Roots Multiclean Limited Unlisted Shares

Annual Report: 2024

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Year: 2024

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Annual Report Summary

The document is the 32nd Annual Report for Roots Multiclean LTD for the financial year 2023-2024.

Financial Performance:

Total Revenue: Increased to Rs. 370.70 Crores (2023-24) from Rs. 329.57 Crores (2022-23), a growth of 12.48%. Domestic turnover showed an 18.74% increase. Export turnover decreased slightly from Rs. 81.38 to Rs. 76.99 crore.
Profit Before Tax: Increased to Rs. 64.02 Crores (2023-24) from Rs. 49.44 Crores (2022-23), a 29.49% increase.
Profit After Tax: Increased to Rs. 46.97 Crores (2023-24) from Rs. 35.42 Crores (2022-23).
Reserves: Rs. 30.00 Crores transferred to General Reserve.
Dividend: A dividend of 40% (Rs. 4 per share) is recommended, subject to shareholder approval.

Board of Directors:

Lists the names and DINs of the Board of Directors, including K. Ramasamy (Executive Chairman), and R. Varun Karthikeyan (Vice Chairman and Managing Director). Three directors, Mr. Frank Ulbricht, Dr. O.A. Balasubramaniam, and Mr. V.M. Rajashekar are retiring by rotation and are offering themselves for reappointment.

Statutory Matters & Corporate Governance:

Annual General Meeting (AGM): The 32nd AGM is scheduled for September 27, 2024. Notices and resolutions to be passed at the AGM, including the adoption of financial statements, declaration of dividend, appointment of directors, and appointment of statutory auditors (M/s. Suri & Co.) are detailed.
Remuneration Increases: Details increases in remuneration for the Vice Chairman & Managing Director and Whole-Time Director.
Auditors: Re-appointment of Cost Auditors (M/s. Ramakrishnan & Co.) is subject to ratification by shareholders.
Board Meetings: The Board met four times during the financial year. Attendance details are provided.
Committees: Information on the Audit Committee, Nomination & Remuneration Committee, and Corporate Social Responsibility (CSR) Committee, including member details, attendance, and key activities, is provided. The Company contributed Rs. 81.06 Lakhs for CSR projects.
Related Party Transactions: Transactions with related parties were at arm's length.
Risk Management: The company identifies and manages various business, operational, and financial risks, reviewing the Risk Management Matrix monthly.
Internal Controls: The Board believes appropriate internal control systems commensurate to the size and nature of the company exist.
Vigil Mechanism: The company has a Vigil Mechanism Policy for employees to report concerns.
Dematerialization: The Company encourages members to dematerialize their equity shares. The ISIN is INE01LF01013.
Unclaimed Dividends: Details relating to unclaimed dividends and the process to claim them from the IEPF Authority are provided.

Business Operations & Outlook:

The Directors state that the company's growth in sales volume surpassed the industry growth rate. The company strengthened its overseas distribution network in the middle east and south east Asian regions.
New Products: Four new products were launched: MW Pro 340 (Steam), RSM 1000 (sweeper), and HPJ 100 & 120 (high-pressure jet machines). The Research & Development Centre of Roots Multiclean Ltd. has received recognition from the Government of India.
CSR Policy: Company CSR activities focus on environment, health & hygiene, and education, as well as the welfare benefit of senior citizens and eradicating hunger, poverty and malnutrition.

Financial Statements:

The report includes standalone and consolidated financial statements including the Balance Sheet, Statement of Profit & Loss, and Cash Flow Statement. Key financial ratios and a detailed breakdown of various assets, liabilities, and expenses are presented.

Other:

Details of Directors seeking re-appointment are included, including their qualifications, experience, and other directorships/committee memberships.
The auditor's report, including annexures regarding internal financial controls and compliance with the Companies (Auditor's Report) Order, 2020, is provided.
The document concludes with a proxy form for shareholders to appoint a proxy for the Annual General Meeting.

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