Your Directors are pleased to present the 41st Annual Report together withthe Audited Financial Statements of the Company for the financial year ended March 312020.
| || ||(Rs. in million) |
|Particulars ||2019-20 ||2018-19 |
|Sales and Other Income ||8448 ||7446 |
|Profit/(Loss) before Tax ||1140 ||727 |
|Provision for Taxation || || |
|- Income Tax ||315 ||167 |
|- Adjustment for Deferred Tax ||103 ||15 |
|Total Tax ||418 ||182 |
|Profit/(Loss) after Taxation ||722 ||545 |
|Other comprehensive income/ (loss) for the year ||(49) ||(6) |
|Total comprehensive income for the year ||673 ||539 |
|Surplus brouqht forward from the previous year ||1682 ||1144 |
|Impact of Ind AS 116 ||(D ||0 |
|Total amount available for appropriation ||2354 ||1682 |
|Appropriation made bv Directors || || |
|Transfer to General Reserve ||- ||- |
|Appropriation recommended bv Directors || || |
|Dividend ||(25) ||- |
|Tax on proposed Dividend ||(5) ||- |
|Surplus carried over ||2.324 ||1682 |
During the year the Board recommended an interim dividend of Rs.1/- per equity sharewhich was paid out during the year. The Directors having considered the interests of thecompany and the business environment have not recommended any final dividend for thefinancial year ended March 31 2020.
The Company registered sales of Rs.8013 million with a growth of 17% achieving a totalcomprehensive income of Rs.673 million during the financial year 2019-20. The currentyear growth for the Company comes from the focussed therapeutic areas Cardio-MetabolismOncology and Respiratory.
The growth platform of the Company keeps performing well with innovative molecules likeBrilinta Forxiga Xigduo Symbicort Onglyza Kombiglyze. The newer launches ofinnovative molecules like Tagrisso Lynparza and Imfinzi has helped the Company to make animpact on the lives of cancer patients and cater to the unmet need.
Brilinta (Ticagrelor) is approved for treatment in Acute Coronary Syndrome & HighRisk Post MI patients and continued to register rapid growth even after Loss ofExclusivity. The existing partnership with Sun Pharma Laboratories Limited has helpedboost the reach of the drug to more patients. While the partnership ends in the currentyear in view of the Loss of Exclusivity. This franchise has become the market leader byvalue share in Oral Anti Platelets as per IQVIA Health.
Forxiga and Xigduo in the dapagliflozin franchise as part of the SGLT2 class of drug(Sodium Glucose Cotransporter Inhibitors) also experienced robust growth. Thepartnerships with Sun Pharma Laboratories Limited and Abbott Healthcare Private Limitedhas helped boost the sales of the franchise.
The efficacy of the molecule and its wide acceptance among physicians and benefits tonumerous diabetic patients is quite evident.
Tagrisso (Osimertinib) which we had launched earlier is used to treat non-small celllung cancer carcinomas with specific mutation. Tagrisso is a new standard of care for EGFRpositive lung cancer patients and offers superior efficacy and safety in comparison to 1stgen TKIs.
Lynparza (Olaparib) which was launched in Feb 2019 is an Oral PARP Inhibitor used totreat PARP dependent tumours like ovarian cancer breast cancer & has been recentlyapproved for pancreatic cancer. Lynparza has been able to touch lives of more than 500patients and continues to grow strong.
We are happy to announce the launch of Imfinzi (Durvalumab) which is approved for thepatients with unresectable Stage III non-small cell lung cancer (NSCLC) whose disease hasnot progressed following platinum-based chemotherapy and radiation therapy (CRT) and in2nd Line Urothelial cancer. With the launch of Imfinzi a new standard of care amulti-disciplinary approach to treat Stage III disease is being established to optimallyutilise available tools of chemoradiation immunotherapy and surgery. Imfinzi fills anunmet need for patients with poor prognosis by offering a curative treatment option.
The COVID-19 outbreak has spread rapidly during the last quarter of the financial year.Governments across the globe including in India have undertaken various measures tocontain the spread of the virus including restrictions on travel social distancing andother emergency measures. These measures have had a direct impact on businesses and haveaffected the supply chains and production of goods. Lower economic activity has alsoresulted in the suppressed demand for goods and services.
