KILITCH DRUGS (INDIA) LIMITED
Your Directors have pleasure in presenting their 28 th Annual Report on thebusiness and operations of your Company for the year ended 31st March 2020.
1. FINANCIAL RESULTS
The summarized financial performance (Standalone & Consolidation) of the Companyfor the financial year ended 31st March 2020 and 31st March 2019are given below: (Amount in Lakhs)
|Particulars ||Standalone ||Consolidated |
| ||2019-20 ||2018-19 ||2019 -20 ||2018-19 |
|Revenue from Operations ||6076.80 ||9641.76 ||5332.00 ||8248.99 |
|Other Income ||570.92 ||451.82 ||412.55 ||400.40 |
|Total Revenue ||6647.72 ||10093.58 ||5744.55 ||8649.39 |
|Total Expenses ||6125.48 ||8141.11 ||5583.82 ||7790.73 |
|Profit/(Loss) before exceptional and extraordinary items and tax ||522.24 ||1952.47 ||160.73 ||858.66 |
|Exceptional Items ||- ||- ||- ||- |
|Extraordinary Items ||- ||- ||- ||- |
|Net Profit Before Tax ||522.24 ||1952.47 ||160.73 ||858.66 |
|Provision for Tax - Current Tax - Deferred Tax (Liability)/Assets ||69.58 6.95 ||424.08 51.66 ||69.58 6.95 ||424.08 51.60 |
|Net Profit After Tax ||445.71 ||1476.73 ||84.20 ||382.98 |
|Profit/(Loss) from continuing operations ||445.71 ||1476.73 ||84.20 ||382.98 |
|Other Comprehensive Income (After Tax) ||(310.91) ||(105.69) ||(310.91) ||(105.69) |
|Total Comprehensive income for the period (Comprising Profit (Loss) and Other Comprehensive Income for the period) ||134.80 ||1371.04 ||(226.71) ||277.29 |
|Paid up Equity Share Capital (Face Value Rs. 10/- per Share) ||1543.42 ||1535.52 ||1543.42 ||1535.52 |
|Other Equity ||13621.29 ||13572.84 ||10281.84 ||10570.21 |
|Earning per share (for continuing operation) (Amount in Rs.) || || || || |
|- Basic ||2.89 ||10.06 ||0.55 ||2.61 |
|- Diluted ||2.89 ||10.06 ||0.55 ||2.61 |
2. REVIEW OF OPERATIONS:
During the year under review the Company has posted total Income of Rs. 6647.72 Lakhsas against Rs. 10093.58 Lakhs for the corresponding previous year.
Further total Comprehensive income for the period was Rs. 134.80 Lakhs as against Rs.1371.04 Lakhs for the corresponding previous year.
During the year under review the Company has posted total Income of Rs. 5744.55 Lakhsas against Rs. 8649.39 Lakhs for the corresponding previous year.
Further total Comprehensive loss for the period was Rs. 226.71 Lakhs as against Totalprofit of Rs. 277.29 Lakhs for the corresponding previous year.
3. STATEMENT OF AFFAIRS AND FUTURE OUTLOOK
We consider Africa as the bestow of our success and accordingly we are enhancing ourpresence in most of the African countries. Kilitch brands have a robust presence inFrench-speaking countries of Africa. This has a very sustainable and promising future inthe years to come. We are pleased to bring to your notice that our Green field project inEthiopia received a fast track license and with support from Ethiopian governmentcommenced manufacturing of disinfectants and sanitizers.
We are now eagerly looking forward to commissioning of the cephalosporin manufacturingfacility in Ethiopia. We have further expanded our reach to the emerging markets of South-East Asian and Latin countries. The performance in South-East Asian countries had beenexcellent for the year led by new products and customers and gain in market share inexisting products.
During the Covid-19 pandemic our focus was clearly on looking beyond the short- termchallenges being faced and prepare for tomorrow's growth opportunities. We are standingwith our heads high with this belief that with your endless support and faith in ourvision and strategy and dedication of our employees we anticipate that we will reachanother milestone in Africa with highest sales for our organization.
4. MANAGEMENT DISCUSSION AND ANALYSIS :
The Management Discussion and Analysis Report which gives a detailed state of affairsof the Company's operations forms part of this Annual Report.
5. DIVIDEND AND RESERVES:
The Directors do not recommend dividend for the financial year ended as on March312020 with a view to retain internal accruals that will be used for the expansion of theCompany.
