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Ortin Laboratories Ltd.

BSE: 539287 Sector: Health care
NSE: ORTINLABSS ISIN Code: INE749B01012
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Ortin Laboratories Ltd. (ORTINLABSS) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the Directors' Report and the AuditedStatement of Accounts of the Company for the Financial Year ended 31st March 2019.

1. FINANCIAL SUMMARY/HIGHLIGHTS OPERATIONS STATE OF AFFAIRS

The performance of the Company during the year has been as under:

(Rs. In Lakhs)
Particulars 2018-2019 2017-2018
Total Revenue from operations 16788.98 8107.52
Total Expenses 16605.18 8039.48
Profit Before Tax 183.80 68.04
Less: Provision for Taxation 55.80 0.11
Profit / (Loss) After Tax 128.00 67.92
Other Comprehensive Income (26.42) --
Total Comprehensive Income 101.58 67.92
Earning per Equity Share- Basic & Diluted (in Rs.) 0.76 & 0.76 0.40 & 0.40

REVIEW OF OPERATIONS

Your Company has shown good results during the year under review and achieved sales andother income of Rs. 16788.98 Lakhs and net profit of Rs.128.00 Lakhs as compared to salesand other income of Rs. 8107.52 Lakhs and net profit of Rs. 67.92 Lakhs achieved in theprevious financial year.

2. CHANGE IN THE NATURE OF THE BUSINESS IF ANY

During the period under review and the date of Board's Report there was no change inthe nature of Business.

3. RESERVES

During the year your Company has not transferred any amount to General Reserve Account.

4. DIVIDEND

Keeping the Company's expansion and growth plans in mind your directors have decidednot to recommend dividend for the year.

UNPAID / UNCLAIMED DIVIDEND

In terms of the provisions of the Companies Act the Company is obliged to transferdividends which remain unpaid or unclaimed for a period of seven years from thedeclaration to the credit of the Investor education and Protection Fund established by theCentral Government.

During the year dividend amounting to Rs. 13413.50/- that had not been claimed by theShareholders for the year ended 31st March 2011 was transferred to the credit of InvestorEducation and Protection Fund as required under Section 124 read with Section 125 of theCompanies Act 2013.

Further the dividend amount not claimed by the Shareholders for the year ended 31stMarch 2012 will be transferred to the credit of Investor Education and Protection Fund asrequired under Section 124 read with Section 125 of the Companies Act 2013 on03.11.2019.

It may be noted that no claims shall lie against the Company in respect of any amountof dividend remaining unclaimed/unpaid for a period of seven (7) years from the dates ofthey become due for payment. Members who have not claimed the dividends declared for thefinancial year March 31 2012 and onwards are requested to lodge their claim immediatelywith the Company's Registrar and Transfer Agents at the address mentioned in the AnnualReport. The Company has already send reminders to all such members at their registeredaddress in this regard. Further as per Section 124(6) of the Act read with IEPF Rulesall shares in respect of which dividend has not been paid or claimed for seven (7)consecutive years has to be transferred under sub-Section 5 of the Act to the IEPFSuspense Account (in the name of the Company) with one of the Depository Participants asmay be identified by the IEPF Authority within thirty (30) days of such shares becomingdue to be transferred to the IEPF. However proviso to sub-Section 6 provides that theshares transferred to the IEPF can be claimed by the concerned shareholders(s) from IEPFAuthority after complying with the procedure prescribed under the IEPF Rules.

5. MATERIAL CHANGES & COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE

COMPANY

There are no major material changes and commitments affecting the financial position ofthe Company after the end of the financial year and up to date of this report(i.e.14.08.2019)

6. BOARD MEETINGS

The Board of Directors duly met Six (6) times during the financial year from 1st April2018 to 31st March 2019. The dates on which the meetings were held are 27.04.201830.05.2018 14.08.2018 13.09.2018 14.02.2019 and 31.03.2019.

