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Avanti Feeds

BSE: 512573|NSE: AVANTIFEED|ISIN: INE871C01020|SECTOR: Aquaculture
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Directors Report Year End : Mar '17    Mar 16

BOARD''S REPORT Dear Members,

The Directors have pleasure in presenting their 24th Annual Report together with the Audited Financial Statements of your Company and its subsidiaries for the year ended 31st March, 2017.

1. Financial summary or highlights:

The summarized standalone and consolidated results of your Company and its subsidiaries are given in the table below:

(Rs. in Lakhs)

Financial Year ended

Particulars

Stanc

alone

Consolidated

31/03/2017

31/03/2016

31/03/2017

31/03/2016

Total Revenue

2,65,419.02

201,828.87

273,266.04

201,828.87

Profit/(loss) Before Interest, Depreciation & Tax (PBITD)

30,753.25

24,375.84

35,158.31

25,024.95

Finance Charges

233.32

182.74

271.23

183.94

Depreciation

1,151.89

935.47

1,368.95

1,022.67

Provision for Income Tax (including for earlier years)

9,834.58

7,731.40

10,843.43

7,920.04

Net Profit/(Loss) After Tax

19,533.46

15,526.23

22,674.70

15,898.30

Profit/(Loss) brought forward from previous year

32,973.27

22,053.37

33,456.69

22,313.02

Profit/(Loss) carried to Balance Sheet

46,680.47

32,973.27

48,174.04

33,456.69

Summary of Operations & State of Company''s affairs:

The Profit for the year under consideration i.e. 2016-17, before depreciation, finance charges and tax is Rs.30,753.25 lakhs as compared to a profit of Rs. 24,375.84 lakhs in the previous financial year. The Profit for the year after tax is Rs.19,533.46 lakhs as against a Profit of Rs. 15,526.23 lakhs during the previous financial year.

After remaining stagnant during 2015-16, the industry bounced back in the year 2016-17 and reported a growth of 15-20% due to consistently favorable shrimp prices coupled with copious rain fall in most of the shrimp culture areas. Your Company reported 3,41,660 MT sales of shrimp feed during 2016-17 as compared to 2,52,590 MT shrimp feed sales in the immediate preceding financial year 2015-16, an increase of 35% in volume. For the 5th consecutive year your Company posted higher growth than the industry which reflects your Company''s un-compromising commitment to product quality and technical support to farmers making it farmer''s first choice.

The shrimp processing and export sales during 2016-17 recorded export of 5155 MT as against 4377 MT in the previous year representing an increase of 18% in quantitative terms.

During the year 2015-16 your Company divested its Shrimp Processing & Export Division to its subsidiary Avanti Frozen Foods Private Limited (AFFPL) by way of slump sale, under Business Transfer Agreement. This was done in order to improve business efficacy and to build global brand image for Shrimp Processing Business. The effective date of transfer of the Shrimp Processing & Export Division to AFFPL was 01.11.2015. However, transfer of statutory licenses from AFL to AFFPL was received in June''16 and transfer of name from USDOC was received on 22.1 1.2016. From 01.04.2016 to 30.06.2016 AFL operated the Processing & Export business on behalf of AFFPL and from 01.07.2016 till 22.1 1.2016, AFFPL did the processing and AFL exported as a merchant exporter. With effect from 23.1 1.2016, AFFPL is carrying on the processed shrimp operations in its own name.

The revenue and related expenditures for the period from 01.04.2016 to 22.1 1.2016 are included in Statement of Profit & Loss of AFL. However, the profit from operation for the period starting from 01.04.2016 to 22.1 1.2016 amounting to Rs. 1864.80 lakhs is transferred to AFFPL which is reflected in the standalone results of your Company as Extra Ordinary Expense. A detailed statement of the operations of Shrimp Processing & Export Division for the 7 months period from 01.04.2016 to 22.1 1.2016 is given in Note No.31 of financial statements.

