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Ennore Coke Ltd.

BSE: 512369 Sector: Others
NSE: N.A. ISIN Code: INE755H01016
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VOLUME 2603
52-Week high 9.27
52-Week low 2.35
P/E
Mkt Cap.(Rs cr) 5
Buy Price 3.29
Buy Qty 100.00
Sell Price 3.61
Sell Qty 3000.00
OPEN 3.45
CLOSE 3.44
VOLUME 2603
52-Week high 9.27
52-Week low 2.35
P/E
Mkt Cap.(Rs cr) 5
Buy Price 3.29
Buy Qty 100.00
Sell Price 3.61
Sell Qty 3000.00

Ennore Coke Ltd. (ENNORECOKE) - Director Report

Company director report

Dear Share holders

The Directors take pleasure in presenting the Thirty First Annual Report together withthe audited financial statements for the year ended March 31 2016.

The performance of the Company for the year ended 31st March 2016 is summarized below:

(Rs. in Lakhs)
Particulars 2015 - 2016 2014 - 2015
Revenue from operations and Other Income 8152.79 39272.70
Profit/(Loss)before Interest Depreciation and Tax (2620.43) (2607.24)
Interest & Finance Charges 1582.87 1531.47
Depreciation 1289.55 1295.35
Provision for Tax 377.76 -
Deferred Tax 1441.51 (69.53)
Net Profit/(Loss) for the year (7312.24) (5364.53)

Revenue from operations and other income for the year under review was reduced to Rs.8152.79 lacs as compared to the previous year Rs. 39272.70 lacs due to non-operations ofthe factory from July 2015 till the end of the financial year and the loss before tax wasRs. (7312.24) lacs and for previous year Rs. (5434.05) lacs. The Board at its meetingheld on 20th May 2016 approved the Company to refer and file an application with theBoard for Industrial and Financial Reconstruction (BIFR) due to negative net worth as atMarch 31 2016.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed review of the operations performance and outlook of the company and itsbusiness is given in the Management Discussion and Analysis Report which forms a part ofthis report.

DEPOSITORY SYSTEM

Your Company's Equity Shares are available in dematerialized form through NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Ltd. (CDSL).As at 31st March 2016 99.91% of the Equity Shares of the Company were held in demat form.

DIVIDEND

Your Directors have not recommended dividend in view of the losses incurred by thecompany during the year.

DEPOSITS

The Company has not accepted any deposits either from the shareholders or public withinthe meaning of The Companies (Acceptance of Deposits) Rules 2014.

DISCLOSURES UNDER THE COMPANIES ACT 2013 i) Extract of Annual Return:-

The extract of the Annual Return in the form MGT - 9 as required under Section 92 (3)and 134 (3) of the Act is attached to this Report as Annexure - A. ii) Number of BoardMeetings

The Board of Directors met 6 (Six) times in the year 2015-16. The details of the boardmeetings and the attendance of the Directors are provided in the Corporate GovernanceReport. iii) Change in Share Capital

During the year under review there is no change in the Share Capital of the Company. iv)Composition of Audit Committee

The Board has constituted the Audit Committee which comprises of Mr. K.U. Sivadas asthe Chairman and Ms. J Kotteswari and Mr. Aravind Subramaniam as the members. More detailson the committee are given in the Corporate Governance Report. v) Related PartTransactions

All the related party transactions are entered on arm's length basis and are incompliance with the applicable provisions of the Act and the SEBI LODR. There are nomaterially significant Related Party transactions made by the Company with PromotersDirectors or Key Management Personnel etc. which may have potential conflict with theinterest of the company at large All Related Party Transactions are presented to the AuditCommittee and the Board. A statement of all related party transactions is presented beforethe Audit Committee specifying the nature value and terms and conditions of thetransactions. The Related Party Transactions Policy as approved by the Board is uploadedon the Company's website at the Web Link: http://www.ennorecoke.com/ investors/Policy onRelated Party transactions.

