Your Directors present their 30th Annual Report together with the Audited Statement ofAccounts of the Company for the financial year ended 31st March 2020.
PERFORMANCE AT A GLANCE:
(' in Lakhs)
|Particulars ||Yearended 31st March 2020 ||Year ended 31st March 2019 |
|Gross Income ||2649.37 ||2285.73 |
|Profit / (Loss) Before Depreciation Tax & Financial Expenses ||317.96 ||260.74 |
|Financial Expenses ||138.68 ||136.21 |
|Depreciation ||124.37 ||119.67 |
|Profit / (Loss) Before Tax ||54.91 ||4.87 |
|Less: Exceptional Items ||- ||- |
|Tax Expenses: || || |
|a. Current Tax ||- ||- |
|b. Fringe Benefit Tax ||- ||- |
|c. Deferred Tax Liability ||- ||- |
|Other Comprehensive Income || || |
|(i) Items that will not be reclassified to profit or Loss || || |
|(a) Re measurement of net defined benefit Liability / Asset ||2.07 ||(0.62) |
|Profit/ (Loss) for the year carried to Balance Sheet ||56.98 ||4.25 |
OPERATIONS AND FINANCIAL PERFORMANCE:
The revenue of the Company for the FY 2020 is Rs.2649.37 lakhs increasing by 15.90%over the previous year revenue of Rs.2285.73. The PBT for the FY 2020 is Rs.54.91 againstRs.4.87 for FY 2019. The PAT of the Company for FY 2020 is Rs.54.91 lakhs as against PATof Rs.4.87 in FY 2019. The other comprehensive income for FY 2020 is Rs.2.07 lakhs asagainst Rs.(0.62) in FY 2019. The detail overview of the Company performance in thefinancial year 2019-20 is given in Annexure-I to the Directors Report -ManagementDiscussion and Analysis Report. In the end of FY 2020 the Government of India enforcedlock down all over the country to contain the spread of COVID 19. This has resulted inminimal operations to ensure the safety of workers. Later when the lock down is relaxedwith some restrictions the Company has picked up its operations to some extent. Though thebusiness environment is uncertain due to the pandemic the Company is very hopeful ofrecovery with the existence of good client network and demand for healthcare.
DIRECTORS & KEY MANAGERIAL PERSONNEL:
In accordance with section 152 of the Companies Act 2013 Mrs. R. Gomathi (DIN:02900460) will retire by rotation at this ensuing Annual General Meeting. She beingeligible offers herself for reappointment. The subject forms part of the ordinarybusiness in the Notice of the 30th Annual General Meeting.
The term of appointment of Mr. A.N. Radhalkrishnan (DIN:1508867) Chairman and ManagingDirector will be expiring on 16th September 2020. Keeping in view his rich experience andvaluable contribution to the company the Board of Directors in its meeting held on 24thJune 2020 approved his re-appointment as Chairman and Managing Director for a period ofthree years with effect from 17th September 2020 on the existing terms and conditionsbased on the recommendation of Nomination and Remuneration Committee.
The Board of Directors have not recommended any dividend for the financial year ended31st March 2020 due to inadequate profits and accumulated losses.
UNPAID / UNCLAIMED DIVIDEND:
In compliance with the provisions of Section 124 of the Companies Act 2013 and rulesmade thereunder the Company had no unclaimed dividend to be transferred to InvestorEducation and Protection Fund and there is no unclaimed dividends lying in the Company'sUnpaid Dividend Account.
TRANSFER TO RESERVES IN TERMS OF SECTION 134 (3) (J) OF THE COMPANIES ACT 2013:
For the financial year ended 31st March 2020 the Company has not proposed to carry anyamount to General Reserve Account as the results were at low profit.
COMMISSION RECEIVED BY DIRECTOR FROM HOLDING OR SUBSIDIARY COMPANY:
The Company neither has any holding nor is any subsidiary company thereforedisclosure under Section 197(14) of the Companies Act 2013 not applicable.
MATERIAL CHANGES AND COMMITMENTS
There have been no material changes and commitments affecting the financial position ofthe Company occurred between the end of the financial year to which this financialstatements relate and the date of this report.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE:
Pursuant to the provisions of the Companies Act 2013 and SEBI Guidance note on Boardevaluation issued by SEBI vide its circular dated January 5 2017 the annual performanceevaluation of its Board the directors individually and Committees of the board viz.Audit and Nomination and Remuneration Committee has been carried out.
