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Acrysil Ltd.

BSE: 524091 Sector: Consumer
NSE: N.A. ISIN Code: INE482D01024
BSE 00:00 | 15 Oct 102.35 1.40
(1.39%)
OPEN

102.55

HIGH

105.10

LOW

100.20

NSE 05:30 | 01 Jan Acrysil Ltd
OPEN 102.55
PREVIOUS CLOSE 100.95
VOLUME 124408
52-Week high 133.55
52-Week low 85.10
P/E 23.16
Mkt Cap.(Rs cr) 268
Buy Price 102.35
Buy Qty 5.00
Sell Price 105.00
Sell Qty 1.00
OPEN 102.55
CLOSE 100.95
VOLUME 124408
52-Week high 133.55
52-Week low 85.10
P/E 23.16
Mkt Cap.(Rs cr) 268
Buy Price 102.35
Buy Qty 5.00
Sell Price 105.00
Sell Qty 1.00

Acrysil Ltd. (ACRYSIL) - Director Report

Company director report

To

The Members

Your Directors are pleased to present the Thirty First Annual Report on businessand operations of the Company together with the Audited financial Statements for thefinancial year ended March 31 2018. This report states compliance as per the requirementsof the Companies' Act 2013 (“the Act”) the Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (“ListingRegulations”) and other rules and regulations as applicable to the Company.

1. financial Summary/Performance of the Company

The highlights of the financial performance for the year under review as compared tothe previous financial year are given below:

(Rs in Lakhs)
Sr. No. Particulars

Standalone

Consolidated

31.03.2018 31.03.2017 31.03.2018 31.03.2017
1 Net Sales / Income from Operations 15380.37 14136.76 19646.70 18098.65
2 Other Income 400.19 295.40 348.61 254.07
3 Total Income (1+2) 15780.56 14432.16 19995.30 18352.72
4 Total Expenditure 13627.94 12454.27 17078.17 15496.64
5 Operating Profit before Finance Cost Depreciation 2152.62 1977.89 2917.13 2856.08
Tax and Minority Interest (3-4)
6 Finance Cost 549.85 500.27 514.27 1020.16
7 Depreciation 623.93 482.76 714.44 567.17
8 Profit before Tax and Minority Interest (5-6-7) 978.84 994.86 1688.42 1268.75
9 Provision for Taxation 337.42 368.74 464.72 471.49
10 Net Profit after Tax and before Non-Controlling Interest (8-9) 641.42 626.12 1223.70 797.26
11 Non-Controlling Interest - - 28.61 71.35
12 Net Profit after Tax & Non-Controlling Interest (10-11) 641.42 626.12 1195.08 725.91
13 Total other Comprehensive Income (Net of Tax) (6.88) 8.41 (224.83) 289.16
14 Total Comprehensive Income 634.54 634.53 970.25 1015.07

Notes:

1. The previous year gures has been regrouped wherever necessary.

2. The above gures are extracted from the audited standalone and consolidated financialstatements as per Indian Accounting Standards (Ind AS).

3. Figures has been rounded o to nearest decimal

2. Performance Review Standalone

During the year under review Sales Turnover increased to

Rs 15380.37 lakhs as against Rs 14136.76 lakhs in the previous year. The Pro t AfterTax for the year stood at

Rs 641.42 lakhs as compared to Rs 626.12 lakhs in the previous year.

Consolidated

On consolidated basis Sales turnover of your Company for the year was Rs 19646.70Lakhs as against Rs 18098.65 Lakhs in the previous year. The Consolidated Pro t BeforeTaxation and Minority Interest was Rs 1688.42 Lakhs against Rs 1268.75 Lakhs in theprevious year. The Consolidated Pro t after Tax and Minority Interest was Rs 1195.08 Lakhsagainst Rs 725.91 Lakhs in the previous year.

