Dear Members,
Your Directors present their 42nd Annual Report on the business and
operations of the Company and the accounts for the financial year ended March 31, 2023.
FINANCIAL SUMMARY OR HIGHLIGHTS/PERFORMANCE OF THE COMPANY
The performance of the Company during the year ended 31st March 2023 has
been as under:
(Amounts in Lakhs)
| Particulars |
2022-23 |
2021-22 |
| Total Income |
2800.57 |
1768.55 |
| Less: Total Expenses |
2943.77 |
1924.76 |
| Net Profit/ (Loss) Before Tax |
(143.20) |
(156.22) |
| Provision for Current Tax |
0 |
0 |
| Deferred Tax for the Current Year |
(17.28) |
(1.50) |
| Net Profit/(Loss) After Tax |
(125.92) |
(154.72) |
BRIEF DESCRIPTION OF THE COMPANYS WORKING DURING THE YEAR/STATE OF COMPANYS AFFAIRS
During the year under review, the gross revenue of the Company increased to Rs. 2748.95
Lakhs as against the revenue of Rs. 1721.58 Lakhs in the previous year. The Company has
incurred a Loss after tax for the year of Rs. 125.92 Lakhs as against the loss after Tax
of Rs. 154.72 Lakhs in the previous year. Phaarmasia Limited is a manufacturing unit
dedicated in manufacturing facility of Hormonal (Oral contraceptive tablets) and Combipack
with Iron Tablet.
CHANGE IN THE NATURE OF BUSINESS, IF ANY
There is no change in the nature of business during the year
MATERIAL CHANGES AND COMMITMENTS
There are no material changes and commitments after the closure of the financial year,
which will affect the financial position of the Company.
There are no material changes and commitments affecting the financial position of the
company which occurred between the end of the financial year to which the financial
statements relate and the date of the report.
DIVIDEND
The Board of Directors has not recommended any dividend for the current financial year.
TRANSFER TO RESERVE
The Company does not propose to transfer any amount to the general reserve for the
financial year ended 31st March 2023.
SHARE CAPITAL
During the year the Company has not allotted any shares.
The authorised capital of the company stands unchanged from previous year at Rs.
10,00,00,000/- (Rupees Ten Crores only) divided into 1,00,00,000 (One Crores) equity
shares of Rs. 10/- (Rupees Ten Only) each.
The Issued, Subscribed and Paid-up Capital of the Company as on March 31, 2023 is
Rs.6,82,69,600/- (Rupees Six Crores Eighty-Two Lakhs Sixty-Nine Thousand and Six Hundred)
divided into 68,26,960 (Sixty-Eight Lakhs Twenty-Six Thousand Nine Hundred and Sixty)
equity shares of Rs.10/- (Rupees Ten) each.
The Company has not issued any shares with differential rights and hence no information
as per provisions of Section 43(a) (ii) of the Companies Act, 2013 read with Rule 4(4) of
the Companies (Share Capital and Debenture) Rules, 2014 is furnished.
During the period under review there was no Issue of shares (including sweat equity
shares) to employees of the Company under any scheme including Employees Stock Options
Schemes.
DIRECTORS AND KEY MANAGERIAL PERSONNEL AS ON 31ST MARCH, 2023 AND DETAILS OF
CHANGE IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
The Board of Directors of your company is duly constituted. The Board consists of Six
Directors comprising of One Executive Director, Three Non-Executive Directors, and Two
Independent Directors.
The Board is efficient and the directors have requisite knowledge and exposure to
provide requisite insights and direction to the Management of the Company. The Directions
given to the management are actually implemented and executed through the Managing
Director and Whole Time Director.
With this structure, the management has ensured that the board is independent of the
management in decision making and provides the requisite insights of the various external
factors which the internal employees do not have access to.
Your directors believe that the Board must consciously create a culture of leadership
to provide a long-term vision and policy approach to improve the quality of governance.
