Moschip Technologies Ltd
Directors Reports
To
The Members,
Your Directors take immense pleasure in presenting the 22nd Annual Report on
the business and operations of your Company along with the Audited Standalone &
Consolidated Financial Statements for the year ended 31st March 2021. The
Consolidated performance of the Company and its subsidiaries has been referred to wherever
required.
1. Summary of Financial Results
(Rs. In Lakhs)
|
Year ended 31 March 2021 |
Yearended 31 March 2020 |
|
Consolidated |
Standalone |
Consolidated |
Standalone |
| Income from operations |
10,519.35 |
8,408.47 |
9,93207 |
6,335.17 |
| Other Income |
172.73 |
336.82 |
178 25 |
307 39 |
| Total Revenue |
10,692.08 |
8,745.30 |
10,110.32 |
6,642.56 |
| (Loss) / Profit before exceptional item, Interest, Depreciation & Tax |
866.21 |
1,111.36 |
(1,332 47) |
(695 28) |
| (Loss) / Profit before Interest, Depreciation & Tax |
866.21 |
1,111.36 |
(3,069 44) |
(1,734 91) |
| Less: Interest |
857.08 |
832.82 |
637 55 |
524 46 |
| Less: Depreciation |
917.98 |
459 96 |
937 48 |
473 30 |
| Profit/ (Loss) before tax |
(908.85) |
(181.42) |
(4,644.47) |
(2,732.67) |
| Less: Tax expense |
6.22 |
3.13 |
(42 97) |
1 49 |
| Profit / (Loss) after tax |
(915.08) |
(184.55) |
(4,601.50) |
(2,734.16) |
| Add: Other comprehensive income / Loss |
73.66 |
74.58 |
32.94 |
37.70 |
| Net Profit / (Loss) for the year |
(981.12) |
(259.14) |
(4,659.76) |
(2,771.86) |
2. Performance Review
Your Company, MosChip Technologies Limited is a fabless model semiconductor and
Internet of Things/Everything (loT/E) focused company. It specializes in product design
and development services ranging from Chip Design to Systems Development. It works with
Defense Labs as well as globally acclaimed chip design companies in the areas of Chip
(SOC) design and development for Aerospace, Defence, Consumer and Industrial applications
and loT/E Products and Services across various industries.
The year 2020-21, is a most challenging year due to COVID-19. Even during these
difficult times. Your Company could be able to deliverthe best performance.
On consolidated basis, the income from operations grew to Rs.10,519.35 lakhs from
Rs.9,932.07 lakhs registering a growth of 6% year on year. The increased growth during the
current year is primarily Increase in revenue from design and development services . The
profit before Interest, Depreciation and Tax stood at Rs. 866.21 lakhs while that of
previous year loss stood at Rs. (3,069.44) lakhs. The Consolidated results however showed
a Net Loss for the yearat Rs. 981.12 lakhs as against a Net loss of Rs.4,659.76 lakhs in
the previous year.
On a standalone basis, income from operations for the year stood at Rs. 8,408.47 lakhs
as against Rs. 6,335.17 lakhs for the preceding year. Standalone Net Loss for the FY
2020-21 was Rs. 259.14 lakhs as against Net Loss of Rs. 2,771.86 lakhs for the FY2019-20.
This performance was possible due to the proper vision and strategy of leadership team,
efficient execution of operational team and with the support of dedicated employees, which
is paving way for the long term sustainable growth. The Company is poised to be part of
emerging opportunities by continuing to focus on its inherent strengths in services,
turnkey solutions, IP, loT&Training
The Performance review of the Company and its subsidiaries for the year is detailed in
flnnexure - A under 'Management Discussion & Analysis' annexed hereto pursuant to the
provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
3. Impact of the Covid-19 Pandemic:
• The COVID-19 pandemic is a global humanitarian and health crisis, that continues
to impact all our stakeholders-employees, clients, investors and communities we operate
in. Many countries are reporting the second and third waves of infections.
• MosChip's employees briefly returned to work in its new facilities in February
2021. However, the office had to be shut down again due to the second wave of COVID-19 and
many positive cases in the office.