Disclosure of particulars of contracts/arrangements entered into by the company withrelated parties referred to in sub-section (1) of section 188 is enclosed as Annexure - Bin Form AOC-2.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN MARCH 31 2016 AND MAY 20 2016 (DATE OF THE REPORT)

There were no material changes and commitments affecting the financial position of theCompany between the end of the financial year (March 31 2016) and the date of the Report(May 20 2016).

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The information pertaining to conservation of energy technology absorption Foreignexchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act2013 read with Rule 8(3) of the Companies (Accounts) Rules 2014 is furnished in AnnexureC and is attached to this report.

INTERNAL CONTROL SYSTEM

The Company has in place an adequate system of internal controls commensurate with itssize requirements and the nature of operations. These systems are designed keeping inview the nature of activities carried out at each location and the various businessoperations. The company has documented a robust and comprehensive internal control systemfor all the major processes to ensure reliability of financial reporting timely feedbackon achievement of operational and strategic goals compliance with policies procedureslaws and regulations safeguarding of assets and economical and efficient use ofresources. The formalised systems of control facilitate effective compliance as per SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015. The Company also haswell documented Standard Operating Procedures (SOPs) for various processes which isperiodically reviewed for changes warranted due to business needs. The Internal Auditormonitors and evaluates the efficacy and adequacy of internal controls system in theCompany its compliance with operating systems accounting procedures and policies at alllocations of the Company and its subsidiaries. Based on the report of internal auditprocess owners undertake corrective action in their respective areas and therebystrengthen the controls. During the year the Audit Committee met regularly to reviewreports submitted by the Internal Audit. All significant audit observations and follow-upactions thereon were reported to the Audit Committee. The Audit Committee also met theCompany's Statutory Auditors to ascertain their views on the financial statementsincluding the financial reporting system compliance to accounting policies andprocedures the adequacy and effectiveness of the internal controls and systems followedby the Company.

VIGIL MECHANISM/WHISTLE BLOWER POLICY

Pursuant to Section 177(9) of the Companies Act 2013 read with Rule 7 of the Companies(Meeting of Board and its Powers) Rule 2014 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the Board of Directors had approved the Policy on VigilMechanism/Whistle Blower and the same was hosted on the website of the Company. The Policyinter-alia provides Whistle Blower a direct access to the Chairman of the AuditCommittee.

Your Company hereby affirms that no Director/employee has been denied access to theChairman of the Audit Committee and that no complaints were received during the year.

The Whistle Blower Policy as approved by the Board is uploaded on the Company's websiteat the Web Link: http://www.ennorecoke.com / Investors / Corporate Governance / WhistleBlower Policy.

CORPORATE SOCIAL RESPONSIBILITY (CSR) :

In terms of Section 135 and Schedule VII of the Companies Act 2013 the Board ofDirectors of your Company have constituted a CSR Committee. The Committee comprises of allIndependent Directors. Since the average net profits of the company made during the threeimmediately preceding financial years was negative the Company was not required to spendany money on CSR activities during the previous year.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

1. CESSATION

Mr. R Ramakrishnan has resigned from the Board with effect from 12.02.2016. The Boardplaced on records its appreciation for the valuable services rendered by Mr. RRamakrishnan.

2. APPOINTMENT

There were no appointments made during the financial year 2015-16

3. RETIREMENT BY ROATION

In accordance with the provisions of Section 152(6) and Article 121 of the Articles ofAssociation of the Company

Ms. J Kotteswari (DIN No.02155868) will retire by rotation at the ensuing AnnualGeneral Meeting of the company and being eligible offer herself for re-appointment. TheBoard recommends her re-appointment.

4. APPOINTMENT OF INDEPENDENT DIRECTORS

There were no appointment of Independent Directors during the Financial Year 2015-16.

5. KEY MANAGERIAL PERSON

During the year under review the Board appointed Ms. M Kirithika - Company Secretaryas the Whole-time Key Managerial Personnel of the Company under Section 203 of theCompanies Act 2013.