6. SHARE CAPITAL:
The Paid-up Equity Share Capital of the Company as on 31st March 2020 is Rs. 1543.42Lakhs comprising of 15434190 Equity Shares of Rs. 10/- each as against Rs. 1535.52 Lakhscomprising of 15355242 Equity Shares of Rs. 10/- each in the previous year.
The Board of Directors at their meetings held on 3rd May 2019 and 22ndAugust 2019 approved the allotment of 62239 and 16709 Equity Shares respectively pursuantto exercise of option granted to employees of the Company under ESOS Scheme.
7. EMPLOYEE STOCK OPTION SCHEME:
The Company under the Scheme (KDIL ESOS 2007) approved by the shareholders vide aspecial resolution as on 29th September 2007 and amended from time to timewith their approval grants share based benefits to eligible employees with a view toattracting and retaining the best talent encouraging employees to align individualperformances with Company Objectives and promoting increased participation by them in thegrowth of the Company.
The following disclosures are being made upto 31st March 2020 as requiredunder Rule 12 of the Companies (Share Capital and Debentures) Rules 2014:
|Sr. No. Particulars ||Options |
|a. Options Outstanding at the beginning of the year ||161764 |
|b. Options granted ||135415 |
|c. Options vested ||57818 |
|d. Options exercised / settled ||78948 |
|e. The total number of shares arising as a result of exercise of option ||78948 |
|f. Options lapsed ||21832 |
|g. The exercise price ||Rs.10/- |
|h. Variation of terms of options ||- |
|I. Money realized by exercise of options ||Rs. 789480/- |
|j. Total number of options in force ||196389 |
|k. Employee wise details of options granted to:- || |
|(i) key managerial personnel || |
|1. Sujit Kumar Dash - CFO ||8565 |
|2. Harshal Patil - Company Secretary & Compliance Officer ||1478 |
|(ii) any other employee who receives a grant of options in any one year of option amounting to five per cent or more of options granted during the year ||- |
|(iii) identified employees who were granted option during any one year equal to or exceeding one per cent of the issued capital (excluding outstanding warrants and conversions) of the company at the time of the grant ||- |
8. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Inductions /Appointment or Re-appointment of Director
At the 27th Annual General Meeting held on 30th September 2019Mr. Bhavin Mehta was re-appointed as Director of the Company liable to retire by rotation.
Further on the recommendations of the Nomination and Remuneration Committee the Boardof Directors had reappointed Mr. Hemang Engineer as the Non Executive Independent Directorat their meeting held on 14th February 2020 for a further period of 5 yearsw.e.f. 1st April 2020.
The said resolution for confirming the appointment of Mr. Hemang Engineer as the NonExecutive Independent Director for a further period of 5 years form part of Noticeconvening the 28th Annual General Meeting (AGM) scheduled to held on 30th September2020. We seek your support and hope you will enthusiastically vote in confirming hisappointment to the Board.
At the meeting of Board of Directors held on August 28th 2020 your Boardhas appointed Ms. Sunita Gohil (ACS: 61956) as a Company Secretary and Compliance officerof the Company with effect from 31st July 2020.
Retire by Rotation
In accordance with section 152(6) of the Companies Act 2013 and in terms of Articlesof Association of the Company Mr. Mukund Mehta (DIN:00147876)Whole time Director of theCompany retires by rotation and being eligible; offers himself for reappointment at theforthcoming 28th Annual General Meeting. The Board recommends the said reappointment forshareholders' approval.
All the directors of the Company have confirmed that they satisfy the fit and propercriteria as prescribed under the applicable regulations and that they are not disqualifiedfrom being appointed as directors in terms of Section 164(2) of the Companies Act 2013.
Cessation of Director/KMP:
During the year under review During the year under review Mr. Harshil Patil resignedas Company Secretary of the Company w.e.f. July 31st 2020. The Board places onrecord its appreciation for the invaluable contributions and guidance provided by himduring his stint with the Company as Company Secretary.
Pursuant to Section 203 of the Companies Act 2013 Key Managerial Personnel of theCompany as on 31st March 2020 details are as under:
|Sr. No. Name of KMP ||Designation |
|1. Mr. Mukund Prataprai Mehta ||Managing Director |
|2. Mr. Bhavin Mukund Mehta ||Whole - time Director |
|3. Mrs. Mira Bhavin Mehta ||Whole - time Director |
|4. Mr. Harshal Anant Patil ||Company Secretary and Compliance Officer |
|5. Mr. Sujit Kumar Dash ||Chief Financial Officer |
9. INDEPENDENT DIRECTORS
The Independent Director(s) have submitted their disclosure to the Board that theyfulfill all the requirements as to qualify for their appointment as Independent Directorunder the provisions of section 149 of the Companies Act 2013 as well as Regulation 17 ofthe Securities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations 2015.
