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Annual Report Summary

The Annual Report for 2023-2024 of Deepak Houseware & Toys Limited (formerly Deepak Houseware & Toys Private Limited) outlines key financial data, changes in directorship, and compliance information. The 4th Annual General Meeting will be held on Saturday, November 30, 2024, via video conferencing.

Key Highlights and Financial Performance:

• The company reported a profit before tax of INR 822.73 Lakhs and revenue from operations of INR 7,882.36 Lakhs for the financial year ended March 31, 2024. This represents a 65% growth in profit before tax compared to the previous year (INR 498.46 Lakhs).
• Total Income for FY 2023-24 was INR 7951.36 Lakhs compared to INR 4969.82 Lakhs in FY 2022-23. Total Expenditure for FY 2023-24 was INR 7128.63 Lakhs compared to INR 4471.37 Lakhs in FY 2022-23.
• Basic and Diluted Earnings Per Share are both reported as Rs. 1.28 for the year ending March 31, 2024, compared to Rs. 1.21 for the previous year.
• The Board did not recommend any dividend or declare any interim dividend for FY 2023-24.
• The company has not transferred any amount to the General Reserve account.
• The company's contribution to the Government exchequer via taxes and duties aggregated to INR 112.43 Lakhs (previous year INR 80.03 Lakhs).
• As of March 31, 2024, the Authorized Share Capital of the Company is Rs. 6,00,00,000 divided into 6,00,00,000 equity shares of Re. 1 each.
• Issued, Subscribed and paid-up Share Capital: As on March 31, 2024, the Issued, Subscribed and paid-up Share Capital of the Company is Rs. 55,721,353 divided into 55,721,353 Equity shares of Re. 1 each fully paid up. There was an increase in issued, subscribed and paid-up share capital as 4,00,000 equity shares of Re. 1 each were allotted at a premium of Rs. 54 (totaling Rs. 55) each on a preferential basis (2,00,000 to Centricity Fincap Private Limited each in March 2024).
• The company aims for growth, flexibility, and easier access to funding and it was converted from a Private Limited Company to a Public Limited Company. A fresh Certificate of Incorporation was issued on May 02, 2024.
• No Employee Stock Option Plan (ESOP) has been issued, and the company has neither invited nor accepted any public deposits.

Board of Directors and Key Personnel:

• As of October 1, 2024, the Board of Directors included: Mr. Deepak Chaudhary, Mr. Karan Bhatia, and Mr. Luv Chawla.
• Several appointments and re-appointments of directors are proposed:
  • Re-appointment of Mr. Deepak Chaudhary (DIN: 00074249) who retires by rotation.
  • Appointment of Mr. Luv Chawla (DIN: 07953808) as a Non-Executive Director.
  • Appointment of Mr. Karan Bhatia (DIN: 10465343) as a Whole-time Director for three years.
  • Appointment of Mr. Anmol Arora (DIN: 10465342) as a Whole-time Director for three years.
  • Appointment of Mr. Ankit Mittal (DIN: 10465344) as a Whole-time Director for three years. *Designate and Approve the appointment of Mr. Deepak Chaudhary (DIN: 00074249) as Chairman & Managing Director.
• Mr. Anmol Arora and Mr. Ankit Mittal, who were appointed as Additional Directors in March 2024, vacated their office as Additional Director w.e.f. October 01, 2024.
• Mrs. Satya Chaudhary resigned from the Board from the position of Directorship of the Company w.e.f. August 31, 2024.
• Mr. Karan Bhatia aged 33 years and is a Graduate and he has Ten (10) years' rich experience in Sales and Marketing will receive an annual remuneration Basic 9,30,000, HRA 9,30,000 and Target Bonus 7,042 INR.
• Mr. Anmol Arora aged 36 years, is a graduate person, with 13 (Thirteen) years of work experience in Sales and Marketing will receive an annual remuneration Basic 9,00,000, HRA 9,00,000 and Target Bonus 7,019 INR.
• Mr. Ankit Mittal is 32 years old and has four years of experience as the Operational Head of the company will receive an annual remuneration Basic 4,50,000, HRA 4,50,000 and Target Bonus 7,019 INR.
• Mr. Deepak Chaudhary has withdrawn the remuneration INR 21 lakhs per annum and INR 42 lakhs per annum during the financial year 2022-23 and 2023-24 respectively but will receive an annual remuneration Basic 90,00,000, HRA 90,00,000 and Target Bonus 7019 INR.

Other Key Points:

• The company seeks approval to revise the remuneration payable to Mr. Deepak Chaudhary and to designate him as Chairman & Managing Director for a term of three years, with revised remuneration terms.
• The Board seeks approval to borrow up to INR 50,00,00,000 (Rupees Fifty Crores) from time to time and to create a mortgage and/or charge on the company's assets for securing such loans.
• The company is enhancing marketing efforts, diversifying its product range, and reviewing costs to improve profitability.
• There were no material changes in the nature of business, and no significant orders were passed by regulators or courts that impact the going concern status.
• The company has Internal Financial Controls commensurate with the size and nature of the business. The company is in process of developing and implementing the risk management policy. The internal audit is not applicable on the Company.
• The details of Directors seeking appointment/re-appointment, in item no 2,3,4,5,6,7, 8, 9, 10 & 11 as per requirements of Companies Act, 2013, and Secretarial Standard-2 issued by the Institute of Company Secretaries of India: as shown in a table in the report.
• The board confirms compliance with applicable secretarial standards and confirms that it has a policy in place for prevention of sexual harassment.
• There were no related parties as of March 31, 2024.
• Members must vote on resolutions electronically between November 27 and November 29, 2024.
• Auditor: M/s AMG & Associates, Chartered Accountants.
• The company maintains cost records as specified by the Central Government, but cost audit is not applicable.