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Mercury Laboratories Ltd.

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Annual Report

For Year :
2018 2016 2015 2014

Director’s Report



The Shareholders,

The Directors have pleasure in presenting the 37’ Annual Report of Mercury Laboratories Limited (the Company) on the business and operations of the Company together with the audited financial statements for the financial year ended on March 31,2018.


The financial performance of the Company for the financial year ended March 31,2018 along with figures of previous financial year is summarized below:


(Rs. in Lacs)



Revenue from Operations



Gross Profit before Depreciation Interest & Tax



Less: Interest



Less: Depreciation



Profit / (Loss) before Exceptional Items & Tax



Exceptional Items



Profit / (Loss) before Tax



Less: Current Tax including Income Tax of Previous Year & Deferred Tax



Profit/(Loss) from Continuing Operations



Profit/(Loss) from discontinued operations



Tax expense of discontinued operations



Profit/(loss) from Discontinued operations (after tax)



Profit / (Loss) for the Period



Other Comprehensive Income

A (i) Items that will not be reclassified to profit or loss



A (ii) Income tax relating to items that will not be reclassified to profit or loss



Total other comprehensive income (A (i - ii))



Total comprehensive income for the period



*Easing Per Share







*Equity Shares are at par value of INR 10 per share.

2. First-time adoption of IND AS

The Company has adopted Indian Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs with effect from April 01,2017 with transition date of April 01,2016. These financial statements for the year ended on March 31,2018 are the first financial statements the Company has prepared under Ind AS. For all periods up to and including the year ended March 31, 2017 the Company prepared its financial statements in accordance with the accounting standards notified under the Section 133 of the Companies Act, 2013 read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP).

The adoption of Ind AS has been carried out in accordance with Ind AS 101, First-time Adoption of Indian Accounting Standards. Ind AS requires that all Ind AS standards and interpretations that are issued and effective for the first Ind AS financial statements be applied retrospectively and consistently for all financial years presented. Accordingly, the Company has prepared financial statements which comply with Ind AS for year ended on March 31, 2018 together with the comparative information as at and for the year ended on March 31, 2017 and the opening Ind AS Balance Sheet as at April 01,2016 the date of transition to Ind AS.

3. Dividend:

Your Directors are pleased to recommend payment of dividend INR1.50 per equity share of face value of INR10 each for the year ended on March 31,2018 absorbing Rs. 21.70 Lacs including Tax on Dividend, which will be, if approved, paid to the Shareholders holding shares as on September 14, 2018 after business hours. The dividend declared/recommended is in accordance with the principles and criteria as set out in the Dividend Distribution Policy. The Dividend Distribution Policy of the Company is set out as Annexure A

4. Transfer to Reserves:

The Company proposes to transfer Rs. 148 lacs to the General Reserve out of the amount available for appropriation and an amount of Rs.37.39 lacs is proposed to be retained in the Statement of Profit and Loss Account.

5. Financial Performance and Operations Review:

During the year under review, the Company yielded Revenue from operations of INR 5240.46 lacs and earned Gross Profit before depreciation, interest and tax of INR 483.73 lacs with Net Profit of INR 201.33 Lacs as against Revenue from operations of INR 5012.45, Gross Profit before depreciation and Interest and tax of Rs. 707.49 lacs with Net Profit of INR 270.31 Lacs of previous year, respectively.

6. Future Prospects:

Our world class GMP facility having manufacturing of tablet and liquid started giving returns. We got the accreditation of WHO-GMP from CDSCO. Our plant also visited by number of foreign Ministry like Ministry of Ghana, Ministry of Sri Lanka, Ministry of Cambodia and Sierra Leone. We also started preparation for getting accreditation of this plant for E.U GMP Malta as well as EU GMP Hungary. This will help us to enter in Regulatory Market in Europe, America, Latin America, Australia, New Zealand, South Africa.

Our company is continuously focusing to built up desired ethical market and to create world class brands Gravidol, K-Win, K-Stat, T-Stat, Cliarway, Zidust, Promolact, Ovaryl. We strongly believe that all these brands molecules will have effective therapeutic treatment for next 20 years. These molecules are mainly used for Mother & Child Healthcare segment.

Our company also focuses on creating institutional business with government institutions, semi-government institutions, hospitals and clinics by getting registered with Kerala, Rajasthan, Haryana & Karnataka Health Ministry and ESIC - Government of India to ensure that we achieve more business from these institutes.

