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Colgate-Palmolive (India) Ltd.

BSE: 500830 Sector: Consumer
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OPEN 1430.10
VOLUME 75319
52-Week high 1641.00
52-Week low 1065.20
P/E 45.62
Mkt Cap.(Rs cr) 38,580
Buy Price 1419.15
Buy Qty 1.00
Sell Price 1420.50
Sell Qty 1.00
OPEN 1430.10
CLOSE 1425.35
VOLUME 75319
52-Week high 1641.00
52-Week low 1065.20
P/E 45.62
Mkt Cap.(Rs cr) 38,580
Buy Price 1419.15
Buy Qty 1.00
Sell Price 1420.50
Sell Qty 1.00

Colgate-Palmolive (India) Ltd. (COLPAL) - Director Report

Company director report

To The Members

Colgate-Palmolive (India) Limited

Your Directors are pleased to present their Report and Audited Accounts of the Companyfor the year ended March 31 2020.

1. Financial Results

(Rs.In Crore)

F.Y. 2019-20 F.Y. 2018-19
Total Revenue (a+b+c) 4574.33 4500.09
Sales (Including Excise Duty) (a) 4487.57 4432.44
Other Operating Revenue (b) 37.52 29.99
Other Income (c) 49.24 37.66
Profit Before Exceptional Item and Tax 1043.36 1112.05
Profit before Taxation 1043.36 1142.56
Tax Expense 226.89 366.99
Profit for the year 816.47 775.57
Other Comprehensive Income (net of Tax) 15.53 (0.10)
Total Comprehensive Income 800.94 775.67
Balance brought forward 1018.56 1094.33
Profit available for appropriation 800.94 775.67
Balance transferred to Retained Earnings from Share Options 6.74 1.09
Outstanding Account
Appropriation :
Dividend (543.97) (707.16)
Dividend Distribution Tax (111.81) (145.36)
Balance carried forward 1170.47 1018.57

2. Business Performance

Reported Net Sales for the financial year 2019 20 stood at Rs.4487.57 crores againstRs.4432.44 crores of previous year. Net Sales increased by 1.2% in comparison to theprevious year. Reported Net Profit after tax for the financial year 2019-20 was Rs.816.47crores an increase of 5.3% over the previous year.

Despite challenging business and economic environment your Company continues tosustain its leadership position in both the Toothpaste and Toothbrush categories duringthe financial year 2019-20.

3. Dividend

- Your Company's Board declared two interim dividends aggregating to Rs.28/- pershare for the financial year 2019-20. The first interim . dividend of Rs.12/- per sharewas declared in October 2019 the second interim dividend of Rs.16/- per share wasdeclared in May 2020. The first interim dividend was paid on November 15 2019 and thesecond interim dividend will be paid on June 16 2020. Having declared two interimdividends your Company's Board has not recommended a final dividend for the financialyear 2019-20.

4. Colgate ranked as India's #1 Most Trusted Oral Care brand (9th consecutiveyear)

Your Company is the market leader in Oral Care. Colgate continues to be the No.1 MostTrusted Oral Care Brand in the country for the 9th year in a row as per The EconomicTimes Brand Equity Consumer Survey conducted by Nielsen. This has been possible due tothe trust our consumers place on Colgate that helps us to "Keep India smiling!"

5. Focus on Innovation and New Launches / Campaign

Your Company is focused on delivering insight- driven innovation that providesvalue-added new products across all price points. In the financial year 2019-20 followingproducts were launched/re-launched:

Colgate Strong Teeth:

Colgate strong teeth was re-launced with new amino shakti making it our best everformulation to give unbeatable strength to the teeth.

Colgate Zig Zag Neem:

The latest addition to the toothbrush portfolio is Colgate Zig Zag Neem toothbrush.It's bristles are infused with Neem extracts.

Colgate Super Flexi Virat Pack:

A special edition of Super Flexi toothbrush- the Virat Kohli Signature Series waslaunched. This limited edition range marks the first ever autographed range oftoothbrushes by Colgate.

Premium Powered Toothbrushes with B150:

Colgate Proclinical 150 was launched with 2 variants Deep clean & Charcoal. It hasan advanced sonic technology with 30000 brush strokes per min for superior plaqueremoval.

