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Alembic Ltd.

BSE: 506235 Sector: Health care
NSE: ALEMBICLTD ISIN Code: INE426A01027
BSE LIVE 10:28 | 17 Aug 37.90 0.10
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38.40

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OPEN 37.75
PREVIOUS CLOSE 37.80
VOLUME 7556
52-Week high 51.65
52-Week low 32.40
P/E 28.71
Mkt Cap.(Rs cr) 1,012
Buy Price 37.90
Buy Qty 820.00
Sell Price 38.10
Sell Qty 665.00
OPEN 37.75
CLOSE 37.80
VOLUME 7556
52-Week high 51.65
52-Week low 32.40
P/E 28.71
Mkt Cap.(Rs cr) 1,012
Buy Price 37.90
Buy Qty 820.00
Sell Price 38.10
Sell Qty 665.00

Alembic Ltd. (ALEMBICLTD) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting their 110th Annual Report together with theAudited Statement of Accounts for the year ended on 31st March 2017.

1 Operations and State of Affairs of the Company:

(Rs in Lacs)
For the year ended 31st March 2017 2016
Profit for the year before Interest Depreciation and Tax 3188 3158
Adjusting therefrom:
Interest (net) 16 12
Depreciation 509 614
Provision for deferred tax liabilities or (assets) (125) (9)
Provision for current tax 39 70
Total Comprehensive Income 2749 2471
Adding thereto:
Balance brought forward from previous year 5565 4576
The amount available is 8314 7047
Other Appropriations (34) (1)
Appropriating there from:
Dividend paid on Equity Shares during the year 401 401
Corporate Dividend tax paid during the year 82 82
Transfer to General Reserve - 1000
Balance carried forward to next year's accounts 7798 5663

The Company has prepared the Standalone Financial Statements in accordance with theCompanies (Indian Accounting Standards) Rules 2015 prescribed under Section 133 of theCompanies Act 2013. The Company has adopted the Indian Accounting Standards (Ind AS) from1st April 2016. The comparative financial information of the Company for the year ended31st March 2016 have also been restated to comply with Ind AS.

2 Transfer to reserve:

During the year under review the Company has not proposed any amount to be transferredto General Reserve out of the net profits of the Company for the financial year2016–17.

3 Dividend:

Your Directors recommend Dividend on Equity Shares at Rs 0.20 per share (i.e. 10 %) offace value Rs 2/- per share for the year ended on 31st March 2017 as against Rs 0.15 pershare (i.e. 7.5 %) for the year ended 31st March 2016.

4 Management Discussion and Analysis Report:

The Report on Management Discussion and Analysis Report as required under Schedule V ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is annexedherewith as Annexure A.

5 Subsidiaries Associates and Joint Ventures:

The Company does not have any subsidiaries or joint ventures. Alembic PharmaceuticalsLimited and Alembic Exports Limited are Associate Companies. As required under Rule 8(1)of the Companies (Accounts) Rules 2014 the Board's Report has been prepared onstandalone financial statements and a report on performance and financial position of eachof the associates is included in the financial statements. In accordance with thirdproviso of Section 136(1) of the Companies Act 2013 the Annual Report of the Companycontaining therein its standalone and the consolidated financial statements has beenplaced on the website of the Company www.alembiclimited.com.

6 Directors:

During the year under review Mr. Udit Amin resigned from the position of ManagingDirector of the Company w.e.f. 31st January 2017. He continues to be a Non-ExecutiveDirector of the Company.

The Board at its meeting held on 19th January 2017 has appointed Mrs. Malika Amin asManaging Director and Chief Executive Officer of the Company for a period of 5 yearsw.e.f. 1st February 2017.

In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the Company Mr. Abhijit Joshi Director of the Company will retire byrotation at the ensuing Annual General Meeting and is eligible for re-appointment.

7 Key Managerial Personnel:

Mrs. Malika Amin Managing Director and CEO Mr. Rasesh Shah CFO and Mr. DrigeshMittal Dy. Company Secretary are Key Managerial Personnel of the Company.

