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Directors Report of Nitta Gelatin India Ltd.

Mar 31, 2015

Dear Members,

The Directors take pleasure in presenting the 39th Annual Report and Audited Financial Statement of your Company for the year ended 31st March, 2015. The Management Discussion and Analysis is also incorporated into this report.

FINANCIAL RESULTS (Rs. in Crores)

For the year ended For the year ended Particulars 31st March, 2015 31st March, 2014

Sales (including export incentives and net of Excise Duty & VAT) 359.13 289.24

Other Income 2.03 0.12

TOTAL 361.16 289.36

Gross Profit before Depreciation 20.41 3.32

Deducting therefrom:

Depreciation 10.38 10.63

Provision for Tax -

* Current Tax 2.24 -

* Deferred Tax 2.58 (2.97)

* Prior years 0.11 0.62

Profit / (Loss) after Tax 5.10 (4.96)

Balance Profit / (Loss) available 5.10 (4.96) for appropriation

Appropriations :

Proposed dividend 0.91 NIL

Tax on dividend 0.18 NIL

Transfer to General reserve 2.82 NIL

Profit brought forward 12.90 17.86 from Previous Year

Balance Profit carried 14.09 12.90

to Balance Sheet 14.09 12.90

Basic & Diluted 5.62 (5.47)

Earnings per share (Rs.) 5.62 (5.47)

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.1/- per share @ 10 % of the face value of Rs. 10/- per share on the equity capital for the financial year 2014-15, for your approval in the ensuing General Meeting. The total outflow on account of dividend inclusive of corporate tax on dividend would be Rs.109.27 lakhs.

During the year, unclaimed dividend of Rs. 0.88 lakhs pertaining to the year ended 31st March, 2007, was transferred to the Investor Education & Protection Fund after giving due notice to the members.

SHARE CAPITAL

The paid-up equity share capital as on 31st March, 2015 was Rs.907.92 lakhs. During the year under review no issue of shares was made. Your company has proposed the preferential issue of 929,412 Optionally Convertible (non- cumulative) Preference Shares (OCPS) of Rs. 170/- each aggregating to Rs. 158,000,040/- to one of the promoters, M/s. Nitta Gelatin Inc., Japan. The proceeds of this issue are intended to be utilized for augmenting the environment management infrastructure at the production units of your company by upgrading the pollution control facilities, reducing water consumption and enhancing the odour mitigation systems. These shares carry a fixed dividend of 5.4029% and are redeemable at par at the expiry of seven years from the date of allotment with Put and Call option at the expiry of five years from the date of allotment.

The said OCPS carry the option to get converted into equity shares either in full or in part at a value of Rs. 170/- per Equity share of face value of Rs. 10/- and share premium of Rs. 160/- per share not later than 18 months from the date of allotment of OCPS, subject to the Company complying with Clause 40A of the Listing Agreement with the Stock Exchange post conversion and NGI, Japan adhering to the SEBI Takeover Regulations.

To facilitate the issue of OCPS as above, the Authorized share capital of your Company has been enhanced from the present Rupees Twenty Crores (comprising of 2 crore Equity shares of Rs. 10/- each) to Rupees Thirty Five Crores Eighty Lakhs and Forty only (comprising of 2 crore Equity shares of Rs. 10/- each and 929,412 Optionally Convertible (non-cumulative) Preference Shares of Rs. 170/- each).

The above proposals were approved by the members in the Extra Ordinary General Meeting held on 17.04.2015 and the OCPS shares were allotted to NGI, Japan on 28.04.2015.

RESERVES

From out of the net profits of the year, an amount of Rs. 282.00 lakhs is transferred to General Reserve. Reserves as on 31.03.2015 comprised of Security Premium Reserve of Rs. 2895.90 lakhs, Capital Investment Subsidy of Rs. 15.00 lakhs, Special Export Reserve of Rs. 79.00 lakhs, General Reserve of Rs. 6636.64 lakhs, Hedge Equalisation Reserve of Rs. 234.78 lakhs and credit balance in Profit & Loss Account of Rs. 1390.75 lakhs, aggregating to Rs. 11252.07 lakhs.

PARTICULARS OF LOANS, GUARANTEES & INVESTMENTS

Details of Loans, Guarantees & Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

PERFORMANCE

The gross revenue from operations of your Company touched an all-time high of Rs. 371.80 crores. This increase of 25% as compared to the previous year was achieved through increase in the production and sales volume of all its major products, increase in the unit sales realization of all its products (except in case of Di-Calcium Phosphate, for which the decline in price was consistent with the industry trend) besides a favourable foreign exchange rate movement in USD / INR.

