Annual Report: 2021
ROOTS MULTICLEAN LTD - 29th Annual Report 2020-2021 Summary:
Notice to Shareholders & Ordinary/Special Business: The 29th Annual General Meeting will be held on September 28, 2021, at the registered office in Coimbatore. The ordinary business includes adopting the audited standalone and consolidated financial statements for the year ended March 31, 2021, and the reports of the Board of Directors and Auditors. Also declaring dividend on equity shares and appointing Sri V.M.Rajashekar and Sri Frank Ulbricht, who retire by rotation, as Directors. Special business includes appointing Dr.O.A.Balasubramaniam as a Director of the Company. Additionally, the appointment and remuneration of Sri R.Varun Karthikeyan as Vice Chairman and Managing Director is to be considered as a Special Resolution for a period of 5 years with effect from April 1, 2021, at a salary of Rs.1,63,317 per month along with perquisites as detailed. Cost Auditors M/s. Ramakrishnan & Co. will be paid a remuneration of Rs.1,00,000 per annum plus GST for the financial year ending March 31, 2022. The register of members and share transfer books will be closed from September 22, 2021 to September 28, 2021.
Directors' Report & Financial Performance: The company achieved a total revenue of Rs. 221.08 Crore for the financial year 2020-21, compared to Rs. 225.26 Crore in the previous year. Export turnover was Rs. 49.61 Crore for 2020-21 as against Rs. 54.52 Crore in 2019-20. The company is focusing on improving domestic manufacturing through import substitution and export market development for indigenous products. Profit before tax was Rs. 26.06 Crore, compared to Rs. 29.87 Crore in the previous year. Profit after tax was Rs. 19.00 Crore, compared to Rs. 22.37 Crore in the previous year. Unit 2 operations commenced in January 2021, adding 130,000 Sq Ft of factory building. The company reported zero accidents in Units 1 and 2. India is expected to be a top three economic power and the third largest consumer economy by 2025, but faces pandemic-related challenges. The company vaccinated its employees at the factory. The company launched three new products (Rhino RD 180, E4043, Rhino RL 160 LPG), contributing Rs. 14.01 Crore to turnover. A sum of Rs. 15 Crore has been transferred to the General Reserve. The Directors recommend a 30% dividend (Rs. 3 per share). The paid-up capital stood at Rs. 2.00 Crore, with no fresh issue of shares.
Board Meetings, Committees & Director Information: Five board meetings were held during 2020-21. Attendance details for each director are listed. The Nomination and Remuneration Committee recommended the appointment of Dr.O.A. Balasubramaniam as a Non-Executive Director and the re-appointment of Sri R.Varun Karthikeyan as Vice Chairman and Managing Director, with the board accepting these recommendations. Sri Kasilingam Arumugam resigned as a Whole Time Director effective March 30, 2021. Independent Directors met on February 10, 2021, to review the Board's performance. The Audit Committee had three meetings during the year, and its recommendations were accepted by the Board.
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