To,
The Members,
Vaidya Sane Ayurved Laboratories Limited
Your Directors have pleasure in presenting the 25th Board Report of the
Company with the Audited Financial Statements for the year ended 31st March,
2024.
FINANCIAL SUMMARY:
The Company's financial summary for the year under review along with previous year
figures is given hereunder:
(INR in Lakhs)
Particulars |
Standalone |
Consolidated |
|
2023-24 |
2022-23 |
2023-24 |
Total Income |
9889.07 |
10,038.63 |
10,108.26 |
Profit/(Loss)Before Interest and depreciation |
472.70 |
969.58 |
425.47 |
Interest |
24.82 |
18.75 |
24.82 |
Depreciation |
302.64 |
259.79 |
314.19 |
Profit/(Loss)Before Tax |
145.24 |
691.04 |
286.46 |
Less: Current Tax |
40.62 |
172.26 |
83.38 |
Less: Deferred Tax Adjustment |
0.12 |
(0.22) |
4.05 |
Profit/(Loss)After Tax |
104.50 |
519.00 |
198.03 |
PERFORMANCE REVIEW:
The Company's Revenue from operation for 2023-24 was ' 9,733.44 Lakhs as compared with
' 9,902.54 Lakhs during the previous year. The year has resulted in a net profit after tax
of ' 104.50Lakhs compared with ' 519.00 Lakhs during the last year.
TRANSFER TO RESERVES:
The Board of Directors has transferred net profit of the year ' 104.50 Lacs to General
Reserve maintained by the Company.
DIVIDEND:
The Board of Directors have not recommended any dividend for the financial year under
review.
STATE OF AFFAIRS AND FUTURE OUTLOOK:
State of Affairs:
Your Company being part of the Ayurveda industry and one of the pioneer of Disease
Reversal Programs for chronic diseases like Diabetes, Hypertension, Heart Blockages,
obesity etc. Company's research-based therapies and treatments are key revenue contributor
in the overall revenue. Your company is determined to maintain its leadership position in
Ayurveda Industry. Further, your Company remains confident of company's market standing in
the industry with its experienced team of Doctors, wide range of research based Ayurvedic
treatments and wellness services, investments in technology with widely spread 300 plus
clinic infrastructure in more than 8 states of the Country as of date of report. Your
Company is continuously focusing on improving operating efficiencies and reducing cost for
better financial performance.
Your Company has always been striving to improve Lifestyle of patients by curing and
treating Lifestyle disorders like Diabetes, Hypertension, obesity etc. with optimum
combination of modern technology and traditional Ayurved therapies & wellness
treatments,
The Madhavbaug Swasthya Parivaar Community Platform is a transformative initiative
designed to support individuals struggling with lifestyle diseases such as heart disease,
diabetes, hypertension, obesity, joint pain, and hormonal imbalances. Built around
Madhavbaug's core principles of Diagnose, Manage, and Cure, this platform provides a
holistic, patient-centric approach to preventive and chronic disease management through a
community-based model. Madhavbaug's vision for the Swasthya Parivaar Community Platform is
to establish a paid membership-based community, initially targeting 1 lakh members in the
first year, with a long-term goal of reaching 10 lakh members over the next five years. By
creating a robust and engaged community, Madhavbaug aims to drive new patient footfall to
its clinics and hospitals while significantly reducing the costs associated with
traditional, long-term marketing funnels.
The platform is structured around three core pillars:
1. Diagnose: Early detection of disease risk factors through regular assessments,
personalized health diagnostics, and continuous health monitoring.
2. Manage: Ongoing management of chronic conditions with tailored treatment plans,
quarterly consultations with expert doctors, and holistic therapies.
3. Cure: Utilization of holistic treatment approaches such as Panchakarma to not only
manage but also reverse certain lifestyle-related diseases, improving long-term health
outcomes.
The Swasthya Parivaar Community Platform is positioned to revolutionize the healthcare
landscape by offering accessible, affordable, and effective healthcare solutions that
address the root causes of lifestyle diseases.
Goals to be Achieved
Madhavbaug's Swasthya Parivaar Community Platform aligns with seven key public health
goals focused on improving cardiovascular health, educating both the public and healthcare
professionals, and eliminating disparities in access to healthcare services.
