The Scottish Assam (India) Limited Unlisted Shares

Annual Report: 2022

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Year: 2022

Annual Report Summary

Annual Report 2021-22 for Scottish Assam

The 45th Annual General Meeting of The Scottish Assam (India) Limited was held on September 21, 2022, through Video Conferencing. Ordinary business included adopting the Audited Financial Statements for the year ended March 31, 2022, declaring a dividend of Rs. 6.00 per equity share (60% on face value), re-appointing Mr. Dhirendra Kumar as a Director retiring by rotation, and re-appointing M/s JKVS & Co. as Statutory Auditors for a term of 5 consecutive years. The special business involved the appointment of Mr. Deepak Nagar as an Independent Director.

The Board of Directors consisted of Mr. Dhirendra Kumar, Ms. Shashi Kumar, Ms. Divya Jalan, Mr. Hemant Kumar Agrawal, Mr. Golam Momen (Independent Director), Mr. Ghanshyam Das Gupta (Independent Director), Mr. Naveen Bansal (Independent Director), and Mr. Kartik Narayan Singh (Whole-time Director). Key managerial personnel included Mr. Kartik Narayan Singh, Mr. Yugal Keshor Chaudhary (resigned 12th August, 2021), Mr. Manoj Sureka (appointed 12th August, 2021), Ms. Sreya Bose (resigned 30th November, 2021), and Mrs. Ritu Bhatter (appointed 10th March, 2022).

Financial Performance and Dividends: The report showed a net sales income from operations of Rs. 3523.68 Lakhs for the year ended March 31, 2022, compared to Rs. 3140.42 Lakhs the previous year. The board recommended a dividend of Rs. 6 per share. The paid-up Equity Share Capital of the Company as on 31st March, 2022 was Rs. 80.00 Lacs.

Production: Estate production was 13.20 Lacs kgs, 1.03 Lacs kgs more than the previous year. Total production, including purchased leaf, was 14.23 Lacs kgs.

Corporate Governance: The company adheres to Corporate Governance Policies and has enclosed a separate report on corporate governance and a certificate from the Auditors. Corporate Social Responsibility (CSR) is considered important. However, section 135 of Companies Act, 2013 is presently not applicable.

The board affirmed that applicable accounting standards had been followed. The company is committed to maintaining high standards of safety, health, and environmental protection. The company has a zero tolerance policy for sexual harassment at the workplace. The report of the Secretarial Audit is attached.

The company duly complied with the applicable provisions of the Secretarial Standards issued by ICSI. Adequate insurance coverage was taken for the company's properties.

Directors: Mr. Dhirendra Kumar will retire by rotation. Mr. Gaurav Gupta resigned on 1st April, 2022. Mr. Deepak Nagar was appointed as an Additional Independent Director. All Independent Directors have submitted disclosures meeting independence criteria. Mr. Yugal Keshor Chaudhury had resigned from the Post of Chief Financial Officer w.e.f 12th August, 2021 and Mr. Manoj Sureka has been appointed as Chief Financial Officer w.e.f 12th August, 2021. Ms. Sreya Bose had resigned from the post of Company Secretary & Compliance Officer w.e.f 30th November, 2021. Mrs. Ritu Bhatter has been appointed as Company Secretary & Compliance Officer w.e.f 10th March, 2022.

The Company has a Vigil Mechanism/ Whistle Blower Policy.

Board Evaluation: The company has a system of Formal Annual Evaluation of performance of Board, it's Committees & Individual Directors as per the size and operations of the Company. Remuneration Policy: The board has adopted a Remuneration Policy for identification, selection, appointment and payment of remuneration to Directors and Key Managerial Personnel (KMP).

Equity Share Capital Breakup: 75% of the shares are held by Promoters, and 25% by the public.

Auditors’ Report: The report included an annexure containing details on the matters specified in paragraphs 3 and 4 of the Order. The Statutory Auditors of the Company are M/s. JKVS & Co. The Notes on Financial Statements in the Auditors’ Report are self-explanatory.

Financial Data: The financial data provided in the document is for the financial years ended March 31, 2021 and March 31, 2022 and includes metrics such as Net Sales Income From Operations, Depreciation & Amortisation Expenses, and Tax Expense (Net). The paid-up Equity Share Capital of the Company as on 31stMarch, 2022 was Rs. 80.00 Lacs comprising of 8,00,000 equity shares of Rs.10/- each. The Company has paid Listing Fees for the Financial Year 2021-2022 to The Calcutta Stock Exchange Limited, where its equity shares are listed.

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