Annual Report: 2022
Here's a comprehensive summary of the PDF document:
Overview
The document is the Annual Report for FY2021-22 of the National Commodity & Derivatives Exchange Limited (NCDEX), highlighting performance, key initiatives, and corporate governance aspects. NCDEX positions itself as an integral part of the Agri ecosystem, aiming to develop market-driven tools.
MD & CEO's Message
The MD & CEO's message emphasizes the relevance of commodity derivatives in the backdrop of post-pandemic demand shocks, supply bottlenecks, and rising energy costs. The message states that despite temporary suspensions of some top-traded contracts (Chana, Mustard Seed, Soybean, Refined Soybean Oil and Wheat), the exchange maintained its leadership in agricultural derivatives.
FPO Highlights for FY 2021-22
Company Information
The report lists the Board of Directors, Chief Financial Officer, Company Secretary, Statutory Auditor, Secretarial Auditor, Bankers, Registered Office, Branch Offices, and Registrar and Share Transfer Agents. Key personnel include Mr. Ashish Bahuguna (Chairman), Mr. Arun Raste (MD & CEO), and Mr. Atul Roongta (CFO).
Directors' Report
Capital Structure, Membership, Customer Service
Details on capital structure, membership numbers (339 members across the country), and initiatives by the Customer Service Group (CSG).
Dividend and Appropriations
The Directors recommend a dividend of 5% on equity shares.
Subsidiary, Associate and Related Party Transactions
Information on subsidiary companies, related party disclosures and other compliances.
Risk Management
Details on Exchange's approach to Risk management
Directors' Responsibility Statement
The Directors confirm responsibility for financial statement preparation, accounting standards compliance, and internal controls.
Auditors
Details of statutory, secretarial and cost auditors, as well as qualifications/reservations in their reports.
Capital Structure
Details of share capital, member details.
Awards & Recognition
The Exchange received four technology awards and the prestigious Golden Peacock award.
Key Developments
Highlights initiatives to promote financial inclusion for farmers and Farmer Producer Organizations.
Operational and Financial Highlights
Cautionary Notes and Risk Management Report makes clear that the Exchange is exposed to a variety of risks, including market and credit risk. The Company highlights also potential fluctuations to future earnings based on market conditions..
Corporate Governance Report
Details on corporate governance practices, board composition, committee structure, and compliance. In relation to Independent Directors, the code followed includes: • Formulation of the criteria for determining qualifications • To devise a policy on diversity of board of directors • To lay down policy for compensation of KMP in accordance with SEBI guidelines The report also details about a Risk Oversight Committee.. and that the Exchange complies with all applicable Secretarial Standards.
Financial Statements (Standalone and Consolidated)
Detailed financial statements for the year ended March 31, 2022, including the balance sheet, statement of profit and loss, statement of changes in equity, and statement of cash flow, along with notes to the financial statements. This includes a note about related party transactions and the statement of loans, guarantees or investments
This summary is intended to provide a high-level overview of the report's contents. Please refer to the full text for specific details and figures.
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