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G G Dandekar Machine Works Ltd.

BSE: 505250 Sector: Engineering
NSE: N.A. ISIN Code: INE631D01026
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NSE 05:30 | 01 Jan G G Dandekar Machine Works Ltd
OPEN 49.50
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OPEN 49.50
CLOSE 51.60
VOLUME 56
52-Week high 62.50
52-Week low 39.25
P/E
Mkt Cap.(Rs cr) 24
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

G G Dandekar Machine Works Ltd. (GGDANDEKAR) - Director Report

Company director report

To the Members

G. G. DANDEKAR MACHINE WORKS LIMITED

Your Directors have pleasure in presenting the 81 Annual Report with the Audited AnnualAccounts of the Company for the year ending 31 March 2020.

FINANCIAL PERFORMANCE (Standalone)

(Amt in Rs. Lakhs)

Particulars 2019-20 2018-19
Total Income 459.55 532.55
Profit/(Loss) before exceptional items and tax (366.79) (416.61)
Exceptional Items - -
Profit before tax (366.79) (416.61)
Tax Expense (Current and Deferred Tax) (25.99) (0.26)
Net Profit/(Loss) for the period (340.80) (416.35)
Other Comprehensive Income (250.45) (79.42)
Total Comprehensive Income for the year net of tax (591.25) (495.77)

FINANCIAL PERFORMANCE (Consolidated)

Particulars 2019-20 2018-19
Total Income 459.55 532.55
Profit/(Loss) before exceptional items and tax (366.79) (416.61)
Exceptional Items - -
Profit before tax (366.79) (416.61)
Tax Expense (Current and Deferred Tax) (25.99) (0.26)
Net Profit/(Loss) after Tax (340.80) (416.35)
Share of Profit of Associate Company 1.1 -
Net Profit/(Loss) for the period for the period (339.69) (416.35)
Other Comprehensive Income (250.45) (79.42)
Total Comprehensive Income for the year net of tax (590.14) (495.77)

DIVIDEND

Your Directors do not recommend any dividend for the financial year 2019-20.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

1. This section includes discussion on the following matters within the limitsset by the Company's Competitive position:

(A) INDIAN ECONOMY

India has emerged as the fastest growing major economy in the world and is expected tobe one of the top three economic powers in the world over the next 10-15 years backed byits robust democracy and strong partnerships.

India's gross domestic product (GDP) (at constant 2011-12 prices) was estimated to beRs 145.65 lakh crore (US$ 2.06 trillion) for 2019-20 growing 4.2% against 6.1% expansionin 2018-19. Economic growth slowed to an 11-year low of 4.2% in 2019-20 according to datareleased by the National Statistical Office. In the final quarter of the year that isJanuary-March the growth rate of Gross Domestic Product (GDP) fell to 3.1% reflectingthe impact of the COVID-19 lockdown.

Although this is the lowest growth rate in the last 44 quarters it is still higherthan the 2.2% growth predicted by most economists and ratings analysts. Agriculture andgovernment expenditure have been the saviours.

Agriculture sector picked up steam in the fourth quarter growing at rates of 5.9%even while the manufacturing sector contracted further recording a negative growth of1.4%. During 2019-20 crop year food grain production was estimated to reach a record295.67 million tonnes (MT). In 2020-21 Government of India is targeting food grainproduction of 298 MT. The Government has also decided to enhance farm power availabilityfrom 2.02 kW per ha (2016-17) to 4.0 kW per ha by the end of 2030 to cope up withincreasing demand for food grains.

It will surely propel Agriculture mechanization it is an essential input to modernagriculture to increase the productivity by making judicious use of other inputs andnatural resources etc. The onus rests on mechanization of production and post harvestingoperations. It will give boost to the grain processing machinery business address by thecompany.

(B) INDUSTRY STRUCTURE AND DEVELOPMENT

The India rice milling market is expected to value an estimated USD 392.6 million bythe end of 2022 and witness a steady CAGR of 3.51% during the period of 2016 - 2022. Thehigh production of rice in this region and increasing demand for good quality rice aresome key drivers for the growth of the rice milling market in India. Also the rise inurbanization nuclear family and working husband-wife culture has shifted purchasinghabits from lose grain to packaged ready to use Rice and it is generating demand formodern rice milling machinery market in India.

The Company's main business is to manufacture Grain Processing Machineries especiallyfor Rice Milling. The mechanized rice milling was introduced by the company and over theperiod its products are benchmark by the Rice Milling industry. The company has addressedpost-harvest processing of rice with "Farm to Plate" concept.

(C) OPPORTUNITIES AND THREATS

The demand for rice is increasing with the rise in population which has encouragedmany rice processing companies to expand production by opening new rice processing plantswhich in turn is propelling the demand for rice milling machinery. Thus the expansion ofrice processing plants is expected to drive market growth and provides ample businessopportunities for the company. However nutrient deficiency in milled rice compared withother rice types may impede market growth.

The recent change in political scene has started making impact on imports from China.Over the period many Chinese product companies have created their foothold in Indian RiceMilling Machinery market through aggressive pricing policies. Over the period manycustomers have used these machines however later made up their mind to switch back toIndian manufacturers for quality prompt service and assured consistent performance. Thischange will work in favour of Indian manufacturers manufacturing traditional machineries.

Sensing the shift in the market the company has consolidated its business intraditional machinery and is working on development of machinery with latest technology.The Company always had a focus on Research & Development activities and hassuccessfully upgraded traditional products.

The company has also taken steps to compliments its existing Rice Milling Machinerybusiness by adding machinery and project business for other food grains like pulsesmillets wheat etc. For addressing this huge market potential the company has entered into a joint venture with a team of experts these knowledgeable partners bring in with themtechnical knowledge and a rich experience in this field. The company's legacy customerbase and new teams experience in grain processing field will give an edge to the companyover competition.

