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Acrysil Ltd.

BSE: 524091 Sector: Consumer
NSE: ACRYSIL ISIN Code: INE482D01024
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OPEN 353.00
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VOLUME 15353
52-Week high 398.40
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P/E 42.67
Mkt Cap.(Rs cr) 882
Buy Price 0.00
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Sell Price 0.00
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OPEN 353.00
CLOSE 344.75
VOLUME 15353
52-Week high 398.40
52-Week low 58.75
P/E 42.67
Mkt Cap.(Rs cr) 882
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Acrysil Ltd. (ACRYSIL) - Director Report

Company director report

To

The Members

Your Directors are pleased to present the Thirty Second Annual Report onbusiness and operations of the Company together with the Audited Financial Statements forthe financial year ended March 31 2019. This report states compliance as per therequirements of the Companies' Act 2013 (“the Act”) the Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 (“Listing Regulations”) and other rules and regulations as applicable tothe

Company.

1. Financial Summary/Performance of the Company

The summary of Standalone (Company) and Consolidated (Company and its Subsidiaries)financial performance for the year under review as compared to the previous financial yearare given below: (Rs In Lakhs)

Sr. No. Particulars

Standalone

Consolidated

31.03.2019 31.03.2018 31.03.2019 31.03.2018
1 Net Sales / Income from Operations 19875.60 15380.37 25159.87 19646.70
2 Other Income 273.45 512.74 213.36 461.16
3 Total Income (1+2) 20149.05 15893.11 25373.23 20107.86
4 Total Expenditure 16956.75 13627.94 21115.76 17078.18
5 Operating profit before Finance Cost Depreciation Tax and Minority Interest (3+4) 3192.30 2265.17 4257.47 3029.68
6 Finance Cost 756.37 662.40 972.85 626.82
7 Depreciation 767.99 623.93 863.92 714.44
8 Profit before Tax and Minority Interest (5-6-7) 1667.94 978.84 2420.69 1688.42
9 Provision for Taxation 489.54 337.42 672.47 464.73
10 Net Profit after Tax and before Non-Controlling Interest (8-9) 1178.40 641.42 1748.21 1223.69
11 Non-Controlling Profit Tax and before Non- Controlling Interest - - 23.54 28.61
12 Net Profit after Tax and Non-Controlling Interest (10-11) 1178.40 641.42 1724.67 1195.08
13 Total other Comprehensive Income (Net of Tax) 6.63 (6.88) 42.38 (224.83)
14 Total Comprehensive Income 1185.03 634.54 1767.05 970.25

Notes:

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

2. The above figures are extracted from the audited standalone and consolidatedfinancial statements as per Indian Accounting Standards (Ind AS).

3. Figures has been rounded off to nearest decimal

2. Performance Review

Standalone

During the year under review Sales Turnover increased to Rs 19875.60 lakhs as againstRs 15380.37 lakhsorin the previous year. The Profit ` 1178.40 lakhs as compared to Rs641.42 lakhs in the previous year.

Consolidated

On consolidated basis Sales turnover of your Company for the year was Rs 25159.87Lakhs as against Rs 19646.70 Lakhs in the previous year. The Consolidated Profit BeforeTaxation and Minority Interest was Rs 2420.69 Lakhs against Rs 1688.42 Lakhs in theprevious year. The Consolidated Profit after Tax and Minority Interest was 1724.67 Lakhsagainst Rs 1195.08 Lakhs in the previous year.

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 final dividend of 60 % ( Rs 1.20per Equity Share) on Equity Shares of Rs 2/- each for the financial year ended March 312019. The total Dividend amount aggregates to Rs 3.11 Crores plus applicable DividendDistribution Tax thereon.The declaration and payment of dividend is subject to theapproval of shareholders at the ensuing Annual General Meeting of the Company.

The Register of Members and Share Transfer Books will remain closed from SaturdaySeptember 7 2019 to Friday September 13 2019 (both days inclusive) for the purpose ofpayment of the final dividend for the financial year ended March 31 2019.

6. Material Changes Transaction and Commitment/ Change in the Nature of Business ifany

There have been no material changes and commitments affecting the financial position ofthe Company between the end of the financial year and date of this report.

