anupam rasayan share price Management discussions

Global Economy

In 2022, the global economy faced its share of challenges, but its resilience was evident. Despite geopolitical tensions, supply chain disruptions, and the Russia-Ukraine situation, global growth was a significant 3.4% in 2022, following a strong 6.3% in 2021.

Commodity prices experienced an upswing due to supply chain disruptions, but the situation stabilised, in part, on Chinas reopening. This reflects the capability of global economies to find equilibrium even amidst unforeseen challenges.

The United States responded effectively to the Federal Reserves measures aimed at inflation control, resulting in a growth of 2.1% in 2022. Europe, in the face of the war and its economic repercussions, managed to rally and recorded a growth of 3.5%. This highlights the robust nature of the European economies, especially in overcoming external pressures. China navigated both its health policy and challenges in the real estate sector, and still achieved a growth of 3% in 2022, underscoring its economic resilience and adaptability.

Looking ahead to 2023, the outlook is positive. The easing tensions from the Russia-Ukraine situation, coupled with the stabilisation in energy prices and Chinas reopening, offer optimism. The Manufacturing Purchasing Managers Index (PMI) indicators further suggest a recovery in the making. Projected inflation levels and GDP growth rates for both advanced economies (AEs) and emerging markets and developing economies (EMDEs) indicate steady progress. Specifically, Chinas projected 5.2% GDP growth signals a strong rebound.

India chemicals market growth

(In %)

Indian Economy

In FY 2022-23, the Indian economy demonstrated its strong fundamentals, remaining resilient to external challenges and outperforming on the global stage. The forward-looking initiatives by the government including favourable fiscal policies, economic reforms, and a focus on domestic manufacturing helped create supportive growth conditions. This resulted in Indias manufacturing sector exhibiting strong performance, as evident in the manufacturing Purchasing Managers Index (PMI) remaining above the 50-level mark throughout the year. Exports from India also reached new highs of $770.18 billion in FY 2022-23, growing 13.84% over the previous year. With incentivised policies and skilled labour, the country has strengthened its position as a potential hub for global manufacturing activities. In another positive development, India also assumed the G20 presidency in December 2022, presenting an opportunity to demonstrate global leadership amidst economic uncertainties.

Rising inflation, though, posed some challenges. To counter this, the RBI took multiple measures including raising the repo rate by 250 basis points to 6.5% in February 2023. These helped bring down inflation below the upper tolerance limit in Q3 FY 2022-23, and eventually down to 5.66% in March 2023. Despite this, Indias GDP is estimated to have expanded by 7.2% in FY 2022-23 as against 9.1% growth witnessed in FY 2021-22 as per the National Statistical O_ice (NSO). The year also witnessed all the other key macro-economic indicators displaying robust growth, including credit, automobile sales, and electricity consumption. These positive trends were reinforced by strong growth in consumer sentiment indices.

Looking ahead, the outlook for the Indian economy remains positive, albeit with slower growth expected due to inflation and tighter monetary conditions. The efforts by the government in terms of undertaking various policy initiatives are likely to support long-term economic growth. This includes promoting India as an attractive business destination, increasing infrastructure creation allocation to _ 10 lakh crores for FY 2023-24 and signing free trade agreements (FTA) with Australia and the UAE. These efforts are poised to enhance domestic demand and expand opportunities for domestic manufacturers. Further, negotiation talks for FTAs with the Gulf Cooperation Council nations, the UK, Israel and the European Union are in process. Initiatives are also being undertaken to streamline the complex logistics system and reduce logistics costs. All of these are expected to unlock significant opportunities and boost Indias ambition of becoming a global manufacturing hub and capitalise on the trend of a global supply chain shi_. A rebound in private consumption, revival in credit growth, and improved financial health of corporations and the banking sector are also likely to support the economy. For FY 2023-24, RBI projects the Indian economy to grow 6.5%. The IMF estimates India to be one of the fastest-growing major economies in 2023, contributing to 15% of the global economic growth. The risks relating to external factors like global economic slowdown, geopolitical uncertainties, and fluctuations in energy prices may pose some challenges.

