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Fredun Pharmaceuticals Ltd.

BSE: 539730 Sector: Health care
NSE: N.A. ISIN Code: INE194R01017
BSE 00:00 | 29 Nov 1310.05 30.00
(2.34%)
OPEN

1299.45

HIGH

1333.90

LOW

1280.05

NSE 05:30 | 01 Jan Fredun Pharmaceuticals Ltd
OPEN 1299.45
PREVIOUS CLOSE 1280.05
VOLUME 6361
52-Week high 1385.90
52-Week low 471.70
P/E 71.59
Mkt Cap.(Rs cr) 591
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 1299.45
CLOSE 1280.05
VOLUME 6361
52-Week high 1385.90
52-Week low 471.70
P/E 71.59
Mkt Cap.(Rs cr) 591
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Fredun Pharmaceuticals Ltd. (FREDUNPHARMA) - Director Report

Company director report

Dear Shareholders

Your Director?s have pleasure in presenting their 35thAnnual Report and the Audited Accounts for the Financial Year ended March 312022 togetherwith the Independent Auditor?s Report thereon.

FINANCIAL RESULTS:

(Rs In Lakhs)

Particulars For the financial year ended 31.03.2022 For the financial year ended 31.03.2021
Income from Business Operations 22173.69 13155. l 9
Other Income 435.25 37380
Total Income 22608.94 13528.99
Total Expenditure other than Financial Costs and Depreciation 21066.42 12475.38
Profit / Loss before Interest Depreciation and Taxes 1542.52 1053.61
Finance Cost 466.86 416.21
Depreciation / Amortization 215.67 200.37
Profit / Loss Before tax 859.99 437.03
Exceptional Income I Expenses 0.00 116.37
Prior Period adjustments 00 00
Profit / Loss before Tax 859.99 320.66
Total Tax expenses 226.46 119.1 9
Profit / Loss after Tax 633.52 201.47

OPERATIONS OF THE COMPANY:

Your Company earned a Total Income of Rs. 22608.94 lakhs in theFinancial Year ended March 31 2022 as compared to the Total Income of Rs.13528.99 Lakhsfor the corresponding Financial Year ended March 312021 .There was 67.11% hike in theTotal Income of the Company.

The Company?s turnover was Rs. 22173.69 lakhs in the FinancialYear ended March 31 2022 as compared to the turnover of Rs.13155.19 lakhs for thecorresponding Financial Year ended March 312021 .There was 68.55 % hike in the turnoverof the Company.

Your Company?s Net Profit for the Financial Year 2021-22 wasRs.633.53 Lakhs as compared to the Net Profit of Rs. 201.46 lakhs for the Previous Yeari.e. 2020-21.

Considering the overall growth in Pharma Industry vigorous efforts areput in by your Managing Director to increase the turnover of the Company by at least 28%in the next financial year.

STATE OF AFFAIRS OF THE COMPANY:

Your Company is well diversified in the business ranging fromFormulations to Diagnostics to Consultancy. The Company has an unique range of productsfrom niche formulations anti-diabetics to the latest anti- retroviral and anti -Hypertensive products.

Your Company is associated with many Governments of different countrieswhich have also realised the need for robust and consistent healthcare systems. Hencethere is a great potential for growth in near future.

Your Company is focusing in the Southeast Asian Markets and is doingwell in African Markets by adding new molecules to achieve further economics of scale.Your Company has decided to add new products like cosmeceuticals and nutraceuticals inexisting as well as in new markets where the registration process is going on. Consideringa good potential for growth your Company has ventured into a separate Generic Division tomarket different generic products at very competitive prices.

During the year under review the Company has issued and allotted443009 Equity Shares of Rs. 10/- each on preferential basis.

DIVIDEND:

The Board of Directors have recommended a Dividend of 7% on the paid-upOrdinary Equity Shares of the Company payable to those shareholders of the Company whosenames appear in the Register of Members as on the Record date.