Increase in Gelatin selling price during the year was 6%, Ossein 13% and Collagen Peptide 3% in comparison to previous year. In the case of Di- Calcium Phosphate, the drop in sales realization was 9%. The poultry industry in India, which had seen high growth for the past couple of years, witnessed a correction during 2014-15, with the farmers resorting to optimize costs with cheaper substitutes for feed and cutting down on the poultry population itself to contain the decline in product prices. In the case of Gelatin, though the domestic market continued to be attractive, the demand at some of the global markets declined considerably during the second half of the year.

Availability and quality of crushed bone, the main raw material, continued to pose a challenge during the review period. Crushed bone prices have registered an overall increase of 22% which dented the operating margin for the year. Despite this, by exercising utmost control over fixed overheads, prudent structuring of hedging mechanisms for foreign currency exposure and keeping the physical performance parameters under close vigil, your company could neutralise to a significant extent the factors adversely impacting the profitability of operations. This has resulted in a pre-tax profit of Rs. 10.03 crores during 2014-15 as against a net pre-tax loss of Rs. 7.31 crores during 2013-14.

The products of your Company continue to enjoy enviable market equity. The entire sale of Ossein, 48% of the total sales of Gelatin and 39% of Collagen Peptide were exported. Your Company has arrangements with our overseas collaborators, Nitta Gelatin Inc., Japan to leverage their expertise and market insights in servicing its customers in a proactive manner in line with the global standards of Nitta Group.

The consistent growth in the volume of all our products is a testimony to the strong equity enjoyed by our products in markets, worldwide.

The major production facilities of your company are the Ossein plant at Koratty, Trichur District and Gelatin/Peptide plant at Kakkanad, Ernakulum District, Kerala. All the factories owned by the Company are being operated in strict compliance with all the prescribed standards/norms prescribed by the Statutory Authorities including the State Pollution Control Board. The Kadukutty Panchayat in Trichur District, where the Ossein plant is situated, has not renewed the Panchayat license for the financial year 2015-16 as was the case from 2011 onwards. Denial of the license was challenged before the Hon'ble High Court of Kerala and the Court has ordered status quo in the matter till the final disposal of the petition. Your Company is complying with all the norms specified by the Pollution Control Authorities and this has been confirmed during the joint inspection by the National Environmental Engineering Research Institute (NEERI), Pollution Control Board Authorities and the District Administration. Based on expert legal advice, the earlier Court verdicts in the matter and the real facts of the situation, the Company believes that it has a very strong case and expects a favourable decision in the appellate proceedings.

BONUS ISSUE & SHAREHOLDERS' RESOLUTIONS

The shareholders of the Company in the Extra Ordinary General Meeting (EGM) on 24.08.2013 had resolved as follows:-

Issue of bonus shares in the ratio of 1:3 to the promoters of the Company in partial modification of the resolution passed in relation to the issue of bonus shares only to the public shareholders, as approved in the EGM held on 29.05.2013 subject to such approvals and sanctions as may be required.

Issue of 696,667 Equity shares of the Company under an Employee Stock Purchase Scheme.

However, the issue of these shares was delayed in view of the modifications to the earlier resolutions, and SEBI vide their letter of 14.02.2014 had declined to grant condonation for the delay in issue of the aforesaid bonus shares beyond the period of two months prescribed under Regulation 95(1) of the SEBI ICDR. The appeal preferred against the said order of SEBI before the Securities & Appellate Tribunal has been decreed against the Company.

In the aforesaid circumstances, it is not possible for your Company to act upon the shareholders' resolutions referred to above.

CREDIT RATING

During the year, rating agency CRISIL has reaffirmed the rating of "CRISIL A-/Stable" for Long Term Debts and "CRISIL A2 " rating for its short term borrowings.

AWARDS & ACCOLADES

During the year your Company received the top export award in Ossein & Gelatin panel instituted by CAPEXIL for the year 2012-13.

The following are the noteworthy certifications retained by your company.

European Directorate for the Quality of Medicines & Health (EDQM) Certificate for Gelatin Division HACCP Certificate for Ossein Division and Gelatin Division for food safety. (c) ISO 14001:2004 for Gelatin Division for Environment Management System

ISO 9001: 2008 for Quality Management System of the Company

FSSC Certification for Food Safety Management System for Gelatin Division 2014

(f) Halal / Kosher Certification for Gelatin and Collagen Peptide

(g) NABL Accreditation for in-house laboratory

HEALTH SAFETY AND ENVIRONMENT

Compliance with all the applicable regulations and effective monitoring for its continuance is an integral part of your company's operating philosophy. We stand committed to continually improve on these objectives. There was considerable focus on improving health, safety and environment during the year by the Company.

