Kovai Medical Center & Hospital Ltd Directors Report.

Dear Members,

Your Directors take pleasure in presenting the Thirty Fifth Annual Report along with the audited financial statements for the year ended 31st March 2021.

FINANCIAL HIGHLIGHTS

in Lakhs

Particulars 2020-21 2019-20
Operating Income 69,036.18 71,172.88
Other Income 1,185.35 1,059.14
Total Income 70,221.53 72,232.02
Earnings before Interest, Tax, Depreciation & Amortisation (EBITDA) 20,506.99 17,865.07
Profit Before Taxation (PBT) 10,573.62 11,191.27
Provision for Taxation 2,805.08 1,732.56
Profit After Taxation (PAT) 7,768.54 9,458.71
Add: Other Comprehensive Income 127.61 112.12
Total Comprehensive Income for the year 7,896.15 9,570.83

RESULTS OF OPERATIONS

The income from operations for the financial year 2020-21 was 69,036.18 Lakhs registering a decrease of 3 % over the previous year income of 71,172.88 Lakhs. Earnings before interest, tax, depreciation and amortization (EBITDA) were 20,506.99 Lakhs registering a growth of 14.79% over the previous year EBITDA of 17,865.07 Lakhs. Profit after tax (PAT) for the year was 7,768.54 Lakhs over the PAT of 9,458.71 Lakhs in year 2019-20.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES

The Company does not have any Subsidiary Company, Joint Venture or Associate Companies as defined in the Companies Act, 2013.

DIVIDEND

Based on companys performance, the Board of Directors are pleased to recommend a dividend of 3/- per share (30%) for the Financial Year 2020-21 for approval of the members. The dividend on equity shares, if approved by the members would involve a cash outflow of 328.27 Lakhs.

Pursuant to Finance Act, 2020, dividend income is taxable in the hands of the Shareholder with effect from 01 April 2020 and the Company is required to deduct tax at source from dividend paid to Shareholders at the prescribed rates. For the prescribed rates for various categories, Shareholders are requested to refer the Finance Act, 2020, relevant circulars and amendments thereof, if any.

Further in terms of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Dividend Distribution Policy of the Company is available on the website of the Company at the link: https://www.kmchhospitals.com/Policy/DD_Policy.pdf.

TRANSFER TO RESERVES

The Company does not propose to transfer any amount out of the profit to reserves.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

With the commencement of operation in KMCH Institute of Health Sciences and Research (KMCH-IHSR) (KMCH Medical College), the Company has got two business segments: Healthcare Services Education Services

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There were no material changes and commitments affecting financial position of the Company which have occurred between the end of the financial year of the company to which the Financial Statements relate and date of the report.

COVID-19 IMPACT

Your Company has been in the forefront of handling the COVID-19 Pandemic. Apart from taking standard, mandatory and precautionary protections as per the guidelines issued by Ministry of Health and Family Welfare, Government of India and Government of Tamil Nadu, Indian Council of Medical Research, New Delhi, your Company has allocated substantial beds in their Centers (Main Center, Medical College Hospital and other peripheral centers like Sulur, Erode Specialty and Kovilpalayam). More than 600 Beds across various centers have been allocated for COVID-19 Management especially in the second wave.

Doctors, Nurses, Housekeeping and other para medical staff (duly equipped with necessary Personal Protective Equipment) work round the clock to deliver quality healthcare service to all the COVID-19 affected patients. Vaccination Centers have been opened in these Centers are operating with necessary approvals from the Government of Tamil Nadu.

BOARD MEETINGS

The Board of Directors met four times during this financial year. The disclosure on Board meetings and attendance of Directors are provided in the Corporate Governance Report.

AUDIT COMMITTEE

The composition of Audit Committee, number of meetings held and their attendance thereto have been provided under an identical head in the Corporate Governance Report.

CORPORATE SOCIAL RESPONSIBILITIES

During the year in pursuance of the recommendations of the CSR Committee, the Company had contributed 199.81 Lakhs being 2% of the last three years average net profit of the Company towards implementing the CSR activities. Annual Report on CSR as required under Section 135 read with schedule VII and other applicable provisions of the Companies Act, 2013 is appended as "Annexure - I".

INFORMATION ON STATUS OF COMPANYS AFFAIRS

Information on operational and financial performance etc., is provided in the Management Discussion and Analysis Report, which is annexed to the Directors Report and has been prepared inter-alia in compliance with the terms of SEBI (LODR) Regulations, 2015.