Global Chemical Industry

The global chemical industry in 2022 showcased its resilience and adaptability in the face of challenges brought about by the Russia-Ukraine conflict, supply chain disruptions, and Chinas zero-COVID policy. Notably, the sector still managed to achieve a positive growth trajectory, with a global output increment of 2%. The US chemicals market, in particular, had a robust performance, realising a growth of 3.9%. Although Western Europe experienced a temporary setback with a 3.2% decline due to energy costs and economic conditions, this underscores the regions potential for a strong rebound.

Looking to 2023, the forecast for the global chemical production is upbeat, expecting a growth rate of 2.9%. Encouragingly, signs of revitalisation are on the horizon for both Western Europe and the Asia Pacific regions.

Two prominent global trends are positively steering the chemical industrys future. The embrace of technology is evident as firms lean into cutting-edge innovations like artificial intelligence, machine learning, and robotic process automation to upli_ operational e_iciency, safety, and fortify supply chain robustness. Moreover, a noteworthy shi_ towards sustainability is underway. As the industry continues to mature, chemical enterprises are proactively responding to calls for a reduced environmental impact.

The global chemicals market is projected to grow by an impressive 8.1%, increasing from USD 4,700.13 billion in 2022 to USD 5,079.29 billion in 2023. The onward journey appears promising as well, with the market forecasted to expand at a steady CAGR of 7.8%, reaching an anticipated USD 6,851.59 billion by 2027.

(Source: Chemical Processing, American Chemistry Council, C&EN; Global Chemicals Market Report 2023 by The Business Research Company)

Global Specialty Chemicals Industry

In 2022, the global specialty chemicals market size was valued at USD 616.2 billion. Leading this momentum, Asia Pacific solidly maintained its position at the forefront of the specialty chemicals market, contributing to 48.5% of the 2022 revenue share. Such performance in the region can be credited to its dynamic economy and rapid industrialisation. Furthermore, the growth trajectories of key sectors, notably food and beverages, personal care and cosmetics, and pharmaceutical applications, especially in powerhouses like China and India, are clear indicators of the regions ascending influence in the specialty chemicals space.

Enthusiasm surrounds the future of the specialty chemicals industry. Between 2023 and 2030, the sector is projected to grow at a steady CAGR of 5.1%. Several factors are fuelling this optimism: theres rising demand in pivotal sectors like construction, water treatment, and electronics chemicals. Moreover, enhancements in process technology and favourable trade liberalisation are further bolstering the industrys potential. Its worth noting the escalating demand from sectors such as pharmaceuticals, food and feed additives, as well as flavors and fragrances. The increasing appeal of processed food and beverages in developed countries, coupled with consumers appetite for innovative flavors and fragrances, is invigorating the market for flavoring agents.

Looking across the Atlantic, the US market promises a bright future. Throughout the forecasted period, the market is poised for significant growth, underpinned by promising opportunities emerging from diverse sectors, namely water treatment, automobile, and electronics.

(Source: Grand View Research)

Global CRAMS Industry

The contract research and manufacturing services (CRAMS) are used by pharmaceutical & biotechnology companies, medical device companies, and academic institutes. As per Research and Markets analysis, the global CRAMS industry is expected to be valued at USD 129.97 billion in 2023, an 8.1% increase over USD 120.23 billion in the previous year. Inflation following the Russia-Ukraine war, surge in commodity prices and supply chain disruptions, impacted various markets. Despite this, the industry is expected to expand at a CAGR of 9.1% to reach USD 183.81 billion in 2027.

While North America continues to be the largest CRAMS market, the Asia-Pacific region is expected to grow at a faster pace in the forecast period. The CRAMS industry is witnessing an interesting trend with the increasing use of artificial intelligence to improve outcomes and strengthen competitive positioning.