Health and Safety

Your Company is committed to promote the health and safety of its employees. The Company has put in place a safety committee at each of its Divisions which meets regularly to review issues impacting plant safety and employee health. Regular health check up of the employees is carried out by reputed hospitals. The Company could maintain good progress in the area of process safety with no major accidents reported during the year.

Environment

Your Company continuously endeavors to improve on matters relating to environmental management. Through all our activities, we demonstrate our commitment to protect the environment. The quality of treated water being discharged from the waste water treatment plant is well within the norms laid down by the Pollution Control Authorities. The emissions from the boilers and generator stacks are regularly monitored. With the commissioning of the biogas generator at our Ossein plant, substantial portion of the raw effluent from production is now being converted into biogas. Water recycling and water reuse are being regularly pursued and improved upon by the Company with specific targets.

At the instance of the Hon'ble High Court of Kerala, NEERI, a constituent laboratory of the Council of Scientific & Industrial Research, Govt. of India, conducted a detailed study into the pollution status with respect to the air, water and solid waste generated from the Ossein plant and the adequacy and efficacy of pollution control measures adopted by the Company. While expressing satisfaction over the effluent treatment systems in place at our Ossein plant, NEERI has made few recommendations for further improvement of the systems, all of which are being pursued for implementation by the Company. Subsequently, at the instance of the Pollution Control Board, NEERI after conducting a joint monitoring of the progress of implementation of their recommendations along with representatives of the Pollution Control Board and the District Administration has reported that the Company is implementing the recommendations in all earnestness as per the recommended schedule. As mentioned in this report, the Company has already mobilized funds to the tune of Rs. 15.80 crores through the issue of Optionally Convertible Preference Shares to finance various capital investments which are aimed at further improving the infrastructure for effective environment management and water conservation. With this, your Company will be further equipped with state-of-the-art facilities for managing its environment and hence the health and safety of the employees and the local community at large.

The ambient air quality in our Ossein plant is being monitored on a continuous basis to conform to the regulations relating to ambient air quality standards. Out of the total plot area of approximately 1,53,900 sq. meters, about 10,000 sq. meters of land around the boundary of Gelatin Division and about 38,000 sq. meters of land in Ossein Division have been developed and maintained as a green belt.

These steps are expected to go a long way in furthering our efforts to protect the nature and environment.

CORPORATE SOCIAL RESPONSIBILITY

Your Company has formulated a well structured CSR Policy aimed at providing focus and direction to the various activities on CSR being undertaken by the Company including through the charitable trust, K. T. Chandy - Seiichi Nitta Foundation and other approved agencies. The projects undertaken by the Company are in the areas of education, livelihood, health, water and sanitation. These projects are in accordance with Schedule VII of the Companies Act, 2013. Annual Report on CSR activities is annexed herewith as Annexure I.

POLICY FOR DETERMINING MATERIAL SUBSIDIARIES

In accordance with the provisions of the Listing Agreement, your Company had formulated a Material Subsidiary Policy specifying the criteria for determining the Material Subsidiaries. The said policy is available in the Company website www. gelatin.in.

SUBSIDIARY COMPANIES

BAMNI PROTEINS LIMITED

The annual production during the year in this subsidiary company was 2345 MT of Ossein and 5135 MT of Dicalcium Phosphate as against 2417 MT of Ossein and 5470 MT of Di-Calcium Phosphate during the previous year.

The operation of this subsidiary for the year under review has resulted in a net loss of Rs. 54.86 Lakhs post tax as against a net profit of Rs. 72.39 lakhs post tax for the previous financial year. This was largely on account of product quality issues besides increase in the cost of utilities.

REVA PROTEINS LIMITED

At Reva Proteins Ltd., the Plant capacity utilization was only around 50% during the financial year 2014- 15 owing to non-commissioning of the pipeline by the Government, for marine discharge of the treated effluent, thereby restricting the quantum of discharge of treated effluent into the existing effluent discharge pipeline. Such restrictions are expected to be withdrawn once the marine discharge pipeline intended for Jhagadia Industrial Estate (now under construction), and scheduled to go on stream during the middle of 2015- 16, gets commissioned.

