The first phase expansion of the API facility has been successfully completed and this plant will start contributing to the sales in the current financial year. The augmented capacity will go a long way in meeting the increased demand for the API’s and also help Company to expand its portfolio. During the financial year 2020-21, Company achieved a sales of Rs. 60,351.45 lacs showing a growth of 21.14% over the previous year. With Company’s product getting registration in various countries and increased penetration in the domestic market, which though was impacted by the Covid-19 situation, the formulation business is showing stable growth.

Information pursuant to clause (m) sub-section (3) of section 134 of The Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and forming part of this report are given in the Annexure II.

Information pursuant to clause (m) sub-section (3) of section 134 of The Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and forming part of this report are given in the Annexure II.

The details of foreign exchange earnings and outgo are annexed in Annexure II.

Pursuant to Section 134(3)(c) of the Companies Act, 2013 the Directors confirm the following: i. In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. ii. Your Directors had selected such accounting policies and applied them consistently and made judgements 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 of the Company for that period. iii. Your Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. Your Directors had prepared the attached Annual Accounts for the year ended March 31, 2020 on a going concern basis. v. Your Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.