7. APPOINTMENT / RE-APPOINTMENT / RESIGNATION / RETIREMENT OF DIRECTORS/ CEO/ CFO ANDKEY MANAGERIAL PERSONNEL

Mr. M. Tippayya Independent Director of the company has resigned from the companyw.e.f. 30.07.2018. The Board places on record its sincere appreciation for the valuableservices rendered by him during his tenure as Director.

Mrs. T. Uma Sangeetha is reappointed as Independent Director w.e.f from 27.04.2019 forperiod of 5 years.

Mr. S. Srinivasa Kumar and Mr. S. Balaji Venkateswarlu are liable to retire byrotation being eligible offer themselves for reappointment.

As required under regulation 36 (3) of the SEBI (LODR) Regulations 2015 briefparticulars of the Directors seeking appointment / re-appointment are given as under:

Name of the Director Mr. G. Venkata Ramana Mr. S. Balaji Venkateswarlu
Date of Birth 18.08.1968 07.04.1963
Qualification M.SC S.S.C
Expertise in specific functional areas Administration Marketing
Names of Listed entities in which the person also holds the directorship and the membership of Committees of the board - -
Shareholding of non-executive directors. - -
No. of Shares held in the Company 818409 Equity Shares of the Company 157827Equity Shares of the Company
Inter se relationship with any Director - Related to Mr. S. Mohan
Krishna Murthy
Mr. S. Murali Krishna Murthy
and Mr. S. Srinivas Kumar.
Name of the Director Mr. S. Srinivas Kumar Mr. B. Satyanarayana Raju Mrs. T. Uma Sangeetha
Date of Birth 01.07.1965 25.05.1950 14.02.1989
Qualification S.S.C Graduate MBA
Expertise in specific functional areas Distribution network Administration and Finance Public Relations
Names of Listed entities in which the person also holds the directorship and the membership of Committees of the board - - -
Shareholding of non-executive directors. - - -
No. of Shares held in the Company 246723 Equity Shares of the Company 496130 Equity Shares of the Company -
Inter se relationship with any Director Related to Mr. S.Mohan
Krishna Murthy Mr. S. Balaji Venkateswarlu and
Mr. S. Murali Krishna Murthy - -

8. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Company has received declarations from Mr. J. R. K. Panduranga Rao Mrs. T. UmaSangeetha Mr. K. Pradyumna Teja Mr. T Seshagiri and Mr .B. Gopal Reddy IndependentDirectors of the Company to the effect that they are meeting the criteria of independenceas provided in Sub-Section (6) of Section 149 of the Companies Act 2013 and Regulation 25of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

9. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

Independent Directors are familiarized about the Company's operations and businesses.Interaction with the Business heads and key executives of the Company is also facilitated.Detailed presentations on important policies of the Company is also made to the directors.Direct meetings with the Chairman is further facilitated to familiarize the incumbentDirector about the Company/its businesses and the group practices.

The details of familiarisation programme held in FY 2018-19 are also disclosed on theCompany's website at https://www.ortinlabsindia.com/

10. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The assessment and appointment of Members to the Board is based on a combination ofcriterion that includes ethics personal and professional stature domain expertisegender diversity and specific qualification required for the position. The potential BoardMember is also assessed on the basis of independence criteria defined in Section 149(6) ofthe Companies Act 2013 and Regulation 27 of SEBI (LODR) Regulations 2015.

In accordance with Section 178(3) of the Companies Act 2013 and Regulation 19(4) ofSEBI (LODR) Regulations 2015 on the recommendations of the Nomination and RemunerationCommittee the Board adopted a remuneration policy for Directors Key Management Personnel(KMPs) and Senior Management. The Policy is attached as an Annexure to the CorporateGovernance Report.

11. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement of Section 134(3)c and 134(5) of the Companies Act 2013and on the basis of explanation given by the executives of the Company and subject todisclosures in the Annual Accounts of the Company from time to time we state as under:

1. That in the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied themconsistently and made judgment and estimates that are reasonable and prudent so as to givea true and fair view of the state of affairs of the Company at the end of the financialyear and of the profit or loss of the Company for that period;

3. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

4. That the Directors have prepared the annual accounts on a going concern basis:

5. That the Directors have lain down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and

6. That the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems are adequate and operatingeffectively.

12. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

In terms of the provisions of the Companies Act the Company is obliged to transferdividends which remain unpaid or unclaimed for a period of seven years from thedeclaration to the credit of the Investor education and Protection Fund established by theCentral Government. Accordingly the Members are hereby informed that the 7 years periodfor payment of the dividend pertaining to financial year 2011-2012 will expire on03.11.2019 and thereafter the amount standing to the credit in the said account will betransferred to the "Investor Education and Protection Fund" of the CentralGovernment.

The details of Dividend of earlier years remain unclaimed by the shareholders as on31.03.2019 are as given below:

Financial Year Date of Declaration of Dividend Last Date of Claiming Dividend Unclaimed amount as on 31.03.2019 Due date for transfer to Investor Education and Protection Fund
(in Rs.) (IEPF)
2011-2012 29.09.2012 28.10.2012 148000 03.11.2019
2012-2013 30.09.2013 29.10.2013 52840.75 04.11.2020

Pursuant to provisions of Section 124 of Companies Act 2013 the unclaimed dividendwithin the last date mentioned for the respective years will be transferred to InvestorEducation and Protection Fund (IEPF) established by Government of India pursuant toSection 125 of the Companies Act 2013.

13. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THESUBSIDIARIES / ASSOCIATES/ JOINT VENTURES

During the year under review the Company does not have any subsidiaries jointventures or associate Companies.

14. EXTRACT OF ANNUAL RETURN

As required pursuant to Section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in MGT9 is a part of this Annual Report in enclosed as Annexure-I.

15. STATUTORY AUDITORS

The members of the Company in accordance with Section 139 of the Companies Act 2013had passed a resolution for appointment of M/s. Sathuluri & Co. as Statutory Auditorsof the Company for a period of 5 years in the AGM held on 29.09.2017 to hold office up tothe conclusion of 35th Annual General Meeting of the Company to be held in the year2021-2022 which was subject to ratification as per the provisions of Companies Act 2013.

However pursuant to notification from the MCA dated 07.05.2018 ratification ofappointment of statutory auditors at every Annual General Meeting has been dispensed with.

16. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB SECTION (12) OF SECTION143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

There have been no frauds reported by the auditors u/s 143(12).

17. DISCLOSURE ABOUT COST AUDIT

As per Section 148 of the Companies Act 2013 read with Rules framed there under M/sKJU & Associates (Registration No. 000474) Cost Accountants were appointed as CostAuditors of the Company for the financial year ending 31st March 2019.

18. SECRETARIAL AUDITOR

Pursuant to the provisions of Section 134(3) (f) &Section 204 of the Companies Act2013 the Board has appointed M/s. Vivek Surana & Associates Practicing CompanySecretaries has undertaken Secretarial Audit of the Company for financial year ending31.03.2019. The report of the Secretarial Auditor is enclosed herewith vide Annexure-II ofthis Report.

19. QUALIFICATIONS IN AUDIT REPORTS

Explanations or comments by the Board on every qualification reservation or adverseremark or disclaimer made

(a) Statutory Auditors Report

The Board has duly reviewed the Statutory Auditor's Report on the Accounts for the yearended March 31 2019 and has noted that the same does not have any reservationqualification or adverse remarks. However the Board decided to further strengthen theexisting system and procedures to meet all kinds of challenges and growth in the marketexpected in the coming years.

