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Avanti Feeds

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Directors Report Year End : Mar '16    Mar 15

Dear Members,

The Directors have pleasure in presenting their 23 d Annual Report together with the Audited Financial Statements of your Company and its subsidiary for the year ended 31st March, 2016.

1. Financial summary or highlights:

The summarized standalone and consolidated financial results of your Company and its subsidiaries are as under:

(Rs. in Lakhs)

Financial Year ended

Particulars

Stanc

alone

Consolidated

31/03/2016

31/03/2015

31/03/2016

31/03/2015

Total Revenue

201,828.87

178,065.68

201,828.87

178,065.68

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

24,327.04

19,001.54

24,976.15

19,001.11

Finance Charges

133.94

137.19

135.14

137.19

Depreciation

935.47

879.67

1,022.67

879.67

Provision for Income Tax (including for earlier years)

7,731.40

6326.82

7,920.04

6,326.82

Net Profit/(Loss) After Tax

15,526.23

11,657.86

15,898.30

11,657.43

Profit/(Loss) brought forward from previous year

17,847.03

10,395.51

18,106.68

10,720.81

Profit/(Loss) carried to Balance Sheet

27,947.01

17,847.03

28,430.44

18,106.68

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

The Profit for the year under consideration i.e. 2015-16, before depreciation, finance charges and tax is Rs.24,327.04 lakhs as compared to a profit of Rs. 19,001.54 lakhs in the previous financial year. The Profit for the year after tax is Rs.15,526.23 lakhs as against a Profit of Rs. 1 1,657.86 lakhs during the previous financial year.

After five years of 20-25% annual growth, in the current year growth of shrimp culture remained stagnant. Although during the first half of the year 2015-16 there was growth of 10-15% in culture area and density of culture, in the second half of the year the shrimp culture could not be taken up in some areas due to shortage of water because of insufficient rainfall. Coupled with this, culture in some areas was affected with diseases. These developments discouraged farmers of other areas in taking up 2nd crop. The 2nd crop in the year 2015-16 was less by 25-30% as compared to previous year. In these challenging times, farmers using your Company''s feed took out successful crop in many disease affected areas mainly because of the better hygiene practices and disease preventive measures adopted by the farmers with the technical support of your Company''s technical team. Despite these challenges and no growth in industry during the year, your Company''s Shrimp Feed sales grew by 8% as compared to previous financial year in quantitative terms mainly because of the quality of feed and technical support extended by your Company to the farmers. The year 2015-16 ended with shrimp feed sales at 2,52,590 MT, an increase of 19,101 MT as compared to the previous financial year.

The shrimp processing and export division sales recorded export of 4,377 MT as against 3,409 MT in the previous year representing an increase of 22% in quantitative terms.

The four windmills of your Company located in Karnataka State with a total capacity of 3.2 MW have generated 49.94 lakh units as against 55.41 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 year your Company divested its Shrimp Processing & Export Division to its subsidiary M/s. 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 bring global recognition to Shrimp Processing Business. The effective date of transfer of the Shrimp Processing & Export Division to AFFPL was 01.11.2015. Consequently AFL has to transfer the statutory and regulatory licenses within India and in USA to AFFPL so as to carry on the business in AFFPL''s name. The process of obtaining the approvals from all departments is a lengthy process. Once the inland approvals are obtained, AFL has to approach US Department of Commerce for ''Changed Circumstances Review1 to permit transfer of name from AFL to AFFPL in their records. This will allow AFFPL to export to US at current Anti Dumping Duty (ADD) of 2.96% which is presently applicable to AFL. In the absence of this transfer, all exports to USA by AFFPL will attract 10.17% ADD. It is given to understand that USDOC generally takes around 3-5 months time for effecting this change. In order to maintain the continuity of the business during this changeover process, your Company is continuing the Shrimp processing & Export business in its own name on behalf of AFFPL.

The revenue and related expenditures for the period from 01.11.2015 to 31.03.2016 of the transferred division i.e. Shrimp Processing & Export Division are included in Statement of Profit & Loss of AFL. However, the profit from operation for this 5 months period starting from 01.11.2015 to 31.03.2016 amounting to Rs. 696.73 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 forth 7 months period from 01.04.2015 to 31.10.2015 and 5 months period from 01.11.2015 to 31.03.2016 is given in Note No.31 of Financial Statements.