New Joint Venture Company has started its operation and is getting good response fromthe Indian as well as overseas customers. To meet growing demand the company has decidedto manufacture and supply rice milling machineries to Joint Venture Company. HenceforthJoint Venture Company will be the main customer for the company. It gives advantage to thecompany as it can now focus on manufacturing activities. However it will be dependent onJoint Venture Company for orders as well as market inputs.

The company has gone through a painful lockdown process due to the COVID-19 pandemic.It resulted in closure of its operations. It is difficult to estimate the future impact ofCOVID-19 on the company's operations. While the Company continues to take action tomitigate the impact of the Coronavirus on its business at this juncture it is difficultto predict the impact of COVID-19 on the operation of the Company as the nature andduration of the problem is dynamic.

(D) SEGMENT-WISE PERFORMANCE OR PRODUCT-WISE PERFORMANCE

The Company has maintained its customer base and leadership in traditional flagshipproducts like Dandekar Cone Polishers and Table Type Paddy Separator. The company has donemajor business in Cleaning Polishing and Grading section. Other than Rice the company'sproducts are preferred for Millets and Wheat processing.

(E) OUTLOOK

The Rice production in India in 2019-20 is put at 117.94 million tonnes. India is theworld's leading exporter of rice at a forecast 10.4 million tonnes for 2019-20 up from 9.9million in 2018-19. The non-basmati exports have rebounded. He attributed to demand fromtraditional buyers in the African region owing to a surge in Thai rice prices for such anincrease. Apart from this the non-basmati rice shipments have picked up in MalaysiaPhilippines and Russia for food security reasons. The competitive prices abundantproduction and favourable currency have contributed to the jump in exports.

The Indian rice market is the second-largest globally and is currently more advancedthan the Chinese market making it a primary target market for all players. A global andlocal increase in population has led to a higher production of rice in the country to meetboth domestic and export demands. The regions favorable climate for growing rice cropssupportive government policies regarding agriculture and the importance of rice as astaple in the Indian diet are some factors that promote the consistent upward growth ofthe market. The government has also expanded food security programs to ensure the supplyof rice to the poorer parts of the population and has procured around 30% to 35% of totalrice production in recent years.

India is expected to achieve the ambitious goal of doubling farm income by 2022. Theagriculture sector in India is expected to generate better momentum in the next few yearsdue to increased investment in agricultural infrastructure such as irrigation facilitieswarehousing grain processing facilities and cold storage. Normally the farmers afterharvest sell their product to traders without any further processing. Even a mere primaryprocessing like cleaning and grading will give higher price to the farmers. The governmentfocus on grain processing sector will boost demand for the company's products.

Furthermore India is expected to be self-sufficient in pulses in the coming few yearsdue to concerted effort of scientists to get early maturing varieties of pulses and theincrease in minimum support price. It will generates good business opportunities for thecompany through its Joint Venture Company.

The monsoon forecast is critical to India's food production and GDP growth. The IndiaMeteorological Department (IMD) has predicted a normal monsoon. The southwest monsoon thisyearwill be 100 per cent of the long period average (LPA) spelling some cheer for thecountry's agriculture sector amid the Covid-19 lockdown. This could improve overalleconomic growth especially at a time when agriculture is expected to be the only brightspot for India in 2020-21. The growth agriculture sector creates more opportunities forthe company's growth through increase in demand for its products.

A well-developed food processing sector with higher level of processing helps in thereduction of wastage improves value addition ensures better return to the farmerspromotes employment as well as increases export earnings. Growth in the food processingsector is also expected to open up opportunities for players having strong linkages in theagri-value chain. The company will benefit from these positive factors leading to gooddemand for grain processing machineries.

(F) RISK AND CONCERNS

Risks of critical importance have been identified over a period of time. These risksare ranked on the basis of their impact on company's business and likelihood of theiroccurrence. A cross functional team takes stock of these risks and calls for necessarymeasures to mitigate the risks from the concerned risk owners. The risk owners thenproduce action plans for risk mitigation which is then evaluated by the team. New risksare added with the changes in economic and market scenarios and undergo the same process.

Identified risks include:

• Many of the smaller Rice mills do not benefit from modern milling solutions dueto their existing infrastructure limited capacity and lack of finance to reinvest. Suchmills are forced to opt for cheap and poor-performing machinery. Limited businessopportunities with such Rice mills.

• Rise in low cost - low quality machinery manufacturers dividing existingbusiness amongst many smaller suppliers.

• A significant portion of the company's revenue is generated from sales of grainprocessing machineries and slowdown in the agricultural sector may affect the demand formachineries.

(G) INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has adequate internal control systems to ensure operational efficiencyaccuracy and promptness in financial reporting and compliance of various laws andregulations.

The internal control system is supported by the internal audit process. An InternalAuditor has been appointed for this purpose. The Audit Committee of the Board reviews theInternal Audit Report and the adequacy and effectiveness of internal controlsperiodically.

(H) COMPANY'S FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

During the financial year under review your company has achieved turnover of Rs.420.62Lakhs (previous year Rs. 476.84 Lakhs). The Loss before exceptional items and tax for theperiod is Rs. 366.79 Lakhs (as against Loss of Rs. 416.61 Lakhs during FY 2018-19). Thenet loss for the period is Rs. 591.25 Lakhs (as against net loss Rs. 495.77 Lakhs duringFY 2018-19).

(I) MATERIAL DEVELOPMENT IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FORMAT INCLUDINGNUMBER OF PEOPLE EMPLOYED

The Company seeks to recruit and retain quality industry professionals and provide themwith a high performance environment.

During the financial year total workforce of the Company stands at 64.

(J) ENVIRONMENT

The Company takes due care in the selection and usage of appropriate material andmethods in order to avoid violation of norms formulated to safeguard the environment.

(K) CAUTIONARY STATEMENT

Statements in this Report particularly those which relate to Management Discussion andAnalysis describing the Company's objectives projections estimates and expectations mayconstitute "forward looking statements" within the meaning of applicable lawsand regulations. Actual results might differ materially from those either expressed orimplied.

