Annual Report: 2021
Rydak Syndicate Limited 123rd Annual Report Summary (Year Ended March 31, 2021)
Corporate Overview:
Rydak Syndicate Limited, a company manufacturing black tea, has its registered office in Kolkata and operates six tea estates located in Assam and Dooar's region of West Bengal. During the reported financial year, the company also initiated commercial Tea Tourism operations from January 1, 2021, under the banner of "Baradighi - The Bungalow" by converting a heritage bungalow into a commercial property.
Key Personnel:
123rd Annual General Meeting (AGM):
The 123rd AGM was held on August 26, 2021, via video conferencing. Key agenda items included:
Financial Performance (Standalone and Consolidated):
The company experienced growth in the financial year.
| Particulars | 2020-2021 (Standalone) | 2019-2020 (Standalone) | | --------------------------------------------- | ---------------------- | ---------------------- | | Total income | Rs. 12,938.80 Lakhs | Rs. 10,427.29 Lakhs | | Profit Before Interest, Depreciation & Tax | Rs. 2,361.34 Lakhs | Rs. 920.89 Lakhs | | Profit Before Tax | Rs. 1,503.61 Lakhs | Rs. 154.05 Lakhs | | Profit After Tax | Rs. 1,460.67 Lakhs | Rs. 116.22 Lakhs | | Total Comprehensive Income | Rs. 1,292.28 Lakhs | Rs. 95.26 Lakhs |
Dividend:
A dividend of INR 1.00 per share was recommended, totaling INR 9,73,218.
Business Operations and Future Prospects:
The company primarily focuses on growing and manufacturing tea. Saleable crop production increased from 50.53 Lakh kgs to 51.26 Lakh kgs. The net sales also increased from INR 102.70 Crores to INR 128.31 Crores.
Share Capital:
Equity Share Capital was INR 9,731,280. No shares with differential voting rights or stock options were issued.
Directors' Responsibilities and Declarations:
The board confirmed that all independent directors meet the criteria of independence under Section 149(6) of the Companies Act, 2013. They also affirmed having proper internal financial controls and compliance systems.
Board Meetings and Committees:
Five board meetings were held during the year. The Directors' attendance record is specified. Suparna Chakrabortti chairs the Audit Committee, consisting of Subir Das, Gyan Dutt Gautama, and Rajvinder Singh. The Nomination and Remuneration Committee ('NRC') of the Board consists of Ms. Suparna Chakrabortti, Mr. Subir Das and Dr. Gyan Dutt Gautama,.
Risk Management:
Identified risks include weather dependency, market fluctuations, and labor costs. Measures to mitigate these risks include irrigation improvements, water conservation, and plant protection.
Subsidiary/Joint Ventures/Associates:
Sangam Investments Limited is the only associate.
Auditors:
M/s. M.C. Das & Co., Chartered Accountants (FRN:301110E) serves as Statutory Auditors. M/s Anjan Kumar Roy & Co., Practicing Company Secretary serves as the Secretarial Auditor. The Company has set up an Internal Audit Department headed by the Chief Internal Auditor during the year
Internal Financial Control and Risk Management:
The company has adequate internal controls, and a Risk Management Policy is in place.
Corporate Social Responsibility (CSR):
The Company has to form a Corporate Social Responsibility committee, as per the provisions of Section 135 of the Companies Act, 2013, during the current financial year.
Other Key Points:
This summary covers the key highlights and critical financial data from the Rydak Syndicate Limited Annual Report 2020-21. For comprehensive details, refer to the complete report.
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