To the Members,
Vipul Organics Limited
Your directors are pleased to present herewith the 52nd Annual Report of your Company along with the Audited Standalone and Consolidated Financial Statements for the financial year ended 31st March, 2024.
1. FINANCIAL HIGHLIGHTS
The financial highlights for the financial year under review compared to the previous financial year are given herein below:
(Rs. in Lakh)
2. OPERATIONS
During the financial year under review, the Company earned total revenue of Rs. 15099.30 Lakh (previous year C13,399.73 Lakh) and Net Profit after Tax of Rs. 334.44 Lakh (previous year Rs. 197.53 Lakh) on Standalone basis.
There was no operational inefficiency during the financial year 2023-24 rather sale was in line with previous year financial year 2022-23. Major reason for decline in profit is due to higher finance cost and depreciation during the financial year under review.
The Company has earned consolidated revenue of C15099.30 Lakh (previous year Rs. 13,399.73 Lakh) and consolidated Net Profit after Tax of Rs. 334.03 Lakh (previous year Rs. 187.20 Lakh), during the financial year under review.
3. CHANGE IN THE NATURE OF THE BUSINESS OF THE COMPANY
There was no change in the nature of business of the Company during the financial year under review.
4. DIVIDEND AND RESERVES
Your directors have pleasure in recommending payment of dividend @ Rs. 1/- (One Rupee only) being 10% per share on Equity Share of Rs. 10/- for the financial year ended 31st March, 2024. This will absorb total cash outflow of Rs. 1.30 Crore.
The dividend, if approved, will be paid to those members whose names shall appear on the Register of Members / List of Beneficiaries as on Monday, 23rd September, 2024.
During the financial year, the Company has not transferred any amount to the General Reserve.
5. MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THE REPORT
There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year to which the financial statements relate and upto the date of this report.
6. SHARE CAPITAL
As on 31st March, 2024, the Authorized Share Capital of the Company was Rs. 15,00,00,000/-
(Rupees Fifteen Crore only) divided into 1,50,00,000 Equity Shares of Rs. 10/- each.
During the year under review, the Company has issued 5,00,000 warrants convertible into equity shares on preferential basis to promoter group and out of which 2,00,000 warrants were converted into equal number of Equity shares.
7. INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
Pursuant to the provisions of Section 125 of the Companies Act, 2013 read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘the Rules'), all unpaid/ unclaimed dividends are required to be transferred by the Company to the IEPF established by the Government of India after the completion of seven years. Further, according to the said Rules, the shares on which dividend remained unpaid or unclaimed by the shareholders for seven consecutive years or more shall also be transferred to the demat account of the IEPF Authority. Accordingly, during the financial year 2023-24, the Company transferred 9,249 Equity Shares to the demat account of the IEPF Authority as required under the IEPF Rules for the dividend remained unclaimed / unpaid upto the financial years 2015-16.
In terms of the provisions of Section 125 of the Companies Act, 2013 and the said Rules, during the financial year 2023-24, an amount of Rs. 2,22,332.80/- being remained unpaid / unclaimed dividend for the financial year 2015-16 was transferred to the IEPF.
Further, the unpaid/unclaimed dividend amount lying with the Company for financial year 2016-17 is due for transfer to the IEPF in the month of October, 2024. The details of the same are available on the Company's website viz. www. vipulorganics.com.
Ms. Priya Shadija, Company Secretary and Compliance Officer of the Company was appointed as Nodal Officer to ensure compliance with the IEPF Rules on 2nd December, 2023. Upon resignation of Mr. Dheerendra Verma w.e.f. 14th August, 2023, Ms. Priya Shadija, Company Secretary and Compliance Officer of the Company was appointed as Nodal Officer to ensure compliance with the IEPF Rules w.e.f. 2nd December, 2023.
8. DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
As on 31st March, 2024, the Board comprised of six directors including one independent women director. The Board has an appropriate mix of Executive, Non-Executive and Independent Directors, which is in compliance with the requirements of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is also aligned with the best practices of Corporate Governance.