3. Applicability of Indian Accounting Standards

Your Company had adopted Ind-AS w.e.f. 1st April 2017 pursuant to a noti cation dated16th February 2015 issued by the Ministry of Corporate A airs notifying the Companies(Indian Accounting Standard) Rules 2015. Your Company has published Ind-AS financials forthe

financial year ended 31st March 2018 along with comparable as on 31st March 2017 andOpening Statement of Assets and Liabilities as on 1st April 2017.

Your Company has shared all four quarters re-stated Ind-AS Pro t and Loss Statementwith investors along with quarterly results for comparison.

4. Goods and Services Tax (GST)

The Goods and Services Tax (GST) is a landmark reform which will have a lasting impacton the economy and on businesses. Implementation of a well-designed GST model that appliesto the widest possible base at a low rate can provide stimulus to the business andcontribute to the Hon'ble Prime Minister's mission of ‘Make in India'.

Your Company has successfully implemented and migrated to GST w.e.f. 1st July 2017 andchanges across IT systems Supply Chain and Operations have been made keeping in mind thesweeping changes that GST has brought in.

5. Dividend

Considering the consistent financial performance of your Company and promising futureprospects while retaining capital to maintain a healthy Capital Adequacy Ratio and tosupport future growth your Board of Directors recommend a nal dividend of 50 % (Rs. 5/-perEquity Share) on Equity Shares of Rs. 10/- each for the financial year ended March 312018. The declaration and payment of dividend is subject to the approval of shareholdersat the ensuing Annual General Meeting of the Company.

The Register of Members and Share Transfer Books will remain closed from FridaySeptember 21 2018 to Thursday September 27 2018 (both days inclusive) for the purposeof payment of the nal dividend for the financial year ended March 31 2018.

6. Material Changes Transaction and Commitment/ Change in the Nature ofBusiness if any

There have been no material changes and commitments a ecting the financial position ofthe Company between the end of the financial year and date of this report. There has beenno change in the nature of business of the Company.

7. The details of significant and material order passed by the regulators orcourts or tribunals impacting the going concern status and Company's operation in future

During the year under review no significant or material order was passed by theRegulators or Courts or Tribunals which impact the going concern status and Company'soperations in future.

8. Management Discussion and Analysis (MDA)

Management's Discussion and Analysis Report for the year as stipulated under theSecurities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations 2015 (“Listing Regulations”) is presented in a separate sectionforming part of the Annual Report.

9. Share Capital

The paid up Equity Share Capital as on March 31 2018 stands at Rs. 51889760 dividedinto Rs. 5188976 equity shares of Rs. 10/- each. The Company has neither issued shareswith di erential rights as to dividend voting or otherwise nor issued shares to theemployees or Directors of the Company under any Scheme (including sweat equity shares)during the year.

10. Transfer to Reserves

The Company proposes to transfer sum of Rs 200.00 Lakhs to the General Reserves. Anamount of Rs 3195.08 Lakhs is proposed to be retained in the Statement of Pro t and Lossof standalone financials.

11. Subsidiary Companies

As on March 31 2018 the Company has seven subsidiaries including three overseassubsidiaries and one step down overseas subsidiary. There has been no material change inthe nature of the business of the subsidiaries. There are no associate companies or jointventure companies within the meaning of Section 2(6) of the Act. financials ofsubsidiaries are disclosed in the consolidated financial statements which forms part ofthis Annual Report. Pursuant to sub-section (3) of section 129 of the Act and Rule 8(1) ofthe Companies (Accounts) Rules 2014 the statement containing the salient feature of thefinancial statements of a Company's subsidiaries in Form AOC-1 is attached to thefinancial statements.

Pursuant to the provisions of Section 136 of the Companies Act 2013 the financialstatements of the Company consolidated financial statements along with relevant documentsand separate audited Accounts in respect of subsidiaries are available on the website ofthe Company.

During the year under review Acrysil International FZCO Dubai became the wholly ownedsubsidiary of the Company. Except that no company become or ceased to be Company'sSubsidiaries joint ventures or associate companies.

