Annual Report: 2022
Here is a comprehensive summary of the provided PDF, outlining the key information from the Maharashtra Knowledge Corporation Limited (MKCL) 21st Annual Report for 2021-22.
Overview
The report provides an overview of MKCL's business operations, financial performance, and initiatives aimed at bridging the digital divide. It highlights the company's commitment to education, development, governance, and empowerment through IT-enabled solutions. MKCL operates as a Public Limited Company promoted by the Department of Higher and Technical Education, Government of Maharashtra.
Financial Performance (2021-2022)
MKCL’s total income increased by 44.87% over the last year, amounting to Rs. 15,195.51 Lakhs. Revenue from operations increased by 75.75% to Rs. 12,017.23 Lakhs. Learner count increased significantly in the 'Kushal Yuva Program' and KLIC courses. Profit before tax increased by 133.30% to Rs. 4,791.04 Lakhs, while profit after tax increased by 126.84% to Rs. 3,867.65 Lakhs. The company maintains a debt-free status and has sufficient cash to meet its strategic objectives. The Directors recommended a final dividend of Rs.1.50 per equity share.
Business Operations & Programs
MKCL addresses six challenges in digital literacy, education, development, governance and empowerment through various initiatives. The company has a unique identity in integrating IT for effective transformations and designs state-of-the-art eLearning, eGovernance, and eEmpowerment solutions, and operates through programs specialized in various domains.
Key programs include:
Organizational Structure & Governance
The Board of Directors consists of Government nominees, Vice-Chancellors from shareholding Universities, eminent experts, and the Managing Director. A Strategy Advisory Committee (MSAC) provides strategic inputs for the company's development. MKCL is certified for ISO 9001:2015, ISMS (ISO 27001:2013), and CMMI Level 3. The company has a well-defined organizational structure with enabling and business development programs.
Subsidiaries and Joint Ventures
The company has subsidiaries (MKCL Knowledge Foundation) and joint ventures, including Odisha Knowledge Corporation Limited (OKCL), Haryana Knowledge Corporation Limited (HKCL) and MKCL Arabia Limited. The report includes salient financial information for these entities.
Financial Sustainability
MKCL sustains itself without funding from the government, and has a track record of paying dividends to shareholders and contributing to government revenue through taxes.
Corporate Social Responsibility (CSR)
MKCL actively engages in CSR through its subsidiary, MKCL Knowledge Foundation, focusing on areas such as education, science promotion, and community development. Rs. 79,66,941 were spent on CSR activities during the financial year.
Compliance and Statutory Information
The report details compliance with various accounting standards, Companies Act regulations, and Secretarial Standards. It includes details about Directors' appointments/cessations, Board meetings, committee compositions, and remuneration policies. It also includes details about the number of complaints related to sexual harassment, but zero complaints were received.
Auditors' Reports
The report includes both the Standalone and Consolidated Financial Statements with Independent Auditor's Reports. The reports confirm a true and fair view of MKCL's financial position and compliance with relevant regulations.
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