To the Members,
The Directors have pleasure in presenting before you the 36th Board's Report and the
Audited Financial Statement of the Company for the Financial Year ended 31st March 2023.
1. FINANCIAL SUMMARY/HIGHLIGHTS AND STATE OF AFFAIRS:
The performance of the Company during the year has been as under:
(Rs. In Lakhs)
Particulars |
2022-23 |
2021-22 |
Revenue from Operations |
602.03 |
823.08 |
Other Income (Including Exceptional Items) |
4.20 |
19.45 |
Total Revenue |
606.23 |
842.53 |
Total Expenses |
614.61 |
895.52 |
Profit Before Tax |
(8.38) |
(53) |
Less Exceptional items |
2.67 |
- |
Less: Tax expense |
(169) |
13.12 |
Profit / (Loss) After Tax |
(9.36) |
(39.87) |
Other Comprehensive Income |
0 |
0 |
Total Comprehensive Income |
(9.36) |
(39.87) |
Earning per Equity Share- Basic & Diluted (in Rs.) |
(0.12) |
(0.49) |
2. REVIEW OF OPERATIONS:
The total revenue of the Company for the financial year under review was Rs.606.23
Lakhs as against Rs. 842.53 Lakhs for the previous financial year. The company recorded a
net loss of Rs. 9.36 Lakhs for the financial year 2022-23 as against the net loss of Rs.
39.87 Lakhs for the previous year.
3. DIVIDEND:
The directors have not recommended dividend for the year 2022-23.
4. BUSINESS UPDATE AND STATE OF COMPANY'S AFFAIRS:
The information on Company's affairs and related aspects is provided under Management
Discussion and Analysis report, which has been prepared, inter-alia, in compliance with
Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
and forms part of this Report.
5. RESERVES:
Pursuant to provisions of Section 134 (3) (j) of the Companies Act, 2013, company has
not proposed to transfer any amount to general reserves account of the company during the
year under review.
The Closing balance of reserves, including retained earnings, of the Company as at
March 31st 2023 is Rs. 273.35 Lakhs.
6. CHANGE IN THE NATURE OF THE BUSINESS, IF ANY:
During the period under review and the date of Board's Report there was no change in
the nature of Business.
7. MATERIAL CHANGES & COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There were no major material changes and commitments affecting the financial position
of the Company after the end of the financial year and up to date of this report (i.e.,
06.09.2023).
8. REVISION OF FINANCIAL STATEMENTS:
There was no revision of the financial statements for the year under review.
9. AUTHORISED AND PAID-UP CAPITAL OF THE COMPANY:
The Authorised share capital of the Company as on 31st March 2023 stood at
Rs.9,60,00,000 divided into 96,00,000 equity shares of the face value of Rs. 10/- each.
The issued, subscribed and paid up share capital of the Company as on 31st March 2023
stood at Rs. 8,13,13,920 divided into 81,31,392 equity shares of the face value of Rs.
10/- each.
10. TRANSFER OF SHARES AND UNPAID/UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND
PROTECTION FUND (IEPF):
Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules") read with the relevant circulars and amendments thereto, the amount of
dividend remaining unpaid or unclaimed for a period of seven years from the due date is
required to be transferred to the Investor Education and Protection Fund
("IEPF"), constituted by the Central Government.
During the Year, no amount of dividend was unpaid or unclaimed for a period of seven
years and therefore no amount /shares is required to be transferred to Investor Education
and Provident Fund under the Section 125(1) and Section 125(2) of the Act.
11. INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
Pursuant to the provisions of Section 124 of the Act, Investor Education and Protection
Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF
Rules") read with the relevant circulars and amendments thereto, the amount of
dividend remaining unpaid or unclaimed for a period of seven years from the due date is
required to be transferred to the Investor Education and Protection Fund
("IEPF"), constituted by the Central Government.
During the Year, no amount of dividend was unpaid or unclaimed for a period of seven
years and therefore no amount is required to be transferred to Investor Education and
Provident Fund under the Section 125(1) and Section 125(2) of the Act.
12. APPOINTMENT / RE-APPOINTMENT / RESIGNATION / RETIREMENT OF DIRECTORS /CEO/ CFO AND
KEY MANANGERIAL PERSONNEL:
Mr. Bh. Satyanarayana Raju (DIN: 02697880) who retires by rotation was not
reappointed in 35th Annual General Meeting held on 30th September, 2022.
Mr. G. Venkata Ramana (DIN: 00031873) who retires by rotation was not
reappointed in the 35th Annual General Meeting held on 30th September, 2022.
