THE CALCUTTA STOCK EXCHANGE LIMITED UNLISTED SHARE
Established on 07 June 1923 The Calcutta Stock Exchange Limited is registered at the Registrar of Companies, Kolkata. Its authorized share capital is Rs. 10,00,00,000 and its paid-up capital is Rs. 6,11,250. It was involved in Activities auxiliary to financial intermediation, except insurance and pension funding. The Calcutta Stock Exchange (CSE), is the oldest government of India stock exchange in Asia. The Calcutta Stock Exchange has been asked to exit by SEBI, but the matter is sub judice before the Calcutta High Court. Other regional stock exchanges were closed in the last some years under SEBI's exit policy, including the Bangalore Stock Exchange, the Hyderabad Stock Exchange, and the Madras Stock Exchange. Since 2013, there has been no trading on the CSE trading Platform. The CSE has grown to more than 900 members and over 3,500 listed companies as of now.
CSE Limited Share Price, Share Details as of March 31, 2024
| CSE Limited Outstanding Shares: | 611250 |
| Face Value of CSE Limited Share | Rs. 1/- Per Equity Share |
| ISIN of CSE Limited Share | INE510I01013 |
| Lot Size of CSE Limited Share | 100 |
| CSE Limited Share Price | Best In Industry |
| PAN Number of CSE Limited | AABCT8138N |
| GST Number of CSE Limited | 19AABCT8138N1ZP |
INCORPORATION DETAILS
| CIN | U67120WB1923PLC004707 |
| Registration Date | 06/07/1923 |
| Company Name | The Calcutta Stock Exchange Limited |
| Email Address | pdutta@cse-india.com |
| Category/Sub-category of the Company | Public Company Limited by Shares |
| Registration Number | 4707 |
| Address of the Registered office & contact details | 7, Lyons Range, Kolkata-700001 Tel: 033-4025-3000, Fax : 033-4025-3030 |
| Company Secretary & Compliance Officer | D. DUTT & CO |
| Name, Address & contact details of the Registrar & Transfer Agent, if any | C B Management Services (P) Limited P-22, Bondel Road, Kolkata – 700 019 Tel. (033) 40116726 |
PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES
| S.NO. | Name Of The Company | Category | % Of Shares Held |
| 1. | CSE Capital Markets Pvt. Ltd. | Subsidiary Company | 100% |
| 2. | Lyons Range Securities Clearing Corporation Limited | Subsidiary Company | 100% |
Board of Directors of The Calcutta Stock Exchange Limited
| Board of Directors Constituents | Post |
| Mr. Anindo Majumdar | Director |
| Mr. Chacko Joseph | Director |
| Mr. Gautum Ganguli | Director |
| Dr. Abhirup Sarkar | Director |
| Mr. Deepankar Bose | Director |
| Mr. Subash Chandra Misra | Director |
The Calcutta Stock Exchange Limited Shareholding Pattern (As of 31-03-2024)
| S. No. | Shareholder’s Name | No. of Shares | % of total Shares of the company |
| 1 | Promoter | 0 | 0.0 |
| 2 | Public Shareholding | 611250 | 100.0 |
| Total | 611250 | 100.0 |
INDUSTRY OUTLOOK
The capital market in India has generally been in a growth mode ever since the Securities and Exchange Board of India (SEBI) as the Capital Markets Regulator came into existence and gradually began introducing codified regulations for the orderly functioning of the capital market.
The Indian stock market has mirrored global trends and this curve upward is expected to sustain. That probably explains the robustness of the IPO market. Foreign Portfolio Investors/Foreign Institutional Investors (FPIs/FIIs) have been significant drivers of the Indian stock markets during the first six months of the current financial year. It is estimated that their investments aggregate some US$ 4.27 billion between early April and mid-September 2021. Despite its trading platform being non-operational for eight years, the Calcutta Stock Exchange continues to function by providing its member's facilities to trade on the National Stock Exchange and Bombay Stock Exchange under Section 13 of the SCRA.
CSE also allows its eligible listed companies to be traded in NSE and BSE without being required to be separately listed at those Exchanges. CSE members have been availing the benefit of depository services through its wholly-owned subsidiary viz. CSE Capital Markets Pvt. Limited.