(L) LISTING FEES

The annual listing fees for the year under review have been paid to BSE Limited whereyour Company's shares are listed.

(M) COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS

As on 31 March 2020 the Company has consolidated the accounts by taking in toconsideration the financials of M/s. Navasasyam Dandekar Private Limited.

The Board presents Audited Standalone Consolidated Financial Statements as prepared incompliance with the Indian Accounting Standards and the Listing Regulations.

DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS:

Details of significant changes i.e. change of 25% or more as compared to theimmediately previous Financial Year in key financial ratio along with detailedexplanation therefore:

Particulars Ratio as on 31 March 2020 Ratio as on 31 March 2019 % of Change Explanation if any
i. Debtors' Turnover 11.37 15.45 16.49%
ii. Inventory Turnover 1.87 2.33 (19.74)%
iii. Interest Coverage Ratio NA NA NA The Company does not have any interest cost.
iv. Current Ratio 0.98 0.94 4.25%
v. Debt Equity Ratio NA NA NA The Company does not have any borrowings.
vi. Operating Profit Margin (%) (74.15) (87.37) (15.13)%
vii. Net Profit Margin (%) (20.09) (87.13) (76.94)% The company has undertaken cost optimization measures.

RETURN ON NET WORTH:

Details of change in Return on Net Worth as compared to the immediately previousFinancial Year as follows:

Particulars Ratio as on 31 March 2020 in Ratio as on 31 March 2019 in % of Change Explanations
Rs. Rs.
1 Net Worth (16.83) (11.79) 0.42%

PARTICULARS OF INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO SECTION 134OF THE COMPANIES ACT 2013 RULE 8 OF THE COMPANIES (ACCOUNTS) RULES 2014 AND RULE 5 OFTHE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014

EXTRACT OF ANNUAL RETURN:

As required under Section 134(3)(a) of the Act read with the Companies (Management andAdministration) Rules 2014 an extract of the Annual return in the prescribed form isattached as 'Annexure I' to this Report.

NUMBER OF MEETINGS OF THE BOARD:

During the year under review Five (5) Board Meetings were convened and held. Thedetails of which are given in the Corporate Governance Report. The intervening gap betweenthe Meetings was within the period prescribed under the Act.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Act in respect of Directors'Responsibility Statement your Directors state that:

a) in the preparation of the annual accounts for the year ended 31 March 2020 theapplicable accounting standards had been followed and there were no material departuresfrom the applicable accounting standards;.

b) accounting policies as mentioned in Notes to the Financial Statements have beenselected and applied consistently. Further judgments and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as at 31 March 2020 and of the loss of the Company for the year ended on thatdate;

c) 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;

d) the Annual Financial Statements have been prepared on a going concern basis;

e) proper internal financial controls were in place and that the financial controlswere adequate and were operating effectively and

f) proper systems to ensure compliance with the provisions of all applicable laws werein place and that such systems were adequate and operating effectively.

DECLARATION BY THE INDEPENDENT DIRECTORS

The Company has received necessary declaration from all Independent Directorsunder Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI (Listing Obligationsand Disclosure requirements) Regulations 2015 that they meet the criteria of independenceas laid down.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:

The Board had on the recommendation of the Nomination and Remuneration Committee framedand adopted a policy for selection and appointment of Directors Key Managerial Personnel(KMP) and Senior Management Personnel and their remuneration. The policy is appended as 'AnnexureII' to this Report.

AUDITORS

a. Statutory Auditors

As per the provisions of Section 139 of Companies Act 2013 M/s Kulkarni Soman &Associates Chartered Accountants Pune were appointed in the 80th AGM held on 27.09.2019for a period of five years. The tenure of the Auditors would be completed on theconclusion of the 85 Annual General Meeting as contemplated by the provisions of Section139 of the Companies Act 2013.

The Company has received necessary certificate from the Statutory Auditors as requiredunder Section 139(1) of the Companies Act 2013 stating that their appointment is inaccordance with the provisions of Companies Act 2013 and SEBI Listing Regulations.

b. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed Mr. Mahesh Athavale Practicing Company Secretary (Membership No. FCS 2412 CPNo. 1488) to undertake the Secretarial Audit of the Company.

c. Cost Auditor

As per the provisions of Section 148 of the Companies Act 2013 and Rules madethereunder the Company is not required to maintain cost records and appoint cost auditor.

EXPLANATION ON COMMENTS ON STATUTORY AUDITORS' AND SECRETARIAL AUDIT REPORT:

There are no qualifications reservations or adverse remarks or disclaimers made byM/s. Kulkarni Soman & Associates Statutory Auditors in their Audit report. Mr.Mahesh Athavale Company Secretary in Practice in his Secretarial Audit Report hasprovided the following observations and remarks:

1. There was a delay in transferring the unpaid dividend amount of FY 2010-11 lyingwith the Company to the Investor Education and Protection Fund (IEPF) as required underSection 124 and Section 125 of the Companies Act 2013 and the Investor Education andProtection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016.

2. The Company could not comply with the provisions about constitution of the AuditCommittee and Nomination and Remuneration Committee during the period of 26 days fromDecember 31 2019 to January 26 2020 due to resignation of a director.

3. The company did not have women director during the period September 11 2019 toJanuary 26 2020 due to resignation of a women director.

4. The Company did not have a Company Secretary during the period March 10 2020 toJune 15 2020 due to resignation of the then Company Secretary

Reply:

1. Considering the reconciliation issues with Bank in relation to balance in UnpaidDividend Account there was a delay to comply with Section 124 and Section 125 of theCompanies Act 2013 and the Investor Education and Protection Fund Authority (AccountingAudit Transfer and Refund) Rules 2016. However Company has transferred Unpaid Dividendof FY 2010-11 lying with the Company to IEPF along with corresponding equity shares as onthe date of this Report.