The
Boards actions and decisions are aligned with the Companys best interests.
The company has maintained an optimum combination of Executive and Non-Executive
Directors.
The composition of the Board, Category, DIN of Directors are as follows:
BOARD OF DIRECTORS:
S. No. |
Name of the Director |
Designation |
DIN |
| 1. |
Mr. Maneesh Ramakant Sapte |
Director |
00020450 |
| 2. |
Mr. Yallapragada Naga Bhaskara Rao |
Whole-time Director |
00019052 |
| 3. |
Mr. Vinay Ramakant Sapte |
Director |
00135085 |
| 4. |
Mrs. Rashmi Vinay Sapte |
Director |
00334247 |
| 5. |
Mr. Pravin M. Hegde |
Independent Director |
01404954 |
| 6. |
Mr. Ajit Gopal Jamkhandikar |
Independent Director |
08196191 |
KEY MANAGERIAL PERSONNEL (KMP)
| S. No. |
Name of the KMP |
Designation |
| 1. |
Mr. Yallapragada Naga Bhaskara Rao |
Whole-time Director |
| 2. |
Mr. Eswara Vara Prasad Rao Nagineni |
Chief Financial Officer |
| 3. |
Ms. Urvashi Bhatia |
Company Secretary |
CHANGE IN DIRECTOR / KEY MANAGERIAL PERSONNEL DURING THE YEAR
? The members of the Company at the Annual General meeting held on 27th of
September, 2022 have re-appointed Mrs. Rashmi Vinay Sapte (DIN: 00334247) as Non-Executive
Director of the company owing to his office liable to retire by rotation. ? The members of
the Company at the Annual General meeting held on 27th of September, 2022 have
re-appointed Mr. Maneesh Ramakant Sapte (DIN: 00020450) as the Managing Director of the
Company for a period of 3 (Three) years. ? The members of the Company at the Annual
General meeting held on 27th of September, 2022 have re-appointed Mr. Pravin M.
Hegde, as Independent Director of the company for a further period of 5 years commencing
from 14.02.2023. ? During the review period Mr. Maneesh Ramakant Sapte (DIN: 00020450) has
changed his designation from Managing Director to Executive Director
PROPOSED APPOINTMENTS / RE-APPOINTMENTS IN THE 42nd ANNUAL GENERAL MEETING
? Approval of the shareholders is being sought for the appointment of Mr. Vinay
Ramakant Sapte (DIN: 00334247) Non-Executive Director of the Company, who retire by
rotation at the ensuing Annual General Meeting of the Company and being eligible offer
himself for reappointment in accordance with the provisions of the Companies Act and
pursuant to Articles of Association of the Company. ? Approval of the shareholders is
being sought for the re-appointment of Mr. Ajit Gopal Jamkhandikar (DIN: 08196191), as
Independent Director of the company for a further period of 5 years commencing from the
conclusion of this Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 134 (3) and (5) of the Companies Act 2013,
with respect to Directors Responsibility Statement, your board of directors to the best
of their knowledge and ability confirm that: In preparation of the annual accounts, the
applicable accounting standards have been followed along with proper explanation relating
to material departures; a) 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;
b) The Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities;
c) The Directors have prepared the annual accounts on a going concern basis;
d) The Directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and are operating
effectively;
e) The Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and effective.
SELECTION OF INDEPENDENT DIRECTORS
Considering the requirement of skill sets on the Board, eminent people having an
independent standing in their respective field / profession and who can effectively
contribute to the
Companys business and policy decisions are considered by the Nomination and
Remuneration Committee, for appointment, as an Independent Director on the Board. The
Committee inter alia considers qualification, positive attributes, area of expertise and
number of Directorship(s) and Membership(s) held in various committees of other companies
by such persons in accordance with the Companys Policy for Selection of Directors and
determining Directors independence. The Board considers the Committees recommendation
and takes appropriate decision.