During the financial year ended 31.03.2015, this subsidiary recorded a net loss of Rs. 813.92 lakhs and a cash loss of Rs. 519.14 lakhs as against a net loss of Rs. 231.06 lakhs and a cash profit of Rs. 283.80 lakhs during the previous financial year. The annual production during 2014-15 was 1336.65 MT of Ossein, 521.90 MT of Limed Ossein as against 1869.34 MT of Ossein and 1039.75 MT of Limed Ossein during the previous year.

The statement containing the salient features of the financial statement of both the subsidiaries under first proviso to sub-section (3) of section 129 of the Act in form AOC 1 is attached as Annexure II.

Annual accounts of the subsidiary companies and related detailed information shall be made available to shareholders of the Company and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall also be available for inspection by any shareholder at the Registered Office of the Company and subsidiary companies concerned. Hard copy of details of accounts of subsidiaries shall be furnished to any shareholder on demand. Further, pursuant to Accounting Standard AS - 21 issued by the Institute of Chartered Accountants of India, consolidated financial statements presented by the Company include the financial information of its subsidiaries.

STATUTORY AUDITORS' REPORT

Observation of audit vide para 7(b) of Annexure referred to in the paragraph titled "Report on Other Legal and Regulatory Requirements" of the Independent Auditor's Report for the year. The points covered in the above para are explained in detail under para 2.28 of the Notes forming part of the accounts for the year and hence no further comments are called for.

SECRETARIAL AUDITORS' REPORT - EXPLANATION TO OBSERVATIONS OF AUDIT

As prescribed under Section 204 (1) of the Act, the Company has received the Secretarial Audit Report. The observations made therein and the corresponding explanations are given herein below:

Sl No Observation Reply

1 Pursuant to the provisions of Section 149 of the Companies Act, 2013 read with Rules and MCA General Circular No.14/2014 dated 09.06.2014, the appointment of Independent Directors under the Companies Act, 2013 ought to have been made be- fore 31st March, 2015. But the Company had not appointed In- dependent Directors at the General Meeting on or before the said date. Nevertheless, the Company at their Board Meeting had appointed Additional Directors meeting the criteria of In- dependence in the category of Independent Director within the said date and issued notice for Extra Ordinary General Meeting for the appointment of Independent Directors which was only held on 17th April, 2015.

There was substantial compliance of the provisions, when Independent Directors were identified against the criteria recognized / fixed by the Board, and proposals made and notice sent to the shareholders for the General Meeting, before 31.03.2015. The delay was only to the extent of 17 days, since the EGM held on 17.04.2015, appointed the Independent Directors.

2 Pursuant to Section 158 of the Companies Act, 2013 every person or company, while furnishing any return, information or particulars as are required to be furnished under this Act, shall mention the Director Identification Number(DIN) in such return, information or particulars in case such return, informa- tion or particulars relate to the director or contain any refer- ence of any director. But DIN Nos of the Directors are not men- tioned in the AGM Notice dated 09/05/2014 ,Directors' Report and Financial Statements and Resolutions filed with Registrar of Companies.

Subsequent to the AGM notice dt. 09.05.2014 referred to by audit, the notice for the EGM held on 17.04.2015, had conformed to the requirement of showing the DIN No. of Directors in the corresponding resolutions.

3. The Company's Memorandum and Articles of Association should be amended in order to align with the Companies Act, 2013. This is more specifically required since the Board of Di- rectors had approved increase of Authorised capital at their meeting held on 20.03.2015 and issued notice for the Extra Ordinary General Meeting for approval of the shareholders for the alteration of MOA and AOA. Consequently, the Sharehold- ers at the EGM held on 17.04.2015 had approved the same. Hence, considering Section 5(9) of the Companies Act, 2013 too, the Company is advised to immediately amend the MOA and AOA in order to align with the Companies Act, 2013.

With the governing provisions under Companies Act and SEBI Guidelines having settled down we are soon initiating required amendments to the MOA and AOA.

4 There was delay of 54 days in filing Form CHG-1 for the mod- ification of Charge ID 90016886 in connection with the en- hancement of working capital limit of Rs 487100000 to Rs 54 7100000 by the State Bank of India .

There were two reasons why we encountered a delay of 54 days in filing CHG-1. This CHG form had to return from the charge holder banker after affixing Digital Signature. Besides, when the form was thus ready for uploading, they underwent modification in the said MCA format, resulting in the delay.

5 The Clause 47 (C) Certificate for the half year ended 31.03.2014 pursuant to Listing Agreement stated that the Company had delivered Debenture Certificate within 15 days under transfer but in reality the Company had not issued any Debentures. The Clause 47 (C) Certificate for the half year ended 30.09.2014 shows the period as 01.03.2014 to 31.08.2014, which does not reflect the status of transfer during the month of September, 2014.

