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Annual Report

76th ANNUAL REPORT

2020-2021

 

 THE MYSORE ELECTRICALS INDUSTRIES

BENGALURU

 

BOARD OF DIRECTORS: 

 

Sri. Santhosh Rai Boliyar.,Chairman

Smt.Sheela.G.,BE, MBA, FIE., CE(I).,Managing Director,

Sri.KumarNaik.,IAS,Additional Chief Secretary to Government. Energy Department

Smt.NManjula.,IAS,MD(KPTCL)

Sri.Jayavibhavaswamy.,IAS,MD(CESCOM)

Sri.Nagarjun., Director(Technical)BESCOM

Sri.SiddalingaiahTheli ,Director (Finance)KPTCL

Smt.Shobha.H.V Special Secretary (Finance Dept.)

 

AUDITORS:                   

M/s.Singvi Associate

Statutory Auditors

 

The BANKERS:               

Kanara Bank

Tumkur MainRoad, Yashwanthpura

Bangalore-560022

 

Registered Office and Factory:

Post Box No:2221, Tumkur Road, Yashwanthpura

Banaglore

 

The Directors have pleasure in presenting before you the 76th Annual Report of the Company together with the Audited Financial Statements for the year ended 31st March, 2021.

 

Particulars

2020-21

Rs.

2019-20

Rs.

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue

94,17,40,169

65,52,11,514

Total expenses

67,93,03,805

48,73,95,324

Interest and Finance Charges

15,41,571

60,90,257

Provision for Depreciation

20,07,330

20,23,830

Net Profit Before Tax

25,88,87,463

15,97,02,103

Provision for Tax 

7,53,88,029

4,65,05,252

Deferred Tax (asset)

5,87,788

(20,29,017)

Other Expenses Relating to prior period

1,56,01,340

(40,84,416)

Net Profit After Tax

16,73,10,306

11,93,10,284

 

 

Performance Review:

­­­­­­­­­­­­

The Board is pleased to report the Total Revenue achieved by your Company at Rs.94,17,40,169/- as against Rs.65,52,11,514/- during the previous year and the Net Profit recorded during the Yearis Rs.16,73,10,306/- as compared to the Net Profit of Rs.11,93,10,284/-during the previous year. This was made possible with the concentrated efforts of the dedicated employees and the support received from the suppliers & customers.

 

  1. GENERAL INFORMATION ABOUT THE COMPANY:

our Company is a leading Public Sector Undertaking of the Government of Karnataka and first among the pioneers who have brought switchgear into India. The Company was established in the year 1945, more than seven decades ago and is in the business of manufacturing high quality Switchgear. 

 

The Company is self-contained in respect of infrastructure and manufacturing facilities backed up by established Research and Development Division including Computer Circuit Breaker Analyzer, Computer Aided Design Center, Computer Aided planning well equipped testing division and a reputed Tool Room.

 

The Company's R&D has successfully developed Porcelain Clad Vacuum Circuit Breaker of electrical rating 12kV, 25kA and 1250Amps and successfully launched this product into market. MEI's Product line today, comprises a wide range of High-Voltage circuit breakers, high voltage metal clad switchgears.

 

All MEI products carry the hallmark of independent certification from foreign collaborators and CPRI’s at Bhopal and Bangalore. Today, after over 75 years, MEI's products span the globe; Australia, Singapore, Kenya, Kuwait, Ceylon, Burma, Bahrain, Sudan, UAE, Cyprus and many other countries.

 

Future Prospects:

 

The Company plans to take the performance to the next level by Research and Development in major areas pertaining to the industry in which the company is engaged.

 

Expansion Project:

 

The expansion plan by further investment in technology up-gradation and modern equipment for increasing the quality and standard of products are being implemented.

 

  1. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:

As on date, there are no material changes affecting the financial position of the Company subsequent to the end of financial year, i.e. 31st March 2021.

  1. CHANGE IN THE NATURE OF BUSINESS:

There have been no changes in the nature of business of the Company during the financial year ended on 31.03.2021.

 

  1. DIVIDEND:

Your Board has recommended dividend @ 30% on paid up Equity capitalof the Company amounting to Rs.2,99,58,000/- to the members, subject to approval of the Shareholders in the ensuing Annual General Meeting.