There has been no change in the nature of business of the Company.

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

During the year under review no significant After Tax for the year stood at order waspassed by the Regulators or Courts or Tribunals which impact the going concern status andCompany's operations 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 2019stands at Rs 51889760 dividedinto Rs 25944880 equity shares of Rs 2/- each. The Company has neither issued shareswith differential 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 300.00 Lakhs to the General Reserves. Anamount of Rs 3760.70 Lakhs is proposed to be retained in the Statement of Profit and Lossof standalone financials.

11. Subsidiary Companies

As on March 31 2019 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 section129 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 Companyconsolidated financial statements along with relevant documents and separate auditedAccounts in respect of subsidiaries are available on the website of the Company.

During the year under review no company become or ceased to be Company's Subsidiariesjoint ventures or associate companies.

The Board has approved a Policy Statement for determining Material Subsidiaries of theCompany viz. Acrysil Limited and the same is available on the website of the Company i.e.www.acrysilcorporateinfo. com under ‘Company Policies 'in the ‘InvestorRelations' 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 ofthe unlisted subsidiary companies were also placed at 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 office of the Company. The Company will alsomake available copy thereof upon specific request by any Member of the Company interestedin obtaining the same. Further pursuant to Accounting Standard AS-21issued by theInstitute of Chartered Accountants of India Consolidated Financial Statements presentedby the Company 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 March31 2019. 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 offers himself forre-appointment. The brief resume and other relevant documents of the Director beingre-appointed are given in the Explanatory Statement to the Notice convening the AGM foryour perusal. Mr. Chirag A. Parekh Chairman and Managing Director Mr. Anand H. SharmaChief Financial officer statementsofthe and Mr. Damodar Sejpal Company Secretary andCompliance officer are the Key Managerial Personnel of the Company in accordance with theprovisions of Section 2(51) and 203 of the Companies Act 2013 read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014.

There has been no change in the Key Managerial Personnel during the financial year

a. Board Meetings

During the year 8 (Eight) 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 finalized in consultation withall directors and agenda papers backed up by comprehensive notes and detailed backgroundinformation are circulated well in advance before the date of the meeting thereby enablingthe Board to take informed decisions. A detailed presentation is also made to apprise theBoard of important developments in industry segments business operations marketingproducts etc. In accordance with the provisions of Schedule IV of Companies Act 2013(“the Act”) and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 (“SEBI LODR Regulations”) a separate meeting of theIndependent Directors of the Company was held on Friday March 292019 to review theperformance of Non-Independent Directors (including the Chairpersons) and the entireBoard.

The Independent Directors also reviewed the quality quantity and time lines of theflow of information between the Management 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 thestatutory requirements enshrined under the Companies Act 2013 and the SEBI (ListingObligations 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 Boardeffectiveness 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 Qualifications Positive Attributes and Independenceof a Director and a Policy for remuneration of Directors Key managerial Personnel andsenior management. The Board has formulated Nomination and Remuneration Policy is postedon the website of the Company and can be accessed athttp://www.acrysilcorporateinfo.com/public/upload/pdf/7832Nomination%20&%20Remuneration%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.In the opinionof the Board they fulfill the conditions of independence as specified in the Act and theListing Regulations and are independent of the management.

13. Auditors

a. Statutory Auditors

M/s. P A R K & Company Chartered Accountants (Firm Registration Number: 116825W)were appointed as Statutory Auditors of the Company for a period of 5 (Five) years from FY2017 18 to 2021 22 at the 30th Annual General Meeting held on September 20 2017. In viewof the amendment to Section 139 of the Companies Act 2013 the Company is not required toratify the appointment of the Statutory Auditor at every Annual General Meeting. Hencethe item of ratification of appointment of Statutory Auditor is not considered in thisAnnual General Meeting.

In view of the same M/s. P A R K & Company Chartered Accountants will continue toact as Statutory Auditors of your Company for Financial Year 2019-20.

Statutory Auditors' Report

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

b. Cost Auditors

In terms of the Section 148 of the Companies Act 2013 read with Rule 8 of theCompanies (Accounts) Rules 2014 the Company has made and maintained the cost accountsand records for the year 2018-19.

