Maharaja Shree Umaid Mills Limited 84th Annual Report Summary:
**Overview:**
Maharaja Shree Umaid Mills Limited's 84th Annual Report for 2023-24 details the company's financial performance and operational activities within a challenging global textile industry environment marked by geo-political issues and demand fluctuations following the pandemic. Despite these challenges, the company registered a slight revenue increase, maintaining high capacity utilization, and focusing on manufacturing excellence through technological adoption and value-added products, while adhering to Corporate Social Responsibility (CSR) and sustainability goals.
**Financial Performance:**
* **Revenue:** Total revenue decreased marginally by 1.2% to Rs. 462.48 million.
* **Profitability:** Profit margins declined due to lower unit value realizations. EBITDA was Rs. 270.5 Lakhs, and there was a net loss before tax of Rs. 1365 Lakhs.
* **Authorized Share Capital:** Stood at Rs. 90 Crores with 9 Crores Equity Shares of Rs. 10 each.
* **Earning Per Share:** basic and diluted (1.16).
**Operational Highlights:**
* **Capacity Utilization:** Remained near 90% for both yarn and fabric divisions.
* **Manufacturing Excellence:** Focused on adopting new technologies, increasing production of processed fabrics, installing advanced machinery, and improving product quality.
* **CSR:** Committed to environmental sustainability, energy and water conservation, and renewable energy generation.
* **Corporate Restructuring:** Merger of 33 Companies with Maharaja Shree Umaid Mills Limited approved.
* **Subsidiaries:** As of March 31, 2024, the company has three subsidiaries: Msum Texfab Limited, PKT Plantations Limited, and Shivpahl Vinimay Private Limited
* **Cost Audit:** M/s K.G. Goyal & Associates appointed as Cost Auditors.
* **Statutory Auditors:** M/s Singhi & Co.
**Future Outlook and Strategy:**
* The company aims to improve operational performance by enhancing its product line, improving efficiency, and capitalizing on innovative business plans and improvement in demand.
**Annual General Meeting (AGM) Information:**
* The 84th AGM will be held on September 26, 2024, via video conferencing (VC).
* Shareholders’ approval is sought for various resolutions, including the adoption of financial statements, the appointment of a director, and for the authorization to make investments, give loans, guarantees and provide securities up to Rs. 1000 Crores.
* E-voting will be available to shareholders, with detailed procedures provided in the notice.
**Key Personnel:**
* L. N. Bangur (Chairman & Managing Director)
* Amit Mehta (Managing Director)
* Yogesh Bangur (Deputy Managing Director)
* Atul Krishna Tiwari (Company Secretary)
* Hansmukh Patel (Chief Financial Officer)
**Important Notices to Shareholders:**
* The Annual Report, including financial statements and notices, is sent by email. It is also available on the company's website.
* The Register of Members and Share Transfer Books will be closed from September 20 to September 26, 2024.
* Members are encouraged to update their email addresses with the Company or Depository Participants.
* Remote e-voting will be available from September 23-25, 2024.
**Directors' Report Highlights:**
* Declaration from Independent Directors confirms their independence.
* Performance evaluation of the Board was found to be satisfactory.
* The number of Board meetings was 6 (Six).
* Various Board Committees, such as the Audit Committee and CSR Committee are detailed.
* The company complies with secretarial standards and requirements related to Green Initiatives.
* The Directors confirm the company has adequate internal financial controls and has established a Vigil Mechanism.
* It has no material orders passed by regulators or tribunals, and no fraud has been reported.
* In relation to loans, guarantees and investment made under Section 186 of the Companies Act, 2013, they were all within prescribed limits.
* There were no significant changes and commitments during the financial year, which had an impact.
* All transaction with related parties were at arm’s length
**Auditor’s Report Highlights**
* The Auditors have expressed an unmodified opinion on the standalone and consolidated financial statements.
* They have confirmed compliance with applicable accounting standards and regulations.
* Noted certain instances where the audit trail facility was not enabled for all transactions throughout the year.
* Significant notes on Financial statements are reported
This information is from the annual report as of July 22, 2024.