Colgate Charcoal Clean:

Colgate Charcoal clean toothpaste is Colgate's latest offering which includes Charcoal- the new trending ingredient in personal care & Oral care. With Bamboo Charcoal andWintergreen mint this toothpaste promises a clean mouth experience and refreshing breath.Disrupting the Oral care shelf with its clutter breaking black packaging this black geltoothpaste launched in Nov'19 is already a hot favourite amongst users and across keyretail customers.

Colgate Kids ZERO Toothpaste:

The all-natural fruit flavoured kids toothpaste with 0% artificial preservativescolours flavours or sweeteners specifically designed for different age groups ofchildren.

Palmolive Luminous Oils Shower Gel:

Palmolive Luminous Oils Shower Gel is infused with botanical oils and natural extractswas recently launched. This range of Shower gel elevates the mood and makes for anindulgent bathing experience.

Colgate Super Flexi Charcoal:

Toothbrush brand Superflexi has re-launched its Black variant with charcoal infusedbristles.

Palmolive Luminous Oils Shampoo:

Palmolive Luminous Oils Shampoo are specially crafted to provide nourishment to yourhair moisturize and strengthen them from within. It is made with a luxuriously rich blendof Essential Oils with Camellia Rose extracts that help make your hair stronger smootherand shiner.

Guinness Record:

In our continuous endeavour to keep India Smiling Colgate received a Guinness WorldRecord for most people brushing simultaneously at a single venue in November 2019 when26382 people smiled their way through this record-breaking brushing event. It is yetanother statement of Colgate's commitment to elevate the Oral Health consciousness in thecountry.

6. Sustainability a. Your Company is an environmentally conscious Company thatbelieves in protecting the environment and building a sustainable society. The Company iscommitted to doing business with integrity and respect for all people and for the worldaround. Achieving economic social and environmental performance in today's businessclimate requires a long term sustainability strategy that is executed with discipline yearafter year. Colgate's sustainability strategy is focussed on the three areas of PeoplePerformance and Planet.

I. People: Promoting healthier lives

Contributing to the Communities where we live and work:

- Your Company is committed to continuously improve employees' health and reduce theirhealth risks and encouraging healthier living for employees and their families.

- Colgate employees have been provided with free health checkup facilities coupled withvarious ‘Live Better' initiatives for promoting healthy lifestyle.

II. Performance:

Growing the business with innovative more sustainable products that make the lives ofconsumers healthier and more enjoyable:

- Your Company endeavors to improve the sustainability profile of new products andproduct updates drive sustainability with breakthrough product and process innovationincrease the recyclability of our packaging and increased recycled content have apositive impact by expanding access to affordable health and wellness products formillions of people in underserved communities and use the power of our brands to buildawareness and drive engagement in product sustainability.

III. Planet:

Conserving Earth's finite resources addressing climate change and maintaining thewell-being of our planet for generations to come:

- Your Company is committed to address environmental issues key to the Company such asenergy use carbon emissions water use and waste generation as well as deforestation.

- Colgate has robust policies in place for sustainable use of and environmentally sounddisposal of waste generated during our processes and making every drop of water count andreducing our impact on the climate and the environment.

More information on conservation of energy and measures undertaken by your Company arementioned in Annexure 3 to this report.

Your Company has received TRUE Zero Waste Platinum certification in 2019 for all itsfour manufacturing sites in India from Green Business Certification Inc. (GBCI) thepremier organization independently recognizing excellence in green business industryperformance and practice globally. Your Company is the first in India to receive suchcertification. GBCI administers TRUE Zero Waste certification a program for businesses toassess performance in reducing waste and maximizing resource efficiency. Facilities earnTRUE certification by achieving minimum program requirements and attaining points; theprogram operates on a ranking system with ‘Platinum' being the highest certificationlevel. We continue to maintain the certification as our Diversion Rating at more than 90%as per the requirements.

b. The evolving COVID-19 pandemic has resulted into a global crisis and has adverselyaffected the economy. The impact of COVID-19 led to partial closures followed by completelockdown towards the end of March 2020 which impacted our business operations. One of ourtopmost priorities of the Company has been the health and safety of its people. TheCompany in order to ensure health and safety of its employees and other staff tookadequate pre-emptive measures on travel restriction and enhancing the hygiene &sanitization protocols across all offices and plants.The Company was amongst the firstFMCG companies to allow work from home to all its employees. During this challenging timethe Company took all necessary steps to ensure the supply of vital and essential oralhealth and hygiene products in the market. Leveraging the strength of our brand and ourpresence across India over the past 80 years we have responded with agility to thespecific challenge of reaching our products to our consumers at this time.