8 Meetings of the Board:

Four (4) Board Meetings were held during the financial year ended 31st March 2017. Thedetails of the Board Meetings with regard to their dates and attendance of each of theDirectors thereat have been provided in the Corporate Governance Report.

9 Independent Directors:

The Independent Directors of the Company have given the declaration to the Company thatthey meet the criteria of independence as provided under Section 149(6) of the CompaniesAct 2013.

10 Performance Evaluation:

Pursuant to the provisions of the Companies Act 2013 and the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 the Board has carried out the annualperformance evaluation of the Directors individually as well as evaluation of the workingof the Board and of the Committees of the Board by way of individual and collectivefeedback from Directors. The Evaluation Criteria are as follows: (a) EvaluationCriteria for Non-Executive and Independent Directors:

- Knowledge and Skills

- Professional Conduct

- Duties Role and Functions

(b) Evaluation Criteria for Executive Directors:

- Performance as Team Leader/Member

- Evaluating Business Opportunity and analysis of Risk Reward Scenarios

- Key Set Goals and Achievements

- Professional Conduct and Integrity

- Sharing of Information with the Board

The Directors expressed their satisfaction with the evaluation process.

11 Audit Committee:

The Audit Committee consists of Independent Directors with Mr. Milin Mehta as Chairmanand Mr. C. P. Buch and Mr. R. C. Saxena as members. The Committee inter alia reviews theInternal Control System Reports of Internal Auditors and Compliance of variousregulations. The Committee also reviews at length the financial statements before they areplaced before the Board of Directors.

12 Vigil Mechanism:

Pursuant to the provisions of Section 177(9) & (10) of the Companies Act 2013 andthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 a VigilMechanism or ‘Whistle Blower Policy' for directors employees and other stakeholdersto report genuine concerns has been established. The same is also uploaded on the websiteof the Company.

13 Internal Control Systems:

The Company's internal control procedures which includes internal financial controlsensure compliance with various policies practices and statutes and keeping in view withthe organization's pace of growth and increasing complexity of operations. The internalauditors' teams carry out extensive audits throughout the year across all locations andacross all functional areas and submits its reports to the Audit Committee.

14 Corporate Social Responsibility:

Alembic Group has been proactively carrying out CSR activities since more than FiftyYears. Alembic Group has established nurtured and promoted various Non ProfitOrganisations focusing on three major areas – Education Healthcare and RuralDevelopment. In compliance with requirements of Section 135 of the Companies Act 2013the Company has laid down a CSR Policy. The composition of the Committee contents of CSRPolicy and report on CSR activities carried out during the Financial Year ended 31stMarch 2017 in the format prescribed under Rule 9 of the Companies (Corporate SocialResponsibility Policy) Rules 2014 is annexed herewith as Annexure B.

15 Policy on Nomination and Remuneration:

The contents of Nomination and Remuneration Policy of the Company prepared inaccordance with the provisions of Section 178 of the Companies Act 2013 and Regulation 19of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 areprovided in the Corporate Governance Report.

16 Related Party Transactions:

Related party transactions that were entered into during the financial year were onarm's length basis and were in ordinary course of business. In pursuance to the approvalobtained from the members at the 108th

Annual General Meeting the Company has entered into materially significant relatedparty transactions with Alembic Pharmaceuticals Limited related party. However norelated party transactions have any potential conflict with the interest of the Company.

There are no material related party transactions which are not in ordinary course ofbusiness or which are not on arm's length basis and hence there is no information to beprovided as required under Section 134(3)(h) of the Companies Act 2013 read with Rule8(2) of the Companies (Accounts) Rules 2014.

The Board has approved a policy for related party transactions which has been uploadedon the Company's website. The web-link as required under SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 is as under:http://www.alembiclimited.com/AL-RPT%20Policy.pdf

17 Corporate Governance:

The Report on Corporate Governance as stipulated under Schedule V of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 forms part of the AnnualReport.

The requisite certificate from M/s. Samdani Shah & Kabra Practicing CompanySecretaries confirming compliance with the conditions of corporate governance asstipulated under the aforesaid Schedule V is annexed to the Report on CorporateGovernance.