Mr. JRK Panduranga Rao, Chairman and Independent director has resigned from the
Company on dated 29.11.2022 due to his personal pre-occupations and commitments.
Mr. Balaji Venkateswarulu Sanka (DIN: 02010148) retires by rotation and being
eligible, offers himself for re-appointment. A resolution seeking shareholders' approval
for his re-appointment along with other required details forms part of the Notice.
Mr.Nitesh Kumar Sharma, Company Secretary and Compliance Officer of the Company
has resigned w.e.f 12.06.2023
The Board places on record the sincere appreciated for the services rendered by the
retiring directors/resigning directors /KMP during their tenure.
13. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS:
The Company has received declarations from all the Independent Directors of the Company
to the effect that they are meeting the criteria of independence as provided in
Sub-Section (6) of Section 149 of the Companies Act, 2013 and under regulation 16(1) (b)
read with Regulation 25 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
The Independent Directors have also confirmed that they have complied with the
Company's Code of Conduct.
In terms of Regulations 25(8) of the Listing Regulations, the Independent Directors
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 with an objective independent judgment and without any external influence.
During the year, Non-executive Director had no pecuniary relationship or transactions
with the Company, other than sitting fees, their holding, commission and reimbursement of
expenses incurred by them for the purpose of attending meetings of the Board of Directors
and Committee(s) except Mr. Sanka Balaji Venkateswarlu, Non-Executive Director holds
1,53,132 Equity shares in the Company.
14. BOARD MEETINGS:
The Board of Directors duly met Seven (7) times during the financial year from 1st
April 2022 to 31st March 2023 on 05.04.2022, 30.05.2022, 13.08.2022, 05.09.2022,
14.11.2022, 29.11.2022 and 14.02.2023 and in respect of which meetings, proper notices
were given and the proceedings were properly recorded and signed in the Minutes Book
maintained for the purpose.
15. BOARD EVALUATION:
Evaluation of all Board members is performed on an annual basis. The evaluation is
performed by the Board, Nomination and Remuneration Committee and Independent Directors
with specific focus on the performance and effective functioning of the Board and
Individual Directors.
In line with Securities and Exchange Board of India Circular No.
SEBI/HO/CFD/CMD/CIR/P/2017/004, dated January 5, 2017 and the Companies Amendment Act,
2017 the Company adopted the recommended criteria by Securities and Exchange Board of
India.
The Directors were given evaluation forms for the following:
(i) Evaluation of Board;
(ii) Evaluation of Committees of the Board;
(iii) Evaluation of Independent Directors;
(iv) Evaluation of Chairperson;
(v) Evaluation of Non-Executive and Non-Independent Directors; and
(vi) Evaluation of Managing Director.
The Directors were requested to give following ratings for each criteria:
1. fair;
2. satisfactory; and
3. very satisfactory.
The Directors have sent the duly filled forms to Nomination & Remuneration
committee. Based on the evaluation done by the Directors, the Committee has prepared a
report and submitted the Evaluation Report. Based on the report, the Board of Directors
has informed the rankings to each Director and also informed that the performance of
Directors is satisfactory and they are recommended for continuation as Directors of the
Company.
16. STATEMENT SHOWING THE NAMES OF THE TOP TEN EMPLOYEES IN TERMS OF REMUNERATION DRAWN
AND THE NAME OF EVERY EMPLOYEE AS PER RULE 5(2) & (3)OF THE COMPANIES(APPOINTMENT
& REMUNERATION) RULES, 2014:
Disclosure pertaining to remuneration and other details as required under section 197
of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure-1 to this Report.
The Statement containing the particulars of employees as required under section 197(12)
of the Companies Act, 2013 read with rule 5(2) and other applicable rules (if any) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided
in Annexure-2 to this report.
During the year none of the employees is drawing a remuneration of Rs.1,02,00,000/- and
above per annum or Rs.8,50,000/- per month and above in aggregate per month, the limits
specified under the Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and
5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
17. RATIO OF REMUNERATION TO EACH DIRECTOR:
Under Section 197(12) of the Companies Act, 2013, and Rule 5(1) (2) & (3) of the
Companies (Appointment & Remuneration) Rules, 2014 read with Schedule V of the
Companies Act, 2013 the ratio of remuneration of Managing Director (Mr. S. Murali Krishna
Murthy) and Whole-Time Directors (Mr. S. Srinivas Kumar) of the Company to the median
remuneration of the employees is 2.27:1 and 2.09:1 respectively.
18. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134(3)(C) and 134(5) of the Companies Act, 2013
the Board of Directors, to the best of their knowledge and ability, confirm that:
1. in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures;
2. the Directors have selected such accounting policies and applied them consistently
and made judgment 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 or loss of the Company for that period;
3. the Directors have taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the Company and for preventing and detecting fraud and other irregularities;
4. the Directors have prepared the annual accounts on a going concern basis;
5. the Directors have lain down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
6. the Directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating effectively.
19. DISCLOSURE OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
The Internal Financial Controls with reference to financial statements as designed and
implemented by the Company are adequate. The Company maintains appropriate system of
internal control, including monitoring procedures, to ensure that all assets are
safeguarded against loss from unauthorized use or disposition. Company policies,
guidelines and procedures provide for adequate checks and balances, and are meant to
ensure that all transactions are authorized, recorded and reported correctly. The internal
audit function is adequately resourced commensurate with the operations of the Company and
reports to the Audit Committee of the Board.
During the period under review, there is no material or serious observations have been
noticed for inefficiency or inadequacy of such controls.
20. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB SECTION (12) OF SECTION
143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT:
During the Financial Year 2022-23, the Auditors have not reported any matter under
section 143(12) of the Companies Act, 2013, therefore no detail is required to be
disclosed under section 134(3) (ca) of the Companies Act, 2013.
21. CEO/ CFO Certification
The Managing Director and CFO certification of the financial statements under
regulation 17 (8) of SEBI (Listing Obligations & Disclosure Requirements),
Regulations, 2015 for the year 2022-2023 is annexed in this Annual Report.
22. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF THE
SUBSIDIARIES / ASSOCIATES/ JOINT VENTURES:
During the year under review, the Company does not have any subsidiaries, joint
ventures or associate Companies.
23. DETAILS OF DEPOSITS NOT IN COMPLIANCE WITH THE REQUIREMENTS OF THE ACT:
Since the Company has not accepted any deposits during the Financial Year ended March
31, 2023, there has been no non-compliance with the requirements of the Act.
Pursuant to the Ministry of Corporate Affairs (MCA) notification dated 22nd January
2019 amending the Companies (Acceptance of Deposits) Rules, 2014, the Company is required
to file with the Registrar of Companies (ROC) requisite returns in Form DPT-3 for
outstanding receipt of money/loan by the Company, which is not considered as deposits.
The Company complied with this requirement within the prescribed timelines.
24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
During the year under review, the Company has not given loans, Guarantees or made any
investments exceeding the limits as prescribed under the provisions of section 186 of the
Companies Act, 2013.
25. RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the financial year were on
arm's length basis and were in the ordinary course of business. During the financial year
2022-23, there were no material significant related party transactions made by the Company
with the Promoters, Directors, Key Managerial Personnel or the Senior Management which may
have a potential conflict with the interest of the Company at large. The transactions with
the related parties are routine and repetitive in nature.
All related party transactions were placed before the Audit Committee/Board for review
and approval.
The Form AOC-2 pursuant to Section 134(3) (h) of the Companies Act, 2013 read with Rule
8(2) of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure-3 to this
report.
During the year, the Company amended the Policy on Dealing with Related Party
Transactions (RPT Policy') which was approved by the Board of Directors to give
effect to the amendments in Regulation 23 of SEBI (Listing Obligations and Disclosure
Requirements) (Sixth Amendment) Regulations, 2021. The RPT Policy is available on the
Company's website at www.ortinlabsindia.com.
26. DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars as prescribed under Section 134(3) (m) of the Companies Act, 2013, is
provided hereunder:
A. Conservation of Energy:
Your Company's operations are not energy intensive. Adequate measures have been taken
to conserve energy wherever possible by using energy efficient computers and purchase of
energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D): NIL
2. Technology absorption, adoption and innovation: NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings: NIL Foreign Exchange Outgo: NIL
27. COMMITTEES:
(I) . AUDIT COMMITTEE:
The Audit Committee of the Company is constituted in line with the provisions of
Regulation 18(1) of SEBI (LODR) Regulations read with Section 177 of the Companies Act,
2013 are included in the Corporate Governance report, which forms part of this report.
(II) . NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee of the Company is constituted in line with
the provisions of Regulation 19(1) of SEBI (LODR) Regulations read with Section 178 of the
Companies Act, 2013 are included in the Corporate Governance report, which forms part of
this report.