Our company strongly believe high growth rate by entering into export business and achieve desirable growth for the year 2018-19. Our company has taken number of actions like addition of new area such as Cambodia, Peru, and Uruguay. However, some of the area we have restricted our exports such as Nigeria, Ghana, DRC Congo, due to instability and financial weakness in their economy. Management teams were generally optimistic on outlook for domestic Indian Markets with sales growth expected to be in the low double digits rebounding from GST led disruption. Our company continuously plan their strategy by implementing strategy to get more and more mileage in domestic as well as export market.

A better part of the past financial year was spent by the Indian Industries in coping with issues related to Goods and Service Tax (GST). Company had prepared for effectively implementing of GST as per the Act, Rule and their notification provided by Government of India from time to time and have recovered to a large extent. We expect number of hurdles will be further removed and business transaction will be made easy by introduction and implementation of GST.


As stipulated by regulation 34(3) read with Schedule V(B) of the Listing Regulations, Management Discussion and Analysis forms parts of this report.

a) Industry Structure and Development

Our nation made number of changes in last 2 years and expect to change by creating message to common people that they get quality product with reasonable price. Government of India also ensures that all Indians must get medical treatments. They come out with number of supportive scheme in the healthcare segment which ultimate lead to health for all. Government''s participation to more generate business in the pharmaceutical to the large extent and we being part of this activity. This will continue to give future scope of expansion.

Since last 2-3 decades, science and technology has given tremendous inputs to health systems and improve the life of common people and extended life span of Indian upto 74 years as average life span. This may be possible because Indian Pharma Companies take challenges of Science and Technologies and new methods, re-engineering techniques. Indian companies introduced new molecules which are less harmful. The Pharma companies made products available in the remote places of our country.

b) Outlook, Risks and Concerns

Though in the world pharmaceutical market, India is ranked 3rd in volume, it has a negligible share by value and ranks 13th. Branded generics constitute 70% of Indian Pharmaceutical Market. Indian pharmaceutical market is considered to be highly fragmented and consolidation has become an important feature of this industry. Indian pharmaceuticals exports have increased from US$ 2 billion in 2006 to about US$ 17 billion in 2018. India has a huge pool of scientists and engineers who have potential to take this industry to a very high level growth.

Indian Pharmaceutical Industry is estimated to grow at 12% to 14% in 2018 - 2019.. The Government of India had unveiled “Pharma Vision 2020” aiming at making India a global leader manufacturing. Many Indian companies are focusing on global generic and API emerging as preferred pharmaceuticals manufacturing location.

Several large selling drug going off patent over next few years and increasing use of generics over next few years. Increasing use of pharmaceutical generics in developed markets to reduce healthcare cost will provide attractive growth opportunities to generics manufacturers and thus Indian Pharmaceutical industry is poised for an accelerated growth in the coming years. However, poor public healthcare funding and infrastructure, low per capital consumption of medicines in developing and underdeveloped countries including India, currency fluctuations, regulatory issues, inflation and resultant all round increase in input costs are few causes of concern. Further the year witnessed huge volatility in global commodity market and foreign currencies. Disruption in domestics market continued in the form of GST implementation and price controls. Control measures undertaken by China, a key source raw material and intermediates for pharma industries have increased pressure on input cost. As an organization Company is continuously developing capabilities and competencies to cope with tough industry environment.

c) Financial Performance and Operation Review

During the year under review, the Company yielded Revenue from operations of INR 5240.46 lacs and earned Gross Profit before depreciation, interest and tax of INR 483.73 lacs with Net Profit of INR 201.33 Lacs as against Revenue from operations of INR 5012.45, Gross Profit before depreciation and Interest and tax of Rs. 707.49 lacs with Net Profit of INR 270.31 Lacs of previous year, respectively.

These regulatory issues continue to adversely impact the Company''s business. The Company''s business in the emerging markets also suffered due to significant currency fluctuations. The Company is implementing comprehensive remedial measures at all its manufacturing sites to ensure quality and regulatory compliances. These remedial measures included review of all processes and procedures revamping of training system, recruitment of senior quality personnel as well as automation of quality control laboratories. Your company is committed in resolving these issues at the earliest. The Company is also committed to its philosophy of highest quality in manufacturing, operations, system, integrity and GMP culture. Your management is confident that implementation of remedial measures will ensure that the company will regain all its regulatory approvals.

