To
The Shareholders
The Directors hereby present their 46th Annual Report together with the Audited Financial Statements of the Company for the year ended March 31, 2024.
( in Crores)
Profit/Loss before extra-ordinary Income
Your directors regret their inability to recommend payment of any dividend.
Consolidated Results:
The Company's strategy of moving each business to a focused subsidiary has led to better growth and has been a success over the past few years.
This year the Company has completed the investment in a modern active pharmaceutical ingredients (API) plant as well as enhanced its molecular diagnostics research capabilities and positive results from those decisions are expected in the current year after regulatory clearances. Asence Group: Asence Inc., a wholly – owned subsidiary of the Company, specializes in the supply of quality pharmaceutical preparation (Finished Dosage Forms and Active Pharmaceutical Ingredients) to the international markets.
Asence is developing some novel products for the European and US markets using the infrastructure of the group companies.
Asence through its operations in India and USA, markets and distributes pharmaceutical preparations worldwide and has more than 100 registered products internationally with an impressive pipeline and capability for development of new medicines.
In June 2023, Asence Pharma Pvt. Ltd., a subsidiary of the Company has commenced its new oncology and synthetic API plant at Ranoli, Vadodara.
The new API plant is set up to meet all domestic and international regulatory standards and will manufacture niche molecules that have a global requirement.
Sarabhai Chemicals (India) Pvt. Ltd.:
Sarabhai Chemicals, a subsidiary Company, has made inroads in the domestic market with key strategic products in Oncology, Infertility and Uro-gynaec areas.
The Company has approved the Scheme of Arrangement in the nature of Demerger and vesting of the oncology and Profertility Division of Sarabhai Chemicals (India) Private Limited (SCIPL) into Asence Pharma Private Limited (APPL) after approval of shareholders of the respective companies, and subject to the approval of NCLT, Creditors and other regulatory bodies as applicable, under Sections 230 to 232 of the Companies Act, 2013 and other applicable provisions of the Companies Act, 2013. The scheme has been filed with NCLT.
It has entered in to a marketing tie-up with an external company to boost its sales.
Suvik Hitek Pvt. Ltd.:
Suvik, a wholly owned subsidiary of the Company, is manufacturing Pharmaceuticals products and marketing Generics and Veterinary products in the domestic market.
Synbiotics Limited:
Synbiotics is a USFDA inspected manufacturing Company in the fermentation area. It manufactures an antifungal active ingredient – Amphotericin B product which has an expanding global market.
Systronics (India) Limited:
It has two divisions Systronics & Telerad.
SYSTRONICS is a leading manufacturer of Analytical and Test & Measuring instruments distributing its products across India. It has various new products launched/in the pipeline and are progressing well in the Indian market.
TELERAD is one of the oldest representatives of SONY in India promoting Broadcast and Professional Video/ Audio products of various International Companies across India.
Sarabhai M. Chemicals Ltd.:
Sarabhai M Chemicals Ltd, a wholly owned subsidiary company has started its Vitamin C coated products manufacturing since August 2019.
Joint Venture Companies:
Vovantis Laboratories Pvt. Ltd.:
Vovantis, a joint venture Company is manufacturing USFDA inspected effervescent product manufacturing company with increased focus on the USA and European markets.
CoSara Diagnostics Pvt. Ltd.:
CoSara, a joint venture company has the exclusive manufacturing rights in India for the complete menu of its US partner – Co-Diagnostics Inc. infectious disease molecular diagnostics kits. Recently, Co-Diagnostics has shared that they have been awarded grants by the Bill & Melinda Gates Foundation related to the Tuberculosis (TB) and Human Papillomavirus (HPV) tests on the Co-Dx PCR Home™ platform. CoSara expects to extend their existing partnership with Co-Dx covering research and development projects to the TB and HPV products on the new platform, in addition to providing future manufacturing capacity at its plant in Ranoli, Gujarat..
Corporate Governance:
Pursuant to provisions of SEBI (LODR), Regulations, 2015, Management Discussion and Analysis Report, Corporate Governance Report and Auditors' Certificate regarding Compliance of Conditions of Corporate Governance are made part of the Annual Report.
Subsidiaries:
The Company has 8 (eight) subsidiaries and 2 (two) joint ventures and one associate company. Their performance is integrated in the consolidated accounts.
Consolidated Financial Statement:
In compliance of the Accounting Standard AS-21 on Consolidated Financial Statement, the Consolidated Financial Statements, which form part of the Annual Report and Accounts, are attached herewith.
Directors and Key Managerial Personnel:
The Board of Directors consists of 10 (Ten) members, of which 5 (five) are Independent Directors, three executive directors and two nominee directors. The Board includes one woman Director. The Board consists of Mr. Kartikeya V. Sarabhai (Executive Chairman), Mr. Mohal K. Sarabhai (Managing Director), Ms. Chaula M. Shastri (Whole-time Director), Five Independent Directors, Mr. Ashwin Hathi, Mr. Brijesh Khandelwal, Mr. Chandrashekhar Bohra, Mr. Govindprasad Namdeo and Mr. Mayur Swadia, and two Nominee Directors, Mr. Ajay Mayor and Mr. Bharatendu Jani.
As per the provisions of Section 203 of the Companies Act, 2013, Mr. Kartikeya V. Sarabhai –(Executive Director), Mr. Mohal K. Sarabhai (Managing Director), Ms. Chaula M. Shastri (Whole-time Director), Mr. Navinchandra R. Patel (Chief Financial Officer) and Ms. Disha M. Punjani (Company Secretary); are the Key Managerial Personnel of the Company.
Pursuant to the provisions of Section 152 of the Companies Act, 2013, Ms. Chaula M. Shastri (DIN: 0604118) is the director retiring by rotation and being eligible offered herself for re-appointment. Pursuant to Regulation 36 of Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI (LODR)") read with Secretarial Standard-2 on General Meeting, brief profile of the Director re-appointed is appended to the Notice of Annual General Meeting.