2. Mr. Madhav Chandrachud resigned as a Director from December 30 2019. Thereafter ameeting of the Board of Directors was held on January 27 2020 wherein the AuditCommittee and Nomination and Remuneration Committee were reconstituted.

3. Mrs. Savita P. Sahasrabudhe was appointed as Independent Director for 5 years fromSeptember 11 2014. Her tenure completed on September 10 2019. Thereafter Ms. SmitaRaichurkar was appointed as Additional (Non-Executive) Director from January 27 2020.

4. Mr. Ajay Shrivastava resigned as the Company Secretary from the closing of businesshours on March 9 2020. Thereafter Company has appointed Ms. Sayalee Yengul as theCompany Secretary from June 15 2020.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENT UNDER SECTION 186 OF THE COMPANIES ACT2013

Your Company has not given any loan or guarantee or security as contemplated by Section186 of the Companies Act 2013 during the financial year under review. Company has madethe following investments during the financial year under review.

Name of Investee Entity Number of Equity Shares Face Value of Shares (Rs) Total Amount Invested (Rs.)
1 Navasasyam Dandekar Private Limited (Incorporated on 29.11.2019) 49000 1.00 49000.00
2 Kirloskar Management Services Private Limited (Incorporated on 27.01.2020) 375000 10.00 3750000.00
Total - - 3799000.00

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO INSUB-SECTION (1) OF SECTION 188:

The contracts or arrangements entered into by the Company with Related Parties duringthe financial year 2019-2020 were at arm's length and in the ordinary course of business.Hence no particulars are being provided in Form AOC-2. None of the related partytransactions entered into by the Company were materially significant requiring members'approval under SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015including amendments thereunder.

The policy on Related Party Transactions as adopted by the Board is uploaded on theCompany's website. The disclosures as per IND-AS 24 for transactions with related partiesare provided in the Financial Statements of the Company.

STATE OF COMPANY'S AFFAIRS:

Discussion on state of Company's affairs has been covered in the Management Discussionand Analysis Report.

AMOUNTS PROPOSED TO BE CARRIED TO RESERVES:

Particulars of the amounts proposed to be carried to reserves have been covered inNotes to the financial statements of the company.

MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATE OFREPORT:

The material changes and commitments affecting the financial position of the Companywhich have occurred between the end of the financial year of the Company to which thefinancial statements relate and the date of the report are covered in the ManagementDiscussion and Analysis Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy and Technology Absorption:

Pursuant to Section 134 (3) (m) of the Act read with Rules there under the reportregarding conservation of energy technology absorption is annexed herewith as'Annexure IV'

B. Foreign exchange earnings and Outgo:

Particulars 2019-20 2018-19
I) Foreign Exchange earned in terms of actual inflows during the year Nil Nil
ii) Foreign Exchange outgo during the year in terms of actual outflows Nil Nil

RISK MANAGEMENT POLICY:

The Company has in place a mechanism to identify assess monitor and mitigate variousrisks to key business objectives. Major risks identified are systematically addressedthrough risk mitigating actions on a continuing basis. These are discussed at the meetingsof the Audit Committee and the Board of Directors of the Company from time to time.

CORPORATE SOCIAL RESPONSIBILITY (CSR):

As Net worth of the Company is not more than Rs. 500 crore its turnover is not morethan Rs. 1000 crore and its net profit is not more than Rs. 5 crore consequently theprovisions of section 135 of the Companies Act 2013 are not applicable to the Company.The Company is not required to constitute the Corporate Social Responsibility frame theCSR policy or spend the amount on CSR.

BOARD EVALUATION:

Pursuant to provisions of the section 134(3)(p) 149(8) and Schedule IV of theCompanies Act 2013 and Regulation 17 of SEBI Listing Regulations annual performanceevaluation of Directors as well as of the Audit Committee Nomination & RemunerationCommittee and Stakeholders' Relationship Committee of the Board has been carried out.

The performance evaluation of the Independent Directors was carried out by the entireBoard and the Performance Evaluation of Chairman and Non-Independent Directors was carriedout by the Independent Directors.

The manner in which the evaluation has been carried out has been provided in theCorporate Governance Report.

DETAILS OF SUBSIDIARIES JOINT VENTURES (JV) OR ASSOCIATE COMPANIES (AC):

Your Company has an associate company Navasasyam Dandekar Private Limited w.e.f.29.11.2019.

PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES ASSOCIATES AND JOINTVENTURE COMPANIES:

Your Company has a business tie-up with a team of experts in grain processingtechnology and formed a Joint Venture Company (JVC) with a capital contribution of INR49000/- for 49% of stake in the JVC.

The JVC has been incorporated in the name of 'Navasasyam Dandekar Private Limited' on29.11.2019.

The JVC has through a slump sale transaction acquired certain movable fixed assetscurrent assets and current liabilities at their book values for an aggregateconsideration of INR 933460/- from Navasasyam Processing Equipment Private Limited(NPEPL) and Miror International Private Limited (MIPL).It has started its commercialoperations from 01.01.2020.

The terms of the prospective business transactions with the JVC including the pricingformula for sale of equipment and spare parts to JVC was finalized and approved by theAudit Committee and Board of Directors.

The JVC has placed Purchase Orders on the company and the company has started workingon these orders.

The Company has received audited financial results from JVC as on 31st March 2020 andthe same are consolidated with the company's financial result for the first time. JVC hasclocked a turnover of INR 2.80 crores in the financial year ended on March 31st 2020 andturned in a profit before tax of INR 2.72 lakhs in just 3 months of business activity.

The JVC has its registered office in Pune with branch offices in Mumbai Bangalore& Nagpur.

CHANGE IN THE NATURE OF BUSINESS IF ANY:

There has been no change in the nature of business during the financial year underreview.