(Source: Research and Markets)

Global API Industry

The global active pharmaceutical ingredients (API) market was valued at USD 222.4 billion in 2022. COVID-19 had a positive impact on the industry, as it became an epicenter in treating symptoms. However, this also drove significant changes following the supply chain disruption. In the a_ermath, India has emerged as a preferred destination over China for the export of API owing to geopolitical situations and the China+1 focus. Furthermore, governments across several countries have formulated plans and granted incentives to promote API production.

These factors along with advancements in API manufacturing and the rising prevalence of chronic diseases are expected to drive API market growth. It is estimated to expand at a CAGR of 5.90% from 2023 to 2030. In terms of region, North America accounted for the largest share at 38% and is expected to maintain its lead in the forecast period. Asia-Pacific region is expected to grow the fastest at a CAGR of 7.1% from 2023 to 2030.

(Source: Grand View Research)

Global Agrochemicals Industry

Agrochemicals are critical for farmers to protect crops from pests and diseases as well as help improve crop productivity. Given the growing population and increasing need for food, agrochemicals are witnessing strong demand. Globally, the agrochemicals market is estimated to be valued at ~235.2 billion in 2023. The Asia Pacific region has witnessed significant growth in recent times and is estimated to be valued at USD 79.4 billion in 2023. The fertiliser industry in this region has shi_ed focus from developing fertiliser grades to technology upgradation, management and durability. With sustained demand, the global agrochemicals market is estimated to expand at a CAGR of 3.7% during 2023-2028 and reach a market size of USD 282.2 billion in 2028. Asia-Pacific region is estimated to account for a large part of demand owing to rising population, food demand, decrease in arable land and rising instances of pest infestations. The region is estimated to grow at 3.9% CAGR during the forecast period to reach USD 96.2 billion valuation.

(Source: Markets and Markets research)

Indian Chemical Industry

The Indian Chemical industry has been performing strongly over the last decade and is poised to play an increasingly dominant role on both consumption and manufacturing fronts. In 2021, Indias chemical market was valued at USD 170-180 billion. It is projected to grow at an 11-12% CAGR during 2021-27, reaching USD 290-310 billion by 2027. From there, it is anticipated to expand at a CAGR of 7-10% during 2027-40, to reach USD 850-1,000 billion in 2040. The growth is likely to be driven by rising disposable incomes, favourable demographic dividends and increasing global preference for bio-friendly alternatives. More importantly, a focus on domestic self-su_iciency along with growing diversification of global chemical supply chains with China+1 and Europe+1 strategy, augur well for the Indian chemical industry. Indias proven competencies in terms of technical knowledge along with significant workforce availability at low costs, one of the lowest infrastructure costs, and improving ease of doing business position it competitively among the global peers.

This has opened the scope for India to emerge as a global chemical manufacturing hub. With this, it is expected that the Indian chemical industrys share in the global chemicals sector may enhance to ~5.2% in 2027 and 10-12% in 2040, up from 3-3.5% in 2021.

(Source: McKinsey & Company ‘India: The next chemicals manufacturing hub report, March 2023)

India chemicals market growth

(In USD BN)

Indian Specialty Chemicals Industry

The Specialty Chemicals segment is one of the major components of Indias Chemical industry. The segment has been the fastest growing on account of increased demand from various end-user sectors, favourable government policies and a growing domestic customer base.

With the demand for value-added products witnessing continued growth across Indian industries as well as globally, the industry is likely to be the key growth driver in the coming years. As per a KPMG report, the Indian specialty chemical industry was valued at USD 32 billion in 2020 and is expected to witness a 12.4% CAGR to reach USD 64 billion by 2025. This is the fastest growth across all major countries. In terms of trade, speciality chemicals account for over 50% of Indias chemical exports and the country is a net exporter with over USD 2 billion more exports in 2021. India is also likely to continue being a key global supplier, widening its net exports to over USD 20 billion in 2040, up by 10x from current levels. Almost 80% of the exports are likely to come from agrochemicals, dyes and pigments, cosmetics and personal care, and food ingredient chemicals.