During the financial year 2023-24, Mr. Brjiesh Khandelwal was appointed as an Independent Director of the Company w.e.f. 08.09.2023, Mr. Mohal K. Sarabhai was appointed as a Managing Director of the
Company w.e.f. 21.09.2023, Mr, Govindprasad Namdeo was appointed as an Independent Director of the Company w.e.f. 29.12.2023, Mr. Anil H. Parekh, Non-Executive Director resigned from the Company w.e.f. 29.12.2023, Mr. Ajay Mayor was appointed as a Nominee Director of the Company w.e.f. 29.12.2023 and Mr. Bharatendu P. Jani was appointed as a Nominee Director of the Company w.e.f. 29.12.2023.
Mr. Chandrashekhar Bohra and Mr. Ashwin Hathi ceased to be Independent Directors of the Company upon completion of 2 consecutive terms of 5 years each at the closure of business hours on 31.03.2024. The leadership, expertise and commitment of Mr. Chandrashekhar Bohra and Mr. Ashwin Hathi towards the organization has been invaluable and the Company would continue their association as a Director Emeritus w.e.f. 01.04.2024 for a period of 3 years. They are not Directors as per Companies Act, 2013, as per SEBI (LODR) Regulations, 2015 or as per any other law as applicable to the Company.
In pursuant to Regulation 17 of the SEBI (LODR) Regualtions,2015 NRC Committee held on 29.03.2024 has recommended the Board of Directors and Board of Directors of the company at their meeting held on 29.03.2024 has appointed Mr. Satyen Dave as an additional Independent Director of the Company for a first term of five consecutive years w.e.f. 01.04.2024 subject to approval of members at the ensuing Annual General Meeting of the Company and Dr. Pushpa Robin as an additional Independent Director of the Company for a first term of five consecutive years w.e.f. 01.04.2024 subject to approval of members at the ensuing Annual General Meeting of the Company.
Mr. Satyen Dave is a passionate and technical engineering leader having national and international experience of 19+ years in Power & Oil / Gas industry with a sound record of solution-based critical thinking and positive results.
Dr. Pushpa Robin has been teaching in the Department of Biochemistry at The Maharaja Sayajirao University of Baroda, Vadodara 390 002, India, since July, 1994 and has a varied experience in Molecular Biology and Biochemistry. She has also worked on various projects on Biochemical and Biotechnological approaches.
Declaration by Independent Directors:
The Independent Director have submitted the declaration of independence, as required pursuant to Section 149(7) of the Companies act, 2013 stating that they meet the criteria of independent Director as provided in sub-section (6).
Annual Evaluation:
The Board of Directors has carried out an annual Evaluation of its own performance, Board Committees and individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by Securities & Exchange Board of India (SEBI) under Listing Regulation.
The performance of the Board was evaluated by the Board after seeking inputs from the Directors on the basis of the criteria such as 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 the Committees Meeting, etc.
The Board and the Nomination and Remuneration Committee (NRC) reviewed the performance of the individual Directors including the Chairman and other Executive and Non-Executive 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. NRC found their performance satisfactory.
Particulars of Loans, Guarantees or Investments:
Information regarding loans, guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013 are detailed in the financial statements.
Related Party Transactions:
Since all the related party transactions are carried out in the ordinary course of business on arm's length basis such transactions entered into by the Company during the financial year did not attract the provisions of Section 188 of the Companies Act, 2013. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large and thus a disclosure in Form AOC-2 in terms of Section 134 of the Act is not required.
None of the Non-Executive Directors has any pecuniary relationship or transactions with the Company other than sitting fees payable to them.
During the year 2023-24, pursuant to Section 177 of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015 all RPTs were placed before Audit Committee for its prior/ omnibus approval.
Material Changes and Commitments:
There have been no material changes and commitments, affecting the financial position of the Company, which have occurred between the end of the financial year of the Company and the date of this Report.
Number of Meetings of the Board:
There were 13 (Thirteen) Meetings of the Board held during the year. Detailed information is given in the Corporate Governance Report.
Extract of Annual Return:
Extract of Annual Report is available on the website of Company www.ase.life
P o l i c y o f D i r e c t o r 's A p p o i n t m e n t a n d Remuneration and other details:
The Company's policy on director's appointment and remuneration and other matters provided in Section 178(3) of the Act has been followed by Nomination and Remuneration Committee or Key Managerial Personnel. They have fixed criteria for appointment of directors and Key Managerial Persons. Every year their performance is evaluated by the Committee and accordingly suitable recommendations are made.
Internal Financial Control Systems and their adequacy:
The Company has an Internal Control System commensurate with size, scale and complexity of its operations. The Company has appointed an Independent Internal Auditor who carries out Internal Auditing works according to policies and rules framed to monitor and control financial transactions within the Company and submits his report at every quarter which is put before the Audit Committee for their perusal.
Audit Committee:
The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms part of this report.
Risk Management:
The Audit Committee of the Company is assigned the task to frame, implement and monitor the risk management plan of the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. Major risks identified by the business and functions are systematically addressed through mitigating actions on a continuing basis.
Corporate Social Responsibility (CSR):
During the year under review, the Company is not required to comply with the provisions related to Corporate Social Responsibility on the basis of its financial statement.
Particular of Employees:
The information required U/s. 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Management Personnel) Rules, 2014 will be provided upon request in terms of section 136 of the Act, the reports and accounts are being sent to the members and other excluding the information on employees' particulars, which is available for inspection by members at the registered office of the Company during 2:00 p.m. to 4:00 p.m. on working days of the Company up to the date of AGM. If any Member is interested in obtaining a copy thereof, he/she may write to Secretarial Department of the Company. There is no employee drawing salary in excess of limit prescribed in Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Fixed Deposits:
The Company has not accepted any fixed deposit during the year neither there was any unpaid/unclaimed amount of deposit at the beginning of the year or at the end of the year.
Details of Significant Orders passed by Regulators or Courts:
There is no significant or material order passed by any Regulators or courts during the financial year.
Disclosure Pursuant to section 197(14) of the Companies Act 2013
Mr. Mohal K. Sarabhai, Managing Director is paid Re. 1/- per month as a token by Ambalal Sarabhai Enterprises Limited and he is drawing remuneration from Asence Pharma Private Limited, Synbiotics Limited, Systronics India Limited and Asence INC, USA. Other than him no Whole time director of the Company was in receipt of any remuneration/ commission from the company's subsidiary companies during the financial year.
Details of Establishment of Vigil Mechanism:
The Company has formulated Whistle Blower policy to establish a vigil mechanism for directors and employees of the Company to report concerns about unethical behavior, actual or suspended fraud or violation of Company's code of conduct policy.