The Company is engaged in the business of manufacture distribution and marketing oflife-changing medicines in crucial areas of healthcare including oncology cardiovasculardiabetes renal metabolic and respiratory. Products supplied by the Company have beenclassified as essential goods during the COVID-19 pandemic.
The Company initially experienced some delays in delivery of supplies to upcountrycustomers due to restrictions on courier services but this has gradually stabilised anddeliveries are now regular and timely. In view of the lockdown and curfew announced acrossmany states in India the Company has undertaken and strengthened various measures toensure the safety and well-being of its employees and has focused on continued delivery ofmedicines across the country by ensuring that its key functions i.e. procurementmanufacturing supply chain marketing sales and support functions continue to operatesmoothly.
Management has considered its liquidity position as at March 31 2020 and over the nexttwelve months by performing cash flow assessments and a sensitivity analysis thereon andhas concluded that the Company will have adequate liquidity in the ordinary course ofbusiness.
In the manufacturing operations the focus on continuous improvements was a keydeliverable. Using Lean methodologies to ensure operations deliver improved efficienciesand eliminate waste. Operations is also leveraging digital technology to streamlineprocess and reduce non-value add work e.g. implementation of Robotic Process Automation.
The manufacturing operations also procured 2 semiautomated lines. These will replacethe heavily manual lines this will increase the productivity and support the localpacking planned for Brilinta and Xigduo XR.
The manufacturing operations continue to have an excellent safety performance. Thefactory has received second time in a row an award from the National Safety Council forBest Management and Safety performance. The factory celebrated six years without Lost TimeInjury or Medical Treatment Injury.
The focus on sustainability remains many initiatives delivered by the factory:
70% of site energy from solar power
Moved to single usage of chiller unit and stability oven
Implemented natural lighting systems sky shades in warehouses
Project started for elimination of single use plastic on site
The quality performance in operations remain excellent resulting in no criticalobservations in both internal and external audits.
The Bangalore Utility Project was completed on time and under budget. The projectdelivered upgradation of some major utilities. The Company is awaiting certain permittingapprovals to put the assets into usage.
The manufacturing operations' results from Pulse survey was extremely positive forGreat place to Work Speak up and Inclusion and Diversity.
People development remains to be a focus. Programmes are in place for capabilityupliftment people development and succession.
Material changes and commitment if any affecting financial position of the Companyfrom the end of the Financial Year and till the date of this Report
There has been no material change and commitment affecting the financial performance ofthe Company which occurred between the end of the financial year of the Company to whichthe financial statements relate and the date of this Report.
During the year under review the Company has neither accepted nor renewed any depositsfrom the public within the meaning of Section 73 of the Companies Act 2013 and TheCompanies (Acceptance of Deposits) Rules 2014.
Safety Health and Environment
Safety Health and well-being of employees is an important matter for the Company. Newinitiatives were introduced on building a safe working environment for our employees. Manyhealth awareness activities were carried out throughout the year.
Human Resources and Employee Relations
The Company is committed to provide career opportunities for its employees and enabletheir growth and development. Further there is a focus on hiring medical and pharmacygraduates to strengthen the scientific orientation in the workforce. Training programmesto strengthen scientific and technical knowledge of the employees were extensivelyimplemented across the businesses.
There is continued focus on enabling career development and learning opportunities forthe employees. During the year the India Development Week and India Empowerment Week wereconducted with the focus to embed an inclusive culture and enable a learning environmentfor all employees. The focus was to encourage all employees to build capabilities andcompetencies required for newer challenges and future portfolio. The Company alsocontinued to invest in talent development programs for women employees. This was part ofthe focus on building a diverse organisation with employees from different backgrounds andcultures. Also our results from the biannual Employee Pulse survey has been extremelyencouraging with positive movements across all key Great Place to work levers.
Number of Employees
The total number of employees of the Company as on March 312020 was 1325 as against1452 as on March 312019.
In the last year's Board's Report members were informed about the following legalmatters:
(a) Arbitration proceedings initiated by National Highway Authority of India (NHAI)before Arbitrator at Bengaluru in relation to first acquisition of land made by NHAI in2004 and the arbitration proceedings invoked by the Company seeking inter aliaenhancement of compensation from NHAI in respect of second acquisition of land made byNHAI in 2011.