The Board has approved a Policy Statement for determining ‘Material' Subsidiariesof the Company viz. Acrysil Limited and the same is available on the website of theCompany i.e. www.acrysilcorporateinfo.com under ‘Company Policies' in the‘Investor Relations section.

The Audit Committee of the Company reviews the financial statements in particular theinvestments made by the unlisted subsidiary company.

The minutes of the Board Meetings of the unlisted subsidiary companies were also placedat the Board Meeting of the Company.

Further the Annual Accounts and related documents of the subsidiary company shall bekept open for inspection at the registered o ce of the Company. The Company will also makeavailable copy thereof upon specific request by any Member of the Company interested inobtaining the same. Further pursuant to Accounting Standard AS-21 issued by the Instituteof Chartered Accountants of India Consolidated financial Statements presented by theCompany in this Annual Report include the financial information of its subsidiary.

12. Directors and Key Managerial Personnel

The Board of Directors of the Company is led by the Executive Chairman and ManagingDirector and comprises four other Independent Directors as on March 31 2018. Pursuant tothe provisions of Section 152 of the Companies Act 2013 and the Articles of Associationof the Company Mr. Chirag Ashwin Parekh Chairman and Managing Director is due to retireby rotation at the ensuing Annual General Meeting and being eligible o ers himself forre-appointment. Mr. Chirag A. Parekh Chairman and Managing Director Mr. Anand H. SharmaChief financial o cer and Mr. Damodar Sejpal Company Secretary and Compliance o cer arethe Key Managerial Personnel of the Company in accordance with the provisions of Section2(51) and 203 of the Companies Act 2013 read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.

There has been no change in the Key Managerial Personnel during the financial year2017-18.

a. Board Meetings

During the year 6(Six) Board meetings were held with gap between Meetings notexceeding the period prescribed under the Companies Act 2013. Details of Board and Boardcommittee meetings held during the year are given in the Corporate Governance Report whichforms part of the Annual Report.

Board meeting dates are nalized in consultation with all directors and agenda papersbacked up by comprehensive notes and detailed background information are circulated wellin advance before the date of the meeting thereby enabling the Board to take informeddecisions. A detailed presentation is also made to apprise the Board of importantdevelopments in industry segments business operations marketing products etc.

In accordance with the provisions of Schedule IV of Companies Act 2013 (“theAct”) and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015(“SEBI LODR Regulations”) a separate meeting of the Independent Directors ofthe Company was held on 29th March 2018 to review the performance of Non-IndependentDirectors (including the Chairpersons) and the entire Board. The Independent Directorsalso reviewed the quality quantity and time lines of the flow of information between theManagement and the Board.

b. Independent Director's Familiarization Programme

The Company familiarises its Independent Directors pursuant to the requirements ofRegulation 25 of LODR with their roles rights responsibility in the Company nature ofthe industry in which the Company operates and business model management structureproduct portfolio Industry overview manufacturing operations internal control systemand processes FOREX management risk management framework functioning of variousdivisions HR Management CSR activities etc. The details of such familiarizationprogrammes for Independent Directors are posted on the website of the Company and can beaccessed at

http://www.acrysilcorporateinfo.com/public/ upload/pdf/ 7832Nomination%20&%20Remuneration%20Policy.pdf

c. Evaluation of Board Committees and Directors

Considering the Performance Evaluation Guidelines which was formulated by theNomination and Remuneration Committee (“NRC”) the Board and NRC approved theframework for evaluating the performance on an annual basis of the Board its Committeesand each director including the Chairman of the Board of Directors.