• MosChip's employees continue to work from home except for some critical roles
like senior management, finance and IT departments.
• MosChip's has taken up a drive to provide free vaccination to all its employees
and its immediate family members. Athorough thermal scanning and sanitization protocol was
introduced at offices.
• Most of our customer driven projects are on track with Moschip.
• COVID situation continues to slowdown MosChip's internal R&D and IP
development.
• However, the semiconductor and IT industry continues to flourish in spite of the
challenges thrown with COVID situation.
4. Subsidiaries, Joint Ventures and Associate Companies
As on 31 st March, 2021, the Company has 3 direct subsidiaries, namely;
01) MosChip Technologies, USA
02) Maven Systems Private Limited
03) MosChip Institute of Silicon Systems Private Limited.
There are no associate companies orjoint venture companies within the meaning of
Section 2(6) of the Companies Act, 2013. There has been no material change in the nature
of the business of the subsidiaries.
During the year, the Board of Directors reviewed the affairs of the subsidiaries. In
accordance with Section 129(3) of the Companies Act, 2013, a statement containing salient
features of the financial statements of the subsidiary companies in Form AOC-1 is enclosed
asAnnexure-Bofthe Board's Report.
Further, pursuant to the provisions of Section 136oftheAct, the financial statements of
the Company, consolidated financial statements along with relevant documents and separate
audited accounts in respect of subsidiary, are available on the website of the Company.
5. Dividend & Transfers to Reserves
In view of the losses your directors have not recommended any dividend forthe year
under review. As a result, there is no appropriation of any amount to the reserves of the
Company during the year under review.
During the period under review, no amount was required to be transferred to the
Investor Education and Protection Fund.
6. Share Capital
(a) Increase in Paid-up Share Capita I
During the year under review, your Company has not issued any fresh equity shares. The
issued, subscribed and paid-up equity share capital of your Company as on March 31, 2021
stood at Rs.31,59,82,804/-comprising of 15,79,91,402 Equity Shares of Rs.2/-each.
On 25.05.2021, the Company allotted 77,000 Equity Shares on exercise of ESOPscheme..
(b) Increase in Authorised Share Capital
During the year under review, there was no change in the Authorised Capital of the
Company. As on 31.03.2021, the authorized share capital of your company was
Rs.56,54,10,000 comprising 28,27,05,000 equity shares of Rs.2/- each.
(c) Buy Back of Securities
The Company has not bought back any of its securities during the year under review.
(d) Sweat Equity
The Company has not issued any Sweat Equity Shares during the year under review.
(e) Bonus Shares
The Company has not issued any bonus shares during the year under review.
(f) Equity Shares with differential rights
The Company has not issued any Equity Shares with differential rights.
(g) Dematerialization of Shares
99.67% of the company's paid up Equity Share Capital is in dematerialized form as on 3151
March, 2021 and balance 0.33 % is in physical form. The Company's Registrars are KFin
Technologies Pvt. Ltd., Karvy Selenium, Tower B, Plot No. 31 & 32, Financial District,
Gachibowli, Hyderabad, Telangana- 500 032.
7. Major events occurring after the balance sheet date
(a) Material changes and commitments if any affecting the financial position of the
Company occurred between the end of the financial year to which this Financial Statements
relate and the date of the report
There have been no material changes and commitments, affecting the financial position
of the Company which occurred during the period between the end of the financial year to
which the financial statements relate and the date of this report..
(b) Change in the Nature of Business:
There is no change in the nature of business of the Company.
(C) Details of significant and material orders passed by the regulators/ courts/
tribunals impacting the going concern status and the Company's operations in future
There are no significant and material orders passed by the Regulators/ Courts which
would impact the going concern status of the Company and its future operations.
8. Directors and Key Managerial Personnel
(a) Inductions. Changes & Cessations in Directorships during the year 2020-21.