EVALUATION OF THE BOARD'S PERFORMANCE

In compliance with the Companies Act 2013 and SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 the performance evaluation of the Board was carried outduring the year under review. More details on the same is given in the CorporateGovernance Report.

REMUNERATION POLICY

The Remuneration Policy of the Company comprising the appointment and remuneration ofthe Directors Key Managerial Personnel and Senior Executives of the Company includingcriteria for determining qualifications positive attributes independence of a directorand other related matters has been provided in the Corporate Governance Report.

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in terms ofSection 134(3) (c) of the Companies Act 2013.

(i) in the preparation of the annual accounts for the year ended 31st March 2016 theapplicable accounting standards have been followed along with proper explanation relatingto material departures if any ;

(ii) the Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at 31st March 2016 and Profit and Lossand cash flow of the Company for the year ended on that date;

(iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities ; and

(iv) the Directors have prepared the annual accounts of the Company on a ‘goingconcern' basis.

(v) the Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively; and

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

Disclosure under the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013

The Company is committed to provide equal opportunities at all levels safe and healthyworkplaces and protecting human health and environment. The Company provides opportunitiesto all its employees to improve their skills and capabilities. Your Company is an equalopportunity employer and does not discriminate on the grounds of race religionnationality ethnic origin color gender age citizenship sexual orientation maritalstatus or any disability not affecting the functional requirements of the position held.The Company has also framed a policy on "Prevention of Sexual Harassment atworkplace. There were no cases reported during the financial year under review under thesaid policy

AUDITORS

a) STATUTORY AUDITORS

M/s. Sreedhar Suresh & Rajagopalan (Registration No. 003957S have beenStatutory Auditors of the Company for 5 years. Considering the requirement of rotation ofauditors as per the provisions of the Companies Act 2013 the statutory auditorshave expressed their inability to continue as a Statutory Auditors and have accordinglyinformed their decision tostep down. In their place Board has appointed M/s. K.Rajagopal & Associates Chartered Accountants Chennai as the StatutoryAuditor for a period of 5 years from who shall hold office from the conclusion of this31stAnnual General Meeting for term of five consecutive years till conclusion of the36thAnnual General Meeting (subject to ratification of the appointment by the members atevery Annual General Meeting held after this Annual General Meeting.

Members' attention is invited to the observation made by the Auditors under"Emphasis of Matter" appearing in the Auditors Reports.

b) INTERNAL AUDIT

Internal Audit of the company is handled by M/s. Raveendran & Associates CharteredAccountants Chennai for evaluating the adequacy of internal controls and concurrentlyreviews majority of the transactions in value terms.

Independence of the firm and compliance is ensured by the direct reporting of the firmto the Audit Committee of the Board.

c) SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Ms. B. Chandra Company Secretary in Practice to undertake the Secretarial Auditof the Company. The Report of the Secretarial Audit Report is annexed herewith as"AnnexureD"

CORPORATE GOVERNANCE

Corporate Governance is based on some fundamental and basic principles such asconducting the business with integrity and fairness ensuring transparency in all thetransactions making all relevant disclosures as per the various Regulations in force andcomplying with all the laws of the land ensuring accountability and responsibility in alldealings with the various stakeholders and commitment for conducting the business in anethical and transparent manner.

Your Company is committed to achieving and maintaining these high standards ofCorporate Governance and places high emphasis on business ethics. The Report on CorporateGovernance as stipulated under SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 forms part of the Annual Report.

The Company has laid down a well- defined Code of Conduct which fairly addresses theissues of integrity conflict of interest and confidentiality and stresses the need ofethical conduct which is the basis of good governance. This Code of Conduct is applicableto all the members of the Board and the Senior Management Personnel. The declarationregarding compliance with Ennore Coke Limited Code of Conduct and Ethics for all BoardMembers and Senior Management Personnel of the Company forms part of the Report onCorporate Governance.