(Source: McKinsey & Company ‘India: The next chemicals manufacturing hub report, March 2023; KMPG ‘Specialty chemicals industry in India report November 2022)

Major contributors to the speciality chemicals exports / imports in 2040

Indian inorganic chemicals industry

Inorganic chemicals manufacturing is predominantly dependent on feedstock availability, and requires little processing. India is an attractive market for inorganic chemicals given the significant demand for it. In 2022, with a market size of USD 0.8 billion, Fluorine is amongst the fastest growing in the segment, expanding at a CAGR of over 10%. It is expected to become a USD 4.2 billion market by 2040. The demand is likely to be driven by two key end-use industries of pharma and agrochemicals.

(Source: McKinsey & Company ‘India: The next chemicals manufacturing hub report, March 2023)

Indian CRAMS Industry

The CRAMS industry in India is at an inflection point. Factors like skilled labour, cost advantage and regulatory compliance in the industry along with the rising significance of Indian CRAMS companies for their wide product mix and technical competencies are expected to drive the industrys growth. demand. From a market size of USD 16 billion in 2022, it is estimated that the industry will expand at a CAGR of 12% to reach US$ 20 billion by 2024.

Indian API Industry

The Indian active pharma industry (API) was estimated at a market size of D 1,000-1,100 billion in 2022. Government initiatives like Atmanirbhar Bharat and PLI scheme along with steady growth in the formulations industry are expected to boost the industrys growth. It is estimated to expand at a CAGR of 7-8% during the next three-four years. In FY22, Indias imports of APIs and bulk drugs amounted to _ 350 billion, fulfilling 35% of its overall API demand. Of these imports, China contributed between 65-70%. Given this dependence, the API manufacturers faced challenges in the last two years due to supply chain disruptions. The introduction of schemes like PLI and the bulk drugs parks scheme has the potential to reduce dependence on China by ~25-30 per cent in four-five years if implemented successfully.

(Source: ICRA)

Indian Agrochemicals Industry

The agrochemicals segment in India has been growing at a CAGR of 8.3% and is currently a USD 5.5 billion market. The segment is expected to sustain this growth momentum, and by 2040 is expected to account for ~40% of Indias overall chemicals exports and ~13% of the global agrochemicals market.

The Indian agrochemical industry is likely to benefit from the global supply chain shi_ strategy and the emergence of India as a preferred destination. Led by this, a CRISIL analysis indicates the industrys revenues to grow at an estimated 15-17% in FY 23 and by 10-12% in FY 24. Exports of agrochemicals are expected to rise by 18-20% in FY 23 and by 12-14% in FY 24.

(Source: McKinsey & Company ‘India: The next chemicals manufacturing hub report, March 2023; ICRA)

Company Overview

Anupam Rasayan India Limited (referred to as Anupam Rasayan or ‘the Company herea_er) is among Indias leading custom synthesis and specialty chemicals manufacturers.

The Company manufactures multiple products under two business segments including:

• Life science-related specialty chemicals which include products related to agrochemicals, personal care and pharmaceuticals

• Other specialty chemicals, including specialty pigment and dyes, and polymer additives The Company manufactures these products at its six state-of-the-art plants, located in Sachin, Surat and Jhagadia in Gujarat and sells them across 10+ countries globally. Having ISO 9001:2015 and ISO 14001:2015 certifications, the Companys products adhere to the highest quality and environmental standards supported by its continuous process technology.

Strengths

• Pr oven expertise: The Company has over 39 years of experience, with a strong track record of consistently meeting the expectations and evolving requirements of customers

• Wide and growing portfolio: The Company has an extensive portfolio of specialty chemicals catering to the agrochemicals, personal, care, pharmaceuticals, specialty dyes and pigments and polymer additive industries. Its portfolio includes 53 complex products.