I. Retirement by Rotation
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, Mr. Mihir Vipul Shah (DIN: 05126125), Whole Time Director of the Company, retires by rotation at the ensuing Annual General Meeting of the Company and being eligible, has offered himself for re-appointment and your Board recommends his re-appointment.
II. Appointment and re-appointment
Mr. Vipul Pravinchandra Shah (DIN : 00181636), who retired by rotation at previous 51st Annual General Meeting held on 30th September, 2023, was reappointed as director of the Company in terms of provisions of Section 152(6) of the Act.
Mrs. Megha Bhati, Independent Director of the Company was re-appointed upon expiry of her first term, for another term of 5 years w.e.f. 14th November, 2023 to 13th November, 2028.
Mr. Mihir Shah is being proposed to be reappointed as whole-time Director for another term of five years wef 1st April, 2024 as per the terms and conditions as mentioned in the accompanying Notice for annual general meeting.
Pursuant to the provisions of Section 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and Regulation 6 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company appointed Ms. Priya Shadija as Company Secretary and Compliance Officer of the Company w.e.f. 10th November, 2023. There is no other change in KMP except change in Company Secretary as mentioned in this Report.
Brief resume of directors proposed to be reappointed / remuneration to be approved as stipulated under Regulation 36(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and Secretarial Standard - 2 (SS-2) issued by the Institute of Company Secretaries of India (ICSI), are provided in Notice of 52nd Annual General Meeting of the Company.
III. Cessation
Mr. Dheerendra Verma, Company Secretary and Compliance Officer of the Company resigned from the services of the Company w.e.f. closing working hours of 14th August, 2023. The Board noted the same.
IV. Declaration from Independent Directors
The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and pursuant to Regulation 25 of the said Regulations 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 independent judgment and without any external influence.
The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and the Company's Code of Conduct.
Further, the Independent Directors have also submitted their declaration in compliance with the provision of Rule 6(3) of Companies (Appointment and Qualification of Directors) Rules, 2014, which mandated the inclusion of Independent Director's name in the data bank of Indian Institute of Corporate Affairs ("IICA") till they continue to hold the office of an independent director.
None of the directors of your Company are disqualified under the provisions of Section 164(2) of the Companies Act, 2013. Your directors have made necessary disclosures, as required under various provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In opinion of the Board, all the independent directors are persons of integrity and possess relevant expertise and experience.
V. Annual performance evaluation by the Board
The Board has devised a policy pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for performance evaluation of the chairman, board, individual directors (including independent directors) and committees which includes criteria for performance evaluation of non-executive directors and executive directors. The Nomination and Remuneration Committee of the Company has specified the manner of effective evaluation of the performance of Board, its committees and individual directors of the Company and has authorized the Board to carry out their evaluation. Based on the manner specified by the Nomination and Remuneration Committee, the Board has devised questionnaire to evaluate the performances of each of executive and non-executive and independent director. Such questions are prepared considering the business of the Company and the expectations that the Board has from each of the directors.
The evaluation framework for assessing the performance of directors comprises of the following key areas: i. Attendance at Board and Committee meetings; ii. Quality of contribution to Board deliberations; iii. Strategic perspectives or inputs regarding future growth of Company and its performance; and iv. Providing perspectives and feedback going beyond information provided by the management.
The details of the programs for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at the link: www.vipulorganics.com.
During the financial year under review, a separate meeting of the Independent Directors of the Company was held on 14th February, 2024 for evaluation of performance of non-independent directors and the Board as a whole.
VI. Key Managerial Personnel (KMP):
During the financial year under review the following persons acted as Key Managerial Personnel of the Company in compliance with the provisions of Section 203 of the Companies Act, 2013:
9. MEETINGS OF THE BOARD
The Board meets at regular intervals to discuss and decide on Company's business, policies and strategies. A tentative annual calendar of the Board and Committee meetings is informed to the directors in advance to facilitate them to plan their schedule and to ensure meaningful participation in the meetings. However, in case of special and urgent business need, the directors' approval is also taken by passing resolutions through circulation, as permitted by law, which is noted in the subsequent Board meeting.