This shall be taken care in future.

6 Pursuant to Clause 54 of the Listing Agreement, even though the Company is maintaining functional web site, certain ele- ments like Shareholding Pattern, Compliance with Corporate Governance, Financial Information, Contact information of the designated officials of the company who are responsible for assisting and handling investor grievances, details of agree- ments entered into with the media companies and/or their associates, if any are not posted in the Web site of the Com- pany, regularly.

The functional website shall soon be updated and arrangements made for it to be updated regularly thereafter.

7 The Company is taking apprentices pursuant to the provisions of the Apprentices Act, 1961.But on examination, has not found any Contract of apprenticeship sent by the Company to the apprenticeship advisor for registration.

Noted for corrective action

8 The Company is not notifying the vacancies to employment exchanges as prescribed in Section 4 of the Employment Ex- change (Compulsory Notification of Vacancies) Act, 1956 read with Rule 5.

Noted for corrective action

9 The Company has not furnished quarterly returns in Form No.ER-1,Biennial return in Form ER-II to local employment ex- changes as prescribed in Rule 6 made under the Employment Exchanges (Compulsory Notification of Vacancies) Act,1956.

Noted for corrective action

COLLABORATORS

Your collaborators continue to extend their unstinted support and co-operation to all the major initiatives of the Company. As mentioned, NGI, Japan has fully subscribed for the Optionally Convertible Preference Shares for an amount of Rs. 15.80 crores, apart from providing technical information, training of personnel, deputing trained technicians and marketing our products. Kerala State Industrial Development Corporation Ltd, the Indian co-promoter is providing valuable support and guidance in the management of the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information as required under Section 134(3) (m) of the Companies Act, 2013, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure III.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the Annual Report as Annexure IV-A to this Report.

Details of employees receiving the remuneration in excess of the limits prescribed under Section 197 of the Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are annexed as a statement and given in Annexure IV-B. In terms of first proviso to Section 136(1) of the Act 2013 the Annual Report, excluding the aforesaid annexure is being sent to the shareholders of the Company. The annexure is availbale for inspection at the Registered Office of the Company during business hours and any shareholder interested in obtaining a copy of the said annexure may write to the Company Secretary at the Registered Office of the Company.

RESPONSIBILITY STATEMENT OF DIRECTORS

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a) that in the preparation of the annual accounts, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

b) that they 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 as at 31st March 2015 and of the profit of the Company for the year ended on that date;

c) that they have 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) that they had prepared the annual accounts on a going concern basis;

e) that they had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

f) that they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

RELATED PARTY TRANSACTIONS

The Company has formulated a policy on Related Party Transactions which is in line with the relevant provisions of the Company's Act and the Listing Agreement with the Stock Exchanges. The said policy as approved by the Board is available in the Company website www.gelatin.in. As per the said policy, omnibus approval of the Audit Committee is obtained for all the Related Party Transactions which are of a foreseen and repetitive nature. All Related Party Transactions actually taken place are subsequently reviewed by the Audit Committee / Board on a quarterly basis in comparison with the conditions of omnibus approval. Additionally, material Related Party Transactions foreseen in the year ahead, were got approved by the members also. Particulars of contracts of arrangements with Related Parties referred to in sub section 1 of Section 188 read with Rule 8(2) of the (Companies Accounts) Rules, 2014 are attached in Form No. AOC 2 as Annexure V.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE

The Company has complied with the corporate governance requirements under the Companies Act, 2013, and as stipulated under the Listing Agreement with the Stock Exchange. A separate section on corporate governance under the Listing Agreement, along with a certificate from the auditors confirming compliance, is annexed and forms part of the Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared in accordance with the provisions of Schedule III of the Companies Act, 2013 and Accounting Standards 21, 27 and other applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the Stock Exchange and form part of the Annual Report.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no material weaknesses in the design or operation were observed.

DIRECTORS

During the financial year 2014-15, both the promoters of the Company, M/s. Nitta Gelatin Inc., Japan (NGI) and M/s. Kerala State Industrial Development Corporation Ltd. (KSIDC) have agreed to reduce one nominee director each to bring down the total number of nominee directors from seven to five. Accordingly, NGI has withdrawn one of their nominees, Mr. Yoshifumi Matsumoto as a Director of the Company.