(b) Writ Petition filed by the Company before the Hon'ble High Court of Karnatakachallenging demand notice received from Bruhat Bangalore Mahanagara Palike dated August 72014 demanding improvement charges from the Company and the interim stay granted by theHon'ble High Court of Karnataka.
(c) Appeal filed by two shareholders of the Company before Securities AppellateTribunal against part of the Order of Securities and Exchange Board of India (SEBI) datedJune 24 2014 in relation to delisting proposal of AstraZeneca Pharmaceuticals ABSweden.
During the financial year under review there have been no reportable developments onthe above matters.
Transfer to Investor Education and Protection Fund
As required under the Companies Act 1956/ 2013 the unclaimed dividend amountaggregating Rs.561736 lying with the Company for a period of 7 years pertaining to thefinancial year ended March 31 2012 was transferred during September 2019 to the InvestorEducation and Protection Fund established by the Central Government. Further as requiredunder Section 124 of the Act/IEPF Rules 19842 equity shares held by 57 shareholders inrespect of which dividend has not been claimed by the members for 7 consecutive years ormore have been transferred by the Company to the Investor Education and Protection FundAuthority during the financial year 2019-20.
Directors' Responsibility Statement
To the best of our knowledge and belief and according to the information andexplanations obtained by us your Directors state in terms of Section 134 (5) of theCompanies Act 2013 (the Act):
(a) that in the preparation of the annual financial statements for the year ended March312020 the applicable accounting standards have been followed along with properexplanation relating to material departures if any.
(b) that they had selected such accounting policies and applied them consistently andmade judgements 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 March 31 2020 and of the profit ofthe Company for the year ended on that date.
(c) that they had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
(d) that they had prepared the annual financial statements on a going concern basis.
(e) that they had laid down internal financial controls to be followed by the Companyand that such internal financial controls are adequate and were operating effectively.
(f) that they had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
The details in respect of internal financial controls and their adequacy are includedin the Management Discussion & Analysis Report which forms part of this Report.
Disclosure as required under Section 22 of Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013
The Company is committed to provide a healthy environment to all its employees. Thereis zero tolerance of discrimination and/or harassment in any form. The Company has inplace a Prevention of Sexual Harassment Policy and an Internal Complaints Committee as perthe requirements of the Sexual Harassment of Women at Workplace (Prevention Prohibitionand Redressal) Act 2013.
During the financial year under review there was 1 complaint received by the InternalComplaints Committee and the same was resolved.
The Company has complied with provisions relating to the constitution of InternalComplaints Committee under the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013.
During the financial year 6 meetings of the Board were held.
For details of the meetings of the Board please refer to the Corporate GovernanceReport which forms part of this Report.
Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 (Listing Regulations') performanceevaluation exercise was carried out for evaluation of the performance of the Board as aWhole the Chairman Independent Directors and the Non-Independent Directors.
The Company had formulated a questionnaire to carry out the evaluation exercise. Thequestionnaire has been structured to embed various parameters based on identified criteriasuch as composition functioning of board / committees process individualroles/obligations etc. and framework to carry out the evaluation effectively.
Further as part of the process the Chairman of the Nomination & Remunerationcommittee provided feed back to the Board members on the evaluation carried.
As required under Listing Regulations the Independent Directors held a separatemeeting on February 3 2020. All Independent Directors attended the meeting. TheIndependent Directors discussed/reviewed the matters specified in Regulation 25(4) of theListing Regulations.