The Calcutta Stock Exchange Limited Consolidated Balance Sheet (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
| Non - Current Assets | ||
| Property, Plant and Equipment | 2,78,288 | 2,79,823 |
| Intangible Assets | 856 | 843 |
| Non Current Investments | 6,94,639 | 6,62,584 |
| Deferred Tax Assets | 6,648 | 5,461 |
| Long Term Loans and Advances | 9,94,312 | 10,13,667 |
| Other Non Current Assets | 5,21,023 | 9,22,239 |
| Current Assets | ||
| Current Investments | 97,466 | 57,853 |
| Trade Receivables | 10,763 | 17,322 |
| Cash and Bank Balances | 7,57,932 | 4,70,853 |
| Short Term Loans and Advances | 12,362 | 10,181 |
| Other Current Assets | 6,53,646 | 4,78,312 |
| Total Assets | 40,27,935 | 39,19,138 |
| Equity and Liabilities | ||
| Share Capital | 619 | 619 |
| Reserves and Surplus | 20,23,774 | 19,71,462 |
| Total Equity | 20,24,393 | 19,72,081 |
| Non-Current Liabilities | ||
| Other Long Term Liabilities | 9,43,423 | 9,43,423 |
| Deferred Tax Liability | 28 | 20 |
| Current Liabilities | ||
| Total outstanding dues of creditors other than micro enterprises and small enterprises | 14,460 | 10,429 |
| Other Current Liabilities | 10,19,355 | 9,71,567 |
| Short Term Provisions | 26,276 | 21,618 |
| Total Equity & Liabilities | 40,27,935 | 39,19,138 |
The Calcutta Stock Exchange Limited Consolidated Profit & Loss Statement (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
| Income : | ||
| Revenue from Operations | 1,28,123 | 56,636 |
| Other Income | 1,42,703 | 1,29,812 |
| Total Income | 2,70,826 | 1,86,448 |
| Expenses : | ||
| Employee Benefits Expense | 1,01,092 | 97,080 |
| Other Expenses | 38,324 | 29,434 |
| Depreciation and Amortization Expense | 2,266 | 2,127 |
| Contribution to SEBI | 7,030 | 3,010 |
| Contribution to Stock Exchange Investors' Protection Fund | 32,450 | 9,846 |
| Total Expenses | 1,81,162 | 1,41,497 |
| Profit before Tax and contribution to Settlement Guarantee Fund and Investors' Service Fund | 89,664 | 44,951 |
| Total Current Tax (Net) Pertaining to profit for the current year | 26,172 | 11,730 |
| Adjustment of tax relating to earlier years MAT Credit utilised during the year | 12,360 | 31 |
| Deferred Tax | - | -3,728 |
| Profit after tax before contribution to Settlement Guarantee Fund, Investors' Service Fund and apportioned to General Reserve | 52,312 | 36,162 |
| Contribution to Settlement Guarantee Fund (net of tax) | 28,771 | 23,467 |
| Contribution to Investors' Service Fund (net of tax) | 15,220 | 8,770 |
| Total of Contributions to Settlement Guarantee Fund, Investors' Service Fund | 43,991 | 32,237 |
| Profit after tax for the year | 8,321 | 3,925 |
| Earning Per Share | ||
| Basic and Diluted | 13.61 | 6.42 |
The Calcutta Stock Exchange Limited Consolidated Cash Flow Statement (Rs in Thousands)
| Particulars | 31-03-2024 | 31-03-2023 |
| Cash Flow from Operating Activities | ||
| Profit before Tax and contribution to Settlement Guarantee Fund Investors’ Service Fund and | 89,664 | 44,951 |
| Adjustment to reconcile profit before tax to net cash flows :- | ||
| Depreciation and Amortization expense | 2,266 | 2,127 |
| (Profit)/Loss on sale/discard of property, plant and equipment | - | (130) |
| Provision for Doubtful Debts and Advances | 4,288 | 299 |
| Bad Debts (net of provision) | - | 387 |
| Sundry balance written off | 458 | 335 |
| Liabilities/Provisions no longer required, written back | (4,037) | (9,434) |
| Interest on Fixed Deposits | (87,087) | (85,407) |
| Interest on Bonds | (26,414) | (14,758) |
| Interest on Income Tax Refunds | (644) | (1,336) |
| Dividend Income from Investments | (6,338) | (5,889) |
| Profit on sale of Investments | (4,555) | (5,264) |
| Operating (Loss) / profit before working capital changes | (32,399) | (74,119) |
