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Madhur Industries Ltd.

BSE: 519279 Sector: Agri and agri inputs
NSE: MADHURFOOD ISIN Code: INE110C01015
BSE 00:00 | 25 Nov 4.39 0.01
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NSE 05:30 | 01 Jan Madhur Industries Ltd
OPEN 4.30
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OPEN 4.30
CLOSE 4.38
VOLUME 830
52-Week high 6.17
52-Week low 3.63
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Madhur Industries Ltd. (MADHURFOOD) - Director Report

Company director report

To

The Members

MADHUR INDUSTRIES LIMITED

(CIN: L51909GJ1973PLC002252)

Your Directors have pleasure in presenting herewith their 48TH Annual Reporton the business and operation of the Company together with the Audited Statements ofAccounts of the Company for the financial year ended on 31st March 2021.

1. FINANCIAL RESULTS-STANDALONE AND HIGHLIGHT:

(Rs. in lacs)

PARTICULARS 2020-21 2019-20
Revenue from Operations 91.71 99.8
Other income 0.41 0.11
Total Income 92.12 99.92
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense 11.4 12.62
Less: Depreciation 11.26 12.24
Profit/loss before Finance Costs Exceptional items and Tax Expense 0.14 0.37
Less: Finance Cost 0.02 0.00
Profit/loss before Exceptional items and Tax Expense 0.12 0.37
Less: Exceptional Items 0 0
Profit / (Loss) Before Tax 0.12 0.37
Provision for Tax & Deferred Tax 0 0.11
Profit / (Loss) After Tax 0.12 0.26
Other Comprehensive income (net of tax effect) 0 0
Total Comprehensive income 0.12 0.26
Add : Balance as per last Financial Statement 199.78 199.52
Disposable Surplus - -
Less : Transfer to General Reserve - -
Dividend Paid (19-20) - -
Dividend Paid (18-19) - -
Dividend Distribution Tax (19-20) - -
Dividend Distribution Tax (18-19) - -
Balance carried forward 199.9 199.78

2. STATE OF COMPANY’S AFFAIRS AND OPERATIONS:

Madhur Industries Limited (CIN: L51909GJ1973PLC002252) is a leading manufacturingCompany in food products. Madhur is a well-known name in the Indian food industry since1975. It has achieved great reputation in the market because of the unique taste of itsproducts which it has maintained since it came into business.

? SEGMENT-WISE POSITION OF BUSINESS AND ITS OPERATIONS:

The Company is engaged in only one business i.e. manufacturing of food products.Accordingly there are no segments of business activity of the Company

? CHANGE IN STATUS OF THE COMPANY:

The status of the company has not been changed during the financial year 2020-21.

? KEY BUSINESS DEVELOPMENTS:

The company owns a well-equipped laboratory where all the products are examined indetail. The laboratory has modern equipment’s like Gas-chromatography HPLCSpectrophotometer and it is also equipped for conducting microbiological test & otherroutine tests. As a result of which Madhur is able to meet all National and InternationalStandards like ASTA EEC BIS PFA CODEX or whatever an individual buyer's requirementsmay be. Madhur is an ISO 9001-2000 and HACCP certified company.

? CHANGE IN THE FINANCIAL YEAR:

The company has not changed its financial year during the year.

? CAPITAL EXPENDITURE PROGRAMMES:Not Applicable

? DETAILS AND STATUS OF ACQUISITION MERGER EXPANSION MODERNIZATION ANDDIVERSIFICATION:Not Applicable

? DEVELOPMENTS ACQUISITION AND ASSIGNMENT OF MATERIAL INTELLECTUAL PROPERTY RIGHTS:NotApplicable

? ANY OTHER MATERIAL EVENT HAVING AN IMPACT ON THE AFFAIRS OF THE COMPANY:

No material events have occurred during the financial year 2020-21 which impact on theaffairs of the Company.