The Company is complying with all the norms laid down by the Regulatory Authorities inall its functional areas. The Company Secretary is also the Compliance Officer under SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 entered into with theStock Exchanges to comply with various guidelines of Securities and Exchange Board ofIndia and Stock Exchanges.

The Company is promptly submitting a "Quarterly Compliance Report on CorporateGovernance" as per SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 with the Stock Exchanges. As part of the good Corporate Governance the Companyensures that all Investor Grievances are attended to and resolved in a timely manner asper the records maintained by our Registrar and Transfer Agent.

The certificate from the Statutory Auditors M/s Sreedhar Suresh & Rajagopalanconfirming compliance with the conditions of Corporate Governance as stipulated under SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 is reproduced in aseparate section elsewhere in the Annual Report.

INSIDER TRADING

In compliance with the SEBI (Prohibition of Insider Trading) Regulations 1992 asamended your Company has instituted a comprehensive Code titled as "Ennore CokeLimited - Code of Conduct" which lays down guidelines and advises the Directorsand Employees of the Company on procedures to be followed and disclosures to be made whiledealing in securities of the Company.

PARTICULARS OF EMPLOYEES

None of the employees of the Company was in receipt of remuneration in excess of thelimits prescribed under the 2013 Act and the rules framed thereunder. The informationrequired pursuant to Section 197 of the 2013 Act read with Rule 5 of The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employeesof the Company. Details pursuant to the provisions of Section 197(12) of the CompaniesAct 2013 is annexed herewith as "Annexure E".

AUDIT REPORT AND EXPLANATION UNDER SECTION 217 (3) OF THE COMPANIES ACT 1956

The Auditors' Report is self-explanatory and does not require any further commentsexcept that:

Point (a) of "Emphasis of Matter" in Auditors' Report :

The going concern concept is still valid as the Company is confident thatrehabilitation/restructuring proposal for continuing the operations of the Company willfructify.

Point (b) of "Emphasis of Matter" in Auditors' Report :

The amounts stated in the Balance Sheet are fully realisable / payable

Point (c) of "Emphasis of Matter" in Auditors' Report :

The transaction is based on mutual agreement between the parties concerned and balanceconfirmation from the respective parties is also available.

Point (d) of "Emphasis of Matter" in Auditors' Report :

There is a fair chance of succeeding in the appeal and the amount is fully recoverableand hence no provision is required to be made.

Point (e) of "Emphasis of Matter" in Auditors' Report :

Regarding amount of Rs.10 36 84 384/- written back in respect of dues to a creditorwithout confirmation from the party in the opinion of the management the amount is notpayable. '

Point (f) of "Emphasis of Matter" in Auditors' Report :

Regarding adjustment of Input Credit Excise duty of Rs. 3 88 99 944/- the managementis confident of the full recovery/adjustment in the ensuing years.

Point (g) of "Emphasis of Matter" in Auditors' Report :

The management is of the view that the amount is fully recoverable.

Point (h) of "Emphasis of Matter" in Auditors' Report :

The management is of the view that the amount is fully recoverable.

Point (i) (c) of the Annexure to the Auditors' Report:

The Company has filed an application for title change subsequent to the amalgamationwith HDA (Haldia Development Authority) which is still pending approval .

Point (iii) (a) of the Annexure to the Auditors' Report :

The Company does not pay any interest on loans received from the related parties andthe same policy is adopted for loans given to the related parties .

Point (vi) of the Annexure to the Auditors' Report:

The company has since appointed Cost Auditor for the financial year 2014-15.The Companyhas initiated the process of maintenance of the cost records prescribed.

Point (vii) (a) and (b) of the Annexure to the Auditors' Report:

The Company is in the process of regularising all statutory remittances to theconcerned departments.

Point (viii) of the Annexure to the Auditors' Report :

The company had submitted a restructuring proposal to the banks and discussions areunderway for approval of the same by banks. As on date the approval is pending.

