Mohan Meakin Limited Unlisted Shares

Annual Report: 2021

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Year: 2021

Annual Report Summary

Mohan Meakin Limited Estd. 1855 - 87th Annual Report 2020-2021 Summary:

Financial Performance: The report highlights the standalone financial results for the year ended March 31, 2021. The total revenue from operations and other income increased to Rs. 110187 lacs, compared to Rs. 102778 lacs in the previous year. The profit for the year amounted to Rs. 5415 lacs. The directors do not recommend a dividend. The report expresses concern about the uncertainty due to the COVID-19 pandemic adversely affecting trade. Total comprehensive income for the year was Rs 4057.33 lacs compared to Rs 2565.98 lacs in the previous year. Retained earnings carried forward amounted to Rs 15413.71 lacs, up from Rs 11356.38 lacs.

Company Overview: Mohan Meakin Limited is a public limited company originally established in 1855 and manufactures alcoholic and non-alcoholic beverages. The company has manufacturing centers and collaboration arrangements across India, including Solan Brewery (H.P.), Kasauli Distillery (H.P.), Mohan Nagar (Ghaziabad)(U.P.), Mohangram Bhankarpur (Punjab) and Lucknow (U.P.) Distillery. It exports its products to 21 countries, earning Rs. approximately 5848.00 Lacs in foreign exchange. The company is taking steps to increase exports.

Board of Directors and Governance: The Board comprises a mix of Executive, Non-Executive, and Independent Directors, ensuring compliance with Corporate Governance norms. Shri L.K. Malhotra serves as the Chairman. The Board is committed to maintaining a valuable relationship and trust with all the stakeholders. There are four Board Committees in place: Audit Committee, Stakeholders Relationship Committee, Nomination & Remuneration Committee and Corporate Social Responsibility Committee. The board provides a detailed report on corporate governance matters within the document as per the listing obligations. It also describes its efforts for familiarization programs for independent directors.

Directors and Key Personnel: The report notes the passing away of Sh. R.C. Jain, Director, on May 25th, 2021. The board appointed Sh. N.P. Sahni, Sh. Sanjeev Arya and Sh. Manish Malik as Additional Directors of the Company, w.e.f. 13.02.2021 and 14.08.2021 respectively. The Board also recommends the re-appointment of Sh. Vinay Mohan and Sh. N. Murugan.

Auditors: M/s. Haribhakti & Co., LLP, Chartered Accountants, serve as the Statutory Auditors, and M/s. Saxena & Saxena as the Branch Auditor for the Lucknow Branch. The report confirms that the statutory auditors satisfy the independence criteria. Shri Ashutosh Kumar Pandey Prop. M/s. AKP & Associates is the Practicing Company Secretary for Secretarial Audit. The Auditors' Reports do not contain any qualifications, reservations, or adverse remarks.

Material Related Party Transactions: The Company has entered into Agreements/Arrangements/Contracts with related parties, including Mohan Breweries & Distilleries Ltd., Mohan Rocky Springwater Breweries Ltd., Mohan Zupack Ltd., Trade Links (P) Ltd., John Oakey & Mohan Ltd., Mohan Closures Ltd., and National Cereals Products Ltd. These transactions primarily involve bottling rights, lease agreements, and purchase agreements and are considered to be in the ordinary course of business and at arm's length.

Corporate Social Responsibility (CSR): The Company continues to support the disadvantaged sections of society, primarily through healthcare initiatives. A sum of Rs. 70 lacs was allocated for CSR activities for 2020-2021. The company spent Rs. 102.79 lacs (which included an unspent amount from the previous year) towards CSR through Narinder Mohan Foundation.

Other Key Points:

The company has a zero-tolerance policy for sexual harassment.
The company has framed an Archival Policy for archival disclosure of events or information made to Stock Exchanges and placed on the Company's Website.
The Company has adequately addressed the requirements relating to sexual harassment of women at workplace.
Details of conservation of energy, technology absorption and foreign exchange earnings and outgo are provided.
The Company reports the number of employees, their remuneration, and ratios as required by the Companies Act.
Directors responsibility statement is included in the report.
Details of Corporate Governance & Management Discussion and Analysis are included in report.
The shareholding pattern as of March 31, 2021, is presented, showing both the number of shares held and the percentage of shareholding by different categories of shareholders.
The company has identified various financial risks, including market risk, credit risk, and liquidity risk, and described the company’s approach to managing these risks.
There is no subsidiary and/or Associate Company of Mohan Meakin Limited.
Key ratios, such as earnings per share, are presented and discussed in relation to the Company’s performance.

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