Nomination and Remuneration Policy of the Company
The Company has adopted a Nomination and Remuneration Policy relating to appointmentand remuneration of Directors Key Managerial Personnel and Senior Executives of theCompany which inter alia govern the selection/nomination of Board members appointment toSenior Management levels review and approval of their remuneration etc. The policy isavailable at - https://www.astrazeneca.in/content/dam/az-in/pdf/files/AprNomination%20and%20Remuneration%20 Policy.pdf
Vigil Mechanism/Whistle-Blower Policy
The Company has a vigil mechanism for Directors and Employees to report their concernsabout unethical behaviour actual or suspected fraud or violation of the Company's code ofconduct. The mechanism provides for adequate safeguard to Director(s)/Employee(s) whoavail of the mechanism. In exceptional cases Directors and Employees have direct accessto the Chairman of the Audit Committee. The Whistle Blowing Policy is available at-https://www.astrazeneca.in/content/ dam/azin/pdf/2019/Whistle%20Blowing%20Policv.pdf
Dividend Distribution Policy
The Company has adopted a Dividend Distribution Policy which is annexed herewith asAnnexure - I which forms part of this Report. The Dividend Distribution Policy is alsoavailable at - https://www.astrazeneca.in/content/dam/az-in/pdf/2017/Dividend%20Distribution%20Policy.pdf
Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo
The information on Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo stipulated under Section 134 (3) (m) of the Companies Act 2013 readwith Rule 8 of The Companies (Accounts) Rules 2014 is annexed as Annexure - II whichforms part of this Report.
Related Party Transactions
There are no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel and Senior Management which may have apotential conflict with the interest of the Company at large.
The Company entered into materially significant related party transactions withAstraZeneca UK Limited for purchase transfer and receipt of products goods materialservices and reimbursement on account of transfer price or other obligations. The same iswithin the limits duly approved by the members at the 40th Annual GeneralMeeting.
All related party transactions are placed before the Audit Committee for its priorapproval. Omnibus approval of the Audit Committee is obtained for transactions which arerepetitive in nature or when the need for them cannot be foreseen in advance.
The Company has adopted a Policy for dealing with Related Party Transactions. ThePolicy as approved by the Board is available at- https://www.astrazeneca.in/content/dam/az-in/pdf/files/Policv%20on%20Related%20Partv%20 TransactionsS.pdf
Details of the related party transactions as required under Section 134(3)(h) read withRule 8 of the Companies (Accounts) Rules 2014 are attached as Annexure - III whichforms part of this Report.
The Company has in place a mechanism to inform the Board about the risk assessment andminimisation procedures and periodical review is carried out to ensure that executivemanagement controls risks by means of a properly defined framework.
The Company has formulated a Risk Management Policy which will guide the RiskManagement Committee and the internal team to effectively manage the risks that thebusiness faces.
The details of Risk Management Committee and its terms of reference are set out in theCorporate Governance Report which forms part of this report.
Corporate Social Responsibility
During the year the Company focused on its flagship initiative for prevention andearly detection of cancer among women the "Ganga Godavari Cancer ScreeningProgramme". Launched on World Cancer Day in 2019 in partnership with Indian CancerSociety and Charities Aid Foundation the programme aims to conduct specialised check-upcamps for screenable cancers such as oral cervical and breast cancer for women fromunderprivileged sections of the population. In the first phase of the programme theCompany has reached over 4000 women beneficiaries with cancer awareness and screening.During the ongoing second phase the Company intends to reach over 1200 womenbeneficiaries.
Every year the company also rolls out a social impact programme conceptualised basedon the suggestions from employees. During the financial year the Company partnered withMake A Wish Foundation to fulfill the wishes of over 300 critically ill children with lifethreatening ailments.
The Company also continues to make a difference through its signature global communityinitiative the Young Health Programme (YHP). Founded in partnership with John HopkinsSchool of Public Health and Plan International AstraZeneca global had introduced YHP inthe year 2010-11 in 5 resettlement colonies in Delhi with an aim to improving the healthoutcomes of vulnerable youth aged 10 - 24 by focusing on NCDs related health awarenessactivities. These activities are delivered through Peer Educators at Health InformationCenters established by the programme and through community outreach activities. These arefurther supported by advocacy efforts with local stakeholders and municipal leaders. Theprogramme has reached 10 communities over 400000 youth with health information. 3500Peer Educators have been trained and 25 Health Information Centers have been opened in thecommunities.
YHP India is funded and supported by AstraZeneca global. The Company's contribution toYHP India includes employee engagement and disease awareness initiatives in thecommunities.
The COVID-19 pandemic is an unprecedent challenge facing the country. As a responsiblecorporate organisation we are committed to aid the medical and service fraternity inIndia in the frontline of battle against COVID-19. To this end the Company donated around75000 high quality N95 masks.