Mr. Prasad Gajjala (DIN: 00026718) ceased to be exist as Director w.e.f. 15 th June,
2020 due to his sad and sudden demise. The Board in its Meeting dated 20.07.2021 placed on
record its appreciation forthe Services, assistance and guidance provided by Mr. Prasad
Gajjala as Independent Director of the Company for more than 15 years.
On recommendation of the Nomination and Remuneration Committee, the Board has
re-designated Mr. Raja Praturi (DIN: 01819707)) as an Independent Director with effect
from 15.10.2020. The members of the Company by way of special resolution has approved the
re-appointment of Mr. Raja Praturi as an Independent Director in 21 st Annual General
Meeting held on November 27, 2020.
On recommendation of the Nomination and Remuneration Committee, the Board has appointed
Mr. Adiseshaiah Chowdary Jakkampudi (DIN: 01109704) as an Additional Director in
Independent Category with effectfrom 25.01.2021. Approval of members byway of ordinary
resolution is required for the appointment of Mr. Adiseshaiah Chowdary Jakkampudi as an
Independent Director at the ensuing Annual General Meeting scheduled to be held on
September 13, 2021.
Subsequent to the end of the financial year March 31,2021:
There is no change in Directorship subsequent to the end of the financial year March
31,2021.
Directors retire bvrotation:
Pursuant to the requirements of the Companies Act, 2013 and Articles of Association of
the Company Mr. Kadiri Ramachandra Reddy (DIN:00042172), Non-Executive Director retire by
rotation at the ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
(b) Key Managerial Personnel
Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key
Managerial Personnel of the Company as on March 31,2021 are:
| Mr. Venkata SudhakarSimhadri |
- Chief Executive Officer |
| Mr. Jayaram Susarla |
- Chief Financial Officer |
| Mr. Suresh Bachalakura |
- Company Secretary |
(c) Independent Directors
In terms of Section 149 of the Companies Act, 2013 ('Act)Mr. Pradeep Chandra Kathi, Mr.
Govinda Prasad Dasu, Ms. Nalluri Madhurika Venkat, Mr. Raja Praturi and Mr. Adiseshaiah
Chowdary Jakkampudi are the Independent Directors of the Company. The Company has received
declarations from all the Independent Directors confirming thatthey meetthe criteria of
independence as prescribed under Section 149(6) of the Act and Regulation 16(1) (b)
oftheSEBI Listing Regulations and are independent of the management. The Board of
Directors of the Company has taken on record the declaration and confirmation submitted by
the Independent Directors after undertaking due assessment of the veracity of the same.
They are not liable to retire by rotation in terms of Section 149(13) of the Act.
The Board is of the opinion thatthe Independent Directors of the Company possess
requisite qualifications, experience and expertise including proficiency in the fields of
science and technology, digitalization, strategy, finance, governance, human resources,
sustainability, etc. and thatthey hold highest standards of integrity.
Details of Familiarization Programme for the Independent Directors are provided
separately in the Corporate Governance Report which forms a part of this Integrated Annual
Report.
Independent Directors Declaration:
All Independent Directors have submitted a declaration that each of them meets the
criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and
Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 and there has been no change in
the circumstances which may affect their status as an independent director during the
year. In compliance with Rule 6(1) and (2) of Companies (Appointment and Qualification of
Directors) Fifth Amendment Rules, 2019, all Independent Directors have confirmed their
respective registrations in the Independent Directors Databank.
(d) Familiarization programme for Independent Directors
At the time of appointment, the Company conducts familiarization programmes for an
Independent Director through meetings with key officials of the Company. During these
meetings, presentations are made on the roles and responsibilities, duties and obligations
of the Director, Company's business, Company's strategy, financial reporting, governance
and compliances and other related matters.
(e) Board evaluation
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
(Listing Obligations and Disclosure Requirements), Regulations, 2015 ("SEBI Listing
Regulations").
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.
(f) Audit Committee
The Composition of the Audit Committee is provided in the Corporate Governance Report
forming part of this report. All the recommendations made by the Audit Committee were
accepted by the Board.
(g) Nomination and Remuneration Committee:
Details pertaining to composition of the Nomination and Remuneration Committee are
included in the Report on Corporate Governance.
