Annual Report: 2023
Mohindra Fasteners Limited will convene its 29th Annual General Meeting (AGM) on Friday, September 22nd, 2023 at 11:30 AM via video conferencing or other audio-visual means.
Board of Directors The board consists of:
Key management also includes Sunil Mishra (Chief Financial Officer) and Nidhi Pathak (Company Secretary & Compliance Officer).
Corporate Information Key officers include Sudhir Arneja and Anurag Arneja (Directors - Operations), and Dheeraj Juneja (General Manager - SCM). The statutory auditor is B. L. Khandelwal & Co, and the secretarial auditor is Anand Nimesh & Associates. The cost auditor is Sanjay Kumar Garg & Associates. The registrar and share transfer agent is Skyline Financial Services Private Limited. The company's banker is The Karnataka Bank Limited. The registered office is located at 304, Gupta Arcade, Inder Enclave, Delhi - Rohtak Road, New Delhi - 110087, and the corporate office is at 301 - 304, Vardhman Plaza, Inder Enclave, Paschim Vihar, Delhi - Rohtak Road, New Delhi - 110087. The manufacturing units are in Haryana, specifically Rohtak and Kharawar. Plant IV discontinued operations effective January 1, 2023.
Chairman's Message and Company Performance Deepak Arneja (Chairman) reported that the company performed well in a volatile global environment. FY 2023 revenues were ₹17,590.88 lakhs, a 26% increase. Key growth drivers included new customer acquisitions and strengthened client relationships in both exports and domestic verticals. The order book is robust and diversified, indicating strong demand. He notes India's economic growth stronger than peer nations despite the global slowdown, attributing it to domestic consumption and reduced reliance on global demand. He acknowledges improved container availability and freight rates for exports, but anticipates slower demand due to inflation and the Ukraine war. He also mentions MFL's participation in the 9th Fastener Fair Global.
The company's net profit was ₹1,529.08 lakhs, a 22.85% increase. Revenue from operations totaled ₹17,210.96 lakhs, a 25.80% increase. Export sales were ₹12,761.61 lakhs (24.87% increase), and domestic sales were ₹3,851.83 lakhs (28.43% increase). The EBITDA was ₹2,650.47 lakhs, a 32.83% increase. Earnings per share (EPS) were ₹25.95 compared to ₹23.00 in the previous year. The company's Plant III at IMT Rohtak is nearing maximum capacity, with operations commencing in October 2022. Operations at Plant IV ceased in December 2022. The joint venture KK Mohindra Fastenings Private Limited (KKM) with Keller & Kalmbach GmbH has commenced operations at lower scale. An interim dividend of INR 4.50 (45%) has been declared for FY 2022-2023.
Key AGM Agenda Items The AGM will address the following ordinary and special business items:
Director's Report Highlights The director's report provides further detail on several key aspects:
It also contains extensive details on risk management, internal controls, corporate governance, auditor information, declarations of independence from directors, and other disclosures as required by various regulations and acts.
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