The Company has appointed M/s. S. K. Cost Accountants (FRN: 101113) as the CostAuditors of the Company for audit of cost accounting records of its activities (KitchenSinks) for the financial year ended 31st March 2019. The Cost Audit Report to the CentralGovernment for the financial year ended31st March 2018 was filedwithin the statutorytimeline. Further the Board of Directors has appointed M/s. S. K. Rajani & Co. asthe Cost Auditor of the Company for the financial year 2019-20 and fixed theirremuneration subject AGM of ratification the Company.

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 hadappointed M/s. P. P. Shah & Co. a firm of Company Secretaries in Practice to conductthe Secretarial Audit of the Company as per the provisions of the Companies Act 2013 forthe financial year 2018-19. The secretarial audit report for the financial year 2018-19forms part of the Annual Report as Annexure V to the Board's report. The Secretarial AuditReport is self-explanatory in nature and do not require any further comments andexplanations.

The Board has appointed M/s. P. P. Shah & Co. events had Practicing CompanySecretaries as Secretarial Auditors of the Company for financial year 2019-20.

d. Auditors' Certificate on Corporate Governance

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 the auditors' certificate on corporate governance forms part of Annual Report. Theauditors' certificate for financial year 2018-19 does not contain any qualificationreservation or adverse remark.

14. Internal Financial Control System and Compliance Framework

In the opinion of the Board the Company has an Internal Financial Control Systemcommensurate with size scale and complexity of its operations. The internal financialcontrols are adequate and are operating effectively so as to ensure orderly and efficientconduct of business operations.

The Companies Act 2013 has mandated the Company to have a formal framework of InternalFinancial Controls (IFC) and has also laid down specific responsibilities on the BoardAudit Committee Independent Directors and Statutory Auditors with regard to IFC.

Accordingly the Company has adopted financial control system and framework to ensure:

• The orderly and efficient conduct of its business

• Safeguarding of its assets

The prevention and detection of frauds and errors

• The accuracy and completeness of the accounting records and

• The timely preparation of reliable financial information.

The Board reviews the effectiveness of controls documented as part of IFC frameworkand take necessary corrective actions wherever weaknesses are identified as a result ofsuch reviews. These have been designed to provide reasonable assurance about recording andproviding reliable financial and operational information complying with applicablestatutes safeguarding assets from unauthorized use executing transactions with properauthorization and ensuring compliance of Corporate Policies.

Based on this evaluation no significant to notice during the year that have materiallyaffected or are reasonably likely to materially affect our IFC. The management has alsocome to a conclusion that the IFC and other financial reporting was effective during theyear and is adequate considering the business operations of the Company.

The Statutory Auditors of the Company has audited the IFC with reference to FinancialReporting and their Audit Report is annexed as Annexure B and Annexure A to theIndependent Auditors' Report under Standalone Financial Statements and ConsolidatedFinancial Statements respectively.

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 efficiency andeconomy in During the year Internal Financial Controls (IFC) testing process was done inorder to review adequacy and strength of IFC followed by the Company. As per theassessment there are 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 operatingeffectively.

15. Audit committee

The Company has an Audit Committee pursuant to the requirements of the Section 177 ofthe Act read with the rules framed there under and Regulation 18 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. The details relating to thesame are given in the Report on Corporate Governance forming part of this Report.

During the Financial year 2018-19 the recommendations and ratifications of AuditCommittee were duly approved ratified 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 made thereunder. Thecompany has complied with provisions relating to the constitution of Internal ComplaintsCommittee under the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013 for reporting and conducting inquiry into the complaints made by thevictim on the harassment at the work place. During the year under review there were nocomplaints 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 iscommitted to managing the risks in proactive and efficient manner. Your Companyperiodically assesses the risks in the internal and external environment along with thetreating the risks and incorporates risk management plants in its strategy business andoperational plans. Your Company through its risk management process strives to containimpact and likelihood of the risks within the risk appetite as agreed from time to timewith the Board of Directors.