TRANSFER TO RESERVES:

The Company proposes to transfer an amount of Rs. 6341.54 Lakhs toreserves for its future growth and diversification.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS:

During the year your Company has not given any new loans but hastaken loan from banks and other parties. The Company has not made any investments. Duringthe year your Company has not provided any Guarantee except those which are alreadymentioned in the Audited Accounts of the Company.

SUBSIDIARY COMPANY ASSOCIATE COMPANY AND JOINT VENTURE COMPANY:

The Company doesn?t have any Subsidiary Joint Venture orAssociate company and hence doesn?t require any reporting for the same.

Pursuant to first proviso to sub-section (3) of section 129 read withRule 5 of Companies (Accounts) Rules 2014 Form AOC-1 is annexed to this report as"Annexure I".

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

There were no materially significant Related Party transactions made bythe Company during the year that would fall under the scope of section 188 of the CompanyAct 2013. Disclosure in Form AOC-2 in terms of Section 134(3) (h) of The Companies Act2013 is annexed as "Annexure II".

The policy on materiality of information / documents and dealing withit has been approved by the Board and the same is also available on the website of theCompany at www.fredungroup.com

CHANGE IN THE NATURE OF BUSINESS:

There has been no change in the nature of business during the yearunder review

DEPOSITS:

The Company has not accepted any deposits covered under Chapter V ofthe Companies Act 2013 ("the Act"). Accordingly there is no disclosure orreporting required in respect of details relating to deposits.

ANNUALRETURN:

Pursuant to the provisions of Sections 134(3)(a) and 92(3) of the Actread with Rule 12(1) of the Companies (Management and Administration) Rules 2014 theAnnual Return as on 31st March 2022 is placed on the website of the Company atwww.fredungroup.com

INTERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY:

Company has established Internal Financial Control over financialreporting in current Financial Year 2021-22.

BOARD MEETINGS AND COMMITTEE MEETINGS:

• Eight (8) Board meetings were held during the Financial Year2021-22. The details of the Board meetings and the attendance of the Directors areprovided in the Corporate Governance Report which is annexed herewith.

• Four (4) Audit Committee Meetings were held during the FinancialYear 2021-22. The details of the Audit Committee Meetings and the attendance of theDirectors are provided in the Corporate Governance Report which is annexed herewith.

• Three (3) Nomination & Remuneration Committee Meetings wereheld during the Financial Year 2021-22. The details of the Nomination & RemunerationCommittee Meetings and the attendance of the Directors are provided in the CorporateGovernance Report which is annexed herewith.

• One (1) Independent Directors Committee Meeting was held duringthe Financial Year 2021-22. The details of the Committee Meeting and the attendance of theDirectors are provided in the Corporate Governance Report which is annexed herewith.

• One (1) Stakeholders Relationship Committee Meeting was heldduring the Financial Year 202122. The details of the Committee Meeting and the attendanceof the Directors are provided in the Corporate Governance Report which is annexedherewith.

The details of attendance of Directors at the Board Meeting and Membersat the Committee Meetings are disclosed under Corporate Governance section of AnnualReport.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

During the year the Non-Executive Directors of the Company had nopecuniary relationship or transactions with the Company other than the sitting fees.

DIRECTOR RETIRING BY ROTATION:

In accordance with the provisions of the Companies Act 2013 and interms of the Memorandum and Articles of Association of the Company; Mr. Nariman Medhora(DIN: 02060357) is liable to retire by rotation at the ensuing 35th Annual General Meetingand being eligible has offered herself for reappointment. His re-appointment is beingplaced for your approval at the ensuing 35th Annual General Meeting.

DECLARATION BY INDEPENDENT DIRECTORS:

The Company has received declaration from all the Independent Directorsunder Section 149(7) of The Companies Act 2013 in the first Board Meeting of theFinancial Year 2021-22 held on June 11 2021; stating that they meet the criteria ofIndependence as laid down under Section 149(6) of The Companies Act 2013.