10. DISCUSSIONS WITH INDEPENDENT DIRECTORS
The Board's policy is to regularly have separate meetings with Independent Directorsto update them on all business related issues new initiatives and changes in the industryspecific market scenario. At such meetings the Executive Directors and other Members ofthe Management make presentations on relevant issues.
The policy for Familiarisation Programme for Independent Directors is available on ourwebsite www.kilitch.com.
11. BOARD EVALUATION
Pursuant to the provisions of the Companies Act 2013 and the SEBI (LODR) Regulations2015 the Board has carried out an annual performance evaluation of its own performancethe directors individually as well as the evaluation of the working of its Committees. TheDirectors expressed satisfaction with the evaluation process. The manner in which theevaluation has been carried out has been explained in the Corporate Governance Report.
12. NUMBER OF BOARD MEETINGS
A calendar of meetings is prepared and circulated in advance to the Directors. Duringthe year 8 (Eight) Board Meetings were convened and held the details of which are givenin the Corporate Governance Report. The intervening gap between the meetings was withinthe period prescribed under the Companies Act 2013 and the SEBI (LODR) Regulations 2015.
Further Committees of the Board usually meet on the same day of formal Board Meetingor whenever the need arises for transacting business. The recommendations of theCommittees are placed before the Board for necessary approval and noting.
13. COMPOSITION OF AUDIT COMMITTEE
Your Company has formed an Audit Committee as per the Companies Act and SEBI (LODR)Regulations 2015.
AH members of the Audit Committee possess strong knowledge of accounting and financialmanagement.
Further the Audit Committee is functional as per the provision of Section 177 ofCompanies Act 2013 and Rules made thereunder and as per Regulation 18 of Securities andExchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015.
The other details of the Audit Committee are given in the Corporate Governance Reportappearing as a separate section in this Annual Report.
14. COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE
Your Company has formed a Nomination & Remuneration Committee to lay down norms fordetermination of remuneration of the executive as well as non-executive directors andexecutives at all levels of the Company.
The other details of the Nomination & Remuneration Committee are given in theCorporate Governance Report appearing as a separate section in this Annual Report.
15. NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework in relation toremuneration of Directors. This policy also lays down criteria for selection andappointment of Board Members. The details of the policy are provided as Annexure- II tothis Report and also available on the website of the Company www.kilitch.com.
Details of remuneration paid to Directors and Key Managerial Personnel are given in theCorporate Governance Report along with shareholding in a Company.
16. COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE
Your Board has constituted a Stakeholders Relationship Committee to specifically lookinto the mechanism of redressal of grievances of shareholders etc. The Committee reviewsShareholder's / Investor's complaints like non-receipt of Annual Report physicaltransfer/ transmission/transposition split/ consolidation of share certificates issue ofduplicate share certificates etc. This Committee is also empowered to consider andresolve the grievance of other stakeholders of the Company including security holders.
The other details of the Stakeholders Relationship Committee are given in the CorporateGovernance Report appearing as a separate section in this Annual Report.
17. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) & 134(5) of the Companies Act 2013 the Board ofDirectors of the Company hereby confirm that:
(a) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
(b) the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;
(c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors have prepared the annual accounts on a going concern basis; and
(e) the directors have laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.
(f) the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
18. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURE
The information required pursuant to Section 197 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Amendment Rules 2016 in respect ofemployees of the Company is enclosed as Annexure III and forms part of this Report.
Further no employee of the Company is earning more than the limits as prescribedpursuant to Section 197 read with Rule 5(2) of the Companies (Appointment and Remunerationof Managerial Personnel) Amendment Rules 2016 in respect of employees of the Company.
Further the names of top ten employees in terms of remuneration drawn are disclosed inAnnexure IV and forms part of this Report.
19. EXTRACT OF ANNUAL RETURN
The details forming part of the Extract of the Annual Return in Form MGT-9 as requiredunder Section 92 of the Companies Act 2013 is included in this Report as Annexure V andforms part of this Report.