? IMPACT OF COVID-19:

The Company's manufacturing facilities remained improved sharply in the second half ofthe year with gradual easing of lockdowns and revival in economic activities resulting indemand recovery to near pre-COVID levels by the end of the year. Margin environment alsoimproved in the second half of the year with rising demand and supply disruptions.

3. MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THECOMPANY:

No material changes and commitment have occurred during the financial year 2020-21which impact on the financial position of the Company.

4. NUMBER OF THE BOARD MEETINGS CONDUCTED DURING THE FINANCIAL YEAR SPECIFYINGTHE DATES OF THE BOARD MEETINGS:

During the year (6) Six Board Meetings and (4) FourAudit Committee Meetings were dulyconvened and held. The following are the dates on which the said Board Meetings held:

Sr. no. Board Meeting Audit Committee Meeting
1 30.06.2020 31.07.2020
2 25.07.2020 14.09.2020
3 31.07.2020 11.11.2020
4 14.09.2020 13.02.2021
5 11.11.2020
6 13.02.2021

The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013.

? COMMITTEES:

The company has several committees which have been established as a part of bestcorporate governance practices and are in compliance with the requirements of the relevantprovisions of applicable laws and statues. The Board has constituted following Committees:Audit Committee Nomination and Remuneration Committee Stakeholder’s RelationshipCommittee

The details with respect to the compositions powers roles terms of reference etc. ofrelevant committees are given in detail in the ‘Report on Corporate Governance’of the company which forms part of this Annual Report.

5. DETAILS OF DIRECTOR WHO WERE APPOINTED OR RESIGNED DURING THE FINANCIAL YEAR:

There was no change took place in the composition of the Board of Directors and KeyManagerial Persons (KMP) of the Companyduring the financial year under review.

6. DIRECTOR RESPONSIBILITY STATEMENT:

Pursuant to requirement under 134 (3) (c) and Section 134(5) of the Companies Act 2013(Act) Directors confirm that:

? In the preparation of the annual accounts for the financial year ended on 31stMarch 2021 the applicable accounting standards read with requirement set out underSchedule III to the Act have been followed and there are no material departures from thesame;

? 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 as at March 31 2021 and of the profit ofthe company for the financial year ended on that date;

? The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

? The Directors had prepared the annual accounts on a going concern basis;

? The Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and are operatingeffectively and;

? The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems are adequate and operating effectively.

7. THE WEB LINK WHERE ANNUAL RETURN OF COMPANY SHALL BE PUBLISHED:

The annual return has been uploaded on the website of the Company at www.madhur.co.

8. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY REGULATORS/COURTS/ TRIBUNALSAGAINST THE GOING CONCERN STATUS OF THE COMPANY:

No significant and material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and Company’s operation in future.

9. DETAILS OF FRAUD REPORTED BY THE AUDITOR UNDER SUB SECTION (12) OF SEC 143 OFCOMPANIES ACT:

During the financial year 2020-21 the Statutory Auditor has not reported to the auditcommittee any instance of fraud committed against the Company by its employees or officersunder section 143(12) the details of which need to be reported in Board’s Report.

10. EXTRACTS OF ANNUAL RETURN:

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administration)Rules 2014 the extracts of the Annual Return as at March 31 2021 forms part of thisreport as ‘Annexure: I’.

11. COMMENTS BY THE BOARD ON QUALIFICATION AND ADVERSE REMARK BY THE

SECRETARIAL AUDITORS IN THEIR SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Companies Act 2013 your company had appointed M/S.HARISH P. JAIN AND ASSOCIATES Practicing Company Secretaries Ahmedabad as itsSecretarial Auditors to conduct the Secretarial Audit of the company for F.Y.2020-21. TheReport of the Secretarial Auditor for the F.Y. 2020-21 is annexed to this report as

Annexure: II’ to the Directors’ Report.

