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Prism Medico & Pharmacy Ltd.

BSE: 512217 Sector: Others
NSE: N.A. ISIN Code: INE730E01016
BSE 00:00 | 18 Sep 15.67 0.63
(4.19%)
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15.04

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NSE 05:30 | 01 Jan Prism Medico & Pharmacy Ltd
OPEN 15.04
PREVIOUS CLOSE 15.04
VOLUME 26335
52-Week high 29.40
52-Week low 9.30
P/E
Mkt Cap.(Rs cr) 10
Buy Price 15.72
Buy Qty 100.00
Sell Price 15.78
Sell Qty 20.00
OPEN 15.04
CLOSE 15.04
VOLUME 26335
52-Week high 29.40
52-Week low 9.30
P/E
Mkt Cap.(Rs cr) 10
Buy Price 15.72
Buy Qty 100.00
Sell Price 15.78
Sell Qty 20.00

Prism Medico & Pharmacy Ltd. (PRISMMEDICO) - Director Report

Company director report

Your Directors are pleased to present the 18th Annual Report covering the operationaland financial performance of your Company along with the Audited Financial Statements forthe financial year ended March 31 2020.

1 FINANCIALHIGHLIGHTS:

The Standalone Financial results are briefly indicated below:

Particulars 2019-20 2018-19
Revenue from Operations 268901792 363061615
Other Income 0 2187442
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense (502496) 3201520
Less: Depreciation/ Amortisation/ Impairment 176180 266990
Profit /loss before Finance Costs Exceptional items and Tax Expense (678676) 2934530
Less: Finance Costs 2494 2264
Profit /loss before Exceptional items and Tax Expense (681170) 2932266
Add/(less): Exceptional items - -
Profit /loss before Tax Expense (681170) 2932266
Less: Tax Expense
• Current Tax 0 564168
• Deferred Tax 178623 631785
• MAT Credit Entitlement 0 694471
Profit /loss for the year (502546) 3694354

2. REVIEW OF OPERATIONS

Your Company has prepared the Financial Statements for the financial year ended March31 2020 in terms of Sections 129133 and Schedule III of the Companies Act 2013 readwith the Companies (Indian Accounting Standards) Rules 2015 as amended. The Company hasincurred loss of Rs. 502546/- during the financial year under review. Your Directorsexpect to achieve better performance in the future taking maximum efforts to control thecosts and optimize the results in the coming years.

3. CHANGE IN NATURE OFBUSINESS

There is no change in the nature of Business during the financial year 2019-20.

4. TRANSFER TORESERVES

The company has transferred Rs. 502546 being the loss for the current financial yearto Reserves & Surplus.

5. DIVIDEND

The company does not recommend any dividend due to losses incurred during the year.

6. SHARE CAPITAL

The Authorized Share Capital of the Company as on March 31 2020 stands at Rs. 10 Croredivided into 10000000 equity shares of Rs. 10/- each. The Issued Share Capital of theCompany remains at Rs. 60634280

divided into 6063428 equity shares of Rs. 10/- each and the Subscribed and Paid-upShare Capital is Rs. 60634280 divided into 6063428 equity shares of Rs. 10/- eachfully paid-up. There was no change in the share capital of the Company during thefinancial year 2019-20.

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIA POSITION

BETWEEN END OF THE FINANCIAL YEAR AND THE DATE OF THISREPORT

Subsequent to the end of the financial year on March 31 2020 till date there has beenno material change and / or commitment which may affect the financial position of theCompany.

8. ADOPTION OF INDIAN ACCOUNTING STANDARD (INDAS)

The Ministry of Corporate Affairs vide notification dated 16 February 2015 made itmandatory in a phased manner for adoption and applicability of Indian Accounting Standards(Ind AS) for companies other than Banking Insurance and Non-Banking Finance Companies.Rule 4 of the Companies (Indian Accounting Standards) Rules 2015 specifies the classes ofcompanies which shall comply with the Ind AS in preparation of the financial statements.In accordance with clause (iii) of sub rule (1) of the Rule 4 of the Companies (IndianAccounting Standards) Rules 2015 the compliance of Indian Accounting Standards wasapplicable and mandatory to the company for the accounting period beginning from 1 April2017. The financial statements for the year under review have been prepared in accordancewith the IndAS.