SHARE CAPITAL

The paid up equity share capital of the Company as on March 31, 2021 aggregates to 10,94,22,620/- comprising of 1,09,42,262 equity shares of 10/- each fully paid up. There is no change in the paid-up share capital of the Company during the Financial Year.

CREDIT RATING

CARE Ratings Limited have re-affirmed your Companys Long term bank facilities as CARE A+ (single A+) and short term bank facilities as ‘CARE A1+ (A One plus).

HOSPITAL ACCREDITATION

Your Hospital has been certified by National Accreditation Board for Hospitals and Healthcare providers (NABH) for the delivery of high standards for safety and quality care to the patients.

BOARD EVALUATION

Pursuant to the provisions of Companies Act, 2013 and SEBI (LODR) Regulations 2015, a structured questionnaire was administered after taking into consideration of various aspects to the Board functioning, composition of the Board and its Committees, culture, execution and performance of specific duties, obligations and governance to ascertain the efficacy and functioning of Board and its members.

The performance evaluation of Independent Directors was completed. The Board of Directors have expressed their satisfaction with the outcome of the evaluation process. There has been no change in the circumstances affecting their status as Independent Directors of the Company.

The performance evaluation of the Chairman of the Board and Non-Independent Directors was carried out by the Independent Directors. The Independent Directors have expressed their satisfaction with the outcome of the evaluation process.

FAMILIARISATION PROGRAMME FOR INDEPENDENT DIRECTORS

Pursuant to the requirement of SEBI (LODR) Regulations 2015, the Company has a familiarization programme for the Independent Directors with regard to their role, rights, responsibilities in the company, nature of the industry in which the Company operates, business model of the company etc. The Board members are provided with all the necessary documents / reports and internal policies to enable them to familiarize with the companys procedures and practices and the same is uploaded on the Companys website at https://www.kmchhospitals.com/Policy/FP_ID.pdf.

DIRECTORS

As per Article 103(b) of the Articles of Association and Section 152(6) of the Companies Act, 2013, except Dr. Nalla G Palaniswami and Dr. Thavamani Devi Palaniswami, all other Executive and Non-Executive Non-Independent Directors are subject to retirement by rotation. Accordingly, Dr. Purani P Palaniswami, Director retires by rotation and being eligible has offered herself for re-appointment.

INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board indicating that they comply with all the requirements that are stipulated in Section 149 (6) of the Companies Act, 2013 and Regulation 16 (1) (b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 so as to qualify themselves to act as Independent Directors in the company. Further they have also declared that they are not aware of any circumstance or situation which exist or may be reasonably anticipated that could impair or impact their ability to discharge their duties with an objective and independent judgement and without any external influence.

The Independent Directors of the Company have complied with the requirements of the provisions in relation to Independent Directors Databank as stated in the Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 and the Companies (Appointment and Qualification of Directors) Rules 2014 as amended from time to time.

With deep regret, the Board of Directors inform that Mr.A.K.Venkatasamy, Independent Director of the company passed away on 11 May 2021. The Board of Directors expresses their great sympathy and sorrow for the sudden demise. The Directors place on record the valuable contribution, guidance, support and advice extended by him during three decades of his tenure as a Director.

Mr.A.P.Ammasaikutti, Businessman has been appointed as Independent Director of the company with effect from 03 June 2021 for a period of five years by the Board of Directors. His confirmation of appointment will be approved by the Shareholders of the Company through Postal Ballot process.

Dr.K.Kolandaswamy, a Public Health expert is proposed to be appointed as an Independent Director for a period of five years. His appointment by the Shareholders of the Company will come into effect from the date of completion of Postal Ballot process.

DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

The Company has received necessary declaration from each Independent Director of the Company under Section 149 (7) of the Companies Act, 2013 that the Independent Directors of the Company met with the criteria of their Independence laid down in Section 149(6).

