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The Scottish Assam (India) Limited Unlisted Shares

Annual Report: 2023

Year: 2023

Annual Report Summary

The Scottish Assam (India) Limited's annual report for 2022-23 highlights the company's performance and upcoming 46th Annual General Meeting (AGM).

Key Highlights & Financial Performance:

  • AGM Details: The 46th AGM is scheduled for September 23, 2023, at 11:30 a.m. (IST) via video conferencing. The book closure period is from September 17, 2023, to September 23, 2023 (inclusive).
  • Financial Results: The report details the audited financial statements for the year ending March 31, 2023. Net sales income from operations stood at Rs. 3927.23 Lakhs, compared to Rs. 3523.68 Lakhs in the previous year. Operating profit before interest, depreciation, tax and other amortizations (EBIDTA) was Rs. 569.62 Lakhs, while Total Comprehensive Income (After Tax) was Rs. 358.54 Lakhs. The Board recommended a dividend of Rs. 8.00 per share.
  • Production: The company's own estate production for the financial year was 14.42 Lacs kgs, an increase of 9.24% from the previous year. Total production, including purchased leaf, was 16.11 Lacs kgs.
  • Share Capital: The paid-up Equity Share Capital as of March 31, 2023, was Rs. 80.00 Lacs. The company has paid listing fees to The Calcutta Stock Exchange Limited.
  • Reserves: The directors decided to transfer Rs. 1.00 crore to General Reserve from retained earnings of the Company

Board of Directors and Committees:

  • Board Composition: The document lists the Board of Directors, including Independent Directors, additional directors and key managerial personnel. Ravindra Suchanti and Azam Monem were appointed as Additional Directors (Independent & Non-Executive) effective April 27th, 2023. Golam Momen, Independent Director, passed away on January 29th, 2023. The Board composition includes names like Dhirendra Kumar, Shashi Kumar, Divya Jalan, Hemant Kumar Agrawal, and Kartik Narayan Singh.
  • Board Committees: The report details the Audit Committee, Nomination & Remuneration Committee, and Stakeholders' Relationship Committee, including their members. Deepak Nagar was appointed to the audit committee and stakeholders relationship committee effective Feb 13th, 2023.

Key Corporate Governance & Compliance Matters:

  • Corporate Governance: The company confirms compliance with Corporate Governance requirements as per the Companies Act, 2013 and SEBI regulations.
  • Director's Responsibility Statement: The directors confirm that the audited accounts comply with the requirements of the IND AS and the Companies Act, 2013.
  • Internal Financial Controls: The Company has an adequate system of internal control procedures.
  • Vigil Mechanism/Whistle Blower Policy: The Company has a Whistle Blower Policy/Vigil Mechanism for Directors and Employees.
  • Risk Management: Risk management is embedded in the Company's operating framework.
  • Conservation of Energy, Technology Absorption, Foreign Exchanges: Information on these aspects is included as Annexure-2 in the report.
  • Sexual Harassment: The Company has a policy against sexual harassment, with no cases reported during the year.
  • Auditors: M/s. JKVS& Co., Chartered Accountants, are the Statutory Auditors. Pravin Kumar Drolia is the Secretarial Auditor.
  • Dividend Distribution Policy: The corporation has adopted a Dividend Distribution Policy in accordance with the requirements of Regulation 43A of the SEBI (LODR) Regulations, 2015.

Other Key Information:

  • IEPF: Unclaimed dividends for certain financial years are due for transfer to the Investor Education and Protection Fund (IEPF). The dates for claiming these are listed.
  • Remote E-voting: The company provides remote e-voting facilities to its members, with specific instructions detailed for shareholders holding securities in demat mode through CDSL or NSDL systems, and those holding in physical mode.
  • Communication to Members: The AGM notice and annual report are sent electronically to members with registered email addresses and are also available on the company's website.

Appendices:

  • Annexure 1 contains information on directors' remuneration.
  • Annexure 2 contains information on conservation of energy, technology absorption, and foreign exchange.
  • Annexure 3 is the secretarial audit report.
  • Annexure 4 is the corporate governance report.

This summary captures the key elements of The Scottish Assam (India) Limited's annual report for 2022-23.

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