The four windmills of your Company located in Karnataka State with a total capacity of 3.2 MW have generated 31.44 lakh units as against 49.94 lakh units in the previous year. The power generated during the year was sold to Karnataka Power Transmission Corporation Limited under Power Purchase Agreement. During the high wind season between May''16 to October''16 two of the four wind mills did not operate due to technical fault and inordinate delay in rectifying the machines by O & M service provider.

We have renewed O & M Agreement with Wind World India Limited with the understanding that O & M charges will be released to them in installments upon satisfactory maintenance of the wind mills.

No material changes and commitments have occurred after the close of the financial year till the date of this Report.

During the year under review, there is no change in nature of the business of the Company. The affairs of the Company are conducted in accordance with the accepted business practices and within the purview of the applicable legislations.

Dividend:

Your Directors have recommended a dividend of Rs.9.00 per equity share of Rs.2/- each fully paid up, for the Financial Year 2016-17. The dividend if declared by the Members at the 24th Annual General Meeting to be held on 12th August, 2017 will be paid on or before 31st August, 2017.

Reserves:

The Company proposes to transfer Rs.2000 lakhs to the General Reserve out of the Profits available for appropriation.

Composition of the Board and details of Board meetings:

Sl No

Name

Designation

1

Sri A. Indra Kumar

Chairman & Managing Director

2

Sri C. Ramachandra Rao

Joint Managing Director, Company Secretary & Chief Financial Officer

3

Sri N. Ram Prasad

Director

4

Sri A.V Achar

Independent Director

5

Sri B.V. Kumar

Independent Director

6

Sri M.S.P Rao

Independent Director

7

Sri K. Ramamohana Rao

Independent Director

8

Sri N.V D.S. Raju

Independent Director

9

Smt. K. Kiranmayee

Independent Woman Director

10

Sri Bunluesak Sorajjakit

Director

11

Sri Wai Yat Paco Lee

Director

12

Sri Shamsher Singh Rawat, IAS (up to 26.05,2016)

Nominee Director (Nominee of Andhra Pradesh Industrial Corporation Limited - represented as equity investor)

13

Sri B Sreedhar, IAS

(from 27.05.2016 to 19.09.2016)

Nominee Director (Nominee of Andhra Pradesh Industrial Corporation Limited - represented as equity investor)

14

Sri Kartikeya Misra (from 20.09.2016)

Nominee Director (Nominee of Andhra Pradesh Industrial Corporation Limited - represented as equity investor)

6.1 Number of Board Meetings:

During the year 2016-17, 4(Four) Board meetings were held. The details are as under:

Sl.No.

Date of Board Meeting

No of Directors Attended

1

21.05.2016

9

2

12.08.2016

11

3

28.10.2016

9

4

27.01.2017

10

6.2 Committees of the Board:

The details of the Committees of the Board viz., Audit Committee, Nomination and Remuneration Committee, CSR Committee and Stakeholders Relationship Committee are reported in the Report on Corporate Governance which forms part of the Board''s Report.

6.3 Meeting of Independent Directors:

The details of the separate meeting of the Independent Directors held during the year under review, reported in the Report on Corporate Governance which forms part of the Board''s Report.

6.4 Familiarization Programme for Independent Directors:

The details of the familiarization programme for the Independent Directors is reported in the Report on Corporate Governance which forms part of the Board''s Report.

7 . Changes in Directors and Key Managerial Personnel:

During the year under review, Andhra Pradesh Industrial Development Corporation Limited has withdrawn the nomination of Sri Shamsher Singh Rawat, IAS, and appointed Sri B Sreedhar, IAS on 27.05.2016 as Nominee Director and it withdrew nomination of Sri B Sreedhar, IAS and appointed Sri. Kartikeya Misra, IAS on 20.09.2016 as a Director.

In terms of Article 105 and 106 of the Articles of Association of the Company Sri N. Ram Prasad and Mr. Wai Yat Paco Lee, Directors retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The resolutions to that effect are placed for consideration and approval by the members at the AGM to be held on 12.08.2017.

8. Extract of Annual Return:

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, extract of Annual Return is enclosed at Annexure-1.