(b) Secretarial Audit Report

The Board has duly reviewed the Secretarial Audit Report for the year ended March 312019 on the Compliances according to the provisions of Section 204 of the Companies Act2013 and has noted that there is an observation i.e. non-appointment of internal auditorin terms of Section 138 of the Companies Act 2013. The Board is in the process ofappointing Internal Auditor.

20. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The Company has not given loans Guarantees or made any investments during the yearunder review attracting the provisions of Section 186 of Companies Act 2013.

21. RELATED PARTY TRANSACTIONS

All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of business. There were no materialsignificant related party transactions made by the Company with the Promoters DirectorsKey Managerial Personnel or the Senior Management which may have a potential conflict withthe interest of the Company at large.

All related party transactions were placed before the Audit Committee/Board forapproval. Prior approval of the Audit Committee was obtained for the transactions whichare foreseen and are in repetitive in nature.

22. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS

SUBSIDIARIES JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR

During the year under review no Company has become or ceased to become itssubsidiaries joint ventures or associate Company.

23. DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as prescribed under Section 134(3) (m) of the Companies Act 2013 isprovided hereunder:

A. Conservation of Energy

Your Company's operations are not energy intensive. Adequate measures have been takento conserve energy wherever possible by using energy efficient computers and purchase ofenergy efficient equipment.

B. Technology Absorption

1. Research and Development (R&D): NIL

2. Technology absorption adoption and innovation: NIL

C. Foreign Exchange Earnings and Out Go

Foreign Exchange Earnings: NIL

Foreign Exchange Outgo: Rs.9403948/-

24. COMMITTEES

(I) AUDIT COMMITTEE

The Audit Committee of the Company is constituted in line with the provisions ofRegulation 18(1) of SEBI (LODR) Regulations with the Stock Exchanges read with Section 177of the Companies Act 2013 are included in the Corporate Governance report which formspart of this report.

(II) NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee of the Company is constituted in line withthe provisions of Regulation 19(1) of SEBI (LODR) Regulations with the Stock Exchangesread with Section 178 of the Companies Act 2013 are included in the Corporate Governancereport which forms part of this report.

(III) STAKEHOLDERS RELATIONSHIP COMMITTEE

The Stakeholders Relationship Committee of the Company is constituted in line with theprovisions of Regulation 20 of SEBI (LODR) Regulations with the Stock Exchanges read withSection 178 of the Companies Act 2013 are included in the Corporate Governance reportwhich forms part of this report.

(IV) RISK MANAGEMENT COMMITTEE AND POLICY

The Company has constituted a Risk Management Committee. The details of constitution ofthe Committee and its terms of reference are set out in the Report on CorporateGovernance. The Company as formulated a Risk Management Policy under which various risksassociated with the business operations is identified and risk mitigation plans have beenput in place.

25. VIGIL MECHANISM/WHISTLE BLOWER POLICY

In pursuant to the provisions of Section 177(9) & (10) of the Companies Act 2013read with Regulation 22of SEBI (LODR) Regulations 2015 a vigil Mechanism for Directorsand employees to report genuine concerns has been established. It also provides fornecessary safeguards for protection against victimization for whistle blowing in goodfaith.

Vigil Mechanism Policy has been established by the Company for directors and employeesto report genuine concerns pursuant to the provisions of section 177(9) & (10) of theCompanies Act 2013. The same has been placed on the website of the Company.

26. CORPORATE SOCIAL RESPONSIBILITY (CSR COMPOSITION OF CSR COMMITTEE AND CONTENTS OFCSR POLICY)

Since the Company does not have the net worth of Rs. 500 Crore or more or turnover ofRs. 1000 Crore or more or a net profit of Rs. 5 Crore or more during the financial yearsection 135 of the Companies Act2013 relating to Corporate Social Responsibility is notapplicable and hence the Company need not adopt any Corporate Social ResponsibilityPolicy.