Rs. in Lacs

Break-up of Sales



Growth /

DE growth)

In terms of Value

In terms of %






Erga Sales





Deemed Exports





Direct Exports










During the financial year under report, the domestic sales of products of the Company amounted to INR 4298.84 lacs as against INR 3944.97 lacs in the previous year which reflect increase 8.97 % and in value INR 353.87 Lacs. Whereas the International Business (export) amounted to INR 941.62 Lacs as against INR 1067.48 lacs in the previous year which was decreased by 11.79% and in value INR 125.86 Lacs.

d) Internal Control System and its adequacy

The Company has adequate internal control system including suitable monitoring procedures commensurate with its size and the nature of the business. The internal control system provide for all documented policies, guidelines, authorization and approval procedures. The Company has an internal audit department which carries out audits throughout the year. The statutory auditors while conducting the statutory audit, review and evaluate the internal controls and their observations are discussed with the Audit Committee of the Board. Further the Company has in place adequate Internal Financial Controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operations were observed.

e) Human Resources

The human resources plays a vital role in the growth and success of an organization. The Company has maintained cordial and harmonious relations with employees across various locations. At the core of our success is our people and have been working towards keeping them engaged and inspired.

During the year under review, various trailing and development workshops were continued to be conducted to improve the competency level of employees with an objective to improve the operational performance of individuals. The company has built a competent team to handle challenging assignments. The Company strives to enhance the technical work, related and general skills of employees through dedicated training programs on a continuous basis.

The Company has 662 employees as on March 31,2018.

f) Formulation and Developments

Company always considering Formulation and Development as crucial for sustain growth of the company. Company always try to introduce newer and newer drugs delivery system for ensuring products available as regard to time and enhancing therapeutic value.

To achieve this objective we have experienced and qualified pharmacists whose activity is to maintain and find out newer and newer delivery system as well as re-engineering innovative process. This will help the company to maintain material consumption ratio.

g) Cautionary Statement

Certain statement in the management discussion and analysis may be forward looking within the meaning of applicable securities law and regulations and actual results may differ materially from those expressed or implied. Factors that would make differences to company''s operations include competition, price realization, Drugs Price Controls, FDC combinations, currency fluctuations, regulatory issues, changes in government policies and regulations tax regimes, economic development within India and the Countries in which the company conducts business and other incidental factors.

6. Directors Responsibility Statement

Your Directors state that:

a. in the preparation of annual accounts for the year ended March 31, 2018, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

b. the Directors have 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 March 31,2018 and of the Profit of the Company for the year ended on that date;

c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the 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 are operating effectively; and

f. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

7. Directors and Key Managerial Personnel

During the year under review, following changes occurred in the position of Directors / KMPs of the Company:

a. Mr. Dilip Shah, Director of the Company who retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment. The retirement of director by rotation at the ensuing Annual General Meeting is determined in accordance with the provisions of the Companies Act, 2013. The Company made application to central government for appointment of Mr. Dilip Shah as Whole Time Dirctor of the Company for a period of five year with effect from September 26,2016. Pending approval, Company considered retires by rotation at ensuing annual general meeting. The Central Government approval as and when received shall prevail.

Further all the independent directors of the Company have submitted a declaration that each of them meets the criteria of independence as provided in Section 149(6) of the act and there has been no change in the circumstances which may affects their status as independent directors during the year.

b. The term of appointment of Mr. Rajendra R Shah as Managing Director is valid upto March 31, 2017. Board at its meeting held on January 31, 2017 approved appointment of Mr. Rajendra R Shah as Managing Director of the Company with effect from April 1,2017 for further period of 3 years.

c. During the year under review, the board of directors, on the recommendations of the Nomination and Remuneration Committee had appointed Mr. Paresh J Mistry as an additional director of the Company with effect from OctoberOI, 2017 subject to approval of the members in the ensuing Annual General Meeting.

Necessary resolutions for appointment /reappointment of the aforesaid directors and their detailed profiles have been included in the notice convening the ensuing AGM and details of proposal for appointment / reappointment are mentioned in the explanatory statement of the notice. Your directors commend their appointment/ re-appointment.

During the year, the non-executive directors of the Company had no pecuniary relationship or transactions with the Company.

Key Managerial Personnel

1. Mr. Rajendra R Shah, Managing Director

2. Mr. Dilip R Shah, Whole Time Director (Approval is yet to receive from Central Government)

3. Ms. Payal Doshi, CFO (we.f. August 05,2016)

4. Mr. Mukesh Khanna, Company Secretary

8. Number of Meetings of the Board

Five Meetings of the Board were held during the year on May 19,2017, August 05,2017, August 18,2017, November 25, 2017 and January 27, 2018. For details of the meetings of the Board, please refer to the Corporate Governance Report, which forms part of this report.