Your Board has appointed an eminent banker, Smt. Radha Unni, Chief General Manager (Retd.), State Bank of India as an Additional Director of the Company in the category of Independent Directors w.e.f. 11.07.2014. Dr. Naotoshi Umeno, a faculty in management studies in Kobe University, Japan since 1987 is also appointed as an Additional Director of the Company categorized as Independent Director w.e.f. 13.11.2014.

Mr. A. K. Nair and Mr. K. L. Kumar appointed and continuing with the Company as Independent Directors as at the date of the previous Annual General Meeting were reappointed as Independent Directors of the Company.

On the basis of a formal request from NGI, KSIDC has agreed to an amendment to the promoters' agreement for appointing the nominee of NGI as a Wholetime Director designated as Director (Technical). Accordingly, Mr. Takeo Yamaki, a Director of the Company is appointed as a Wholetime Director designated as Director (Technical) for a period of two years from 11.07.2014.

All the aforesaid appointment of Directors was approved by the members of your Company in the EGM held on 17th April, 2015.

All the Independent Directors have furnished declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

KSIDC has nominated Dr. M. Beena IAS as a Director of the Company replacing Mr. T. P. Thomaskutty, who has retired from the service of KSIDC upon superannuation.

With great pleasure, your Directors welcome the new Directors Mrs. Radha Unni, Dr. Naotoshi Umeno and Dr. M. Beena IAS. Your Directors also record their deep sense of appreciation for the guidance and support of Mr. T. P. Thomaskutty and Mr. Yoshifumi Matsumoto during their tenure as the Directors of the Company.

Mr. K. Ramakrishnan, an Independent Director served with distinction on the Board of the Company for a long term of around 17 years. He preferred not to get reappointed as an Independent Director at the Extraordinary General Meeting of the Company held on 17.04.2015. He was therefore subject to retirement at this AGM by virtue of the provisions as per section 152 of the Act. He does not also offer for re-appointment. The Board hereby places on record its sincere thanks and gratitude for the invaluable contribution made by Mr. K. Ramakrishnan towards the growth and development of the Company during his tenure as a director. The Board also on behalf of the members wishes Mr. K. Ramakrishnan a long and healthy life. The Board will take steps to find a replacement for Mr. K. Ramakrishnan at the earliest.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board at its meeting dated 20.03.2015 carried out its own annual evaluation of performance, both in terms of Board and Committee membership, with specific reference to Independent Directors and criteria for their independence. The rest of the Board members including the Chairman of the Board were evaluated by the Independent Directors at their meeting dated 17.04.2015. On the basis of report on performance evaluation, the Independent Directors were proposed for appointment before the Extraordinary General Meeting of the Company dated.17.04.2015, who had since been appointed.

KEY MANAGERIAL PERSONNEL

Rule 8 (5)(iii) of Companies (Accounts) Rules, 2014 prescribes that Report of Directors should contain details of Directors and Key Managerial Personnel. Therefore, in addition to the details of Directors hereinabove given, it is brought to the notice of shareholders that Mr. K. Muraleedharan Nair was appointed as Chief Financial Officer (CFO) at the Board meeting dated 09.05.2014, while Mr. G. Rajesh Kurup who held office as Company Secretary, continues as such since commencement of the Act and Rules effective 01.04.2014.

REMUNERATION POLICY

The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel, Senior Management personnel and their remuneration. The Remuneration policy is given as Annexure VI of this report.

MEETINGS

The Board of Directors met 6 (six) times in the year 2014-15. The details of the board meetings and the attendance of the Directors are provided in the Corporate Governance Report. The intervening time gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013.

COMPOSITION OF AUDIT COMMITTEE

The Board had re-constituted the Audit Committee which comprises of Mrs. Radha Unni as Chairperson with Mr. K. Ramakrishnan, Mr. A. K. Nair and Mr. K. L. Kumar as the members.

More details on the Committee are given in the Corporate Governance Report.

VIGIL MECHANISM

The Company has established a vigil mechanism for Directors and employees to report genuine concerns, while providing for adequate safeguards against victimization, providing direct access to chairperson of Audit Committee, the details regarding which have also been given in the Company's official website (www.gelatin.in).

DISCLOSURE UNDER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.

Your Company has always believed in providing a safe and harassment free workplace for every individual working and associating with the company, through various interventions and practices. The Company always endeavors to create and provide an environment that is free from discrimination and harassment including sexual harassment.

A four member Internal Complaints Committee (ICC) is constituted with three lady employees and one lady NGO member. ICC is responsible for redressal of complaints relating to sexual harassment, as envisaged under the provisions of Act and Rules. Hitherto no complaints were received by ICC.