The Company's Nomination and Remuneration Policy was prepared in conformity with the
requirements of the provisions of Section 178(3) of the Act.
The Policy on directors' appointment and remuneration including criteria for
determining qualifications, positive attributes, independence of a director and other
matters provided under Section 178(3) for payment of remuneration to Directors and policy
containing guiding principles for payment of remuneration to Senior Management, Key
Managerial Personnel and other employees including Non-executive Directors has been
uploaded on the website of the Company athttps://moschip.com/wp-
content/uploads/2017/07/Nominatio-remuneration-Policy.pdf.
Remuneration ratio of the Directors / Key Managerial Personnel (KMP) / Employees:
The information required pursuant to Section 197 read with Rule 5 of The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith as
Annexure-C to this report.
(h) Stakeholders Relationship Committee
Details pertaining to composition of the Stakeholders Relationship Committee are
included in the Report on Corporate Governance.
(i) ESOP plans
Nomination and Remuneration Committee of the Board of Directors of the Company, inter
alia, administers and monitors the Employees' Stock Option Plan of the Company in
accordance with the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 ("SEBI Regulations"). There was no change in the ESOP scheme
of the Company during the year.
During the year under report the company has Six schemes in operation as mentioned
below, for granting stock options to the employees and directors of the company and its
wholly owned subsidiary in accordance with SEBI (Share Based Employee Benefits)
Regulations, 2014.
| (a) MosChip Stock Option Plan |
-2005(MI) |
| (b) MosChip Stock Option Plan |
-2005(WOS) |
| (c) MosChip Stock Option Plan |
-2008 |
| (d) MosChip Stock Option Plan |
-2008(ALR) |
| (e) MosChip Stock Option Plan |
-2008(Director) |
| (f) MosChip Stock Option Plan |
-2018 |
Disclosures with respect to Stock Options, as required under Rule 12 (9) of Companies
(Share Capital and Debentures) Rules, 2014 and Regulation 14 of the Securities and
Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 are annexed
herewith as Annexure-Dto this report.
(j) Number of meetings of the Board
04 meetings of the Board were held during the year 2020-2021. Details of these meetings
as well as the meetings of its Committees have been given in the Corporate Governance
Report, which forms part of the Annual Report.
9. Corporate Social Responsibility (CSR) Initiatives:
Section 135 of the Companies Act, 2013 provides the threshold limit for applicability
of the CSR to a Company i.e. (a) Networth of the Company to be Rs.500 crore or more; or
(b) turnover of the company to be Rs.1,000 crore or more; or (c) net profit of the company
to be Rs.5 crore or more. As the Company does not fall under any of the threshold limits
given above, the provisions of Section 135 are not applicable to the Company.
10. Internal control systems and their adequacy:
The Company has adequate internal control system consistent with the nature of business
and size of its operations, to effectively provide safety of its assets, reliability of
financial transactions with adequate checks and balances, adherence to applicable statues,
accounting policies, approval procedures and to ensure optimum use of available resources.
These systems are reviewed and improved on a regular basis. The Company has a
comprehensive budgetary control system to monitor revenue and expenditure against approved
budget on an ongoing basis.
The Company has an external audit firm to perform internal audit function to monitor
and assess the adequacy and effectiveness of the Internal Controls and System across all
key processes. Deviations, if any, are reviewed quarterly and due compliance is ensured.
Summary of Significant Audit Observations along with recommendations and its
implementation is reviewed by the Audit Committee and reported to the Board.
11. Vigil Mechanism/Whistle BlowerPolicy
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013,
a Vigil Mechanism / Whistle Blower Policy in line with listing regulations for directors
and employees to report genuine concerns has been established. The Vigil Mechanism /
Whistle Blower Policy has been uploaded on the website of the Company at
https://moschip.com/investor-relations/policies-documents/WhistleBlowerPolicy-document.pdf
12. Deposits
The Company has not accepted any deposits from public and as such, no amount on account
of principal or interest on deposits from public was outstanding as on the date of the
balance sheet.
