CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

1

CHELLARAMS PLC - RC 639

QUARTERLY FINANCIAL STATEMENTS

FOR THE PERIOD

ENDING 30 SEPTEMBER, 2023

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

2

CONTENTS

Compliance Certification

3 - 4

Security Trending Policy

5

Shareholding Structure

6

Compliance

7 - 8

Consolidated Statement of Comprehensive Income

9

Consolidated Statement of financial Position

10

Statement of Cash flows

11

Statement of Changes in Equity

12 - 13

Summary

14

Notes to the Financial Statements

15 - 33

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

3

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

4

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

SECURITIES TRADING POLICY

The Company has securities trading policy applicable and circulated to directors, insiders, external advisers and all employees that may at any time possess any inside or material information about our company.

The Company has adopted a code of conduct regarding securities transaction by the directors on terms no less exacting than the required standard set out in the Listing Rules of the Nigerian Stock Exchange.

The Company made specific enquiry of all directors whether they have complied with the required standard set out in the listing rules and the Company's code of conduct regarding securities transactions by directors and the company is unaware of any non‐compliance.

5

DIRECTORS' SHAREHOLDING

The Directors' interest in the issued share capital of the Company as recorded in the Register of Members for the purposes of Section 301 and 302 of the Companies and Allied Matters Act, 2020 and the listing requirements of the Nigerian Exchange Ltd (NGX) for the period under review are as follows:

Names of Directors

Direct Holding

Indirect Holding

% Holding as

% Holding as

as at March 31,

as at March 31,

at March 31,

at March 31,

2022

2022

2022 (Direct)

2022 (Indirect)

Chief S. M. Chellaram

-

289,170,000

-

40%

Mr. A. S. Chellaram

-

118,571,292

-

16.40%

Asiwaju S. K.

2,762,012

17,121,688

0.38%

2.37%

Onafowokan

  • Asiwaju S. K. Onafowokan represents the interest of Eskay Investment Limited
  • Chief S. M. Chellaram represents the interest of Chellsons (Bermuda) Limited
  • Mr. A. S. Chellaram represents the interest of Westfield Consultants Limited

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

ANALYSIS OF SHAREHOLDING

The following is the analysis of shareholdings in the Register of Members as at 31 March, 2023:

Share Range

No of

% of

No of Holding

%

Shareholders

Shareholders

1-1,000

307

9.72

156,397

0.02

1,001-5,000

1,143

36.18

4,124,106

0.57

5,001-10,000

769

24.34

6,100,951

0.84

10,001-50,000

713

22.57

15,907,704

2.2

50,001-100,000

110

3.48

7,706,455

1.07

100,001-500,000

95

3.01

17,299,633

2.39

500,001-

8

0.25

5,952,764

0.82

1,000,000

1,000,001- AND

14

0.44

665,676,990

92.08

3,159

100

722,925,000

100

6

PARTICLARS OF SHAREHOLDERS HOLDING MORE THAN 5% OF THE ISSUED SHARE CAPITAL OF THE COMPANY

S/N

Shareholder's Name

Holding

% Holding

1

Chellsons (Bermuda) Limited

289,170,000

40

2

Introtex Corporation

137,700,000

19.05

3

Westfield Consultants Limited

118,571,292

16.4

4

Murli T. Chellaram Foundation

49,101,720

6.79

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

7

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

8

CHELLARAMS PLC AND ITS SUBSIDIARY COMPANIES REPORT OF THE AUDIT COMMITTEE FOR THE YEAR ENDED 31 MARCH 2023

In compliance with Section 404(7) of the Companies and Allied Matters Act, 2020 ('The Act'), we, the members of the Audit Committee have reviewed and considered the Financial Statements of the Company for the year ended 31 March, 2023 and the reports thereon and confirm as follows:

    1. The accounting and reporting policies of the Company are in accordance with legal requirements and ethical practices.
  2. The scope and planning of the audit requirements were in our opinion adequate,
  3. We have reviewed the findings on management matters, in conjunction with the External Auditors and are satisfied with the responses of management thereon.
  4. The Company's system of accounting and internal controls were adequate.
  5. We have made the recommendations required to be made in respect of the Auditors.