Details under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
The Company has established Internal Complaints Committee to redress the complaints received from any woman employee of the Company as required under the provisions of the Act.
Fraud Reporting:
There was no fraud reporting by the Auditors of the Company u/s. 143(12) of the Companies Act, 2013 to the Audit Committee or the Board of Directors during the year under review.
Energy Conservation, Technology Absorption and Foreign Exchange earnings and outgo:
Particulars of Energy Conservation, Technology Absorption and Foreign Exchange earnings and outgo required to be given, are given in the Annexure to this Report in the prescribed format.
Directors' Responsibility Statement:
Pursuant to Section 134(5) of the Companies Act, 2013 the Board of Directors of the Company confirms that-
a) In the preparation of the annual accounts for the year ended 31.03.2024, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.
b) The Directors have 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 as on 31.03.2024 and of the profit of the Company for the year ended on that date.
c) The Directors have 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 have prepared the annual accounts on a ‘going concern' basis.
e) The Company has laid down Internal Financial Controls to be followed by the Company and that such Internal Financial Controls are adequate and were operating effectively.
f) The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such system are adequate and operating effectively.
Business Responsibility Report (BRR)
The SEBI (LODR) Regulations, 2015 mandate the inclusion of the BRR as part of the Annual Report for top 1000 listed entities based on market capitalization. Since the Company is not covered under top 1000 listed entities based on market capitalization, Business Responsibility Reporting is not applicable to the Company.
Insurance:
Building, Plant and Machinery and Stocks, have been adequately insured.
Auditors: -
(A) Internal Auditors
M/s. Gautam Joshi & Co., Chartered Accountants has been appointed as Internal Auditor for the Financial Year 2023-24. The Internal Auditors reports to the Audit Committee of the Board, which helps to maintain its objectivity and independence. The scope and authority of the Internal Audit function is defined by Audit Committee. The
Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
(B) Statutory Auditors
Pursuant to section 139 of the Companies Act, 2013 and the Rules made there under, M/s. Sorab S. Engineers, Chartered Accountants, (Firm Registration No. 110417W), are appointed as Auditors by the Members in the AGM held on 21.09.2022 to hold office until the conclusion of 49th Annual General Meeting, to be held in the year 2027.
The Statutory Auditor's comment on your Company's account for the year ended March 31, 2024 are self-explanatory in nature and do not require any explanation. The Auditor's Report does not contain any qualification or adverse remarks.
(C) Secretarial Auditor
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. RPAP & Co., a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for FY 2023-24. The Secretarial Audit Report issued is appended to this report as annexure. As there is no qualification, reservation or adverse remark made by the Auditors in their report, the report issued is self-explanatory and need no further clarification.
Acknowledgement:
Your Directors would like to take opportunity to express their deep sense of gratitude to the Banks, Government Authorities, Customers and Shareholders for their continuous guidance and support. Further they would also like to place on record their sincere appreciation for dedication and hard work put in by one and all Members of Sarabhai Pariwar including workers
ANNEXURE TO THE DIRECTORS' REPORT
Disclosure of additional particulars as required under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988, forming part of the Directors' Report for the year ended 31.03.2024.
A. Conservation of Energy &
B. Technology absorption
During the year under report, there was no production activities carried out in the Company and therefore, details are not required to be given.
C. Foreign Exchange Earnings and Outgo
i. The Company is making all efforts to boost up the exports of its various products.
ii. Total Foreign Exchange Earned and Used:
Management Discussions and Analysis Report Overview of Indian Pharmaceutical Industry 2024 Introduction
The pharmaceutical industry in India is currently valued at $50 Bn.
India is a major exporter of Pharmaceuticals, with over 200+ countries served by Indian pharma exports. India supplies over 50% of Africa's requirement for generics, 40% of generic demand in the US and 25% of all medicine in the UK.
India also accounts for 60% of global vaccine demand, and is a leading supplier of DPT, BCG and Measles vaccines. 70% of WHO's vaccines (as per the essential Immunization schedule) are sourced from India.
Indian Pharmaceutical Market (IPM) saw a 9.5 per cent growth in March 2024 on the back of all major therapy areas showing positive value The growth, according to market research firm Pharmatrac.
Growth in the moving annual turnover (MAT or previous 12 months' turnover) between April 2023 and March 2024 was 6.5 per cent, leading to a total turnover of Rs 1.98 trillion, while volumes in the domestic market dipped by 1 per cent.
Generic drugs, over-the-counter medications, bulk drugs, vaccines, contract research & manufacturing, biosimilars, and biologics are some of the major segments of the Indian pharma industry. India has the greatest number of pharmaceutical manufacturing facilities that are in compliance with the US Food and Drug Administration (USFDA) and has 500 API producers that make for around 8% of the worldwide API market.
India enjoys an important position in the global pharmaceuticals sector. The country also has a large pool of scientists and engineers with a potential to steer the industry ahead to greater heights. Presently, over 80% of the antiretroviral drugs used globally to combat AIDS (Acquired Immune Deficiency Syndrome) are supplied by Indian pharmaceutical firms. India is rightfully known as the "Pharmacy of the world" due to the low cost and high quality of its medicines.
Indian pharmaceutical industry is known for its generic medicines and low-cost vaccines globally. Transformed over the years as a vibrant sector, presently Indian Pharma ranks third in pharmaceutical production by volume. The Pharmaceutical industry in India is the third largest in the world in terms of volume and 14th largest in terms of value. The Pharma sector currently contributes to around 1.72% of the country's GDP.
According to a recent EY FICCI report, as there has been a growing consensus over providing new innovative therapies to patients, Indian pharmaceutical market is estimated to touch US$ 130 billion in value by the end of 2030.
MARKET SIZE
Market size of India pharmaceuticals industry is expected to reach US$ 65 billion by 2024, and ~US$ 130 billion by 2030. According to the government data, the Indian pharmaceutical industry is worth approximately US$ 50 billion with over US$ 25 billion of the value coming from exports.
About 20% of the global exports in generic drugs are met by India.
India is among the top 12 destinations for biotechnology worldwide and 3rd largest destination for biotechnology in Asia Pacific. In 2022, India's Biotechnology industry crossed US$ 80.12 billion, growing 14% from the previous year.