The board and the committee were evaluated on various criteria as stated below:
1. Composition of the Board and Committee.
2. Understanding of the Company and its business by the Board.
3. Availability of information to the board and committee.
4. Effective Conduct of Board and Committee Meetings.
6. Monitoring by the Board management effectiveness in implementing strategiesmanaging risks and achieving the goals.
The Board also carried out the evaluation of directors and chairman based on followingcriteria:
1. Attendance at the meetings.
2. Understanding and knowledge of the entity.
3. Maintaining Confidentiality of board discussion.
4. Contribution to the board by active participation.
5. Maintaining independent judgment in the decisions of the Board.
NUMBER OF MEETINGS OF BOARD AND AUDIT COMMITTEE:
The Board meets at regular intervals to discuss and decide on business strategies /policies and review the financial performances of the Company. The details of number ofboard meetings and other committee meetings held during the Financial Year 2019-20 are asfollows:
COMPOSITION OF BOARD:
The Board consists of the following:
|Mr. A.N. RADHAKRISHNAN (DIN: 01508867) ||- CHAIRMAN & MANAGING DIRECTOR |
|Mr. B.RAMACHANDRAN (DIN: 06397113) ||- INDEPENDENT DIRECTOR |
|Dr. S.VARADHARAJAN (DIN: 08015795) ||- INDEPENDENT DIRECTOR |
|Mrs. R.GOMATHI (DIN: 02900460) ||- WOMAN DIRECTOR |
1. No. of Board Meetings: 4: 27th May 2019; 13th August 2019; 5th November 2019 and12th February 2020
The interval between two Board Meetings was well within the maximum period mentionedunder section 173 of the Companies Act 2013 and SEBI Listing (Disclosures andObligations Requirements) Regulations 2015.
COMPOSITION OF COMMITTEES OF BOARD:
Currently the board has following Committees: Audit Committee Nomination &Remuneration Committee & Stakeholders Relationship Committee Internal ComplaintsCommittee Whistle Blower Committee and Independent Directors Committee.
The Composition & Activities are as follows:
|Name of the Committee ||Composition of the Committee/ No. of times the committee met ||Highlights of duties responsibilities & Activities |
|Audit Committee ||Mr. B. Ramachandran DIN: 06397113 (Independent Director) Chairman of the Committee. ||The Audit Committee was mandated with the same Terms of Reference specified in SEBI (LODR) REGULATIONS2015. |
| ||Mr. A.N. Radhakrishnan DIN: 01508867 (Chairman & Managing Director) ||The current Terms of Reference fu lly conform to the requirements of the Companies Act. |
| ||Member Dr. S. Varadharajan DIN: 08015795 (Independent Director) Member of the Committee) ||: The Audit committee is responsible for overseeing the Company's financial reporting process reviewing the quarterly/half- yearly/annual financial statements reviewing with the management the financial statements and adequacy of internal audit function recommending the appointment/re- appointment of statutory auditors and fixation of audit fees reviewing the significant internal audit findings/related party transactions reviewing the Management Discussion and Analysis of financial condition and result of operations and also statutory compliance issues. The Committee acts as a link between the management external and internal auditors and the Board of Di rectors of the Company. |
| ||Mr. R. Deenadayalu Secretary of the Committee (Company Secretary) || |
| ||The Committee met 4 times on 27 th May 2019 13 th August 2019 5 th November 2010 12th February 2020 || |
|Nomination & ||Dr. S. Varadharajan ||To fix salary allowances and other perks to senior level personnel as and when appointed by the Company. |
|Remuneration Committee ||DIN No: 08015795 Chairman of the Committee. || |
| ||Mr. B. Ramachandran ||REMUNERATION POLICY: The Remuneration Policy of the Company for the managerial personnel is based on the performance potential and performance of the individual/ personnel. |
| ||DIN No: 06397113 (Independent Director) Member of the Committee || |
| ||Mrs. R. Gomathi || |
| ||DIN: 02900460 Woman Director - Member || |
| || ||CEO/CFO CERTIFICATION by Dr. V. Krishnamurthy Chief Executive Officer and Mr. A.N. Radhakrishnan Chairman & Managing Director as required under SEBI (LODR) was placed before the Board at its meeting held on 24th June 2020. |