9. Directors'' Responsibility Statement:

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, your Directors confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit and Loss of the Company for that period;

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis;

(e) the directors, had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

10. Internal financial controls:

The internal financial controls with reference to the Financial Statements for the year ended 31st March, 2017 commensurate with the size and nature of business of the Company.

The measures implemented for internal financial controls include Multiple authority levels for approval of expenditures, budgetary controls, concurrent internal audit etc.

11. Declaration by Independent Directors:

Sri A.V Achar, Sri B.V Kumar, Sri M.S.P Rao, Sri K. Ramamohana Rao, Sri N.V.D.S. Raju and Smt. K. Kiranmayee are Independent Directors on the Board of your Company. In the opinion of the Board and as confirmed by these Directors, they fulfil the conditions specified in section 149(6) of the Act and the Rules made there under about their status as Independent Directors of the Company.

12. Policy on Directors'' appointments and Remuneration including Criteria for determining qualifications, positive attributes etc. :

The details of Policy on Directors appointment and Remuneration (i.e. Nomination and Remuneration Policy), criteria for determining qualifications, positive attributes, independence of directors are disseminated on the website of the Company i.e. www.avantifeeds.com

Further, the information about the elements of remuneration package of individual directors is provided in the extract of the Annual Return in Form MGT-9 enclosed to Board''s Report at Annexure -1.

13. Independent Auditors, their Report and Notes to Financial Statements:

At the 21st Annual General Meeting of the Company held on 2nd August, 2014, Karvy & Company, Chartered Accountants Hyderabad have been appointed as Statutory Auditors of the Company for a period of three years i.e. (2014-15,2015-16 and 2016-17). Their appointment for the years 2015-16 and 2016-17 was ratified by the members at the Annual General meeting held on 08.08.2015 and 13.08.2016 respectively.

As per the provisions of Sec.139 of the Act, no listed Company can not appoint or re-appoint an audit firm as auditor for more than two terms of five consecutive years. In view of the above, Karvy & Company can continue as auditors of the Company only up to the conclusion of this Annual General Meeting having completed their term as per the provisions of Sec.139 of the Act.

Tukaram & Company have consented to their appointment as Independent Auditors and have confirmed that if appointed, their appointment will be in accordance with Sec.139 read with Sec.141 of the Act.

The Board of Directors recommended appointment of Tukaram & Company (ICAI Firm Registration No.004436S) Hyderabad as Auditors of the Company for a period of 5 years, to hold the office from the conclusion of 24th Annual General Meeting till the conclusion of 29th Annual General Meeting to be held in the year 2022 (subject to ratification of their appointment at every Annual General Meeting if so required under the Act).

14. Secretarial audit:

In terms of Section 204 of the Companies Act 2013 and the Rules made there under, V Bhaskara Rao & Co., Hyderabad, Practicing Company Secretary has been appointed as Secretarial Auditor of the Company for the year 2016-17, on a remuneration of Rs.1,00,000/- plus service tax as applicable and reimbursement of actual travel and out of pocket expenses. The report of the Secretarial Auditors is annexed to this Report.

15. Internal audit:

In terms of Sec.138 of the Companies Act, 2013 and the relevant Rules, the Company appointed Smt. Santhilatha, Chartered Accountant, an employee of the Company as Internal Auditor for the year 2016-17. The Internal Auditor directly reports to the Audit Committee.

16. Explanations on qualifications made by the Auditors:

There were no qualifications, reservations or adverse remarks or disclaimers made by (i) Statutory Auditors i.e. Karvy & Co., Chartered Accountants, Hyderabad, in their report and (ii) Secretarial Auditor V Bhaskara Rao & Co., Practicing Company Secretaries, Hyderabad in their Secretarial Audit Report.

17. Particulars of Loans, Guarantees or Investments:

The details of the Loans, Guarantees and Investments as on 31.03.2017 are as under :

a) Guarantees : Rs. 7,590.00 lakhs

b) Investments : Rs. 11,209.54 lakhs

Rs. 18,799.54 lakhs

18. Particulars of contracts or arrangements with Related Parties:

The particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 in Form No. AOC-2 pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts) Rules, 2014 are provided in Annexure -2 to this Report.