During FY18 to FY23, the Indian pharmaceutical industry logged a compound annual growth rate (CAGR) of 6-8%, primarily driven by an 8% increase in exports and a 6% rise in the domestic market.
The Indian pharmaceutical industry has seen a massive expansion over the last few years and is expected to reach about 13% of the size of the global pharma market while enhancing its quality, affordability, and innovation.
The biosimilars market in India is estimated to grow at a compounded annual growth rate (CAGR) of 22% to become US$ 12 billion by 2025. This would represent almost 20% of the total pharmaceutical market in India.
India is the 3rd largest producer of API accounting for an 8% share of the Global API Industry. About 500+ different APIs are manufactured in India, and it contributes 57% of APIs to prequalified list of the WHO.
The current market size of the medical devices sector in India is estimated to be US$ 11 billion and its share in the global medical device market is estimated to be 1.5%.
The domestic pharmaceutical sector expects sales to grow 8-10% in the financial year 2023-24, indicated an analysis done by CRISIL, a global analytical research and rating agency.
Indian pharma companies have a substantial share in the prescription market in the US and EU. The largest number of FDA-approved plants outside the US is in India.
According to the Indian Economic Survey 2021, the domestic market is expected to grow 3x in the next decade. India's domestic pharmaceutical market stood at US$ 42 billion in 2021 and is likely to reach US$ 65 billion by 2024 and further expand to reach US$ 120-130 billion by 2030.
India's biotechnology industry comprises biopharmaceuticals, bio-services, bio-agriculture, bio-industry, and bioinformatics. The Indian biotechnology industry was valued at US$ 70.2 billion in 2020 and is expected to reach US$ 150 billion by 2025.
India's medical devices market stood at US$ 10.36 billion in FY20. The market is expected to increase at a CAGR of 37% from 2020 to 2025 to reach US$ 50 billion. As of August 2021, CARE Ratings expect India's pharmaceutical business to develop at an annual rate of ~11% over the next two years to reach more than US$ 60 billion in value.
In the global pharmaceuticals sector, India is a significant and rising player. India is the world's largest supplier of generic medications, accounting for 20% of the worldwide supply by volume and supplying about 60% of the global vaccination demand. The Indian pharmaceutical sector is worth US$ 42 billion worldwide.
EXPORTS
Pharmaceutical is one of the top ten attractive sectors for foreign investment in India. The pharmaceutical exports from India reach more than 200 nations around the world, including highly regulated markets of the USA, West Europe, Japan, and Australia.
India supplies over 50% of Africa's requirement for generics, ~40% of generic demand in the US and ~25% of all medicine in the UK.
India also accounts for ~60% of global vaccine demand, and is a leading supplier of DPT, BCG and Measles vaccines. 70% of WHO's vaccines (as per the essential Immunization schedule) are sourced from India.
India's drugs and pharmaceuticals exports stood at Rs. 2,08,231 crore (US$ 25.3 billion) for FY23, as per the data by Pharmexcil.
Exports of drugs and pharmaceuticals recorded a positive growth of 8.14% between April-October 2023.
Exports of Drugs & Pharmaceuticals was estimated to be at US$ 2.42 billion in October 2023 and shared 7.21% of the total exports of the month.
Generic drugs account for 20% of the global export in terms of volume, making the country the largest provider of generic medicines globally.
Indian drug & pharmaceutical exports stood at US$ 24.60 billion in FY22 and US$ 24.44 billion in FY21. Indian drug & pharmaceutical exports stood at US$ 2.19 billion in September 2022.
INVESTMENTS AND RECENT DEVELOPMENTS
The Indian Pharmaceuticals industry plays a prominent role in the global pharmaceuticals industry. India ranks third worldwide for production by volume and 14th by value.
In this regard the sector has seen a lot of investments and developments in the recent past.
• Up to 100%, FDI has been allowed through automatic route for Greenfield pharmaceuticals projects. For Brownfield pharmaceuticals projects, FDI allowed is up to 74% through automatic route and beyond that through government approval.
• The cumulative FDI equity inflow in the Drugs and Pharmaceuticals industry is US$ 21.58 billion during the period April 2000-September 2023. This constitutes almost 3.3% of the total FDI inflow received across sectors.
• An MoU was signed on June 4, 2023, between the Indian Pharmacopoeia Commission (IPC), Ministry of Health & Family Welfare, Government of India and Ministry of Health, Government of S u r i n a m e f o r R e c o g n i t i o n o f I n d i a n Pharmacopoeia (IP) in Suriname.
• In May 2023, the Ministry of Minority Affairs and the Ministry of Ayush joined hands to advance the Unani System of Medicine in India.
• Prime Minister Mr. Narendra Modi during his Independence Day 2023 speech said that the government has plans to increase the number of 'Jan Aushadhi Kendras' from 10,000 to 25,000.
• The Department of Pharmaceuticals will soon launch the Scheme for the Promotion of Research and Innovation in Pharma (PRIP) MedTech Sector. The scheme has been approved by the Union Cabinet for a period of five years starting from 2023-24 to 2027-28 with a total outlay of Rs. 5,000 crore (US$ 604.5 million).
• The FDI inflows in the Indian drugs and pharmaceuticals sector reached US$ 19.90 billion between April 2000-June 2022.
• The Indian drugs and pharmaceuticals sector received cumulative FDIs worth US$ 19.41 billion between April 2000-March 2022.
• The Indian pharmaceutical industry generated a trade surplus of US$ 15.81 billion in FY22.
• Medical Device industry is expected to reach US$ 50 billion by 2030 growing at a CAGR of 15%.
GOVERNMENT INITIATIVES
Some of the initiatives taken by the Government to promote the pharmaceutical sector in India are as follows:
• As per the Union Budget 2023-24:
o A mission to eliminate sickle cell anemia by 2047 will be launched. It would involve raising awareness, conducting a comprehensive screening of seven crore individuals in the impacted tribal regions between the ages of 0 and 40, and providing counselling through coordinated efforts.
o For innovation in the pharmaceutical sector, through centres of excellence, a new initiative to encourage pharmaceutical research and innovation will be implemented. The government persuades business to spend money on R&D in a few chosen priority fields. At the grassroots level, government has also announced on building 157 nursing colleges in co-location with government medical colleges.