The Company's commitment towards its core values together with the strength of theCompany's brands its best-in-class distribution network and its cost-saving initiativesshould position the Company well to increase stakeholder value over the long term.

7. Responsibility Statement

Pursuant to Section 134 sub-section (3)(c) read with sub-section (5) of the CompaniesAct 2013 your Company's Directors based on the representations received from theManagement confirm that:

a) in the preparation of the Annual Accounts for the financial year ended March 312020 the applicable Accounting Standards have been followed and that no materialdepartures have been made from the same;

b) they have in selection of the accounting policies consulted the statutory auditorsand have applied them consistently and made judgments and estimates that are reasonableand prudent so as to give a true and fair view of the state of affairs of the Company atthe end of the financial year and of the profit of the Company for that period;

c) to the best of their knowledge and information they have taken proper and ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

d) they have prepared the Annual Accounts on a going concern basis;

e) they had laid down internal financial controls to be followed by the Company andthat such internal financial controls are adequate and were operating effectively; and

f) they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems are adequate and operating

8. Corporate Governance

A separate report on Corporate Governance along with the Certificateon itsAuditors'compliance with the corporate governance requirements under the Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations 2015("SEBI Listing Regulations") is attached as Annexure 1 to this Report.

9. Corporate Social Responsibility

Your Company is engaged in a variety of corporate social activities which focus onpromoting oral health education skills building and enhancing access to water. Thesesocial initiatives reflect your Company's core values of caring global teamwork andcontinuous improvement. These initiatives are carried out through a variety of effectiveprograms in accordance with the requirements of Schedule VII of the Companies Act 2013by the Company's employees in partnership with reputed NGOs.

The Board of Directors and the CSR Committee closely review and monitor from time totime the various CSR activities undertaken by the Company.

The following are the key CSR programs undertaken by your Company during the financialyear 2019-20:

i) Bright Smiles Bright FuturesTM

ii) Oral Health Month

iii) Read India program with Pratham

iv) Education & Women Empowerment program with Seva Mandir care for the maintenance

v) A Positive Step program with NTP+

vi) "Saksham" program

vii) Water program with Water for People India Trust

viii) Education Program with Action Aid

ix) Keep India Smiling Foundational Scholarship Program.

A detailed description of the above programs/ activities is contained in the Annual CSRReport attached as Annexure 2 to this Report.

The contents of the CSR Policy as well as the CSR programs undertaken by the Companyare available on the Company's website at

10. Employee Relations

The Employee Relations in the Company continued to remain healthy cordial andprogressive in the financial year 2019-20 At Colgate we consider every employee as one ofthe most valuable resources contributing towards the long term success of the Company. Ouremployees are committed to acting with compassion integrity honesty and high ethics inall situations. As per Colgate's core values all employees are treated with equality andfairness and provided with opportunities to develop their career aspirations while workingwith the Company in India and where possible outside of India on assignments with groupcompanies of Colgate.

Your Company has zero tolerance towards any kind of harassment including sexualharassment or discrimination. Your Company has constituted an Internal ComplaintsCommittee (ICC) to investigate and resolve sexual harassment complaints. Employees areencouraged to speak up and report any such incidences to the ICC. Your Company has alsoimplemented a Policy on Prevention of Sexual Harassment which is reviewed by the ICC atregular intervals. Any complaint made to the ICC is treated fairly and confidentially.

There was one pending complaint carried forward to the financial year 2019-20 from theearlier financial year 2018-19 which was closed in the FY 2019-20. During the financialyear 2019-20 three complaints were received and investigated and all were resolved by theICC. Your Company also recognizes and follows "Managing with Respect Principles"which are applicable not only within Colgate but also while its employees are dealing withits customers suppliers vendors etc. Managing with Respect is the way Colgate people putour values into action. It is creating an environment where people feel free to offersuggestions contribute ideas and resources and help grow the business. Managing withRespect creates an environment where people genuinely care about each other and work welltogether to reach their full potential.

11. Trade Relations

Your Directors wish to record appreciation of the continued unstinted support andco-operation from its retailers stockists suppliers of goods/ services clearing andforwarding agents and all others associated with it. Your Company will continue to buildand maintain a strong association with its business partners and trade associates.

