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Coral Laboratories Ltd.

BSE: 524506 Sector: Health care
NSE: N.A. ISIN Code: INE683E01017
BSE LIVE 15:40 | 02 Dec 602.40 2.40
(0.40%)
OPEN

606.50

HIGH

606.50

LOW

600.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 606.50
PREVIOUS CLOSE 600.00
VOLUME 834
52-Week high 650.00
52-Week low 373.10
P/E 15.61
Mkt Cap.(Rs cr) 215.06
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 606.50
CLOSE 600.00
VOLUME 834
52-Week high 650.00
52-Week low 373.10
P/E 15.61
Mkt Cap.(Rs cr) 215.06
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Coral Laboratories Ltd. (CORALLABS) - Chairman Speech

Company chairman speech

The Non-Executive Directors of the Company are required to render services to theCompany from time to time which are beneficial to the performance of the Company. Withthe growth of activities of the company it is important for the Company to utilize theexpertise of the Non-Executive Directors as and when required. It is therefore proposed topay remuneration to Mr. Navin Doshi in lieu of his services to the Company by the way ofremuneration.

Mr. Navin B. Doshi has been overall responsible for the operations and smoothfunctioning of business of the company successfully and has been instrumental in achievingsubstantial growth for the company as Director. Mr. Navin B. Doshi is Matriculate by wayof profession. The Board of Directors on recommendation of Nomination and RemunerationCommittee and considering the contribution made by Mr. Navin B. Doshi thought it fit inthe interest of the Company to retain and avail the continuity of his expertise andremunerate him. The Directors commend the Special Resolution for the approval of themember. The passing of the aforesaid resolution also does not relate to or affect anyother Company.

The terms of remuneration and perquisites payable to Mr. Navin Doshi are as follows:

A i) Salary: Rs. 6 00000/- (Rupees Six Lacs only) per month

ii) Perquisites and Allowances the aggregate monetary value of which shall not exceedRs. 100000 (Rupees One Lac only) per month or as may be decided by the Board from timeto time.

Other particulars pertaining to the Company which are required to be disclosed as persection II of Part II of the Schedule V of the Companies Act 2013 and also Clause 49 ofthe Listing Agreement with the Stock Exchanges are given in Annexure B to thisExplanatory Statement.

Except Mr. Navin B. Doshi & Mrs. Meeta S. Sheth (Daughter of Mr. Navin B. Doshi)none of the Directors and Key Managerial Personnel of the Company and their relatives isconcerned or interested financially or otherwise in the resolutions set out at item No.7.

The Board recommends the resolution in relation to the payment of remuneration to Mr.Navin B. Doshi for the approval by the shareholders of the Company.

Annexure B to the Explanatory Statement:

Statement as required under Section II of Part II of Schedule V to the Companies Act2013 giving details in respect of payment of remuneration to Mr. Navin B. Doshi as NonExecutive Director of the company.

I. General Information:

a) Nature of Industry:

The Company is engaged in the business of Formulation of medicine.

b) Date of commencement of Commercial Production:

Company is already in operation.

c) In case of new companies expected date of commencement of activities as per projectapproved by financial institutions appearing in the prospectus: N.A.

d) Financial Performance:

(Rs. in Lacs)

Total Turnover Current Year Previous Year
Profit Before Tax 1220.99 997.16
Profit after Tax 957.02 786.78

e) Export Performance:

(Rs. in Lacs)
Total Turnover Current Year Previous Year
FOB Value of Exports 3159.18 2556.00
Net Foreign Exchange Earnings 3159.18 2556.00

f) Foreign Investments or Collaborators:

The Company does not have any foreign investment or collaborators.

II. Information :

Mr. Navin B. Doshi (Director)
Background details Mr. Navin B. Doshi is Matriculate and he is currently the Non-executive Director of the Company. Mr. Navin B. Doshi joined the Coral Laboraties Limited from its inception as a Director of the Company.
Past remuneration NIL
Recognition or awards NIL
Job profile and his suitability Non-Executive Director
Remuneration proposed As mentioned in the Resolution.
Comparative Remuneration: Considering the size of the Company the industry benchmarks experience of and the responsibilities shouldered by the Mr. Navin B. Doshi the proposed remuneration payable to him is considered to be below the average remuneration paid to similar appointees in other companies.
Pecuniary relationship Pecuniary relationship exists between the Company & Mr. Navin B. Doshi.

III. Other information:

a) Reasons for inadequacy of profits: Not Applicable

b) Steps taken or proposed to be taken or improvement: Not Applicable

c) Expected increase in productivity and profits in measurable terms: Not Applicable

By the Order of the Board
For Coral Laboratories Limited
sd/-
Place : Mumbai NAVIN B. DOSHI
Date : 29th July 2015 Chairman

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