The Board of Directors of the Company has discussed the remarks as mentioned in

Secretarial Audit Report at arm’s length.The qualification raised by theSecretarial Auditor in its report and the justification of Board of Directors on the sameare as follows:

SR. NO QUALIFICATION JUSTIFICATION OF BOARD
1. Not appointed Internal Auditor as per section 138 of the Companies Act 2013 The Board assures to comply with the same in current financial year 2021-22. However the Company has appointed internal Auditors at the Board Meeting held on 30/06/2021.
2. Not in compliance with the Section 185 of the Companies Act 2013 with regards the Loans and Advance granted to the Companies in which directors are interested. The company has granted the loan to the related parties in previous financial years. The Board of Directors undertaken to repay the same at the earliest.
3 It has been observed that the company has maintained a website of the company. However it has not been updated by the company as per the requirement of regulation of 46 SEBI (LODR) Regulation 2015. The company has started uploading data on the website of the company.

12. STATEMENT THAT COMPANY COMPLIES WITH SECRETARIAL STANDARDS:

M/S. HARISH P. JAIN AND ASSOCIATES Practicing Company Secretaries Ahmedabad haveexamined the books papers minute books forms and returns filed and other recordsmaintained by M/S.MADHUR INDUSTRIESLIMITED for the financial year ended on 31STMARCH 2021 according to the provisions of The Companies Act 2013 (the Act) and the rulesmade thereunder Regulations and Guidelines prescribed under the Securities and ExchangeBoard of India Act 1992 (‘SEBI Act’) and The Listing Agreements entered into bythe Company with BSE Limited Stock Exchange(s). During the period under review the Companyhas complied with the provisions of the Act Rules Regulations Guidelines Standardsetc. mentioned above subject.

13. THE AMOUNTS IF ANY WHICH IT PROPOSES TO CARRY TO ANY RESERVES:

The company has not transferred any amount to reserves during the financial year underreview.

14. DIVIDEND RECOMMENDATION FOR THE FINANCIAL YEAR 2020-21:

Due to inadequate profit in the financial year 2020-21 the Directors did not recommenddividend during the financial year under review.

15. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS PROVIDED UNDER SECTION 186:

In terms of provisions of Section 134(3) (G) the company has not granted any Loansguarantee or made Investment during the year 2020-21. However the Disclosure as perSection 134(3) (g) containing the Particulars of Loans Guarantees or Investments underSection 186 is annexed hereto as "Annexure: III" and forms part of thisReport.

16. CHANGE IN THE NATURE OF BUSINESS IF ANY:

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

17. STATEMENT REGARDING OPINION OF THE BOARD WITH REGARD TO PROFICIENCY INTEGRITY OFI.D. APPOINTED DURING THE FINANCIAL YEAR:

The existing Independent Directors of the Company are engaged with the CompanySincemany years and having vast experience and profound knowledge with respect to workingsof the Company. They also possess industry specific knowledge and skills which isbeneficial for growth of the Company. The Company can reach higher level of growth interms of business expansion and turnover under their guidance and leadership.

During the year under review the non-executive directors of the Company had nopecuniary relationship or transactions with the Company other than sitting feescommission and reimbursement of expenses incurred by them for the purpose of attendingmeetings of the Board/Committee of the Company.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed undersub-section 6 of Section 149 of the Companies Act 2013 and under Regulation 16 (b) ofSEBI (Listing Obligation and Disclosure Requirements) Regulation 2015.

18. NAME OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE THE SUBSIDIARY ASSOCIATEJOINT VENTURE DURING THE FINANCIAL YEAR. THE DETAILS ABOUT THESE COMPANIES SHALL BE GIVENIN FORM AOC-1:

During the financial year under review The Company has not entered into transactionswith its subsidiaries associates and joint ventures and not become or ceased to be thesubsidiaries associates and joint ventures.

19. DETAILS OF DEPOSITS ACCEPTED UNPAID UNCLAIMED AND DEFAULTED IN THE REPAYMENTDURING THE FINANCIAL YEAR:

Your Company has not accepted any fixed deposits from the public within the provisionsof Section 73 to 76 of the Companies Act 2013. The company has accepted the unsecuredLoanfrom directors of the companyin the past which is exempt as per Section 73 of theCompanies Act 2016. Hence the disclosures required as per Rule 8(5)(V)&(VI) of theCompanies (Accounts) Rules 2014 read with Section 73 to 76 of the Companies Act 2013are not applicable to your Company.

