Acrysil Ltd Directors Report.
Your Directors are pleased to present the Thirty Second Annual Report on business and operations of the Company together with the Audited Financial Statements for the financial year ended March 31, 2019. This report states compliance as per the requirements of the Companies Act, 2013 (the Act), the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) and other rules and regulations as applicable to the
1. Financial Summary/Performance of the Company
The summary of Standalone (Company) and Consolidated (Company and its Subsidiaries) financial performance for the year under review as compared to the previous financial year are given below: (Rs In Lakhs)
|1||Net Sales / Income from Operations||19,875.60||15,380.37||25,159.87||19,646.70|
|3||Total Income (1+2)||20,149.05||15,893.11||25,373.23||20,107.86|
|5||Operating profit before Finance Cost, Depreciation, Tax and Minority Interest (3+4)||3,192.30||2,265.17||4,257.47||3,029.68|
|8||Profit before Tax and Minority Interest (5-6-7)||1,667.94||978.84||2,420.69||1,688.42|
|9||Provision for Taxation||489.54||337.42||672.47||464.73|
|10||Net Profit after Tax and before Non-Controlling Interest (8-9)||1,178.40||641.42||1,748.21||1,223.69|
|11||Non-Controlling Profit Tax and before Non- Controlling Interest||-||-||23.54||28.61|
|12||Net Profit after Tax and Non-Controlling Interest (10-11)||1,178.40||641.42||1,724.67||1,195.08|
|13||Total other Comprehensive Income (Net of Tax)||6.63||(6.88)||42.38||(224.83)|
|14||Total Comprehensive Income||1,185.03||634.54||1,767.05||970.25|
1. The previous year figures has been regrouped wherever necessary.
2. The above figures are extracted from the audited standalone and consolidated financial statements as per Indian Accounting Standards (Ind AS).
3. Figures has been rounded off to nearest decimal
2. Performance Review
During the year under review, Sales Turnover increased to Rs 19,875.60 lakhs as against Rs 15,380.37 lakhsorin the previous year. The Profit 1,178.40 lakhs as compared to Rs 641.42 lakhs in the previous year.
On consolidated basis, Sales turnover of your Company for the year was Rs 25,159.87 Lakhs as against Rs 19,646.70 Lakhs in the previous year. The Consolidated Profit Before Taxation and Minority Interest was Rs 2,420.69 Lakhs against Rs 1,688.42 Lakhs in the previous year. The Consolidated Profit after Tax and Minority Interest was 1,724.67 Lakhs against Rs 1,195.08 Lakhs in the previous year.
Considering the consistent financial performance of your Company and promising future prospects while retaining capital to maintain a healthy Capital Adequacy Ratio and to support future growth your Board of Directors recommend a final dividend of 60 % ( Rs 1.20 per Equity Share) on Equity Shares of Rs 2/- each for the financial year ended March 31, 2019. The total Dividend amount aggregates to Rs 3.11 Crores plus applicable Dividend Distribution Tax thereon.The declaration and payment of dividend is subject to the approval of shareholders at the ensuing Annual General Meeting of the Company.
The Register of Members and Share Transfer Books will remain closed from Saturday, September 7, 2019 to Friday, September 13, 2019 (both days inclusive) for the purpose of payment of the final dividend for the financial year ended March 31, 2019.
6. Material Changes, Transaction and Commitment/ Change in the Nature of Business, if any
There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report.
There has been no change in the nature of business of the Company.
7. The details of significant and material order passed by the regulators or courts or tribunals impacting the going concern status and Companys operation in future.
During the year under review, no significant After Tax for the year stood at order was passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.
8. Management Discussion and Analysis (MDA)
Managements Discussion and Analysis Report for the year, as stipulated under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations),is presented in a separate section, forming part of the Annual Report.
9. Share Capital
The paid up Equity Share Capital as on March 31, 2019stands at Rs 5,18,89,760 divided into Rs 2,59,44,880 equity shares of Rs 2/- each. The Company has neither issued shares with differential rights as to dividend, voting or otherwise nor issued shares to the employees or Directors of the Company, under any Scheme (including sweat equity shares) during the year.
10. Transfer to Reserves
The Company proposes to transfer sum of Rs 300.00 Lakhs to the General Reserves. An amount of Rs 3,760.70 Lakhs is proposed to be retained in the Statement of Profit and Loss of standalone financials.
