Sri Lakshmi Saraswathi Textiles in their AGM to Conclude Audited Financial Statements
Sri Lakshmi Saraswathi Textiles in their AGM to Conclude Audited Financial Statements on July 17th read more to know the agenda of the AGM meeting.
by Damodharan N
Updated Jun 22, 2024
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Sri Lakshmi Saraswathi Textiles will hold its 60th Annual General Meeting (AGM) on Wednesday, July 17, 2024, at 2:30 PM through Video Conferencing (VC) and Other Audio-Visual Means (OAVM).
Key Points of the AGM Agenda
- Financial Statements Approval:
- Members will review and adopt the Audited Financial Statements for the year ended March 31, 2024. This includes the Directors' and Auditors' Reports. The resolution to approve these statements will be proposed as an Ordinary Resolution.
- Appointment of Independent Directors:
- Ms. Umaa Sharvani: Proposed for appointment as an Independent Director (Non-Executive Director). Her term will be from May 27, 2024, to May 26, 2029.
- Ms. Sivarani J: Proposed for appointment as an Independent Director (Non-Executive Director). Her term will also be from May 27, 2024, to May 26, 2029.
- Ratification of Cost Auditor's Remuneration:
- The AGM will consider and ratify the remuneration of ₹80,000 for the Cost Auditors, M/s. S V M & Associate, for the financial year 2024-25. The resolution will be passed as an Ordinary Resolution.
The meeting will address these key items to ensure the smooth operation and governance of Sri Lakshmi Saraswathi Textiles.
You can read the full Notice here.
Sri Lakshmi Saraswathi Textiles Annual Report 2023-24
Sri Lakshmi Saraswathi Textiles (Arni) Limited has released its 60th Annual Report for the financial year 2023-24. The report outlines the company’s financial performance, key activities, and future outlook.
Financial Performance
For the fiscal year ending on March 31, 2024, the company faced significant financial challenges:
- Total Income: ₹12,744.50 lakhs
- Total Expenses: ₹14,742.85 lakhs
- Net Loss: ₹2,019.47 lakhs
- Accumulated Loss: ₹7,125.15 lakhs from previous years
Production and Sales
- Production: 57.73 lakh kgs (down from 62.50 lakh kgs in the previous year)
- Sales: 58.02 lakh kgs (down from 62.97 lakh kgs in the previous year)
- Revenue: ₹12,711.70 lakhs (down from ₹15,104.45 lakhs in the previous year)
Dividend Due to the accumulated losses, the Board of Directors decided not to recommend any dividend for this financial year.
Scheme of Arrangement The Board approved a Scheme of Arrangement between Sri Lakshmi Saraswathi Textiles (Arni) Limited and SLST Industries Limited. The scheme has received in-principle approval from BSE and is awaiting further approval from NCLT, Chennai.
Operational Highlights
- The company continued to face operational challenges, which impacted production and sales.
- The overall market conditions and internal issues contributed to the financial losses.
Future Outlook Despite the current financial strain, the management remains hopeful. They are focusing on restructuring and improving operational efficiencies to return to profitability.
The Board extends its gratitude to the company’s bankers, Indian Overseas Bank and State Bank of India, for their support. They also thank the employees for their dedication and hard work during the challenging times.
The financial year 2023-24 was challenging for Sri Lakshmi Saraswathi Textiles (Arni) Limited, with significant losses and reduced production and sales. However, the company is working on strategies to overcome these hurdles and aims for a better financial performance in the coming years.
You can access the Sri Lakshmi Saraswathi Textiles Annual Report 2023-24 here.
Sri Lakshmi Saraswathi Textiles
For 37 years, Sri Lakshmi Saraswathi Textiles (SLST) has been a preferred choice for yarn buyers around the world. SLST offers high-quality cotton and polycotton yarns at competitive prices, ensuring timely deliveries.
They invest in the latest technology to meet global trade standards, providing excellent quality, service, and satisfaction to their clients. Their product range includes a variety of yarns such as 100% Cotton Yarn (Combed Indian and Giza Cotton), Polyester Cotton Yarn (Combed), and Open End Yarn (Carded), suitable for knitting and weaving.
SLST exports to numerous countries, including Belgium, France, Finland, Germany, Italy, Portugal, Spain, Switzerland, Hong Kong, the Czech Republic, the United States, Bahrain, Cyprus, and Morocco.
The company's factory is located in Arni, India, 140 km from Chennai, with shipments made from Chennai and Tuticorin ports in South India. All consignments are packed at their own premises, ensuring quality control and efficient logistics.