Chairman, Audit Committee

Mr. Ezekiel M. Faniyi - FCA

FRC/2015/ICAN/00000010981

Other Members:

Alhaji Ahmed A. Abdulkadir

Mrs. Morenike Agbe-Davies

Prince Yomi Ogunsowo

Mr. Peter Eyanuku

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

9

CHELLARAMS PLC

CONSOLIDATED STATEMENTOF COMPREHENSIVEINCOME

For the periodended30thSep2023

N'000

Particulars

Company

Group

Company

Group

Company

Group

Company

Group

July'23toSep'23

July'23toSep'23

April'23toSep'23

April'23toSep'23

July'22toSep'22

July'22toSep'22

April'22toSep'22

April'22toSep'22

REVENUE

1,432,019

2,734,454

2,312,612

4,889,185

1,118,658

2,485,522

1,995,843

5,316,322

COSTOF SALES

1,353,661

2,674,108

2,162,107

4,632,099

1,053,135

2,279,129

1,844,240

4,755,931

GROSSPROFIT

78,358

60,346

150,505

257,086

65,523

206,394

151,603

560,390

DISTRIBUTION EXPENSES

6,145

41,252

10,589

68,984

10,873

37,450

13,873

62,173

ADMINISTRATIVEEXPENSES

128,917

215,307

256,622

421,692

86,575

198,814

277,761

490,273

OTHERINCOME

(139,807)

(139,682)

(256,868)

(256,913)

(2,170,358)

(2,174,303)

(2,461,121)

(2,467,761)

FINANCECOST

100,147

162,910

207,696

337,060

366,777

403,345

693,857

750,493

FAIRVALUEGAINS ON INVESTMENTPROPERTIES

-

-

-

-

-

-

-

-

FAIRVALUELOSS IN INVESTMENTIN ASSOCIATES

-

-

-

-

-

-

-

-

GAIN ON DISPOSALOF INVESTMENTEQUITY

SHAREOF LOSS FROMASSOCIATES

-

-

-

-

-

-

-

-

PROFITBEFORETAXATION

(17,044)

(219,441)

(67,534)

(313,738)

1,771,656

1,741,088

1,627,233

1,725,212

INCOMETAX EXPENSES

11,563

12,583

11,563

14,008

-

2,010

-

15,055

PROFITAFTERTAXATIONFROMCONTINUING OPERATIONS

(28,607)

(232,024)

(79,097)

(327,747)

1,771,656

1,739,077

1,627,233

1,710,157

ATTRIBUTABLETO:

OWNERS OF THEPARENTCOMPANY

(28,607)

(184,602)

(79,097)

(267,313)

1,771,656

1,759,192

1,627,233

1,722,018

NON CONTROLLINGINTEREST

(47,422)

-

(60,441)

(20,115)

-

(11,868)

(28,607)

(232,024)

(79,097)

(327,755)

1,771,656

1,739,077

1,627,233

1,710,149

OTHERCOMPREHENSIVEINCOME

REVALUATION SURPLUS

-

-

-

-

-

-

-

-

ACTURIALGAIN / (LOSS)

-

-

-

-

-

-

-

-

TOTALOTHERCOMPREHENSIVEINCOME

-

-

-

-

-

-

-

-

TOTALCOMPREHENSIVEINCOME

(28,607)

(232,024)

(79,097)

(327,755)

1,771,656

1,739,077

1,627,233

1,710,149

ATTRIBUTABLETO:

OWNERS OF THEPARENTCOMPANY

(28,607)

(184,602)

(79,097)

(267,313)

1,771,656

1,759,192

1,627,233

1,722,018

NON CONTROLLINGINTEREST

-

(47,422)

-

(60,441)

-

(20,115)

-

(11,868)

(28,607)

(232,024)

(79,097)

(327,755)

1,771,656

1,739,077

1,627,233

1,710,149

CHIEFSURESHM.CHELLARAM

MR.ADITYAS.CHELLARAM

MR.EMMANUELE.EBOSELE

ManagingDirector

Chief Executive Officer

General Manager(Finance)