The Company formulated the Policy on dealing with Related Party Transactions. The details of the policy may be seen at the Company''s website : www.avantifeeds.com

19. Details of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

(a) Conservation of Energy:

(i) The steps taken or impact Gate control system introduced in all conveyor belts on conservation of energy so that motors stop running during idle time.

Atomization done at crumbling section so that machines stop during idle time.

Lights in all the manufacturing units changed to LED from CFL.

(ii) The steps taken by the Company studying feasibility of installing solar panels Company for utilizing on roof top of its factory god owns to harness solar power. alternate sources of energy

(iii) The capital investment on energy conservation - equipments

(b) Technology absorption: Not applicable.

(c) Foreign Exchange Earnings and Outgo: During the year under review, the total Foreign Exchange out go was Rs. 9780.47 lakhs and Foreign Exchanged earned was Rs.23,117.97 lakhs.

20. Risk Management Policy:

In terms of the requirement of Section 134(3)(n) of the Companies Act 2013, the Company has developed and implemented the Risk Management Policy. Audit Committee and the Board review the same periodically. The details of the Policy are available on Company''s website: www.avantifeeds.com.

22. Corporate Social Responsibility Committee:

Composition:

S.No.

Name

Designation

Chairman/ Members

1

Sri A. Indra Kumar

Chairman & Managing Director

Chairman

2

Sri N. Ram Prasad

Non-Executive Non-Independent Director

Member

3

Sri A.V Achar

Independent Director

Member

4

Sri B.V. Kumar

Independent Director

Member

5

Smt. K Kiranmayee

Independent Director

Member

6

Sri C. Ramachandra Rao

Joint Managing Director, Company Secretary & CFO

Member & Compliance Officer

Terms of Reference:

The Committee is primarily responsible for formulating and recommending to the Board of Directors a Corporate Social Responsibility (CSR) Policy, monitoring the same from time to time, and recommended amount of expenditure to be incurred on the activities pertaining to CSR and monitoring CSR Policy.

CSR Policy

The Company''s CSR Policy is disseminated at www.avantifeeds.com

During the year 2016-17 one meeting of the Corporate Social Responsibility Committee was held on 25.06.2016 .

CSR Expenditure during the year 2016-17:

As per the Sec.135(5) of Companies Act 2013, an amount of 2 percent of the average Net Profits of the Company made during the three immediately preceding financial years towards CSR activities, which works out to Rs. 378.45 lakhs, is to be spent towards Corporate Social Responsibility Activities. The Company has spent Rs. 555.11 lakhs towards the CSR activities in the financial year 2016-17, which is more than mandatory requirement by Rs.176.66 lakhs. The detailed Report on the CSR Activities is annexed to Board''s Report at Annexure - 3.

23. Manner in which annual evaluation has been made by the Board of its own performance and that of its Committees and Individual Directors:

Pursuant to the provisions of the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out evaluation of (i) its own performance, (ii) the directors individually and (iii) working of its Committees. The manner in which the evaluation was carried out is reported in the Report on Corporate Governance forming part of this Report.

24. Subsidiaries and Associate Companies:

24.1 Report on the performance of Subsidiaries and associates:

The report on the business of the Subsidiaries and Associate companies as on 31.03.2017 is as follows:

24.2 Subsidiaries:

(a) Avanti Frozen Foods Foods Pvt. Ltd. (AFFPL)

During the year under review Avanti Frozen Foods Pvt. Limited (AFFPL) issued 40,06,667 shares to Thai Union Group PCL (TUG) of Thailand. After allotment of shares to TUG, your company holds 60% of the equity in AFFPL and AFFPL is subsidiary of your Company.

During the year 2015-16 your Company divested its Shrimp Processing & Export Division to its subsidiary Avanti Frozen Foods Private Limited (AFFPL) by way of slump sale, under Business Transfer Agreement. This was done in order to improve business efficacy and to build global brand image for Shrimp Processing Business. The effective date of transfer of the Shrimp Processing & Export Division to AFFPL was 01.11.2015. However, transfer of statutory licenses from AFL to AFFPL was received in June''16 and transfer of name from USDOC was received on 22.11.2016. From 01.04.2016 to 30.06.2016 AFL operated the Processing & Export Business on behalf of AFFPL and from 01.07.2016 till 22.11.2016, AFFPL did the processing and AFL exported as a merchant exporter. With effect from 23.11.2016, AFFPL is carrying on operations in its own name.