In line with the statutory requirements enshrined under the Companies Act 2013 and theSEBI (Listing

Obligations and Disclosure Requirements) Regulations 2015 the Board carried out aperformance evaluation of itself its Committees and of all individual Directors includingIndependent Directors and the Chairman of the Board of Directors based on variousparameters relating to attendance roles responsibilities and obligations of the Boardthe ectiveness of its functioning contribution of Directors at meetings and thefunctioning of its Committees.

d. Policy on Appointment and Remuneration of Directors

The Board on the recommendation of the Nomination & Remuneration Committeeformulated criteria for determining Quali cations Positive Attributes and Independence ofa Director and a Policy for remuneration of Directors Key managerial Personnel and seniormanagement. The Board has formulated Nomination and Remuneration Policy is posted on thewebsite of the Company and can be accessed at

http://www.acrysilcorporateinfo.com/public/upload/pdf/7832Nomination%20&%20Remuneratio n%20Policy.pdf

e. Declaration by Independent Directors

The Independent Directors of the Company have furnished the declaration to the Companyunder Section 149(7) of the Companies Act 2013 that he/ she meets the criteria ofindependence prescribed under Section 149(6) of the Companies Act 2013 and Regulation 25of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

13. Auditors

a. Statutory Auditors

M/s. P A R K & Company Chartered Accountants were appointed as Statutory Auditorsof the Company for a period of 5 (Five) years from FY 2017 18 to 2021 22 at the 30thAnnual General Meeting held on September 20 2017. In view of the amendment to Section 139of the Companies Act 2013 the Company is not required to ratify the appointment of theStatutory Auditor at every Annual General Meeting. Hence the item of rati cation ofappointment of Statutory Auditor is not considered in this Annual General Meeting. In viewof the same M/s. P A R K & Company Chartered Accountants will continue to act asStatutory Auditors of your Company for financial Year 2018-19.

Statutory Auditors' Report

The Board has duly reviewed the Statutory Auditor's Report and the observations andcomments appearing in the report are self-explanatory and do not call for any furtherexplanation /clari cation by the Board of Directors as provided under Section 134 of theAct.

b. Cost Auditors

Pursuant to Section 148 of the Act read with the Companies (Cost Records and Audit)Amendment Rules 2014 the cost audit records maintained by the Company in respect of itsKitchen Sinks under other manufacturing activity are required to be audited by CostAuditors.

The Board of Directors as per recommendation of Audit Committee has appointed M/s. S.K. Rajani& Co. Cost Accountants (FRN: 101113) as Cost Auditors of the Company forthe financial year 2018-19on a remuneration of Rs. 60000/- subject to rati cation bymembers.

A resolution seeking rati cation for the remuneration payable to Cost Auditors formspart of the Notice of 31st Annual General Meeting of the Company and same is recommendedfor your consideration and rati cation.

The Company has led the Cost Audit Report with the Ministry of Corporate A airs withinthe stipulated time period prescribed under the Companies (Cost Record and Audit) Rules2014.

c. Secretarial Auditors

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 M/s. P. P. Shah & Co. a rm of Company Secretaries in Practice to conductthe Secretarial Audit of the Company. The secretarial audit report for the financial year2017-18 forms part of the Annual Report as Annexure V to the Board's report. TheSecretarial Audit Report is self-explanatory in nature and do not require any furthercomments and explanations.

The Board has appointed M/s. P. P. Shah & Co. Practicing Company Secretaries assecretarial auditor of the Company for financial year 2018-19.

d. Auditors' Certi cate on Corporate Governance

As required by SEBI (Listing Obligations and

Disclosure Requirements) Regulations 2015 the auditors' certi cate on corporategovernance is form part of Annual Report. The auditors' certi cate for financial year2017-18 does not contain any quali cation reservation or adverse remark.

14. Internal Control System and Compliance Framework

In the opinion of the Board the Company has an Internal Control System commensuratewith size scale and complexity of its operations. The internal financial controls areadequate and are operating the ectively so as to ensure orderly and the cient conduct ofbusiness operations.