AMENDMENT TO TERMS OF REMUNERATION TO EXECUTIVE DIRECTOR

The Board of Directors are of the opinion that with the increasing role played by Executive Director Dr. Arun N

Palaniswami, the terms of Remuneration be amended to add ‘Commission on Profits (as computed under Section 196, 197, 198 and 203 and the Rules made thereunder, read with Schedule V of the Companies Act, 2013) to the extent of 1% of Net Profits. Amendment to the terms of remuneration will be subject to the approval of the shareholders at the ensuing Annual General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

In pursuance of section 134 (5) of the Companies Act, 2013, the Directors hereby confirm that:

a) In the preparation of the annual accounts, the applicable accounting standards 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 Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities

d) The Directors had prepared the annual accounts on a going concern basis

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 with the provisions of all applicable laws and that such systems were adequate and operating effectively

ANNUAL RETURN

Pursuant to Section 92 of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return is available on the website of the Company on the following link: https://www.kmchhospitals.com/2021/AR_2021.pdf

COMPLIANCE OF CODE OF CONDUCT

Pursuant to SEBI (Prohibition of Insider Trading) (Amendment) Regulation 2018 dated 31st December 2018, the Company amended the "Code of Conduct for Insider Trading" and "Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information". Consequently, the Board of Directors brought in all the corresponding amendments to the above two mentioned Codes and necessary disclosures have been made in our website under: http://www.kmchhospitals.com/Policy/COC.pdf

KEY MANAGERIAL PERSONNEL

The Key Managerial Personnel of the company as stipulated under the Companies Act 2013 are Dr. Nalla G Palaniswami, Managing Director, Dr. Thavamani Devi Palaniswami, Joint Managing Director, Dr. Arun N Palaniswami, Executive Director, CA M.K.Ravindra Kumar, Chief Financial Officer and CS S.P.Chittibabu, Company Secretary.

PARTICULARS OF REMUNERATION PAID TO KEY MANAGERIAL PERSONNEL

The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of the remuneration of Directors, Key Managerial Personnel and employees are detailed in this Report.

The Nomination and Remuneration Policy of the company has been disclosed on the website of the Company and the web link thereon is https://www.kmchhospitals.com/Policy/NR_Policy.pdf.

PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND EXPENDITURE

The particulars regarding conservation of energy, technology absorption and foreign exchange earnings and expenditure stipulated under Section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules, 2014, are as under:

Energy Conservation

Energy conservation means the efforts made to reduce the consumption of energy by using less of an energy service. Your Company constantly and continuously applies all efforts for optimum utilization of the resources. Energy consumption is monitored through Energy Management System. Through this system, areas which consume high volume of electricity are monitored and alternate steps are taken to optimize energy utilization.

Other energy conservation techniques that are employed include using equipment with 5 star ratings, use of movement sensors in bathrooms of the patient rooms (i.e., the lights are operated based upon human movement), operating a centralized A/c plant and phasing out tube lights with LED lights.

Your Company adopts the concept of ‘Sustainable Development i.e. meeting the needs of the present without compromising the ability of future generations to meet their own needs. By following this concept, your Company has setup and has been operating a 5.25 MW Solar Power Generation Plant and Wind Mills which caters to 89% of electricity requirement per annum and through which the Company has been saving 45% on its electricity bills.

Caring for the Environment

Your Company adopts the concept of zero discharge technology, under which an effluent treatment plant had been set up and the sewage water is treated for toxic effluents. The treated water is used for horticulture within the premises. A comprehensive waste management system has been implemented and through this, bio-degradable food wastes are decomposed and biogas is produced for captive consumption in the hospital canteen which in turn results in reduced LPG cost.

All the vehicles that are operated for the company adhere to pollution control regulations. Periodic maintenance activities are undertaken to comply with prescribed regulations and vehicle efficiency.

Technology Absorption

Despite the prevalence of the pandemic, your Company has continued to invest in newer technologies. During the year 2020-21, the Company invested in a new concept called Endoscopic Third Ventrilculostomy (ETV) an established endoscopic procedure performed in the Brain to divert the locked up fluid within the drainage system thus bypassing the congenital block in the cavities.

The Vein Center which is dedicated towards the treatment of varicose veins introduced a minimally invasive procedure called the VenaSeal, where a medical grade glue is injected into the abnormally dilated veins of the leg. This procedure has several advantages when compared to conventional surgery and the patient can get back to normal activity the very next day.

Investment in equipment during the year 2020-21 amounts to 1,462.93 Lakhs.

Foreign Exchange Earnings & Outgo

(i) Earnings in Foreign Currency

Foreign Currency amount realized from NRE bank accounts in respect of fee for education during the year ended March 31, 2021: 591.79 Lakhs (Previous Year: 345.89 Lakhs)

(ii) Expenditure in Foreign Currency

Expenditure in foreign currency during the year ended March 31, 2021 was 1,493.38 Lakhs (Previous Year: 1,821.46 Lakhs).