| ||The Committee met on 13.08.2019 & 12.02.2020 || |
|Stakeholders Relationship Committee ||Mr. B. Ramachandran ||:> The Company has attended to the investors' complaints and redressed them within 15 days from the date of their receipt during the year 2019-2020. |
| ||DIN: 06397113 || |
| ||(Independent Director) || |
| ||Chairperson of the Committee || |
| ||Dr. S. Varadharajan || |
| ||DIN: 08015795 || |
| ||Member of the Committee || |
| ||Mrs. R. Gomathi || |
| ||DIN: 02900460 || |
| ||Woman Director - Member || |
| ||The Committee met on || |
| ||30.04.2019;06.05.2019; 20.05.2019; 10.06.2019; 08.07.2019; 30.07.2019; 12.08.2019; 03.10.2019; 21.10.2019; 21.11.2019; 30.12.2019 || |
DECLARATION OF INDEPENDENCE:
All independent Directors have given declarations that they meet the criteria ofindependence as laid down under Section 149 of the Companies Act 2013 which has beenrelied on by the Company and placed at the Board Meeting of the Company.
NOMINATION AND REMUNERATION POLICY:
Pursuant to Section 178(3) of the Companies Act 2013 the Board of Directors hasframed a policy which lays down a framework in relation to remuneration of Directors KeyManagerial Personnel and Senior Management of the company. The policy also lays down thecriteria for selection and appointment of Board Members. The Remuneration Policy isavailable on the website of the company (www.cmmh.in). The salient features of the policyare given below:
In accordance with the Nomination and Remuneration Policy some of the responsibilitiesof the Nomination and Remuneration Committee are given below:
1. The Committee shall formulate the criteria for determining qualifications positiveattributes and independence of a director.
2. The Committee shall identify persons who are qualified to become Director andpersons who may be appointed in Key Managerial and Senior Management positions inaccordance with the criteria laid down in this policy.
3. Recommend to the Board appointment and removal Director KMP and Senior ManagementPersonnel.
4. The Board shall carry out evaluation of performance of every Director ManagerialPerson KMP and Senior Management Personnnel at regular interval.
5. The remuneraton / compensation / commission etc. to the Managerial Person KMP andSenior Management Personnnel will be determined by the Committee and recommended to theBoard for approval. The remuneraton / compensation / commission etc. shall be subject toprior / post approval of the shareholders of the Company and Central Government whereverrequired.
Criteria for payment of Remuneration to Non-Executive Directors (Pursuant to Part-DSchedule II (1) of SEBI (LODR) Regulations 2015.
The Non-Executive Directors will be paid sitting fees for attending the Board andCommittee Meetings as per the stipulations in the Act and the Articles of Association ofthe company and as recommended by the Nomination and Remuneration Committee. Differentscales of sitting fee may be fixed for each category of the directors and type of meeting.However the fees payable to the Independent Directors and Woman Directors shall not belower than the fee payable to other categories of directors.
In addition to this the travel and other expenses incurred for attending the meetingsare to be met by the Company. Subject to the provisions of the Act and the Articles ofAssociation the Company in General Meeting may by special resolution sanction and pay tothe Directors remuneration not exceeding 1% of the net profits of the Company computed inaccordance with the relevant provisions of the Act. The company shall have no pecuniaryrelationship or transactions with any Non-Executive Directors.
RELATED PARTY TRANSACTION POLICY:
The Policy regulates all transactions between the Company and its related parties.
INSIDER TRADING POLICY:
The Policy provides the framework in dealing with Securities of the Company.
RISK MANAGEMENT POLICY:
The Company has in place a Risk Management Policy duly approved by the board which isperiodically reviewed by the management. The main objective of the company's riskmanagement policy is to ensure the effective identification and reporting of riskexposures involvement of all departments and employees in risk management to ensurecontinuous growth of business and protect all the stakeholders of the Company.