Internal Controls are continuously evaluated by the Internal Auditors and Management.Findings from internal audits are reviewed by the Management and by the Audit Committeeand corrective actions and controls have been put in place wherever necessary. Scope ofwork of Internal Auditors covers review of controls on accounting statutory and othercompliances and operational areas in addition to reviews relating to the ciency andeconomy in operations.

During the year Internal financial Controls (IFC) testing process was done in order toreview adequacy and strength of IFC followed by the Company. As per the assessment thereare no major concerns and controls are strong.

The Board has also put in place requisite legal compliance framework to ensurecompliance of all the applicable laws and those systems are adequate and operating theectively.

15. Audit committee

The Company has an Audit Committee pursuant to the requirements of the Act read withthe rules framed there under and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. The details relating to the same are given in the Report on CorporateGovernance forming part of this Report.

During the financial year 2017-18 the recommendations and rati cations of AuditCommittee were duly approved rati ed and accepted by the Board of Directors.

16. The Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013.

The Company has zero tolerance towards sexual harassment at the workplace and hasadopted a policy on prevention prohibition and redressal of sexual harassment atworkplace in line with the provisions of the Sexual Harassment of Women at Workplace(Prevention

Prohibition and Redressal) Act 2013 and the Rules thereunder. As required under lawan Internal Complaints Committee (ICC) has been constituted for reporting and conductinginquiry into the complaints made by the victim on the harassment at the work place. Duringthe year under review there were no complaints pertaining to sexual harassment.

17. Risk Management and Policy on Risk Management

Your Company recognizes that the risk is an integral part of business and is committedto managing the risks in proactive and the cient manner. Your Company periodicallyassesses the risks in the internal and external environment along with the treating therisks and incorporates risk management plants in its strategy business and operationalplans.

Your Company through its risk management process strives to contain impact andlikelihood of the risks within the risk appetite as agreed from time to time with theBoard of Directors.

Major risks identified for the Company by the management are Currency uctuationManufacturing & Supply Information Technology and new capital investments return. Themanagement is however of the view that none of the above risks may threaten the existenceof the Company as robust Risk mitigation mechanism is put in place to ensure that there isnil or minimum impact on the Company in case any of these risks materialise.

The Board of Directors has also adopted a formal Risk Management policy for theCompany whereby risks are broadly categorized with the parameters of identi cationassessment monitoring and mitigation of various risks. Policy on Risk Management isposted on the website of the Company and can be accessed at

http://www.acrysilcorporateinfo.com/public/upload/ pdf/1902risk-management-policy.pdf

18. Vigil Mechanism

The Board of Directors of the Company has approved and adopted a Whistle Blower Policyof the Company for establishing a vigil mechanism for directors and employees to reportgenuine concerns regarding fraud or unethical behavior as required under the CompaniesAct 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Inappropriate cases any personnel of the Company can have direct access to the auditcommittee.

We a rm that no personnel has been denied access to the Audit Committee. The WhistleBlower Policy is posted on the website of the Company at

http://www.acrysilcorporateinfo.com/public/upload/pdf/ 9512vigil-mechanism.pdf

19. Related Party Transactions and Policy on Related Party Transactions

All the Related Party Transactions entered during the financial year were at arm'slength basis and in the ordinary course of the Company's business. All such contracts orarrangements were entered into only with prior approval of the Audit Committee. Omnibusapproval was obtained for the transactions of repetitive nature. The Policy on Materialityof Related Party Transactions and dealing with Related Party Transactions as approved bythe Board is uploaded on the Company‘s website athttp://www.acrysilcorporateinfo.com/public/upload/pdf/5203related-party-transcation-policy.pdf

There are no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel or other designated persons which may havea potential conflict with the interest of the Company at large.

Accordingly particulars of contracts or arrangements with related parties referred toin sub-section (1) of Section 188 of the Companies Act 2013 at arm's length transactionsunder third proviso thereto are disclosed in Form No. AOC-2 in Annexure II and form partof this Report.

None of the Non-Executive Directors has any pecuniary relationship or transactions withthe Company other than sitting fees payable to them.