DIRECTORS? RESPONSIBILITY STATEMENT:

Pursuant to Section 134 (5) of the Companies Act 2013 ("theAct") we hereby state that:

i in the preparation of the annual Accounts the applicable accountingstandards have been followed along with proper explanation relating to materialdepartures if any;

ii your Directors have selected such accounting policies and appliedthem consistently and made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the Company as at March 312022and its loss for the year ended on that date

iii your Directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv your Directors have prepared the Annual Accounts for the financialyear ended March 312022 on a going concern basis;

v your Directors have laid down internal financial controls which arefollowed by the Company and that such internal financial controls are adequate and areoperating effectively; and

vi your Directors have devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems are adequate and operatingeffectively.

ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITSCOMMITTEES AND OFINDIVIDUAL DIRECTORS:

Pursuant to the provisions of Section of 134 (3) (p) of The CompaniesAct 2013 and Rule 8 (4) of the Companies (Accounts) Rules an annual performanceevaluation was carried out by the Board of its own performance Directors individually andCommittees of the Board. Performance evaluation of the Board and Committees was done bythe Board after seeking inputs from all Directors inter-alia covering different criteriaviz adequacy and composition of the Board quality of deliberations transparencyeffectiveness of Board procedures and observance of governance and contributions ofDirectors at Board and Committee meetings. In evaluating the performance of IndividualDirectors criteria such as leadership qualities qualifications responsibilitiesshouldered analytical skills knowledge participation in long-term strategic planninginter-personal relationships and attendance at meetings was taken into consideration. Incompliance with Regulation 17(10) of the Listing Regulations 2015 the Board carried outperformance evaluation of Independent Directors without the participation of the Directorbeing evaluated. The performance evaluation was carried out based on parameters such asinitiative contributions independent judgement understanding the business environmentand understanding of strategic issues. Independent Directors are a diversified group ofrecognised professionals with wide horizon of knowledge competence and integrity whoexpress their opinions freely and exercise their own judgements in decision-making.

AUDIT COMMITTEE:

The Audit Committee consists of the following members as on March312022:

Sr. No. Name Category
1. Dr. Chandrakant Shah Non-Executive Independent Director
2. Mr. Fredun Medhora Executive Director
3. Dr. Rohiton Kanga Non-Executive Independent Director

During the year under review the Board has accepted all therecommendation of the Audit Committee.

The details terms of reference meetings of committee attendance ofmembers at Committee meetings are available in the Corporate Governance Report and formspart of this Annual Report.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

The Company has adopted a Whistle Blower Policy to provide a formalmechanism to the Directors employees and its stakeholders to report their concerns aboutunethical behaviour actual or suspected fraud or violation of the Company's Code ofConduct or Ethics Policy. The policy provides for adequate safeguards againstvictimization of employees and provides for direct access to the Chairman of the AuditCommittee. The same is also available on the website of the Company atwww.fredungroup.com.

NOMINATION & REMUNERATION COMMITTEE:

In compliance with the provisions of Companies Act 2013 your Companyhas ‘Nomination & Remuneration Committee? with scope and functions asstipulated under the Companies Act 2013 and SEBI (LODR) Regulations.

The Nomination and remuneration Committee consists of the followingmembers as on March 31 2022.

Sr. No. Name Category
1. Dr. Rohiton Kanga Non-Executive Independent Director
2. Dr. Chandrakant Shah Non-Executive Independent Director
3. Dr. Aspi Raimalwala Non-Executive Independent Director

The terms of reference meetings of Committee attendance of members atCommittee meetings are

available in the Corporate Governance Report and forms part of thisAnnual Report

STAKEHOLDERS RELATIONSHIP COMMITTEE:

Your Company has ‘Stakeholders Relationship Committee? withenhanced scope and functioning. The Stakeholders Relationship Committee consists of thefollowing members as on March 312022.

Sr. No. Name Category
1. Dr. Chandrakant Shah Non-Executive Independent Director
2. Dr. (Mrs.) Daulat Medhora Executive Director
3. Dr. Aspi Raimalwala Non-Executive Independent Director

The terms of reference meetings of committee attendance of members atCommittee meetings are available in the Corporate Governance Report and forms part of thisAnnual Report.