1. Goal 1: Decrease Death and Disability from Heart Disease through Public Education
o One of the primary objectives of the Swasthya Parivaar platform is to educate the
public on heart disease prevention, early diagnosis, and disease management. The platform
will offer access to educational content, regular health webinars, Q&A sessions with
experts, and ongoing updates on managing chronic conditions such as heart disease,
diabetes, and hypertension. By promoting lifestyle changes and increasing public
awareness, we aim to reduce the incidence of heart disease-related deaths and disabilities
2. Goal 2: Improve Prevention, Early Detection, Treatment, and Management of Risk
Factors for Heart Disease
o Through comprehensive, regular health assessments and at-home testing services, the
Swasthya Parivaar platform focuses on the early detection of disease risk factors such as
high blood pressure, cholesterol, and blood sugar levels. Members will receive
personalized care and ongoing treatment guidance from Madhavbaug's expert doctors to help
manage and mitigate these risk factors, preventing the progression of heart disease and
other lifestyle-related conditions.
3. Goal 3: Improve Chronic Disease Management of Heart Disease
o Members of the Swasthya Parivaar platform will benefit from quarterly consultations
with healthcare professionals, ongoing health monitoring via the MibPULSE app, and
personalized treatment plans. These services will ensure that chronic conditions such as
heart disease are managed effectively, improving long-term outcomes and reducing
complications associated with these diseases.
4. Goal 4: Decrease Death and Disability from Heart Disease through the Education of
Healthcare Professionals
o In addition to public education, the Swasthya Parivaar platform will support the
continuous education of healthcare professionals through workshops, seminars, and case
studies. This will enhance the ability of doctors and healthcare providers to diagnose,
treat, and manage heart disease and related lifestyle disorders effectively.
5. Goal 5: Improve Quantity and Quality of Research on Heart Disease and Related Risk
Factors
o By gathering and analyzing anonymized data from community members, the platform will
contribute valuable insights into the development of heart disease and its associated risk
factors. This data will help inform future research and enable Madhavbaug to optimize its
treatment protocols and strategies for disease prevention and management.
6. Goal 6: Improve Cardiovascular Health and Quality of Life through Legislation and
Policy Development
o The platform's success will provide a model for advocating for broader public health
policy changes. Insights gained from the Swasthya Parivaar Community will be used to
inform legislative initiatives aimed at improving cardiovascular health, promoting
preventive care, and ensuring access to quality healthcare services for all.
7. Goal 7: Eliminate Cardiovascular Health Disparities
o The platform is committed to reducing disparities in access to cardiovascular care by
offering affordable membership pricing and providing comprehensive healthcare services to
underserved populations. This initiative will ensure that high-quality healthcare is
available to all, regardless of socioeconomic status or geographic location.
CHANGES IN SHARE CAPITAL:
i. Increase in Authorised Share capital:
During the reporting period, authorised share capital of the Company has been no change
in authorised share capital, {' 15,00,00,000 divided into 1,50,00,000 Equity Shares of '
10 Each}
ii. Bonus Shares:
During the reporting period, there has been no bonus issue
iii. Rights Issue:
During the reporting period, there has been no rights issue
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed report on Management Discussion and Analysis (MDA) Report is included in
this Report as Annexure-1
STATEMENT OF UTILISATION OF FUNDS RAISED THROUGH IPO UNDER REGULATION 32 (1) OF THE
SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015:
In FY 2021-22, the Company had come up with Initial Public offer of 27,71,200 Equity
Shares for cash at a price of ' 73.00 per Equity Shares (including a premium of ' 63/- per
Equity Shares), aggregating to ' 2,022.98 Lakhs.
Pursuant to Regulation 32(1 )(a) and 32(1 )(b) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Company hereby states that: There was no
deviation(s) or variation(s) in the utilization of public issue proceeds from the objects
as stated in the prospectus dated 25th January 2022.
AUDITORS AND THEIR QUALIFICATION Auditors And Their Qualification
Based on our examination, which included test checks, the company has used an
accounting software for maintaining its books of account which did not have the audit
trail feature enabled throughout the year. The audit trail (edit log) feature has been
enabled and put into operation effective from March 24, 2024, for all relevant
transactions recorded in such software and post such effective operation we have not come
across any instance of the audit trail (edit log) feature being tampered with.
Management reply to Auditor's Qualification:
Based on our verification and audit report provided by Statutory Auditor, the Company
has not implemented the audit trail facilities in his accounting software for maintaining
it's books of accounts during the financial year under review. As informed by the
management, they are in a process to obtain the same.