13. Statutory Auditors and Auditors' Report
M/s. S. T. Mohite & Co., Chartered Accountants (Firm Registration No. 01141 OS)
were appointed as the Statutory Auditors of the Company to hold office from the conclusion
of the 18,n Annual General Meeting (AGM) held on September 29,2017 until the
conclusion of the fifth consecutive AGM of the Company to be held in the year 2022.
The Notes on Financial Statements referred to in the Auditors Report are
self-explanatory and do not call for any further comments.
The Report of the Statutory Auditors for the year ended 31st March, 2021
forming part of the Annual Report does not contain any qualification, reservation,
observation, adverse remark or disclaimer. The Statutory Auditors have not reported any
incident of fraud to the Audit Committee of the Company in the year under review.
Further, in compliance with the RBI requirements the Company has obtained Statutory
Auditors Report in relation to downstream investments.
14. Internal Audit:
As per the provisions of Section 138 of the Act and the rules made there under, the
Board of Directors had appointed M/s Gokhale & Co, Chartered Accountants, Hyderabad
(FRN No: 000942S), as Internal Auditor to conduct the internal audit of the Company for
the Financial Year 2020-21.
Further, on the recommendation of audit committee, the Board of Directors of the
Company has approved the reappointment of aforesaid audit firm as internal auditors for
the Financial Year 2021 -22.
15. Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed
M/s. BSS& Associates, Company Secretaries for conducting Secretarial Audit of the
Company for the financial year 2020-2021. The Secretarial Audit Report is annexed herewith
as Annexure - E. The Secretarial Audit report does not contain any qualifications,
reservation or adverse remark.
16. Cost Records and Audit
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the
business activities carried out by the Company.
17. Conservation of energy, research and development, technology absorption, foreign
exchange earnings and outgo
Information required under Section 134(3)(m) of the Act read with Rule 8(3) of the
Companies (Accounts) Rules, 2014, with respect to conservation of energy, technology
absorption and foreign exchange earnings/outgo is included in Annexure-F.
18. Related Party Transactions:
Related party transactions that were entered during the financial year were on an arm's
length basis and were in the ordinary course of business. All Related Party Transactions
are placed before the Audit Committee and before the Board for approval. Prior omnibus
approval of the Audit Committee was obtained for the transactions which are of a
foreseeable and repetitive nature. The particulars of contracts or arrangements with
related parties referred to in section 188(1) and applicable rules of the Companies Act,
2013 in Form AOC-2 is provided as Annexure - G to this Annual Report.
The Board of Directors of the Company has, on the recommendation of the Audit
Committee, adopted a policy to regulate transactions between the Company and its Related
Parties, in compliance with the applicable provisions of the Companies Act, 2013, the
Rules thereunder and the Listing Regulations. This Policy was considered and approved by
the Board has been uploaded on the website of the Company at https://moschip.com/investor-
relations/policies-documents/PolicyOnRelatedPartyTransactions-document.pdf
19. Annual Return:
As required pursuant to section 92(3) of the Companies Act, 2013and rule 12(1) of the
Companies (Management and Administration) Rules, 2014 (as amended), a copy of the Annual
Return oftheCompany shall be placed on the Website of the Companyatwww.moschip.com.
20. Particulars of Loans, Guarantees or Investments
Pursuant to Section 186 of Companies Act, 2013 and Schedule V of the Listing
Regulations, disclosure on particulars relating to Loans, Advances, Guarantees and
Investments are provided as part of the financial statements.
21. Directors' Responsibility Statement
Pursuant to Section 134(5) the Companies Act, 2013 and based upon representations from
the Management, the Board, to the best of its knowledge and belief, states 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 Companies Act, 2013 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities:
d) the Directors had prepared annual accounts on a going concern basis; and
e) the Directors had laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and operating effectively;
f) the directors had devised proper systems to ensure compliance by the Company with
the provisions of all applicable laws and that such systems were adequate and operating
effectively.
