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Access comprehensive annual business reports and performance summaries for Sri Vishnu Shankar Mill Limited Unlisted Shares
The 43rd Annual Report of Sri Vishnu Shankar Mill Limited for the year 2023-2024 covers both separate and consolidated financial statements. The Annual General Meeting (AGM) is scheduled for August 28, 2024, and will be conducted via video conferencing. **AGM Agenda:** The AGM includes ordinary business resolutions for adopting the financial statements for the year ended March 31, 2024, and re-appointing Directors Shri Arunkumar Goenka (DIN: 00393845) and Shri S. Kanthimathinathan (DIN: 01124581). A special business resolution concerns the appointment of Justice Shri P.P.S. Janarthana Raja (DIN: 06702871) as an Independent Director for a term of five years, effective from February 13, 2024, to February 12, 2029. Further, the remuneration of Shri M. Kannan, Cost Accountant, as the Cost Auditor for the financial year 2024-25, at ₹ 1,10,000 plus applicable taxes and out-of-pocket expenses is to be ratified. **E-Voting Information:** The company will provide remote e-voting facilities from August 25, 2024, to August 27, 2024, through CDSL. The cut-off date for determining voting eligibility is August 21, 2024. Details regarding the e-voting process and login methods are described in the notice. The company has uploaded details of unclaimed/unpaid dividends on its website. **Directors' Report Summary:** The separate financial results show an operating profit (EBIDTA) of ₹ 76.16 Lakhs, a significant decrease from the ₹ 2,551.25 Lakhs in the previous year. The company is unable to recommend any dividend. The company is not liable for Minimum Alternative Tax under Section 115JB and has withdrawn deferred tax of ₹ 926.08 Lakhs for the year. **Operational Performance:** Cotton production in India increased by 4% in the 2022-23 season. Yarn production decreased to 57.88 Lakhs Kgs due to reduced capacity utilization. Yarn sales decreased to ₹ 247.48 Crores compared to ₹ 303.64 Crores last year. Exports also decreased to ₹ 61.59 Crores. The power cost increased, but the company was able to source 52% of its power from its wind farms. The company invested ₹ 27.95 Crores in modernization, funded by bank loans. **Future Outlook:** World cotton production is expected to increase by 3.30% for the 2024-25 season. The company is focusing on consistent quality, increased automation, and value-added customized yarn counts. Modernization efforts are expected to help grow the topline and protect margins. **Other Key Points:** * The company has a Vigil Mechanism/Whistle Blower Policy. * Smt. Sharadha Deepa has been re-appointed as Managing Director. * The Board confirmed that the company has internal financial controls in place. * The company voluntarily spent ₹ 0.61 Lakhs on CSR activities, although there was no CSR obligation for the financial year 2023-24. * The Statutory Auditors' report doesn't contain any qualification, reservation, or adverse remark. * The Secretarial Audit Report also does not contain any qualification, reservation, or adverse remark. * The company received ₹ 4,115.00 Lakhs from Directors as a deposit/loan and repaid ₹ 3,652.27 Lakhs during the year. * The company had 1,196 employees as on March 31, 2024. * The total number of Directors is 10 with Shri P.R. Venketrama Raja as the Chairman and Smt. Sharadha Deepa as the Managing Director.
42nd Annual Report 2022-2023 Summary for Sri Vishnu Shankar Mill Limited: **Notice to Members:** The 42nd Annual General Meeting will be held on August 18th, 2023, at 12:30 PM via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Members can vote through remote e-voting via Central Depository Services (India) Limited's (CDSL) system. The e-Voting facility will be open from August 15th, 2023 (9:00 AM) to August 17th, 2023 (5:00 PM). The cut-off date for eligibility to vote is August 11th, 2023. Unclaimed dividends for over seven years will be transferred to the Investor Education and Protection Fund (IEPF) of the Central Government. **Ordinary Business:** * Adoption of Separate and Consolidated Audited Financial Statements for the year ended March 31st, 2023. * Re-appointment of Shri S.S. Ramachandra Raja and Shri Srirama Raja as Directors. **Special Business:** * Ratification of the remuneration of Shri M. Kannan, Cost Accountant, as the Cost Auditor for the financial year 2023-24 for auditing the Cost Records relating to manufacture of textile products, with a remuneration of ₹90,000 plus applicable taxes and out-of-pocket expenses. **Additional Information on Directors Seeking Re-election:** * **Shri S.S. Ramachandra Raja:** 87 years old, Bachelor's Degree in Science, has been on the Board since 1986 with over 3 decades of industrial experience. He holds 13,470 Equity Shares of ₹10 each as of March 31st, 2023. * **Shri Srirama Raja:** 57 years old, Bachelor's Degree in Engineering, has been on the Board since 2003 with over 1 decade of industrial experience. He holds 2,660 Equity Shares of ₹10 each as of March 31st, 2023. **Directors' Report:** * **Financial Results:** The company reported an operating profit (EBIDTA) of ₹2,551.25 Lakhs for the year ended March 31st, 2023, compared to ₹5,571.40 Lakhs in 2021-22. The company also reported a Total Comprehensive Income/Loss for the Year (TCI) of ₹(667.98) lakhs as compared to ₹2,117.92 lakhs in 2021-22. * **Share