Major risks identified for the Company by the management are Currency fluctuationManufacturing & 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 ofDirectors has also adopted a formal Risk Management policy for the Company whereby risksare broadly categorized with the parameters of identification assessment monitoring andmitigation of various risks.

Policy on Risk Management is posted on the website of the Company and can be accessedat 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 behaviour 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. Weaffirm that no personnel has been denied access to the Audit Committee. TheWhistle Blower Policy is posted on the website of the Company athttp://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 party There are no materially significanttransactions made by the Company with Promoters Directors Key Managerial Personnel orother designated persons which may have a potential conflict with the interest of theCompany 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 formpart of 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. Thedetails of remuneration paid to the Managerial Personnel forms part of the CorporateGovernance Report.

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 fire riotearthquake floods terrorism etc. and other risks which are considered necessary by themanagement. In addition to this coverage a statutory Public Liability Insurance Policyhas been taken to cover the Company for providing against the public liability arising outof industrial 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 2018-19 the Company has under taken various CSR activities directlyand/or through implementing agency and the projects undertaken by the Company are inaccordance with Schedule VII of the Companies Act 2013. The report on CSR activities asrequired under the Companies (Corporate Social Responsibility Policy) Rules 2014 is givenin “Annexure III forming part of this report.

24. Deposits

The Company has not accepted any fixed deposits from the public falling within theambit of Section 73 of the Companies Act 2013 and The Companies (Acceptance of Deposits)Rules 2014 during the year. There are no unclaimed/unpaid deposits as on March 31 2019.

25. Extract of the Annual Return

As required under the provisions of Section 134(3)(a) and 92(3) of the Companies Act2013 read with Rule 12 of the Companies (Management and Administration) Rules 2014 theextracts of annual return in Form No. MGT-9 forms part of this Report as Annexure-A.

In accordance with the provisions of section copy of the annual return is placed on thewebsite of the company at http://www.acrysilcorporateinfo.com/public/upload/pdf/8043Annual%20Return%202017-18_ Form%20MGT%207-.pdf.

26. Secretarial Standards

During the year 2018-19 the Company has complied with all the applicable SecretarialStandards issued by the Institute of Company Secretaries of India.

27. Directors' Responsibility Statement

Pursuant to the provision of Section 134 of the Companies Act 2013 in relation tofinancial statements of the Company for the year ended 31st March 2019the directors tothe best of their knowledge and belief hereby confirmed:

a. that in the preparation of the annual accounts for the year ended March 31 2019the applicable Accounting Standards had been followed along with proper explanationrelating to material 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 2019 and of the profit of the Company for that period;

c. that proper and sufficient 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 effectively;

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

28. Conservation a of Energy Technology Absorption Foreign Exchange Earningsand 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 certificate from theSecretarial Auditors of the Company regarding the compliance with provisions of CorporateGovernance.

All Board members and senior management personnel have affirmed compliance with theCode of Conduct for the year 2018-19. A declaration to this effect signed by the Chairman& Managing Director of the Company is contained in this Annual Report.

The Chairman & Managing Director and CFO have certified to the Board with regard tothe financial statements and other matters as required under Regulation 17(8) of the SEBILODR Regulations and the said certificate 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 function focuses on Leadership Development Succession Planning and Skills &Competency Development. At Acrysil the Human Resource function is a business partner thatfocuses on improving the way of life work culture employee engagement productivityeffectiveness and efficiency. The Company believes in developing an engaged efficient andcommitted employee base that is aware and empowered. Employee

Engagement Programs are integral part of the function and are designed in a manner thatkeeps motivational levels high and they range from competitive sports to celebrationfestivals cultural events to recognition through rewarding for exceptional achievement.Company also conducts in-house training programs to develop leadership as well astechnical /functional capabilities in order to meet future talent requirements. Industrialrelations were cordial throughout the year. contribution

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 affect the financial position of the Company occurred between theend of the financial year of the Company and date of this report.

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 made by employees ensuringsustained 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.

By order of the Board of Directors
For ACRYSIL LIMITED
Chirag A Parekh
(DIN: 00298807)
Mumbai Chairman & Managing Director
August 2 2019
Registered Office:
B-307Citi 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

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