12. Energy Conservation Technology Absorption and Foreign Exchange

The information required under Section 134(3) (m) of the Companies Act 2013 read withthe Companies (Accounts) Rules 2014 with respect to conservation of energy technologyabsorption and foreign exchange earnings/ outgo is attached as Annexure 3 to thisReport.

13. Particulars of Employees

Information as per Section 197 of the Companies Act 2013 read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is provided in Annexure4 to this Report.

The statement containing the names of top ten employees in terms of remuneration drawnand the particulars of employees as required under Section 197(12) of the Companies Act2013 read with Rule 5(2) of the aforementioned Rules will be made available on requestsent to the Company on

14. Directors and Key Managerial Personnel

During the year following changes took place in the Board of Directors and the KeyManagerial Personnel (in the order of their occurrence): i) Re-appointment of Mr. VikramSingh Mehta (DIN: 00041197) & Dr. (Ms.) Indu Ranjit Shahani (DIN: 00112289) asIndependent Directors of the Company for a second term of 5 (five) consecutive years witheffect from July 25 2019; ii) Cessation of Mr. Issam Bachaalani (DIN:06975320) as theManaging Director with effectfrom August 1 2019 consequent upon his promotion as VicePresident & General Manager of Colgate-Palmolive Company's Eurasia Hub; iii)Appointment of Mr. Ram Raghavan (DIN: 08511606) as a Managing Director of the Company witheffect from August 1 2019; and iv) Retirement of Mr. Rajendra Ambalal Shah (DIN:00009851) and Mr. Pradyot Kumar Ghosh (DIN: 00385098) as Non-executive & IndependentDirectors of the Company with effect from March 31 2020 upon completion of their secondterm of directorship which was from July 25 2019 to March 31 2020.

Your Board places on record its appreciation for the outstanding contributions made byMr. Issam Bachaalani Mr. Rajendra Amabalal Shah and Mr. Prodyot Kumar Ghosh during theirtenure. The Company has received the necessary disclosures under the Act and SEBI ListingRegulations including declarations from all Independent Directors that they meet thecriteria of independence as laid down under Section 149(6) of the Companies Act 2013 andthe SEBI Listing Regulations. In the opinion of the Board the Independent Directorsfulfill the conditions specified in these regulations and are independent of themanagement. Pursuant to the provisions of Section 152 of the Act Mr. M.S. JacobWhole-time Director and CFO retires by rotation at the ensuing AGM and being eligible hasoffered himself for reappointment. The Board recommends his reappointment.

Mr. Ram Raghavan Managing Director Mr. M.S. Jacob Whole-time Director & CFO Mr.M. Chandrasekar Whole-time Director and Mr. K. Randhir Singh Company Secretary &Compliance Officer are the Key Managerial Personnel of the Company in terms of Section 203of the Companies Act 2013.

Further based on the recommendation of the Nomination & Remuneration Committeethe Board at its meeting held on May 21 2020 considered and approved the followingappointments subject to the approval of shareholders and any other necessary approvals asmay be required:

1) Appointed Mr. Sekhar Natarajan (DIN: 01031445) and Ms. Gopika Pant (DIN:00388675) as Additional Directors designated as Independent Directors of the Company for aperiod of 5 (five) consecutive years with effect from May 21 2020;

2) Appointed Mr. Surender Sharma (DIN: 02731373) as an Additional Whole-timeDirector of the Company with effect from May 21 2020 for a period of 5 (five) consecutiveyears.

3) Re-appointed Ms. Shyamala Gopinath (DIN: 02362921) as Independent Director of theCompany for a second term commencing from July 30 2020 to May 31 2024. A detailedprofile of all the Directors of your Company is available on the Company website at executives-and-boards/board-of-directors

15. Familiarization Program

Your Company has been regularly familiarizing the Independent Directors on its Boardwith detailed presentations by its business functional heads on the Company operationsstrategic business plans new products and technologies. Apart from above IndependentDirectors are also familiarized through various regulatory developments change in laws. Adetailed description of the familiarization programs extended to the Independent Directorsduring the financial year is disclosed on the Company website at policies