 

 

  1. AMOUNTS TRANSFERRED TO RESERVES:

During the financial year, the Company has not transferred any amount to the Reserves.

 

  1. SHARE CAPITAL:

There were no changes in the Share Capital of the Company during the year. 

The Authorized Capital of the Company:

Rs.10,00,00,000/-(Rupees Ten Crores only) divided into 1,00,00,000 (One Crore) Equity Shares of Rs.10/- (Rupees Ten only) each.

The issued, subscribed and paid-up capital of the Company:

Rs.9,98,60,000/-(Rupees Nine Crores Ninety-Eight Lakhs Sixty Thousand only) divided into 99,86,000 (Ninety-Nine Lakhs Eighty-Six Thousand) Equity Shares of Rs.10/- (Rupees Ten only) each.

 

  1. INVESTORS’ EDUCATION AND PROTECTION FUND:

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (“the IEPF Rules”), all unpaid or unclaimed Dividends are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion ofseven years. Further, according to the Rules, the Shares on which Dividend has not been paid or claimed by the Shareholders for seven consecutive years or more shall also be transferred to the DEMAT account of the IEPF Authority.

During the year under review there were no unpaid or unclaimed amounts required to be transferred to IEPF account.

  1. DIRECTORS AND KEY MANANGERIAL PERSONNEL:

As on 31st March, 2021, the Board of your Company consists of 9Directors and their details are as follows;

 

Name of the Director

Designation

Date of Appointment

Sri.   Siddaraju K

Managing Director

01-08-2020

Sri.  Santhosh Rai Boliyar

Chairman

24.11.2020

Sri. Manohar M Bevinamar

Director

03-08-2020

Smt. H.A Shobha

Director

03-08-2020

Smt. N Manjula, IAS

Director

03-08-2020

Sri. SiddalingappaTeli

Director

03-08-2020

Sri. Yogesh Gowda G Patil

Non-Official Director

21-11-2020

Sri. H.C. Sreeramegowda

Director

05-01-2021

Smt.  G Sheela

Director

16-03-2021

 

All the Directors have furnished declarations as to their qualification for being appointed as Directors and Disclosure of Interest in other bodies corporate in Form MBP-1 as required under the Act.

 

 

  1. Changes in the Directors and Key Managerial Personnel (KMP) during the FY 2020-21:

 

During the year under review, the following are the changes in the Directors and KMPs of the Company:

 

 

Name of the Director

Date of Appointment/Resignation/Redesignation

Reason

Sri.   Siddaraju K

31-07-2020

Appointment

Sri.   R Ragu

31-07-2020

Cessation

Sri.  Mahendra Jain, IAS

03.08.2020

18.11.2020

Appointment

Cessation

Sri.  Gaurav Guptha, IAS

03.08.2020

Cessation

Sri.  M SundareshBabu, IAS

03.08.2020

Cessation

Smt. N R. Jaganmatha

03.08.2020

Cessation

Sri. Raghu Prakash

03.08.2020

Cessation

Sri.  Narasimha Gowda

03.08.2020

Cessation

Smt. L Gayathri

03.08.2020

Cessation

Smt. N. Manjula, IAS

03.08.2020

Appointment

Sri Manohar M Bevinamar

03.08.2020

31.03.2021

Appointment

Cessation

Sri.  G Ashok Kumar

08.01.2021

Cessation

Sri. SidlingappaTeli

03.08.2020

Appointment

Smt. H.A Shobha

03.08.2020

Appointment

Sri.  Kapil Mohan, IAS

18.11.2020

24.11.2020

Appointment

Cessation

Sri. Yogesh Gowda G Patil

21.11.2020

Appointment

Sri.  Santhosh Rai Boliyar

24.11.2020

Appointment

Sri. H.C Sreeramegowda

08.01.2021

Appointment

Smt. G Sheela

16.03.2021

Appointment

 

  1. The following are changes in the Board subsequent to financial year and up to the date of Board Report:

 

 

Name of the Director

Date of Appointment/Resignation/Re-Designation

Reason

Sri.   Siddaraju K

30.04.2021

Cessation

Smt.  Shanthi M

03-05-2021

23.05.2021

Appointment

Cessation

Smt. G Sheela

24.05.2021

Re-designation

Sri. G Kumar Naik, IAS

07.04.2021

Appointment

Sri. Kapil Mohan, IAS

07.04.2021

Cessation

Sri. Jayavibhavaswamy, I.A.S

29.06.2021

Appointment

 

  1. BOARD MEETINGS:

The Meetings of the Board are held at regular intervals with a time gap of not more than 120 days between two consecutive Meetings. During the year under review 05 (Five) meetings were held on 23.06.2020, 15.10.2020, 15.12.2020, 15.02.2021 and 05.03.2021.