The Audit Committee and Board of Directors consider the risk exposure before approvinga strategic decisions taken by the Company. Further the Company has strong internalcontrol system in place to identify the risks at any stage of the business. This internalcontrol system is further reviewed by the internal auditors of the Company and a report issubmitted to the Audit Committee. The Committee based on the report of internal auditorsadvises on the necessary action to be taken in case of any deviation from requiredstandards.
M/S. MRC & Associates (FRN.004005S) Chartered Accountants Chennai-600 030 are theStatutory Auditors of the Company who were appointed at the 27th Annual General Meetingheld on 15th September 2017 to hold office until the conclusion of 32nd Annual GeneralMeeting. The statutory auditor's report does not contain any qualifications reservationsor adverse remarks or disclaimer.
Pursuant to notification of Companies (Cost Records and Audit) Rules 2014 read withCompanies (Cost Records and Audit) amendment rules 2014 the Company's product does notfall under the purview of Cost Audit.
MANAGEMENT DISCUSSION ANALYSIS REPORT:
The report has been presented separately detailing the overall status of economyindustry and business of the Company in Annexure [I].
Pursuant to the provisions of Section 204 of the Companies Act 2013 and rules madethereunder the Company has appointed Mr. T. Murugan Practising Company Secretary toundertake the Secretarial Audit of the Company. The Secretarial Audit Report for the year2019-20 is included as "Annexure [III]" and forms an integral part of thisReport. The Secretarial Audit Report was placed before the Board on 24th June 2020. Thereare no qualifications in the Secretarial Audit Report.
EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Return in Form MGT- 9 inaccordance with Section 92(3)of the Companies Act 2013 read with the Companies(Management and Administration) Rules 2014 are setout herewith as "Annexure[II]" to this Report.
RELATED PARTY TRANSACTIONS:
During the financial year 2019-20 your Company has entered into transactions withrelated parties as defined under Section 2(76) of the Companies Act 2013 read withCompanies (Specification of Definitions Details)Rules 2014 which were in the ordinarycourse of business and on arms' length basis and in accordance with the provisions of theCompanies Act 2013 Rules issued thereunder. There are no materially significant relatedparty transactions made by the Company with Promoters Directors Key Managerial Personnelor other designated persons which may have a potential conflict with the interest of theCompany at large. Disclosure in Form AOC-2 is attached (ANNEXURE-IV).
The details of the related party transactions as required under Accounting Standard -18 are set out in Note to the standalone financial statements forming part of this AnnualReport.
LOANS AND INVESTMENTS:
Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to financial statement.
Your Company has in place Whistle Blower Policy approved by Board of Directors incompliance with provisions of Section 177 (10) of the Companies Act 2013. The policyprovides a mechanism to the Directors and Employees to voice their concerns regardingirregularities in the Company in an effective manner. The mechanism provides for adequatesafeguards against victimization of Directors and employees to avail the mechanism andalso provides for direct access to the Chairman of the Audit Committee in exceptionalcases.
The amended policy pursuant to SEBI (Prohibition of Insider Trading) (Amendment)Regulations 2018 effective from 1st April 2019 has been uploaded in the website of theCompany at www.cmmh.in.
AUDIT COMMITTEE RECOMMENDATION:
During the year all the recommendations of the Audit Committee were accepted by theBoard. Pursuant to Section 177(8) of the Companies Act 2013 the Composition of AuditCommittee is given as under:
Mr. B. Ramachandran Independent Director is the Chairman of the Committee.
Dr. S. Varadharajan Independent Director and Mr. A.N. Radhakrishnan are the members ofthe Committee.
Company Secretary of the Company is the Secretary of the Committee.
The Company has not accepted any deposits from the public during the period 2019-2020within the meaning of Sections 73 and 74 of the Companies Act 2013 read together with theCompanies (Acceptance of Deposits)Rules 2014.
INTERNAL COMPLAINTS COMMITTEE - SEXUAL HARASSMENT OF WOMEN:
The Company has in place an Anti Sexual Harassment Policy in line with the requirementsof the Sexual Harassment of Women at Workplace (Prevention Prohibition and Redressal)Act 2013. The Internal Complaints Committee ("ICC") has been set up to redressthe complaints received regarding sexual harassment. All employees are covered under thispolicy. No Complaints were received during the year under review.