ACKNOWLEDGEMENTS

Your Directors wish to express their appreciation for the assistance support andcooperation extended by the Banks Financial Institutions Government AuthoritiesCustomers Suppliers and all Members during the year under review. Your Directors alsowish to place on record their appreciation for the committed services by all employees ofthe Company.

For and on behalf of the Board
Ennore Coke Limited
Place: Chennai J Kotteswari K.U. Sivadas
Date: 20.05.2016 Director Director
(DIN 02155868) (DIN 00498594)

ANNEXURE - B TO THE DIRECTORS REPORT

Form No. AOC-2

(Pursuant to clause (h) of sub-section (3)of section 134 of the Act and Rule 8(2) ofthe Companies(Accounts) Rules 2014)

Form for disclosure of particulars of contracts/arrangements entered into by thecompany with related parties referred to in sub-section (1) of section 188 of theCompanies Act 2013 including certain arms length transactions under third proviso thereto1. Details of contracts or arrangements or transactions not at arm's length basis : Nil 2.Details of material contracts or arrangement or transactions at arm's length basis :

S. No Name(s) of the related party and nature of relationship Nature of contracts / arrangements / transactions Duration of the contracts / arrangements / transactions Salient terms of the contracts or arrangements or transactions including the value if any Date(s) of approval by the Board if any Amount paid as advances if any Transaction amount
1 Haldia Coke and Chemicals Pvt Ltd (Holding Company) Expense reimbursed by Expense reimbursed to For a period of one year from April 01 2015 to March 31 2016 Arrangements for reimbursement of Expenses from Haldia 31.03.2015 NIL 298874175
Arrangements for reimbursement of Expenses to Haldia NIL 237561634
Loan received Loans received from Haldia NIL 881998537
Expense reimbursed by Arrangements for reimbursement of Expenses from Wellman NIL 1500679
2 Wellman Coke India Limited (Fellow Subsidiary) Expense reimbursed to For a period of one year from April 01 2015 to March 31 2016 Arrangements for reimbursement of Expenses to Wellman 31.03.2015 NIL 353985780
Loan received Loans received from Wellman NIL 351805501
Expense reimbursed by Arrangements for reimbursement of Expenses from Aditya NIL 139482480
NIL 181511638
3 Aditya Coke Pvt Ltd (Fellow Subsidiary) Expense reimbursed to For a period of one yearfrom April 01 2015 to Arrangements for reimbursement of Expenses to Aditya 31.03.2015 NIL 410939770
Loan received March 31 2016 Loans received from Aditya
Purchase of Coke Contract for purchase of coke from Aditya Coke Pvt Ltd NIL 131181120
4 Mahala Coke and Products Pvt Ltd (Fellow Subsidiary) Purchase of Coke For a period of one year from April 01 2015 to March 31 2016 Contract for purchase of coke from Mahala Coke and Products Pvt Ltd 31.03.2015 NIL 10967683

 

For and on behalf of the Board

Ennore Coke Limited

Place: Chennai J Kotteswari K.U. Sivadas
Date: 20.05.2016 Director Director
(Din 02155868) (Din 00498594)

ANNEXURE - C TO THE DIRECTORS REPORT

ANNEXURE C

ANNEXURE TO THE DIRECTORS' REPORT

Information pursuant to Section 134 (3) (m) of the Companies Act 2013 read with Rule 8of the Companies (Accounts) Rules 2014 in respect of conservation of energy technologyabsorption foreign exchange earnings and outgo.

A. CONSERVATION OF ENERGY

The Company has implemented non recovery coke oven facility of capacity 130000 MT perannum and is in the verge of integrating it with 12 MW waste heat power generationfacility at Haldia. The coke making facility through non recovery coke oven technology andgeneration of electricity using the waste heat from waste gases of the coke ovens wouldcontribute towards reduction of emissions of clean gases to atmosphere when compared withby product recovery type coke making facility and production of the same power through abase technology of conventional coal based thermal power plant.

1. The coke making process when integrated with co generation power plant facilityqualifies as a Clean Development Mechanism under KYOTO PROTOCOL of United Nationsframework.