ANNUAL RETURN:
The details forming part of Annual Return as required under Section 92 of the Companies
Act, 2013 will be made available at the website of the Company at Annual Return
BOARD MEETINGS:
Dates for Board Meetings are well decided in advance and communicated to the Board and
the intervening gap between the meetings was within the period prescribed under the
Companies Act, 2013 and the Listing Agreement. The information as required under
Regulation 17(7) read with Schedule II Part A of the LODR is made available to the Board.
The agenda and explanatory notes are sent to the Board in advance. The Board periodically
reviews compliance reports of all laws applicable to the Company.
During the year, 5 (Five) Board Meetings were held on following dates:
Sr. No |
Date of Board Meeting |
No of Directors eligible to attend Meeting |
No of Directors attended Meetings |
1 |
27.05.2023 |
5 |
5 |
2 |
11.07.2023 |
5 |
5 |
3 |
31.08.2023 |
5 |
5 |
4 |
14.11.2023 |
5 |
5 |
5 |
12.03.2024 |
5 |
5 |
COMPOSITION OF AUDIT COMMITTEE:
Your Company has formed an Audit Committee as per the Companies Act, 2013 and
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015. Members of the Audit Committee carries years of experience in finance
and health care sector.
During the year, 05 (Five) meeting of an Audit committee were hold on following dates:
Sr. No |
Date of Audit Committee Meeting |
No of Members eligible to attend Meeting |
No of Members attended Meetings |
1 |
27.05.2023 |
3 |
3 |
2 |
11.07.2023 |
3 |
3 |
3 |
31.08.2023 |
3 |
3 |
4 |
14.11.2023 |
3 |
3 |
5 |
12.03.2024 |
3 |
3 |
The primary objective of the Audit Committee is to monitor and provide an effective
supervision of the Management's financial reporting process, to ensure accurate and timely
disclosures, with the highest levels of transparency, integrity and quality of financial
reporting. The Committee oversees the work carried out in the financial reporting process
by the Management, the statutory auditor and notes the processes and safeguards employed
by each of them.
Further, the Audit Committee is also functional as per the provision of Section 177 of
Companies Act, 2013 and Rules made thereunder and as per Regulation 18 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE:
Your Company has formed a Nomination & Remuneration Committee to lay down norms for
determination of remuneration of the executive as well as nonexecutive directors and
executives at all levels of the Company. The Nomination & Remuneration committee has
been assigned to approve and settle the remuneration package with optimum blending of
monetary and non- monetary outlay.
During the year 02 (Two) meeting of Nomination & Remuneration committee was held
during the year ended 31 March,2024, i.e. on 31.08.2023 and 27.05.2023.
COMPOSITION OF STAKEHOLDERS RELATIONSHIP COMMITTEE
The terms of reference are in line with Section 178 of the Companies Act, 2013 and
Regulation 20 of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
During the year 01 (One) meeting of a Stakeholders Relationship Committee was held
during the year ended 31 March,2024, i.e. on 23rd March 2024. DIRECTORS AND KEY
MANAGERIAL PERSONNEL > Inductions /Appointmentor Re-appointment of Director:
In accordance with section 152(6) of the Companies Act, 2013 and in terms of Articles
of Association of the Company Dr. Vidyut Bipin Ghag (DIN: 09299252), Whole Time Director
of the Company, retires by rotation and being eligible; offers herself for re-appointment
at the forthcoming 25th Annual General Meeting. The Board recommends the said
reappointment for shareholders' approval.
All the directors of the Company have confirmed that they satisfy the fit and proper
criteria as prescribed under the applicable regulations and that they are not disqualified
from being appointed as directors in terms of Section 164(2) of the Companies Act, 2013.
Mr. Darshan Shah has resigned from the post of Chief Financial Officer and Key
Managerial Personnel due to personal reasons and there is no other material reason for his
resignation with effect from 26th May 2024.
Mr. Narendra Pawar has been appointed as Chief Financial Officer, Key Managerial
personnel of the Company with effect from 27th May 2024, on the remuneration
and on the term and conditions as embodies in the terms of appointment.
Mr. Abhishek Deshpande has resigned from the post of Company Secretary & Compliance
Officer along with all other designated positions and Key Managerial Personnel with effect
from 01st June 2024.