The revenue and related expenditures for the period from 01.04.2016 to 22.11.2016 are included in Statement of Profit & Loss of AFL. However, the profit from operation for the period starting from 01.04.2016 to 22.11.2016 amounting to Rs.1864.80 lakhs is transferred to AFFPL which is reflected in the standalone results of your Company as Extra Ordinary Expense. A detailed statement of the operations of Shrimp Processing & Export Division for the 7 months period from

01.04.2016 to 22.11.2016 is given in Note No.31 of financial statements.

During the year AFFPL reported turnover of Rs.23835.73 lakhs and profit before tax is Rs.4299.10 lakhs. The Profit after tax reported by AFFPL is Rs.3290.24 lakhs for the year 2016-17. Further, AFFPL is in the final stage of implementation of a 15000 MTA capacity shrimp processing Plant at Yerravaram in East Godavari District of Andhra Pradesh. The estimated capital expenditure is Rs.100 crores and the commercial production is scheduled to commence in May 2017.

(b) SVIMSAN Imports and Exports Private Limited : (Wholly owned subsidiary of the Company) No business activity.

The consolidated financial statements of the Company and its subsidiaries prepared in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014, and Companies (Amendment) Rules, 2016, form part of the Annual Report and are reflected in the Consolidated Financial Statements of the Company.

The Annual financial statements of the subsidiaries and related detailed information will be kept at the Registered Office and Corporate Office of the Company as also at the Registered Offices of the respective subsidiaries and will be available to the investors seeking information at any time.

The Company has adopted a Policy for determining Material subsidiaries in terms of Regulation 16(1)(c) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Policy approved by the Board is available on the website of the Company at www.avantifeeds.com

24.3 Joint Ventures:

During the year under review there were no Joint Ventures.

24.4 Associate Companies:

1. Srivathsa Power Projects Private Limited:

Srivathsa Power Projects Pvt Ltd, is a 17.2 MW gas based independent power project situated in Andhra Praesh in which Company holds 49.99% of equity shares. The unit was not in operation from 06th July, 2014 to 26th January, 2016 as gas supply was stopped by Gas Authority of India Limited (GAIL) due to blast in their gas supply pipeline.

Now the plant is operational. During the year 2016-17, the gas supply was drastically reduced by GAIL to 31,343 SCMD as against the nominated quota of 65,000 SCMD. As a result, the power generation was limited to 439.68 lakhs units as against capacity of 911.04 lakhs units. During the year 2016-17, the Company reported a turnover of Rs.1534.00 lakhs and a loss of Rs.113.54 lakhs after charging interest and depreciation as per un-audited financials.

2. Patikari Power Private Limited:

The Company holds 25.88% equity shares of Patikari Power Private Limited which has a 16 MW Hydel Power Project in Himachal Pradesh. During the year 2016-17 as per un-audited financials the Company generated 424.40 lakhs saleable energy units, yielding a gross sales income of Rs.954.99 lakhs and resulted in a net loss of Rs.236.77 lakhs after charging interest and depreciation.

Poor in flow of water is the major reason for low generation of power and consequent loss.

24.5 Names of companies which have become or ceased to be subsidiaries, joint ventures or Associate companies:

During the year under review, Avanti Frozen Foods Private Limited, became a 60% subsidiary of the Company, the details are indicated at Point No.24.2 of this Report. There were no other companies which have become or ceased to be Subsidiaries, Joint Ventures or associate companies.

24.6 Statement containing subsidiaries, salient features of financial statements of subsidiaries:

Pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient features of the financial statements of Company''s subsidiary and associate companies is enclosed at Annexure-4 of Board''s Report.

25. Public Deposits:

The Company has not accepted any Public Deposit and as such no principal or interest or any claim is outstanding as on the date of the Balance Sheet.