9. DEPOSITS

During the period under review the Company has neither accepted nor invited any Publicdeposits. Hence the provisions of Section 76 of the Companies Act 2013 read with theCompanies (Acceptance of Deposits) Rules 2014 are not applicable.

10. CORPORATE SOCIAL RESPONSIBILITY(CSR)

The provisions of Section 135 of the Companies Act relating to Corporate SocialResponsibility are not applicable as the Company is having Net worth less than rupees FiveHundred Crore Turnover less than rupees One Thousand Crore and Net Profit less thanrupees Five Crore.

11. RELATED PARTY TRANSACTIONS

During the financial year ended March 31 2020 all transactions with the RelatedParties as defined under the Companies Act 2013 read with Rules framed thereunder were inthe 'ordinary course of business' and 'at arm's length' basis.

Your Company has formulated a Policy on Related Party Transactions and the said Policyhas been uploaded on the website of the Company atwww.prismmedico.com.

All Related Party Transactions of your Company had prior approval of the AuditCommittee and the Board of Directors as required under the Listing Regulations.Subsequently the Audit Committee and the Board have reviewed the Related PartyTransactions on a quarterly basis.

Form AOC-2 containing particulars of contracts or arrangements entered into by theCompany with related parties referred in Section 188(1) of the Companies Act 2013 isattached as 'Annexure - A'. Details of related party transactions and relateddisclosures are given in the notes to the financial statements.

12. NUMBER OFMEETINGS:

The Board has met 9 (Nine) times during the financial year the details of which are asunder:

25th April 2019 30thMay 2019 17th June 2019 13thAugust2019 30th August 2019

14th October 2019 30th December 2019 27th January2020 and 30th January 2020.

Meeting of the Board of Directors which was to be held on 29/05/2019 was adjourned andwas held on 30/05/2019. Also The intervening gap between any two meetings did not exceed120 days as prescribed by the Companies Act 2013.

Details of Attendance of Directors:

Name of the Director Number of Meetings entitled to attend Number of Meetings attended
1. Mr. Jasjot Singh 2 2
2. Mr. Gursimran Singh 5 5
3. Ms. Simmi Chhabra 5 5
4. Ms. Charu Pareek 9 7
5. Mr. Sehejbir Singh Bhatia 9 9
6. Mr. Rishi Pal Panwar 9 9
7. Mr. Mr. Sudhanshu Srivastav 4 4
8. Mr. Jimit Jitendra Trivedi 4 4

Details of number of meeting attended by Directors:

Date of Meeting Number of Directors entitled to attend Number of Directors attended
1. 25/04/2019 6 6
2. 30/05/2019 6 5
3. 17/06/2019 5 4
4. 13/08/2019 5 5
5. 30/08/2019 5 5
6. 14/10/2019 5 5
7. 30/12/2019 5 5
8. 27/01/2020 5 5
9 30/01/2020 5 5

13. COMPOSITION OF COMMITTEES

As per the applicable provisions of the Companies Act2013 & Securities ExchangeBoard of India (Listing Obligations & Disclosure Requirements) Regulations 2018three Committees have been constituted in the company which are as follows:-

a) Audit Committee

The Board of Directors of your Company has duly constituted an Audit Committee incompliance with the provisions of Section 177 of the Companies Act 2013 the Rules framedthereunder read with Regulation 18 of the Listing Regulations. The terms of reference ofthe Audit Committee has been duly approved by the Board of Directors. The recommendationsmade by the Audit Committee are accepted by your Board.

The committee met 5 (Five) times during the F.Y.2019-20:

Date of Meeting Number of Members entitled to attend Number of Members attended
1 25/04/2019 3 3
2 29/05/2019 3 3
3 13/08/2019 3 3
4 14/10/2019 3 3
5 30/01/2020 3 3

Details of Composition and Attendance of Members of the Audit Committee as on31.03.2020 is as below:

S.No. Name of the Director Category/ Designation Number of Committee Meetings entitled to attend Number of Committee Meetings attended
1. Mr. Sudhanshu Srivastav (w.e.f. 14t/10/2019) Member & Executive Director 2 2
2. Ms. Charu Pareek Member & Independent NonExecutive Director 5 5
3. Mr. Rishi Pal Panwar Member & Independent NonExecutive Director 5 5
4. Ms. Simmi Chhabra (upto 05/10/2019) Member & Independent NonExecutive Director 3 3

