Notice of Postal Ballot:

Voting Starts on: Sunday, November 24, 2024 at 9.00 A.M.(IST)

Voting Ends on: Monday, December 23, 2024 at 5.00 P.M. (IST)

This is to inform all shareholders that a resolution is proposed to be passed by the equity shareholders of the company through postal ballot only by way of a remote e-voting process. Instructions for remote e-voting will be sent through electronic mode to those members whose email addresses are registered with the registrar and transfer agent.

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Description of the Resolution:

• Appointment of Shri. Vincent Menachery Devassy (DIN: 09850306) as the Whole Time Director (Executive Director) of the bank and approval of his remuneration.

Remote e-voting Instructions at glance

Enviro Infra Engineers Limited, a company established in 2009, specializes in designing, constructing, and maintaining critical water and wastewater treatment facilities. Having expertise in handling projects like Sewage Treatment Plants (STPs), Common Effluent Treatment Plants (CETPs), and Water Supply Schemes (WSSPs), the company plays a crucial role in addressing India’s growing water management challenges.

• It caters to government-backed initiatives such as the Jal Jeevan Mission (JJM) and the National Mission for Clean Ganga (NMCG), ensuring steady revenue streams through contracts with state governments and urban local bodies. Along with over 28 completed projects, including 22 with capacities over 10 MLD, and an order book worth ₹1,906 crore, the company demonstrates operational excellence and significant growth potential.
• The Enviro Infra IPO, priced between ₹146-148 per share, aims to raise ₹732.6 crore to support its ambitious growth plans. A substantial portion of the proceeds—₹181 crore—will address working capital needs, while ₹30 crore is allocated to constructing a 60 MLD sewage treatment plant in Mathura. Additionally, ₹100 crore will go toward reducing debt, and enhancing financial stability. These initiatives align with the company's broader goals of scaling its operations and participating in large-scale infrastructure projects essential for India’s water conservation and reuse strategies.
  

• Revenue and Profitability: In FY24, The Scottish Assam experienced a decline in revenue and a significant increase in net profit. The total revenue decreased by approximately 17% from ₹39.27 crore in FY23 to ₹32.59 crore in FY24. This decline was mainly due to a 9.02% reduction in tea production and a slight decrease in average price realization from ₹247 per kg in FY23 to ₹244 per kg in FY24. Despite the operational challenges, the company's Profit After Tax (PAT) surged by 211%, rising from ₹3.9 crore in FY23 to ₹12 crore in FY24. This substantial increase in PAT was driven by non-operating profit of ₹15.86 crore from mark-to-market gains on investments, even though the company remains operationally loss-making.
  
• Financial Position: The Scottish Assam's financial position saw improvements in certain areas despite the challenges faced. Total assets increased by 19.1%, growing from ₹78.74 crore in FY23 to ₹93.77 crore in FY24. Total equity also rose by 17%, reaching ₹80.10 crore in FY24 compared to the previous year's ₹68.46 crore. However, the company faced higher employee costs, which rose from 51% of sales in FY23 to 66% in FY24, adding ₹5 per kg to the cost of production due to higher wage rates in Assam and West Bengal.
  
• Future Prospects: Turning The Scottish Assam operationally profitable in the near term remains challenging due to persistent issues in the tea industry. The company has been affected by adverse weather conditions, a pesticide ban, and increased production costs. India's overall tea production in May 2024 fell by over 30% year-on-year, marking the lowest production for that month in more than a decade. Despite these challenges, the significant non-operating gains suggest potential for financial stability if operational efficiencies can be improved. The strategic focus on addressing the production challenges and optimizing cost management could enhance the company's prospects.
  

• Revenue Growth: Arohan Financial Services Limited experienced mixed financial performance in Q2 FY2025. The company reported a revenue from operations of ₹456 crores, reflecting a 15.1% YoY growth compared to ₹396 crores in Q2 FY2024. However, on a QoQ basis, revenue declined by 4.7% from ₹478 crores in Q1 FY2025. The company’s profit before tax (PBT) stood at ₹59 crores, which marked a 59.5% YoY decrease from ₹145 crores in Q2 FY2024 and a 57.5% QoQ decline from ₹139 crores in Q1 FY2025. Similarly, the net profit after tax (PAT) amounted to ₹45 crores, representing a 57.3% YoY drop from ₹105 crores and a 57.1% QoQ decline from ₹104 crores.
• Increased Expenses: Impairment on financial instruments rose sharply to ₹99 crores in Q2 FY2025, compared to ₹6 crores in Q2 FY2024 and ₹40 crores in Q1 FY2025, significantly impacting profitability. Employee benefits and other expenses also increased, with staff costs rising to ₹96 crores, up from ₹89 crores in Q1 FY2025. Finance costs grew to ₹167 crores in Q2 FY2025, reflecting a 15.9% YoY increase from ₹146 crores in Q2 FY2024. Although slightly lower than ₹176 crores in Q1 FY2025, high borrowing costs continued to exert pressure on margins.
• These results indicate revenue growth but with significant pressure on profitability metrics during the quarter.
  