 

 

Name of the Director

Number of Meetings entitled to attend

Number of Meetings attended

Sri Gaurav Gupta, IAS

1

1

Sri R. Raghu

1

1

Sri M. SundareshBabu, IAS

1

1

Sri. G Ashok Kumar

3

3

Smt. N R Jaganmatha

1

1

Smt. H.A Shobha

5

4

Smt. L Gayatri

1

0

Sri. Narasimhe Gowda

1

0

Sri. Raghu Prakash

1

0

Sri.  Mahendra Jain. IAS

1

1

Sri.   Siddaraju K

4

4

Smt. N Manjula. IAS

4

4

Sri. SiddalingappaTeli

4

3

Sri.  G Ashok Kumar

2

2

Sri. Manohar M Bevinamar

4

3

Sri.  Santhosh Rai Boliyar

3

3

Sri. Yogesh Gowda.G.Patil

3

2

Sri. H C Sreeramegowda

2

2

 

 

Agenda and notes there on for the Meeting were circulated to the Directors in advance.  Minutes of the Meetings of the Board of Directors are circulated and maintained according to the provisions of Secretarial Standards and the Companies Act, 2013.

 

  1. RECEIPT OF ANY COMMISSION BY MD / WTD FROM A COMPANY OR FOR RECEIPT OF COMMISSION / REMUNERATION FROM ITS HOLDING OR SUBSIDIARY:

The Company does not have any holding company hence nothing to disclose hereunder.

 

  1. DIRECTORS’ RESPONSIBILITY STATEMENT:

In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm that:

 

  • in the preparation of the Financial Statements, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

 

  • the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;

 

  • the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

 

  • the Directors had prepared the annual accounts on a going concern basis; and

 

  • The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively to be provided.

 

 

  1. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THE SUBSIDIARIES / ASSOCIATES /JV:

The Company does not have any Subsidiaries, Associates or Joint Ventures.

 

  1. EXTRACT OF ANNUAL RETURN:

Annual Report containing inter alia Audited Financial Statement, Board Report, Auditors’ Report and other important information is circulated to the members and other entities thereto. Annual Report is displayed on the Corporation‘s website mei.karnataka.gov.in.

 

  1. AUDITORS:

The Statutory Auditors of your Company are appointed by the Comptroller & Auditor General of India. M/s. Singhwi & Associates, Chartered Accountants are the Statutory Auditors appointed for the financial year 2020-21.

 

  1. QUALIFICATIONS IN THE AUDIT REPORT:

Qualifications in the Auditors Report on the Annual Accounts for the year ended 31st March, 2021 of the Company and the Management reply to the same has submitted.

 

 

  1. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO:

The Company’s operations are not power intensive.  Nevertheless, your Company has introduced various measures to conserve and minimize the use of energy wherever it is possible.

 

The Company has not imported any technology nor has made any advance for importing any technology.

 

The Company has not carried out any research and development work during the course of the year.

 

Foreign exchange earnings and Outgo: Nil

 

  1. DISCLOSURE RELATING TO REMUNERATION OF EMPLOYEES:

In accordance with Notification issued by Ministry of Corporate Affairs vide GSR.463 (E) dated 5th June 2015; Section 197 of the Companies Act, 2013 and Rules made there under is not applicable. As such, particulars of employees, if any, have not been included in this report.

  1. DETAILS RELATING TO DEPOSITS, COVERING THE FOLLOWING:

During the Financial Year, the Company has not accepted any deposits as prescribed under Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014.

  1. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:

There was no such order during the year.

 

  1. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company has not advanced any loan or given guarantee or made investment and therefore the provision of Section 186 of the Companies Act, 2013 is not applicable.

 

  1. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:

The Company is following adequate Internal Financial Controls with reference to the Financial Statements.