11. Subsidiary Companies
As on March 31, 2019, the Company has seven subsidiaries, including three overseas subsidiaries and one step down overseas subsidiary. There has been no material change in the nature of the business of the subsidiaries. There are no associate companies or joint venture companies within the meaning of Section 2(6) of the Act. Financials of subsidiaries are disclosed in the consolidated financial statements, which forms part of this Annual Report. Pursuant to sub-section (3) of section129 of the Act and Rule 8(1) of the Companies (Accounts) Rules, 2014, the statement containing the salient feature of the financial statements of a Companys subsidiaries in Form AOC-1 is attached to the financial statements.
Pursuant to the provisions of Section 136 of the Companies Act, 2013, the Company, consolidated financial statements along with relevant documents and separate audited Accounts in respect of subsidiaries, are available on the website of the Company.
During the year under review, no company become or ceased to be Companys Subsidiaries, joint ventures or associate companies.
The Board has approved a Policy Statement for determining Material Subsidiaries of the Company viz. Acrysil Limited and the same is available on the website of the Company i.e. www.acrysilcorporateinfo. com under Company Policies in the Investor Relations section.
The Audit Committee of the Company reviews the financial statements, in particular, the investments made by the unlisted subsidiary company. The minutes of the Board Meetings of the unlisted subsidiary companies were also placed at the Board Meeting of the Company.
Further, the Annual Accounts and related documents of the subsidiary company shall be kept open for inspection at the registered office of the Company. The Company will also make available copy thereof upon specific request by any Member of the Company interested in obtaining the same. Further, pursuant to Accounting Standard AS-21issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company in this Annual Report include the financial information of its subsidiary.
12. Directors and Key Managerial Personnel
The Board of Directors of the Company is led by the Executive Chairman and Managing Director and comprises four other Independent Directors as on March31, 2019. Pursuant to the provisions of Section 152 of the Companies Act, 2013, and the Articles of Association of the Company, Mr. Chirag Ashwin Parekh, Chairman and Managing Director is due to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The brief resume and other relevant documents of the Director being re-appointed are given in the Explanatory Statement to the Notice convening the AGM, for your perusal. Mr. Chirag A. Parekh, Chairman and Managing Director, Mr. Anand H. Sharma, Chief Financial officer statementsofthe and Mr. Damodar Sejpal, Company Secretary and Compliance officer are the Key Managerial Personnel of the Company in accordance with the provisions of Section 2(51) and 203 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
There has been no change in the Key Managerial Personnel during the financial year
a. Board Meetings
During the year, 8 (Eight) Board Meetings were held, with gap between Meetings not exceeding the period prescribed under the Companies Act, 2013. Details of Board and Board committee meetings held during the year are given in the Corporate Governance Report which forms part of the Annual Report. Board meeting dates are finalized in consultation with all directors and agenda papers backed up by comprehensive notes and detailed background information are circulated well in advance before the date of the meeting thereby enabling the Board to take informed decisions. A detailed presentation is also made to apprise the Board of important developments in industry, segments, business operations, marketing, products etc. In accordance with the provisions of Schedule IV of Companies Act, 2013 (the Act) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR Regulations), a separate meeting of the Independent Directors of the Company was held on Friday, March 29,2019 to review the performance of Non-Independent Directors (including the Chairpersons) and the entire Board.
The Independent Directors also reviewed the quality, quantity and time lines of the flow of information between the Management and the Board.
b. Independent Directors Familiarization Programme
The Company familiarises its Independent Directors pursuant to the requirements of Regulation 25 of LODR with their roles, rights, responsibility in the Company, nature of the industry in which the Company operates and business model management structure, product portfolio, Industry overview, manufacturing operations, internal control system and processes, FOREX management, risk management framework, functioning of various divisions, HR Management, CSR activities etc. The details of such familiarization programmes for Independent Directors are posted on the website of the Company and can be accessed at http://www.acrysilcorporateinfo.com/public/upload/ pdf/7832Nomination%20&%20Remuneration%20Policy. pdf
c. Evaluation of Board, Committees and Directors
Considering the Performance Evaluation Guidelines which was formulated by the Nomination and Remuneration Committee (NRC), the Board and NRC approved the framework for evaluating the performance, on an annual basis, of the Board, its Committees and each director including the Chairman of the Board of Directors. In line with the statutory requirements enshrined under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board carried out a performance evaluation of itself, its Committees and of all individual Directors including Independent Directors and the Chairman of the Board of Directors based on various parameters relating to attendance, roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees.