Ms Sapna Kamaldas Vaishnav has appointed as Company Secretary & Compliance Officer
(Key Managerial Person) of the Company with effect from 17th August, 2024.
Further, Pursuant to Section 203 of the Companies Act, 2013, Key Managerial Personnel
of the Company other than Directors are as follow:
Sr. Name of KMP No |
Designation |
1. Narendra Narayan Pawar |
Chief Finance Officer |
2. Sapna Vaishnav |
Company Secretary and Compliance Officer |
Following are the details and attendance of Directors during the Board Meetings as well
as its committee:
Sr. Name of Director No |
Attendance of Meetings of |
|
Board of Directors |
Audit Committee |
Nomination & Remuneration Committee |
Stakeholders Relationship Committee |
Independent Director |
1. Rohit Madhav Sane |
5 |
NA |
NA |
1 |
NA |
2. Vidyut Bipin Ghag |
5 |
NA |
NA |
1 |
NA |
3. Ratnakar Rai |
5 |
5 |
2 |
1 |
1 |
4. Mahesh Kshirsagar |
5 |
5 |
2 |
1 |
1 |
5. Sushrut Dambal |
5 |
5 |
2 |
1 |
1 |
RELATED PARTY TRANSACTIONS:
All contracts, arrangements and transactions entered by the Company with related
parties during financial year 2023-24 were in the ordinary course of business and on an
arm's length basis. There were no contracts, arrangements or transactions entered during
financial year 2023-24 that fall under the scope of Section 188(1) of the Companies Act,
2013. Accordingly, the prescribed Form AOC-2 is not applicable to the Company for the
financial year 2023-24 and hence does not form part of this report
The details of other RPTs during FY 2023-24, including transaction with person or
entity belonging to the promoter/ promoter group which hold(s) 10% or more shareholding in
the Company are provided in the accompanying financial statements.
Pursuant to the requirements of the Act and the SEBI Listing Regulations the Company
has formulated a policy on RPTs and is available on Company's website: RPT Policy
CORPORATE GOVERNANCE:
Your company being responsible corporate citizen provides utmost importance to best
Corporate Governance practices and always works in the best interest of its stakeholders.
Your company has incorporated the appropriate standards for corporate governance. Pursuant
to Regulation 15 (2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, The Company is not obligated to comply with provisions of certain
regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
RISK MANAGEMENT:
The Company has in place a mechanism to identify, assess, monitor and mitigate various
risks to key business objectives. Major risks identified are systematically addressed
through mitigating actions on a continuing basis. These are discussed at the Meetings of
the Audit Committee and the Board of Director of the Company.
DECLARATION BY INDEPENDENT DIRECTORS
The Company has received the necessary declaration from each Independent Director in
accordance with Section 149(7) of the Act and Regulations 16(1) (b) and 25(8) of the SEBI
Listing Regulations, that he/she meets the criteria of independence as laid out in Section
149(6) of the Act and Regulations 16(1) (b) of the SEBI Listing Regulations.
In the opinion of the Board, there has been no change in the circumstances which may
affect their status as Independent Directors of the Company and the Board is satisfied of
the integrity, expertise, and experience (including proficiency in terms of Section 150(1)
of the Act and applicable rules there under) of all Independent Directors on the Board.
Further, in terms of Section 150 read with Rule 6 of the Companies (Appointment and
Qualification of Directors) Rules, 2014, as amended, Independent Directors of the Company
have included their names in the data bank of Independent Directors maintained with the
Indian Institute of Corporate Affairs.
DISCUSSIONS WITH INDEPENDENT DIRECTORS
The Board's policy is to regularly have separate meetings with Independent Directors,
to update them on all business related issues, new initiatives and changes in the industry
specific market scenario. At such meetings, the Executive Directors and other Members of
the Management make presentations on relevant issues.
The policy for Familiarisation Programme for Independent Directors is available on our
website Independent Director's Familiarization Programme.
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015 the Nomination and Remuneration Committee has
carried out an Annual Performance Evaluation of the Board and of the Individual Directors
has been made.
During the year, the Evaluation cycle was completed by the Company internally which
included the evaluation of the Board as a whole, Board Committees and Directors. The
Evaluation process focused on various aspects of the Board and Committees functioning such
as composition of the Board and Committees, experience, performance of duties and
governance issues etc. Separate exercise was carried out to evaluate the performance of
individual Directors on parameters such as contribution, independent judgment and guidance
and support provided to the Management.