• Financial developments: Gurugram-based fintech firm Mobikwik has reported a net profit of ₹14 Cr for FY24, a significant turnaround from a loss of ₹80.6 Cr the previous year. The company saw its operational revenue surge by 62% (y-o-y), reaching ₹875 Cr, up from ₹539 Cr in FY23. Mobikwik also recorded a net profit in the first half of FY24 and aims to maintain its profitability while continuing to deliver robust financial results. However, the company's lending operational expenses increased substantially, skyrocketing 294% to ₹270 Cr from ₹68.5 Cr in FY23. Notably, its payment processing expenses, which are crucial for payment firms, decreased to ₹200 Cr, growing at a slower pace from ₹148 Cr in FY23.
  
• Operational Developments: The company is strategically focusing on expanding its financial services, including credit and mutual funds, alongside its core offerings of UPI and mobile wallet payments. According to data from the National Payments Corporation of India, Mobikwik processed approximately 9.1 million UPI transactions in July. However, the number of new user additions has slowed, with only around seven million users added in the first half of FY24, compared to 16.3 million in FY23, as detailed in the draft red herring prospectus filed in January.
  
• Future Prospects: Mobikwik offers a feature called Zip EMI, which provides loans ranging from ₹10,000 to ₹2 lahks directly to customer's bank accounts, as well as a buy-now-pay-later option for amounts up to ₹60,000. The company is currently awaiting the final approval from the Reserve Bank of India for its payment aggregator license, which it received in principle in October of last year.
  

Start your day with the pure goodness of healthy food! Bagrry’s introduced oats and muesli to India, bringing nutritious grains to the breakfast table at a time when health food was still a niche concept.

Bagrry's India has been a pioneer in the health food industry, transforming breakfast options for millions across the nation. The journey started from setting up his flour mill at the young age of 21 to making Bagrry’s one of the largest breakfast cereal brands in India, Mr Shyam Bagri laid the bricks for one of India’s very first breakfast cereal brands, Bagrry’s India Private Limited. 

• Driven by a commitment to “Innovation in Nutrition,” Bagrry's products emphasize clean, natural ingredients. Each item is created with health in mind—without unnecessary additives or artificial ingredients. From fiber-rich bran to protein-packed granolas, Bagrry’s provides a range of options for a variety of dietary needs, allowing customers to make smarter, healthier food choices.

• Expanding beyond India, Bagrry's now offers its products globally, reaching consumers with easy access to wholesome breakfast solutions. Through their popular oats or versatile muesli, Bagrry's remains dedicated to fostering healthier lifestyles by making quality nutrition a daily habit for everyone.
  

Notice is given that the 4th Extraordinary General Meeting (EGM) of Oravel Stays Limited for FY 2024-25 will be held on Monday, December 9, 2024, at 5:30 P.M. (IST). The meeting will take place via Video Conferencing (VC) or Other Audio-Visual Means (OAVM). Members will convene to discuss and transact the following listed agenda items-

Special Business:

• To consider and, if deemed appropriate, to approve the following Special Resolution: the Company is authorized to create, offer, and issue up to 12,91,07,982 Equity Shares with a face value of INR 1/- each, at a price of INR 42.60 per share, aggregating up to INR 5,50,00,00,034. These shares will be allotted to Redsprig Innovation Partners LLP or any affiliate entity of the Founders on a private placement basis.

The Company has designated Monday, December 2, 2024, as the "cut-off date" for voting at the EGM. Shareholders/beneficial owners will have voting rights based on their shareholding as of the close of business on this date. Individuals who are not members on the cut-off date should consider the EGM notice for informational purposes only.

This IPO process highlights a structured approach to attract institutional and retail investments while complying with regulatory requirements.