The masks were donated to the central and state health departments of Delhi PunjabMaharashtra Karnataka and Kerala. Apart from health departments the masks were alsoprovided to Baramati municipality in Maharashtra.
The Corporate Social Responsibility Policy is available at https://www.astrazeneca.in/content/dam/az-in/pdf/files/Corporate%20Social%20Responsibilitv%20PolicvS.pdf
The Annual Report on CSR activities in terms of the requirements of Companies(Corporate Social Responsibility Policy) Rules 2014 is annexed herewith as Annexure - IVwhich forms part of this Report.
Extract of Annual Return
In terms of the requirements of Section 92(3) of the Act read with Rule 12 of theCompanies (Management and Administration) Rules 2014 the extract of the Annual Return inthe prescribed form i.e. MGT-9 is annexed herewith as Annexure - V which forms part ofthis Report.
Details of remuneration of Directors / Key Managerial Personnel
The information relating to remuneration of Directors/ Key Managerial Personnel asrequired under Section 197(12) read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 of the Act is given in Annexure - VIwhich forms part of this Report.
Particulars of Employees
The statement under Rule 5(2) and 5(3) of the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014 are set out in Annexure - VII which forms part ofthis Report.
However the said Annexure shall be provided to Members on a specific request made inwriting to the Company. The said information is open for inspection and any memberinterested in obtaining the copy of the same may write to the Company Secretary.
Management Discussion and Analysis Report
Management Discussion and Analysis Report as required under the Listing Regulations isannexed as Annexure - VIII which forms part of this Report.
A detailed report on corporate governance as required under the Listing Regulations isannexed as Annexure - IX which forms part of this Report. Certificate of the PracticingCompany Secretary regarding compliance with the conditions stipulated in the ListingRegulations forms part of the Report on Corporate Governance.
Reporting of Frauds
There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and/or the Board as required underSection 143(12) of the Act and Rules framed thereunder.
Particulars of Loans Guarantees or Investments
During the year under review the Company has not granted any Loan Guarantees or madeInvestments within the meaning of Section 186 of the Companies Act 2013.
Significant and material orders passed by the Regulators or Courts or Tribunals
During the year under review there was no significant and material orders passed bythe Regulators or Courts or Tribunals impacting the going concern status of the Company.
Pursuant to Section 178 of the Companies Act 2013 and the rules made thereunder theBoard of Directors at its meeting held on May 30 2014 had constituted the Nomination& Remuneration Committee and the Stakeholders' Relationship Committee. Pursuant toSection 135 of the Companies Act 2013 and the rules made thereunder the Board ofDirectors at its meeting held on August 12 2014 had constituted the Corporate SocialResponsibility Committee. Further pursuant to Regulation 21 of the Listing Regulationsthe Board of Directors at its meeting held on February 6 2019 had constituted the RiskManagement Committee. Details of these Committees including the Audit Committee are givenin the Corporate Governance Report.
Directors and Key Managerial Personnel
The Companies Act 2013 provides for appointment of Independent Directors who shallhold office for a term of up to 5 consecutive years on the Board of the Company and shallbe eligible for re-appointment on passing of a special resolution by the Company. Furtherthe provisions of retirement by rotation as envisaged under Section 152 of the CompaniesAct 2013 shall not apply to such Independent Directors.
The Independent Directors of the Company Mr. Narayan K. Seshadri Ms. Revathy Ashok andMs. Kimsuka Narsimhan have furnished the required declaration under the provisions ofSection 149 of the Companies Act 2013 affirming that they meet the criteria ofindependence.
Changes to the Board of Directors
Pursuant to Section 152 of the Companies Act 2013 Ms. Weiying Sarah Wang(Non-Executive Director) will retire by rotation at the ensuing Annual General Meetingand being eligible offer herself for re-appointment. A resolution in this behalf is setout at Item No. 3 of the Notice of the Annual General Meeting.
Based on the recommendations of the Nomination and remuneration Committee and subjectto the approval of members of the Company at the ensuing Annual General Meeting the Boardof Directors in their meeting held on May 18 2020 have considered and approved thereappointment of Mr. Gagandeep Singh Bedi as Managing Director of Company for a furtherperiod of three (3) years w.e.f. July 1 2020 and remuneration payable to him.