18 Fixed Deposits:

During the year under review the Company has not accepted/renewed any deposits.

19 Listing of shares:

The Equity Shares of the Company are listed on BSE Limited (BSE) with scrip code No.506235 and on National Stock Exchange of India Limited (NSE) with scrip code ofALEMBICLTD. The Company confirms that the annual listing fees to both the stock exchangesfor the financial year 2017-18 have been paid.

20 LoansGuaranteeorInvestments:

Details of Loans granted Guarantees given and Investments made during the year underreview covered under the provisions of Section 186 of the Companies Act 2013 is annexedherewith as Annexure C.

21 Auditors:

(a) Statutory Auditors:

M/s. K. S. Aiyar & Co. Chartered Accountants the existing Statutory Auditors ofthe Company were re-appointed at the 107th Annual General

Meeting (AGM) held on 13th August 2014 to hold office till the conclusion offorthcoming 110th AGM for a period of 3 years. Accordingly they will retire at this AGM.

In accordance with the provision of Section 139 and other applicable provisions ifany of the Companies Act 2013 and the relevant Rules framed thereunder the Board ofDirectors have proposed to appoint M/s. CNK & Associates LLP Chartered Accountantsas Statutory Auditors of the Company for a term of 3 consecutive years at the ensuing110th AGM till the conclusion of 113th AGM in place of retiring Auditors M/s. K. S. Aiyar& Co. Chartered Accountants.

The Auditor's Report for financial year 2016-17 does not contain any qualificationreservation or adverse remark. The Auditor's Report is enclosed with the financialstatements in this Annual Report.

(b) Secretarial Auditors:

The Board of Directors of the Company appointed M/s. Samdani Shah & KabraPractising Company Secretaries Vadodara to conduct Secretarial Audit for the F.Y.2017-18.

The Secretarial Audit Report of M/s. Samdani Shah & Kabra Practising CompanySecretaries for the financial year ended 31st March 2017 is annexed as Annexure D.

The Secretarial Audit Report does not contain any qualification reservation or adverseremark.

(c) Cost Auditors:

The Board of Directors of the Company appointed M/s Santosh Jejurkar & AssociatesCost Accountant Vadodara as Cost Auditor for the F.Y. 2017-18 for conducting audit of thecost accounts maintained by the Company relating to Bulk Drugs and Real Estate Division.

(d) Internal Auditors:

The Board of Directors has appointed M/s. Sharp & Tannan Associates CharteredAccountants as Internal Auditors of the Company for the F.Y. 2017-18.

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks to key business objectives. Major risks identified by the businesses and functionsare systematically addressed through mitigating actions on a continuing basis. These arediscussed at the meetings of the Audit Committee and the Board of Directors of theCompany.

22 Directors' Responsibility Statement:

In terms of the provisions of Companies Act 2013 the Directors state that:

(a) in preparation of the annual accounts for the financial year ended 31st March2017 the applicable accounting standards have been followed along with proper explanationrelating to material departures;

(b) the directors had selected such accounting policies as listed in Note 32 to thefinancial statements and applied them consistently and made judgments and estimates thatare reasonable and prudent so as to give true and fair view of the state of affairs of theCompany at the end of the financial year as on 31st March 2017 and of the profit of theCompany for that period;

(c) the directors had taken proper and sufficient care for maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.

(f) the directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

23 Material Changes:

There have been no material changes and commitments affecting the financial position ofthe Company since the close of financial year i.e. since 31st March 2017. Further it ishereby confirmed that there has been no change in the nature of business of the Company.

24 Extracts of Annual Return:

The extract of Annual Return required under Section 134(3)(a) of the Companies Act2013 read with Rule 12(1) of the Companies (Management and Administration) Rules 2014forms part of this report as Annexure E.

25 Conservation of Energy Technology Absorption Foreign Exchange Earnings andOutgo:

The information required under Section 134(3)(m) of the Companies Act 2013 read withRule 8(3) of the Companies (Accounts) Rules 2014 is annexed herewith as Annexure F.