• Issue Size: The Initial Public Offering (IPO) comprises 43,83,600 equity shares with a face value of ₹10 each. This includes 2,19,600 equity shares reserved for the market maker and the remaining shares allocated to various investor categories, such as Qualified Institutional Buyers (QIBs), Non-Institutional Investors (NIIs), and Retail Individual Investors (RIIs).

• Anchor Investor Bidding: The IPO for C2C Advanced Systems Limited begins on November 21, 2024, exclusively for anchor investors. This ensures early institutional backing and helps gauge market sentiment before retail participation.
• Retail Investor Bidding: The IPO opens for retail investors and other non-anchor participants starting November 22, 2024, offering a broader opportunity for public investment.
• Listing Date: The company's equity shares are set to be listed on the NSE EMERGE platform on November 29, 2024, marking its official entry into the public trading space.

The objectives of the meeting revolve around fulfilling regulatory mandates, enhancing transparency, and maintaining trust among stakeholders by sharing accurate and timely financial and governance information.

• Disclosure of Financial Results
  The primary objective is to present the unaudited standalone financial results for the quarter and half-year ending September 30, 2024. This ensures compliance with SEBI (LODR) regulations and provides stakeholders with transparent financial performance updates.

• Related Party Transactions
  The document discloses related party transactions for the reporting period, highlighting remuneration and fees paid to key managerial personnel. This ensures compliance with Regulation 23(9) of SEBI (LODR) Regulations, maintaining transparency in governance practices.

• Regulatory Compliance
  The document reflects the company’s adherence to statutory requirements, including timely reporting under SEBI regulations and engaging auditors for a limited review of financial statements. This demonstrates the company’s commitment to regulatory and corporate governance norms.

• Assurance on Financial Reporting
  The limited review by independent auditors provides moderate assurance on the accuracy of the financial data, reinforcing stakeholder trust and the reliability of the interim financial reports.

A final dividend of Rs. 58.75 per share, with a face value of Rs. 10 each, has been received from Signify Innovations India Ltd.

In a recent development for India’s logistics technology platform, BlackBuck officially known as Zinka Logistics Solutions Ltd, co-founder Rajesh Yabaji has received 5.85 million shares as a gift from co-founders and key investors ahead of the company’s much-anticipated IPO. This transfer represents a 3.6% stake in the company, valued at approximately ₹160 crore. The shares, gifted in October, signal investor confidence and a vote of trust in Yabaji's leadership as BlackBuck prepares to enter the public market.

• BlackBuck, backed by high-profile investors like Flipkart, specializes in digital logistics solutions, including services like vehicle financing, fuel cards, FASTag services, and a marketplace that connects truck operators with businesses. As the logistics sector in India continues to grow, BlackBuck’s digital-first approach has positioned it as a leader in this industry. The platform leverages technology to streamline logistics operations and offers valuable services to both truck operators and companies seeking efficient transportation solutions.
  

• The investors transferring shares to Yabaji include Sands Capital, the International Finance Corp (IFC),and angel investor Sanjiv Rangrass, along with BlackBuck’s co-founders and promoters, Ramasubramaniam Balasubramaniam and Chanakya Hridaya. Most of the shares were transferred by the co-founders, underscoring their endorsement of Yabaji's role as BlackBuck heads toward an IPO. The IPO will be managed by top financial firms, including Axis Capital, Morgan Stanley India, JM Financial, and IIFL Securities, with Kfin Technologies acting as the registrar.

Schneider Electric has announced its quarterly and half-yearly financial results. The financial results were reviewed by the Audit and Risk Management Committee and approved by the Board of Directors in their meeting on November 11, 2024. The Basic and Diluted EPS figures for the quarters ending September 30, 2024, June 30, 2024, and September 30, 2023, as well as the half-year periods ending on September 30, 2024, and September 30, 2023, are not annualized.

• Revenue- The company’s revenue rose by 22%, increasing from Rs. 194 cr in H1 FY24 to Rs. 238 cr in H1 FY25. This includes a revenue of Rs. 107 cr in Q1 FY25 and Rs. 130 cr in Q2 FY25.
• Profitability- The company’s PAT surged by 85%, rising from Rs. 10 cr in H1 FY24 (with Rs. 7.1 cr in Q1 FY25 and Rs. 10.4 cr in Q2 FY25) to Rs. 18 cr. in H1 FY25. Consequently, the EPS increased from Rs. 16 in H1 FY24 (Rs. 12 in Q1 FY25 and Rs. 17 in Q2 FY25) to Rs. 29 in H1 FY25.
  