20. DETAILS OF SUBSIDIARY/JOINT VENTURES/ ASSOCIATE COMPANIES
The Company has 2 subsidiaries as on 31st March 2020. During the year theBoard of Directors reviewed the affairs of material subsidiaries. In accordance withSection 129(3) of the Companies Act 2013 the Company has prepared consolidated financialstatements of the Company and all its subsidiaries which forms part of the IntegratedReport. Further the report on the performance and financial position of each subsidiaryand salient features of the Financial Statements in the prescribed Form AOC- 1 is annexedto this report as an Annexure VI.
In accordance with the provisions of Section 136 of the Companies Act 2013 and theamendments thereto the audited Financial Statements including the consolidated financialstatements and related information of the Company and financial statements of thesubsidiary companies will be available on our website www.kilitch.com. These documentswill also be available for inspection during business hours at the Registered Office ofthe Company.
None of the company have become or ceased to be subsidiaries joint ventures andassociates during the year under review.
21. STATUTORY AUDIT
Under Section 139 of the Companies Act 2013 and the Rules made thereunder it ismandatory to rotate the statutory auditor on completion of the maximum term permittedunder the said section. In line with the requirement of the Companies Act 2013 M/s. A.M. Ghelani & Co. Chartered Accountants (Firm Registration No.103173W) were appointedas the statutory auditor of the Company to hold office for a period of four consecutiveyears from the conclusion of the 25 th Annual General Meeting of the Company held on 29thSeptember 2017 till the conclusion of the 29th Annual General Meeting to be held in theyear 2021.
In terms of the provisions relating to statutory auditors forming part of the CompaniesAmendment Act 2017 notified on 7thMay 2018 ratification of appointment ofStatutory Auditors at every Annual General Meeting is no more a legal requirement.However pursuant to Ordinary Resolution passed at the 25th Annual General Meetingappointment shall subject to ratification at every annual general meeting.
Hence the Notice convening the ensuing 28th Annual General Meetingcontained a resolution on ratification of appointment of Statutory Auditors.
Further M/s. A. M. Ghelani & Co. Chartered Accountants (Firm Registration No.103173W) has confirmed that they are eligible to continue as Statutory Auditors of theCompany to audit the books of accounts of the Company for the Financial Year ending 31stMarch 2021 and they will continue to be the Statutory Auditors of the Company forFinancial Year ending 31stMarch 2021.
The Notes on financial statement referred to in the Auditors' Report areself-explanatory and do not call for any further comments. The Auditors' Report does notcontain any qualification reservation adverse remark or disclaimer.
22. SECRETARIAL AUDIT
In terms of Section 204 of the Act and Rules made there under M/s Deep Shukla &Associates Company Secretaries have been appointed Secretarial Auditors of the Company.The Secretarial Audit Report is enclosed as Annexure VII to this report.
The Secretarial Auditors' Report does not contain any qualification reservationadverse remark or disclaimer.
23. COST AUDIT
As per the Cost Audit Orders and in terms of the provisions of Section 148 and allother applicable provisions of the Companies Act 2013 read with the Companies (Audit andAuditors) Rules 2014 Cost Audit is not applicable to our Company.
24. INTERNAL AUDIT & CONTROLS
The Company has in place adequate internal financial controls with reference to thefinancial statement. The Audit Committee of the Board periodically reviews the internalcontrol systems with the management Statutory Auditors. Significant internal auditfindings are discussed and follow-ups are taken thereon.
25. VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013a Vigil Mechanism for directors and employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company atwww.kilitch.com. The employees of the Company are made aware of the said policy at thetime of joining the Company.
26. RISK MANAGEMENT POLICY
The Company has laid down the procedure to inform the Board about the risk assessmentand minimization procedures.
These procedures are reviewed by the Board annually to ensure that there is timelyidentification and assessment of risks measures to mitigate them and mechanisms fortheir proper and timely monitoring and reporting.
The Company does not fall under the ambit of top 100 listed entities determined on thebasis of market capitalisation as at the end of the immediately preceding financial year.Hence compliance under Regulation 21 of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 is not applicable.
The Company has neither accepted nor renewed any fixed deposits during the year underreview under Section 76 of the Companies Act 2013. There are no unclaimed depositsunclaimed / unpaid interest refunds due to the deposit holders or to be deposited to theInvestor Education and Protection Fund as on 31stMarch 2020.
28. LOANS & GUARANTEES
During the year under review your Company made loans and investments in compliancewith Section 186 of the Companies Act 2013. However no guarantee given and securityprovided by the Company. The said details are given in the notes to the financialstatements.
The properties/assets of the Company are adequately insured.
