Rydak Syndicate Limited is a company registered with CIN: L65993WB1900PLC001417. Its registered office is located at 4, Dr. Rajendra Prasad Sarani (Clive Row), Kolkata - 700 001.
**Notice of Board Meeting**
A notice dated May 20, 2024, was issued to The Calcutta Stock Exchange Ltd., regarding a Board Meeting to consider and approve the Audited Financial Statements for the quarter ended March 31, 2024. The meeting, as required under Regulation 29(1) read with Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, is scheduled for May 27, 2024.
**Independent Auditor's Report**
R Kothari & Co LLP, Chartered Accountants, issued an Independent Auditor's Report on the Standalone Financial Results of Rydak Syndicate Limited for the quarter and year ended March 31, 2024. The auditors expressed an opinion that the financial results are presented in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and give a true and fair view in conformity with Indian Accounting Standards ("Ind AS"). The audit was conducted in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013. The auditors confirmed their independence and compliance with the ICAI's Code of Ethics. The report includes emphasis of matter that the company is yet to receive balance confirmations in respect of certain parties but the opinion is not modified.
**Management's and Auditor's Responsibilities**
The Board of Directors is responsible for preparing and approving the Financial Results, ensuring they provide a true and fair view, maintaining adequate accounting records, and implementing internal financial controls. The Board is also responsible for assessing the company's ability to continue as a going concern. The auditor's responsibility is to obtain reasonable assurance about whether the Financial Results are free from material misstatement and to issue an auditor's report.
**Consolidated and Standalone Financial Results (Year Ended March 31, 2024)**
Rydak Syndicate Limited released both standalone and consolidated audited financial results for the fourth quarter and year ended March 31, 2024. The results were prepared in accordance with Indian Accounting Standards (IND AS). The figures for the three months ended March 31, 2024, and the corresponding period of the previous year are the balancing figures between the audited full financial year figures and the reviewed year-to-date figures up to the third quarter.
* **Business Activity:** The company is primarily engaged in the business of cultivation, manufacture and sale of tea, and a secondary unit of Travel & Tourism.
* **Auditor Review:** The limited review of the financial results for the year ended March 31, 2024, was carried out by the statutory auditors, and comparative figures have been restated to align with the current period presentation.
* **Pending Confirmations**: The company is yet to receive balance confirmations for certain trade payables, other payables, trade receivables, and advances; however, management does not anticipate this will materially impact the financial statements.
* **Dividend**: The Board of Directors has recommended a dividend of Rs 1/- per fully paid-up equity share for the financial year 2023-24.
* **Net Loss from Continuing Operations**: Standalone and consolidated financial results both reflect a loss from continuing operations of (1,318.12) Rupees in Lacs.
**Key Financial Data (Consolidated - Rupees in Lacs):**
* **Revenue from Operations:** 13,979.13
* **Other Income:** 169.98
* **Total Revenue:** 14,149.11
* **Total Expenses:** 13,574.51
* **Profit/Loss Before Tax:** 574.60
* **Profit/(Loss) for the year from continuing operations:** 490.76
* **Paid-up Equity Share Capital:** 97.31
* **Earning Per Share (Basic & Diluted):** 50.43
**Key Financial Data (Consolidated Balance Sheet - Rupees in Lacs):**
* **Total Assets**: 12,688.99
* **Equity Share Capital**: 97.31
* **Total Equity**: 7,116.50
**Key Financial Data (Consolidated Cash Flow Statement- Rupees in Lacs):**
* **Cash Flow from Operating Activities**: 792.59
* **Cash Flow from Investing Activities**: (1,201.47)
* **Cash Flow from Financing Activities**: (102.39)
* **Net Increase in Cash and Cash Equivalents**: (511.27)
* **Cash and Cash Equivalents at the end of the year**: 100.15