PREVENTION OF INDISER TRADING

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

BUSINESS RISK MANAGEMENT

Pursuant to section 134(3)(n) of the Companies Act, 2013 & Clause 49 of the Listing Agreement, the Company has constituted a Business Risk Management Committee. The committee is entrusted with the responsibility to assist 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 and other risks have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. The company manages, monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The company's management systems, organizational structures, processes, standards, code of conduct and behaviors together form the management systems that conducts the business of the company and manages associated risks.

The Risk Management procedures shall be periodically reviewed by the Committee to ensure that the Executive Management controls risk through the means of a properly defined frame work.

In pursuance of the aforesaid, a Risk Management Policy was developed and approved by the Board.

STATUTORY AUDITORS

In the Annual General Meeting of the Company held on 11th July, 2014 the Statutory Auditors of the Company, M/s. Varma & Varma, Chartered Accountants, Ernakulam were appointed as Statutory Auditors of the Company to hold office until the conclusion of the AGM relating to the financial year 2015-16. They have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder for reappointment as auditors of the Company. As required under Clause 49 of the Listing Agreement with the Stock Exchange, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India. M/s. Varma & Varma have forwarded their confirmation that their re-appointment as above is within the limits specified under the Companies Act, 2013.

Their appointment as above is being put up for ratification by the members at the ensuing General Meeting.

SECRETARIAL AUDIT

Pursuant to the provisions of the Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel), Rules 2014, the Company has appointed Mr. Abhilash N. A. (CP No. 14524, M No. 22601), the Company Secretary in practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as Annexure VII.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT 9 are annexed herewith as Annexure VIII.

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the support and assistance extended by the State Government and M/s. Kerala State Industrial Development Corporation Ltd. They also take this opportunity to express their whole hearted gratitude to M/s. Nitta Gelatin Inc., Japan, for their timely and valuable guidance and inspiration. The Board also acknowledges the enthusiastic co-operation, hard work and dedication of all its employees in accomplishing the objectives of the Company. On this occasion, your Board thanks all the customers, suppliers, bankers and other associates for their unstinted co-operation. Your Directors are also thankful to the esteemed shareholders for their continued patronage and the confidence reposed in the Company and its management.

For and on behalf of the Board of Directors,

Kochi P. H. KURIAN IAS 09.05.2015 CHAIRMAN (DIN: 00027596)


Mar 31, 2013

To The Shareholders,

The Directors have pleasure in presenting the 37th Annual Report and Audited Accounts of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS

(Rs. in Crores)

For the year ended For the year ended Particulars 31st March, 2013 31st March, 2012 Sales (including export incentives and 306.22 245.81 net of Excise Duty & VAT)

Other Income 2.76 1.13

TOTAL 308.98 246.94

Gross Profit before Depreciation 35.87 15.51

Deducting therefrom:

Depreciation 9.74 8.97

Provision for Tax -

- Current Tax 9.37 2.20

- Deferred Tax 0.03 (0.23)

- MAT Credit - (0.48)

- Prior years 1.15 (0.03)

Profit after Tax 15.58 5.08

Balance Profit Available for Appropriation 15.58 5.08

Appropriations:

Interim Dividend 3.36 -

Final Dividend - 3.36

Tax on Dividend 0.57 0.54

Transfer to General Reserve 1.56 0.51

Profit brought forward from previous year 7.77 7.10

Balance Profit carried to Balance Sheet 17.86 7.77

DIVIDEND

The Board of Directors of the Company in their meeting held on 3rd May, 2013 declared an interim dividend of Rs. 4/- per share @ 40% of the face value of Rs. 10/- per share absorbing a sum of Rs.393.10 Lakhs (including dividend distribution tax of Rs.57.10 Lakhs) which is subject to regularisation by the shareholders in the ensuing Annual General Meeting.

The Board of Directors of the Company do not recommend any further dividend for the year under consideration.

RESERVES

Reserves as on 31.03.2013 were Security Premium Reserve Rs. 2730.00 Lakhs, Capital Investment Subsidy Rs. 15.00 Lakhs, Special Export Reserve Rs. 79.00 Lakhs, General Reserve Rs. 6412.56 Lakhs, Hedging Reserve Rs.47.85 Lakhs and surplus in Statement of Profit and Loss Rs. 1786.08 Lakhs.

PERFORMANCE

The company could increase the production/sale of all its major products during the year resulting in its gross turnover registering an increase of 26% (as against 20% during the previous year) to touch an all time high of Rs. 315 Crores. Both favourable exchange rate movements as well as increase in unit sales realization had played a key support role in accomplishing the said growth in turnover.