• The Union Cabinet, on April 26, 2023, approved the National Medical Devices Policy, 2023. The National Medical Devices Policy, 2023 is expected to facilitate an orderly growth of the medical device sector to meet the public health objectives of access, affordability, quality and innovation.
• Ayushman Bharat Digital Mission (ABDM):
o Under the ABDM, citizens will be able to create their ABHA (Ayushman Bharat Health Account) numbers, to which their digital health records can be linked. This will enable creation of longitudinal health records for individuals across various healthcare providers and improve clinical decision making by healthcare providers.
o The pilot of ABDM is completed in the six Union Territories of Ladakh, Chandigarh, Dadra & Nagar Haveli and Daman & Diu, Puducherry, Andaman and Nicobar Islands and Lakshadweep with successful demonstration of technology platform developed by the NHA.
• During the pilot, digital sandbox was created in which more than 774 partner solutions are undergoing integration. As of September 4, 2023, 450,164,619 Ayushman Bharat Health Accounts have been created and 224,967 doctors and 218,602 health facilities have been registered in ABDM.
• Scheme for Development of Pharma industry – Umbrella Scheme:
• The Department of Pharmaceuticals has prepared an Umbrella Scheme namely ‘Scheme for Development of Pharma industry'. Which comprises of the following sub schemes:
o Assistance to Bulk Drug Industry for Common Facilitation Centres
o Assistance to Medical Device Industry for Common Facilitation Centres
o Assistance to Pharmaceutical Industry (CDP-PS)
o Pharmaceutical Promotion and Development Scheme (PPDS)
o Pharmaceutical Technology Upgradation Assistance Scheme (PTUAS)
• As per the Union Budget 2022-23:
o Rs. 3,201 crore (US$ 419.2 million) has been set aside for research and Rs. 83,000 crore (US$ 10.86 billion) has been allocated for the Ministry of Health and Family Welfare.
o Rs. 37,000 crore (US$ 4.83 billion) has been allocated to the 'National Health Mission'.
o Rs. 10,000 crore (US$ 1.28 billion) has been allocated to Pradhan Mantri Swasthya Suraksha Yojana.
o The Ministry of AYUSH has been allocated Rs. 3,050 crore (US$ 399.4 million), up from Rs. 2,970 crore (US$ 389 million).
• In March 2022, under the Strengthening of Pharmaceutical Industry (SPI) Scheme, a total financial outlay of Rs. 500 crore (US$ 665.5 million) for the period FY22 to FY26 were announced.
• In August 2021, Union Health Minister announced that an additional number of pharmaceutical companies in India are expected to commence manufacturing of anti-coronavirus vaccines by October-November 2021. This move is expected to further boost the vaccination drive across the country.
• In June 2021, Finance Minister announced an additional outlay of Rs. 197,000 crore (US$ 26,578.3 million) that will be utilised over five years for the pharmaceutical PLI scheme in 13 key sectors such as active pharmaceutical ingredients, drug intermediaries and key starting materials.
• To achieve self-reliance and minimise import dependency in the country's essential bulk drugs, the Department of Pharmaceuticals initiated a PLI scheme to promote domestic manufacturing by setting up greenfield plants with minimum domestic value addition in four separate ‘Target Segments' with a cumulative outlay of Rs. 6,940 crore (US$ 951.27 million) from FY21 to FY30.
• Recent measures by CDSCO and state licensing bodies against sub-standard players indicate that the government is putting a stronger emphasis on quality standards in the domestic market. This is likely to encourage overall consolidation and higher share of the major quality-focused players, including both captive and contract manufacturers
ROAD AHEAD
The pharmaceutical industry in India is a significant part of the nation's foreign trade and offers lucrative potential for investors. Millions of people around the world receive affordable and inexpensive generic medications from India, which also runs a sizable number of plants that adhere to Good Manufacturing Practices (GMP) standards set by the World Health Organization (WHO) and the United States Food and Drug Administration (USFDA).
Among nations that produce pharmaceuticals, India has long held the top spot. Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending.
Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as such as cardiovascular, anti-diabetes, anti-depressants and anti-cancers, which are on the rise.
The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. The National Health Protection Scheme, which aims to offer universal healthcare, the ageing population, the rise in chronic diseases, and other government programmes, including the opening of pharmacies that offer inexpensive generic medications, should all contribute to boost the Indian pharmaceutical industry.
Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well for the pharmaceutical companies.
REPORT ON CORPORATE GOVERNANCE FOR THE YEAR 2023-24
Good Corporate Governance calls for transparency and accountability of a Company's management. Your Company remains committed to these basic tenets of good governance by full disclosure of its policies and operational practices as well be evident below.
1. Board of Directors: Composition of the Board:
The Company's Board at present has 10 Directors including one woman director, comprising of 3 Executive Directors and 7 Non-Executive Directors. Names and categories of the Directors on the Board and the numbers of Directorship and the Committee position held by them in other public limited Companies are given below:
Name of Director
Category / Designation
No. of Direct- orship Held in other Public Ltd Comp- anies
No. of Comm- ittee Memb- ership In other Comp- anies
Name of the other listed entity in which Direct- orship is held
Shares held of the Comp- any
Mr. Kartikeya V. Sarabhai
1Mr. Mohal K. Sarabhai
2Mr. Ashwin Hathi
3Mr. Brijesh Khandelwal
4Mr. Chandra- shekhar Bohra
Mr. Govindp- rasad
5Namdeo Mr. Mayur Swadia
6Dr. Pushpa Robin
7Mr. Satyen Dave
1
2
3
5
6
7
8
9
10
8Mr. Ajay Mayor
9Mr. Bhara- tendu Jani
10 Mr. Anil H. Parekh
Personnel of the Company except Mr. Kartikeya V. Sarabhai and Mr. Mohal K. Sarabhai (Father Son relationship). Independent Directors are non-executive directors as defined under Regulation 16(1)(b) of the SEBI Listing Regulations and Section 149(6) of the Act along with rules framed thereunder. In terms of Regulation 25(8) of SEBI Listing Regulations, they have confirmed that they are not aware of any circumstance or situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their duties. Based on the declarations received from the Independent Directors, the Board of Directors has confirmed that they meet the criteria of independence as mentioned under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Regulations and that they are independent of the management. Further, the Independent Directors have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.