30. RELATED PARTY TRANSACTIONS
During Financial Year 2019-20 the Company entered into certain Related PartyTransactions which are in the ordinary course of business and at arm's length basis withapproval of the Audit Committee. The Audit Committee grants omnibus approval for thetransactions which are of foreseen and repetitive nature. A detailed summary of RelatedParty Transactions is placed before the Audit Committee and the Board of Directors fortheir review every quarter.
There are no materially significant Related Party Transactions executed between theCompany and its Promoters Directors key Managerial Personnel or other designatedpersons that may have a potential conflict with the interest of the Company at large.
Details of Related Party Transactions entered into by the Company were in ordinarycourse of business and were on an arm's length basis the particulars as required in formAOC-2 is annexed to this report as Annexure I .
In the preparation of financial statements the Company has followed the applicableAccounting Standards.
The significant accounting policies that are applied have been set out in the Notes toFinancial Statements.
31. CORPORATE GOVERNANCE CERTIFICATE
We ensure that we evolve and follow the corporate governance guidelines and bestpractices sincerely not only to boost longterm shareholder value but also to respectminority rights. We consider it our inherent responsibility to disclose timely andaccurate information regarding our operations and performance as well as the leadershipand governance of the Company.
In compliance with Regulation 34(3) read with Schedule V(C) of the SEBI (LODR)Regulations 2015 a Report on Corporate Governance forms part of this Annual Report asAnnexure VIII. The Certificate as issued by Practicing Company Secretary certifyingcompliance with the conditions of corporate governance as prescribed under Schedule V(E)of the SEBI (LODR) Regulations 2015 is annexed to the Corporate Governance Report.
32. CORPORATE SOCIAL RESPONSIBILITY
The Company has a Policy on Corporate Social Responsibility and the same has beenposted on the website of the Company at www.kilitch.com. The Annual Report on CSRactivities in terms of the requirements of Companies (Corporate Social ResponsibilityPolicy) Rules 2014 is annexed as Annexure - IX which forms part of this Report.
Details of composition of the committee are as under-
|S.N Name of Directors ||Executive/Non-Executive Independent |
|1. Mr. Bhavin Mehta ||Executive |
|2. Mrs. Mira Mehta ||Executive |
|3. Mr. Murti Vasudev Krishna ||Non-Executive Independent |
The detail report on CSR expenditure done by company is annexed to this report asAnnexure X .
33. CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION AND FOREIGNEXCHANGE
(A) Conservation of Energy:
i. steps taken or impact on conservation of energy;
The use of energy is being optimized through improved operational methods. Continuousefforts are being made to optimize and conserve energy by improvement in productionprocess. Even though its operations are not energy-intensive significant measures aretaken to reduce energy consumption by using energy-efficient equipments. The Companyregularly reviews power consumption patterns in its all locations and implements requisiteimprovements/changes in the process in order to optimize energy/ power consumption andthereby achieve cost savings.
ii. Steps taken for utilizing alternate sources of energy;
The steps taken by the Company for utilizing alternate sources of energy: The Companyis using electricity as the main source of energy and is currently not exploring anyalternate source of energy.
iii. Capital investment on energy conservation equipment;
Your Company firmly believes that our planet is in dire need of energy re-sources andconservation is the best policy.
(B) Absorption of Technology:
i. The efforts made towards technology absorption:
The Company values innovation and applies it to every facet of its business. Thisdrives development of distinctive new products ever improving quality standards and moreefficient processes. The Company has augmented its revenues and per unit price realizationby deploying innovative marketing strategies and offering exciting new products. The depthof designing capabilities was the core to our success over the years.
The Company uses the service of in-house designers as well as those of free-lancers indeveloping product designs as per the emerging market trends. The Company uses innovationin design as well as in technology to develop new products.
ii. Benefits derived as a result of the above efforts:
As a result of the above the following benefits have been achieved:
a. Better efficiency in operations
b. Reduced dependence on external sources for technology for developing new productsand upgrading existing products
c. Expansion of product range and cost reduction
d. Greater precision
e. Retention of existing customers and expansion of customer base
f. Lower inventory stocks resulting in low carrying costs.
iii. The Company has not imported any technology during the year under review;
iv. The Company has not expended any expenditure towards Research and Developmentduring the year under review.