The notice of Board and Committee meetings is given well in advance to all the directors of the Company. Meetings of the Board are held in Mumbai, Maharashtra. The agenda of the Board / Committee meetings is circulated 7 days prior to the date of the meeting. The agenda for the Board and Committee meetings includes detailed notes on the items to be discussed at the meeting to enable the directors to take informed decisions.
The Board met 10 (Ten) times during the financial year under review as per details given in the Report on Corporate Governance which forms part of this Report. The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
10. COMMITTEES OF THE BOARD
In accordance with the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has constituted three committees of the Board, namely:
1. Audit Committee;
2. Stakeholders' Relationship Committee; and
3. Nomination and Remuneration Committee.
Details of all the Committees along with their terms of reference, composition, changes, if any and meetings held during the financial year under review are provided in the Report on Corporate Governance forming part of this Report.
11. AUDITCOMMITTEEANDITSCOMPOSITION
As on 31st March, 2024, the Audit Committee comprised of Mr. Prasannakumar B. Gawde, Mr. Jagdeep Y. Mehta, Independent Directors and Mr. Vipul P. Shah, Managing Director of the Company.
Mr. Prasannakumar B. Gawde is the Chairman of Audit Committee of the Company. The Company Secretary and Compliance Officer of the Company acts as Secretary of the Audit Committee. All the recommendations made by the Audit Committee were accepted by the Board of Directors of the Company. Other details with respect to Audit Committee are given in Report of Corporate Governance forming part of this Report.
The Audit Committee of the Company reviews the reports to be submitted with the Board of Directors with respect to auditing and accounting matters. It also supervises the Company's internal control and financial reporting process and vigil mechanism.
12. RECONSTITUTION OF THE AUDIT COMMITTEE, STAKEHOLDERS' RELATIONSHIP COMMITTEE AND
NOMINATION AND REMUNERATION COMMITTEE OF THE COMPANY:
The tenure of Mr. Prasannakumar Gawde and Mr. Jagdeep Mehta as Independent Directors of the Company ends w.e.f. closing working hours of 31st March, 2024 and consequently they will cease to be the Member / Chairman of the various Committees of the Board of Directors of the Company.
Mr. Rupesh J. Agrawal and Mr. Siddhan Subramanian, newly appointed Independent Directors of the Company as members of the Committees of the Company w.e.f. 1st April, 2024.
13. REMUNERATION POLICY
Pursuant to the provisions of Section 178 of the Companies Act, 2013 and Regulation 19 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and on recommendation of the Nomination & Remuneration Committee, the Board of Directors have adopted a policy for selection and appointment of Directors, Key Managerial Personnel (‘KMPs'), Senior Management Personnel (‘SMPs') and their remuneration including criteria for determining qualifications, positive attributes, independence of a director and other related matters.
The Remuneration Policy has been placed on the website of the Company viz. www. vipulorganics.com.
14. DIRECTORS' RESPONSIBILITY STATEMENT
Your directors to the best of their knowledge and belief and according to the information and explanations obtained by them and as required under Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, state that:
a. in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departures, if any;
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 on 31st March, 2024 and of the profit of the Company for the financial year under review;
c. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. 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 were operating effectively; and
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.
15. INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE FINANCIAL STATEMENTS
The Company has in place proper and adequate internal control systems commensurate with the nature of its business, size and complexity of its operations. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, compliance with policies, procedures, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.
16. DEPOSITS
During the financial year under review, the Company has not accepted any deposits within the meaning of Sections 73 and 76 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
17. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013
The details of loans or guarantees given and investments made by the Company falling under Section 186 of the Companies Act, 2013 are given under Notes to Accounts on the Financial Statements.
18. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has a Vigil Mechanism / Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The mechanism also provides for adequate safeguards against victimization of directors and employees who avail the mechanism and also provides for direct access to the Chairman of the Audit Committee in the exceptional cases. The said policy has been elaborated in the Report on Corporate Governance and can be accessed on the Company's website at www.vipulorganics.com.
We affirm that during the financial year 2023-24, no director or employee was denied access to the Chairman of the Audit Committee.
19. RISKS AND AREAS OF CONCERN
The Company has laid down a well-defined Risk Management Policy covering the risk mapping, trend analysis, risk exposure, potential impact and risk mitigation process. A detailed exercise is carried out to identify, evaluate, manage and monitor both business and non-business risks. The Board periodically reviews the risks and suggests the steps to be taken to control and mitigate the same through a properly defined framework.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188(1) OF THE COMPANIES ACT, 2013
All the transactions with related parties entered into during the financial year under review were in ordinary course of business on arm's length basis. No Material Related Party Transactions were entered into during the financial year under review by the Company. Accordingly, the disclosure of material Related Party Transactions, as required under Section 134(3) of the Companies Act, 2013, in Form AOC-2 is not applicable.
In accordance with the provisions of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has adopted the policy on Related Party Transactions and the same is available on the Company's website at www.vipulorganics.com.
21. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE
There was no significant or material order passed by any Regulator or Court or Tribunal, which impacts the going concern status of the Company or will have bearing on Company's operations in the future.
22. ANNUAL RETURN
As required under Section 92(3) read with the Section 134(3)(a) of the Companies Act, 2013 and the Companies (Management and Administration) Rules, 2014, the copy of Annual Return as on 31st March, 2024 will be placed on the website of the Company and can be accessed at https:// www.vipulorganics.com/annualfireport_of_ company.htm.
23. STATUTORY AUDITORS
As per provisions of the Section 139 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the members of the Company in their 50th Annual General Meeting held on 14th September, 2022 appointed M/s. J. A. Rajani & Co., Chartered Accountants, Mumbai (having FRN: 108331W), as Statutory Auditors of the Company for a term of 5 consecutive years i.e. to hold office from the conclusion of 50th Annual General Meeting till the conclusion of 55th Annual General Meeting of the Company to be held for the financial year ending 31st March, 2027.
M/s. J. A. Rajani & Co., Chartered Accountants, have furnished written confirmation to the effect that they are not disqualified from acting as the Statutory Auditors of the Company in terms of the provisions of Sections 139 and 141 of the Act and the Companies (Audit and Auditors) Rules 2014.
24. SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204(1) of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. M Baldeva and Associates Company Secretaries, to undertake Secretarial Audit of the Company for the financial year 2023-24. The Secretarial Audit Report is appended as Annexure - I and forms part of this Report.
Management reply to the comments in secretarial auditor's report is given elsewhere in this report.
25. INTERNAL AUDITORS
Pursuant to the provisions of Section 138 of the Act read with Companies (Accounts) Rules, 2014, the Board, on recommendation of the Audit Committee, appointed M/s. Mukund Rohit & Co., Chartered Accountants, Mumbai, as Internal Auditors of the Company for the financial year 2023-24. The Internal Auditors monitor and evaluate the effectiveness and adequacy of internal control systems in the Company, its compliances with the operating systems, accounting procedure and polices at all locations of the Company and reports to the Audit Committee on quarterly basis.
26. COST AUDITORS AND COST RECORDS
The Company is required to maintain cost records for certain products as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013 and accordingly such accounts and records are made and maintained in the prescribed manner. However, during the financial year under review, the Company was not required to carry Cost Audit.
27. REMARKS ON QUALIFICATION BY STATUTORY AUDITORS AND SECRETARIAL AUDITORS
The Statutory Auditors have not made any qualifications, observation or adverse remark in their Audit Reports on the Standalone and Consolidated Financial Statements.
With respect to observation made by the Secretarial Auditors in their report, we would like to state that
Further, none of the Auditors of the Company have reported any fraud as specified under the second proviso of Section 143(12) of the Act.
28. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has complied with the provisions relating to the constitution of the Internal Committee as required under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the financial year under review, there was no complaint filed before the said Committee and there was no complaint pending at the beginning or end of the financial year under review.
29. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the provisions of all applicable and mandatory Secretarial Standards issued by the Institute of Company Secretaries of India and your directors confirm compliance of the same during the financial year under review.
30. SUBSIDIARY COMPANY, JOINT VENTURES AND ASSOCIATE COMPANIES
Shree Ambika Naturals Private Limited is subsidiary of the Company. The Company had no Joint Venture or Associate Company during the financial year under review.
Pursuant to the provisions of Section 129(3) of the Companies Act, 2013, a statement containing salient features of the financial statements of Shree Ambika Naturals Private Limited, in Form AOC-1, is annexed as Annexure - II and forms part of this Report.
31. CONSOLIDATED AUDITED FINANCIAL STATEMENTS
Pursuant to the provisions of Sections 129 and 133 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and as required under Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has prepared Consolidated
Audited Financial Statements consolidating financial statements of its subsidiary company namely "Shree Ambika Naturals Private Limited" with its financial statements in accordance with the applicable provisions of Indian Accounting Standards ("Ind-AS").
The Consolidated Financial Statements along with the Independent Auditors' Report thereon is annexed and form part of this Report.
The summarized consolidated financial position is provided above in point no. 1 of this Report.
32. MANAGEMENT DISCUSSION AND ANALYSISANDCORPORATEGOVERNANCE REPORT
Pursuant to the provisions of Regulation 34(3) and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the following have been made part of and attached to this Annual Report: a. Management Discussion and Analysis Report; b. Report on Corporate Governance; c. Declaration on compliance with Code of Conduct; d. Auditors' certificate regarding compliance withconditionsofCorporateGovernance;and e. Certificate from Practicing Company Secretary 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.
33. MANAGERIAL REMUNERATION AND OTHER DETAILS
Disclosure pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in this Report as Annexure - III and forms part of this Report.
The statement containing particulars of employees as required under Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate annexure forming part of this Report. Further in terms of Section 136 of the Act, the report and accounts are being sent to the members excluding the aforesaid annexure. The said annexure is availableforinspectionatthecorporateofficeofthe Company during the working hours on all working days and any member interested in obtaining copy of the same may write to the Company Secretary and Compliance Officer of the Company and the same will be furnished on request.
34. CORPORATE SOCIAL RESPONSIBILITY
The details of the initiatives taken by the Company as per the provisions of Rule 8 of the Companies (Corporate Social Responsibility) Rules, 2014, as amended are given in Annexure - IV, which forms part of this Report.
35. CONSERVATIONOFENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Pursuant to the provisions of Section 134 (3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014, details regarding Conservation of Energy, Technology Absorption, Foreign Exchange earnings and outgo are given in Annexure - V, which forms part of this Report.
36. LISTING:
The Equity shares of the Company continue are listed on BSE Limited.
37. CREDIT RATINGS:
India Ratings and Research Private Limited has reaffirmed the following credit ratings for Company's long term and short-term instruments:
38. DETAILS OF PROCEEDINGS UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016
During the financial year under review, no application was made or proceeding initiated against the Company under the Insolvency and Bankruptcy Code, 2016 nor any such proceeding was pending at the end of the financial year under review.
39. VALUATION OF ASSETS
During the financial year under review, there was no instance of one-time settlement of loans / financial assistance taken from Banks or Financial Institutions, hence the Company was not required to carry out valuation of its assets for the said purpose.
40. ACKNOWLEDGEMENT
Your directors wish to place on record their deep sense of appreciation for the valuable services and the contribution made by the Company's employees at all levels for their continual growth and prosperity of the Company. The industrial relations continued to be cordial during the financial year under review.
The directors also wish to place on record its appreciation for the continued co-operation and assistance received by the Company from its Customers, Vendors, Shareholders, Financial Institutions, Bankers, Business Associates & Government Authorities during the financial year under review.