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT 2013

As on March 31, 2021, the Company has neither provided nor there any outstanding loans or guarantees covered under the provisions of Section 186 of the Companies Act 2013. The details of Investments covered under the provisions of Section 186 of the Act are given in Note No.6.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS

KMCH has an Internal Control System, commensurate with the size, scale and complexity of its operations. Your Company has a proper and adequate system of internal controls. These controls ensure transactions are authorized, recorded and reported correctly and assets are safeguarded and protected against loss from unauthorized use or disposition. In addition, there are operational controls, covering the entire spectrum of internal financial controls.

The Audit committee defines the scope and authority of the Internal Auditor. The Audit Committee, comprises of professionally qualified Directors, who interact with the statutory auditors, internal auditors and management in dealing with matters within its terms of reference. A detailed program of internal audits and management review, supplements the process of internal financial control framework.

To maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee of the Board. The internal auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company. Based on the report of internal auditor, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions proposed to fix the observations are presented to the Audit Committee of the Board.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has set up vigil mechanism for Directors and Employees to report their genuine concerns, the details of which are given in the Corporate Governance Report. During the Financial Year, no complaints or concerns were received by the Chairman of the Audit Committee under the Vigil Mechanism. Vigil Mechanism and Whistle Blower Policy is available in the Companys website http://kmchhospitals.com/Policy/WB_Policy.pdf.

RELATED PARTY TRANSACTIONS AND POLICY ON RELATED PARTY TRANSACTIONS

All transactions with Related Parties are at arms length and in the ordinary course of business duly approved by the Audit Committee of the Board. Hence there are no transactions which are either not in arms length or which are material in nature requiring disclosure in Form AOC - 2. Hence Form AOC-2 is not annexed to this report.

The Board has formulated Policy on Related Party Transactions and the same is uploaded on the Companys website at http://www.kmchhospitals.com/Policy/RPT_Policy.pdf.

RISK MANAGEMENT

The steps taken by the Company to mitigate the risk are disclosed under an identical head in the Management Discussion and Analysis forming part of Directors Report.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant and material orders passed by the Regulators / Courts / Tribunals which would impact the going concern status and the Companys operations in future.

Further no application against the Company has been filed or is pending under the Insolvency and Bankruptcy Code 2016. The Company has not done any one time settlement with any Bank or Financial Institutions.

HUMAN RESOURCE DEVELOPMENT

Your Company continues to place great importance to the development of human resources segment and the sustained focus on retention through employee engagement initiatives has made the employees realize their potential. Learning and Development has provided various learning platforms which include classroom and online self - learning modules to meet the development need of employees to help build their skills, knowledge and capability.

The total strength of the employees of the Company as on 31st March 2021 was 4,475.

PARTICULARS OF EMPLOYEES

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

a) The ratio of remuneration of each Director to the median employees remuneration for the financial year and such other details as prescribed is as given below:

S. No. Name of the Director Ratio
1 Dr.Nalla G Palaniswami 134x
2 Dr.Thavamani Devi Palaniswami 132x
3 Dr. Arun N Palaniswami 28x
4 Dr. Mohan S Gounder -
5 Dr.M.C.Thirumoorthi -
6 Dr.Purani P Palaniswami (Alternate Dr.S.Krishnasamy) -
7 Mr.Kasi K Goundan -
8 Dr.M.Manickam -
9 CA.A.M.Palanisamy -
10 Mr.A.K.Venkatasamy -
11 Mr.K.Saminathan -
12 Mrs. R. Bhuvaneswari -

The median remuneration of employees of the Company was 2.49 Lakhs.

For this purpose, sitting fees paid to Directors have not been considered as remuneration. During the year, Non-Executive Directors received only Sitting Fees as remuneration.

b) The percentage increase in remuneration of each Director, Chief Financial Officer, Company Secretary in the financial year:

S. No. Name of the Director / CFO / CS % Increase / (Decrease) in remuneration
1 Dr.Nalla G Palaniswami 0.07%
2 Dr.Thavamani Devi Palaniswami 1.68%
3 Dr. Arun N Palaniswami 5.71%
4 Dr. Mohan S Gounder -
5 Dr.M.C.Thirumoorthi -
6 Dr.Purani P Palaniswami (Alternate Dr.S.Krishnasamy) -
7 Mr.Kasi K Goundan -
8 Dr.M.Manickam -
9 CA.A.M.Palanisamy -
10 Mr.A.K.Venkatasamy -
11 Mr.K.Saminathan -
12 Mrs. R. Bhuvaneswari -
13 CA.M.K.Ravindra Kumar 1.63%
14 CS.S.P.Chittibabu -

c) The percentage increase / (decrease) in the median remuneration of employees in the financial year: (4.24%).