INDEPENDENT DIRECTORS COMMITTEE:
The Company has in place Independent Directors Committee as required under SEBI(Listing Obligations and Disclosures Requirements) Regulations 2015.
As prescribed under the provisions of Regulation 15(2) of SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 your Company does not fall under the purviewof complying with the provisions of Corporate Governance. During the year your Company hasinformed the non-applicability provision to the Bombay Stock Exchange. Since theprovision of Corporate Governance is not applicable for the entire Financial Year 2019-20a separate report of Corporate Governance is not disclosed in the Annual Report 2019-20.
The Company confirms that it has paid the annual listing fees for the year 2020-21 tothe Bombay Stock Exchange.
CLOSURE OF REGISTER OF MEMBERS AND SHARE TRANSFER BOOKS:
The Register of Members and Share Transfer books of the company will be closed witheffect from 09th September 2020 to 16th September 2020 (both days inclusive).
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(3)(C) of the Companies Act 2013 the Directors confirm that:
??In the preparation of the annual accounts for the financial year ended 31st March2020 the applicable accounting standards and Schedule III of the Companies Act 2013have been followed and there are no material departures from the same;
The Directors have selected such accounting policies and applied them consistently andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of your Company as at 31st March 2020 and of the statementof profit and loss of the Company of the profit for the financial year ended 31st March2020;
Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
The annual accounts have been prepared on a going concern' basis;
Proper internal financial controls laid down by the Directors were followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
Proper systems to ensure compliance with the provisions of all applicable laws were inplace and that such systems were adequate and operating effectively.
None of the employees of the Company drew remuneration which in the aggregate exceededthe limits fixed under Section 134(3)(q) read with Rule 5 of the Companies (Appointmentand Remuneration of Managerial Personnel) Rules 2014
The ratio of the remuneration of each director to the median remuneration of theemployee of the company for the financial year
REMUNERATION OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) / EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect of employeesof the Company and Directors is furnished hereunder:
|S.No Name ||Designation ||Remuneration for FY 2019-20 ||Remuneration for FY 2018-19 ||Increase in remuneration from previous year ||Ratio / times per median of employees remuneration || |
|1. Mr.A.N.Radhakrishnan ||Chairman & Managing Director ||900000 ||900000 ||Nil ||4.84:1 || |
|2. Dr.VKrishnamurthy ||Chief Executive Officer ||19465787 ||14324643 ||5141144 ||104.65:1 || |
|3. Mr.R. Deenadayalu w.e.f.7.6.2018 ||Company Secretary ||1238386 ||887215 ||351171 ||6.66:1 || |
|4. Mr.Dambaru Dhar Jena ||Chief Financial Officer ||468000 ||444000 ||24000 ||2.52:1 || |
|5. Mr. B. Ramachandran ||Independent Director || |
|6. Dr. S. Varadharajan ||Independent Director || |
| || || || || || || |
|The percentage increase in remuneration of each director Chief Financial Officer Chief Executive Officer Company Secretary or Manager if any in the financial year: || |
Chief Executive Officer : 35.89 % Company Secretary : 39.58 % Chief Financial Officer : 5.41 %
|The percentage increase in the median remuneration of employees in the financial year || |
There is no increase in median remuneration.
|The number of permanent employees on the rolls of company || |
|The explanation on the relationship between average increase in remuneration and company performance || |
The employees on an average received an annual decrease of 9.58% based on the performance of the company.
|Comparison of the remuneration of the key Managerial Personnel against the performance of the Company || |
The remuneration payable to Key Managerial Personnel is in accordance with Industry Geographical Standards qualifications field experience experience of the individuals administrative qualities contribution made by them and as per the Remuneration Policy of the company. There is no change in the remuneration of the Managing Director.
