Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Associate Partners:

  • Kotak Mutual Fund
  • Pharmeasy
  • Indiabulls
  • SBI

Presenting Partner

Life Insurance Corporation of India

Moneycontrol

Budget 2022

Technology Partner

Dell Technologies

Associate Partners

Kotak Mutual Fund
Pharmeasy
Indiabulls
SBI
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CreditAccess Grameen Ltd.

BSE: 541770 | NSE: CREDITACC |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE741K01010 | SECTOR: Finance - NBFC

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Annual Report

For Year :
2019 2018

Director’s Report

Directors'' Report

To

The Members

Credit Access Grameen Limited

(formerly known as Grameen Koota Financial Services Private Limited)

The Directors have pleasure in presenting the 28th Board''s Report of Credit Access Grameen Limited (the Company) together with the Audited Statements of Accounts for the year ended March 31, 2019.

1. PERFORMANCE HIGHLIGHTS Financial Results

(Rs in million)

Particulars

2018-191

2017-18

Total Income

12,833.16

8,715.32

Total Expenses

7,855.82

5,433.06

Profit Before Tax

4,977.44

3,282.17

Tax Expense

1,759.82

1,157.43

Profit After Tax

3,217.61

2,124.83

Other Comprehensive income

-99.26

-13.87

Total Comprehensive income

3,118.35

2,110.96

Basic Earnings Per Share (EPS) (in rupees)

23.37

20.91

Diluted Earnings Per Share (DPS) (in Rupees)

23.14

20.65

Your Company''s organizational highlights for Financial Year (FY) 2018-2019 are as follows:

Year Ended

2019

2018

Branches

670

516

States/Union Territories

9

9

Districts

157

132

Kendra’s

172,173

130,608

Borrowers

2,469,837

1,851,324

Loans Disbursed (Rs in millions)

82,211.63

60,817.22

Gross AUM (Rs in millions)

71,593.30

49,746.61

b) Profitability

The total income of the Company increased from Rs 8,715.32 million to Rs 12,833.16 million in FY 2018-19. The total expenditure for the FY 2018-19 increased from Rs 5,433.06 million to Rs 7,855.82 million. The Company achieved an all-time high profit after tax (PAT) of Rs 3,217.61 million for FY 2018-19 while the same was Rs 2,124.83 million in FY 2017-18.

c) Other material events during the year:

i. Initial Public Offer (IPO)

The Initial Public Offer (IPO) of the Company for subscription opened from August 8, 2018 to August 10, 2018. The IPO of 26,805,394 equity shares of the Company at the issue price of Rs 422/- per share (consisting of 14,928,909 fresh issue of equity shares and 11,876,485 equity shares under offer for sale) was subscribed 2.2 times by the Public. Consequently, the paid-up share capital of the Company increased to 143,356,246 equity shares of Rs 10/- each. The equity shares have been listed on the National Stock Exchange of India Limited and BSE Limited on August 23, 2018. The Company has fully utilized the IPO proceeds, in line with the objectives mentioned in the Prospectus.

ii. Direct Assignment and Securitization

The Company has completed 7 (seven) Securitization and 4 (four) Direct Assignment transactions totaling Rs. 16670.5 million during the year under review.

2. DIVIDEND

The Board of Directors aim to grow the business lines of the Company and enhance the rate of return on investments of the shareholders. With a view to financing the long-term growth plans of the Company that requires substantial resources, the Board of Directors did not recommend a dividend for the year under review.

3. AMOUNT PROPOSED TO BE CARRIED TO RESERVES

The Company has transferred Rs 643.52 million to reserves out of the net profit of financial year 2018-19 and an amount of Rs 5448.47 million is the accumulated balance in Retained Earnings Account (Profit and Loss account and comprehensive income).

4. SHARE CAPITAL

The paid-up Equity Share Capital as at March 31, 2019 stood at Rs 1435.52 million. During the year under review, the Company has issued 196,015 shares to the employees who exercised their stock options granted under GKFSPL Employee Stock Option Plan - 2011. As on March 31, 2019, except as mentioned below, none of the Directors of the Company hold instruments convertible into equity shares of the Company.

As on March 31, 2019, 455,000 stock options are held by Mr Udaya Kumar Hebbar, MD & CEO and which are convertible into equity shares upon exercise of the same.