2. Energy saving through installation of Energy Saving motor.

3. By replacing existing street lights by Light Emitting Diod (LED) types.

B. TECHNOLOGY ABSORPTION

1. Specific areas in which R& D is carried out by the Company :

The Company has not carried out any specific R&D activities.

2. Benefits derived as a result of the above R&D

The Company has not carried out any R&D activities and hence the question ofreceiving benefits does not arise.

3. Future Plan of Action :

Under process of implementation

4. Expenditure on R & D : Nil

5. FOREIGN EXCHANGE EARNINGS AND OUTGO

S.No Particulars of Remuneration 2015 -16 2014 -15
(a) Expenditure in Foreign
currency (Accrual basis)
Travelling Expenses - -
Demurrage Charges - -
Interest on Claims Payable 1327132 1327132
Freight Charges - -
Legal fees 254616 254616
Subscription - -
1581778 1581778
(b) Value of Imports (CIF basis)
Raw Material - -
Traded Goods - -
- -
(c) Earnings in Foreign Exchange
Export Sale - -
Remittance of Dividends - -

ANNEXURE - E TO THE DIRECTORS REPORT

DETAILS PURSUANT TO THE PROVISIONS OF SECTION 197(12) OF THE COMPANIES ACT 2013 READWITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL)RULES 2014

Relevant clause u/r 5(1) Prescribed Requirement Particulars
(i) Ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year Not Applicable
(ii) Percentage increase in remuneration of each Director Chief Financial Officer Chief Executive Officer Company Secretary or Manager if any in the financial year M. Natarajan Chief Executive Officer NIL
A. Ganesh Chief Financial Officer 8.31%
M. Kirithika Company Secretary Appointed during the Year
(iii) Percentage increase in the median remuneration of employees in the financial year (5.85)%
(iv) Number of permanent employees on the rolls of company 121 Nos.
(v) Explanation on the relationship between average increase in remuneration and company performance There is a relationship between average increase in remuneration and individual and company performance only in the case of one of the Key Managerial Personnel (KMP) and a few very senior management personnel of the company and not for other categories of employees. Since the company had been incurring losses no performance linked incentives or bonus has been paid during the year to the KMP. In the case of all other employees the increase in remuneration is towards normal inflation and salary correction etc wherever necessitated and is not linked to company performance.
(vi) Comparison of the remuneration of the Key Managerial Personnel against the performance of the Company The Income from Operations of the company decreased from a level of Rs. 692.49 Lacs in 2015-16 to Rs. 34113.30 Lacs in 2014-15 representing a decline of 97.97%.In view of the loss on 2015-16 no increase in remuneration has been given to any of the KMP's other than CFO.
(vii) Variations in the market capitalization of the company price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with the last public offer in case of listed companies and in case of unlisted companies the variations in the net worth of the company as at the close of the current financial year and previous financial year The market capitalization of the company based on Bombay Stock Exchange quotation of Rs. 9.26 per share as on 31.03.2015 and Rs. 4.55per share as on 31.03.2016 was Rs. 1435.30 and Rs. 705.25 Lacs respectively representing an decrease of 50.86 % "Considering the losses for this year and the previous year Price earnings ratio is not applicable."
(viii) 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 Average increase in remuneration of Managerial Personnel 8.31%
Average increase in remuneration of employees other than the Managerial Personnel (6.92) %
(ix) Comparison of the each remuneration of the Key Managerial Personnel against the performance of the Company Covered in sub-clause (vi) above.
(x) Key parameters for any variable component of remuneration availed by the directors No variable remuneration was availed by any Directors during the year.
(xi) Ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year Not Applicable. There is no such employee who received remuneration in excess of the highest paid director during the year.
(xii) Affirmation that the remuneration is as per the remuneration policy of the company The remuneration is as per the Nomination and Remuneration Policy for the Directors Key Managerial Personnel and Other Employees of the Company formulated pursuant to the provisions of Section 178 of the Companies Act 2013