Board Meetings:
During the year, the Board of Directors met 13 times on the following dates. The gap between two Board Meetings did not exceed 120 days.
The Agenda papers were circulated to the Directors in advance before the meetings with sufficient information. The details of attendance of each Director at the Board Meeting held during the financial year 2023-24 and at the last Annual General Meeting held on 28.09.2023 together with the sitting fees paid to each Director are given below:
Mr. Kartikeya V.Sarabhai
Mr. Mohal K. Sarabhai
Ms. Chaula M. Shastri
Mr. Ashwin Hathi
Mr. Brijesh Khandelwal
Mr. Chandras- hekhar Bohra
Mr. Govindprasad Namdeo
Mr. Mayur Swadia
Mr. Bharatendu Jani
The Board has identified the following skills/expertise/competencies fundamental for the effective functioning of the Company which are currently available with the Board: Board members in a public company need a blend of skills, including financial acumen, strategic thinking, industry knowledge, and risk management. They should be well-versed in corporate governance and legal compliance while demonstrating strong leadership and stakeholder engagement capabilities. An understanding of technology and innovation, along with experience in crisis management, is crucial. Additionally, commitment to diversity and inclusion, as well as corporate social responsibility, ensures comprehensive oversight and ethical guidance for the company's management team.
The eligibility of a person to be appointed as a Director of the Company is dependent on whether the person possesses the requisite skill sets identified by the Board as above and whether the person is a proven leader in running a business that is relevant to the Company's business or is a proven academician in the field relevant to the Company's business. The Directors so appointed are drawn from diverse backgrounds and possess special skills with regard to the industries/fields from where they come.
2 Independent Directors:
Independent Directors plays an important role in the governance process of the Board. Bases on the disclosures received from all the Independent Directors and also in the opinion of the Board, Independent Director fulfills the conditions specified in SEBI (LODR) Regulations, 2015 and are independent of the management.
During the year under review, the Independent Directors met on 29.03.2024, inter-alia:
- To review the performance of the Non-Independent Directors,
- To review the performance of the Chairperson of the Company, adequacy, timeliness, and quality of information from Management to the Board of Directors
3. Committee of Directors:
The involvement of non-executive Directors in providing guidance on policy matters to the operating management is formalized through constitution of Committees of the Board. These committees provide periodical and regular guidance; have exchanged of information and ideas between the Non-Executive Directors and the operating management.
The Board has accordingly, as required under SEBI (LODR) Regulations, 2015, constituted the following Committees : All the meetings as required under the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 were duly held.
I) Audit Committee:
The Company has complied with requirements of SEBI (LODR) Regulation, 2015 and Companies Act, 2013, with regard to composition of Audit Committee. During the year under review 4 Audit Committee meeting were held i.e., on 30.05.2023, 10.08.2023, 07.11.2023, 13.02.2024. The details of attendance of Audit committee Meetings held and sitting fees paid during the financial year 2023-24 are as under:
Mr. Chandrashekhar Bohra
The Board of Directors has reconstituted the Audit Committee of the Board of Directors w.e.f. 01.04.2024 as under:
The terms of reference of the committee, inter alia, includes:
Oversight of financial reporting process, Reviewing with the management, the annual financial statements and auditors' report thereon before submission to the Board for approval, Evaluation of internal financial controls and risk management systems, Recommendation for appointment, remuneration and terms of appointment of auditors of the Company, matters required to be included in the director's responsibility statement to be included in the board's report in terms of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013; Changes, if any, in accounting policies and practices and reasons for the same; Disclosure of any related party transactions; significant adjustments made in the financial statements arising out of audit findings; Compliance with listing and other legal requirements relating to financial statements;
The terms of reference, inter alia, include: Recommend to the Board the setup and composition of the Board, Recommend to the Board the appointment/ reappointment of Directors and Key Managerial Personnel, Support the Board and Independent Directors in evaluation of the performance of the Board, its Committees and individual Directors, Recommend to the Board the Remuneration Policy for Directors, executive team or Key Managerial Personnel, Oversee familiarization programs for Directors.
III) Stakeholders' Relationship committee:
The Company has complied with requirements of SEBI (LODR) Regulation, 2015 and Companies Act, 2013, with regard to composition of Stakeholders' Relationship Committee. During the year under review 1 Stakeholders' Relationship Committee meeting was held i.e., on 29.03.2024. The details of attendance of Stake holders Relationship Committee Meetings held during the financial year 2023-24 are as under:
2.
The Board of Directors has reconstituted the Nomination and Remuneration Committee of the Board of Directors w.e.f. 01.04.2024 as under:
Mr. Chandra Shekhar Bohra
II. Nomination and Remuneration Committee:
The Company has complied with requirements of SEBI (LODR) Regulation, 2015 and Companies Act, 2013, with regard to composition of Nomination and Remuneration Committee (NRC). During the year under review 7 NRC meeting were held i.e. on 14.04.2023, 30.05.2023, 24.08.2023, 17.10.2023, 29.12.2023, 21.02.2024 and 29.03.2024. The details of attendance of NRC Meetings held and sitting fees paid during the financial year 2023-24 are as under:
Details of investor complaints received and redressed during FY 2023-24 are as follows:
The Board of Directors has reconstituted the Stakeholders' Relationship Committee of the Board of Directors w.e.f. 01.04.2024 as under:
1.
The terms of reference, inter alia, include: Consider and resolve the grievances of Shareholders, Consider and approve issue of share certificates, transfer and transmission of securities, etc., Review activities with regards to the Shares held in physical form, carrying out KYC of Shareholders and getting shares demated.
Name, designation and address of Compliance Officer:
Ms. Disha M. Punjani, Company Secretary Ambalal Sarabhai Enterprises Limited,
Shanti Sadan, Mirzapur Road, Ahmedabad – 380001, Gujarat, India.
Telephone: +9179-25507671
Details of Remuneration of Directors (2023-24)
( In Lakhs) conduct for all Board members and senior management personnel of the company. The Board members and senior management personnel of the company have affirmed compliance with the code. The Chairman and Whole-time Director of the Company has given a declaration to the Company that all the Board members and senior management personnel have affirmed compliance with the code.