DETAILS OF DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTED/ RESIGNED DURING THE YEAR2019-20:

During the year under review:

Mr. Rajesh D. Phadke (DIN: 02749329) Non-Executive and Independent Director resignedw.e.f. 16.05.2019 Mr. Pawan J. Rathi (DIN: 06669485) was appointed as Non-Executive andIndependent Director w.e.f. 16.05.2019 Mrs. Savita Sahasrabudhe (DIN: 06926402)) ceasedto be a Non-Executive and Independent Woman Director on 10.09.2019 due to completion ofterm of appointment Mr. Madhav Chandrachud (DIN: 06419028) Non-Executive andNon-Independent Director resigned w.e.f. 30.12.2019 Ms. Smita Raichurkar (DIN: 08179533)was appointed as Additional (Non-Executive and Non Independent) Director w.e.f. 27.01.2020and Mr. Chinmay Bhandari (DIN: 07843049) was appointed as Additional (Non-Executive andIndependent) Director w.e.f. 27.01.2020

Mr. Ajay Shrivastava was appointed and designated as Company Secretary and ComplianceOfficer of the Company w.e.f. February 14 2019 and subsequently resigned from the officeof Company Secretary and Compliance Officer of the Company w.e.f.March 9 2020. TheCompany has thereafter appointed Ms. Sayalee Yengul as Company Secretary and ComplianceOfficer of the Company w.e.f. June 15 2020.

Mr. Mahavir Barlota was appointed as Chief Financial Officer of the Company w.e.f.February 14 2019 and subsequently resigned from his post w.e.f. March 14 2019 and in hisplace Mr. Shishir Panse is appointed as Chief Financial Officer of the Company w.e.f. June15 2020.

DIRECTOR(S) PROPOSED TO BE APPOINTED / RE-APPOINTED AT THE ENSUING ANNUAL GENERALMEETING

Mr. Nihal Kulkarni (DIN:01139147) who retires by rotation at the ensuing AnnualGeneral Meeting and being eligible offers himself for re-appointment. The Company hasalso received the requisite disclosure / declaration from Mr. Nihal Kulkarni.

Considering the same the Board recommends the Ordinary resolution for hisre-appointment as Non-Executive Director.

Mrs. Smita Raichurkar (DIN 08179533) was appointed as an Additional Director(Non-Executive and Non Independent) on 27th January 2020on the recommendation of theNomination and Remuneration Committee who shall hold office till the conclusion of theensuing Annual General Meeting. The Board considering her knowledge about statutory andregulatory laws expertise and experience in developing and implementing Risk Managementand Compliance Management system consideredher appointment as Non-ExecutiveNon-Independent Director of the Company liable to retire by rotation.

Considering recommendation of Nomination and Remuneration Committee and performance ofMs. Smita Raichurkar the Board of Directors of the Company has requested to the membersfor her appointment as Non-ExecutiveNon Independent Director liable to retire by rotation.

The Board recommends the Ordinary resolution for her appointment as Non-ExecutiveNon-Independent Director.

Mr. Chinmay Bhandari (DIN 07843049) was appointed as an Additional Director(Non-Executive and Independent) on 27th January 2020 on the recommendation of theNomination and Remuneration Committee who shall hold office till the conclusion of theensuing Annual General Meeting. The Board considering his expertise knowledge andexperience in management research and development & Information Technologyconsidered his appointment as Non-Executive Independent Director of the Company for aperiod of 5 (five) years with effect from 27 January 2020 till 26th January 2025.

Considering recommendation of Nomination and Remuneration Committee and performance ofMr. Chinmay Bhandari the Board of Directors of the Company has requested to the membersfor his appointment as Independent Director for a term of 5 years as per applicableprovisions of Companies Act 2013.

Considering the same the Board recommends the Special resolution for his appointmentas Independent Director.

The brief resumes and other details relating to Director(s) who are proposed to beappointed as required to be disclosed under

Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 form part of the Explanatory Statement to the Notice of the AnnualGeneral Meeting.

The resolutions seeking approval of members for the appointment of these Directors havebeen incorporated in the Notice of the forthcoming Annual General Meeting of the Company.

DETAILS RELATING TO DEPOSITS COVERED UNDER CHAPTER V OF THE COMPANIES ACT 2013:

Your Company has not accepted any deposits under the provisions of Section 73 of theCompanies Act 2013 read with Companies (Acceptance of Deposit) Rules 2014 as amendedfrom the public or its employees etc. during the year under review.

DETAILS OF SIGNIFICIANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

The Company has not received any order from Regulators Courts or Tribunals during theyear which may impact the Going Concern Status or the Company's operations in future.

DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THEFINANCIAL STATEMENTS

The Company has in place adequate internal financial controls with reference tofinancial statements.

Regular management oversight and rigorous periodic testing of internal controls makesthe internal controls environment strong at the Company. The Audit Committee along withManagement overseas results of the internal audit and reviews implementation on a regularbasis.

BOARD COMMITTEES:

Your Company has in place the following Committees under the provisions of theCompanies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015. There are currently three committees of the Board namely:

• Audit Committee

• Nomination & Remuneration Committee

• Stakeholders' Relationship Committee.

Details of the Committees along with their charter composition and meetings heldduring the year are provided in the Corporate Governance Report which forms part of thisReport.

INFORMATION FORMING PART OF THE BOARD'S REPORT PURSUANT TO RULE 5 OF THE COMPANIES(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014

The relevant information pursuant to Rule 5of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is annexed at 'Annexure V' tothis report.

VIGIL MECHANISM

The Company has formulated and implemented the Whistle Blower Policy / Vigil Mechanism('the Policy'). This provides a mechanism for directors and employees of the Company andother persons dealing with the Company to report to the Chairman of the Audit Committeeany instance of unethical behavior actual or suspected fraud or violation of theCompany's code of conduct. The policy has also been uploaded on the Company's website.

CASH FLOW

A cash flow statement for the year ended 31 March 2020 is attached to the Balance Sheetas a part of Financial Statements.