20. DETAILS OF DEPOSIT NOT IN COMPLIANCE WITH CHAPTER V OF THE ACT:

Your Company has not accepted any deposits from the public which is not in complianceof Chapter V of the act.

21. FOREIGN EXCHANGE EARNINGS AND OUTGO DURING THE FINANCIAL YEAR:

During the financial year 2020-21 Export Sales Recorded Rs.3006577/- againstconsiderable amount received in Indian Currency. As the Company has not carried out anyactivities relating to the import during the financial year.

22. DETAILS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AS

MENTIONED IN RULE 8 COMPANIES (ACCOUNTS) RULES 2014:

(a) Conservation Of Energy:

(i) The steps taken or impact on conservation of energy N.A.
(ii) The steps taken by the company for utilizing alternate sources of energy N.A.
(iii) The capital investment on energy conservation equipment’s N.A.

(b) Technology absorption:

(i) the efforts made towards technology absorption N.A.
(ii) the benefits derived like product improvement cost reduction product development or import substitution N.A.
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- N.A.
(a) the details of technology imported N.A.
(b) the year of import; N.A.
(c) whether the technology been fully absorbed N.A.
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof N.A.
(iv) the expenditure incurred on Research and Development N.A.

The efforts are being made for energy conservation to new and innovative means.Further the Company did not have any imported technology during the financial year.

23. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH

REFERENCE TO THE FINANCIAL STATEMENTS:

During the year the Company continue to implement suggestions and recommendations toimprove the control environment. Their scope of work includes review of processes forsafeguarding the assets of the Company review of operational efficiency effectiveness ofsystems and processes and assessing the internal control strengths in all areas.

24. D0ISCLOSURE WHETHER THE MAINTENANCE OF COST RECORDS AS SPECIFIED BY CG SECTIONUNDER SECTION 148(1) OF THE COMPANIES ACT 2013 IS REQUIRED TO BE MAINTAINED BY THECOMPANY OR NOT:

Pursuant to Section-148 (1) of the Companies Act 2013 read with Rule 3 of Companies(Cost Records and Audit) Rules 2014 Company does not fall under the criteria formaintaining cost record for the financial year 2020-21.

25. STATEMENT THAT COMPANY HAS COMPLIED PROVISIONS RELATING TO INTERNAL COMPLAINTCOMMITTEE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION &REDRESSAL) ACT 2013:

Disclosure under Section 22 of the Sexual Harassment of Women At Workplace (PreventionProhibition And Redressal) Act 2013:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 every company having 10 or more employees engaged inthe company during the financial year is required to set up an Internal ComplaintsCommittee to look into complaints relating to sexual harassment at work place receivedfrom any women employee.

There is only one employee working in the Organization. The motive of the company is toprovide the protectionagainst the Sexual Harassment of woman employee at the work place.However the company is not required to setup theInternal complaints committee inaccordance with the section 22 of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013. During the year no complaints were received by theInternalComplaints committee for sexual harassment from any of the women employees of thecompany.

26. A STATEMENT INDICATING THE MANNER IN WHICH FORMAL ANNUAL EVALUATION HAS BEEN MADEBY THE BOARD OF ITS OWN PERFORMANCE AND THAT OF ITS COMMITTEES AND INDIVIDUAL DIRECTOR:

The Board of Directors has carried out an annual evaluation of its own performanceBoard committees and individual directors pursuant to the provisions of the Companies Act2013 and the corporate governance requirements as prescribed by Securities and ExchangeBoard of India ("SEBI") under Regulation 17 18 19 20 21 22 23 24 25 2627 and clauses (b) to (i) of sub-regulation (2) of regulation 46 and para C D and E ofSchedule V of SEBI (Listing Obligation and Disclosure Requirement) Regulation 2015.

