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Tea Time Unlisted Shares

Annual Report: 2023

Year: 2023

Annual Report Summary

Desi Tea Time Limited, CIN: U55101AP2017PLC106980, held its 6th Annual General Meeting on September 28, 2023, to transact ordinary and special businesses.

Ordinary Businesses:

  1. Adoption of the Audited Balance Sheet as of March 31, 2023, and related reports.
  2. Re-appointment of Ms. Bakul Tangella (DIN: 07839873) as a Director, who retires by rotation.
  3. Re-appointment of Mr. Suresh Tangella (DIN: 09354581) as a Director, who retires by rotation.
  4. Re-appointment of M/s Tharangini & Associates as Statutory Auditors for 5 years (FY 2023-24 to 2027-28), replacing Mrs. Lakshmi Tharangini S.

Special Businesses:

  1. Shifting of the registered office from 9-144, High School Road, Kadiam, Andhra Pradesh-533126 to D.No.8-2-317/D/G/1, Amrutha Enclave, A-Block Road No.14, Banjara Hills, Hyderabad, Telangana-500034, subject to Central Government approval. This is due to the inconvenience of the current registered office and the shift of company operations to Hyderabad. The resolution requires a three-fourths majority vote and is recommended by the Board.
  2. Replacing Clause II of the Memorandum of Association to reflect the registered office in Telangana. The resolution requires a three-fourths majority vote and is recommended by the Board.

Mr. Uday Srinivas Tangella and Mr. Bakul Tangella are authorized to take actions for these resolutions.

Financial Performance (FY 2022-23):

  • Total Income/Turnover: Rs. 30,71,06,142
  • Total Expenditure: Rs. 28,85,84,097
  • Profit before Taxation: Rs. 1,85,22,046
  • Current Tax: Rs. 56,12,505
  • Deferred Tax: Rs. 24,48,470
  • Profit after Tax: Rs. 1,04,61,070
  • Earnings per share: Rs. 0.054

Other Key Points:

  • No dividend was recommended.
  • Net profits were transferred to reserves.
  • 7 Board meetings were conducted.
  • Mr. Suresh Tangella was appointed as a Whole Time Director and Change in the designation of Mrs. Bakul Tangella as Whole Time Director.
  • Mr. Giri Raju Golla resigned as Company Secretary, and Mr. Laxman Pendyala was appointed as Company Secretary w.e.f. 01.04.2023.
  • Mrs. Lakshmi Tharangini S, Proprietor of M/s Tharangini & Associates was appointed as Statutory Auditors of the Company for the FY 2022-23
  • The company's shareholding in Teatime Entertainment Private Limited is 40%.
  • No employees meet the criteria for disclosure under Section 197(12).
  • A policy on prevention and redressal of sexual harassment of women at work place has been adopted and no complaints were received.

Auditor's Report:

  • The auditors, Tharangini & Associates, issued an unmodified opinion on the financial statements.
  • The audit was conducted in accordance with Standards on Auditing (SAs).
  • A casual vacancy has occurred during the financial year in the office of the statutory auditors and the details are as follows. Mrs. Lakshmi Tharangini S, Proprietor of M/s Tharangini & Associates., Chartered Accountants, Firm Registration No: 015113S appointed as Statutory Auditors of the Company to fill the casual vacancy caused by the resignation of Mrs. Gowriannapurna Proprietor of M/s. Gowriannapurna & Co, Chartered Accountants, Vinukonda and will hold the office till the Conclusion of this Annual General Meeting, as the term is over the Board proposed to reappoint her as Statutory Auditors of the company for the next 5years from 2023-24 to 2027-28.

Key Financial Ratios (March 31, 2023):

  • Current Ratio: 1.64
  • Debt-Equity Ratio: 0.22
  • Debt Service Coverage Ratio: 3.29
  • Return on Equity Ratio: 7.16%

Related Party Transactions: Remuneration to Key Management Personnel: Rs.78,00,000

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