The results of the evaluation were shared with the Board, Chairman of respective
Committees and individual Directors.
REMUNERATION POLICY:
The Board of Directors on there commendation of the Nomination & Remuneration
Committee has framed a Policy for Directors, Key Managerial Personnel and other Senior
Managerial Personnel of the Company, in accordance with the requirements of the provisions
of Section 178 of the Companies Act, 2013 and Listing Regulations. The website link for
the policy is - Nomination and Remuneration Policy
AUDITORS:
Statutory Auditor:
The Company's Statutory Auditor M/s A. A. Mohare & Co, Chartered Accountants,
Dombivali (Firm Registration No. 114152W) was appointed in the Annual General Meeting held
on 13th September 2021 for a term of 5 years to hold office till the conclusion
of AGM of the Company to be held in the year 2026.
Pursuant to provisions of Section 143(12) of the Companies Act, 2013, as amended from
time to time, the Statutory Auditors have not reported any incident of fraud to the Audit
Committee during the year under review.
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. Deep Shukla & Associates, Company Secretary in Practice to undertake
the Secretarial Audit for F.Y 2023-24.
The secretarial audit report does not contain any qualifications, reservations, or
adverse remarks or disclaimer. The said report is attached to this report Annexure-2.
Internal Auditor:
Pursuant to the provisions of Section 138 of the Companies Act, 2013 and the Companies
(Accounts) Rules, 2014, the Board based on the Recommendation of Audit Committee,
appointed M/s Khare Deshmukh & Co, Chartered Accountants (FRN:116141W), Pune as
Internal Auditor of the Company for conducting internal audit of the Company for F.Y
2023-24.
DISCLOSURE UNDER SCHEDULE V(F) OF THE SEBI (LISTING OBLIGATION AND DISCLOSURE
REQUIREMENTS) REGULATIONS, 2015:
Your Company does not have any unclaimed shares issued in physical form pursuant to
public issue/Right issue.
SUBSIDIARY AND ASSOCIATE COMPANIES:
Subsidiary Company-
i. Joint Healing Services Private Limited- 99.99%
ii. F-Health Accelerators Private Limited- 80%
iii. Dynamic Remedies Private Limited - 100%
iv. UV Ayurgen Pharma Private Limited - 100%
Associate Company-
i. Aaharshastra Foodz Private Limited - 20%
A statement containing salient features of the financial statements of Company's
Subsidiary is given in the prescribed Form AOC-1 as an Annexure-4 DEPOSITS:
During the period under review, the Company had not accepted any fixed deposits with
the meaning of Section 73 to 76 of the Companies Act, 2013. LOANS, GUARANTEES OR
INVESTMENTS:
As per Section 186 of the Act, the details of Loans, Guarantees or Investments made
during FY 2023-24 are given below:
During FY 2023-24, the Company has given Loans, Guarantees or Investments to its
subsidiaries, joint ventures, associates companies and other body corporates and persons
as per the Financials notes, details information is available in the notes no. 14.
During FY 2023-24, the Company has not given guarantees to any of its subsidiaries,
joint ventures, associates companies and other body corporates and persons. MATERIAL
CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCE SHEET AND THE DATE OF REPORT:
During period under review FY 2023-24, there are no such material changes and
commitments between the date of the balance sheet and the date of report. SIGNIFICANT AND
MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:
There are no any significant and material orders passed by the Regulators/ Courts which
would impact the going concern status of the Company and its future operations.
ENERGY CONSERVATION, 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:
We continue to strengthen our energy conservation efforts. We are always in lookout for
energy efficient measures for operation, and value conservation of energy through usage of
latest technologies for quality of services. Although the equipments used by the Company
are not energy sensitive by their very nature, still the Company is making best possible
efforts for conservation of energy, which assures that the computers and all other
equipments purchased by the Company strictly adhere to environmental standards, and they
make optimum utilization of energy.
(b) Absorption of Technology:
In this era of competition, in order to maintain and increase the clients and
customers, we need to provide best quality services to our clients and customers at
minimum cost, which is not possible without innovation, and adapting to the latest
technology available in the market for providing the services.
(c) Foreign Exchange Earnings and Outgo: |
|
Foreign Exchange Earnings |
Nil |
Foreign Exchange Outgo |
124.06 Lakhs |
(d) Research & Development:
The Company believes that in order to improve the quality and standards of services,
the Company should have a progressive Research and Development Process, which should keep
on increasing along with the scale of operations of the Company.