CORPORATE SOCIAL RESPONSIBILITY:

During the year under review i.e. for the Financial Year 2021-22; theCompany was not under any statutory obligation to make any contribution towards theCorporate Social Responsibility activities.

The Company has a Policy on Corporate Social responsibility (CSR) dulyapproved by the Board and the same has been hosted on Company?s website athttps://www.fredungroup.com/investor relations/statutory documents and information.pdf.

The detailed report on CSR is enclosed as "Annexure-111" tothe report.

The provisions of Section 135 of the Companies Act 2013 are applicableto the Company with effect from Financial Year 2022-23.

BUSINESS RISK MANAGEMENT:

The Company is exposed to inherent uncertainties owing to the sector inwhich it operates. A key factor in determining the Company?s capacity to createsustainable value is the ability and willingness of the Company to take risks and managethem effectively and efficiently. Many types of risks exist in the Company?soperating environment and emerge on a regular basis due to many factors such as changes inregulatory framework economic fundamentals etc. In order to evaluate identify andmitigate these business risks the Company has a robust Risk Management framework. Thisframework seeks to create transparency ensure effective risk mitigation process andthereby minimize adverse impact on the business objectives and enhance the Company?scompetitive advantage. The Business risks as identified are reviewed and a detailed actionplan to mitigate the identified risks is drawn up and its implementation is monitored. Thekey risks and mitigation actions are placed before the Audit Committee of the Company.

Further the Company has voluntarily constituted a Risk ManagementCommittee (RMC) in accordance with the provisions of the Companies Act 2013 andRegulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. The details in this regard are given in the Corporate Governance Report which formsa part of this Annual Report.

STATUTORY AUDITORS AND AUDIT REPORT:

The Statutory Auditors of the Company M/s. Savla & AssociatesChartered Accountants (ICAI Registration No: 109361W) were appointed at the 31st AnnualGeneral Meeting of the Company held on September 27 2018 for a period of 5 years i.e.upto the conclusion of the 36thAnnual General Meeting that will be held in the year 2023.

The Company had received a confirmation from M/s. Savla &Associates to the effect that their appointment is in compliance with the eligibilitycriteria in terms of Section 141 (3) of The Companies Act 2013.

There are no qualifications reservations or adverse remarks ordisclaimers made by M/s. Savla & Associates in their Report dated May 16 2022; onthe Financial Statements of the Company for Financial Year 2021-22.

SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT:

Pursuant to the provisions of Section 204 of The Companies Act 2013read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014; the Board of Directors had appointed Ms. Kala Agarwal. Practicing CompanySecretaries to undertake the Secretarial Audit of the Company for the F.Y. ended March31 2022. The Secretarial Audit Report is annexed as "Annexure IV".

The following the qualification in Secretarial Audit Report:

1 As per Regulation 17(1A) of SEBI (LODR) Regulation 2015 no listedentity shall appoint a person or continue the directorship of any person as anon-executive director who has attained the age of seventy five years unless a specialresolution is passed to that effect in which case the explanatory statement annexed tothe notice for such motion shall indicate the justification for appointing such a personhowever the Company has not taken such approval for appointment of Mr. Nariman Medhora.

2 As per Regulation 27(2) of SEBI (LODR) Regulation 2015 a Quarterlycompliance report on Corporate Governance shall be submitted on Stock exchange withinperiod of 21 days from end of each quarter however the company has failed to submit thesame to the Stock Exchange for the Financial Year 2021-22.

3 As per Regulation 23(9) of SEBI (LODR) Regulation 2015 disclosure ofrelated party transactions shall be made to stock exchange every six months within fifteendays from the date of publication of its standalone and consolidated financial results.The Company has not made this disclosure for the Financial Year 2021 -22

4 As per Section 92 of Companies Act 2013 every company has to fileForm MGT-7 within 60 days from the date of Annual General meeting however the Company hasnot filed the same.

5 Pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules2014 every Company has to file form DPT-3 on or before 30th June however the Company hasnot filed the same.

