Maharaja Shree Umaid Mills Unlisted Shares

Financial Report Summary

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.