| Movements in working capital: | ||
| Increase / (Decrease) in Short Term Provisions | 5,085 | 504 |
| Increase in Trade Payables | 4,031 | 1,151 |
| Decrease in Other Current Liabilities | (1,02,308) | (16,419) |
| Decrease in SGF - Other Current Liabilities on account of Shares and Fixed Deposits | 1,55,185 | (14,088) |
| (Increase) in Trade Receivables | 2,271 | (3,011) |
| (Increase) in Long Term Loans & Advances | 5,018 | (7,030) |
| (Increase) / Decrease in Short Term Loans & Advances | (2,639) | (2,413) |
| Increase in SGF - Other Assets on account of Shares | (1,72,425) | 8,821 |
| Decrease in Other Current Assets | 12,04,615 | 7,44,441 |
| Cash used in operations | 10,66,434 | 6,37,837 |
| Payment of direct taxes (net) | (24,623) | 2,136 |
| Net Cash used in Operating Activities | 10,41,811 | 6,39,973 |
| Cash Flow from Investing Activities | ||
| Proceeds from sale of property, plant and equipment | 142 | 160 |
| Purchase of property, plant and equipment | (381) | (2,757) |
| Proceeds from Sale of Current Investments (net) | 4,555 | 5,264 |
| Dividend income from Investments | 6,338 | 5,889 |
| Investment in SGF - Fixed Deposits | (15,814) | 55,110 |
| Investment in SGF - Other Assets on account of Fixed Deposits | 33,054 | (49,843) |
| Investment in Fixed Deposits | (8,56,106) | (12,02,182) |
| Proceeds from maturity of Fixed Deposits / Mutual Fund investments | (3,69,885) | 4,24,343 |
| Interest on Fixed Deposits | 87,087 | 85,407 |
| Interest on Income Tax Refunds | 644 | 1,336 |
| Interest on Bonds | 26,414 | 14,758 |
| Net cash flow from investing activities | (10,83,952) | (6,62,515) |
| Cash Flow from Financing Activities | ||
| Dividend Paid on equity shares | (1,051) | (1,091) |
| Net Cash used in Financing Activities | (1,051) | (1,091) |
| Net (Decrease) / Increase in Cash and Cash Equivalents (A+B+C) | (43,192) | (23,633) |
| Cash and Cash Equivalents as at the beginning of the year | 66,883 | 90,516 |
| Cash and Cash equivalents as at the end of the year | 23,691 | 66,883 |
| Components of Cash & Cash Equivalents | ||
| Cash on hand | 23 | 15 |
| Own Fund | 14,779 | 66,391 |
| Investors’ Service Fund * | 1,759 | 276 |
| Settlement Guarantee Fund * | 7,130 | 201 |
| Total | 23,691 | 66,883 |
Here is a summary of the Cash Flow Statement for the years 2024 and 2023:
Cash Flow from Operating Activities: The company reported a net cash outflow of ₹10,41,811 thousand from operating activities, a considerable increase from the outflow of ₹6,39,973 thousand in 2023. Despite a profit before tax and contributions increasing substantially to ₹89,664 thousand from ₹44,951 thousand, various adjustments and working capital changes led to a higher cash used in operations. Adjustments for non-cash items included depreciation and amortization, changes in provisions for doubtful debts, and interest income and expense, which collectively reduced the operational cash flow. The significant movements in working capital were particularly impactful. For instance, there were large decreases in current liabilities and a notable increase in assets related to the Settlement Guarantee Fund (SGF), leading to a higher net cash used in operations.
Cash Flow from Investing Activities: The investing activities resulted in a net cash outflow of ₹10,83,952 thousand, compared to ₹6,62,515 thousand the previous year. This change reflects substantial investments in fixed deposits and other assets, exceeding proceeds from sales and maturities. Large investments in SGF-related fixed deposits and a net outflow from fixed deposits and mutual funds contributed to this significant outflow. The company also saw inflows from interest on fixed deposits and dividends, but these were insufficient to offset the major investments and withdrawals.