26 Particulars of employees and related disclosures:

Disclosures pertaining to remuneration and other details as required under Section197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is annexed herewith as Annexure G.

A statement showing the names and other particulars of the employees drawingremuneration in excess of the limits set out in Rules 5(2) and 5(3) of the aforesaid Rulesare provided in the Annual Report. The Annual Report is being sent to the members of theCompany excluding the aforesaid information. The said information is available forinspection at the Registered Office of the Company during working hours and the same willbe furnished on request in writing to the members.

27 Details of Unclaimed Suspense Account:

Disclosure pertaining to Unclaimed Suspense Account as required under Schedule V of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 is annexedherewith as Annexure H. The voting rights on the equity shares which are transferred toUnclaimed Suspense Account shall remain frozen till the rightful owner of such equityshares claims the shares.

For and on behalf of the Board of Directors

Chirayu Amin

Chairman

9th May 2017

Regd. Office: Alembic Road

Vadodara – 390 003.

Tel: (0265) 2280550

Fax: (0265) 2282506

Email Id: alembic.investors@alembic.co.in

Web: www.alembiclimited.com

CIN: L26100GJ1907PLC000033

ANNEXURE C

Particulars of Loans Guarantees or Investments made by the Company:

Nature of transaction (whether loan / guarantee / investments) Date of making loan/ acquisition / giving guarantee/ providing security Name & Address of the person or body corporate to whom it is made or given or whose securities have been acquired Amount (Rs in Lacs) Purpose of loan / guarantee / investments
Investments in liquid scheme of Mutual Funds 06.06.2016 Birla Sun Life Short Term Fund – Growth – Direct Plan Soham Complex Infront of HDFC Bank 300.00 Temporary parking of surplus funds
31.11.2016 R C Dutt Road Alkapuri Vadodara – 390 007 750.00
30.09.2016 Birla Sun Life Short Term Fund – Monthly Dividend – Direct Plan Address as above 311.41
31.10.2016 1.63
30.11.2016 1501.49
31.12.2016 5.26
31.01.2017 5.44
28.02.2017 5.30
31.03.2017 4.93
30.09.2016 Birla Sun Life Treasury Optimizer Fund – Monthly Dividend – Direct Plan 315.12
31.10.2016 1.29
Address as above
30.11.2016 704.13
31.12.2016 5.29
31.01.2016 2.14
05.04.2016 Birla Sun Life Savings Fund – Daily Dividend – Direct Plan Address as above 500.00
30.04.2016 7.99
31.05.2016 187.35
30.06.2016 452.45
31.07.2016 8.18
31.08.2016 1012.41
30.09.2016 412.96
31.10.2016 7.60
30.11.2016 204.58
31.12.2016 4.22
31.01.2017 3.63
28.02.2017 0.88
31.03.2017 0.88
06.06.2016 Birla Sun Life Treasury Optimizer Fund – Growth – Direct Plan Address as above 300.00
30.11.2016 700.00
31.01.2017 Birla Sun Life Medium Term Fund – Growth – Direct Plan Address as above 1000.09
Investments in liquid scheme of Mutual Funds 31.10.2016 Birla Sun Life Dynamic Bond – Retail Address as above 1506.12 Temporary parking of surplus funds
30.11.2016 6.13
31.12.2016 8.02
31.01.2017 6.16
28.02.2017 6.88
31.03.2017 6.68
31.01.2017 SBI Regular Saving Fund – Regular Plan – Growth 9th Floor Crescenzo C-38 & 39 G Block Bandra – Kurla Complex 994.41
28.02.2017 Bandra (East) Mumbai – 400051 5.60
31.10.2016 SBI Saving Fund – Growth – Regular Plan Address as above 909.49
28.03.2017 SBI Corporate Bond Fund – Growth – Regular Plan Address as above 176.00
20.07.2016 SBI Premier Liquid Fund – Growth – Regular Plan Address as above 200.00
31.08.2016 1200.00
26.09.2016 350.00
28.09.2016 150.00
31.10.2016 200.00
31.12.2016 824.17
28.03.2017 175.00
31.08.2016 SBI Treasury Advantage Fund – Growth – Regular Plan Address as above 1000.00
31.01.2017 Axis Fixed Income Opportunities Fund – Growth Axis Bank Limited "Axis House" C-2 Wadia International Centre Pandurang Budhkar Marg Worli Mumbai – 400 025 500.00
20.04.2016 Reliance Banking & PSU Debt Fund – Direct – Weekly 501.78
25.04.2016 Dividend Plan H Block 1st Floor Dhirubhai Ambani Knowledge City Koparkhairne Navi Mumbai – 400 710 100.04
30.04.2016 109.45
31.05.2016 6.94
30.06.2016 1024.29
31.07.2016 17.07
31.08.2016 15.15
30.09.2016 11.58
31.10.2016 12.37
15.11.2016 1000.00
Investments in liquid scheme of Mutual Funds 30.11.2016 Reliance Banking & PSU Debt Fund – Direct – Weekly Dividend Plan 100.13 Temporary parking of surplus funds
31.12.2016 H Block 1st Floor Dhirubhai Ambani Knowledge City Koparkhairne Navi Mumbai – 400 710 6.56
31.01.2017 202.87
31.01.2017 Reliance Corporate Bond Fund – Direct – Growth Plan Address as above 1500.00
30.11.2016 Reliance Income Fund – Direct Growth Plan – Growth Option 1500.00
Address as above
31.01.2017 Reliance Liquid Fund – Treasury Plan – Direct – Daily Dividend Option 100.13
28.02.2017 Address as above 180.00
31.03.2017 0.85
30.04.2016 Reliance Liquid Fund – Treasury Plan – Direct – Daily Dividend Option 101.51
30.11.2016 Address as above 2000.26
30.06.2016 Reliance Quarterly Interval Fund – Series III Address as above 14.39
30.11.2016 Reliance Short Term Fund – Direct – Monthly Dividend Plan Address as above 1010.27
31.01.2017 5.76
31.03.2017 1.23
30.04.2016 Reliance Medium Term Fund – Direct – Daily Dividend Plan Address as above 1.91