DECLARATION GIVEN BY INDEPENDENT DIRECTORS
The Company has received necessary declarations from each Independent Director of the
Company under Section 149(7) of the Companies Act, 2013.
In the opinion of the Board all the Independent Directors possess integrity, expertise
and experience (including the proficiency) to be act as independent Director.
PARTICULARS OF EMPLOYEES
Details in respect of remuneration paid to employees as required under Section 197(12)
of the Companies Act, 2013, read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of this report.
In terms of Section
136 of the Companies Act, 2013 the same is open for inspection at the Registered Office
of the Company.
The ratio of the remuneration of each Director to the median employees remuneration
and other details in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are
enclosed in Annexure - I and forms part of this Report.
MEETINGS OF BOARD OF DIRECTORS
The Board of Directors duly met 6 (Six) times on 27.05.2022, 12.08.2022, 14.11.2022,
16.11.2022, 13.02.2023 and 31.03.2023 in respect of which meetings, proper notices were
given and the proceedings were properly recorded and signed in the Minutes Book maintained
for the purpose.
The intervening gap between the meetings was not more than 120 days as prescribed under
the Companies Act, 2013.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Company has framed policy on Directors appointment and remuneration and other
matters as provided in section 178(3) of the Act and is referred to while taking decisions
under its purview.
FORMAL BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations 2015,
the Board has carried out an annual performance evaluation of its own performance, the
directors individually as well as the evaluation of the working of its Audit, Nomination
& Remuneration and Compliance Committees.
The performance of the Board was evaluated by the Board after seeking inputs from all
the directors on the basis of the criteria such as the board composition and structure,
effectiveness of board processes, information and functioning etc.
The performance of the committees was evaluated by the Board after seeking inputs from
the committee members on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc
The Board and the Nomination and Remuneration committee reviewed the performance of the
individual Directors on the basis of the criteria such as the contribution of the
individual Director to the Board and committee meetings like preparedness on the issues to
be discussed, meaningful and constructive contribution and inputs in meetings, etc. In
addition, the chairman was also evaluated on the key aspects of his role.
A separate meeting of independent Directors, performance of non-independent Directors,
performance of the Board as a whole and performance of the chairman was evaluated, taking
into account the views of Directors. The same was discussed in the board meeting that
followed the meeting of the independent Directors, at which the performance of the Board,
its committees and individual Directors was also discussed. Performance evaluation of
independent Directors was done by the entire board, excluding the independent Director
being evaluated.
The overall performance of the Non-Executive Directors of the company is satisfactory.
The review of performance was based on the criteria of performance, knowledge, analysis,
quality of decision making etc.
AUDIT COMMITTEE
Audit Committee has acted in accordance with the terms of Section 177 of the Companies
Act, 2013. (i) recommended for appointment, remuneration and terms of appointment of
auditors of the company; (ii) reviewed and monitored the auditors independence and
performance, and effectiveness of audit process; (iii) examination of the financial
statement and the auditors report thereon; (iv) approval or any subsequent modification
of transactions of the company with related parties; (v) scrutiny of inter-corporate loans
and investments; if any (vi) valuation of undertakings or assets of the company, wherever
it is necessary; (vii) evaluation of internal financial controls and risk management
systems; (viii) monitoring the end use of funds raised through public offers and related
matters.
The Audit Committee consists of a combination of Non-Executive Director and
Non-Executive Independent Directors and assists the Board in fulfilling its overall
responsibilities.