 

  1. RISK MANAGEMENT POLICY:

In today’s economic environment, Risk Management is a very important part of business. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. Your Company’s risk management is embedded in the business processes. Your Board keeps reviewing the risks attached to the business undertaken by the Company and from time-to-time address to mitigate the same.

 

  1. CORPORATE SOCIAL RESPONSIBILTY POLICY:

In pursuance of the provisions of Section 135 read with Schedule VII of the Companies Act, 2013, the Company has a CSR Committee which reviews and recommends (a) the policy on Corporate Social Responsibility (CSR) including changes thereto, and (b) Oversees implementation of the CSR Projects or Programmes to be undertaken by the Company as per its CSR Policy

 

      The Corporation has spent Rs.57,29,233/-against the CSR obligation for of Rs.36,96,285/- for FY 2020-21.

 

      The Composition of CSR Committee, details of the amounts to be spent during the current financial period and the manner in which it was spent are exhibited in Annexure II.

 

  1. RELATED PARTY TRANSACTIONS:

 

      All related party transactions that were entered into during the financial year were on an arm’s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company.

 

  1. REPORTING OF FRAUD:

 

      The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013. Further, no case of Fraud has been reported to the Management from any other sources.

 

  1. COMPLIANCE WITH THE APPLICABLE SECRETARIAL STANDARDS:

 

      The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and Annual General Meetings.

 

  1. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:

 

Our Company has always believed in providing a safe and harassment free workplace for every individual working in Company’s premises through various interventions and practices. The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment.

A policy on Prevention of Sexual Harassment at Workplace has been released by the Company. The policy aims at prevention of harassment of employees and lays down.

Three-member Internal Complaints Committee (ICC) will be set up from the senior management with women employees constituting majority. The ICC is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the Policy.

      No complaints pertaining to sexual harassment was reported during the year.

 

 

  1. ACKNOWLEDGEMENTS:

      The Directors wishes to place on record their appreciation for the sincere and dedicated efforts of all employees. Your Directors would also like to thank the Shareholders, Bankers and other Business associates for their sustained support, patronage and cooperation.

 

 

                                                                                                                                                                                                                                                                   By the order of the Board

   

                                                                                                                                                                                                                                                                          Santhosh Rai Boliyar

                                                                                                                                                                                                                                                                                      Chairman

Place: Bangalore                                                                                            

Date: 13.12.2021                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

          

                                                                                                                                                                                                                                                                                Annexure II

Corporate Social Responsibility (CSR)

[Pursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of the Companies (Corporate Social Responsibility) Rules, 2014]

 

  1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken:

  • The CSR Policy of MEI aims to achieve, consolidate and strengthen Good Corporate Governance including socially and environmentally responsible business practices that balance financial profit with social wellbeing. The MEI is committed to the wellbeing of the local communities and the society at large.

  • To pursue CSR programs primarily in the areas that fall within the economic vicinity of the Company’s operations to enable close supervision and ensure maximum development impact and to develop the required capabilities and self-reliance of beneficiaries at the grass roots, especially women and children, in the belief that these are the prerequisites for social and economic development.

  1. The Composition of the CSR Committee:

 

 

1

Santhosh Rai Boliyar

Chairman

2

Siddaraju K

Member

3

H.A Shobha

Member

 

  1. Average net profit of the company for last three financial years: Rs.18,64,61,659/-

 

  1. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above): Rs.37,29,233/-

 

  1. Details of CSR spent during the financial year:

    (a) Total amount to be spent for the financial year: Rs.37,29,233/-

    (b) Amount unspent, if any: Nil

    (c) Manner in which the amount spent during the financial year is detailed in Annexure – A1.

 

  1. Responsibility Statement: The CSR Committee hereby confirm that the implementation and monitoring of CSR Policy is in compliance with CSR objectives and Policy of the Company.

 

 Managing Director                                                                                                                                                                                                                                                        Chairman

                                                                                                                                                                                                                                                                                  (CSR Comittee)

 

       

 

                                                                                                                                                                                                                               

                                                                                                                                                                                                                                                                                       Annexure-A1

 

          Details of CSR spent during the financial year 2020-21       

 

Sl. No

CSR project or activity identified

Sector in which the Project is covered

Projects or programs (1) Local area or other (2) Specify the State and district where projects or programs was undertaken

Amount outlay (budget) project or programs wise (In Rs.)