(III) . STAKEHOLDERS RELATIONSHIP COMMITTEE:
The Stakeholders Relationship Committee of the Company is constituted in line with the
provisions of Regulation 20 of SEBI (LODR) Regulations read with Section 178 of the
Companies Act, 2013 are included in the Corporate Governance report, which forms part of
this report.
28. VIGIL MECHANISM/WHISTLE BLOWER POLICY:
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013
read with Regulation 22of SEBI (LODR) Regulations, 2015, the Board of Directors has
formulated a Whistle Blower Policy. The Company promotes ethical behaviour and has put in
place a mechanism for reporting illegal or unethical behaviour. The Company has a Vigil
Mechanism and Whistle-blower policy under which the employees are free to report
violations of applicable laws and regulations and the Code of Conduct. Employees may
report their genuine concerns to the Chairman of the Audit Committee. During the year
under review, no employee was denied access to the Audit Committee.
Vigil Mechanism Policy has been established by the Company for directors and employees
to report genuine concerns pursuant to the provisions of section 177(9) & (10) of the
Companies Act, 2013. The same has been placed on the website of the Company.
29. SIGNIFICANT & MATERIAL ORDERS PASSED BY COURTS / REGULATORS / TRIBUNALS:
There are no significant and material orders passed by the regulators /courts that
would impact the going concern status of the Company and its future operations.
30. STATUTORY AUDITORS:
At the 35th Annual General Meeting held on 30.09.2022, the members of the company
approved the appointment of M/s. Mathesh & Ramana, Chartered Accountants as Statutory
Auditors of the company for the term of five years from the conclusion of that Annual
General meeting up to the conclusion of 40th Annual General Meeting to be held in the
calendar year 2027.
31. QUALIFICATIONS IN AUDIT REPORTS:
Explanations or comments by the Board on every qualification, reservation or adverse
remark or disclaimer made
(a) Statutory Auditors Report:
The Board has duly reviewed the Statutory Auditor's Report on the Accounts for the year
ended March 31, 2023 and has noted that the same does not have any reservation,
qualification or adverse remarks. However, the Board decided to further strengthen the
existing system and procedures to meet all kinds of challenges and growth in the market
expected in the coming years.
(b) Secretarial Audit Report:
The Board has duly reviewed the Secretarial Audit Report for the year ended March
31,2023 on the Compliances according to the provisions of Section 204 of the Companies Act
2013, and has noted that there are no observations except the following:
1. Non-appointment of internal auditor in terms of Section 138 of the Companies Act,
2013. The Board is in the process of appointing Internal Auditor.
(c) Annual Secretarial Compliance Report:
The Company has filed the Annual Secretarial Compliance Report for the year 2022-23
with the BSE Limited and National Stock Exchange of India Limited. The report was received
from a Practicing Company Secretary and filed with both the Exchanges.
32. INTERNAL AUDITOR:
During the year, no Internal Auditor was appointed by the company.
33. SECRETARIAL AUDITOR:
In terms of section 204 of the Companies Act, 2013 read with the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, based upon the recommendations of
the Audit Committee, the Board of Directors had appointed M/s. Vivek Surana &
Associates, Practicing Company Secretaries (CP No. 12901) as the Secretarial Auditor of
the Company, for conducting the Secretarial Audit for financial year ended March 31,2023.
Pursuant to the provisions of Section 134(3) (f) & Section 204 of the Companies
Act, 2013, the Board has appointed M/s. Vivek Surana & Associates, Practicing Company
Secretaries has undertaken Secretarial Audit of the Company for financial year ending
31.03.2023. The report of the Secretarial Auditor is enclosed herewith vide Annexure-4 of
this Report.
34. SECRETARIAL STANDARDS:
Pursuant to the provisions of Section 118 of the Companies Act, 2013, the Company has
complied with the applicable provisions of the Secretarial Standards issued by the
Institute of Company Secretaries of India and notified by Ministry of Corporate Affairs.
35. DECLARATION BY THE COMPANY:
The Company has issued a certificate to its Directors, confirming that it has not made
any default under Section 164(2) of the Companies Act, 2013, as on March 31,2023.
36. ANNUAL RETURN:
As required pursuant to Section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an annual return is uploaded on the
website of the company i.e.www.ortinlabsindia.com.
37. DISCLOSURE ABOUT COST AUDIT:
Maintenance of cost records and requirement of cost audit as prescribed under the
provisions of Section 148(1) of the Act, are not applicable for the business activities
carried out by the Company.
38. MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT:
The Management Discussion and Analysis Report, pursuant to the SEBI (LODR) Regulation
provides an overview of the affairs of the Company, its legal status and autonomy,
business environment, mission & objectives, sectoral and operational performance,
strengths, opportunities, constraints, strategy and risks and concerns, as well as human
resource and internal control systems is appended as Annexure 5 for information of the
Members.
39. FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:
Independent Directors are familiarized about the Company's operations and businesses.
Interaction with the Business heads and key executives of the Company is also facilitated.
Detailed presentations on important policies of the Company is also made to the directors.
Direct meetings with the Chairman is further facilitated to familiarize the incumbent
Director about the Company/its businesses and the group practices.
40. POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION AND OTHER DETAILS:
The assessment and appointment of Members to the Board is based on a combination of
criterion that includes ethics, personal and professional stature, domain expertise,
gender diversity and specific qualification required for the position. The potential Board
Member is also assessed on the basis of independence criteria defined in Section 149(6) of
the Companies Act, 2013 and Regulation 27 of SEBI (LODR) Regulations, 2015.
In accordance with Section 178(3) of the Companies Act, 2013 and Regulation 19(4) of
SEBI (LODR) Regulations, 2015, on the recommendations of the Nomination and Remuneration
Committee, the Board adopted a remuneration policy for Directors, Key Management Personnel
(KMPs) and Senior Management. The Policy is attached a part of Corporate Governance
Report.
We affirm that the remuneration paid to the Directors is as per the terms laid down in
the Nomination and Remuneration Policy of the Company.
41. INSURANCE:
The properties and assets of your Company are adequately insured.
42. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
The Company has implemented all of its major stipulations as applicable to the Company.
As stipulated under Regulation 34 read with schedule V of SEBI (LODR) Regulations, 2015, a
report on Corporate Governance duly audited is appended as Annexure 6 for information of
the Members. A requisite certificate from the Secretarial Auditors of the Company
confirming compliance with the conditions of Corporate Governance is attached to the
Report on Corporate Governance.
43. NON-EXECUTIVE DIRECTORS' COMPENSATION AND DISCLOSURES:
During the year, None of the Non-executive Directors including Independent Directors
had no pecuniary relationship or transactions with the Company, other than sitting fees,
their holding and reimbursement of expenses incurred by them for the purpose of attending
meetings of the Board of Directors and Committee(s) except Mr. Sanka Balaji Venkateswarlu,
Non-Executive Director who holds 1,81,932 Equity shares respectively in the Company.
44. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA FOR
DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A DIRECTOR AND OTHER
MATTERS PROVIDED UNDER SUB- SECTION (3) OF SECTION 178:
The assessment and appointment of Members to the Board is based on a combination of
criterion that includes ethics, personal and professional stature, domain expertise,
gender diversity and specific qualification required for the position. The potential Board
Member is also assessed on the basis of independence criteria defined in Section 149(6) of
the Companies Act, 2013 and Regulation 27 of SEBI (LODR) Regulations, 2015. In accordance
with Section 178(3) of the Companies Act, 2013 and Regulation 19(4) of SEBI (LODR)
Regulations, 2015, on the recommendations of the Nomination and Remuneration Committee,
the Board adopted a remuneration policy for Directors, Key Management Personnel (KMPs) and
Senior Management. The Policy is attached a part of Corporate Governance Report. We affirm
that the remuneration paid to the Directors is as per the terms laid down in the
Nomination and Remuneration Policy of the Company.
45. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING:
The Board of Directors has adopted the Insider Trading Policy in accordance with the
requirements of the SEBI (Prohibition of Insider Trading) Regulation, 2015. The Insider
Trading Policy of the Company lays down guidelines and procedures to be followed, and
disclosures to be made while dealing with shares of the Company, as well as the
consequences of violation. The policy has been formulated to regulate, monitor and ensure
reporting of deals by employees and to maintain the highest ethical standards of dealing
in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for
fair disclosure of unpublished price sensitive information and code of conduct for the
prevention of insider trading, is available on our website (www.ortinlabsindia.com)
46. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements
of The Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal)
Act, 2013. Internal Complaint Committee (ICC) has been set up to redress complaints
received regarding sexual harassment.
All employees are covered under this policy. During the year 2022-23, there were no
complaints received by the Committee.
47. INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS GOVERNING THE
COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry based disclosures
is not required.
48. FAILURE TO IMPLEMENT CORPORATE ACTIONS:
During the year under review, no corporate actions were done by the Company which were
failed to be implemented.