Mr. Sudhanshu Srivastav was appointed as the member of Audit Committee on 14thOctober 2019 due to resignation of Ms. Simmi Chhabra as the member of the Audit Committeeon 05th October 2019.

b) Nomination & Remuneration Committee The committee met 3 (Three) times duringthe F.Y. 2019-20:

S.No. Date of Meeting Number of Members entitled to attend Number of Members attended
1 17/06/2019 3 3
2 14/10/2019 3 3
3 30/12/2019 3 3

Details of Composition and Attendance of Members of the Nomination & RemunerationCommittee as on 31.03.2020 is as below:

Name of the Director Category/ Designation Number of Committee Meetings entitled to attend Number of Committee Meetings attended
1. Ms. Charu Pareek Member & Independent NonExecutive Director 3 3
2. Mr. Rishi Pal Panwar Member & Independent NonExecutive Director 3 3
3. Mr. Sudhanshu Srivastav (w.e.f. 14/010/2019) Member & Executive Director 2 2
4. Ms. Simmi Chhabra (upto 05/10/2019) Member & Independent NonExecutive Director 1 1

Mr. Sudhanshu Srivastav was appointed as the member of Nomination & RemunerationCommittee on 14th October 2019 due to resignation of Ms. Simmi Chhabra as themember of the Nomination & Remuneration Committee on 05th October 2019.

c) Stakeholder Grievance Committee

The Board of Directors of the Company constituted a Stakeholders Relationship Committeeof the Board in terms of the requirements of Section 178 of the Companies Act 2013 andRules framed

thereunder read with Regulation 20 of the Listing Regulations.

The committee met Once during the F.Y 2019-20:

S.No. Date of Meeting Number of Members entitled to attend Number of Members attended
1 20.03.2020 3 3

Details of Composition and Attendance of Members of the Stakeholder Grievance Committeeas on 31.03.2020 is as below:

S.No. Name of the Director Category/ Designation Number of Committee Meetings entitled to attend Number of Committee Meetings attended
1. Mr. Rishi Pal Panwar Member & Independent NonExecutive Director 1 1
2. Ms. Charu Pareek Member & Independent NonExecutive Director 1 1
3. Mr. Sudhanshu Srivastav (w.e.f. 14/10/2019) Member & Executive Director 1 1
4. Ms. Simmi Chhabra (upto 05/10/2019) Member & Independent NonExecutive Director N.A. N.A

Mr. Sudhanshu Srivastav was appointed as the member of Stakeholder Grievance Committeeon 14th October 2019 due to resignation of Ms. Simmi Chhabra as the member ofthe Stakeholder Grievance Committee on 05th October 2019.

14. DIRECTORS AND KEY MANAGERIALPERSONNEL:

A. REAPPOINTMENT OFDIRECTOR:

Mr. Sudhanshu Srivastav who retires by rotation being eligible offers himself for re-appointment at the ensuing Annual General meeting.

B. INDEPENDENTDIRECTORS:

The Company has received declaration from all the Independent Directors of the Companyconfirming that they meet with criteria of Independence as prescribed under sub-section(6) of section 149 of the Companies Act 2013 and under clause 49 of the ListingAgreements with the Stock Exchanges.

The Independent Directors have met once during the financial year 2019-20 on 20thMarch 2020 without the attendance of non-independent directors and members of theManagement.

None of the Directors of your Company is disqualified under Section 162 (2) of theCompanies Act 2013. As required by law this position is also reflected in the Auditors'Report.

C. APPOINTMENT OFDIRECTOR:

During the year under review following persons were appointed as Directors of thecompany:

i. Mr. Sehejbir Singh Bhatia was appointed as Additional Director on 17/06/2019 andregularized at the Annual General Meeting held on 30th September 2019.

ii. Mr. Sudhanshu Srivastav was appointed as Additional Director on 14/10/2019.

iii. Mr. Jimit Jitendra Trivedi was appointed as Additional Director on 14/10/2019.