The Board and the Nomination and Remuneration Committee ("NRC") reviewed theperformance of the individual directors on the basis of the criteria such as thecontribution of the individual director to the Board and committee meetings likepreparedness on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In addition the Chairman was also evaluated on the key aspectsof his role.

In a separate meeting of independent Directors performance of non-independentdirectors performance of the board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent Directors at which the performance of the Board its committees andindividual directors was also discussed.

27. PARTICULARS OF CONTRACT OR ARRANGEMENTS WITH RELATED PARTIES. THE DETAILS OF SUCHSHALL BE PROVIDED IN ANNEXURE IN FORM AOC-2:

All related party transactions those were entered during the financial year were inordinary course of the business of the company and were on arm’s length basis.

All such Related Party Transactions are placed before the Audit Committee for approval.

The particulars of every contract or arrangements entered into by the Company withrelated parties referred to the sub-section (1) of section 188 of the Companies Act 2013are disclosed in Form No. AOC-2 ‘Annexure: IV ‘the same forms part ofthis report pursuant to Section 134(3)(h) of the Act read with rule 8(2) of the Companies(Accounts) Rules 2014.

28. A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTOR:

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed undersub-section 6 of Section 149 of the Companies Act 2013 and under Regulation 16 (b) ofSEBI (Listing Obligation and Disclosure Requirements) Regulation 2015.

29. DISCLOSURE ABOUT THE COMPANY’S POLICY ON DIRECTORS’ APPOINTMENT ANDREMUNERATION INCLUDING CRITERIA FOR DETERMINING QUALIFICATIONS POSITIVE ATTRIBUTESINDEPENDENCE OF A DIRECTOR AND OTHER MATTERS PROVIDED:

The Board has on the recommendation of Nomination and Remuneration/ CompensationCommittee framed a policy on directors’ appointment and remuneration of Directorsincluding criteria for determining qualification positive attributes independence ofdirectors and remuneration for Directors Key Managerial Personnel and other employees.

The policy is annexed to this report as ‘Annexure: V.

30. COMPOSITION OF THE AUDIT COMMITTEE AND IF THE BOARD HAS NOT ACCEPTED ANYRECOMMENDATION OF THE AUDIT COMMITTEE THE SAME SHALL ALSO BE DISCLOSED ALONG WITH REASONSTHEREFORE:

The Audit Committee comprises of 3 members out of which 2 are Non-Executive andIndependent Directors. Accordingly the Company has complied with the requirements ofRegulation 18 of SEBI (Listing Obligation and Disclosure Requirement) Regulations 2015relating to composition of Audit Committee.

The Audit Committee has reviewed financial condition and results of operations formingpart of the management discussion and analysis statement of significant related partytransactions as submitted by the management.

31. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM:

In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations2015 a 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.madhur.co under investors/others/Whistle blower Policy link.

32. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY (ONLYIF THERE ARE ANY RISK):

The Company has developed and implemented a risk management policy which identifiesmajor risks which may threaten the existence of the Company. The same has also beenadopted by your Board and is also subject to its review from time to time. Risk mitigationprocess and measures have been also formulated and clearly spelled out in the said policy.

33. IF THE FINANCIAL STATEMENTS AND THE BOARD REPORT HAS BEEN REVISED BY THE COMPANYUNDER SECTION 131 OF THE COMPANIES ACT THEN THE DETAILED REASONS FOR REVISION OF SUCHFINANCIAL STATEMENT OR REPORT SHALL ALSO BE DISCLOSED:

The company has been not revised financial statement and the board report.

34. DETAILS ABOUT POLICY DEVELOPED BY THE COMPANY ON CSR INITIATIVES DURING THE YEAR.THE ANNUAL REPORT OF CSR SHALL BE ENCLOSED AS AN ANNEXURE IN THE BOARD REPORT:

The company does not fall under the purview of the section 135 of the Companies Act2013 which requires formulating a Corporate Social Responsibility Committee and adoptingany activities as specified in Schedule VII.