16. Policies

The Board of Directors of your Company from time to time has framed and revisedvarious Polices as per the applicable Acts Rules Regulations and Standards for bettergovernance and administration of your Company. Some of the important Policies that wereframed by your Board include the following:

i) Nomination & Remuneration Policy: This policy sets the objective terms ofreference functions and scope of the Nomination & Remuneration Committee fordetermining qualifications experience independence etc. relating to the appointment andremuneration for the Directors Key Managerial Personnel and Senior Management employeesof the Company.

ii) Corporate Social Responsibility (‘CSR') Policy: This policy sets out the roleof the CSR Committee of the Board of Directors which includes identification of the areaswhere the CSR activities will be performed evaluation of CSR activities review the CSRspending vis-a-vis the activities implemented and monitoring the process of CSR projects/programs of the Company.

iii) Risk Management Policy: This policy provides the framework for identification ofrisks of the Company risk assessment and prioritization loss prevention measures andother risk management measures for the Company.

iv) Related Party Transactions Policy: This policy regulates the entry intotransactions between the Company and its related parties and the required corporateapprovals as per the laws and regulations applicable to the Company from time to time.

v) Policy on Determination of Materiality of Event or Information: This Policy laysdown the criteria for determining the materiality of an event or information of theCompany for purposes of making required disclosures to the stock exchanges pursuant to theSEBI Listing Regulations.

vi) Records Management Policy: This policy establishes general guidelines forretaining preserving and archiving important documents and information.

vii) Code of Conduct for dealing in the Company's Securities: Pursuant to the SEBI(Prohibition of Insider Trading) Regulations 2015 your Company has framed a Code ofConduct on prohibition of insider trading.

viii) Dividend Distribution Policy: This policy describes the circumstances under whicha Member may or may not expect a dividend and the financial parameters and internal andexternal factors which are considered by the Board of Directors for declaration ofdividend.

ix) Policy on Retirement of Directors: The policy lays down the age criteria forretirement of Directors on the Board of the Company. The criterion for age is desirable toallow smooth retirement for the purpose of succession planning and further to inductrequisite skills and competencies on the Board of the Company with appropriate continuity.

The aforesaid Policies are available in the Investors Section on the website of theCompany at https://www.colgateinvestors.

17. Number of Board Meetings

During the financial year 2019-20 4 (four) Board meetings were held. The details ofthe meetings are provided in the Corporate Governance Report that forms part of theBoard's Report.

18. Committees

The Board of Directors of your Company has established various Board committees toassist in discharging their duties. These include the Audit Committee the Nomination& Remuneration Committee the Risk Management Committee the Stakeholders'Relationship Committee and the Corporate Social Responsibility Committee. The Board hasapproved the terms of reference for each of these committees. All the committees of theBoard hold their meetings at regular intervals and make their recommendations to the Boardfrom time to time.

The broad terms of reference of the said Committees are stated in the CorporateGovernance Report that forms part of the Board's Report.

19. Annual Performance Evaluation by the Board

Pursuant to the provisions of the Companies Act 2013 and the SEBI Listing Regulationsthe Board has carried out an Annual Performance Evaluation of its own performance theDirectors individually as well as the evaluation of the working of the Committees. Themanner in which the evaluation has been carried out has been explained in the CorporateGovernance Report that forms part of the Board's Report.

20. Vigil Mechanism

Your Company has an effective Vigil Mechanism system which is embedded in its Code ofConduct. The Code of Conduct of your Company serves as a guide for daily businessinteractions reflectingyour Company's standard for appropriate behaviour and livingcorporate values. The Code of Conduct applies to all Colgate people including DirectorsOfficers and all employees of the Company. Even your Company's vendors and suppliers aresubject to the Third Party Code of Conduct requirements as adherence to the same to theextent applicable is a prerequisite for conducting business with your Company. The Codeof Conduct Hotline is available on the Company website to report any concerns aboutunethical behaviour any actual or suspected fraud or violation of Company's Code ofConduct. No adverse action will be taken against anyone for complaining about reportingparticipating or assisting in the investigation of a suspected violation of the Code ofConduct unless the allegation made or information provided is found to be intentionallyfalse. Your Company conducts various training and awareness sessions on Code of Conduct ona continuous basis. Senior Leadership Members at various occasions emphasize theimportance of adherence to Company's Code of Conduct and its ethical ways of working.

21. Public Deposits

During the financial year 2019-20 your Company has not accepted any Public Depositsunder Chapter V of the Companies Act 2013.