Based on the recommendations of the Nomination and remuneration Committee and subjectto the approval of members of the Company at the ensuing Annual General Meeting the Boardof Directors in their meeting held on November 11 2019 have considered and approved thereappointment of Mr. Rajesh Marwaha as Whole-time Director/ Executive Director of Companyfor a further period of three (3) years w.e.f December 2 2019 and remuneration payable tohim.
Based on recommendation of the Nomination and Remuneration Committee Mr. Ankush Nandra(Non-Executive Director) was appointed as an Additional Director of the Company by theBoard of Directors in their meeting held on May 18 2020. A proposal is placed before themembers for the appointment of Mr. Ankush Nandra as director of the Company at the AnnualGeneral Meeting.
Pursuant to the provisions of regulation 36 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 and Secretarial Standard on General Meetingsbrief resume and other disclosures relating to the Directors who are proposed to beappointed/ re-appointed are given in the Annexure to the Notice of the 41stAnnual General Meeting.
The Board of Directors recommend the aforesaid appointments for approval of members.
Mr. Ian John Parish (Non-Executive Director) resigned w.e.f. May 18 2020.
The details of familiarisation programme and annual board evaluation process forDirectors have been provided in the Corporate Governance Report.
As on date Mr. Gagandeep Singh Bedi Managing Director Mr. Rajesh Marwaha ChiefFinancial Officer & Director and Mr. Pratap Rudra Company Secretary & LegalCounsel are the Key Managerial Personnel of the Company.
At the Annual General Meeting held on August 11 2016 M/s. Price Waterhouse & Co.Chartered Accountants LLP (Firm Registration No. 304026E/ E-300009) were appointed asstatutory auditors of the Company for a period of 5 years viz. till the conclusion of 42ndAnnual General Meeting.
The Ministry of Corporate Affairs vide its Notification dated May 7 2018 hasdispensed with the requirement of ratification of Auditor's appointment by theshareholders every year. Hence the resolution relating to ratification of Auditor'sappointment is not included in the Notice of the ensuing Annual General Meeting.
Pursuant to the provisions of Section 204 of the Companies Act 2013 and Rule 9 of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 andamendments made thereto the Company engaged the services of Mr. Vijayakrishna K. T. KTPracticing Company Secretary to conduct the Secretarial Audit of the Company for thefinancial year ended March 31 2020. The Secretarial Audit Report in Form MR-3 is annexedas Annexure - X which forms part of this Report.
The Company has complied with the Secretarial Standards issued by the Institute ofCompany Secretaries of India on Board Meetings and Annual General Meetings.
The Board of Directors of the Company based on recommendation of the Audit Committeehas appointed M/s. Rao Murthy & Associates Cost Accountants Bengaluru (holdingRegistration No. 000065) as Cost Auditor of the Company for conducting the Cost Auditfor the financial year 2020-21 on a remuneration as mentioned in the Notice convening the41st Annual General Meeting.
A Certificate from M/s. Rao Murthy & Associates Cost Accountants has beenreceived to the effect that their appointment as Cost Auditor of the Company is inaccordance with the limits specified under Section 141 of the Act and Rules framedthereunder.
Cost Audit Report for the year 2018-19 was filed with the Ministry of Corporate Affairson September 5 2019.
The Company maintains the cost records as specified by the Central Government underSection 148 (1) of the Act.
Your Directors take this opportunity to thank AstraZeneca Pharmaceuticals AB Swedenand AstraZeneca PLC for their valuable guidance and strong support to the Company'soperations during the year.
Your Directors would also like to thank the Central and the State Governments otherStatutory and Regulatory Authorities the Company's Bankers the Medical Profession andTrade Vendors & Business Associates and the Members for their continued valuablesupport to the Company's operations.
Your Directors place on record their sincere appreciation of the significantcontribution and continued support of the employees at all levels to the Company'soperations during the year.
| ||For and on behalf of the Board of Directors |
|Place: Bengaluru ||Narayan K. Seshadri |
|Date: May 18 2020 ||Chairman |