• R&D competencies: The Company has strong technical capabilities in complex chemistries supported by an expert R&D team of 88 professionals, enabling it to continually introduce new products.

• Manufacturing expertise: The Company specializes in multistep synthesis undertaking complex chemical reactions to produce key specialty chemicals with a focus on developing innovative manufacturing processes. This is supported by its six modern plants with backward integration six and an extensive capacity of ~27,200 MT which ensures high quality and cost-e_iciency.

• Marquee clientele: The Company is a preferred partner to global chemical and agrochemical companies, for its ability to continually introduce new products aligned to their needs. Recognised as a 3-star export house, the Company today has 71 clients across chemical & agrochemical companies, including 27 MNCs.

Operational updates

In FY23, Anupam Rasayan secured contracts and letters of intent totalling ~D 54,830 million, to be supplied over the next five to seven years. Anupam Rasayan also made significant progress in the fluorination chemistry business. The Company is currently working on the development of 30+ identified molecules, which will be manufactured in India for the first time. The acquisition of Tanfac Industries in the year gone by has strengthened the Companys competencies in this space in terms of securing the supply chain. In FY23, the Company successfully worked towards integrating Tanfacs operations, to drive more synergies in the operations. It also supported them in implementing operational improvement measures and debottlenecking to unlock their capabilities.

Tanfac being a leading producer of HF and organic and inorganic Fluorine-based products, this acquisition has strengthened the Companys competencies in the fluorination space. The Company now intends to enhance its profile in fluorination and expand to Hydrofluoric acid (HF) related value-added products.

The Company further made progress on the sustainability front to reduce its impact on the environment. In FY 23, it successfully commissioned a 5.4 MW solar power plant. It now has a total renewable energy capacity of 17.9 MW, which will help significantly reduce carbon emissions as well as cost. The Company has also voluntarily initiated a project to plant trees across 20,000 square meters of barren land in Jhagadia GIDC.

Research and development

R&D is vital to Anupam Rasayans growth and long-term sustainability. Considering its significance, the Company makes sustained investments in R&D, which in FY 23 amounted to D 273.26 million. The Companys R&D is led by a team of scientists having immense expertise and experience in the field. During the year, with the addition of 11 scientists, the Company expanded its total scientist team to 88.

The Companys R&D expertise is manifested in sustained new product launches which have got a good reception from the customers. In FY 23, the Company successfully launched five new products, and it now has a total of 53 products.

The Company is in the advanced discussion stage with customers to introduce novel and exclusive pharmaceuticals and electronic chemical molecules, which will be manufactured for the first time in India. These will be produced using cutting-edge flow chemistry-based continuous reaction technology, showcasing the Companys pioneering approach to advanced manufacturing techniques.

Financial Overview

Annual Performance FY23

In FY23, the total revenue of the Company increased 48.97% from D 10,811 million FY22 to D 16,106 FY23 million led by steady growth in the organic portfolio, the launch of new products and a strong performance by Tanfac. The Companys EBITDA increased by 40.95% from D 3,121 million in FY22 to D 4,399 million in FY23, with an EBITDA margin of 27%. Profit for the year increased by 42.44% from D 1,522 million in FY22 to D 2,168 million in FY23 with a PAT margin of 13%.

PROFIT AND LOSS ANALYSIS D ( in Million)

	FY23	FY22	% Change
Revenue from Operations	16,019	10,738	49.18
Other Income	86	73	17.81
Total Revenue	16,105	10,811	48.97
Expenses	7,036	3,699	90.21
Gross Profit	8,983	7,039	27.62
Employee Benefit Expenses	698	485	43.92
Other Expenses	3,981	3,506	13.55
EBITDA (incl. other revenue)	4,399	3,121	40.95
Finance Cost	627	308	103.57
Depreciation and Amortisation	711	601	18.30
Profit Before Tax	3,062	2,212	38.43
Profit of Share of Associates	15	7	114.29
Tax	908	697	30.27
Profit for the Year	2,168	1,522	42.44