27. PUBLIC DEPOSITS

Your Company has not accepted any deposits falling within the meaning of Sec.73 74& 76 of the Companies Act 2013 read with the Rule 8(v) of Companies (Accounts) Rules2014 during the financial year under review.

28. SIGNIFICANT & MATERIAL ORDERS PASSED BY COURTS/ REGULATORS / TRIBUNALS

There are no significant and material orders passed by the regulators /courts thatwould impact the going concern status of the Company and its future operations.

29. DISCLOSURE OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Internal Financial Controls with reference to financial statements as designed andimplemented by the Company are adequate. The Company maintains appropriate system ofinternal control including monitoring procedures to ensure that all assets aresafeguarded against loss from unauthorized use or disposition. Company policiesguidelines and procedures provide for adequate checks and balances and are meant toensure that all transactions are authorized recorded and reported correctly.

During the period under review there is no material or serious observations have beennoticed for inefficiency or inadequacy of such controls.

30. INSURANCE

The properties and assets of your Company are adequately insured.

31. CREDIT & GUARANTEE FACILITIES

The Company has availed Working Capital facilities and Term Loan from Karnataka Bank.

32. SHARE CAPITAL

The authorised share capital of the Company stands at Rs. 200000000/-.

The paid up share capital of the Company stands at Rs. 169404000/- divided into16940400 equity shares of Rs.10/- each.

33. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION

The Company has implemented all of its major stipulations as applicable to the Company.As stipulated under Regulation 34 read with schedule V of SEBI (LODR) Regulations 2015 areport on Corporate Governance duly audited is appended as Annexure III for information ofthe Members. A requisite certificate from the Auditors of the Company confirmingcompliance with the conditions of Corporate Governance is attached to the Report onCorporate Governance.

34. MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

The Management Discussion and Analysis Report pursuant to the SEBI (LODR) Regulationappended as Annexure IV for information of the Members.

35. POLICIES

The SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 mandatedthe formulation of certain policies for all listed companies. All the policies areavailable on our website https://www.ortinlabsindia.com/investors/ policies). The policiesare reviewed periodically by the Board and updated based on need and new compliancerequirement.

Name of the policy Brief Description Website link
Board Diversity Policy At Ortin Laboratories Limited we believe that a truly diverse board will leverage differences in thought perspective knowledge skill regional and industry experience cultural and geographical background age ethnicity race and gender which will help us retain our competitive advantage. The Board has adopted the Board Diversity Policy which sets out the approach to diversity of the Board of Directors. https://www.ortinlabsindia.com/ investors/Policies/board-diversity- policy.pdf
Nomination and Remuneration Policy This policy formulates the criteria for determining qualifications competencies positive attributes and independence for the appointment of a director (executive / non-executive) and also the criteria for determining the remuneration of the directors key managerial personnel and other employees. https://www.ortinlabsindia.com/ investors/Policies/Nomination & Remuneration Policy.pdf
Policy on Material Subsidiaries The policy is used to determine the material subsidiaries and material non-listed Indian subsidiaries of the Company and to provide the governance framework for them. https://www.ortinlabsindia.com /investors/Policies/Material subsidiaries.pdf
Related Party Transaction Policy The policy regulates all transactions between the Company and its related parties https://www.ortinlabsindia.com /investors/Policies/RelatedParty transaction policy.pdf

36. ENVIRONMENT AND HUMAN RESOURCE DEVELOPMENT

Your Company always believes in keeping the environment pollution free and is fullycommitted to its social responsibility. The Company has been taking upmost care incomplying with all pollution control measures from time to time strictly as per thedirections of the Government.

We would like to place on record our appreciation for the efforts made by themanagement and the keen interest shown by the Employees of your Company in this regard.

37. STATUTORY COMPLIANCE

The Company has complied with the required provisions relating to statutory compliancewith regard to the affairs of the Company in all respects.

38. DISCLOSURE 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 of Women at workplace (Prevention Prohibition and Redressal)Act 2013. Internal Complaint Committee (ICC) has been set up to redress complaintsreceived regarding sexual harassment.