D. CESSATION OF DIRECTOR:

During the year under review following Directors resigned from the directorship of thecompany:

i. Mr. Jasjot Singh resigned with effect from 08/06/2019

ii. Mr. Sehejbir Singh Bhatia resigned with effect from 08/06/2019

iii. Mr. Gursimran Singh resigned with effect from 05/10/2019

iv. Ms. Simmi Chhabra resigned with effect from 05/10/2019

E. KEY MANAGERIALPERSONNEL:

During the year under review Ms. Swati Pandey (ACS- 54947) who was appointed asCompany Secretary with effect from 11.12.2018 served her services till 31stDecember 2019. As on 31/03/2020 there was no Company Secretary appointed in the company.Further Mr. Sameer Gupta (ACS- 59256) was appointed as Company Secretary on 08thJune2020.

Therefore as on 31st March 2020 following persons have been designated as KeyManagerial Personnel of the Company pursuant to Section 2(51) and Section 203 of the Actread with the Rules framed thereunder.

(i) Mr. Gursimran Singh—Chief Financial Officer.

15. SUBSIDIARIES/ ASSOCIATES/IOINT VENTURES

During the year under review The Company had no Joint ventures and Associate Companiesas per the provisions of Companies Act during the financial year ended on 31st March2020.

Further the company had one wholly owned subsidiary i.e. Healthy Biosciences PrivateLimited till 27th January 2020 as the company had sold its shareholding inthe M/s Healthy Biosciences Private Limited as on said date. Also there was no loss/profiton the transfer of shares. Therefore as on 31st March 2020 company has no subsidiary asper the provisions of Companies Act2013.

Pursuant to the provisions of Section 129(3) of the Companies Act 2013 read with Rule5 of the Companies (Accounts) Rules 2014 a statement containing the salient features ofFinancial Statements of the aforesaid Subsidiaries has been provided in Form AOC-1 andforms part of this Annual Report and marked as "Annexure B".

16. DIRECTOR'S RESPONSIBILITYSTATEMENT:

Pursuant to the requirement under Section 134 (5) of the Companies Act 2013 withrespect to Directors Responsibilities Statement it is hereby confirmed:

a) That in the preparation of the annual accounts for the financial year ended 31stMarch 2020 the applicable Ind accounting standards had been followed along with properexplanation relating to material departures.

b) that the Directors has selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit or loss of the Company for the year review.

c) that the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities and

d) The Directors had prepared the accounts for the financial year ended 31st March2020 on a going

concern basis.

e) The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.

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

17. EXTRACT OF ANNUALRETURN:

The details forming part of the extract of the Annual Return in form MGT-9 is annexedherewith as Annexure to the Board Report and marked as Annexure C and the same isavailable on the website of the Company at www.prismmedico.com

18. MANAGEMENT DISCUSSION ANALYSIS REPORT:

The details forming part of Management Discussion and Analysis Report is annexedherewith as Annexure to the Board Report. ANNEXURE D.

19 PARTICULARS OF EMPLOYEES

Disclosure required under Section 197 of the Companies Act 2013 read with rule 5 ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 asamended up to date is not applicable since your Company has no such employees. Howeverdisclosure is annexed as Annexure E

20. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT

As required under section 204 (1) of the Companies Act 2013 and Rules made there underthe Company has appointed M/s. M.R. Chechi & Associates Company SecretariesChandigarh as Secretarial Auditor to conduct the Secretarial Audit of the Company for thefinancial Year 2019-20. The Secretarial Audit Report for the financial year ended 31stMarch 2020 is attached as Annexure F to the Board's Report. This report containsobservation as mentioned below alongwith the replies:

1. During the year under review the company did not pubiish the notice of Board ofDirectors meeting held on 30th January 2020 where financial results for the quarter ended31st December 2019 were discussed and approved.

Reply: The company had given the Notice for publication in the newspaper to theAdvertisement agency but due to lack of communication and confirmation for publicationthe same could not be done.

21. AUDITORS & AUDITORS REPORT:

In terms of the provisions of Section 139 of the Companies Act 2013 read withprovisions of the Companies (Audit and Auditors) Rules 2014 as amended from time to timeM/s. Harjeet Parvesh& Co. Chartered Accountants (Firm Registration No. 017437N) (PeerReview Certificate No. 011668) who were appointed as the Auditors of the Company for aconsecutive period of 5 (five) years from conclusion of the 15thAGM held in theyear 2017 until conclusion of the 20thAGM of the Company scheduled to be heldin the year 2022 continue to be statutory auditors of the company.