22. Loan Guarantees and Investment

Particulars of loans guarantees and investment made by the Company pursuant to Section186 of the Companies Act 2013 are given in the Notes to the Financial Statements.

23. Related Party Contracts & Arrangements

All related party transactions done by the Company during the financial year were atarm's length and in ordinary course of business. All related party transactions werereviewed and approved by the Audit Committee. During the year under review theshareholders of the Company approved a Material Related Party Transaction for approval ofRoyalty payment to Colgate Palmolive Company USA Promoter Company. This transaction toowas in the ordinary course of business and at arm's length details of which as requiredto be provided under section 134(3)(h) of the Companies Act 2013 are disclosed in FormAOC-2 as Annexure 5 to this Report.

Disclosures pursuant to the Accounting Standards on related party transactions havebeen made in the notes to the Financial Statements. To regulate related partytransactions the Company has also framed a policy on related party transactions and ormaterial the same is available on the Company's website.

24. Auditors

M/s. S R B C & Co LLP Chartered Accountants Mumbai (ICAI Firm Registration No.324982E/ E300003) were appointed as Statutory Auditors of the Company at the 76th AGMheld on August 3 2017 for a period of five consecutive years from the conclusion of the76th AGM till the conclusion of the 81st AGM subject to ratification by Members of theCompany at every AGM to be held thereafter. Further in view of the amended provisions ofSection 139 of the Companies Act 2013 notified on 7th May 2018 the Members at the 77thAGM have ratified the appointment of M/s. S R B C & Co LLP Chartered AccountantsMumbai (ICAI Firm Registration No. 324982E/ E300003) as Statutory Auditors of the Companyfor their remaining tenure i.e. upto the conclusion of the 81st AGM without requiringyearly ratification thereof. The Audit report for the financial year 2019-20 does notcontain any qualification reservation or adverse remarks. Further during the financialyear 2019-20 the Statutory Auditors have not reported any instances of fraud to the AuditCommittee or Board as per Section 143(12) of the Companies Act 2013.

25. Secretarial Auditor & Secretarial Audit Report

The Board had appointed M/s. S.N. Ananthasubramanian & Co. Company Secretaries inpractice to carry out the Secretarial Audit under the provisions of Section 204 of theCompanies Act 2013. The report of the Secretarial Auditor in Form MR-3 is attached as Annexure6 to this Report. The Secretarial Auditors' Report for the financial year 2019-20 doesnot contain any qualification reservation or adverse remark.

26. Extract of Annual Return

The Extract of the Annual Return of the Company has been placed on the website of theCompany and can be accessed at link

27. Business Responsibility Report

The Business Responsibility Report for the financial year 2019-20 as stipulated underRegulation 34 of the SEBI Listing Regulations is attached as Annexure 7 to thisReport.

28. Significant and Material Orders passed by the Regulators or Courts

During the financial year 2019-20 there were orders passed by nosignificant theRegulators or Courts or Tribunals impacting the going concern status and operations of theCompany in the future.

29. Compliance with Secretarial Standards

Your Company has complied with Secretarial Standards issued by the Institute of CompanySecretaries of India on Board and General Meetings and Dividends.

30. Adequacy of Internal Financial Controls

Your Company has an adequate and talented team of internal auditors that oversees theinternal financial processes policies and recommends robust internal financial controlsfrom time to time. These internal financial controls help to put in place checks on theimplementation of the internal financial controls policies & procedures that areadopted by the Company for ensuring an orderly and efficient conduct of its business.These internal financial controls help in safeguarding assets prevention & detectionof frauds and/or errors maintaining the accuracy and completeness of the accounting &financial records. These controls help in the timely preparation of transparent completeand accurate financial information and statements as per the laid down accountingstandards and principles. The Audit Committee of your Company evaluates the internalfinancial controls system periodically.

31. Acknowledgements

Your Directors wish to convey their deepest appreciation for the unstinted dedicationprofessionalism commitment and resilience displayed by the Company's employees at alllevels and business partners customers vendors etc. Your Directors also wish to expresstheir gratitude towards the Shareholders for their continued trust support andconfidence.

R. Raghavan On behalf of the Board
Managing Director M.S. Jacob
(DIN : 08511606) Whole-time Director & CFO
Place : Mumbai (DIN : 07645510)
Date : May 21 2020