Management Reply to the qualification by the Secretarial Auditor:

Reply to Point No.1 - The Company shall pass Special Resolution forcontinuation for Directorship of Mr. Nariman Medhora who has attained the age ofseventy-five years in the Annual General Meeting of the Company for the FinanciaIYear 2021-22.

Reply to Point No.2 - The Company is in the process of filing Quarterlycompliance report on Corporate Governance as per Regulation 27(2) of SEBI (LODR)Regulation 2015.

Reply to Point No.3 - The Company is in the process of filingdisclosure of related party transaction as per Regulation 23(9) of SEBI (LODR) Regulation2015.

Reply to Point No.4 - The Company is in the process of filing FormMGT-7 for the Financial Year 2020-2021 as per Section 92 of Companies Act 2013.

Reply to Point No.5 - The Company is in the process of filing formDPT-3 pursuant to Rule 16 of the Companies (Acceptance of Deposits) Rules 2014.

COST AUDIT REPORT:

Pursuant to Section 148 of the Companies Act 2013 read with theCompanies (Cost Records and Audit) Amendment Rules 2014; your Company with reference toits Pharma business is required to maintain the cost records as specified under Section148 of the Companies Act 2013 and the said cost records are also required to be auditedby the Practising Cost Accountants. Your Company is maintaining all the cost recordsreferred above.

The Board on the recommendation of the Audit Committee had appointedM/s. Joshi Apte & Associates Practising Cost Accountants (Firm Registration No.00240) as the Cost Auditors for conducting the audit of cost records of the Company forconducting the audit of cost records made and maintained by the Company for the FinancialYear 2022-23..

DETAILS OF FRAUD:

There were no frauds which are reported to have been committed byEmployees or Officers of the Company.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

Pursuant to Regulation 34 of the Listing Regulation ManagementDiscussion and Analysis Report containing information inter-alia on industry trends yourCompany?s performance future outlook opportunities and threats for the year endedMarch 31 2022 is provided in a separate section forming integral part of this Annualreport.

LISTING FEES:

The Equity Shares of the Company is listed on BSE Limited and theCompany has paid the applicable listing fees to the Stock Exchange till date.

PARTICULARS OF EMPLOYEES:

None of the employees of the Company fall under the limits laid down inRule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014.

The details in terms of Sub - Section 12 of Section 197 of theCompanies Act 2013 read with Rule 5 (1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are forming part of this Report as "AnnexureIV"

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION:

Your Company has heavily invested into the latest machineries for boththe manufacturing and packing departments; hence it is imperative to take care of theinternal systems and work culture. The Company is continuously complying as per thePollution Regulation Control Board of Maharashtra.

The Company also conducts In-House energy audits at regular intervalswith proper monitoring and maintenance of all the machines. Conservation of energy in allthe departments is an on- going process which requires a proactive compliance. It is amust to have a high performing and competent Quality Control and Quality Assurance teamwhich monitors the compliance of all the regulatory aspects of manufacturing.

Special emphasis is given on improving the manufacturing processeswhich will help in reducing manufacturing time manpower and electricity consumption.Additional conveyor belts are installed to transfer the finished goods from manufacturingdepartments to BSR and also from BSR to the container loading bay. This has helped inreducing time money and energy to a great extent. The newly installed automatic equipmentand instruments will give higher output with less manpower and increase the productivityof the Company.

The other Integrated Systems with proper data storage gives consistentperformance and lowers the cost of production. The continuous monitoring is done ofexisting compressors boilers electrical heaters pumps etc. for enhancing energyefficiency.

For the treatment of waste water your Company has installed a biggerETP plant which controls water pollution. The treated water is used for gardening and agreen environment is well maintained and no waste water is allowed to run outside themanufacturing unit. The waste sludge is regularly monitored by MPCB Department.

With a full-fledged R&D Department your Company has developed andlaunched many new molecules like antihypertensive antidiabetic ARVs and even narcotics.These molecules are either under patent or still not universally manufactured on a largescale. Continuous efforts are made to improve the quality of the products in respect ofbetter bioavailability and stability.