Sri Lakshmi Saraswathi Textiles in their AGM to Conclude Audited Financial Statements - FAQs
1. What is the total income for Sri Lakshmi Saraswathi Textiles in FY 2023-24?
The total income is ₹12,744.50 lakhs.
2. What are the total expenses for the company in FY 2023-24?
The total expenses are ₹14,742.85 lakhs.
3. What is the net loss for FY 2023-24?
The net loss is ₹2,019.47 lakhs.
4. What is the accumulated loss from previous years?
The accumulated loss from previous years is ₹7,125.15 lakhs.
5. What is the production output for FY 2023-24?
The production output is 57.73 lakh kgs.
6. How much did the company sell in FY 2023-24?
The company sold 58.02 lakh kgs.
7. What is the revenue from sales in FY 2023-24?
The revenue from sales is ₹12,711.70 lakhs.
8. Did the company declare any dividends for FY 2023-24?
No, due to accumulated losses, no dividends were declared.
9. What is the Scheme of Arrangement approved by the Board?
The Scheme of Arrangement is between Sri Lakshmi Saraswathi Textiles (Arni) Limited and SLST Industries Limited.
10. Has the Scheme of Arrangement received approval?
It has received in-principle approval from BSE and is awaiting further approval from NCLT, Chennai.
11. What are the operational challenges faced by the company?
The company faced operational challenges impacting production and sales due to overall market conditions and internal issues.
12. What are the future plans of the company?
The company plans to restructure and improve operational efficiencies to return to profitability.
13. Who are the company’s bankers?
Indian Overseas Bank and State Bank of India.
14. How is the AGM being conducted this year?
The AGM is being conducted through video conferencing (VC) or other audio visual means (OAVM) due to COVID-19 guidelines.
15. What provisions are in place for e-voting?
The company is providing remote e-voting facilitated by Central Depository Services (India) Limited (CDSL).
16. How can shareholders participate in the AGM?
Shareholders can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of commencement.
17. How is the attendance of members tracked for quorum purposes?
The attendance of members attending the AGM through VC/OAVM will be counted for the purpose of ascertaining the quorum under Section 103 of the Companies Act, 2013.
18. What is the voting procedure during the AGM?
Only shareholders present in the AGM through VC/OAVM who have not cast their vote on the resolutions through remote e-Voting can vote during the AGM.
19. How can shareholders who forgot their login password retrieve it?
Shareholders can use the Forgot Password option on the e-voting website to retrieve their login details.
20. Can non-individual shareholders participate in remote voting?
Yes, non-individual shareholders and custodians can participate in remote voting after registering themselves in the “Corporates” module on the e-voting website.
21. Are there any restrictions on attending the AGM for large shareholders?
No, large shareholders, promoters, institutional investors, directors, key managerial personnel, and auditors can attend the AGM without restriction.
22. What is the procedure for shareholders holding shares in physical form for e-voting?
Shareholders holding shares in physical form can log on to the e-voting website, enter their Folio Number, and follow the instructions to cast their vote.
23. How can shareholders holding shares in demat form vote?
Shareholders holding shares in demat form can use their 16-digit beneficiary ID for CDSL or 8 Character DP ID followed by 8 Digits Client ID for NSDL to log on to the e-voting website and cast their vote.
24. What is the login method for e-voting for individual shareholders holding securities in demat mode?
Individual shareholders can contact the helpdesk of CDSL or NSDL for any technical issues related to login and use the e-voting system provided by CDSL.
25. Can shareholders view the resolution details before voting?
Yes, shareholders can click on the “RESOLUTIONS FILE LINK” to view the entire resolution details before voting.
26. What should shareholders do if they face issues with e-voting login?
Shareholders can contact the helpdesk of CDSL or NSDL for assistance with login issues.
27. Can shareholders modify their vote after submitting it?
No, once shareholders confirm their vote on the resolution, they cannot modify it.
28. What additional facility is provided for non-individual shareholders for remote voting?
Non-individual shareholders can log on to evoting and register in the “Corporates” module, and use the Compliance User to vote on resolutions.
29. How can shareholders register their email IDs with the company?
Shareholders holding shares in physical form can register their email IDs with the registrar/company, and those holding shares in electronic form can update their email IDs with the depository participant.
30. What documents are required for non-individual shareholders to vote?
Non-individual shareholders need to upload a scanned copy of the Board Resolution and Power of Attorney (POA) issued in favor of the Custodian in PDF format on the e-voting system.