|Variations in the market capitalization of the company price earnings ratio as at the closing date of the current financial year and previous financial year and percentage increase over decrease in the market quotations of the shares of the company in comparison to the rate at which the company came out with the last public offer in case of listed companies and in case of unlisted companies the variations in the net worth of the company as at the close of the current financial year and previous financial year ||Particulars ||31.03.2020 ||31.03.2019 ||change |
|Stock ') ||7.50 ||11.75 ||-36.17% |
|Market (' in ||5.60 ||8.77 ||-36.15% |
|' ||0.74 ||0.07 || |
|P/E ||10.13 ||167.85 || |
CONSERVATION OF ENERGY AND TECHNOLOGY OBSORPTION:
The information on conservation of energy technology absorption as stipulated underSection 134 of the Companies Act 2013 read w'th the Companies (Accounts) Rules 2014 isset out herew'th as "Annexure [V]" to this Report.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS:
During the year the Company has not received any significant and material orderspassed by the Regulators or courts or tribunals which would affect the going concernstatus of the Company and its future operations. REPORTING OF FRAUDS BY AUDITORS:
There is no fraud reported in the Company during the F.Y. ended 31 st March 2020. Thisis also being supported by the report of the auditors of the Company as no fraud has beenreported in their audit report for the F.Y. ended 31st March 2020.
INTERNAL FINANCIAL CONTROLS:
The Company has put in place an internal financial control based on the processesinvolved in the manufacturing and trading divisions of the Company. There is involvementfrom both management and functional/business process owner w'th periodic meetings todiscuss issues weaknesses and progress of the company's internal financial controlprogram.
The internal audit conducted for every quarter further scrutinizes the functioning ofvarious areas of operations and gives its observation to the Audit Committee. Requiredaction is taken based on the decision of the Audit Committee on the observations by theinternal auditor.
Various processes like procurement maintenance marketing accounting etc. arereviewed periodically both internally and by the internal auditors in a way which iscommensurate w'th size & complexity of operations of the Company.
The above process helps the company in taking precautionary measures making theexisting process more efficient bringing accuracy in accounting which enables orderlyconduct of the business.
NAMES OF TOP 10 EMPLOYEES OF THE COMPANY IN TERMS OF REMUNERATION DRAWN (OTHER THAN KEYMANAGERIAL PERSONNEL)
|Sl.No. Name ||Rs. p.m. |
|1. Srinivasan G ||50000/- |
|2. Joseph Enit Rodrigo ||36000/- |
|3. Karthigai S ||28000/- |
|4. Rosline Antony Raj ||27420/- |
|5. Mohan K ||26000/- |
|6. Selvakili R ||26000/- |
|7. Gunavathy K ||26000/- |
|8. Lissamma Jolly ||25900/- |
|9. Sekar K ||25797/- |
|10. Venkatesan G ||25526/- |
DUES TO SMALL & MICRO ENTERPRISES
Dues outstanding more than Rs.100000/- to Small and Micro Industrial Units: NilSECRETARIAL STANDARDS OF ICSI
The Company is in compliance w'th the Secretarial Standards on Meetings of the Board ofDirectors (SS - 1 )and General Meetings (SS - 2) issued by The Institute of CompanySecretaries of India and approved by the Central Government.
Human Resource is an important asset for the Company and there is cordial relationshipexist between the management and the employees across all the plants of the Company.
During the year your Company conducted various activities for the benefit of employees.An awareness Program was organized for the employees. Many employees participated in theawareness program. A general medical camp was organized for the benefit of employees.
SOCIAL RESPONSIBILITY AND CORPORATE SOCIAL RESPONSIBILITY:
Your Company believes in importance of education in the growth of individuals and theeconomy as whole. The provisions of Corporate Social Responsibility are not applicable toyour Company.
Shareholders and Readers are cautioned that in the case of data and informationexternal to the Company no representation is made on its accuracy or comprehensivenessthough the same are based on sources believed to be reliable. Utmost care has been takento ensure that the opinions expressed by the management herein contain its perceptions onthe material impacts on the Company's operations but it is not exhaustive as they containforward-looking statements which are extremely dynamic and increasingly fraught with riskand uncertainties. Actual results performances achievements or sequence of events may bematerially different from the views expressed herein.
Your Directors place on record their appreciation for the continued co-operationsupport and assistance extended to the Company by Government of India Government of TamilNadu Bankers and the Shareholders. Your Directors also place on record their appreciationfor the continued and dedicated performance and commitment by Officers and Staff of theCompany.
| ||FOR AND ON BEHALF OF THE BOARD |
|Place: Chennai ||A.N. RADHAKRISHNAN |
|Date : 24th June 2020 ||CHAIRMAN & MANAGING DIRECTOR DIN: 01508867 |