Capital:** The paid-up capital of the Company is ₹150.00 Lakhs, consisting of 15,00,000 Equity Shares of ₹10/- each. * **Dividend:** No dividend recommended for the current year. * **Taxation:** The Deferred Tax (Savings) / Expenses of ₹(280.83) Lakhs (PY: ₹647.97 Lakhs) has been provided for the year 2022-23. * **Trade Conditions (Cotton):** Cotton production in India dropped to 307 Lakh bales, a 14% reduction due to unseasonal rainfall and extended monsoon. Cotton prices reached an 11-year high. * **Yarn Production:** Yarn production increased to 64.24 Lakh Kgs, despite producing more volume of finer counts as against 61.65 Lakh Kgs of last year. * **Sale of Yarn:** Sale volume increased slightly, but the sale value of yarn increased to ₹300.08 Crores, up 7% from ₹282.04 Crores. Yarn exports from India reached USD 1.99 billion, a 61% decrease. * **Exports:** Exports of Cotton Yarn were ₹97.44 Crores compared to ₹102.93 Crores the previous year. * **Power Cost:** The company was able to consume power from its own wind farms to the extent of 52% (PY: 57%) of the total power requirement. Power cost increased to ₹21.26 Crores due to increased production capacity and increase in power tariff by Tamil Nadu Electricity Board (TNEB) by more than 15%. * **Finance Cost:** Finance cost increased to ₹19.97 Crores from ₹14.14 Crores due to additional borrowings and increasing interest rates. * **Dividend Income:** The company received dividend income of ₹93.19 Lakhs (PY: ₹0.18 Lakhs). * **Modernisation / Expansion:** ₹15.80 Crores was spent on modernization. * **Prospects for the Current Year:** Volatility in cotton prices continues. Unfavorable weather conditions in the USA cotton growing regions are a concern. The company is strengthening its product lines with automation and value-added yarns. * **Wind Mill:** Wind farms generated 216 Lakhs Kwh during the financial year as compared to 203 Lakhs Kwh of previous year. Income was ₹14.46 Crores as against ₹13.57 Crores of previous year. * **Associate Company:** The Company has four Associate Companies viz., M/s. The Ramco Cements Limited, M/s. Rajapalayam Mills Limited, M/s. The Ramaraju Surgical Cotton Mills Limited and M/s. JKR Enterprise Limited. * **Consolidated Financial Statements:** The consolidated net profit/loss after tax of the Company amounted to ₹(309.88) Lakhs as compared to ₹3,336.48 Lakhs of the previous year. **Internal Controls, Vigil Mechanism & Directors:** * The company has adequate internal financial controls. * A vigil mechanism and Whistle Blower Policy are established. * Smt. Sharadha Deepa re-appointed as Managing Director for five years from April 1st, 2023. * Shri S.S. Ramachandra Raja and Shri Srirama Raja retire by rotation and are eligible for re-appointment. * The company has received necessary declarations from all the Independent Directors. **Board Evaluation:** * The Board of Directors have evaluated the performance of Independent Directors and observed the same to be satisfactory and their deliberations beneficial in Board / Committee meetings. **Meetings and Committees:** * Details provided on Board Meetings and Committee Meetings (Audit, Nomination & Remuneration, Corporate Social Responsibility, Independent Directors) attendance. **Other Disclosures:** * The Directors have devised proper system to ensure compliance with the provisions of applicable Secretarial Standard. * The Company has not accepted public deposits. * The company hasn't given any Loans, Guarantees and Investments during the year 2022-23. * Corporate Social Responsibility (CSR) activities undertaken, spending ₹6.22 Lakhs. * Statutory, Secretarial, and Cost audits have been conducted. * Energy conservation, technology absorption, and foreign exchange earnings/outgo information included. * Annual Return is available on the company website. * Particulars of employees and related disclosures are provided. * There were 1,281 employees as of March 31, 2023. * Related party transactions are approved by the Audit Committee. * There have been no material changes since April 1st, 2023. * Risk Management Policy has been implemented. * Investor Education and Protection Fund (IEPF) compliance details provided. **Directors' Responsibility Statement:** The directors confirm they have followed applicable accounting standards, selected accounting policies consistently, and made reasonable and prudent judgments to give a true and fair view of the company's affairs. **Auditor's Report:** * The report of the Statutory Auditors for the year ended 31st March, 2023 does not contain any qualification, reservation or adverse remark and no instance of fraud has been reported by the Auditors under Section 143(12) of the Companies Act, 2013. * The report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company's Internal Financial Controls over financial reporting. **Annexures:** * Includes statements related to associate companies (AOC-1), CSR activities, Secretarial Audit Report, energy conservation, and remuneration disclosures. **Financial Statements:** * Includes separate and consolidated balance sheets, statements of profit and loss, statements of changes in equity, and statements of cash flows. The financial statements also present significant accounting policies, judgments, and estimates, along with notes to the financial statements. Key financial metrics include revenue, profit/loss, equity, liabilities, and cash flow information.