Two new walk-in stability chambers are also installed for monitoringthe stability of the products. Continuous R&D is going on for established productsalso to reduce the cost of manufacturing and improve the quality and stability of theproducts. Your Company has also installed fully automatic purified water generation anddistribution system to cater to newly started ointments creams and gels manufacturingDepartment along with the Department for manufacturing pellets of various APls complyingas percGMP norms.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

Foreign Exchange Earnings: Export of Goods- Rs. 736093412.16/-
Foreign Exchange Outgo: Import of Goods- Rs. 7804067.88 /-

As per RBI Guidelines the Company manages Foreign Exchange Risk toprotect value of exposures. From time to time the Board reviews the Foreign ExchangeExposure.

DETAILS OF SIGNIFICANT MATERIAL ORDERS:

No significant and material orders were passed by the RegulatoryAuthorities or the Courts or Tribunals that may have an impact on the "Going ConcernStatus" and Company's Operations in the future.

COMPLIANCE WITH PROVISIONS OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE(PREVENTION PROHIBITION AND REDRESSAL) 2013:

The Company is committed to uphold and maintain the dignity of WomenEmployees. An Internal Complaints Committee has been formed for each location of theCompany under the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013. The Company has a broad and comprehensive policy in place to dealwith any such situation. The Policy is available on the website of the Company atwww.fredungroup.com

No case of Sexual harassment was reported to the Internal ComplaintsCommittee during the year under review.

PREVENTION OF INSIDER TRADING:

Your Company has adopted a Code of Conduct for prevention of InsiderTrading and Code of Fair Disclosure of Unpublished Price Sensitive Information to ensureprevention of Insider Trading in the Organization.

CHANGE IN THE NATURE OF BUSINESS (IF ANY):

There is no material change in the type of business the Company iscarrying.

MATERIAL CHANGES AND COMMITMENTS OCCURRED BETWEEN THE END OF THEFINANCIAL YEAR AND THE DATE OF THE REPORT:

There were no other reportable material changes or commitment occurredbetween the end of the Financial Year and the date of this report which may have anyeffect on the financial position of the Company.

TRAINING AND HUMAN RESOURCE MANAGEMENT:

Your Company is working strategically to recruit develop and utilizepeople -- Our most valuable business resource. Your Company is actively pursuing policiesfor the strategic and well-planned recruitment development and utilization of humanresources who can understand and practice the Company?s Management Principles andActivity Guidelines in order to contribute broadly to society and continue creating newvalues.

Effective recruitment development and the utilization of globallycompetitive human resources are the most important issues for your Company to survive thecurrent ever-changing business environment and achieve sustainable growth. Our concern isto ensure that each of our employees exercise their full potential in line with thebusiness strategy of their respective departments.

SECRETARIAL STANDARDS:

The Company has complied with the applicable Secretarial Standardsduring the Financial Year 2021-22.

PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE 2016:

During the year there was no application made or any proceeding pendingunder the Insolvency and Bankruptcy Code 2016.

DISCLOSURES WITH RESPECT TO SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSEACCOUNT

Sr. No. Particulars Status
1. Aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year i.e. as on April 12021. 4000
2. Number of shareholders who approached issuer for transfer of shares from suspense account during the year 2021-22 NA
3. Number of shareholders to whom shares were transferred from suspense account during the year 2021-22 NA
4. Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year March 312022 4000

ACKNOWLEDGEMENT:

The Directors express their deep gratitude and thank the Central andState Governments as well as their respective Departments and Development Authoritiesconnected with the business of the Company contractors and consultants and also BanksFinancial Institutions Debenture Trustees Shareholders Debenture-Holders and Employeesof the Company for their continued support and encouragement and look forward for the samein future.

For FREDUN PHARMACEUTICALS LIMITED
Sci/- Sci/-
DR. (MRS.) DAULAT MEDHORA MR. FREDUN MEDHORA
CHAIRPERSON & JT. MANAGING DIRECTOR MANAGING DIRECTOR AND CFO
DIN: 01745277 DIN:01745348
Place: Mumbai
Date: May 16 2022

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