Whistle Blower Policy:
The Company has a WHISTLE BLOWER (WB) policy that provides a secured avenue to directors, employees, and other stakeholders for raising their concerns against unethical practices, if any, in the Company. The WB policy also ensures that strict confidentiality is maintained whilst dealing with concerns and that no discrimination will be meted out to any person for a genuinely raised concern.
Protection against Sexual Harassment at work place:
Pursuant to provisions of "The Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act,2013" and rules made there under, the Company has constituted Internal Complaints Committee with majority of women members which looks after complaint, if any, about sexual harassment in the organization.
General Body Meetings:
The Annual General Meetings of the Company for the years 2020-21, 2021-22 and 2022-23 was held through Video Conferencing/ Other Audio-Visual Means ("VC/OAVM") Facility on the following dates and time:
Mr. Brijesh B. Khandelwal
Mr. Chandrashekhar B. Bohra
Code of Conduct:
In terms of SEBI (LODR) Regulations, the Board of Directors of the Company has laid down a code of
2020-21
Conferencing/ Other Audio Visual Means ("VC/OAVM") Facility.
Re- appointment of Mr. Kartikeya V. Sarabhai as Whole-time Director. Re- appointment of Ms. Chaula M. Shastri as Whole-time Director.
2021-22 2022-23
No Special Conferencing/ Other Audio Visual Means ("VC/OAVM") Facility. To alter Articles of Association of the Company.
Resolution passed.
Re- appointment of Mr. Kartikeya V. Sarabhai (DIN: 00313585) as Executive Chairman.
Re- appointment of Ms. Chaula M. Shastri (DIN: 06404118) as Whole-time Director. To regularise Additional Director, Mr. Mohal K. Sarabhai (DIN: 00334441) by by appointing him as a Managing Director of the Company w.e.f. 21.09.2023.
4 Means of Communications: a) Quarterly/ Half yearly financial Results of the Company are submitted to the BSE Limited and published in Newspapers (English and Gujarati Language both). b) Management Discussion & Analysis Report is a part of this Directors' Report to the Shareholders.
Postal Ballot details:
Details of special resolution passed through postal ballot, the persons who conducted the postal ballot exercise, details of the voting pattern and procedure of postal ballot:
The Company had sought the approval of the shareholders by way of a Special Resolution through notice of postal ballot dated 02.11.2023 for:
1. To regularize the appointment of Mr. Brijesh Khandelwal (DIN: 10302293) as an Independent appointed Director who was as an Additional Independent Director.
The aforesaid resolution was duly passed and the results of which were announced on 07.12.2023. Mr. Rajesh Parekh Proprietor of Rajesh Parekh & Co. (Membership No. ACS 8073, COP No. 2939) Practising Company Secretary, was appointed as the Scrutinizer to scrutinize the postal ballot process by voting through electronic.
The Company had sought the approval of the shareholders by way of a Special Resolution through notice of postal ballot dated 21.02.2024 for:
1. To regularize the appointment of Mr. Govindprasad Namdeo (DIN: 10441519) as an Independent Director who was appointed as an Additional Independent Director.
2. To regularize the appointment of Mr. Ajay Mayor (DIN: 05293608) as a Nominee Director who was appointed as an Additional Nominee Director.
3. To regularize the appointment of Mr. Bharatendu Jani (DIN: 06835932) as a Nominee Director who was appointed as an Additional Nominee Director.
All the aforesaid resolutions were duly passed and the results of which were announced on 28.03.2024. Mr. Rajesh Parekh Proprietor of Rajesh Parekh & Co. (Membership No. ACS 8073, COP No. 2939) Practising Company Secretary, was appointed as the Scrutinizer to scrutinize the postal ballot process by voting through electronic.
Disclosures:
1 As required under the Companies Act, the Directors disclose the name of the Companies / parties in which they are interested and accordingly, the Register of Contracts under Section 189 of the Companies, 2013 is tabled and signed at the Board Meeting/s.
2. Transactions with the "related parties" are disclosed in detail in note forming part of Accounts' annexed to the financial statements for the year ended 31st March, 2024, Adequate care was taken by the Board to ensure that the potential conflict of interest did not harm the interest of the Company.
3. The Company complied with the provisions of Stock Exchange / SEBI / Statutory Authorities on all matters related to Capital Markets. There was no non-compliance during the year 2023-24 by the Company on any matter related to Capital Markets.
Postal ballot notice date
Resolution passed through postal ballot
Votes in favour of resolution
Votes against the resolution
Invalid Votes
Num- ber of mem- bers voted
Num- ber of valid Votes cast (Sha- res)
% total num- ber of valid votes cast
Total num- ber of mem- bers whose votes were decl- ared inv- alid
Total num- ber of invalid vote cast (Sha- res)
02.11. 2023
To regularize the appointm- ent of Mr. Brijesh Khandelwal (DIN: 10302293) as an Independe- nt appoint- ed Director who was as an Additional Independe- nt Director.
141
2,51, 51, 275
99.99
2,876
0.01
-
21.02. 2024
To regularize the appoin- tment of Mr. Govind- prasad Namdeo (DIN: 10441519) as an Inde- pendent Director who was appointed as an Addi- tioal Indep- endent Director.
104
2,47, 72, 380
3,416
To regularize the appoin- tment of Mr. Ajay Mayor (DIN: 05293608) as a Nominee Director who was
Procedure for postal ballot: The postal ballot was carried out as per the provisions of Sections 108 and 110 and other applicable provisions of the Act, read with the Rules framed thereunder and read with the General Circular nos. 14/2020 dated April 8, 2020, 17/2020 dated April 13, 2020 and subsequent circulars issued in this regard, the latest being 9/2023 dated September 25, 2023, respectively issued by the Ministry of Corporate Affairs.
Details of special resolution proposed to be conducted through postal ballot:
None of the businesses proposed to be transacted at the ensuing AGM requires passing of a special resolution through postal ballot.
A certificate has been received from RPSS & Co., Practising Company Secretaries, that none of the Directors on the Board of the Company has been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such statutory authority.
Means of Communication
The quarterly, half-yearly and annual financial results of the Company are published in the newspapers in India as per SEBI (LODR) Regulations, 2015, The Company mostly publish newspaper in Business Standard and Jai Hind. The results are displayed on BSE website (www.bseindia.com) and the Company's website (www.ase.life).