FINANCIAL RATIOS ANALYSIS

	FY23	FY22	% Change	Reasons for variance (+/- 10%)
Interest Coverage Ratio (in times)	5.89	8.18	(28%)	The drop in interest coverage ratio stems from increased finance costs, driven by higher interest expenses including working capital (PCFC) loans and foreign exchange losses
Current Ratio (in times)	2.60	2.46	5.85%	-
Debt Equity Ratio (in times)	0.31	0.46	(31.86%)	Shareholder fund increase of D 5,000 Mn through QIP in FY23 along with robust profits led to a better debt-to- equity ratio
Operating Profit Margin (in %)	27.41%	28.93%	(5.27%)	-
Net Profit Margin (in %)	13.46%	14.08%	(4.34%)	-
Return on Net Worth (in %)	8.65%	8.81%	(1.89%)	-
Inventory Turnover Ratio (in times)	1.79	1.57	13.49%	Inventory turnover ratio improved on account of robust sales growth on a stable inventory base due to improved realisation
Debtor Turnover Ratio (in times)	4.61	4.39	4.97%	-

Outlook

Moving ahead, the Company is poised to tap into substantial prospects within the specialty chemicals sector. Driven by the Europe+1 and China+1 paradigm shi_ in the global supply chain, combined with Indias strategic advantage—through its unparalleled technical prowess, competitive cost structure, and the governments pronounced support to the manufacturing sector—the Company anticipate significant opportunities to unfold.

Anupam Rasayan is strategically positioned to capitalise on this opportunity. Drawing upon its well-established competencies and long-standing a_iliations with international corporations, the Company is set to ride this wave of opportunity. The Company has considerably amplified its investments in R&D, simultaneously expanding its team, to bolster its product launch capabilities. The imminent release of a robust product line tailored for the agro and pharma sectors exemplifies the Companys forward-looking approach. Additionally, the Company has channelled _ 6,700 million for expanding its capacities, ensuring that it is primed to fulfil both existing and prospective orders.

In the Flourination —a space where the Company has cultivated expertise over the years—it is on the cusp of a significant breakthrough. The strategic acquisition of Tanfac has not only fortified its supply chain in this domain but has also augmented its existing proficiencies. Such enhancements are bound to instil greater confidence among the Companys clientele, assuring them of a steadfast supply.

Anupam Rasayans current endeavours are sharply focused on high-value, high-margin molecular niches within India. This approach positions it squarely within a potential market worth an impressive USD 5 billion.

Human Resources

People are a key growth enabler at Anupam Rasayan. Over the years, the Company has established a solid team that brings in diverse competencies, driving its growth. The Company believes in providing its people with an enabling culture that aims at empowering them. It undertakes multiple initiatives to drive their well-being, ensure health and safety, and enhance their skills. This helps in building an engaged and motivated workforce as well as attracting and retaining people, which is key to the Companys success given the huge significance of intellectual capital in its business. The Company further introduced a robust employee performance assessment system that aligns rewards with accomplishments, cultivating an environment of excellence. A comprehensive health and well-being program is being followed for holistic development and wellness. Moreover, the Company champions diversity and inclusion, implementing standardized HR policies to promote equity and respect. It has also strategically enhanced employee selection processes by prioritising education and competency criteria, and ensuring alignment with organizational goals. The Company is also providing an Employee Stock Option scheme to incentivize retention. As of March 31, 2023, the Company had 1,532 employees on its payroll, and maintained cordial relations with them.

ESG Initiatives

At Anupam Rasayan, we remain steadfast in our ESG (Environmental, Social, and Governance) commitments, highlighting our deep-seated devotion to sustainable practices and societal progress. The Company was honoured with the Green Gujarat Award 2023 and the Felicitation award from The Southern Gujarat Chamber of Commerce for 2023. Were proud of the strides weve made towards our 2021-2030 goals, including a 37% installation of solar power plants and a remarkable 32.04% reduction in freshwater consumption. Our proactive approaches, such as reusing NOx gases and ensuring wastewater treatment at all units, underpin our dedication to an environmentally-conscious and responsible business. Furthermore, securing the ISO 45001:2018 – Occupational Health & Safety Management System for units 1A and 1B in FY23 is a testament to our commitment to fostering a safe and healthy workplace.