5. DIRECTORS

As on March 31, 2019, the Board of your Company consists of nine Directors. Their details are as follows:

Category

Name of Directors

Executive Director

Mr Udaya Kumar Hebbar, Managing Director & CEO

Non-Executive Nominee Directors

Mr Paolo Brichetti

Mr Massimo Vita

Mr Sumit Kumar

Non - Executive

Independent

Directors

Mr M N Gopinath

Mr Prabha Raveendranathan

Mr Anal Kumar Jain

Mr George Joseph

Ms Sucharita Mukherjee

The composition of the Board is in line with the requirements of the Companies Act, 2013 and the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations, 2015). All the Directors have vast knowledge and experience in their relevant fields and the Company had benefitted immensely by their presence on the Board.

The skills/ expertise / competence of the Board of directors identified by the Board as required in the context of business of the Company is mentioned in the Corporate Governance Report.

On June 14, 2019, Mr B R Diwakar, CFO was appointed as Director - Finance & CEO. The appointment was for a period of 3 years from June 14, 2019, which is subject to shareholders’ approval. The Board recommends his appointment.

a. Changes in Directors and Key Managerial Personnel (KMP) during the FY 2018-2019

During the year under review, there were no changes in the Directors and KMP.

Mr Udaya Kumar Hebbar, Managing Director & CEO, Mr B R Diwakar, Chief Financial Officer and Mr Syam Kumar R, Company Secretary are the KMPs of the Company, as on March 31, 2019.

b. Woman Director

In terms of the provisions of Section 149 of the Companies Act, 2013, and Regulation 17(1)(a) of the SEBI (LODR) Regulations 2015, the Company shall have at least one Woman Director on the Board. The Company has Ms. Sucharita Mukherjee, as Independent Woman Director on the Board.

c. Director retiring by Rotation

Mr Sumit Kumar, Nominee Director (DIN: 07415525) is liable to retire by rotation in terms of provisions of the Companies Act, 2013 at the ensuing Annual General Meeting of the Company and being eligible offers himself for reappointment. The Board recommends his reappointment.

As stipulated under Reg 36 (3) of the SEBI (LODR) Regulations 2015, a brief resume of Mr. Sumit Kumar proposed to be reappointed will be given in the notice of the 28th AGM of the Company.

d. Declaration by Independent Director(s) and re-appointment, if any

The Company has five Independent Directors on the Board. The Company has received declaration from each Independent Director of the Company under section 149(7) of the Companies Act, 2013 that they meet the criteria of independence as laid down in Section 149(6) of the Companies Act, 2013, and subsequently the same was placed at the Board Meeting held on May 08, 2019.

A declaration by Managing Director & CEO confirming the receipt of this declaration from Independent Directors is annexed to this report as Annexure I.

There is no change in the Independent Directors nor has the Company reappointed any Independent Director during the year under review.

e. Policy on Board Diversity

The Policy on Board Diversity approved and adopted by the Company is as follows:

a) Diversity is ensured through consideration of a number of factors, including but not limited to skills, industry experience, background and other qualities.

b) The Company takes into account factors based on its own business model and specific needs from time to time.

c) The Nomination & Remuneration Committee leads the process of identifying and nominating candidates for appointment as Directors on the Board.

d) The benefits of diversity continue to influence succession planning and to be the key criteria for the search and nomination of Directors to the Board.

e) Board appointments are based on merit and candidates are evaluated against objective criteria, having due regard to the benefits of diversity on the Board, including that of gender.

f. Policy on Nomination & Remuneration

The Policy on Nomination and Remuneration sets out the criteria for determining qualifications, positive attributes and independence of Directors.

It also lays down criteria for determining qualifications, positive attributes of KMPs and senior management and other matters provided under Section 178 (3) of the Companies Act, 2013 and Regulation 19 of LODR.

The Policy on Nomination and Remuneration of the Company as approved and adopted by the Board is available on the website of the Company at www.arameenkoota.ora

g. Formal Annual Evaluation of Board and its Committees

The Board has carried out an annual evaluation of its own performance, its Committees and Independent Directors.

A note on the annual Board evaluation process undertaken in compliance with the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 is given in the Report on Corporate Governance, which forms a part of this Report.

h. Meetings of the Board

The Board met 10 (ten) times during the financial year. Details of the meetings of the Board during FY 2018-2019 is provided in the Report on Corporate Governance which forms a part of this Report.

i. Committees of the Board

The details of the Committees of the Board namely the Audit Committee, CSR Committee, Risk Management Committee, Nomination and Remuneration Committee, Stakeholders'' Relationship Committee, ALM Committee and IT Strategy Committee, their composition, terms of reference and the activities during the year under review are elaborated in the Report on Corporate Governance which forms a part of this Report.

Further, there are no instances where the Board has not accepted recommendations of Audit Committee.