CORPORATE GOVERNANCE:

In terms of Regulation 34(3)of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 a Report on Corporate Governance along with theCertificate of Compliance from the Secretarial Auditors forms part of the Annual Report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof The Sexual Harassment of Women at the Workplace (Prevention Prohibition &Redressal) Act 2013.

Internal Complaints Committee (ICC) has been set up to redress complaints receivedregarding sexual harassment. All employees (permanent contractual temporary trainees)are covered under this policy.

No complaints were received during the year 2019-20.

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197 READ WITH RULE 5 OF THE COMPANIES(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES 2014

Particulars of employees pursuant to section 197 of the Companies Act 2013 read withRule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 are provided in the Annual Report.

The information as required under Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 will be provided upon request by anymember of the Company. In terms of Section 136(1) of the Companies Act 2013 the Reportand the Accounts are being sent to the members excluding the said Annexure. Any memberinterested in obtaining copy of the same may write to the Company Secretary at theRegistered Office of the Company.

DISCLOSURE OF REMUNERATION OR COMMISSION RECEIVED BY A MANAGING OR WHOLE-TIME DIRECTORFROM THE COMPANY'S HOLDING OR SUBSIDIARY COMPANY:

There were no instances of receiving remuneration or commission by a Managing or Wholetime Director of the company from its holding or subsidiary company during the FY 2019-20requiring the disclosure under section 197(14) of the Companies Act 2013.

EVENT BASED DISCLOSURES IN DIRECTORS REPORT:

The Company has not issued any shares with differential voting rights or Sweat Equityshares or shares under ESOP. The Company has not provided any money to its employees forpurchase of its own shares hence the company has nothing to report in respect of Rule4(4) Rule 12(9) and Rule 16 of the Companies (Share Capital & Debentures) Rules2014.

SECRETARIAL AUDIT REPORT:

The Secretarial Audit Report submitted by Company Secretary in Practice according tothe provisions of Section 204 of the Companies Act 2013 read with Rule 9 of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is enclosed as a partof this report as 'Annexure III'.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the contribution madeand support provided to the Company by the shareholders employees and bankers during theyear under the report.

FORM NO. MGT-9

EXTRACT OF ANNUAL RETURN:

AS AT FINANCIAL YEAR ENDED 31 MARCH 2020

[Pursuant to section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies(Management and Administration) Rules 2014]

I. REGISTRATION AND OTHER DETAILS

CIN L99999MH1938PLC002869
Registration Date 8th December 1938
Name of the Company G. G. Dandekar Machine Works Limited
Category / Sub-Category of the Company Company limited by shares / Non-govt company
Address of the Registered Office and contact details 211/A MIDC Butibori Industrial Area
Kinhi Village Tah. Hingna
Dist. Nagpur 441122
Tel: +91(07103) 295109
Website: www.ggdandekar.com
Whether listed company Yes
Name address and contact details of Registrar and Transfer Agent if any Link Intime India Private Limited
"Akshay" Complex Block No. 202 2nd Floor
Near Ganesh Temple Off. Dhole Patil Road
Pune 411 001
Tel: +91(20) 26161629 / 26160084
Fax: +91(20) 26163503
Email: pune@linkintime.co.in

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of theCompany:

Name and description of main products / services NIC code of the product / service % to total turnover of the Company
1 Food Processing Machinery 28252 100%

III. PARTICULARS OF HOLDING SUBSIDIARY AND ASSOCIATE COMPANIES

Name and address of the Company CIN/GLN Holding / Subsidiary Associate % of shares held Applicable/ Section
1. Navasasyam Dandekar Private Limited Sr. No.1479 Flat No. 405 Status Point Tilak Road Sadashiv Peth Pune 411030 Maharashtra U29309PN2019 PTC188112 Associate Company 49% 2(6)

IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)

i) Category-wise Shareholding

No. of shares held at the beginning of the year No. of shares held at the end of the year
Category of Shareholders Demat Physical Total % of Total Shares Demat Physical Total % of Total Shares % change during the year
A. Promoters
(1) Indian
a. Individual / Hindu Undivided Family 2866320 0 2866320 60.20 2866320 0 2866320 60.20 0.00
b. Central Government 0 0 0 0.00 0 0 0 0.00 0.00
c. State Government (s) 0 0 0 0.00 0 0 0 0.00 0.00
d. Bodies Corporates 150 0 150 0.00 150 0 150 0.00 0.00
e. Bank / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
f. Any other 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total
(A) (1) :- 2866470 0 2866470 60.20 2866470 0 2866470 60.20 0.00
(2) Foreign
a. Non Resident 0 0 0 0.00 0 0 0 0.00 0.00
Indians - Individuals
b. Other - Individuals 0 0 0 0.00 0 0 0 0.00 0.00
c. Bodies Corporates 0 0 0 0.00 0 0 0 0.00 0.00
d. Banks / Financial Institutions 0 0 0 0.00 0 0 0 0.00 0.00
e. Any other 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total
(A) (2):- 0 0 0 0.00 0 0 0 0.00 0.00
Total Shareholding of Promoter (A) = (A) (1) + (A) (2) 2866470 0 2866470 60.20 2866470 0 2866470 60.20 0.00
B. Public Shareholding
1. Institutions
a. Mutual Funds 0 0 0 0.00 0 0 0 0.00 0.00
b. Banks / Financial Institutions 900 0 900 0.02 0 0 0 0.00 (0.02)
c. Central Government 0 0 0 0.00 0 0 0 0.00 0.00
d. State Government (s) 0 0 0 0.00 0 0 0 0.00 0.00
e. Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00