20. Managerial Remuneration and Particulars of Employees

The ratio of remuneration of each director to the median of employees' remuneration asper Section 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 forms part of theBoard's report and statement of particulars of employees is annexed as Annexure IV.

21. Insurance

The Company takes a very pragmatic approach towards insurance. Adequate cover has beentaken for all movable and immovable assets against foreseeable perils like re riotearthquake oods terrorism etc. and other risks which are considered necessary by themanagement.

In addition to this coverage a statutory Public Liability Insurance Policy has beentaken to cover the Company for providing against the public liability arising out ofindustrial accidents for employees working in plants.

22. Loans Guarantees or Investments

The Details of Loans given Guarantees and Securities provided and Investments made bythe Company in compliance with the provisions of Section 186 of the Companies Act 2013are given in the notes to the financial Statements.

23. Corporate Social Responsibility (CSR)

In accordance with the provisions of Section 135 of the Companies Act 2013 and Rulesframed there under your Company has adopted a policy for CSR and the Board has constituteda Committee for implementing the CSR activities. Composition of the Committee and otherdetails are provided in Corporate Governance Report. In financial year 2017-18 theCompany has under taken various CSR activities directly and/or through implementing agencyand the projects undertaken by the Company are in accordance with Schedule VII of theCompanies Act 2013. The report on CSR activities as required under the Companies(Corporate Social Responsibility Policy) Rules 2014 is given in “Annexure III”forming part of this report.

24. Deposits

The Company has not accepted any xed deposits from the public falling within the ambitof Section 73 of the Companies Act 2013 and The Companies (Acceptance of Deposits) Rules2014 during the year. There are no unclaimed/unpaid deposits as on March 31 2018.

25. Extract of the Annual Return

In accordance with the provisions of section 92(3)(a) of the Act read with Rule 12 ofthe Companies (Management and Administration) Rules 2014 (as amended) an extract of theAnnual Return is annexed to this report as Annexure - I.

26. Secretarial Standards

Secretarial Standard SS-1 and SS-2 relating to ‘Meetings of the Board ofDirectors' and ‘General Meetings' respectively have been duly followed by theCompany.

27. Directors' Responsibility Statement

Pursuant to the provision of Section 134 of the Companies Act 2013 the directors tothe best of their knowledge and belief hereby con rmed :

a. that in the preparation of the annual accounts for the year ended March 31 2018the applicable

Accounting Standards had been followed along with proper explanation relating tomaterial departures if any;

b. that the directors had selected 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 a airs of the Company at the end of the financial year endedMarch 31 2018 and of the profit of the Company for that period;

c. that proper and su cient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d. that the annual accounts/ financial statements have been prepared on a going concernbasis;

e. that proper internal financial controls were in place and that the financialcontrols were adequate and were operating the ectively;

f. that the Directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operating theectively

28. Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo

The information relating to Conservation of energy technology absorption foreignexchange earnings and outgo as required to be given under Section 134 of the Act readwith Rule 8(3) of the Companies (Accounts) Rules 2014 is furnished in Annexure VI andforms part of this report.

29. Corporate Governance

Your Company is committed to maintain the highest standards of Corporate Governancereinforcing the valuable relationship between the Company and its Stakeholders.

Pursuant to Regulation 34 of the SEBI LODR Regulations a separate report on CorporateGovernance has been included in this Annual Report along with a certi cate from theSecretarial Auditors of the Company regarding the compliance with provisions of CorporateGovernance.

All Board members and senior management personnel have a rmed compliance with the Codeof Conduct for the year 2017-18. A declaration to this the ect signed by the

Chairman & Managing Director of the Company is contained in this Annual Report.

The Chairman & Managing Director and CFO have certi ed to the Board with regard tothe financial statements and other matters as required under Regulation 17(8) of the SEBILODR Regulations and the said certi cate is contained in this Annual Report.