6. AUDIT & AUDITORS

a. Statutory Auditors

M/s S. R. Batliboi & Co LLP (FRN: 301003E/ E300005) 14th Floor, The Ruby, 29, Senapati Bapat Marg Dadar (West), Mumbai - 400028 were appointed as the Statutory Auditors of the Company at the AGM held on June 29, 2016, for four financial years, 2017 to 2020.

The Board has duly examined the Statutory Auditors'' Report to the Annual Accounts 2018 2019, which is self-explanatory. Clarifications, wherever necessary, have been included in the Notes to the Accounts. Further, the Directors confirm that there are no qualifications, reservations adverse remarks or disclaimers in the Independent Auditor''s Report provided by Statutory Auditors for the FY 2018-2019.

b. Secretarial Auditors

The Board had appointed CS C Dwarakanath, Company Secretary in practice (FCS 7723 and CP 4847), as Secretarial Auditor to conduct the Secretarial Audit for the year ended March 31, 2019 in compliance with the provisions of Section 204 of the Companies Act, 2013.

The Secretarial Audit Report in form MR-3, submitted by the Secretarial Auditors for the FY 2018 - 2019 is enclosed to this report as Annexure II. The Directors of the Company confirm that there are no qualifications, reservations or adverse remarks or disclaimers in Secretarial Audit Report for the year under review.

c. Cost Auditors

The provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014 relating to Cost Audit and maintaining cost audit records is not applicable to the Company.

7. SUBSIDIARIES/JOINT VENTURE/ASSOCIATE COMPANY

The Company has no subsidiary/joint venture/ associate company and hence consolidation and the provisions relating to the same under the Companies Act, 2013 and Rules made there under are not applicable to the Company.

8. CHANGE IN THE NATURE OF BUSINESS, IF ANY

During the year under review, there was no change in the nature of business of the Company. Further, the Company, on March 15, 2019 has obtained registration from Insurance Regulatory and Development Authority of India (IRDAI) to act as Insurance Corporate Agent (Composite).

9. CREDIT RATING

The Credit Rating of different instruments of the Company as on March 31, 2019, is as given below:

Credit

Rating

Agency

Instrument

Rating as on March 31, 2019

Migration during the FY 2018-19

ICRA

Bank

Facilities

[ICRA]A

(Stable)

Revised from

[ICRA]A

(Positive)

ICRA

Non

Convertible

Debentures

[ICRA]A

(Stable)

Revised from

[ICRA]A

(Positive)

ICRA

Subordinated

Debt

[ICRA]A

(Stable)

Revised from

[ICRA]A

(Positive)

ICRA

Commercial

Papers

[ICRA]A1

Revised from [ICRA]A1

Highest rating issued by ICRA for long-term credit facilities is [ICRA] AAA and for short-term facilities is [ICRA]A1

Comprehensive Microfinance Grading by CRISIL as on March 31, 2019 is ''M1C1''. CRISIL''s Comprehensive Microfinance Capacity signifies highest capacity of the MFI to manage its operations in a sustainable manner and Excellent performance on Code of Conduct dimensions. The grading is assigned on an eight-point scale with respect to Microfinance Capacity Assessment Grading, with ''M1'' being the highest grading, and ''M8'', the lowest and on a five-point scale with respect to Code of Conduct Assessment, with ''C1'' being excellent performance, and ''C5'', the weakest.

10. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

The Directors confirm that there were no significant and material orders passed by the regulators, courts, or tribunals that impacted the going concern status and the Company''s operations in future.

11. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

The Company maintains appropriate systems of internal financial controls, including monitoring procedures. Company policies, guidelines and procedures are well documented and provide for adequate checks and balances and are meant to ensure that all transactions are authorized, recorded and reported correctly. An independent internal audit system is in place to conduct audits of all branches, regional offices as well as the HO. The internal audit department reviews the effectiveness and efficiency of these systems and procedures to ensure that the financial and operational information is accurate and complete in all respects. The Audit Committee reviews and approves audit plans for the year. Audits are conducted on an ongoing basis and significant deviations are brought to the notice of the Audit Committee. The Audit Committee of the Board is updated on significant internal audit observations, compliance with statutes and effectiveness of working of the control systems every quarter.

12. RISK MANAGEMENT POLICY

The Company has integrated risk management practices into governance and operations and has developed a strong risk culture within the organization. Appropriate systems and tools are in place for identification, measurement, reporting and managing risks. The Board comprises of professional directors with relevant experience and who are well placed to understand risks specific to the Company, and the microfinance sector in general. The Board oversees the implementation of the risk management plan principally through the Risk Management Committee. All the strategies with respect to managing major risks are monitored by the Management Level Risk Committee and reported to the Risk Management Committee of the Board of Directors. The Annual Risk Management Plan covers the major risks that identified by management as needing particular focus and close monitoring. The Risk Management Plan forms the basis for implementation of risk management practices in detail. The risk assessments are carried out regularly at all levels of the organization to ensure appropriate management actions in a timely fashion. Risk reviews addresses credit, operational, IT, financial, political, regulatory and reputational risks.

