disclosures of extent and nature of security created and maintained with respect to the secured listed non-convertible debt securities.
* Certificate on security cover available in case of non-convertible debt securities.
* Disclosures of related party transactions.
* Declaration on unmodified opinion on financial statements.
**Statement of Assets and Liabilities (as of March 31, 2024):**
The statement shows a total asset value of ₹1,96,034.43 Lakhs compared to ₹1,71,929.65 Lakhs as of March 31, 2023. Key assets include cash and cash equivalents (₹3,721.98 Lakhs), bank balances (₹3,086.45 Lakhs), and loans & advances (₹1,70,486.83 Lakhs). Total liabilities and equity also amount to ₹1,96,034.43 Lakhs, with financial liabilities (₹67,667.92 Lakhs in debt securities, ₹15,777.25 Lakhs in other borrowings, and ₹77,159.75 Lakhs in subordinated liabilities) and equity share capital of ₹20,540.09 Lakhs.
**Financial Performance (Quarter and Year Ended March 31, 2024):**
The company's financial results indicate a total income of ₹31,592.32 Lakhs for the year ended March 31, 2024, compared to ₹27,874.98 Lakhs in the previous year. Total expenses amounted to ₹28,574.90 Lakhs, resulting in a profit before tax of ₹3,017.42 Lakhs. The profit/loss for the period after tax expense was ₹2,302.87 Lakhs. Earnings per equity share (Basic & Diluted) stood at ₹1.14.
**Statement of Cash Flows (Year Ended March 31, 2024):**
The statement of cash flows reveals the following:
* Net Cash From Operating Activities: -₹7,109.80 Lakhs
* Net Cash From Investing Activities: -₹4,224.51 Lakhs
* Net Cash From Financing Activities: ₹5,636.21 Lakhs
* Net Decrease in Cash and Cash Equivalents: -₹5,698.10 Lakhs
* Closing Cash and Cash Equivalents: ₹3,721.98 Lakhs
**Auditor's Report:**
R.B. Jain and Associates, Chartered Accountants, issued an Independent Auditor's Report with an unmodified opinion on the standalone financial results for the quarter and year ended March 31, 2024. The report confirms adherence to SEBI regulations and Indian Accounting Standards. The auditor highlighted an "Emphasis of Matter" regarding the recognition of impairment on financial assets due to the COVID-19 pandemic's impact. Key audit matters included the Provision for Expected Credit Losses (ECL) on Loans and Information Technology.
**Annexure I Disclosures:**
Several financial ratios and disclosures are included as part of Annexure I, including:
* Debt equity ratio: 6.06
* Debt service coverage ratio: 0.19
* Interest service coverage ratio: 1.19
* Net worth (Excl. revaluation reserve): ₹26,506.21 Lakhs
* Net profit/loss after tax: ₹2,302.87 Lakhs
* CRAR (Tier 1): 15.61%
* GNPA: 1.60%
* NNPA: 0.67%
**Disclosure of Utilization of Non-Convertible Securities:**
The statement indicates the utilization of issue proceeds of non-convertible securities for the quarter ended March 31, 2024 related to Public Issue (NCD IX) allotted on September 12, 2023. There are no material deviations in the use of issue proceeds from the objects of the issue.
**Disclosure under 54(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015** Extent and Nature of Security for NCDs is also disclosed.
**Certificate on Security Cover** Based on Audited standalone financial statements the security coverage for the secured debts as on March 31, 2024, would be as follows: Exclusive Security Cover Ratio is 0.59 Times and Pari-Passu Security Cover Ratio is 2.04 Times.
**Disclosure of Related Party Transactions (October 1, 2023 – March 31, 2024):** Various related party transactions are disclosed, including remuneration paid to directors and officers.
**Declaration on Audit Report:** The company declared that the Audit Report on the Audited Standalone Financial Statements for the year ended March 31, 2024, was issued with an unmodified opinion by R.B. Jain and Associates.