Note: Details of investments made by the Company have been sorted on the basis of thename of the person or body corporate with whom it is made.

The above stated investments are gross investments and are not net of redemptions madeby the Company.

APPENDIX A

To

The Members Alembic Limited Alembic Road Vadodara – 390003.

Our Secretarial Audit report of even date is to be read along with this letter that:

1. Maintenance of Secretarial records and compliance of the provisions of Corporate andother applicable laws rules regulations standards is the responsibility of themanagement of the company. Our examination was limited to the verification and audit ofprocedures and records on test basis. Our responsibility is to express an opinion on thesesecretarial records and compliances based on such verification and audit.

2. We have followed the audit practices and processes as were appropriate to obtainreasonable assurance about the correctness of the contents of Secretarial records. Theverification was done on test basis to ensure that correct facts are reflected inSecretarial records. We believe that the processes and practices we followed provide areasonable basis for our opinion.

3. Wherever required we have obtained the management representation about thecompliance of laws rules and regulations and happening of events etc.

4. The Secretarial Audit report is neither an assurance as to the future viability ofthe company nor the efficacy or effectiveness with which the management has conducted theaffairs of the company.

Sd/-

S. Samdani

Partner

Samdani Shah & Kabra

(Erstwhile Samdani Shah & Assoc.)

Company Secretaries

FCS No. 3677

CP No. 2863

Vadodara

20th April 2017

ANNEXURE F

Information required under Section 134(3)(m) of the Companies Act 2013 read with Rule8(3) of the Companies (Accounts) Rules 2014 pertaining to Conservation of EnergyTechnology Absorption Foreign Exchange Earnings and Outgo (A) Conservation of Energy:

(1) Steps taken for conservation of energy (figures below are on a fullproduction-load basis):

(i) Provision of VFD in 100 psi instrument-Air-compressor to save power by 20 KW/Hr andremoval of unused lines of closed plant-units to save Rs 13.50 Lac /Annum.