13. CORPORATE SOCIAL RESPONSIBILTY POLICY

In pursuance of the provisions of Section 135 and schedule VII of the Companies Act, 2013, the Company has a CSR Committee of the Board which recommends (a) the policy on Corporate Social Responsibility (CSR) and (b) Oversees implementation of the CSR Projects or Programmes to be undertaken by the Company as per CSR Policy. Accordingly, the Company has contributed Rs 29.32 million during FY 2018-19, as part of its CSR contribution.

The Annual Report on CSR activities is enclosed herewith as Annexure- III.

Apart from this statutory contribution, the Company has additionally contributed Rs 8.36 million by way of a donation for CSR activities in FY 2018-2019.

14. WHISTLE BLOWER POLICY OR VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES

The Company has established a whistle blower mechanism for the Directors and employees to report any genuine concerns through vigil @grameenkoota.org. Employees are also encouraged to report any unethical behaviour, actual or suspected fraud or violation of the Codes of Conduct or policy or illegal activity occurring in the organization. In exceptional cases, directors or employees can raise their concerns directly to the Chairman of the Audit Committee by sending an email to vigil@grameenkoota.org ''. The cases reported will be investigated and resolved within strict timelines. The identity of the whistleblower will be kept confidential and protection from retaliatory actions is also provided for in the policy. Quarterly reports in this regard are reviewed by the Audit Committee.

15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not made any investments in other companies beyond two layers of Investment companies as stipulated under section 186(1) of the Companies Act, 2013. The Company being an NBFC-MFI, registered with RBI and predominantly in to lending by way of micro finance loans and hence the other provisions of Section 186 of the Companies Act, 2013 are not applicable to the Company.

16. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year under review.

The Company has in place a Board approved Related Party Transaction Policy which is available on the website of the Company at www.grameenkoota.org

17. HUMAN RESOURCE MANAGEMENT & EMPLOYEE RELATIONS

The role of human capital in any organization is of utmost importance. More so in an organization like ours where a majority of employees are customer-facing to facilitate a smooth delivery of our financial services. There is a fine balance between customer service and achievement of performance targets. The Company aims to provide a suitable work environment that encourages a positive attitude and superior performance.

Policies relating to Human Resources are employee friendly and support an environment of accomplishment and satisfaction. The Company aims to provide the best of training inputs and seamless growth opportunities ensuring that the culture of the organization is translated into business performance.

The Company also facilitates performance-linked incentives that will help the motivational levels of the workforce thereby sustaining growth and achievement targets.

18. PARTICULARS OF EMPLOYEES

The ratio of the remuneration of the MD & CEO to the median employee''s remuneration and other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, have been annexed herewith as Annexure -IV to the Directors'' Report

The details of employee remuneration as required under provisions of Section 197 (12) of the Companies Act, 2013 read with Rule 5 (2) and 5 (3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and second proviso to Sec 136 of the Companies Act 2013 are available for inspection at the Registered Office of the Company during working hours, 21 days before the Annual General Meeting and shall be made available to any shareholder on request. None of these employees is a relative of any Director of the Company.

Further, the Independent Directors were paid commission aggregating to Rs 3.95 million for FY 2017-18 based on the Shareholders'' approval by way of a special resolution dated November 21, 2018. Apart from the above, none of the directors including the Managing Director & CEO is in receipt of any commission from either the Company or its Holding Company during the year under review.

19. MATERIAL CHANGES AND COMMITMENTS, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

There are no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.

20. IPO FUND UTILISATION

The Company has utilized the net proceeds from the issue towards augmenting its capital base to meet the capital requirements of the Company. Details of IPO fund utilization is given in the table below:

Particulars

Balance

amount

available

Augmentation of Capital

6,300

6,300

NIL

21. CORPORATE GOVERNANCE REPORT

The Company has taken adequate steps to adhere to all the stipulations laid down in Regulation 27 read with Part E of Schedule II and Schedule V of the SEBI (LODR) Regulations, 2015 on Corporate Governance. The detailed Report on Corporate Governance along with certificate on Corporate Governance from CS C Dwarakanath, Practicing Company Secretary forms a part of this Report.

22. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the year under review is included as a separate section and forms a part of this Report.

23. BUSINESS RESPONSIBILITY REPORT

The Business Responsibility Report for the year under review has been annexed as Annexure - V to the Directors'' Report.

24. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has 611 women employees in various cadres as on March 31, 2019. The Company has in place a Policy on Prevention, Prohibition and Redressal of Sexual Harassment of Women at Workplace and an Internal Complaint Committee in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and Rules made there under for reporting and conducting inquiry into the complaints made by the victim on the harassments at the workplace. The functioning of the Committees was carried out as per letter and spirit of the provisions of the Act.

During FY 2018 - 2019, the Company received one complaint of sexual harassment. The matter was referred to Prevention of Sexual Harassment Committee and based on the review and decision of the Committee, and the case has been disposed. There are no complaints pending for redressal as on March 31, 2019.

25. FAIR PRACTICE CODE

The Company has in place a Fair Practice Code (FPC) approved by the Board in compliance with the guidelines issued by RBI, to ensure better service and provide necessary information to customers to take informed decisions. The FPC is available on the website of the Company at www.grameenkoota.org.

The Board also reviews the FPC every year to ensure levels of adequacy and appropriateness.

26. CUSTOMER GRIEVANCE

The Company has a dedicated Customer Grievance Cell for receiving and handling customer complaints/ grievances and ensuring that the customers are treated fairly and without any bias at all times. All issues raised by the customers are dealt with courtesy and redressed expeditiously.

27. EXTRACT OF ANNUAL RETURN

Pursuant to sub-section (3)(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return as at March 31, 2019 is available at www.grameenkoota.org

28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO

a. Information Relating to Conservation of Energy, Technology Absorption

Sl

No

Particulars

Remarks

A

Conservation of energy

The provisions of Section 134(3) (m) of the Companies Act, 2013 relating to conservation of energy and technology absorption do not apply to the Company. The Company has, however, used

information technology extensively in its operations and

continuously invests in energy-efficient office equipment at all office locations.

(i) the steps taken or impact on conservation of energy;

(ii) the steps taken for utilizing alternate sources of energy;

(iii) the capital investment on energy conservation equipments;

B

Technology absorption

(i) the efforts made towards technology absorption;

(ii) the benefits derived like product improvement, cost reduction, product development or import substitution;

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

a. the details of technology imported;

b. the year of import;

c. whether the technology been fully absorbed;

d. if not fully absorbed, areas where absorption has not taken place, and the reasons thereof; and

(iv) the expenditure incurred on Research and Development.

b. Foreign Exchange Earnings and Outgo

During the year, the foreign exchange inflow was NIL and outflow was equivalent to Rs 97.59 million towards term loan interest payments and procurement of a software license.

29. DEPOSITS

The Company is a non-deposit taking Non-Banking Financial Company - Micro Finance Institution (NBFC-MFI) and has not accepted any deposit as defined by the Companies Act, 2013.

30. EMPLOYEE STOCK OPTION PLAN (ESOP)

At present, stock options have been granted or shares have been issued under GKFSPL Employee Stock Option Plan - 2011. During the financial year, 1,96,015 options were exercised by employees. The Company accordingly made an allotment of 1,96,015 equity shares. No options were granted during the year under review.

Total outstanding options as on March 31, 2019 is 18,28,535.

31. OTHER DISCLOSURES

a. During the year under review, the Company has not allotted any equity shares with differential voting rights.

b. No frauds were reported by the auditors under sub-section 12 of section 143 of the Act.

c. The Company has complied with applicable Secretarial Standards for Board and General Meetings held during the year under review.

d. The Company has not revised Financial Statements as mentioned under section 131 of the Companies Act, 2013.

e. The Company has not issued Sweat Equity shares during the year under review.

32. DIRECTORS'' RESPONSIBILITY STATEMENT In pursuance of Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:

a. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent 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 year;

c. the directors have 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 have prepared the annual accounts on a going concern basis;

e. the directors have 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 have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

33. ACKNOWLEDGEMENTS

The Directors wish to place on record their appreciation and sincerely acknowledge the contribution and support from shareholders, customers, debenture holders, Central and State Governments, Bankers, Reserve Bank of India, Registrar of Companies, Securities and Exchange Board of India, Insurance Regulatory and Development Authority of India, BSE Limited, National Stock Exchange of India Limited, Registrar & Share Transfer Agents, Credit Rating Agencies and other Statutory and Regulatory Authorities for the kind cooperation and assistance provided to the Company. The Directors also extend their special appreciation to the employees for their continuing support and unstinting efforts in ensuring an excellent all-round operational performance and also for their continued commitment, dedication and cooperation.

For and on behalf of the Board of Directors

M N Gopinath

Place: Bengaluru Chairman

Date: June 14, 2019 DIN: 00396196

Director’s Report