Sri Vishnu Shankar Mill Limited's 41st Annual Report for 2021-2022 details the company's financial performance, board decisions, and future prospects. **Notice to Members & Ordinary Business:** * The 41st Annual General Meeting was held on August 20, 2022, via video conferencing. * The agenda included adopting the company's separate and consolidated audited financial statements for the year ended March 31, 2022. * A dividend of ₹1 per share was declared for the year ended March 31, 2022. * Shri S. Kanthimathinathan and Shri Arunkumar Goenka, retiring by rotation, were re-appointed as Directors. * M/s. M.S. Jagannathan & N. Krishnaswami, Chartered Accountants, were re-appointed as Statutory Auditors for a second term of five consecutive financial years, commencing from the financial year 2022-23 and holding office until the conclusion of the 46th Annual General Meeting in 2027. **Special Business:** * Smt. Sharadha Deepa (DIN: 00383799) was reappointed as Managing Director for a period of 5 years with effect from 01-04-2023, at a remuneration equivalent to 5% of the net profits of the Company. If there are no profits or profits are inadequate, she will be paid ₹180 Lakhs per annum along with perquisites. * The Nomination and Remuneration Committee is authorized to fix the Managing Director's remuneration components, quantum, and periodicity. * The remuneration of ₹90,000/- plus applicable taxes and expenses, payable to Shri M. Kannan, Cost Accountant, appointed as the Cost Auditor for 2022-23, was ratified. * The company will provide remote e-voting facility through Central Depository Services (India) Limited (CDSL), with e-voting open from August 17, 2022, to August 19, 2022. **Additional Notices:** * The record date for dividend entitlement was fixed as August 13, 2022. * As per the Income Tax Act, 1961, dividend income is taxable for shareholders, and the Company will deduct tax at source. Shareholders are asked to update their PAN. Form 15G/15H can be submitted to avail non-deduction of tax. * Shareholders can address grievances regarding electronic voting to Mr. Rakesh Dalvi of Central Depository Services (India) Limited. **Directors' Report:** * The company's operating profit (EBIDTA) for the year ended March 31, 2022, was ₹5,571.40 Lakhs, compared to ₹2,181.15 Lakhs in 2020-21. Net worth as of 31.03.2022 was ₹64.58 Crores with a total turnover of ₹282.04 Crores for FY21-22. * Directors recommended a dividend of ₹1 per share. * A sum of ₹20.00 Crores was transferred to General Reserve, bringing the total to ₹40.00 Crores. * The company has availed benefits under Section 115BAA of the Income Tax Act, 1961, for reduced income tax rate of 22%. * The deferred tax (asset) / liability of ₹ 639.84 Lakhs has been provided for the year 2021-22. * The opening stock of cotton was lower by 37% compared to last year, and the Indian cotton crop for the 2021-22 season was estimated to be lower by 7%. Government of India imposed duty on all varieties of imported cotton during February, 2021 and this made imported cotton dearer by 11% for Indian Spinning Mills. The import duty effective 14th April, 2022 till 30th September, 2022 was withdrawn. The imported cotton consumption increased by 51%. * Yarn production increased by 39% to 61.25 Lakhs Kgs. * The sale volume increased by 22% to 60.53 Lakh Kgs, with sales value increasing by 61% to ₹283.65 Crores. * Cotton yarn exports reached ₹102.93 Crores. * Wind farms contributed to 51% of the company's power requirement, with income from this division at ₹13.57 Crores. * Modernization efforts included installation of 12 Rieter G37 Compact Spinning Machines at a cost of ₹40 Crores. * Retail sales of textile products are witnessing a robust trend, and India is becoming a strong alternative sourcing base to China. * The company has windmills with an installed capacity of 13.35 MW. 203 Lakhs Kwh were generated as compared to 197 Lakhs Kwh of the previous year. * Four associate companies are M/s. The Ramco Cements Limited, M/s. Rajapalayam Mills Limited, M/s. The Ramaraju Surgical Cotton Mills Limited and M/s. JKR Enterprise Limited. * Consolidated net profit after tax amounted to ₹3,344.60 Lakhs for FY21-22. * An ERP system developed by M/s. Ramco Systems Limited has been installed for online monitoring. * The company has a Vigil Mechanism/Whistle Blower Policy available on the website. * Smt. Sharadha Deepa has been reappointed as Managing Director for a further 5 years starting from 01-04-2023. * Shri S. Kanthimathinathan and Shri Arunkumar Goenka are retiring by rotation and eligible for re-appointment. * The company has a Corporate Social Responsibility (CSR) Committee and spent ₹13.34 Lakhs on CSR activities during the year. **Auditor's Report:** * M/s. M.S. Jagannathan & N. Krishnaswami, Chartered Accountants, are the statutory auditors. * The Board had approved the appointment of Shri M. Kannan, Cost Accountant as the Cost Auditor of the Company to audit the Company's Cost Records for the year 2022-23 at a remuneration of ₹ 90,000/- **Additional Details:** * The report also includes annexures detailing matters such as Directors' Responsibility Statement, statements related to Section 102 of the Companies Act, auditor reports, energy conservation, technology absorption, foreign exchange earnings, CSR activities, employee details, and other corporate governance matters.