Constitution of Committee:

Name Designation
Sujata Presiding Officer
G. Padma Member
T. Srinivas Rao Member
DasaripallaJoji External Member

All employees are covered under this policy. During the year 2018-2019 there were nocomplaints received by the Committee.

39. STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN TERMS OF REMUNERATION DRAWNAND THE NAME OF EVERY EMPLOYEE AS PER RULE 5(2) & (3)OF THE COMPANIES(APPOINTMENT& REMUNERATION) RULES 2014

A table containing the particulars in accordance with the provisions of Section 197(12)of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is appended as Annexure V to this Report.

A statement showing the names of the top ten employees in terms of remuneration drawnand the name of every employee is annexed to this Annual report as Annexure VI

During the year NONE of the employees is drawing a remuneration of Rs.10200000/- andabove per annum or Rs.850000/- and above in aggregate per month the limits specifiedunder the Section 197(12) of the Companies Act2013 read with Rules 5(2) and 5(3) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014.

40. RATIO OF REMUNERATION TO EACH DIRECTOR

Under section 197(12) of the Companies Act 2013 and Rule 5(1) (2) & (3) of theCompanies (Appointment & Remuneration) Rules 2014 read with Schedule V of theCompanies Act 2013 the ratio of remuneration of Managing Director (Mr .S. Murali KrishnaMurthy) Joint Managing Director (Mr .G. Venkata Ramana) Whole-Time Directors(S. MohanKrishna Murthy S. Srinivas Kumar) and Whole-time Directorcum CFO (B. Satyanarayana Raju)of the Company to the median remuneration of the employees is 2.12 8.32 1.12 2.12 and6.47 times respectively.

41. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING

The Board of Directors has adopted the Insider Trading Policy in accordance with therequirements of the SEBI (Prohibition of Insider Trading) Regulation 2015. The InsiderTrading Policy of the Company lays down guidelines and procedures to be followed anddisclosures to be made while dealing with shares of the Company as well as theconsequences of violation. The policy has been formulated to regulate monitor and ensurereporting of deals by employees and to maintain the highest ethical standards of dealingin Company securities.

The Insider Trading Policy of the Company covering code of practices and procedures forfair disclosure of unpublished price sensitive information and code of conduct for theprevention of insider trading is available on our website (https://www.ortinlabsindia.com/investors/insider-trading-policy.pdf)

42. SECRETARIAL STANDARDS

The Company is in compliance with the applicable secretarial standards.

43. EVENT BASED DISCLOSURES

During the year under review the Company has not taken up any of the followingactivities:

1. Issue of sweat equity share: NA

2. Issue of shares with differential rights: NA

3. Issue of shares under employee's stock option scheme: NA

4. Disclosure on purchase by Company or giving of loans by it for purchase of itsshares: NA

5. Buy back shares: NA

6. Disclosure about revision: NA

7. Preferential Allotment of Shares: NA

DE-MERGER

The Company has received No Objection letter for the Scheme of Arrangement from BSE andNSE on 20.06.2019 and accordingly the company initiated the process towards completion ofthe process of De-merger including making an application to Hon'ble NCLT Hyderabad.

44. CEO/ CFO Certification

The Managing Director cum CEO and CFO certification of the financial statements for theyear 2018-2019 is annexed in this Annual Report.

45. ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation of the contribution made bythe employees at all levels to the continued growth and prosperity of your Company. YourDirectors also wish to place on record their appreciation of business constituents banksand other financial institutions and shareholders of the Company for their continuedsupport for the growth of the Company.

For and on behalf of the Board of For Ortin Laboratories Limited

S. Murali Krishna Murthy G. Venkata Ramana
Place: Hyderabad Managing Director Joint Managing Director
Date : 14.08.2019 (DIN: 00540632) (DIN: 00031873)