9. Policy on Directors ‘Appointment and Remuneration and other details

The Company''s policy on directors'' appointment and remuneration and other matters provided in Section 178(3) of the Act, may be accessed on the Company''s website at the link:

10. Board Evaluation

Pursuant to SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 mandates that the Board shall monitor and review the Board evaluation framework. The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that performance evaluation of independent directors shall be done by the entire Board of Directors, excluding the Director being evaluated.

The Board of Directors has carried out an annual evaluation of its own performance, Board committees and Individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the directors on the basis of the criteria such as the Board composition and structure, effectiveness of board processes, Information and functioning etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc.

The Board and the Nomination and Remuneration Committee (NRC) reviewed the performance of the Individual Directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. In addition, the Chairman was also evaluated on the key aspects of his role.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non-executive directors. The same was discussed in the board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual directors was also discussed.

11. Internal Financial Control Systems and their adequacy

The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms part of this report.

12. Audit Committee

The details pertaining to composition of audit committee are included in the Corporate Governance Report, which forms part of this report.

13. Share Capital

The paid-up Equity Share Capital of the Company as at March 31,2018 is INR 120 Lacs. The Company currently has no outstanding shares issued with differential rights, sweat equity or ESOS.

14. Risk Management

The Board of the Company has formed a Risk Management Policy to frame, implement and monitor the risk management plan for the Company. The Audit Committee is reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis.

15. Safety, Environment and Health

The Company considers safety, environment and health as the management responsibility. Regular employee training programs are earned out in the manufacturing facilities on safety, environment and health.

16. Particulars of Loens, Guarantees or Investments

The Company has not provided any loans and guarantees and no investments made pursuant to Section 186 of the Companies Act, 2013 during the year under review.

17. Particulars of contracts or arrangements with related parties:

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm’s length basis and in compliance of the provisions of Section 188 of the Companies Act, 2013 & rules made there under and Listing Agreement & SEBI (Listing Obligations and Disclosures Requirement) Regulation, 2015. The Company had not entered into any contract /arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company. The Policy dealing with related party transactions as approved by the Board may be accessed on the Company''s website at the link: http:AWw.rne All the related party transactions are placed before the Audit Committee as also Board for approval / ratification.

Prescribed form AOC - 2, pursuant to Section 134 (3) (h) of the Companies Act, 2013 & Rule 8(2) of the Companies (Accounts) Rules, 2014, is furnished as Annexure - B to this report.

18. Corporate Social Responsibility (CSR)

Though not mandatory in terms of Section 135 of Companies Act, 2013, the Company has formulated Corporate Social Responsibility (CSR) Policy in accordance with Section 135 of the Companies Act, 2013 and reconstituted CSR Committee with on Mey 14, 2015 with Mr. D. R. Zeveri and Ms. Poomima Karvat and Mr. Bharat Mehte, three independent directors and Mr. Rajendra R Shah, Managing Director and Dilip Shah, Director of the Company. However the Company has been pursuing CSR activities in the area of promotion of education in medical field by providing scholarship and other amenities to the medical students. The CSR policy of the Company is placed on the website of the Com pan v

19. Policy on prevention, prohibition and redressel of sexual harassment at work piece

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at the Workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules there under. The Policy aims to provide protection to employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where employees feel secure. The Company has also constituted an Internal Complaints Committee, known as the Prevention of Sexual Harassment (POSH) Committee, to inquire into complaints of sexual harassment and recommend appropriate action.

The Company has not received any complaint of sexual harassment during the financial year 2017-18. The policy on Prevention, Prohibition and Redressal of Sexual Harassment of Women at work place is placed on website of the Company www.mencufYlabs.con).

20. Vigil Mechanisms/Whistle Blower Policy

The Company has adopted a Whistle B lower Policy, to provide a formal mechanism to the Directors and employees to report their concerns about unethical behavior, actual or suspected fraud or violation of the Company’s Code of Conduct or ethics policy. The Policy provides for adequate safeguards against victimization of employees who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee. It is affirmed that no personnel of the Company has been denied access to the Audit Committee. The Whistle Blower Policy is posted on the website of the

21. Slgnlflcantand material orders passed by the regulators or courts.

No significant material orders have been passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations. However during the year under review, inspection of books of accounts and other records was carried out by Office of Regional Director, Western Region, Ministry of Corporate Affairs.

22. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information on Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo stipulated under Section 134 (3)(m) of the Act read with Rule8of the Companies (Accounts) Rules, 2014, is annexed as Annexure C.