Sri Vishnu Shankar Mill Limited's 40th Annual Report for 2020-2021 covers the notice to members, director's report, auditor's report, and financial statements. The Annual General Meeting was held on August 25, 2021, via video conferencing. The ordinary business included adopting the separate and consolidated financial statements for the year ending March 31, 2021, and re-appointing Shri S.S. Ramachandra Raja and Smt. R Chittammal as directors. A special resolution was passed to approve borrowing powers up to ₹400 Crores, subject to approval from Financial Institutions/Banks. Shri M. Kannan was ratified as Cost Auditor for the financial year 2021-22, with a remuneration of ₹80,000 plus taxes and expenses. The company provided instructions for attending the AGM through video conferencing and e-voting. Despatching of physical copies of the financial statements has been dispensed with, and statements are sent via email. Members can claim unclaimed dividends transferred to the Investor Education and Protection Fund (IEPF) by applying online at www.iepf.gov.in. The facility for remote e-voting was open from August 22, 2021, to August 24, 2021. The director's report noted that the company's operating profit (EBITDA) was ₹3,614.84 Lakhs compared to ₹3,948.48 Lakhs in the previous year. The Board did not recommend a dividend. The company withdrew deferred tax of ₹62.28 Lakhs for the year 2020-21. A historically high cotton stock of 120 Lakhs Bales was seen in India due to COVID-19 disruptions. Cotton prices increased by over 30% during the cotton season. Yarn production decreased to 44.25 Lakhs Kgs due to lockdowns, while yarn sales volume increased by 3% to 49.79 Lakhs Kgs, and the sale value increased to ₹176.36 Crores. The company liquidated yarn stock from ₹30.34 Crores on April 1, 2020, to ₹8.15 Crores on March 31, 2021. Export value of cotton yarn was ₹42.44 Crores, and the company consumed 69% of its power from its own wind farms. Finance costs decreased to ₹1,539.29 Lakhs due to reduced borrowing costs. Dividend income was ₹93.13 lakhs. The company replaced old machines with fully automatic OE Machines at a cost of ₹12 Crores. They also plan to increase spindles capacity by adding 80238 spindles and 1008 rotors at a project cost of approximately ₹40 Crores with delivery expected in August 2021. For the current year, the Cotton Association of India's estimates suggest availability of 496 Lakhs Bales. World cotton production is expected to rise by 4.70%. Global cotton consumption is expected to grow by 4.10%. The company is focusing on value-added customized yarn counts. The spreading of Covid-19 in India and other Countries during its second wave is posing continuous challenges. Windfarms generated 197 Lakhs Kwh. There are four associate companies: The Ramco Cements Limited, Rajapalayam Mills Limited, The Ramaraju Surgical Cotton Mills Limited and JKR Enterprise Limited. Consolidated net profit after tax amounted to ₹1,810.46 Lakhs. The Consolidated Total Comprehensive Income for the year is ₹1,905.31 Lakhs. The company maintains internal financial controls and has a Vigil Mechanism and Whistle Blower Policy. Shri S.S Ramachandra Raja and Smt. R. Chittammal retire by rotation. The directors confirmed compliance with applicable accounting standards. The company has a CSR Committee and spent ₹5.10 Lakhs on CSR activities. M/s. M.S. Jagannathan & N.Krishnaswami are the Statutory Auditors. Shri M.R.L. Narasimha is the Secretarial Auditor. Shri M. Kannan is the Cost Accountant. The information relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo is attached as Annexure. The Company had 1,054 employees as of March 31, 2021. They have a Risk Management Policy.
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