Annual Report: 2021
The 20th Annual Report (2020-21) for Maharashtra Knowledge Corporation Limited (MKCL) highlights a year impacted by the COVID-19 pandemic but also showcasing ongoing and new initiatives in skill development, education, and e-governance.
Financial Performance: The report summarizes financial results, noting a significant decrease in total income (47.75%) from Rs. 20,076.48 Lakhs to Rs. 10,489.02 Lakhs due to the pandemic and resulting lockdowns. Revenue from operations decreased by Rs. 8,952.67 Lakhs. The total learner count decreased from 6,96,618 in FY 2019-20 to 3,17,532 in FY 2020-21. Other income decreased by Rs.634.79 Lakhs due to lower repatriation of funds from the liquidated foreign subsidiary. Despite decreased revenue, other expenses also decreased by Rs.393.96 Lakhs due to WFH. Profits before and after tax decreased by 70.18% and 68.14% respectively. The Board proposed to transfer Rs.200 Lakhs to the General Reserves. The Board recommends a final dividend of Re.1/- per equity share (10%). The company remains debt-free and maintains sufficient cash reserves.
Subsidiaries and Joint Ventures: The report details the performance and financial positions of MKCL's subsidiaries, associates, and joint ventures, including MKCL Knowledge Foundation (a 100% subsidiary), Odisha Knowledge Corporation Limited (OKCL), Haryana Knowledge Corporation Limited (HKCL), and MKCL Arabia Limited. The company holds 6,00,000 equity shares in OKCL (50% shareholding) and HKCL (30% shareholding). The company acquired 500 shares in MKCL Arabia Limited.
Business Operations & Initiatives: MKCL's transformative agenda focuses on bridging the Knowledge Divide through digital literacy, education, governance, and empowerment systems. Key programs and offerings include:
Board of Directors and Governance: The report lists the Board of Directors, including independent directors, university representatives, and government nominees. It also describes the roles of the Strategy Advisory Committee and various teams and committees within MKCL. The report details changes in the Board structure and appointments/cessations of Directors. Proposes altering Article 58(a) regarding board structure and reducing number of Independent Directors from Six (6) to Two (2). Includes key appointments to the board: Dr. Anil Kakodkar (in category of 'Professionals'), Dr. Deepak Phatak (in category of 'Professionals'), Dr. Rajaram Deshmukh (in the category of 'Professionals'), and Dr. Anant Sardeshmukh (in the category of 'Professionals'). Corporate Governance practices and adherence to standards (ISO 9001:2015, ISMS, CMMI Level 3) are emphasized. Also notes the company has complied with applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
Compliance & Responsibility:
The company has obtained International Security Identification Number (ISIN) from National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). The Company has complied with all the applicable Secretarial Standards. The Directors confirm that the applicable accounting standards have been followed and have devised proper systems to ensure compliance with applicable laws. The Board has adopted a risk management policy. A disclosure under the Sexual Harassment of Women at Workplace Act is included, noting that no complaints were received during the year.
Other Key Points:
In conclusion, the annual report provides a comprehensive overview of MKCL's activities, financial performance, and commitment to its mission despite the challenges posed by the pandemic.
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