35. DETAILS OF ESOP GRANTED VESTED EXERCISED LAPSED DURING THE FINANCIAL YEAR ALONGWITH THE DETAILS OF EMPLOYEES TO WHOM SUCH ESOP IS GRANTED VESTED EXERCISED LAPSED:

The company does not introduce an employee stock option plan (ESOP) during the periodunder review.

36. SHARE CAPITAL OF THE COMPANY AND THE DETAILS OF ISSUE OF SECURITIES MADE DURING THEFINANCIAL YEAR:

As on 31st March 2021 the Authorized Share Capital of the Company is Rs.50000000/- (Rupees Five Crore Only) Comprising of 5000000 (Fifty Lakh only) EquityShares of Rs. 10/-(Rupee Ten only).

As on 31st March 2021 the Paid-up Shares Capital of the Company is Rs.40900000/- (Rupees Four Crore Nine Lakh Only) Comprising of 4090000 (Forty LakhNinety Thousand only) Equity Shares of Rs. 10/-(Rupee Ten only).

The company has not issued any securities during the period under review.

37. NAME OF THE STATUTORY AUDITOR OF THE COMPANY AND THE CHANGES IN THE APPOINTMENT OFTHE AUDITOR DURING THE FINANCIAL YEAR:

Pursuant to the provisions of Section 139 of the Companies Act 2013 M/S. RAHULKAKANI & ASSOCIATES (FIRM REG. NO: 130198W)Chartered Accountants have beenappointed as Statutory Auditors of the company at the Annual General Meeting held onSeptember 28 2018 to hold the office till the conclusion of Annual General Meeting of theCompany for the financial year 2022-2023.

Auditors comments on your company’s accounts for year ended March 31 2021 areself-explanatory in nature and do not require any explanation as per provisions of Section134 (3) (f) of the Companies Act 2013.

Notes to the accounts referred to in Auditor’s report are self explanatory andtherefore do not call for any further comments.

38. NAME OF THE SECRETARIAL AUDITOR AND THE STATEMENT THAT THE SECRETARIAL AUDIT REPORTIS ATTACHED AS AN ANNEXURE TO THE REPORT IN FORM MR-3:

Pursuant to Section 204 of the Companies Act 2013 your company had appointed M/S.HARISH P. JAIN AND ASSOCIATES Practicing Company Secretaries Ahmedabad as itsSecretarial Auditors to conduct the Secretarial Audit of the company for F.Y.2020-21. TheReport of the Secretarial Auditor for the F.Y. 2020-21 is annexed to this report as ‘Annexure:II’ to the Directors’ Report.

39. DISCLOSURE ABOUT RECEIPT OF ANY COMMISSION AND REMUNERATION BY MD WTD FROM ACOMPANY AND PARTICULARS OF EMPLOYEES REMUNERATION AS PER SECTION 197:

The ratio of the remuneration of each director to the median employee’sremuneration and other details in terms of sub-section 12 of Section 197 of the CompaniesAct 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are forming part of this report as "Annexure VI".

The statement containing particulars of employees as required under Section 197(12) ofthe Companies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remunerationof Managerial Personnel) Rules 2014 is not provided as no employees is paid remunerationof Rs. 8.5 Lac Per Month and Rs. 1.02 Cr. Per Annum.

40. ACKNOWLEDGEMENT:

Your Directors wish to place on record their gratitude and sincere appreciation for theassistance and co-operation received from the financial institutions banks Governmentauthorities customers vendors and members during the year under review.

Your Directors would like to express a profound sense of appreciation for thecommitment shown by the employees in supporting the Company in its continued robustperformance on all fronts.

BY ORDER OF THE BOARD

FOR MADHUR INDUSTRIES LIMITED

SD/-

SHALIN PARIKH

DATE: 07TH SEPTEMBER 2021

MANAGING DIRECTOR

PLACE: AHMEDABAD

(DIN:00494506)

.