 

f. Insurance Companies 135680 0 135680 2.85 135680 0 135680 2.85 0.00
g. Foreign Institutional Investors 0 0 0 0.00 0 0 0 0.00 0.00
h. Foreign Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
I. Others (Specify) 0 0 0 0.00 0 0 0 0.00 0.00
Sub-total (B) (1) 136580 0 136580 2.87 135680 0 135680 2.85 (0.02)
2. Non - Institutions
a. Bodies Corporate Indian 301363 6300 307663 6.46 293603 5850 299453 6.29 (0.17)
ii. Overseas 0 0 0 0.00 0 0 0 0.00 0.00
a. Individuals
I. Individual shareholders holding nominal share capital up to Rs. 2 Lakh 1009999 219246 1229245 25.82 1037711 194726 1232437 25.89 0.07
ii. Individual shareholders holding nominal share capital in excess of Rs. 2 Lakh 0 0 0 0.00 0 0 0 0.00 0.00
b. Others (Specify)
a. IEPF 57904 0 57904 1.22 81444 0 81444 1.71 0.49
b. HUF 55604 0 55604 1.17 63461 0 63461 1.33 0.16
c. Clearing members 24861 0 24861 0.52 330 0 330 0.01 (0.51)
d. NRI (Repatriate) 65202 0 65202 1.37 64269 0 64269 1.35 (0.02)
e. NRI (Non- Repatriate) 11558 6300 17858 0.38 11543 6300 17843 0.37 (0.01)
Sub-total (B)(2)- 1526491 231846 1758337 36.93 1552361 206876 1759237 36.95 0.02
Total Public Shareholding (B) =(B) (1)+ (B) (2) 1663071 231846 1894917 39.80 1688041 206876 1894917 39.80 0.00
C. Shares held by custodian for GDRs and ADRs 0 0 0 0.00 0 0 0 0.00 0.00
Grand Total (A+B+C) 4529541 231846 4761387 100.00 4554511 206876 4761387 100.00 0.00

(ii) Shareholding of Promoters

Shareholding at the beginning of the year Shareholding at the end of the year
Shareholder's Name No. of Shares % of total shares of the Company % of Shares pledged / encumbered to total shares No. of Shares % of total shares of the Company % of Shares pledged / encumbered to total shares % change in shareholding during the year
1 Atul C. Kirloskar 561140 11.79 0.00 561140 11.79 0 0.00
2 Sanjay C. Kirloskar 360 0.01 0.00 360 0.01 0 0.00
3 Rahul C. Kirloskar 550180 11.56 0.00 550180 11.56 0 0.00
4 Arti A. Kirloskar 400000 8.40 0.00 400000 8.40 0 0.00
5 Alpana R. Kirloskar 400000 8.40 0.00 400000 8.40 0 0.00
6 Jyotsna G. Kulkarni 954280 20.04 0.00 954280 20.04 0 0.00
7 Mrinalini S. Kirloskar 180 0.00 0.00 180 0.00 0 0.00
8 Vikram S. Kirloskar 90 0.00 0.00 90 0.00 0 0.00
9 Roopa J. Gupta 90 0.00 0.00 90 0.00 0 0.00
10 Alpak Investments Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00
11 Navsai Investments Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00
12 Achyut and Neeta Holding and Finance Pvt. Ltd. 50 0.00 0.00 50 0.00 0 0.00

Note: In case of Joint holding name of first holder is considered.

(iii) Change in Promoters' Shareholding (please specify if there is no change)

During the year under review there has been no change in the Shareholding ofPromoters'.

(iv) Shareholding Pattern of top ten shareholders (other than Directors Promoters andHolders of GDR and ADRs)

Shareholding at the beginning of the year

Cumulative Shareholding during the year

Sr. No For each of the Top 10 Shareholders Reason No. of shares % of total shares of the company No. of Shares % of total shares of the company
1. K. V.Developmentand Investment Co. Pvt. Ltd.
At the beginning of the year of the year (01.04.2019) 268664 5.64 268664 5.64
Decrease if any No change 0 0.00 0 0.00
Increase if any No change 0 0.00 0 0.00
At the end of the year (31.03.2020) 268664 5.64 268664 5.64
2. The Oriental Insurance Co. Ltd
At the beginning of the year of the year (01.04.2019) 135680 2.85 135680 2.85
Decrease if any No change 0 0.00 0 0.00
Increase if any No change 0 0.00 0 0.00
At the end of the year (31.03.2020) 135680 2.85 135680 2.85
3. Investor Education and Protection Fund
Authority Ministry of Corporate Affairs
At the beginning of the year of the year (01.04.2019) 57904 1.22 57904 1.22
Decrease if any - - - - - -
Increase if any Transfer 23540 0.49 23540 0.49
At the end of the year (31.03.2020) 81444 1.71 81444 1.71
4. Krishna Kumar Dharamshi Somaiya
At the beginning of the year of the year (01.04.2019) 62025 1.30 62025 1.30
Decrease if any No Change 0 0.00 0 0.00
Increase if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 62025 1.30 62025 1.30
5. Bakre Ajay Shaligram
At the beginning of the year of the year (01.04.2019) 43005 0.90 43005 0.90
Decrease if any No change No change 0 0.00 0 0.00
Increase if any Transfer (Buy) Transfer (Buy) 11544 0.25 11544 0.25
At the end of the year (31.03.2020) 54549 1.15 54549 1.15
6. Devkishan Chitlangia
At the beginning of the year of the year (01.04.2019) 43974 0.92 43974 0.92
Decrease if any No Change 0 0.00 0 0.00
Increase if any Transfer (Buy) 3739 0.07 3739 0.07
At the end of the year (31.03.2020) 47713 1.00 47713 1.00
7. K V Deodhar
At the beginning of the year of the year (01.04.2019) 42840 0.89 42840 0.89
Decrease if any No Change 0 0.00 0 0.00
Increase if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 42840 0.89 42840 0.89
8. Minoo Babu
At the beginning of the year of the year (01.04.2019) 25700 0.54 25700 0.54
Decrease if any No Change 0 0.00 0 0.00
Increase if any Transfer (Buy) 4300 0.09 4300 0.09
At the end of the year (31.03.2020) 30000 0.63 30000 0.63
9. Shivanand Ramkrishna Prabhu
At the beginning of the year of the year (01.04.2019) 23350 0.49 23350 0.49
Decrease if any No Change 0 0.00 0 0.00
Increase if any Transfer (Buy) 150 0.00 0 0.00
At the end of the year (31.03.2020) 23500 0.49 23500 0.49
10. Ramesh Shantilal Tolat
At the beginning of the year of the year (01.04.2019) 20600 0.43 20600 0.43
Decrease if any No Change 0 0.00 0 0.00
Increase if any No Change 0 0.00 0 0.00
At the end of the year (31.03.2020) 20600 0.43 20600 0.43