d. Policy on Appointment and Remuneration of Directors
The Board, on the recommendation of the Nomination & Remuneration Committee, formulated criteria for determining Qualifications, Positive Attributes and Independence of a Director and a Policy for remuneration of Directors, Key managerial Personnel and senior management. The Board has formulated Nomination and Remuneration Policy is posted on the website of the Company and can be accessed at http://www.acrysilcorporateinfo.com/public/upload/ pdf/7832Nomination%20&%20Remuneration%20Policy. pdf
e. Declaration by Independent Directors
The Independent Directors of the Company have furnished the declaration to the Company under Section 149(7) of the Companies Act, 2013, that he/she meets the criteria of independence prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.In the opinion of the Board, they fulfill the conditions of independence as specified in the Act and the Listing Regulations and are independent of the management.
a. Statutory Auditors
M/s. P A R K & Company, Chartered Accountants (Firm Registration Number: 116825W) were appointed as Statutory Auditors of the Company for a period of 5 (Five) years from FY 2017 18 to 2021 22 at the 30th Annual General Meeting held on September 20, 2017. In view of the amendment to Section 139 of the Companies Act, 2013, the Company is not required to ratify the appointment of the Statutory Auditor at every Annual General Meeting. Hence, the item of ratification of appointment of Statutory Auditor is not considered in this Annual General Meeting.
In view of the same M/s. P A R K & Company, Chartered Accountants will continue to act as Statutory Auditors of your Company for Financial Year 2019-20.
Statutory Auditors Report
The Board has duly reviewed the Statutory Auditors Report and the observations and comments, if any appearing in the report are self-explanatory and do not call for any further explanation /clarification by the Board of Directors as provided under Section 134 of the Act.
b. Cost Auditors
In terms of the Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, the Company has made and maintained the cost accounts and records for the year 2018-19.
The Company has appointed M/s. S. K. Cost Accountants (FRN: 101113) as the Cost Auditors of the Company for audit of cost accounting records of its activities (Kitchen Sinks) for the financial year ended 31st March, 2019. The Cost Audit Report to the Central Government for the financial year ended31st March, 2018 was filedwithin the statutory timeline. Further, the Board of Directors has, appointed M/s. S. K. Rajani & Co. as the Cost Auditor of the Company for the financial year 2019-20 and fixed their remuneration, subject AGM of ratification the Company.
c. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. P. P. Shah & Co., a firm of Company Secretaries in Practice to conduct the Secretarial Audit of the Company as per the provisions of the Companies Act, 2013 for the financial year 2018-19. The secretarial audit report for the financial year 2018-19 forms part of the Annual Report as Annexure V to the Boards report. The Secretarial Audit Report is self-explanatory in nature and do not require any further comments and explanations.
The Board has appointed M/s. P. P. Shah & Co., events had Practicing Company Secretaries, as Secretarial Auditors of the Company for financial year 2019-20.
d. Auditors Certificate on Corporate Governance
As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the auditors certificate on corporate governance forms part of Annual Report. The auditors certificate for financial year 2018-19 does not contain any qualification, reservation or adverse remark.
14. Internal Financial Control System and Compliance Framework
In the opinion of the Board, the Company has an Internal Financial Control System, commensurate with size, scale and complexity of its operations. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations.
The Companies Act, 2013 has mandated the Company to have a formal framework of Internal Financial Controls (IFC) and has also laid down specific responsibilities on the Board, Audit Committee, Independent Directors and Statutory Auditors with regard to IFC.
Accordingly, the Company has adopted financial control system and framework to ensure:
The orderly and efficient conduct of its business,
Safeguarding of its assets,
The prevention and detection of frauds and errors,
The accuracy and completeness of the accounting records and
The timely preparation of reliable financial information.
The Board reviews the effectiveness of controls documented as part of IFC framework, and take necessary corrective actions wherever weaknesses are identified as a result of such reviews. These have been designed to provide reasonable assurance about recording and providing reliable financial and operational information, complying with applicable statutes, safeguarding assets from unauthorized use, executing transactions with proper authorization and ensuring compliance of Corporate Policies.
Based on this evaluation, no significant to notice during the year that have materially affected, or are reasonably likely to materially affect, our IFC. The management has also come to a conclusion that the IFC and other financial reporting was effective during the year and is adequate considering the business operations of the Company.
The Statutory Auditors of the Company has audited the IFC with reference to Financial Reporting and their Audit Report is annexed as Annexure B and Annexure A to the Independent Auditors Report under Standalone Financial Statements and Consolidated Financial Statements respectively.