(ii) Replacement of 2 cooling water pumps of Co-gen plant by a single new pump. Thishas a potential saving of Rs 12 Lacs /Annum.

(iii) Optimum utilization of Air compressors of different configurations leading to asaving of Rs 3.7 Lac/Annum. (iv) Installation of VFD in Brine machine supply cooling towerpump to save pump power by 4.6 KW/Hr to Save Rs 3 Lac/Annum.

(2) Steps taken for utilizing alternate sources of energy:

(i) Purchase of RPO (Renewable Power Obligation) to use Wind & Solar Energy. (3)Capital Investment on energy conservation equipment:

(i) Installation and successful Commissioning of New Gas Engine (Capacity – 1.56MW). By doing this investment Company has achieved substantial reduction in the naturalGas consumption and the recurring utility cost. (ii) In order to ensure optimumutilization of plant resources based on current operational requirements the Company hasreduces the Contract Demand for power and has enabled to save about Rs 7 Lacs / p.m.

(B) Technology Absorption:

(1) New product:

The Company has introduced two generic API in the domestic market namely: Deferosiox& Modafanil by doing the in-house process development and related commercialscale-ups.

(2) Technical:

(i) There was a process developmental work done during the year for ErythromycinEstolate which improved its yield by 25% thereby giving substantial cost reduction.

(ii) The Company achieved substantial volumes of recovery and resale of spent solventsat reasonable margins. (3) Capacity Optimization of resources available: (i) Companyproduced 39 MT of Erythromycin Estolate in a month (existing capacity is 19 MT) byutilizing idle-plant facility-resource.

(ii) Appropriate steps are taken to remove / resale some excess utility machines &process hardwares (after a due valuation done through a professional agency.

(4) Information regarding technology imported during the last 3 years: Nil (5)Expenditure incurred on Research and Development:

Rs ( In Lacs)
Particulars 2017 2016
a) Capital Nil Nil
b) Recurring 66.59 157.48
c) Total 66.59 157.48
d) Total R&D expenditure as a percentage of total turnover 0.46% 1.18%

(C) Foreign Exchange Earnings and Outgo:

Rs ( In Lacs)
For the period ended on 31st March 2017 2016
Income
Export (FOB basis) 103.93 371.40
Expenditure
Raw Material (CIF basis) 3561.54 3636.87
Packing Material Components and Spare parts (CIF basis) - 5.19
Professional and Consultancy fees - -
Others 5.34 7.29

ANNEXURE G

As per the provisions of Section 197 of the Companies Act 2013 read with Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 every listed companyare required to disclose following information in the Board's Report.

Ratio of the remuneration of each Director to the median remuneration of the employeesof the company for the financial year

Ratio to
Name
Employees
Udit Amin – Managing Director* 1 : 0.01236
Malika Amin – Managing Director & CEO** 1 : 0.11610

Percentage increase in remuneration of each Director Chief Financial Officer ChiefExecutive Officer Company Secretary or Manager if any in the financial year

Name % Increase
Udit Amin – Managing Director* (13.24)
Malika Amin – Managing Director & CEO** N.A.
Rasesh Shah – CFO 14.02
Drigesh Mittal – Dy. Company Secretary 10.37

* Resigned as Managing Director w.e.f. 31st January 2017

** Appointed as Managing Director & CEO w.e.f. 1st February 2017

Percentage increase in the median remuneration of employees in the financial year 8.42%
Number of permanent employees on the rolls of company 312
Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration 2.68% (Non-Managerial Personnel) (4.00%) (Managerial Personnel)

We affirm that the remuneration paid to the Managerial and Non-Managerial Personnel isas per the remuneration policy of the Company.

ANNEXURE H

Details of Unclaimed Suspense Account as per the provisions of Schedule V of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015.

Aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year No. of shareholders : 4862
Outstanding shares : 2117501
Number of shareholders who approached the company suspense account during the year No. of shareholders : 89
No. of Shares : 105400
No. of shareholders : 89
Number of shareholders to whom shares were transferred from suspense account during the year No. of Shares : 105400
Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year No. of shareholders : 4773
Outstanding shares : 2012101