• NCLT Proceedings and Initiation of CIRP

Sunstar Industries brought a case before the NCLT against Syska LED Lights, seeking recovery of an outstanding amount totaling Rs. 7.7 Cr (Principal amount of Rs. 7.2 Cr + interest amount of Rs. 0.5 Cr). Sunstar alleged that Syska repeatedly delayed payments for goods supplied, ultimately defaulting despite multiple reminders and assurances of payment. Syska’s defense centered on claims of defective goods; however, the NCLT found insufficient evidence to support this and dismissed their argument. Consequently, the tribunal initiated the Corporate Insolvency Resolution Process (CIRP) for Syska LED Lights. An Interim Resolution Professional (IRP) has been appointed to oversee the process, which includes managing Syska’s operations during insolvency proceedings.

• Escalation to NCLAT and Payment Settlement

Following the NCLT’s decision on October 8, 2024, to admit the Section 9 application and initiate CIRP for an outstanding debt of Rs. 7.8 Cr (decided by appellant), Syska appealed to the National Company Law Appellate Tribunal (NCLAT). Syska’s representative, Rajesh Uttamchandani, informed the appellate tribunal that Rs. 4 Cr had already been paid and presented an additional Rs. 1 Cr bank draft to Sunstar’s counsel. Justice Ashok Bhushan, presiding over the NCLAT hearing, directed that Syska clear the remaining balance by November 11, 2024, and submit a compliance affidavit. To provide Syska time to complete the settlement, the tribunal temporarily stayed the formation of a Committee of Creditors (CoC) until the next hearing.

Lotte India started its journey in 2004 when Lotte Confectionery, part of the Lotte Group, acquired Parry’s Confectionery. This strategic move allowed Lotte to enter the Indian market with a strong foothold. The company quickly became a household name with its flagship product, Lotte Choco Pie, which enjoys near-monopoly status in the pie category. Over the years, Lotte India has expanded its product portfolio to include a variety of confectioneries, gums, and chocolates, catering to diverse consumer preferences.

Lotte India has long been synonymous with innovation, high-quality products, and deep-rooted consumer trust. Let’s explore Lotte India’s journey, its growth strategies, and its performance in the context of India’s booming sweets and snacks market. With products like Lotte Choco Pie, Coffy Bite, and the more recent Lotte Eclairs, the company has evolved its portfolio and expanded its reach, meeting the rising demand for premium and affordable confectionery in India.

• Product Diversification: New launches such as Choco Burst and Orange Pie, along with expanded capacity for Choco Pie production, are part of the company’s strategy to enhance consumer reach and capture a larger market share in the premium segment.

Expansion of Production Capabilities

• Lotte India has significantly expanded its production capabilities with a new Choco Pie line at its Nemam facility in Chennai. The facility now spans 5.16 lakh sq.ft after an addition of 85,562 sq.ft.
• This expansion nearly triples the plant’s monthly production capacity to 1,420 tonnes. Additionally, Lotte has secured a 3% market share in the cream biscuits segment, growth in diversified product categories.
  

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• Regulatory Concerns: Polymatech is in the news for all questionable reasons, On 29th October 2024, the auditor “SS Kothari Mehta & Co.” resigned giving the reason that the finance team would not be able to submit the audited financial statements by 5th Nov 2024. However, the audited financial statements were available for the investors on the public domain around 7th Nov - 8th Nov. Along with that on September 26, 2023, Polymatech issued new shares at INR 300, with the stock currently trading at INR 515 per share.Muted Financial Performance: Polymatech's FY24 financial performance indicates a robust 88% growth in revenue, increasing from INR 649 Crore in FY23 to INR 1,221 Crore. The company’s PAT also rose from INR 167 Crore to INR 240 Crore year-on-year. However, while gross margins improved from 31% to 43%, PAT margins dropped from 26% in FY23 to 20% in FY24, a risk we highlighted in our November 10, 2023, analysis.
  
• Strained Working Capital: The company continues to face working capital challenges, with receivables at INR 519 Crore (representing about 43% of sales), payables at INR 275 Crore, and inventory at INR 267 Crore. Cash levels have declined from INR 41 Crore in FY23 to INR 22 Crore in FY24, though the debt-to-equity ratio remains low at 0.05. Crisil has maintained its BB+ rating, categorizing the debt as junk.
  Considering these factors, we still suggest a “SELL” particularly due to governance concerns