Internal Controls are continuously evaluated by the Internal Auditors and Management. Findings from internal audits are reviewed by the Management and by the Audit Committee and corrective actions and controls have been put in place wherever necessary. Scope of work of Internal Auditors covers review of controls on accounting, statutory and other compliances and operational areas in addition to reviews relating to efficiency and economy in During the year, Internal Financial Controls (IFC) testing process was done in order to review adequacy and strength of IFC followed by the Company. As per the assessment, there are no major concerns and controls are strong.
The Board has also put in place requisite legal compliance framework to ensure compliance of all the applicable laws and those systems are adequate and operating effectively.
15. Audit committee
The Company has an Audit Committee pursuant to the requirements of the Section 177 of the Act read with the rules framed there under and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details relating to the same are given in the Report on Corporate Governance forming part of this Report.
During the Financial year 2018-19, the recommendations and ratifications of Audit Committee were duly approved, ratified and accepted by the Board of Directors.
16. The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
The Company has zero tolerance towards sexual harassment at the workplace and has adopted a policy on prevention, prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 for reporting and conducting inquiry into the complaints made by the victim on the harassment at the work place. During the year under review, there were no complaints pertaining to sexual harassment.
17. Risk Management and Policy on Risk Management
Your Company recognizes that the risk is an integral . part of business and is committed to managing the risks in proactive and efficient manner. Your Company periodically assesses the risks in the internal and external environment along with the treating the risks and incorporates risk management plants in its strategy, business and operational plans. Your Company, through its risk management process strives to contain impact and likelihood of the risks within the risk appetite as agreed from time to time with the Board of Directors.
Major risks identified for the Company by the management are Currency fluctuation, Manufacturing & Supply, Information Technology and new capital investments return. The management is however, of the view that none of the above risks may threaten the existence of the Company as robust Risk mitigation mechanism is put in place to ensure that there is nil or minimum impact on the Company in case any of these risks materialise. The Board of Directors has also adopted a formal Risk Management policy for the Company, whereby, risks are broadly categorized with the parameters of identification, assessment, monitoring and mitigation of various risks.
Policy on Risk Management is posted on the website of the Company and can be accessed at http://www. acrysilcorporateinfo.com/public/upload/pdf/1902risk-management-policy.pdf
18. Vigil Mechanism
The Board of Directors of the Company has approved and adopted a Whistle Blower Policy of the Company for establishing a vigil mechanism for directors and employees to report genuine concerns regarding fraud or unethical behaviour as required under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. In appropriate cases any personnel of the Company can have direct access to the audit committee. Weaffirm that no personnel has been denied access to the Audit Committee. The Whistle Blower Policy is posted on the website of the Company at http://www.acrysilcorporateinfo.com/public/upload/ pdf/9512vigil-mechanism.pdf
19. Related Party Transactions and Policy on Related Party Transactions
All the Related Party Transactions entered during the financial year were at arms length basis and in the ordinary course of the Companys business. All such contracts or arrangements were entered into only with prior approval of the Audit Committee. Omnibus approval was obtained for the transactions of repetitive nature. The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board is uploaded on the Companys website at http://www.acrysilcorporateinfo.com/public/upload/ pdf/5203related-party-transcation-policy.pdf party There are no materially significant transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.
Accordingly, particulars of contracts or arrangements with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 at arms length transactions under third proviso thereto are disclosed in Form No. AOC-2 in Annexure II and form part of this Report.
None of the Non-Executive Directors has any pecuniary relationship or transactions with the Company other than sitting fees payable to them.
20. Managerial Remuneration and Particulars of Employees
The ratio of remuneration of each director to the median of employees remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of the Boards report and statement of particulars of employees is annexed as Annexure IV. The details of remuneration paid to the Managerial Personnel forms part of the Corporate Governance Report.
The Company takes a very pragmatic approach towards insurance. Adequate cover has been taken for all movable and immovable assets against foreseeable perils like fire, riot, earthquake, floods, terrorism etc. and other risks which are considered necessary by the management. In addition to this coverage, a statutory Public Liability Insurance Policy has been taken to cover the Company for providing against the public liability arising out of industrial accidents for employees working in plants.
22. Loans, Guarantees or Investments
The Details of Loans given, Guarantees and Securities provided and Investments made by the Company in compliance with the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.
23. Corporate Social Responsibility (CSR)
In accordance with the provisions of Section 135 of the Companies Act, 2013 and Rules framed there under your Company has adopted a policy for CSR and the Board has constituted a Committee for implementing the CSR activities. Composition of the Committee and other details are provided in Corporate Governance Report.