The Audit Committee of the Company is duly constituted as per Section 177 of the
Companies Act, 2013. The members of Audit Committee are:
| Directors |
Chairman/Member |
Category |
| Mr. Pravin Mohandas Hegde |
Chairman |
Independent Director |
| Mr. Ajit Jamkhandikar |
Member |
Independent Director |
| Mr. Y.N Bhaskar Rao |
Member |
Whole-time Director |
Audit Committee Meetings
| Sl. No. |
Date of meeting |
Total No of Members as on the date of meeting |
Number attended of |
Members |
| 1. |
27.05.2022 |
03 |
03 |
|
| 2. |
12.08.2022 |
03 |
03 |
|
| 3. |
14.11.2022 |
03 |
03 |
|
| 4. |
13.02.2023 |
03 |
03 |
|
NOMINATION AND REMUNERATION COMMITTEE
The Company had constituted the Nomination and Remuneration Committee under section 178
of the Companies Act, 2013 as follows:
| Directors |
Chairman/Member |
Category |
| Mr. Pravin M. Hegde |
Chairman |
Independent Director |
| Mr. Ajit Jamkhandikar |
Member |
Independent Director |
Mr. Vinay Ramakant Sapte |
Member |
Non Independent & Non- Executive Director |
NOMINATION AND REMUNERATION COMMITTEE MEETINGS
S. No. |
Date of meeting |
Total No of Members as on the date of meeting |
Number of Members attended |
| 2. |
12.08.2022 |
03 |
03 |
| 3. |
31.03.2023 |
03 |
03 |
The Nomination and Remuneration policy of the Company is provided below:
SELECTION AND EVALUATION OF DIRECTORS:
The Board has on the basis of the recommendations of the Nomination and Remuneration
Committee, laid down following policies.
1. Policy for Determining qualifications, Positive Attributes and Independence of a
Director.
2. Policy for Board & Independent Directors Evaluation
PERFORMANCE EVALUATION OF BOARD, COMMITTEES AND DIRECTORS
The Company believes in a formal evaluation of the Board and of the individual
Directors, on an annual basis, is a potentially effective way to respond to the demand for
greater Board accountability and effectiveness. For the Company, evaluation provides an
ongoing means for Directors to assess their individual and collective performance and
effectiveness. In addition to greater Board accountability, evaluation of Board members
helps in:
a) More effective Board processes b) Better collaboration and communication c) Greater
clarity with regard to members roles and responsibilities
The evaluation process covers the following aspects:
? Self-evaluation of Directors
? Evaluation of the performance and effectiveness of the Board ? Evaluation of the
performance and effectiveness of the committees ? Feedback from the non-executive
Directors to the Chairman ? Feedback on management support to the Board.
RISK MANAGEMENT POLICY
The Risk Management Policy in place in the Company enables the Company to proactively
take care of the internal and external risks of the Company and ensures smooth business
operations.
The Companys risk management policy ensures that all its material risk exposures are
properly covered, all compliance risks are covered and the Companys business growth and
financial stability are assured. The Board of Directors decide the policies and ensure
their implementation to ensure protection of Company from any type of risks.
STATUTORY AUDITORS
M/s Sathuluri & Co., Chartered Accountants, were appointed as Statutory Auditors
for 5 years at the 41st Annual General Meeting held on 27th of
September, 2022 and shall hold office from the conclusion of the 41st Annual
General Meeting till the conclusion of 45th Annual General Meeting.
REPLIES TO AUDITORS REPORT
The Auditors Report does not contain any qualification. Notes to Accounts and Auditors
remarks in their report are self-explanatory and do not call for any further comments.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The particulars of every contract or arrangements entered into by the Company with
related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013
including certain arms length transactions under third proviso thereto are disclosed in
Form No. AOC-2 as Annexure -II to this report
There were no material significant related party transactions made by the Company with
the Promoters, Directors, Key Managerial Personnel or the Senior Management which may have
a potential conflict with the interest of the Company at large. None of the Directors had
any pecuniary relationship or transactions with the Company.
SECRETARIAL AUDIT REPORT
In terms of Section 204 of the Act and Rules made there under, Mr. N.V.S.S.
Suryanarayana, Practicing Company Secretary (Membership No. A5868 and COP No.: 2886) has
been appointed as Secretarial Auditor of the Company for the financial year under review.