The Report given by the Auditors on the financial statement of the Company forms partof this Report as Annexure "G".

There has been no qualification reservation adverse remark or disclaimer given by theAuditors in their Report. During the year under review the Auditors had not reported anymatter under Section 143 (12) of the Companies Act 2013.

22. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS ANDOUTGO

Information in accordance with the provisions of Section 134 (3)(m) of the Act readwith the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules1988 regarding Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo is not applicable on the Company.

23. MECHANISM FOR EVALUATION OF BOARD

Pursuant to the provisions of the Companies Act 2013 and regulation 17(10) of SEBI(LODR) Regulation 2015 a structured procedure was adopted after taking into considerationof the various aspects of the Board's functioning composition of the Board and itscommittees execution and performance of specific duties obligations and governance.

The performance evaluation of the independent Directors was completed in time. Theperformance evaluation of the Chairman and the Non-independent Directors was carried outby the Independent Directors. The Board of Directors expresses their satisfaction with theevaluation process.

The performance of each committee has been evaluated by its members and found to behighly satisfactory.

On the basis of this exercise the Board has decided that all Independent Directorsshould continue to be on the Board.

24. IMPLEMENTATION OF RISK MANAGEMENTPOLICY:

The Company has formulated a policy and process for Risk Management. The Company hasset up a core group of leadership team which identifies assesses the risks and thetrends exposure and potential impact analysis at different level and lays down theprocedure for minimization of risks. Risk Management forms an integral part of Managementpolicy and is an ongoing process integrated with the operations.

The Company has identified various strategic operational and financial risks which mayimpact Company adversely. However management believes that the mitigation plans foridentified risks are in place and may not threaten the existence of the Company.

25. PARTICULARS OF LOANS. GUARANTEES ORINVESTMENTS:

The Company has not given any loan/guarantee or provided any security during the yearunder review under the provisions of section 186 of the Companies Act 2013.

26. WHISTLE BLOWER POLICY AND VIGILMECHANISM:

The Company has formulated and communicated the Whistle Blower Policy to all itsdirectors and employees and the same is posted on the Company's Websitewww.prismmedico.com(http://prismmedico.com/policy-whit.pdf)

Your Company recognizes the value of transparency and accountability in itsadministrative and management practices. The Company promotes the ethical behavior in allits business activities. The Company has adopted the Whistle blower Policy and VigilMechanism in view to provide a mechanism for the Directors and employees of the Company toapproach Audit Committee of the Company to report existing/probable violations of lawsrules regulations or unethical conduct.

27. DISCLOSURES UNDER SEXUAL HARRASMENT OF WOMEN AT WORKPLACE f PREVENTION- PROHIBITION& REDRESSAL)ACT. 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted aPolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the provisions of The Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and the Rules framed thereunder. Further the Companyhas Internal Complaint Committees for various locations of the Company in compliance withthe above mentioned Act and Rules. During the financial year 2019-20 no complaint hasbeen received during the year under review.

28. STOCKEXCHANGES:

The Company's shares are listed on the following Stock Exchanges:

(i) Bombay Stock Exchange Limited (BSE Ltd.)

(ii) Metropolitan Stock Exchange of India (MSEI Ltd.)

29. LISTINGFEES:

The Annual Listing Fee for the financial year 2019-20 had been paid to those StockExchanges where the Company's shares are listed.

30. POSTALBALLOT:

The Company has conducted Postal Ballot during the year under review.

31. CORPORATEGOVERNANCE

As per Regulation 15(2) of SEBI (Listing Obligation and Disclosures requirement)Regulation 2015 report on Corporate Governance is not applicable as the Company is notfalling within the prescribed ambit as mentioned there in.

32. NOMINATION AND REMUNERATIONPOLICY

The appointment and remuneration of Directors is governed by the recommendation ofNomination and Remuneration Committee and then decided by the Board subject to approval ofthe shareholders. The Company had made a policy on it and the same is available on thewebsite of the Company www.prismmedico.com.

The remuneration payable to the Directors is decided keeping into consideration longterm goals of the Company apart from the individual performance expected from adirector(s) in pursuit of the overall objectives of the Company.