Internal Control Systems and their Adequacy

Anupam Rasayan has a strong system of internal controls to insulate and preserve its assets from loss, illegal use, or disposal. All transactions are approved, documented, and reported to the Management in a timely and prompt manner. The Company complies with all the relevant accounting standards for appropriate maintenance of books of accounts and presentation of financial statements. The Audit Committee establishes the scope, operation, frequency and technique for internal auditing. Internal auditors conduct audits, which include monitoring and evaluating the effectiveness and adequacy of the Companys internal control systems and compliance with operating systems, accounting procedures, and policies across all locations. They also submit periodical internal audit reports to the Audit Committee. Process owners take required measures in their respective areas based on the Audit Committees internal audit report and evaluation. Internal auditors have validated that the Companys internal control system is strong and effective. Additionally, the Board has established a legal compliance framework to guarantee compliance with all the relevant laws, and that such procedures are su_icient and effective.

Forward Looking Statement

Certain statements in this report concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Companys results may be affected by factors including, but not limited to, the risks and uncertainties in research and development; competitive developments; regulatory actions; the extent and duration of the effects of the COVID-19 pandemic; litigation and investigations; business development transactions; economic conditions; and changes in laws and regulations. Anupam Rasayan India Limited will not be responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

BOARD OF DIRECTORS

Name	Designation	DIN
Dr Kiran C. Patel	Chairperson & Non-executive Director	08051053
Mrs Mona A. Desai	Vice-Chairperson and Whole-time Director	00038429
Mr Anand S. Desai	Managing Director	00038442
Mr Milan R. Thakkar	Non-Executive Director	02470961
Mr Hetul Krishnakant Mehta	Independent Director	01650314
Mr Vijay Kumar Batra	Independent Director	00038275
Mr Vinesh Prabhakar Sadekar	Independent Director	00046815
Dr Namrata Dharmendra Jariwala	Independent Director	08974528

KEY MANAGERIAL PERSONNEL

Name	Designation
Mr Amit Khurana	Chief Financial O_icer
Mr Vishal Thakkar	Deputy Chief Financial O_icer
Mr Ashish Gupta	Company Secretary and Compliance O_icer (w.e.f. September 07, 2023)
Dr Nilesh Naik	Technical Head
Dr Anuj Thakar	R&D Head and Unit II Head
Mr Ravi Desai	Head Sales & Marketing
Mr Vikash Chander	Senior Business Manager

 

