CHELLARAMS PLC 1
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHELLARAMS PLC - RC 639
QUARTERLY FINANCIAL STATEMENTS
FOR THE PERIOD
ENDING 30 SEPTEMBER, 2024
CHIEF SURESH M. CHELLARAM | MR. ADITYA S. CHELLARAM |
Managing Director | Chief Executive Officer |
FRC/ 2013/IODN/00000005336 | FRC/ 2013/IODN/00000005335 |
CHELLARAMS PLC 2
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
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 3
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHIEF SURESH M. CHELLARAM | MR. ADITYA S. CHELLARAM |
Managing Director | Chief Executive Officer |
FRC/ 2013/IODN/00000005336 | FRC/ 2013/IODN/00000005335 |
CHELLARAMS PLC 4
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHIEF SURESH M. CHELLARAM | MR. ADITYA S. CHELLARAM |
Managing Director | Chief Executive Officer |
FRC/ 2013/IODN/00000005336 | FRC/ 2013/IODN/00000005335 |
CHELLARAMS PLC 5
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
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.
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, | ||
2024 | ||||
2024 | 2024 (Direct) | 2024 (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 6
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
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 |
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 7
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHIEF SURESH M. CHELLARAM | MR. ADITYA S. CHELLARAM |
Managing Director | Chief Executive Officer |
FRC/ 2013/IODN/00000005336 | FRC/ 2013/IODN/00000005335 |
CHELLARAMS PLC 8
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHELLARAMS PLC AND ITS SUBSIDIARY COMPANIES REPORT OF THE AUDIT COMMITTEE FOR THE YEAR ENDED 31 MARCH 2024
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, 2024 and the reports thereon and confirm as follows:
- The accounting and reporting policies of the Company are in accordance with legal requirements and ethical practices.
- The scope and planning of the audit requirements were in our opinion adequate,
- We have reviewed the findings on management matters, in conjunction with the External Auditors and are satisfied with the responses of management thereon.
- The Company's system of accounting and internal controls were adequate.
- We have made the recommendations required to be made in respect of the Auditors.
Chairman, Audit Committee
Mr. Ezekiel M. Faniyi - FCA
FRC/2015/PRO/ICAN/004/00000010981
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 9
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
CHELLARAMS PLC | ||||||||||||||
CONSOLIDATED STATEMENTOF COMPREHENSIVE INCOME | ||||||||||||||
For the period ended 30th Sep 2024 | N'000 | |||||||||||||
Particulars | Company | Group | Company | Group | Company | Group | Company | Group | ||||||
July'24to Sep'24 | July'24to Sep'24 | April'24to Sep'24 | April'24to Sep'24 | July'23to Sep'23 | July'23to Sep'23 | April'23to Sep'23 | April'23to Sep'23 | |||||||
REVENUE | 1,871,112 | 4,827,593 | 2,866,964 | 8,928,750 | 1,432,019 | 2,734,454 | 2,312,612 | 4,889,185 | ||||||