FRC/2013/IODN/00000005335

FRC/2013/IODN/00000005336

FRC/ 2022/PRO/ICAN/001/467370

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

CHELLARAMS PLC

Second Quarter Reports and Consolidated and Separate Financials

Statement

10

CHELLARAMS PLC

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30th Sep 2023

N'000

Particulars

Company

Group

Company

Group

As at 30th Sep'23

As at 30th Sep'23

As at 31st March'23

As at 31st March'23

ASSETS

NON CURRENT ASSETS

PROPERTY PLANT EQUIPMENT

6,608,547

7,230,476

6,701,294

7,107,605

INVESTMENT PROPERTY

-

-

HELD TO MATURITY ASSETS

148,019

-

148,019

INVESTMENT IN ASSOCIATED UNDERTAKINGS

-

-

DEPOSIT FOR SHARES

-

-

INVESTMENT IN SUBSIDIARIES

80,277

-

80,277

DEFERRED TAX ASSETS

-

-

OTHER ASSETS

-

-

6,836,842

7,230,475

6,929,590

7,107,605

CURRENT ASSETS

INVENTORIES

404,822

1,878,370

892,317

2,363,860

PREPAYMENTS

55,072

122,609

TRADE AND OTHER RECEIVABLES

817,472

1,668,304

1,330,863

1,659,019

DUE FROM SUBSIDIARIES

1,097,511

CASH AND CASH EQUIVALENT

102,309

259,581

87,645

654,690

2,477,186

3,928,865

2,310,826

4,677,569

LIABILITIES

CURRENT LIABILITIES

TRADE AND OTHER PAYABLES

3,130,998

4,513,154

2,725,008

4,221,484

OVERDRAFT

13,560

190,568

804,507

BANK IMPORT FINANCE

-

287,856

COMMERCIAL PAPER

-

-

CURRENT PORTION OF TERM LOAN

-

191,000

CURRENT PORTION OF BONDS

-

-

FINANCE LEASE

-

-

CURRENT TAX PAYABLE

39,329

42,678

152,706

224,493

DUE TO RELATED PARTIES

33,275

48,179

EMPLOYEE BENEFITS

2,969

2,969

-

3,220,131

5,276,403

2,877,714

5,250,484

NET CURRENT ASSETS

(742,945)

(1,347,538)

(566,888)

(572,915)

NON CURRENT LIABILITIES

LONG TERM LOANS

2,766,904

3,376,015

2,992,540

3,666,541

LONG TERM BONDS

-

-

FINANCE LEASE

-

-

EMPLOYEE BENEFITS

-

5,356

4,494

SUBORDINATED DEBT

1,310,791

1,310,791

1,310,791

1,310,791

DEFERRED TAX LIABILITY

348,714

413,403

312,787

447,737

-

-

4,426,409

5,105,565

4,616,118

5,429,563

NET ASSETS

1,667,488

777,373

1,746,584

1,105,127

EQUITY TO EQUITY HOLDERS OF PARENT

SHARE CAPITAL

361,463

361,463

361,463

361,463

PREFERENCE SHARE CAPITAL

-

-

REVALUATION RESERVE

6,409,405

6,409,405

6,409,404

6,409,404

GENERAL RESERVE

(5,103,380)

(5,380,074)

(5,024,283)

(5,112,761)

Sub Total

-

-

1,667,488

1,390,794

1,746,584

1,658,106

NON CONTROLLING INTEREST

-

(613,421)

(552,979)

TOTAL EQUITY

1,667,488

777,373

1,746,584

1,105,127

Chief S.M.Chellaram

Aditya Chellaram

MR. EMMANUEL E. EBOSELE

-

Managing Director

Chief Executive Officer

GeneralManager (Finance)

FRC/2013/IODN/00000005335

FRC/2013/IODN/00000005335

FRC/2022/PRO/ICAN/001/467370

FRC/2013/IODN/00000005335

FRC/2013/IODN/00000005336

CHIEF SURESH M. CHELLARAM

MR. ADITYA S. CHELLARAM

Managing Director

Chief Executive Officer

FRC/ 2013/IODN/00000005336

FRC/ 2013/IODN/00000005335

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Chellarams plc published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 16:31:18 UTC.