49. DETAILS OF APPLICATION MADE OR PROCEEDING PENDING UNDER INSOLVENCY AND BANKRUPTCY
CODE, 2016:
During the year under review, there were no applications made or proceedings pending in
the name of the Company under Insolvency and Bankruptcy Code, 2016.
50. DETAILS OF DIFFERENCE BETWEEN VALUATION AMOUNT ON ONE TIME SETTLEMENT AND VALUATION
WHILE AVAILING LOAN FROM BANKS AND FINANCIAL INSTITUTIONS:
During the year under review, there has been no one time settlement of loans taken from
banks and financial institutions.
51. POLICIES:
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated
the formulation of certain policies for all listed companies. All the policies are
available on our website https://www.ortinlabsindia.com/investors/ policies). The policies
are reviewed periodically by the Board and updated based on need and new compliance
requirement.
52. EVENT BASED DISCLOSURES:
During the year under review, the Company has taken up any of the following activities:
1. Issue of sweat equity share: NA
2. Issue of shares with differential rights: NA
3. Issue of shares under employee's stock option scheme: NA
4. Disclosure on purchase by Company or giving of loans by it for purchase of its
shares: NA
5. Buy back shares: NA
6. Disclosure about revision: NA
7. Preferential Allotment of Shares: NA
53. INTERNAL AUDIT AND FINANCIAL CONTROLS:
The Company has adequate internal controls consistent with the nature of business and
size of the operations, to effectively provide for safety of its assets, reliability of
financial transactions with adequate checks and balances, adherence to applicable statues,
accounting policies, approval procedures and to ensure optimum use of available resources.
These systems are reviewed and improved on a regular basis. It has a comprehensive
budgetary control system to monitor revenue and expenditure against approved budget on an
ongoing basis.
54. NAMES OF THE COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES, JOINT
VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR:
During the year under review, no Company has become or ceased to become its
subsidiaries, joint ventures or associate Company.
55. PUBLIC DEPOSITS:
The Company has not accepted any deposits falling within the meaning of Sec.73, 74
& 76 of the Companies Act, 2013 read with the Rule 8(v) of Companies (Accounts) Rules
2014, during the financial year under review and as such, no amount of principal or
interest on public deposits was outstanding as on the date of the balance sheet.
56. CREDIT & GUARANTEE FACILITIES:
The Company has availed Working Capital facilities and Term Loan from Karnataka Bank.
57. RISK MANAGEMENT POLICY:
Business Risk Evaluation and Management is an ongoing process within the Organization.
The Company has a robust risk management framework to identify, monitor and minimize risks
and also to identify business opportunities. As a process, the risks associated with the
business are identified and prioritized based on severity, likelihood and effectiveness of
current detection. Such risks are reviewed by the senior management on a quarterly basis.
Risk Management Committee of the Board of Directors of your Company assists the Board in
(a) overseeing and approving the Company's enterprise wide risk management framework; and
(b) overseeing that all the risks that the organization faces such as strategic,
financial, credit, market, liquidity, security, property, IT, legal, regulatory,
reputational, other risks have been identified and assessed, and there is an adequate risk
management infrastructure in place capable of addressing those risks. The development and
implementation of risk management policy has been covered in the Management Discussion and
Analysis, which forms part of this Report.
58. ENVIRONMENTS AND HUMAN RESOURCE DEVELOPMENT:
Your Company always believes in keeping the environment pollution free and is fully
committed to its social responsibility. The Company has been taking upmost care in
complying with all pollution control measures from time to time strictly as per the
directions of the Government.
We would like to place on record our appreciation for the efforts made by the
management and the keen interest shown by the Employees of your Company in this regard.
59. STATUTORY COMPLIANCE:
The Company has complied with the required provisions relating to statutory compliance
with regard to the affairs of the Company in all respects.
60. DEVIATIONS, IF ANY OBSERVED ON FUNDS RAISED THROUGH PUBLIC ISSUE, PREFERENTIAL
ISSUE ETC:
During the year under review, company has not raised any funds from public or through
preferential allotment.
61. ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation of the contribution made by
the employees at all levels, to the continued growth and prosperity of your Company. Your
Directors also wish to place on record their appreciation of business constituents, banks
and other financial institutions and shareholders of the Company for their continued
support for the growth of the Company.
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For Ortin Laboratories Limited |
|
Sd/- |
Sd/- |
|
S. Murali Krishna Murthy |
S. Srinivas Kumar |
Place: Hyderabad |
Managing Director |
Whole time Director & CFO |
Date: 06.09.2023 |
DIN: 00540632 |
(DIN: 02010272) |
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