COSTOF SALES | 1,794,085 | 4,529,404 | 2,668,730 | 8,009,561 | 1,353,661 | 2,674,108 | 2,162,107 | 4,632,099 | ||||||
GROSS PROFIT | 77,027 | 298,189 | 198,234 | 919,189 | 78,358 | 60,346 | 150,505 | 257,086 | ||||||
DISTRIBUTION EXPENSES | 14,996 | 68,857 | 19,507 | 143,365 | 6,145 | 41,252 | 10,589 | 68,984 | ||||||
ADMINISTRATIVEEXPENSES | 147,263 | 286,216 | 317,467 | 588,915 | 128,917 | 215,307 | 256,622 | 421,692 | ||||||
OTHER INCOME | (163,853) | (163,853) | (295,686) | (295,982) | (139,807) | (139,682) | (256,868) | (256,913) | ||||||
FINANCECOST | 129,957 | 451,909 | 271,839 | 781,031 | 100,147 | 162,910 | 207,696 | 337,060 | ||||||
FAIR VALUEGAINS ON INVESTMENTPROPERTIES | - | - | - | - | - | - | - | - | ||||||
FAIR VALUELOSS IN INVESTMENTIN ASSOCIATES | - | - | - | - | - | - | - | - | ||||||
GAIN ON DISPOSALOF INVESTMENTEQUITY | ||||||||||||||
SHAREOF LOSS FROMASSOCIATES | - | - | - | - | - | - | - | - | ||||||
PROFITBEFORETAXATION | (51,336) | (344,940) | (114,893) | (298,139) | (17,044) | (219,441) | (67,534) | (313,738) | ||||||
INCOMETAX EXPENSES | - | 4,604 | - | 14,923 | 11,563 | 12,583 | 11,563 | 14,008 | ||||||
PROFITAFTERTAXATION FROM CONTINUING | ||||||||||||||
OPERATIONS | (51,336) | (349,544) | (114,893) | (313,062) | (28,607) | (232,024) | (79,097) | (327,747) | ||||||
ATTRIBUTABLETO: | ||||||||||||||
OWNERS OF THEPARENTCOMPANY | (51,336) | (273,806) | (114,893) | (238,899) | (28,607) | (184,602) | (79,097) | (267,313) | ||||||
NON CONTROLLINGINTEREST | (75,738) | - | (74,164) | (47,422) | - | (60,441) | ||||||||
(51,336) | (349,544) | (114,893) | (313,062) | (28,607) | (232,024) | (79,097) | (327,755) | |||||||
OTHERCOMPREHENSIVEINCOME | ||||||||||||||
REVALUATION SURPLUS | - | - | - | - | - | - | - | - | ||||||
ACTURIALGAIN / (LOSS) | - | - | - | - | - | - | - | - | ||||||
TOTALOTHERCOMPREHENSIVEINCOME | - | - | - | - | - | - | - | - | ||||||
TOTALCOMPREHENSIVEINCOME | (51,336) | (349,544) | (114,893) | (313,062) | (28,607) | (232,024) | (79,097) | (327,755) | ||||||
ATTRIBUTABLETO: | ||||||||||||||
OWNERS OF THEPARENTCOMPANY | (51,336) | (273,806) | (114,893) | (238,899) | (28,607) | (184,602) | (79,097) | (267,313) | ||||||
NON CONTROLLINGINTEREST | - | (75,738) | - | (74,164) | - | (47,422) | - | (60,441) | ||||||
(51,336) | (349,544) | (114,893) | (313,062) | (28,607) | (232,024) | (79,097) | (327,755) | |||||||
CHIEF SURESHM. CHELLARAM | MR. ADITYA S. CHELLARAM | MR. EMMANUELE. EBOSELE | ||||||||||||
Managing Director | 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
First Quarter Reports and Consolidated and Separate Financials Statement
30 September 2024
10
CHELLARAMS PLC | |||||||||||||||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | |||||||||||||||
As at 30th Sep 2024 | N'000 | ||||||||||||||
Particulars | Company | Group | Company | Group | |||||||||||
As at 30th Sep'24 | As at 30th Sep'24 | As at 31st March'24 | As at 31st March'24 | ||||||||||||
ASSETS | |||||||||||||||
NON CURRENT ASSETS | |||||||||||||||