Amount spent on the projects or programs Sub – heads:

1 .Direct expenditure on projects or programs

2. Overheads

Cumulative expenditure upto to the reporting period

Amount spent Direct or through implementing agency

1

2

3

4

5

6

7

8

1

Various Schools & Colleges of Dakshina Kannada

Promoting Education

No

37,29,233

37,29,233

37,29,233

Direct

2

Updating Digital Library @ MEI Polytechnic College

Promoting Education

Yes

15,00,000

15,00,000

15,00,000

Direct

 

 

 

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES:

 

  1. A Brief outline of the Company’s CSR Policy:

 

The Company’s CSR initiative strives to contribute to the recognized targets like contribution to the Prime Minister’s National Relief Fund, rural development projects, eradicating hunger, poverty & malnutrition, promoting education, promoting gender equality, recognized Government hospitals, mitigate towards relief for natural calamities, art and culture, vocations like skill development to recognized institutions.

 

  1. Composition of the CSR Committee:

 

Sl. No

Name of Directors

Designation

CSR committee meeting (FY 2020-21)

Attendance

1.

Santhosh Rai Boliyar

Chairman

1

1

2.

Siddaraju K

Member

1

1

3.

H.A Shobha

Member

1

0

 

3.  Provide the web-link where Composition of CSR Committee, CSR Policy and CSR project approved by the board are disclosed on the website of the Company

 

mei.karnataka.gov.in

 

4. Provide the details of Impact assessment of CSR

Project carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).

 

Not Applicable

 

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any.

 

Not Applicable

 

6. Average net profit of the company as per section 135(5)

 

18,48,14,260

7. a. Two percent of average net profit of the

company as per section 135(5):

b. Surplus arising out of the CSR projects or

programmes or activities of the previous

Financial years.

c. Amount required to be set off for the

financial year, if any

d. Total CSR obligation for the financial year

(7a+7b – 7c)

 

36,96,285

 

NIL

 

 

NIL

 

36,96,285

 8.a.CSR amount spent or unspent for the financial year:

     i.Total Amount Spent for the FY 20-21. (inRs.)                                                   : 52,29,233

     ii.Amount Unspent (in Rs.)                                                                                   : NIL

     b.Details of CSR amount spent against ongoing projects for the financial year: NIL

     c.Details of CSR amount spent against other than ongoing projects for the financial year:

 

1

2

3

4

5

6

7

8

Sl No.

Name of Project.

Item from the list of activities in Schedule VII CA Act.

Local area         (Yes/No)

Location of Project.

Amount spent for the project (in Rs.)

Mode of Implementation Direct (Yes/No.)

Mode of Implementation –implementing agency.

State

District

1.

Updating Digital Library @ MEI Polytechnic College.

Promoting Education

Yes

KA

Bangalore

15,00,000

Yes

NA

2.

Various Schools & Colleges of Dakshina Kannada,

Promoting Education

No

KA

Mangalore

37,29,233

Yes

NA

 

Total

 

 

 

 

52,29,233

 

 

 

           d.Amount spent in Administrative Overheads                     :    Nil

           e.Amount spent on Impact Assessment, if applicable          :    Nil 

           f.Total amount spent for the Financial Year                         :    52,29,233

                     (8b+8c+8d+8c)

           g.Excess amount for set off, if any : 15,32,948

 

 

Sl.No

Particulars

Amount (in Rs.)

(i)

Two percent of average net profit of the company as per section 135(5)

36,96,285

(ii)

Total amount spent for the Financial Year

52,29,233

(iii)

Excess amount spent for the financial year [ (ii) – (i) ]

15,32,948

(iv)

Surplus arising out of the CSR project or programmes or activities of the previous financial years, if any

NIL

(v)

Amount available for set off in succeeding financial years [ (iii) – (iv) ]

15,32,948

 

 

  1. a.Details of Unspent CSR amount for the preceding three Financial Years: Not Applicable

        b.Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s): NIL

 

  1. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year: Not Applicable.

 

 

 

 Managing Director                                                                                                                                                                                                                                                 Chairman

                                                                                                                                                                                                                                                                           (CSR Comittee)

 

 

Place: Bangalore                                                                                  

Date: 13.12.2021

 

Last Updated: 29-04-2022 02:44 PM Updated By: Approver


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