Secretarial Audit Report as provided by Mr. N.V.S.S. Suryanarayana, Practicing Company
Secretary is enclosed as Annexure III to this report.
Comment of Secretarial Auditor and Management response
Secretarial Auditor Comment
1. During the review under; it was observed that the website of the Company is not
updated as per Regulation 46 of SEBI (Listing obligation and Disclosure Requirements)
Regulation, 2015.
2. During the under-review period; the Company Proposed Voluntary Delisting of the
Equity Shares of the Company from the BSE and as the post Delisting Offer shareholding of
the Promoter Acquirer, along with the other promoter and promoter group, does not exceed
90% of total issued number of Equity Shares (excluding shares held under Investor
Education and Protection Fund (IEPF) and held by inactive Shareholders). The Delisting
Offer has failed in terms of Regulation 21 of the SEBI Delisting Regulations.
Management Response
1. The Company is in the course of updating website as per Regulation 46 of SEBI
(Listing obligation and Disclosure Requirements) Regulation, 2015.
SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards.
COST AUDITORS
The provisions of Section 148 of the Companies Act, 2013 do not apply to the Company.
Hence, the company has not appointed Cost Auditors for Financial Year 2022-23.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, neither the statutory auditors nor the secretarial
auditor has reported to the audit committee, under Section 143 (12) of the Companies Act,
2013, any instance of fraud committed against the Company by its officers or employees,
the details of which would need to be mentioned in the Directors Report.
VIGIL MECHANISM
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a
Vigil Mechanism to report genuine concerns has been established. The mechanism provides
for adequate safeguards.
PREVENTION OF INSIDER TRADING.
The company has adopted a code of conduct for prevention of insider trading with a view
to regulate trading in securities by the directors and designated employees of the
company. The code requires pre-clearance for dealing in the companys shares and prohibits
the purchase or sale of company shares by the Directors and the designated employees while
in possession of unpublished price sensitive information in relation to the company and
during the period when the trading window is closed. The ‘Manager is responsible for
implementation of the code along with the management of the Company.
Members of the Board have confirmed compliance with the code.
INTERNAL FINANCIAL CONTROLS AND INTERNAL AUDIT
The Company has a proper and adequate system of internal control to ensure all the
assets are safeguarded and protected against loss from unauthorized use or disposition and
the transactions are authorized, regarded and reported correctly. The internal control is
supplemented by an extensive program of internal audits, review by management and
procedures. It is designed to ensure that the
financial and other records are reliable for preparing financial statements and other
data, and for maintaining accountability of assets.
During the year, the Company has implemented the suggestions and recommendations of the
internal auditor to improve the control environment. Their scope of work included review
of processes for safeguarding the assets of the Company, review of operational efficiency,
effectiveness of systems and processes, and assessing the internal control strengths in
all areas. Internal Auditors findings are discussed with the process owners and suitable
corrective actions taken as per the directions of Audit Committee on an ongoing basis to
improve efficiency in operations. In the Board meeting held on 25.05.2023, company has
re-appointed M/s. Oruganti & Associates, Chartered Accountant, as Internal Auditor of
the Company for the F.Y. 2022-23.
WHISTLE BLOWER POLICY/VIGIL MECHANISM
Pursuant to the provisions of section 177 of the Companies Act, 2013 and the rules
framed there under and pursuant to the applicable provisions of the SEBI (LODR)
Regulations, 2015, the company has established a mechanism through which all stake holders
can report the suspected frauds and genuine grievances to the appropriate authority. The
Whistle blower policy which has been approved by the board of directors of the company has
been hosted on the website of the company viz. http://phaarmasia.in
ANNUAL RETURN
The Annual Return of the Company as on March 31, 2023 is available on the Companys
website and can be accessed at http://phaarmasia.in/
SECRETARIAL STANDARDS
The Company complies with all applicable secretarial standards.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The company has not given loans, guarantees or made investments covered under the
provisions of Section 186 of the Companies Act, 2013 during the reporting period.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators / Courts which would
impact the going concern status of the Company and its future operations
SUBSIDIARY & ASSOCIATES / JOINT VENTURES
Company does not have any subsidiary and Joint Venture Company.