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.

3. Share Capital:

During the year under review, the company sub-divided One (1) equity share of Rs.10/- each into five (5) equity shares of Rs.2/- each with the approval of the members, with requisite majority by way of postal ballot, the results of which were declared on 26.10.2015. The Record date for sub-division of Equity shares was 27.1 1.2015.

As on 31st March, 2016, the issued, subscribed and paid up share capital of your Company stood at Rs.9,08,30,420./-, comprising of 4,54,15,210 equity shares of Rs.2/- each.

4. Dividend:

Your Directors have recommended a dividend of Rs.7/- per equity share of Rs.2/- each fully paid up, for the Financial Year 2015-16. The dividend if declared by the Members at the 23rd Annual General Meeting to be held on 13.08.2016, will be paid on or before 30.08. 2016.

5. Reserves:

The Company proposes to transfer Rs.1600 lakhs to the General Reserve out of the Profits available for appropriation.

6. Composition of the Board and details of Board meetings:

SI 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.R 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

Mr. Bunluesak Sorajjakit

Director

11

Mr. Wai Yat Paco Lee

Director

12

Sri J.S.V. Prasad, IAS (up to 20.11.2015)

Nominee Director (Nominee of Andhra Pradesh Industrial Development Corporation Ltd. -represented as equity investor)

13

Sri Shamsher Singh Rawat, IAS (from 10.12.2015)

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

6.1 Number of Board Meetings:

During the year 2015-16, Nine Board meetings were held. The details are as under:

SI.No.

Date of Board Meeting

No of Directors Attended

1

09.05.2015

9

2

04.07.2015

n

3

07.08.2015

10

4

12.09.2015

9

5

07.11.2015

10

6

18.12.2015

9

7

30.01.2016

8

8

16.02.2016

10

9

16.03.2016

9

6.2 Committees of the Board:

The details of the Committees of the Board viz., Audit Committee, Nomination and Remuneration 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 on the separate meeting of the Independent Directors is 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 is attached to 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 J.S.V. Prasad on 20.11.2015 and appointed Sri Shamsher Singh Rawat, IAS on

10.12.2015 as Nominee Director.

Sri A. Indra Kumar was appointed as a Managing Director of the Company by the members at the 18th Annual General Meeting held on 06.08.2011for a period of 5 years with effect from 1.7.2011. The Nomination and Remuneration Committee recommended the re-appointment of Sri A. Indra Kumar as Chairman and Managing Director for a further period of 5 years with effect from 01.07.2016. The Resolution, seeking reappointment of Sri A. Indra Kumar as Chairman and Managing Director is placed for consideration and approval of the members at the ensuing Annual General Meeting.

In terms of Article 105 and 106 of the Articles of Association of the Company Sri N. Ram Prasad and Mr. Bunluesak Sorajjakit 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 ensuing AGM.

8. Change of Registered Office:

As per decision of the Board of Directors of the Company on 16.03.2016 the Registered Office of the Company was changed within the City of Visakhapatnam from H.No.3, Plot No.3, Baymount, Rushikonda, Visakhapatnam-530 045, Andhra Pradesh to H.No. 37, Plot No.37, Baymount, Rushikonda, Visakhapatnam-530 045, Andhra Pradesh, with effect from 1.4.2016.

9. 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.

10. Corporate Social Responsibility Committee:

Composition:

SI. No.

Name

Designation

Chairman/ Members

1

Sri A. Indra Kumar

Chairman & Managing Director

Chairman

2

Sri C. Ramachandra Rao

Joint Managing Director, Company Secretary & CFO

Member & Compliance Officer

3

Sri N. Ram Prasad

Non-Executive Non-Independent Director

Member

4

Sri A.V. Achar

Independent Director

Member

5

Sri B.V. Kumar

Independent Director

Member

Terms of Reference:

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

CSR Policy

The Company''s CSR Policy is disseminated atwww.avantifeeds.com

During the year 2015-16, two (2) meetings of the Corporate Social Responsibility Committee were held on 09.05.2015and 16.03.2016.