Based on the framework of internal financial controls and compliance systems
established and maintained by the Company, the work performed by the internal, statutory,
and secretarial auditors and external consultants, including the audit of internal
financial controls over financial reporting by the statutory auditors, and the reviews
performed by management and the relevant board committees, including the audit committee,
the Board is of the opinion that the Company's internal financial controls were adequate
and effective during the financial year 2020-2021.
22. Corporate Governance and Shareholders Information
The Company is committed to good corporate governance in line with the provisions
ofSEBI (LODR) Regulations, 2015 and Provisions, Rules and Regulations of the Companies
Act, 2013. The Company is in compliance with the provisions on corporate governance
specified in the SEBI (LODR) Regulations, 2015. A certificate of compliance from M/s. B S
S & Associates, Company Secretaries and the report on Corporate Governance form part
of this Directors' Report as Annexure - H.
23. Secretarial Standards
The Company complies with all the applicable Secretarial Standards issued by the
Institute of Company Secretaries of India.
24. Risk Management Policy
In pursuant to the provisions of the Section 134 (3)(n) of the Companies Act 2013, the
Company has formulated risk management policy to mitigate and manage the risk including
identification therein of elements of risk, if any, which in the opinion of the Board may
threaten the existence of the company.
25. Company's Policy on Prohibition, Prevention and Redressal of Sexual Harassment of
Women at Workplace
Your Company is committed to provide work environment that ensures every employee is
treated with dignity and respect and afforded equitable treatment. The Company is also
committed to promoting a work environment that is conducive to the professional growth of
its employees and encourages equality of opportunity and will not tolerate any form of
sexual harassment and to take all necessary steps to ensure that its employees are not
subjected to any form of harassment.
Thus, in orderto create a safe and conducive work environment the Company has in place
a policy for prevention of sexual harassment in accordance with the requirements of the
Sexual Harassment of women at workplace(prevention, Prohibition, & Redressal) Act,
2013. Further, the Company has complied with provisions relating to constitution of
Internal Complaints Committee under Sexual Harassment of women at workplace (Prevention,
Prohibition, & Redressal) Act, 2013. The Committee has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
trainees, temporary) are covered under this policy. The Company did not receive any
complaint during the period under review.
26. Insider Trading
In compliance with the provisions of SEBI (Prohibition of Insider Trading) Regulation
2015 and to preserve the confidentiality and prevent misuse of unpublished price sensitive
information, the Company has adopted a code of conduct to Regulate, Monitor and Report
Trading by Insiders ('Insider Trading Code') and code of Practices and Procedures for Fair
Disclosure of unpublished Price Sensitive Information ('Code of Fair Disclosure').
The Insider Trading Code is intended to prevent misuse of unpublished price sensitive
information by insiders and connected persons and ensure that the Directors and specified
persons of the Company and their dependents shall not derive any benefit or assist others
to derive any benefit from access to and possession of price sensitive information about
the Company which is not in the public domain, that is to say, insider information.
The code of Fair Disclosure ensures that the affairs of the Company are managed in a
fair, transparent and ethical manner keeping in view the need and interest of all the
Stakeholders.
Annexures forming part of this report
| Annexures |
Particulars |
| A |
Management Discussion & Analysis |
| B |
Form AOC -1 (Report on Subsidiary companies) |
| C |
Remuneration related disclosures per Section 197 |
| D |
Statement on outstanding ESOP Plans |
| E |
Secretarial Audit Report |
| F |
Energy Conservation Particulars |
| G |
Form AOC - 2 (Related Party disclosures) |
| H |
Report on Corporate Governance |
Acknowledgment
Your Directors wish to express their grateful appreciation for the valuable support and
co-operation received from bankers, business associates, lenders, financial institutions,
shareholders, various departments of the Government of India, as well as the State
Governments and all our other stakeholders.
The Directors acknowledge and would like to place on record the commitment and
dedication on the part of the employees of your Company for their continued efforts in
achieving good results.
|
For and on behalf of the Board of Directors |
| Place : Hyderabad |
K. Pradeep Chandra |
| Date :20th July, 2021 |
Chairman |