25.1 Details of Deposits which are not in compliance with the requirements of Chapter V of Companies Act, 2013:

The Company has not accepted any deposits from the public and as such there were no deposits which are not in compliance with the requirements of Chapter V of the Companies Act 2013.

26. Significant and material orders passed by the regulators:

None of the orders passed by Court or Tribunal has any impact on the going concern status of the Company or significant impact on Company''s operations.

27. Internal Controls Systems and Adequacy:

The Company has in place an adequate system of internal controls. The details of the internal controls system are given in the Management Discussion and Analysis Report which forms of the Board''s Report.

28. Management Discussion & Analysis:

Management Discussion and Analysis Report is annexed which forms part of this Report.

29. Business Responsibility Report:

The Business Responsibility Report is annexed which forms part of this Report.

30. Corporate Governance:

As a listed Company, necessary measures are taken to comply with the SEBI (Listing Obligations and Disclosure Requirements) Regulations. Report on the Corporate Governance together with a Certificate on compliance of Corporate Governance by Independent Auditors forms part of this Report.

30.1 Disclosures under Reg.34(3) and Schedule V of SEBI (LODR) Regulations, 2015 :

Related Party Disclosure as per Schedule V of SEBI (LODR) Regulations,2015 :

NAME

NATURE & TENURE OF CONTRACT

AMOUNT OUTSTANDING AT THE YEAR END 31.03.2017

MAXIMUM AMOUNT OF LOAN OUTSTANDING DURING THE YEAR 2016-17

Avanti Frozen Foods (P) Limited (AFFPL)

Loan given to AFFPL, a subsidiary of AFL, for the purpose of implementing 15000 MTA capacity processing and export plant at Yerravaram, East Godavari District of Andhra Pradesh.

NIL

Rs. 5885.99 Lakhs

There were no investments made by Loanee (Avanti Frozen Foods (P) Limited) in the shares of Company or in any other subsidiary of the Company.

31. Whistle Blower Policy:

The Company established Whistle Blower Policy for directors and employees to report concerns about unethical behaviour, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The practice of Whistle Blower Policy is overseen by the Audit Committee and no employee has been denied access to the Committee. The Whistle Blower Policy is available at the Company''s website: www.avantifeeds.com

32. Remuneration of Directors:

The details of the remuneration paid to Sri A. Indra Kumar, Chairman and Managing Director and Sri C. Ramachandra Rao, Joint Managing Director, Company Secretary & CFO are as under:

(Rs. In Lakhs)

Details

Sri A Indra Kumar CMD

Sri C Ramachandra Rao JMD, CS &CFO

Pay

215.88

124.80

Exgratia

26.99

15.60

Perks

2.38

-

Super Annuation

17.42

11.38

Commission on Profits

1281.84

961.38

Total :

1544.51

1113.16

33. Human Resources:

Your Company treats its human resources as one of its most important assets. Your Company continuously invests in attracting, retaining and development of talent on an ongoing basis. Your Company''s thrust is on the promotion of talent internally through job rotation and job enlargement.

34. Particulars of Employees:

The statement containing particulars of employees as required under section 197(12) of Companies Act,

2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014 indicating (i) the ratio of remuneration of each director to the median employees remuneration and other details and (ii) statement showing the details of employees who are in receipt of remuneration of Rs.120 Lakhs or more are enclosed forming part of Annexure-5.

35. Policy under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

The Company has in place an Anti Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

During the year ended 31.03.2017 the Company has not received any complaints pertaining to sexual harassment of employees.

Acknowledgments:

Your Directors take this opportunity to express their deep and sincere gratitude and appreciation for cooperation extended by the Governmental Agencies, Shareholders and Banks from time to time. Your Directors also place on record their appreciation for the contributions made by the employees through their dedication, hard work and commitment. Your Directors also convey thanks and appreciation to the valued customers and dealers for their continued patronage.

By Order of the Board for Avanti Feeds Limited

Place: Hyderabad A. INDRA KUMAR

Date : 13.05.2017 DIN: 00190168

Chairman & Managing Director

Source :
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