To regularize the appoin- tment of Mr. Bharat- endu Jani (DIN: 06835932) as a Nominee Director who was appointed as an Addi- tioal Nominee Director.
105
2,47, 99.99 74, 380
Other disclosures:
Disclosures on materially significant related party transactions that may have potential conflict with the interests of listed entity at large;
During the year all RPTs entered by the Company were in the ordinary course of business and in respect of transactions with related parties under Section 2(76) of the Act, are at arm's length basis and were approved by the members of Audit Committee including Independent Directors. Policy is available at www.ase.life
Details of non-compliance by the listed entity, penalties, strictures imposed on the listed entity by stock exchange(s) or the board or any statutory authority, on any matter related to capital markets, during the last three years; Details of establishment of vigil mechanism 488[/] whistle blower policy, and affirmation that no personnel has been denied access to the audit committee
BSE has levied a sum of Rs. 1,72,280/- for non-Compliance with Regulation 17(1A) with the Requirements pertaining to Appointment or Continuation of Nonexecutive director who has attained the age of seventy-five years The Company has this Policy and has established the necessary vigil mechanism for directors and employees to report concerns about unethical behaviour. No person has been denied access to the Chairman of the Audit Committee. The said policy has been uploaded on the website of the Company i.e. www.ase.life
Details of compliance with mandatory requirements and adoption of the non-mandatory requirements
The auditors' report on financial statements of the Company are unmodified. Internal auditors of the Company make quarterly presentations to the Audit Committee on their reports.
Web link where policy for d e t e r m i n i n g ‘ m a t e r i a l ' subsidiaries is disclosed;
The policy for determining ‘material' subsidiaries is available at Company's website i.e. www.ase.life
Familiarisation programmes imparted to independent Directors
Familiarisation programmes imparted to independent Directors are available at www.ase.life
General Shareholder Information:
1 Registered Office
Shanti Sadan, Mirzapur Road, Ahmedabad-380 001
2 Venue Day & Date
Saturday, 29th June, 2024 at 11.00 a.m. through Video Conferencing/ other Audio-Visual Means ("VC/OAVM") Meeting.
3 Mode
Video conference / other Audio- Visual Means ("VC/OAVM)
4 Financial Calendar
From 1st April 2023 to 31st March 2024
5 Book Closure dates
From 27.06.2024 to 29.06. 2024 (both days inclusive)
6 Dividend Payment Date
Not applicable
7 E-Voting Dates
Commences at Wednesday, 26.06.2024 at 9.00 (IST) and end on Friday 28.06.2024 at 17:00 (IST)
8 Listing on stock exchange:
BSE Ltd. (Stock Code No. 500009)
VIII) Stock Price Data:
61,209.46
63,036.12
64,768.58
67,619.17
66,658.12
67,927.23
66,592.16
67,069.89
72,484.34
73,427.59
73,413.93
74,245.17
Share Transfer System:
The shares of the Company are compulsorily traded in dematerialized form, with effect from 28.08.2000, as per SEBI/S directive. The company has appointed MCS Share Transfer Agent Ltd, Vadodara as its RTA for dematerialization purposes and has also set up the requisite facilities for dematerialization of share with National Securities Depositories Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL). For physical Share Transfer, if the share transfers documents are in order, share transfer are registered upon approval by the Share Transfer Committee of Directors, the meetings of which Committee of Directors are generally held at regular intervals of about 15/20 days. Thereafter, duly transferred share certificates are dispatched to the respective shareholders.
Total shares transferred during financial year 2023-24
Total Transfer Deeds received and processed during financial year 2023-24
Total No. of shares(s) Demated as on 31st March 2024
% of total Equity shares in Demat as on 31st March 2024
Distribution of Shareholding - as on 31st March, 2024:
Distribution of Shareholding as on 31st March, 2024 (Both in physical & electronics form):
Shares Range
100001 and above
xi) Dematerialization of Shares:
During the year under review, 1,75,052 (0.23%) shares were dematerialized in National Securities Depository Ltd. and Central Depository Services (India) Ltd.
ISIN No. : INE432A01017
XII) Plant Locations: (subsidiary companies)
1. SYSTRONICS INDIA LIMITED: 89-92, Naroda Industrial Area, Naroda, Ahmedabad – 382 330, Gujarat, India.
2. SUVIK HITEK PRIVATE LIMITED: Plot No. 416, GIDC Engineering Estate, Sector 28, Gandhinagar – 382 028, Gujarat, India.
Opening as on 01.04.2023
Disclosure in relation to Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:
Complaints received and redressed during FY 2023-24 are as follows:
Services as statutory auditors (including quarterly audits)
3. SYNBIOTICS LIMITED: Plot No. 570, Maitry Marg, ECP Canal Road, Luna, Vadodara – 391 440, Gujarat, India.
4. Asence Pharma Private Limited: Near GACL Plant, Ranoli, Vadodara – 391 350, Gujarat, India.
XIII) Address for Correspondence:
Shareholders can correspond either at the office of its Share Transfer Agent viz. MCS Share Transfer Agent Ltd. 88, Sampatrao Colony, 1st Floor, Neelam Apartment, Above Chhappan Bhog Sweets, Alkapuri, Vadodara-390 007 or at its registered office at Shanti Sadan, Mirzapur Road, Ahmedabad-380 001.
Queries of shareholders shall be addressed to Ms. Disha M. Punjani, Company Secretary- Email: dpunjani@ase.life. The Company Secretary is designated by Company as "Compliance Officer"
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT PERSONNEL WITH THE CODE OF CONDUCT:
This is to confirm that the Company has in respect of financial year ended 31st March, 2024, received from the members of the Board and Senior Management of the Company, a declaration of compliance with the Code of Conduct as applicable to them.
Fees paid to Statutory Auditors:
M/s. Sorab S Engineers, Chartered Accountants (Firm Registration No. 110417W) has been appointed as the Statutory Auditors of the Company. The particulars of payment of Statutory Auditors' fees, on consolidated basis for FY 2023-24 is given below:
Loans and advances:
The Company has not given any loans and advances to firms/Companies in which directors are interested.
Material Subsidiary details:
Following are the material subsidiary of the Company for FY 2023-24:
Name of Material Subsidiary
Systronics India Limited
Synbiotics Limited
Asence Pharma Private Limited
Suvik Hitek Private Limited