23. Particulars of Employees and Remuneration

Pursuant to the Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, no employee of the Company was paid remuneration exceeding the prescribed limits, during the financial year 2017 -2018.

The information required under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in the Annexure-C forming part of the Report. None of the employees listed in the said Annexure is related to any Director of the Company.

24. Auditors & Their Reports

(1) Statutory Auditors:

Pursuant to the provisions of Section 139 of the Act and the rules framed there under, M/s. R J Shah & Associates, Chartered Accountants, were appointed as statutory auditors of the Company from the conclusion of the 36th Annual General Meeting (AGM) of the Company held on September 29,2017 till the conclusion of the 37th AGM to be held in the year 2018. M/s. R J Shah & Associates, Chartered Accountants is retiring at ensuing annual general meeting. The Board recommended for appointment of M/s. R J Shah & Associates as Chartered Accountant of the Company to hold office from conclusion of this ZT'' annual general meeting till conclusion of 40th annual general meeting to be held in the year 2022. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 141 (3)(g) of the Companies Act, 2013 and that they are not disqualified from appointment.

There are no qualifications or adverse remarks in the Auditors'' Report, which require any clarification/ explanation. The Notes on financial statements are self-explanatory, and needs no further explanation.

The Notes on accounts, referred to in the Auditor''s Report, are self-explanatory and therefore do not call for any further comments.

(2) Secretarial Auditors:

Pursuant to the provisions of the Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rule, 2014, the Board of Directors of the Company had appointed M/s. Mitesh Rana & Co. a firm of Company Secretaries to carry out Secretarial Audit for the year ended on March 31,2018. The Secretarial Audit Report is annexed as Annexure-E.

The Auditors” Report and the Secretarial Audit Report for the financial year ended March 31,2018 do not contain any qualification, reservation, adverse remark or disclaimer.

The Company has complied with the provisions of Secretarial Standards on Board Meetings and General Meetings issued by the Institute of Company Secretaries of India and approved by the Central Government.

(3) Cost Auditors:

Pursuant to the provisions of Section 148 read with Companies (Cost Records and Audit) Amendment Rules, 2014 and as recommended by the Audit Committee, the Board had appointed M/s. Jeegar Patel & Co., (FRN 103686), Cost Accountants to conduct the audit of cost records of the Company for the Financial Year 2018-19. Mr. Jeegar Patel had confirmed that his appointment met the requirements of Section 141 (3)(g) of the Act and that he was free from disqualification as specified under section 141 read with Section 148oftheAct.

In terms of Rule 14 of the Companies (Audit and Auditors) Rule, 2014, remuneration payable to the cost auditors is required to be ratified by members. Accordingly an ordinary resolution will be passed by members at the 37* Annual General Meeting approving the remuneration payable to Mr. Jeegar Patel & Co.

25. Deposits

The Company has no unpaid and/or unclaimed deposit. The Company has accepted deposit from Directors and their relatives, the Shareholders and has complied with all applicable provisions of the Companies Act relating to acceptance and renewal of deposits.


Amt. in Rs.

Accepted during the year from the Directors and members*


Remained unpaid or unclaimed as at the end of the year


Whether there has been any default in repayment of deposits or payment of interest there on during the year and if so, number of such cases and the total amount involved (i) at the beginning of the year;(ii) maximum during the year; and (iii) at the end of the year


-Deposit accepted during the year are from directors of the company.

26. Extract of Annual Return

As provided under Section 92(3) of Ihe Act, the extract of annual return is given in Annexure-F in the prescribed Form MGT-9, which forms part of this report.

27. Material Change & Commitments, if any

There is no material changes and commitments, that would affect financial position of the company from the end of the financial year of the company to which the financial statements relate and the date of director''s report.

28. Corporate Governance Report

As stipulated by Regulation 34(3) read with Schedule V(C) of the Listing Regulations, Corporate Governance Report forms part of this Annual Report Annexed to the said report is the Auditor''s Certificate as prescribed under Schedule V(E)of the Listing Regulations certifying compliance with conditions of corporate governance.

29. Acknowledgment

The Board of Directors wish to place on record their appreciation for the continued support extended by the Bankers, Business Associates, clients, vendors and suppliers, Government Authorities, Employees at all levels and Stakeholders, in furthering the interest of the Company.

Place: Vadodara On behalf of the Board of Directors,

Date: May28,2018 Rajendra R. Shah

Chairman & Managing Director


Director’s Report