Note:

a. In cases of joint holding the name of the first holder is considered.

b. The shareholding details given above are based on the legal ownership and notbeneficial ownership and is derived on the folio number listing provided by the Registrarand Transfer Agent of the Company.

c. Since the shareholding of top ten shareholders are held in electronic form it isnot feasible to provide date-wise increase or decrease in the shareholding pattern of topten shareholders during the financial year.

(v) Shareholding of Directors and Key Managerial Personnel:

Shareholding at the beginning of the year

Cumulative Shareholding during the year

For each of the Directors and KMP No. of shares % of total shares of the company No. of Shares % of total shares of the company
1 Mr. Mangesh S. Joshi Wholetime Director - -
At the beginning of the year 1 0.00 1 0.00
Date wise Increase / Decrease in Shareholding during the year specifying the reasons for increase / decrease (e.g. allotment / transfer / bonus / sweat equity etc): No Change No Change No Change No Change
At the End of the year 1 0.00 1 0.00

Note: No other Director(s) or Key Managerial Personnel(s) hold any equity share of theCompany.

V. INDEBTEDNESS (Amt. in Rs.)

Secured Loans excluding deposits Unsecured Loans Deposits Total Indebtedness
Indebtedness at the beginning of the Financial Year
I. Principal Amount 0 0 106000 106000
ii. Interest due but not paid 0 0 0 0
Iiii. Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 106000 106000
Changes in Indebtedness during the Financial Year
I. Addition - 0 0 0
ii Reduction - 0 0 0
Net Change 0 0 0 00
Indebtedness at the end of Financial Year
i. Principal Amount 0 0 106000 106000
ii. Interest due but not paid 0 0 0 0
iii. Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 0 0 106000 106000

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration of Managing Director Whole-time Directors and / or Manager:

Sr. No Particulars of Remuneration Name of Managing Director / Whole Time Director / Manager
Mr. Mangesh S. Joshi
Executive Director
1 Gross Salary (Amount in Rs. )
a) Salary as per provisions contained in Section 17(1) of the Income Tax Act 1961 4236000
b) Value of perquisites under Section 17(2) of the Income Tax Act 1961 47967
c) Profits in lieu of salary under Section 17(3) of the Income Tax Act 1961 -
2 Stock Option -
3 Sweat Equity -
4 Commission
- as % of profit
- others specify …..
5 Others please specify (Company's contribution towards PF) 144000
Total (A) 4427967

B. Remuneration to other Directors:

Name of Directors

Particulars of Remuneration Independent Directors Mr. Rajesh D. Phadke Mr. Saurabh B. Patwardhan Mrs. Savita P. Sahasrabudhe Mr. Pawan J. Rathi Mr. Chinmay Bhandari Total Amount
Fee for attending board / committee meetings 15000 35000 30000 75000 15000 170000
Commission - - - - -
Others please specify - - - - - -
Total (1) 15000 35000 30000 75000 15000 170000
Other Non-Executive Directors Mr. Nihal Kulkarni Mr. Madhav R. Chandrachud Ms. Smita A Raichurkar - -
Fee for attending board / committee meetings 30000 55000 15000 - - 100000
Commission - - - - -
Others please specify - - - - - -
Total (2) 30000 55000 15000 - - 100000
Total (B) = (1 + 2 ) 45000 90000 45000 75000 15000 270000
Total Managerial
Remuneration 270000

 

Overall Ceiling as per the companies Act 2013 Rs.1.00 lac sitting fees per meeting for each Director. However Board has approved Rs. 5000 as sitting fees per meeting for each Director.

Note: Mr. Rajesh D. Phadke resigned w.e.f. 16.05.2019 Mr. Pawan J. Rathi(Non-Executive Independent Director) has been appointed w.e.f. 16.05.2019 Mr. Saurabh B.Patwardhan (Non-Executive Independent Director) has been re-appointed w.e.f. 11.09.2019Tenure of Mrs. Savita P. Sahasrabudhe has completed from 10.09.2019 Mr. Chinmay Bhandari(Additional Non-Executive Independent Director) has been appointed w.e.f. 27.01.2020 andMs. Smita A Raichurkar (Additional Non-Executive Director) has been appointed w.e.f.27.01.2020.

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MANAGING DIRECTOR / MANAGER /WHOLE TIME DIRECTOR

Mr. Mahavir Y. Barlota** Mr. Ajay Shrivastava**
Sr. No Particulars of Remuneration Chief Financial Officer Company Secretary Total
1 Gross Salary
a) Salary as per provisions contained in Section 17(1) of the Income Tax Act 1961 590702 410443 1001145
b) Value of perquisites under Section 17(2) of the Income Tax Act 1961 - - -
c) Profits in lieu of salary under Section 17(3) of the Income Tax Act 1961 - - -
2 Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
- as % of profit - - -
- others specify ….. - - -
5 Others please specify
(contribution towards PF & FPF) 20613 17988 38601
Total 611315 428431 1039746

* Mr. Mahavir Barlota and Mr. Ajay Shrivastava resigned from the office of ChiefFinancial Officer and Company Secretary w.e.f.14th March 2020 and 9th March 2020respectively.

VII. PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

1. Company – NONE

2. Directors - NONE

3. Other officers in Default - NONE

.