		Particulars Details/Definition
Act		The Companies Act, 2013 and rules framed thereunder from time to time, each as amended
Anupam Rasayan/Company		Anupam Rasayan India Limited
Annual General Meeting/AGM		20th Annual General Meeting
Articles of Association		Articles of association of the Company as approved by the Board and the Shareholders of the Company from time to time
Auditors Report		Independent auditors report presented by the Statutory Auditor on the financial statements of the Company and forming part of this Annual Report
Board/Board of Directors		Directors of the Company from time to time collectively referred to as "Board" or "Board of Directors"
CDSL		Central Depository Services (India) Limited
Committee(s)		Committees of the Board as may be constituted/ re-constituted by the Board, from time to time
Cost Auditor		Bhanwarlal Gurjar & Co., Cost Accountants (Registration No. 101540)
Demat Suspense Account		An account held by the Company for unclaimed shares on behalf of the persons who are entitled to the shares
Depositories/Depository		National Securities Depository Limited (NSDL) and/or Central Depository Services (India) Limited (CDSL) and
DIN		Director Identification Number
Director(s)		Directors appointed on the Board of Anupam Rasayan India Limited which includes the independent, non-executive and executive directors
DP		Depository participant(s) is the agent or registered stockbroker and is registered with the Depository (ies)
Employees Stock Option/Option		Option granted to an eligible employee as defined in the Anupam - Employee Stock Options Plan 2020, the right, but not an obligation, to purchase or subscribe at a future date the equity shares underlying the option at a pre-determined price
Equity Shares		Equity shares issued by the Company of face value _10/- per share
Executive Director		Director appointed by the Board and Members of the Company as an Executive Director in terms of the provisions of the Act
FRN		Firm Registration Number of the firm of auditor
FY		Financial Year
IEPF		Investor Education and Protection Fund
IEPF Authority		Investor Education and Protection Fund Authority constituted under sub-section (5) of Section 125 of the Companies Act, 2013
IEPF Rules		Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended
Independent Director		Director appointed by the Board and Members of the Company as an independent director and who fulfills the criterion of independence as per Section 149(6) of the Act read with Regulation 16 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015, as amended
Internal Auditor		K. B. Daliya & Associates, Chartered Accountants, Surat (Firm Registration Number: 126368W)
	Particulars Details/Definition
ESOP-2020/Scheme	Anupam - Employee Stock Options Plan 2020 as approved by the Members of Company on December 4, 2020 and modified and ratified by the Members of the Company on September 30, 2021
Key Managerial Personnel/ KMP	A person categorized as Key Managerial Personnel (KMP) of the Company in terms of the provisions of Section 203 of the Act
Listing Regulations	Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015, as amended
Managing Director	Director appointed by the Board and Members of the Company as managing director entrusted with substantial powers of management of affairs of the Company in terms with the provisions of the Companies Act, 2013 read with the rules framed thereunder (each as amended)
Members/Shareholders	Person whose name is entered as member in the register of members of the Company and every person holding shares of the Company whose name is entered as a beneficial owner in the records of a depository
Nodal O_icer	As appointed by the Board of Directors at its meeting in terms of IEPF Rules
Non-Executive Director	Director appointed by the Board and Members of the Company as non-executive director in terms of the provisions of the Act and who is not a whole-time director and managing director of the Company
NSDL	National Securities Depository Limited
QIP	Qualified Institutions Placement as defined under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended
Related Parties	Any person, firm, and/ or company related to Anupam Rasayan including its Directors, KMPs and their relatives, as defined under the Act and Listing Regulations
Registrar and Transfer Agent/ RTA	Kfin Technologies Limited (formerly known as Kfin Technologies Private Limited) has been appointed as Registrar and Transfer Agent of the Company
Scrutinizer	M.D. Baid & Associates, Practicing Company Secretaries, partner Mr. Mohan Baid,
	M. No.- A3598, C.P. No.- 3873, has been appointed as Scrutinizer for the voting/e- voting/remote e-voting process
SEBI	Securities and Exchange Board of India
SEBI (SBEB and Sweat Equity)	Regulations Securities and Exchange Board of India (Share Based Employees Benefits and Sweat Equity) Regulations, 2021, as amended
Secretarial Auditor	M. D. Baid & Associates, Mr. Mohan Baid, ACS No. 3598/CP No. 3873, Practicing
	Company Secretaries
SMP	Senior Management Personnel
Statutory Auditor	Rajendra & Co. , Chartered Accountants having their office at 1311 Dalamal Tower,
	211, Nariman Point, Mumbai – 400021, Maharashtra, India and Firm Registration
	Number: 108355W
Terms of Reference	Purpose, scope and authority of the committees of the Board
Video Conference/Other Audio or VC/OAVM	Visual Means Audio- visual electronic communication facility employed which enables all the persons participating in a meeting to communicate concurrently with each other without an intermediary and to participate effectively in the meeting.
Whole-time Director	Director appointed by the Board and Members of the Company as a whole-time director of the Company in terms with the provisions of the Companies Act, 2013 read with the rules framed thereunder (each as amended)