In financial year 2018-19, the Company has under taken various CSR activities directly and/or through implementing agency and the projects undertaken by the Company are in accordance with Schedule VII of the Companies Act, 2013. The report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is given in Annexure III, forming part of this report.
The Company has not accepted any fixed deposits from the public falling within the ambit of Section 73 of the Companies Act, 2013 and The Companies (Acceptance of Deposits) Rules, 2014 during the year. There are no unclaimed/unpaid deposits as on March 31, 2019.
25. Extract of the Annual Return
As required under the provisions of Section 134(3)(a) and 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extracts of annual return in Form No. MGT-9 forms part of this Report as Annexure-A.
In accordance with the provisions of section copy of the annual return is placed on the website of the company at http://www.acrysilcorporateinfo.com/ public/upload/pdf/8043Annual%20Return%202017-18_ Form%20MGT%207-.pdf.
26. Secretarial Standards
During the year 2018-19, the Company has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
27. Directors Responsibility Statement
Pursuant to the provision of Section 134 of the Companies Act 2013, in relation to financial statements of the Company for the year ended 31st March, 2019,the directors to the best of their knowledge and belief hereby confirmed:
a. that in the preparation of the annual accounts for the year ended March 31, 2019, the applicable Accounting Standards had been followed along with proper explanation relating to material departures, if any;
b. that the directors had selected 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 a airs of the Company at the end of the financial year ended March 31, 2019 and of the profit of the Company for that period;
c. that proper and sufficient care has been taken 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. that the annual accounts/financial statements have been prepared on a going concern basis;
e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;
f. that 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
28. Conservation a of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
The information relating to Conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be given under Section 134 of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure VI and forms part of this report.
29. Corporate Governance
Your Company is committed to maintain the highest standards of Corporate Governance, reinforcing the valuable relationship between the Company and its Stakeholders.
Pursuant to Regulation 34 of the SEBI LODR Regulations, a separate report on Corporate Governance has been included in this Annual Report along with a certificate from the Secretarial Auditors of the Company regarding the compliance with provisions of Corporate Governance.
All Board members and senior management personnel have affirmed compliance with the Code of Conduct for the year 2018-19. A declaration to this effect signed by the Chairman & Managing Director of the Company is contained in this Annual Report.
The Chairman & Managing Director and CFO have certified to the Board with regard to the financial statements and other matters as required under Regulation 17(8) of the SEBI LODR Regulations and the said certificate is contained in this Annual Report.
30. Human Resource
Your Company firmly believes that Human Resource function is closely integrated with the business and has been an important pillar supporting growth aspiration.
The function focuses on Leadership Development, Succession Planning and Skills & Competency Development. At Acrysil, the Human Resource function is a business partner that focuses on improving the way of life, work culture, employee engagement, productivity, effectiveness and efficiency. The Company believes in developing an engaged, efficient and committed employee base that is aware and empowered. Employee
Engagement Programs are integral part of the function and are designed in a manner that keeps motivational levels high and they range from competitive sports to celebration festivals, cultural events to recognition through rewarding for exceptional achievement. Company also conducts in-house training programs to develop leadership as well as technical /functional capabilities in order to meet future talent requirements. Industrial relations were cordial throughout the year. contribution
31. Disclosures under Section 134(3)(l) of the Companies Act, 2013
Except as disclosed elsewhere in this report, there have been no material changes and commitments which can affect the financial position of the Company occurred between the end of the financial year of the Company and date of this report.
Gratitude & Acknowledgments
It is our strong belief that caring for our business constituents has ensured our success in the past and will do so in future. The Board acknowledges with gratitude the co-operation and assistance provided to your company by Bankers, Investors, Customers, Suppliers and Government Authorities. The Board place on record earnest appreciation for the unstinted commitment, dedication, hard work and significant made by employees ensuring sustained growth of the Company.
The Board also takes this opportunity to express its deep gratitude for the continued co-operation and support received from its valued shareholders.
|By order of the Board of Directors|
|For ACRYSIL LIMITED|
|Chirag A Parekh|
|Mumbai,||Chairman & Managing Director|
|August 2, 2019|
|B-307,Citi Point ,J.B Nagar, Andheri-Kurla Road,|
|Andheri (East), Mumbai- 400059.|
|Tel: (91-22) 4015 7817 / 7818 / 7819|
|Fax: (91-22) 2825 8052.|