CSR Expenditure during the year 2015-16 :

As per Sec.l35(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 which works out to Rs.303.08 lakhs, is to be spent towards Corporate Social Responsibility Activities which includes unspent amount of Rs.63.68 lakhs of previous year. The Company has spent Rs. 427.97 lakhs towards the CSR activities in the financial year 2015 16, which is more than mandatory requirement by Rs.124.89 lakhs. The detailed Report on the CSR Activities is annexed to Board''s Report.

Being a socially conscious corporate citizen, AFL is committed to make qualitative difference in society by helping small farmers in taking out successful crop, providing quality education to students from rural areas, make health care accessible to unaffordable, spread awareness of preventive health care, improve environment by increasing green cover and making available safe drinking water to marginalized sections of the society.

11. 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 this 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.

12. Internal financial controls:

The internal financial controls with reference to the Financial Statements for the year ended 31st March, 2016 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.

13. 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 fulfill 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.

14. 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 included in Report on Corporate Governance forming part of the Board''s Report.

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

15. Statutory Auditors, their Report and Notes to Financial Statements:

At the 21st Annual General Meeting of the Company held on 2n August, 2014, M/s. Karvy & Company, Chartered Accountants Hyderabad have been appointed as Statutory Auditors of the Company fora period of three years i.e. (2014-15,2015-16 and 2016-17). The ratification of appointment M/s Karvy & Company, Chartered Accountants as Statutory Auditors fortheyear2016-17 is proposed at the ensuing AGM.

Further, the report of the Statutory Auditors along with notes to Schedules are annexed to this report.

16. Secretarial audit:

In terms of Section 204 of the Companies Act 2013 and the Rules made there under, M/s.V. Bhaskara Rao & Co., Hyderabad Practicing Company Secretary has been appointed as Secretarial Auditor of the Company for the year 2015-16, 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.

17. 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. The Internal Auditor directly reports to the Audit Committee.

18. 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) V Bhaskara Rao & Co., Practising Company Secretaries, Hyderabad in their Secretarial Audit Report.

19. Particulars of Loans, Guarantees or Investments:

The details of the Loans, Guarantees and Investments as on 31.03.2016 are as under:

a) Loans : Rs. 4,377.47 lakhs

b) Guarantees : Rs. 6,650.00 lakhs

c) Investments : Rs. 11,209.54 lakhs

Rs. 22,237.01 lakhs

20. Particulars of contracts or arrangements with Related Parties:

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

The details of contacts or arrangements with related parties made by the Company during the year 2015-16 is enclosed to this Report in form AOC-2.

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

(a) Conservation of Energy:

(i)

The steps taken or impact on conservation of energy

As per the recommendations of energy audit, high capacity motors in shrimp manufacturing plants are operated in Star mode instead of Delta, thereby reducing power consumption.

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

(ii)

The steps taken by the Company for utilizing alternate sources of energy

50% of the power required for all the lighting of Shrimp Feed manufacturing plant in Gujarat is generated from solar panels installed on the rooftops of the factory.

(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 outgo was Rs. 9,363.56 lakhs and Foreign Exchanged earned was Rs.25,708.63 lakhs.

22. 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 reviews the same periodically. The details of the Policy are available on Company''s website : www.avantifeeds.com.

23. Manner in which formal 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 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, Joint Ventures and associates:

The report on the business often Subsidiaries, Joint Venture and Associate companies as on 31.03.2016 is as follows:

24.2 Subsidiaries:

During the year under review Avanti Frozen Foods Pvt. Ltd., and SVIMSAN Imports and Exports Pvt. Ltd., are wholly owned subsidiaries.