Cash Flow from Financing Activities: The cash flow from financing activities showed a small net outflow of ₹1,051 thousand, similar to the previous year 's outflow of ₹1,091 thousand. This minor decrease reflects the payment of dividends, which was relatively consistent year-over-year.
Net Change in Cash and Cash Equivalents: Overall, the company experienced a net decrease in cash and cash equivalents of ₹43,192 thousand for 2024, compared to a decrease of ₹23,633 thousand in 2023. This decrease was primarily driven by the substantial outflows from investing activities and the higher cash used in operations. Consequently, the cash and cash equivalents at the end of the year dropped to ₹23,691 thousand from ₹66,883 thousand at the beginning of the year.
Components of Cash and Cash Equivalents: At the end of the fiscal year, the cash balance included cash on hand, own funds, and amounts held in investor and settlement guarantee funds. The notable reduction in cash on hand and own funds from the previous year highlights the impact of the large outflows during the year.
Financial Ratios of Calcutta Stock Exchange Limited
| Particulars | 2024 | 2023 |
| Current Ratio (in times) | 1.43 | 1.03 |
| Return on Equity Ratio (in %) | 0.20% | 0.20% |
| Trade Receivables Turnover Ratio (in times) | 7.4 | 3.3 |
| Trade Payable Turnover Ratio (in times) | 3.23 | 3.49 |
| Net Capital Turnover Ratio (in times) | 0.28 | 1.83 |
| Net Profit Ratio (in %) | 6.49% | 6.93% |
| Return on Investment (in %) | 7.79% | 7.40% |
| Return on Capital Employed Ratio (in %) | 3.77% | 1.06% |
Here is a summary of the financial and operational metrics for The Calcutta Stock Exchange Limited for the year 2024 and 2023:
Current Ratio: The current ratio, which measures a company’s ability to cover short-term liabilities with short-term assets, improved significantly from 1.03 to 1.43. This increase indicates an enhanced liquidity position, suggesting that the company is now better equipped to meet its short-term obligations. A ratio above 1.0 generally signals a comfortable liquidity position, reducing the risk of liquidity problems.
Return on Equity (ROE) Ratio: The ROE ratio, which reflects the return generated on shareholders ' equity, remained unchanged at 0.20% for both years. This stability suggests that the company 's ability to generate profit from its equity base has not improved. Despite changes in other financial metrics, the return on equity has remained constant, indicating modest or stagnant profitability in relation to shareholders ' investment.
Trade Receivables Turnover Ratio: This ratio measures how efficiently a company collects its receivables. The increase from 3.3 to 7.4 signifies a notable improvement in the efficiency of receivables collection. A higher turnover ratio indicates that the company is now collecting its receivables faster, improving cash flow and reducing the risk of bad debts.
Trade Payable Turnover Ratio: The trade payable turnover ratio, which assesses how quickly a company pays its suppliers, decreased from 3.49 to 3.23. This decrease suggests that the company is taking slightly longer to settle its payables. While the ratio still indicates a relatively efficient payment cycle, the decline might reflect changes in payment terms or cash flow management.
Net Capital Turnover Ratio: This ratio evaluates how effectively the company uses its capital to generate revenue. The sharp decline from 1.83 to 0.28 indicates a significant drop in revenue generation efficiency per unit of capital employed. This reduction may suggest issues with capital utilization or a decrease in operational efficiency, impacting overall revenue performance.
Net Profit Ratio: The net profit ratio measures the percentage of revenue that translates into net profit. The slight decrease from 6.93% to 6.49% indicates a minor decline in profitability. While still a positive margin, the reduction suggests that the company 's profitability as a proportion of its revenue has slightly decreased, potentially due to higher costs or lower revenue growth.
Return on Investment (ROI): ROI assesses the return generated on total investments. The increase from 7.40% to 7.79% reflects an improvement in the efficiency of investments, indicating that the company is generating a higher return on its investments compared to the previous year. This positive change suggests better investment performance and potentially higher returns on deployed capital.
Return on Capital Employed (ROCE) Ratio: ROCE measures the return on the total capital employed in the business. The substantial increase from 1.06% to 3.77% indicates a significant improvement in the efficiency of capital utilization. This higher ratio suggests that the company is generating a better return on the capital it employs, reflecting improved operational efficiency and profitability.
A V Thomas International Limited Annual Report 2023-24
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