STATEMENT PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF
THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
The information required pursuant to Section 197 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016 in respect of
employees of the Company, is enclosed as Annexure 5 and forms part of this Report.
Further, no employee of the Company is earning more than the limits as prescribed
pursuant to Section 197 read with Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Amendment Rules, 2016 in respect of employees of the Company.
Further, the names of top ten employees in terms of remuneration drawn are disclosed in
Annexure 6 and forms part of this Report.
INTERNAL FINANCIAL CONTROLS:
The Company has put in place an adequate system of internal financial controls with
respect to the Financial Statement and commensurate with its size and nature of business
which helps in ensuring the orderly and efficient conduct of business. No reportable
material weakness in the operation was observed.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
The Company has formulated and published a Whistle Blower Policy to provide Vigil
Mechanism for employees including directors of the Company to report genuine concerns. The
provisions of this policy are in line with the provisions of the Section 177(9) of the Act
and as per SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
OBLIGATION OF YOUR COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has zero tolerance for sexual harassment at workplace and has adopted a
Policy on Prevention, Prohibition and Redressal of sexual harassment at workplace in line
with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and the Rules thereunder. The below table provides
details of complaints received/disposed during financial year 2023-24:
Number of complaints at the beginning of the financial year |
: Nil |
No. of complaints filed during the financial year |
: Nil |
No. of complaints disposed during the financial year |
: Nil |
No. of complaints pending at the end of the financial year |
: Nil |
COST AUDIT
As per the Cost Audit Orders and in terms of the provisions of Section 148 and all
other applicable provisions of the Companies Act, 2013, read with the Companies (Audit and
Auditors) Rules, 2014, Cost Audit is not applicable to our Company.
CORPORATE SOCIAL RESPONSIBILITIES (CSR)
The Annual Report on CSR activities pursuant to the provisions of section 134 and 135
of the Act read with rule 8 of the Companies (Corporate Social Responsibility Policy)
Rules, 2014 and rule 9 of the Companies (Accounts) Rules, 2014 is annexed to this
Directors' Report as Annexure 3'.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the
Companies Act, 2013, your Directors confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards had
been followed along with proper explanation relating to material departures.
ii. They 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 at the end of the financial year and of the profit
and loss of the Company for that period;
iii. They have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of Companies Act, 2013 for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities.
iv. They have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and
that such internal financial controls are adequate and were operating effectively ; and
vi. they have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
COMPLIANCE OF SECRETARIAL STANDARDS-1 AND 2:
Your Directors confirms that pursuant to Section 118(10) of the Companies Act, 2013,
applicable Secretarial Standards, i.e. SS-1 and SS- 2, pertaining to Meeting of Board of
Directors and General Meetings, respectively specified by the Institute of Company
Secretaries of India (ICSI) have been duly complied by the Company.
The Directors have devised proper systems to ensure compliance with the provisions of
all applicable Secretarial Standards and that such systems are adequate and operating
effectively.
CEO AND CFO CERTIFICATION:
Chief Executive Officer and the Chief Financial Officer of the Company give annual
certification on financial reporting and internal controls to the Board in terms of
Regulation 17 (8) of the Listing Obligations. The Chief Executive Officer and the Chief
Financial Officer also give quarterly certification on financial results while placing the
financial results before the Board in terms of Regulation 33(2) of the Listing
Regulations. The Annual Certificate given by Chief Executive Officer and the Chief
Financial Officer is attached in Annexure-7
ACKNOWLEDGEMENT:
Your company wishes to place this on record with appreciation to all Employees,
Investors, vendors and Bankers for their continued support during the year. We are
grateful to the various authorities like Tax Departments of Central and State Departments,
Tax authorities, Ministry of Corporate Affairs and the National Stock Exchange of India
Limited for their continued cooperation. We place on record our appreciation of the
contribution made by our employees at all levels. Our consistent growth was made possible
by their hard work, solidarity, cooperation and support.
|
For and on Behalf of the Board of Directors of |
|
|
Vaidya Sane Ayurved Laboratories Limited |
|
|
Rohit Sane |
Vidyut Ghag |
|
Managing Director |
Whole Time Director |
|
(DIN: 00679851) |
(DIN:09299252) |
Thane, 06/09/2024 |
|
|