(a) Avanti Frozen Foods Private Limited (AFFPL):

During the year Company transferred its Shrimp Processing & Export Business to AFFPL under a slump sale with effect from 01.11.2015 with requisite approval of members byway of Postal Ballot. However, as the regulatory approvals for operating the production facilities in the name of AFFPL will take time, Avanti Feeds Limited carried out the operations of the Shrimp Processing & Export Business on behalf of AFFPL. As such the sales, purchases and other expenditures for the period from 01.11.2015 to 31.03.2016 are recorded in AFL and profit before tax for this period amounting to Rs. 696.73 lakhs is transferred to Avanti Frozen Foods Private Limited. A detailed statement of the operations of Shrimp Processing & Export Division for the 7 months period from 01.04.2015 to 31.10.2015 and 5 months period from 01.11.2015 to 31.03.2016 is given in Note No.31 of Financial Statements.

Further, AFFPL is implementing a 15000 MTA capacity shrimp processing plant at Yerravaram in East Godavari District of Andhra Pradesh. The total Capital Expenditure of the plant is estimated at Rs. 9000 lakhs. This project is expected to start commercial operations from September 2016.

Managing Director in Avanti Frozen Foods Private Limited:

Sri A. Indri Kumgr, wgs appointed gs Chairman and Mugging Director on the Board of Avgnti Frozen Foods Private Limited [wholly owned subsidiary of Avgnti Feeds Limited] by the members of the Company, w.e.f. 1.11.2015, gt the Extra Ordinary General Meeting held on 18.03.2016 on g remuneration of

(i) partly by way of salary of Rs.2,00,000/- per month in the pay scale of Rs.2,00,000 - 40,000-4,00,000 and Perquisites, ex-grating subject to g limit of 20% of annul basic remuneration and (ii) partly by wgy of Commission gather rate of 4% on the Net Profits of the Company.

(b) SVIMSAN Imports and Exports Private Limited : 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 from 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 anytime.

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

The Company has a 17.2 MW gas based independent power project located at Razole, East Godavari District of Andhra Pradesh. Avanti Feeds Limited holds 49.99% of equity shares of the Company. The unit was not in operation since July, 2014, as gas supplies were stopped by Gas Authority of India Limited (GAIL) due to a blast in their gas supply pipeline. The gas supply was resumed from 27.01.2016 and now the plant is operational. As per the unaudited Financials for the year 2015-16, the Company reported a turnover of Rs.485.66 lakhs and a loss of Rs.212.96 lakhs after charging interest and depreciation.

2. Patikari Power Private Limited:

The Company has a 16 MW Hydel Power Project in Himachal Pradesh. Avanti Feeds Limited holds 25.88% of equity shares of the Company. As per the unaudited Financials for the year 2015-16, the Company generated 564.80 lakhs saleable energy units, yielding a gross sales income of Rs.1270.73 lakhs and a net profit of Rs.11.24 lakhs after charging interest, depreciation and tax.

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 100% 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 Joint Ventures or associate companies during the year ended 31st March 2016.

24.6. Statement containing 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 Deposits 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 this 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 2015. Report on the Corporate Governance together with a Certificate on compliance of Corporate Governance by Independent Auditors forms part of this Report.

31. Recognitions:

The Shrimp Feed Plants at Kovvur, Vemuluru in West Godavari District Andhra Pradesh and Plant at Valsad, Baida Village Pardi Tq Gujarat received ISO 9001: 2008 Certification for quality management systems. These plants are also certified for implementing Best Aquaculture Practices, by Global Aquaculture Alliance, USA.

The Company was awarded Forbes Best Under a Billion Award and Fortune Next 500 Company Award by Fortune India Magazine.

32. Whistle Blower Policy:

The Company established Whistle Blower Policy for directors and employees to report concerns about unethical behavior, 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: avantifeeds.com

33. Remuneration of Directors:

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

(Rs. in Lakhs)

A. Indra Kumar CMD

C. Ramachandra Rao JMD, CS&CFO

Pay

168.42

110.40

Excreta

21.05

13.80

Perks

2.26

-

PF. Contribution

12.63

8.28

Superannuation

15.35

10.63

Commission on Profits

1026.46

769.84

Total :

1246.17

912.95

34. 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.

35. 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.5,00,000 or more are given in the Annexure-5 forming part of this report.

36. 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

31.03.2016 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.

For and on behalf of the Board

Avanti Feeds Limited

A. Indra Kumar

Place: Hyderabad DIN-00190168

Date : 21.05.2016 Chairman & Managing Director

Source :
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