Mohan Meakin Limited Unlisted Shares

Annual Report Summary

Mohan Meakin Limited Estd. 1855 - 88th Annual Report Summary (2021-2022)

This is a comprehensive summary of the 88th Annual Report of Mohan Meakin Limited Estd. 1855, covering the fiscal year 2021-2022. The report provides an overview of the company's performance, financial highlights, and adherence to corporate governance standards.

Board of Directors and Key Personnel:

The Board comprised nine members as of March 31, 2022, including one Executive Director, four Non-Executive and Non-Independent Directors, and four Independent Directors. Shri Yash Kumar Sehgal is the Chairman and Independent Director. Shri Hemant Mohan is the Managing Director. Rajesh Kedia was elevated to Chief Financial Officer. Minas Kumar was elevated to Company Secretary after the demise of H.N. Handa. Mrs. Shalini Mohan and Shri Sanjeev Arya are retiring by rotation and are recommended for reappointment. Lalit Kumar Malhotra resigned as Independent Director.

Financial Performance:

• The company's net revenue increased from Rs. 1,10,187 lacs to Rs. 1,37,937 lacs compared to the previous year.
• Profit before tax was Rs 6897 lacs.
• The company did not propose transferring any amount to reserves. No changes to share capital occurred during the year.

Impact of COVID-19:

The report acknowledges the supply chain disruptions and market conditions caused by the COVID-19 pandemic but notes a limited impact in India due to the government's vaccination program.

Dividend:

The Board decided to put the matter of dividend on hold for the time being.

Board Meetings:

The Board met four times during the year.

Auditors:

• M/s. Haribhakti & Co., LLP, Chartered Accountants, are the Statutory Auditors and will be completing their first term of 5 years. They are proposed to be re-appointed for a second term of 5 years.
• M/s Saxena & Saxena, Chartered Accountants, are proposed to be re-appointed as Branch Auditor of the Company's Lucknow Branch.

Corporate Governance and Compliance:

• The company has a Performance Evaluation Framework and policy for evaluating the Board, its committees, and individual directors.
• A meeting of Independent Directors was held on 13.11.2021.
• The company has in place a Familiarization Program for Independent Directors.
• The company has a Vigil Mechanism policy for directors and employees to report genuine concerns.
• The company has adequate insurance coverage for its assets.
• Shri Ashutosh Kumar Pandey, Practicing Company Secretary, conducted the Secretarial Audit for 2021-2022. The report does not contain any qualification, reservation, or adverse remark or disclaimer. He has been reappointed for the next financial year.
• There were no instances of fraud reported by the auditors.
• The company confirms adherence to applicable Secretarial Standards (SS-1 and SS-2).
• There is a declaration by Independent Directors confirming their integrity, expertise, and independence.

Related Party Transactions:

• The company has entered into Agreements/Arrangements/Contracts with related parties, which the Board believes are in the ordinary course of business and at arm's length. Key related parties include 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.
• All related party transactions are placed on a quarterly basis before the Audit Committee and the Board.

Deposits from Public:

The Company has not accepted any deposits from the public.

CSR Activities:

• The company had a sum of Rs.89.51 lacs for spending on Corporate Social Responsibility activities for the year 2021-2022. The Company spent an amount of Rs.97.55 lakh.
• CSR activities are carried out through "Narinder Mohan Foundation a Public Charitable Trust”
• The CSR Committee comprises of 3 Directors - two Independent Directors and one Non-independent Director.

Other Key Points:

• The company's shares are listed on the Calcutta Stock Exchange.
• The Directors have affirmed compliance with the code of conduct.
• The company has taken a "Green Initiative" by promoting paperless compliances.
• The Board provides a Directors Responsibility Statement regarding the financial statements' preparation and accuracy.
• The Company is taking steps to conserve energy, absorb technology, increase exports, and implement Corporate Social Responsibility.
• The Board acknowledges the committed services of the employees and expresses appreciation for the support received from banks, government authorities, and stakeholders.

Human Resources:

The company emphasizes enriching the quality of life of its employees, developing their potential, and maximizing their productivity.