d) Number of permanent employees on the rolls of the Company: 4,475

e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: The average percentile decrease in salaries to employees other than managerial personnel is (4.24%). The percentile increase granted to managerial personnel is 1.31%

f) We affirm that the remuneration paid to Directors, Key Managerial Personnel and Employees is as per the remuneration policy approved by the Board of Directors of the Company.

g) Statement of Employees receiving remuneration not less than Rupees Eight Lakhs Fifty Thousand per month:

Name Dr. Nalla G Palaniswami Dr. Thavamani Devi Palaniswami
Designation of the employee Managing Director Joint Managing Director
Gross Remuneration 333.62 Lakhs 327.99 Lakhs
Qualification MBBS, MD AB (USA) MBBS, AB (USA)
Age in Years 79 73
Date of Commencement of Employment 01 October 1989 Hypertension, Obesity and Risk Factor Clinic, Wayne 29 July 2000 Consultant in Paediatric and
Last Employment State University, Detroit, USA Adoloscence, City Clinic, Detroit, USA

Note :

Dr. Nalla G Palaniswami & Dr. Thavamani Devi Palaniswami are related to each other.

Dr. Thavamani Devi Palaniswami is Dr. Nalla G Palaniswamis wife.

Dr. Thavamani Devi Palaniswami owns more than 2% of the equity shares of the Company as on 31st March 2021. Gross remuneration comprises salary, commission, allowances, monetary value of perquisites and the Companys contribution to provident fund, gratuity fund and other benefits. Net remuneration is exclusive of contribution to provident fund, gratuity fund, other benefits and tax deduction.

h) Statement of Particulars of Employees Pursuant to the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in Annexure II forming part of this Report.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the work place (Prevention, Prohibition and Redressal) Act 2013. An Internal Complaint Committee has been set up to redress complaints received regarding sexual harassment. During the year 2020-21, no complaints were received by the Company related to sexual harassment.

DEPOSITS

As per Section 73 of the Companies Act 2013 read with the Companies (Acceptance of Deposits), Rules 2014, the company has not accepted any deposits from the public or its members during the year.

SECRETARIAL AUDIT

Pursuant to provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed M/s KSR & Co. Company Secretaries LLP, Coimbatore, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the company for the Financial Year 2020-21. Secretarial Audit Report is annexed herewith as "Annexure - III" forming part of the report.

COMPLIANCE OF SECRETARIAL STANDARDS

The Company has complied with the Secretarial Standards notified under Section 118 of the Companies Act, 2013.

COST AUDIT

In terms of Section 148 and other applicable provisions of the Companies Act 2013, read with Companies (Cost Records and Audit) Rules 2014, Mr.V.Sakthivel, Cost Accountant, M/s RKMS & Associates, Coimbatore was appointed as Cost Auditor of the company by the Board on recommendation of Audit Committee for the Financial Year 2021-22. The remuneration of the Cost Auditor is subject to ratification by the members at the ensuing Annual General Meeting.

STATUTORY AUDITORS

The members had at the 32nd Annual General Meeting held on 06th August 2018 approved the appointment of M/s VKS Aiyer & Co., Chartered Accountants (FRN: 000066S), Coimbatore for a period of five years from 2018-19 to 2022-23.

LISTING WITH STOCK EXCHANGE

The equity shares of the Company are listed on BSE Limited.

CORPORATE GOVERNANCE

Your Company has been complying with the provisions of Corporate Governance as stipulated in Chapter IV and other relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance along with Practising Company Secretarys certificate on compliance of the Corporate Governance norms as stipulated in Regulation 34(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Management Discussion & Analysis forming part of this report are provided elsewhere in this Annual Report.

BUSINESS RESPONSIBILITY REPORT

A Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective, as required in terms of the provisions of Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 annexed separately forms part of this Annual Report.

ACKNOWLEDGEMENTS

The Board expresses its grateful appreciation for the continued assistance and co-operation received from Government Authorities, Financial Institutions, Banks, Customers, Suppliers and investors.

The Board also places on record its appreciation for the dedication and commitment extended by its consultants and employees at all levels and their contribution to the growth and progress of the Company.

For and on behalf of the Board

Sd/- Sd/-
DR. NALLA G PALANISWAMI CA.A.M.PALANISAMY
Place: Coimbatore MANAGING DIRECTOR DIRECTOR
Date : 03.06.2021 DIN: 00013536 DIN: 00112303