30. Human Resource

Your Company firmly believes that Human Resource function is closely integrated withthe business and has been an important pillar supporting growth aspiration. The functionfocuses on Leadership Development Succession Planning and Skills &CompetencyDevelopment. At Acrysil the Human Resource function is a business partner that focuses onimproving the way of life work culture employee engagement productivity the ectivenessand the ciency. The Company believes in developing an engaged the cient and committedemployee base that is aware and empowered.

Employee Engagement Programs are integral part of the function and are designed in amanner that keeps motivational levels high and they range from competitive sports tocelebration festivals cultural events to recognition through rewarding for exceptionalachievement. Company also conducts in-house training programs to develop leadership aswell as technical / functional capabilities in order to meet future talent requirements.Industrial relations were cordial throughout the year.

31. Disclosures under Section 134(3)(l) of the Companies Act 2013

Except as disclosed elsewhere in this report there have been no material changes andcommitments which can a ect the financial position of the Company occurred between the endof the financial year of the Company and date of this report.

32. Unclaimed Dividend

Pursuant to the provisions of Section 205A of the Companies Act 1956 (Section 124 ofthe Companies Act 2013) your company has transferred Rs. 402732/- during the year tothe Investor Education and Protection Fund. This amount was lying unclaimed/unpaid withthe Company for a period of seven years after declaration of Dividend for the financialyear ended 2009-10.

Here below are the proposed dates for transfer of the unpaid dividend to IEPF by theCompany.

financial Year Date of declaration Proposed date for transfer to IEPF*
2010-11 12.08.2011 30.08.2018
2011-12 15.09.2012 25.09.2019
2012-13 26.09.2013 10.10.2020
2013-14 24.09.2014 13.10.2021
2014-15 25.09.2015 14.10.2022
2015-16 24.09.2016 13.10.2023
2016-17 20.09.2017 20.10.2024

Notes:

1. Investors are requested to send in their claim at least 15 days prior to due datefor transfer to IEPF for ensuring payment of their dividend.

2. Indicative dates actual dates may vary.

31. Transfer of shares to Investor Education & Protection Fund (IEPF)

Pursuant to the provisions of the Companies Act 2013 read with IEPF Authority(Accounting Audit Transfer and Refund) Rules 2016 the Company is required to transferequity shares in respect of which dividends have not been claimed for a period of sevenyears continuously to IEPF. The Company has transferred 37054 shares to IEPF during theyear under review. Details of these shares are available on the Company's website i.e.www.acrysilcorporateinfo.com. Further shares in respect of which dividend will remainunclaimed progressively for seven consecutive years will be reviewed for transfer to theInvestor Education and Protection Fund as required by law. The Company will transfer thesaid shares after sending an intimation of such proposed transfer in advance to theconcerned shareholders as well as publish a public notice in this regard. Names of suchtransferees will be available on the Company's website i.e. www.acrysilcorporateinfo.com.

Gratitude & Acknowledgments

It is our strong belief that caring for our business constituents has ensured oursuccess in the past and will do so in future. The Board acknowledges with gratitude theco-operation and assistance provided to your company by Bankers Investors CustomersSuppliers and Government Authorities. The Board place on record earnest appreciation forthe unstinted commitment dedication hard work and significant contribution made byemployees ensuring sustained growth of the Company.

The Board also takes this opportunity to express its deep gratitude for the continuedco-operation and support received from its valued shareholders.

Mumbai By order of the Board of Directors
July 25 2018 Chirag A Parekh
DIN:00298807
Chairman & Managing Director

 

Registered O ce:
B-307 Citi Point J. B. Nagar Andheri Kurla Road
Andheri (East) Mumbai - 400059.
Tel: (91-22) 4015 7817 / 7818 / 7819
Fax: (91-22) 2825 8052.
CIN: L26914MH1987PLC042283
Website: www.acrysil.com/www.acrysilcorporateinfo.com