C) Foreign Exchange Earning And Outgo:
(I) Earnings in Foreign Currency:
|[Amount in Lakhs] || || |
|Particulars ||2019-20 ||2018-19 |
|Earnings in Foreign Currency: ||3906.50 ||7974.01 |
|[Amount in Lakhs] || || |
|Particulars ||2019-20 ||2018-19 |
|Business Promotion & Travelling ||241.33 ||528.91 |
|Export Registration ||261.45 ||158.04 |
|Export Expenses ||8.42 ||1.59 |
(II) Expenditure in foreign currency:
34. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of the Companies Act 2013 read with The Investor Educationand Protection Fund Authority (Accounting Audit Transfer and Refund) Rules 2016 asamended ('Rules') the dividends unclaimed for a consecutive period of seven years fromthe date of transfer to the Unpaid Dividend Account of the Company are liable to betransferred to IEPF. Further the shares (excluding the disputed cases having specificorders of the Court Tribunal or any Statutory Authority restraining such transfer)pertaining to which dividend remains unclaimed for a period of continuous seven years fromthe date of transfer of the dividend to the unpaid dividend account are also mandatorilyrequired to be transferred to the IEPF established by the Central Government. Accordinglythe Company has transferred eligible Shares to IEPF Demat Account maintained by the IEPFauthority within statutory timelines.
The Company has sent individual communication to the concerned shareholders at theirregistered address whose dividend remained unclaimed and whose shares were liable to betransferred to the IEPF by 2nd November 2019. The communication was also published innational English and local Marathi newspapers.
Any person whose unclaimed dividend and shares pertaining thereto matured depositsmatured debentures application money due for refund or interest thereon sale proceedsof fractional shares redemption proceeds of preference shares amongst others has beentransferred to the IEPF Fund can claim their due amount from the IEPF Authority by makingan electronic application in e-form IEPF-5. Upon submitting a duly completed formShareholders are required to take a print of the same and send physical copy duly signedalong with requisite documents as specified in the form to the attention of the NodalOfficer at the Registered Office of the Company. The e-form can be downloaded from thewebsite of Ministry of Corporate Affairs www.iepf.gov.in. Dates of declaration ofdividends since 2017-18 and the corresponding dates when unclaimed dividends are due to betransferred to the Central Government are given in the below table.
|Financial Year Ended ||Date of declaration of Dividend ||Amount Remaining unclaimed/ Unpaid as on 31.03.2020 (Rs.) ||Last date for claiming unpaid dividend amount (before) ||Last date for transfer to IEPF |
|2017-2018 ||27/09/2018 ||207361.50/- ||02.11.2025 ||02.1 2.2025 |
|2018-2019 ||30/09/2019 ||181217.50/- ||05.11.2026 ||05.11.2026 |
Shareholders are requested to get in touch with the RTA for en- cashing the unclaimeddividend/interest/principal amount if any standing to the credit of their account.
35.OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTIONPROHIBITION AND REDRESSAL) ACT 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirementsof the Sexual Harassment at workplace (Prevention prohibition and Redressal) Act 2013.All employees (permanent contractual temporary trainees) are covered under this policy.During the year ended 31st March 2020 Company has not received any complaint ofharassment.
36. LISTING WITH STOCK EXCHANGE
The Company confirms that it has paid the Annual Listing Fees for the year 2020-21 toBSE and NSE where the Company's Shares are listed.
37. SECRETARIAL STANDARDS
The Company has in place proper systems to ensure compliance with the provisions of theapplicable secretarial standards issued by The Institute of Company Secretaries of Indiaand such systems are adequate and operating effectively.
38. HUMAN RESOURCES
Your Company treats its "human resources" as one of its most importantassets. Your Company continuously invests in attraction retention and development oftalent on an ongoing basis. A number of programs that provide focused people attention arecurrently underway. Your Company thrust is on the promotion of talent internally throughjob rotation and job enlargement.
39.SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no significant and material orders passed by the Regulators / Courts /Tribunals which would impact the going concern status of the Company and its futureoperations.
40. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
During the year under review there have been no material changes and commitmentsaffecting the financial position of the Company which have occurred between the end of thefinancial year of the company to which the financial statements relate and the date of thereport.
Further the Board of Directors at their meeting held on 25th May 2020allotted 44883 Equity Shares pursuant to exercise of option granted to employees of theCompany under ESOS Scheme.
The Directors would like to thank all shareholders customers bankers medicalprofessionals business associates suppliers distributors and everybody else with whosehelp cooperation and hard work the Company is able to achieve the results. The Directorswould also like to place on record their appreciation of the dedicated efforts put in bythe employees of the Company.\