However, the following two companies holds more than 20% shareholding in our Company:
S. No. |
Name of the company |
CIN/FCRN |
Holding/ Associate/ Subsidiary |
% shares held of |
| 1. |
Maneesh Pharmaceuticals |
U24230MH1985PLC036952 |
Associate |
44.15 |
|
Limited |
|
|
|
| 2. |
Svizera Labs Private Limited |
U74999MH1997PTC107389 |
Associate |
29.30 |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report, pursuant to Regulation 34 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, forms part of this report and
same is attached as Annexure IV.
CORPORATE GOVERNANCE REPORT
As per Regulation 15 of SEBI (Listing Obligations and Disclosure Requirements), 2015,
provisions relating to corporate governance are not applicable to your company and
therefore there is no separate report on corporate governance.
However, in pursuance of Schedule V of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, a certificate from Mr. N.V.S.S. Suryanarayana, Practicing
Company Secretary, in compliance with (i) of Point (10) of Para C of Schedule V of
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is annexed as Annexure-V and forms part of this Report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition &
Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and disposed off
during the year 2022-23:
| ? No. of complaints received |
: NIL |
| ? No. of complaints disposed off |
: NIL |
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of conservation of energy, technology absorption, foreign exchange earnings
and outgo are as follows: (a) Conservation of energy: Due to the stoppage of production no
energy conservation was considered during the year.
(b) Technology absorption: N.A
The Foreign Exchange earned in terms of actual inflows during the year and the Foreign
Exchange outgo during the year in terms of actual outflows is as follows:
Foreign Exchange Inflows: Nil Foreign Exchange Outflows: Nil
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions of Section 135 of the Companies Act, 2013, relating to Corporate Social
Responsibility are not applicable to the Company for the time being.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the year under review.
As such no amount of principal or interest was outstanding on the date of the Balance
Sheet.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUN
Your Company did not have any funds lying unpaid or unclaimed for a period of seven
years. Therefore, there were no funds which were required to be transferred to Investor
Education and Protection Fund (IEPF).
LISTING WITH STOCK EXCHANGES
The shares of the company are listed on the BSE Limited. All dues to the exchange have
been paid in full.
DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT
Your Company does not have any shares in the Demat suspense account or unclaimed
suspense account and therefore no disclosure as per Point F of Schedule V of SEBI (Listing
Obligations and Disclosure Requirements), Regulations, 2015 is required.
THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016
During the period under review, there was no application made nor any proceeding
initiated or pending under the Insolvency and Bankruptcy code, 2016.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE-TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF
During the period under review, there was no one time settlement with Bank.
INDUSTRY RELATIONS
The company enjoyed cordial relations with its employees during the year under review
and the Board appreciates the employees across the cadres for their dedicated service to
the Company, and looks forward to their continued support and higher level of productivity
for achieving the targets set for the future.
HUMAN RESOURCES
Your Company treats its "human resources" as one of its most important
assets.
Your Company continuously invests in attraction, retention and development of talent on
an ongoing basis. A number of programs that provide focused people attention are currently
underway. Your Company thrust is on the promotion of talent internally through job
rotation and job enlargement.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation of the contribution made by
the stakeholders, of the Company for their continued support.
By the order of the Board of Directors for Phaarmasia Limited
| Date: 19th June, 2023 |
Sd/- |
Sd/- |
| Place: Hyderabad |
Maneesh Ramakant Sapte |
Y.N. Bhaskar Rao |
|
Director |
Whole-time Director |
|
DIN: 00020450 |
DIN: 00019052 |
+91-9892691696