The remuneration of Executive Director(s) including Managing Director(s) and Whole-timeDirector(s) is governed by the recommendation of Nomination and Remuneration Committee asper the criteria recommended by it and then approved by the Board subject to approval ofthe Shareholders.

The Non-executive Director(s) may be paid remuneration by way of commission either byway of monthly payments or specified percentage of net profits of the Company or partly byone way and partly by the other as may be recommended by Nomination and RemunerationCommittee and then decided by the Board subject to approval of the Shareholders.

In accordance with the provisions of the Articles of Association of the Company and theCompanies Act 2013 a sitting fees is paid to the Non-executive Directors of the Companywho are not drawing any remuneration described hereinabove for attending any meeting ofthe Board or of any Committee thereof.

The remuneration payable to Directors shall be governed by the ceiling limits specifiedunder section 197 of the Companies Act 2013. The remuneration policy for other seniormanagement employees including key managerial personnel aims at attracting retaining andmotivating high caliber talent and ensures equity fairness and consistency in rewardingthe employees. The remuneration to management grade employees involves a blend of fixedand variable component with performance forming the core.

The components of total remuneration vary for different employee grades and aregoverned by industry practices qualifications and experience of the employeesresponsibilities handled by them their potentials etc.

33. INTERNAL AUDITORS & AUDITORS REPORT

As required under section 138 of the Companies Act 2013 read with Rule 13 of theCompanies (Accounts) Rules 2014 made there under the Company has appointed InternalAuditors to assess the risk management and to ensure that risk management processes areefficient effective secure and compliant. It is the basic check of internal control ofthe organization. An internal audit is an organizational move to check ensure monitorand analyze its own business operations in order to determine how well it conforms to aset of specific criteria.

34. ADEQUACY OF INTERNAL FINANCIALCONTROLS:

Your Company's internal financial control ensures that all assets of the Company areproperly safeguarded and protected proper prevention and detection of frauds and errorsand all transactions are authorized recorded and reported appropriately.

Your Company has an adequate system of internal financial controls commensurate withits size and scale of operations procedures and policies ensuring orderly and efficientconduct of its business including adherence to the Company's policies safeguarding ofits assets prevention and detection of frauds and errors accuracy and completeness ofaccounting records and timely preparation of reliable financial information.

35. DEMATERILISATION OF SHARES:

The Company has connectivity with NSDL & CDSL for dematerialization of its equityshares. The ISIN No. INE730E01016 has been allotted for the Company.

Further the Company does not have any Equity shares lying in the Suspense Account.

36. MAINTENANCE OF COST RECORDS

The Central Government has not prescribed the maintenance of cost records under Section148(1) of the Companies Act 2013 and Rules framed thereunder with respect to theCompany's nature of business.

37. TRANSFER TO INVESTOR PROTECTION AND EDUCATION FUND (IEPF)

There are no unclaimed funds or shares to be deposited to the Investor Protection andEducation Fund as on 31.03.2020.

38. TRADERELATIONS

The Board wishes to place on record its appreciation for the support and co-operationthat the Company received from its suppliers distributors retailers and otherassociates. The Company has always looked upon them as partners in its progress and hashappily shared with them rewards of growth. It will be Company's endeavour to build andnurture strong links based on mutuality respect and co-operation with each other andconsistent with customer interest.

39. COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD ANDGENERAL MEETINGS

During the year under review the Company has duly complied with the applicableprovisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) andGeneral Meetings (SS-2) issued by The Institute of Company Secretaries of India(ICSI).

40. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS

There were no significant and material orders passed by the Regulators Courts orTribunals during the year under review which would impact the going concern status ofthe Company and its operations in future.

41. ACKNOWLEDGEMENTS

Your Directors would like to express their appreciation for assistance and co-operationreceived from the financial institutions banks Government authorities customersvendors and members during the year under review. Your Directors also wish to place onrecord their deep sense of appreciation for the committed services by the executivesstaff and workers of the Company and the shareholders for their support and confidencereposed on the Company.

For And On Behalf Of The Board Of Directors For Prism Medico & Pharmacy Limited

Place: Mohali Sudhanshu Srivastav Jimit Jitendra Trivedi
Date:13/08/2020 Director Director
DIN - 08242441 DIN-08585697