PROPERTY PLANT EQUIPMENT | 6,592,261 | 7,747,302 | 6,635,050 | 7,772,971 | |||||||||||
INVESTMENT PROPERTY | - | - | |||||||||||||
HELD TO MATURITY ASSETS | 148,019 | - | 148,019 | ||||||||||||
INVESTMENT IN ASSOCIATED UNDERTAKINGS | - | - | |||||||||||||
DEPOSIT FOR SHARES | - | - | |||||||||||||
INVESTMENT IN SUBSIDIARIES | 10,000 | - | 10,000 | - | |||||||||||
DEFERRED TAX ASSETS | - | - | 105,191 | 41,945 | |||||||||||
OTHER ASSETS | - | - | |||||||||||||
6,750,280 | 7,747,302 | 6,898,260 | 7,814,916 | ||||||||||||
CURRENT ASSETS | |||||||||||||||
INVENTORIES | 1,804,460 | 3,782,985 | 764,804 | 1,979,810 | |||||||||||
PREPAYMENTS | 108,039 | 139,578 | 11,567 | 31,740 | |||||||||||
TRADE AND OTHER RECEIVABLES | 1,221,016 | 4,336,184 | 719,779 | 2,223,523 | |||||||||||
DUE FROM SUBSIDIARIES | 5,171 | - | 5,171 | 2,430,184 | |||||||||||
CASH AND CASH EQUIVALENT | 209,169 | 436,438 | 165,843 | 299,881 | |||||||||||
3,347,855 | 8,695,185 | 1,667,164 | 6,965,138 | ||||||||||||
LIABILITIES | |||||||||||||||
CURRENT LIABILITIES | |||||||||||||||
TRADE AND OTHER PAYABLES | 5,546,448 | 10,996,928 | 3,457,363 | 8,662,257 | |||||||||||
OVERDRAFT | - | - | |||||||||||||
BANK IMPORT FINANCE | - | 1,198,661 | 874,827 | ||||||||||||
COMMERCIAL PAPER | - | - | |||||||||||||
CURRENT PORTION OF TERM LOAN | - | 273,000 | |||||||||||||
CURRENT PORTION OF BONDS | - | - | |||||||||||||
FINANCE LEASE | - | - | |||||||||||||
CURRENT TAX PAYABLE | 79,176 | 220,068 | 79,177 | 216,962 | |||||||||||
DUE TO RELATED PARTIES | 371,343 | 39,753 | 559,450 | 675,709 | |||||||||||
EMPLOYEE BENEFITS | - | - | |||||||||||||
- | 5,996,967 | 12,728,410 | 4,095,990 | 10,429,755 | |||||||||||
NET CURRENT ASSETS | (2,649,112) | (4,033,225) | (2,428,826) | (3,464,617) | |||||||||||
NON CURRENT LIABILITIES | |||||||||||||||
LONG TERM LOANS | 2,282,967 | 4,547,467 | 2,536,340 | 4,937,340 | |||||||||||
LONG TERM BONDS | - | - | |||||||||||||
FINANCE LEASE | - | - | |||||||||||||
EMPLOYEE BENEFITS | - | 3,468 | |||||||||||||
SUBORDINATED DEBT | 1,310,791 | 1,310,791 | 1,310,791 | 1,310,791 | |||||||||||
DEFERRED TAX LIABILITY | - | 63,246 | |||||||||||||
- | - | 3,593,758 | 5,924,972 | 3,847,131 | 6,248,131 | ||||||||||
NET ASSETS | 507,410 | (2,210,896) | 622,303 | (1,897,832) | |||||||||||
EQUITY TO EQUITY HOLDERS OF PARENT | |||||||||||||||
SHARE CAPITAL | 361,463 | 361,463 | 361,463 | 361,463 | |||||||||||
PREFERENCE SHARE CAPITAL | - | - | |||||||||||||
REVALUATION RESERVE | 6,409,404 | 6,409,404 | 6,409,404 | 6,409,404 | |||||||||||
GENERAL RESERVE | (6,263,457) | (7,859,853) | (6,148,564) | (7,620,954) | |||||||||||
Sub Total | - | - | 507,410 | (1,088,986) | 622,303 | (850,087) | |||||||||
NON CONTROLLING INTEREST | - | (1,121,910) | (1,047,745) | ||||||||||||
TOTAL EQUITY | 507,410 | (2,210,896) | 622,303 | (1,897,832) | |||||||||||
CHIEF SURESH M. CHELLARAM | MR. ADITYA S. CHELLARAM | MR. EMMANUEL E. EBOSELE | |||||||||||||
Managing Director | 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 |
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