Inclusive of the impact of the favourable forex movements during the current year, increase in Gelatin selling price was 30% (previous year 18%) and 11% for Ossein (25% in previous year). In the case of Dicalcium Phosphate, the increase was 13% (previous year 10%) and 11% for Collagen Peptide.

Though the availability of crushed bone was marginally better during the year, quality thereof has not witnessed much improvement. In order to mitigate the adverse impact of such poor quality of crushed bone on the final product quality, the company in consultation with its collaborators has identified a couple of remedial initiatives. Of these, the company has already implemented a few and the remaining are expected to go on stream in the near future. Attributable to the persistent demand from poultry industry, crushed bone is also being used for producing poultry feed ingredients thereby adding to its demand. As a result of the above, crushed bone prices have further increased by 6% during the year against a 9% increase in the previous year. In addition to the above, the production at Ossein division, Koratty has stabilized during the period resulting in a lesser dependence on purchased Ossein/Limed Ossein for our captive requirements leading to better margins. Besides, price of Hydrochloric Acid has also shown a decline of 23% during the review period as against 22% during the previous year compared to the respective prices prevailed in the immediately preceding financial years. Increase in power charges/ restrictions in usage of power at normal rates during the period under review, had caused an incremental cost of Rs.3.76 Crores. Despite the economic turbulences in the global economic climate and more particularly the weakening of Japanese Yen against USD, our efforts for maximizing the shareholder worth has been successful to the extent that the Net Profit before tax has increased to Rs. 2613.01 Lakhs during 2012-13 as against Rs. 653.48 Lakhs in the previous year.

The products of the company continued to witness enviable market demand throughout the year. The continued patronage of our valued customers demonstrates their confidence in our brand. The increase in sales quantities gives credence to your company''s ability to keep growing in the most competitive Pharma / Healthcare market as we continuously update and respond to the changes in customer preferences. In respect of Collagen Peptide, the sales increased by around 47% followed by 10% in Dicalcium Phosphate.

The Kadukutty Panchayat, where our Ossein Plant is situated, has not renewed our factory licence for the year commencing from 01.04.2011 without any valid reasons. Therefore the Company moved the Hon''ble High Court of Kerala seeking renewal of factory licence. The matter is currently pending before the said Court and the unit is in operation. Simultaneously the company has successfully implemented the action plan formulated by the expert committee and recommended by the Kerala State Government to further improve the environment. The above initiatives have brought to light the care and commitment of the company to nature and environment besides strengthening its image among the local public and civic bodies. Your company is continuing relentless efforts in this direction and is confident that they shall meet with the approval and blessings of all concerned.

DILUTION OF PROMOTER SHAREHOLDING

The company has initiated the following actions to bring down the promoter shareholding from the existing 80.50% to less than 75% in terms of Rule 19 (2) (b) of the Securities Contracts (Regulation) Act, 1956 and in terms of the Securities Contracts (Regulation) Rules, 1957:-

(a) Fresh issue of 100,000/- equity shares of face value of Rs. 10/- each in the company to the permanent employees (other than the promoters or belonging to the promoter group) of the company under an Employee Stock Purchase Scheme framed in accordance with the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.

(b) Bonus issue of 579,160 equity shares in the company in the ratio of 1:3, ie., one new fully paid-up equity share of face value of Rs. 10/- for every three existing equity share of Rs. 10/-each held in the company (other than to members who constitute the promoter and promoter group). The said bonus equity shares shall be issued and allotted to those shareholders whose name appear in the register of members and in the beneficial ownership position held with the depositories as on the record date.

Both the above proposals, have been approved by the members in the Extra Ordinary General Meeting and the formalities for issue of shares are progressing.

AWARDS & ACCOLADES

Your company has honoured with several awards during the year under review as well:-

(i) Corporate Excellence Award for Green initiatives 2012-13 instituted jointly by the Federal Bank Ltd. and Kerala Management Association for Ossein Division.

(ii) Second runner-up Safety Award under the Medium Category by the Inspectorate of Factories & Boilers, Govt. of Kerala.

The following are the noteworthy Certifications retained by your Company:

(i) European Directorate for the Quality of Medicines & Health (EDQM) Certificate for Gelatin Division.

(ii) HACCP Certificate for Ossein Division & Gelatin Division for food safety.

(iii) ISO 14001:2004 for Gelatin Division for Environmental Management System.

(iv) ISO 9000 for Quality Management System of the Company.

(v) NABL Accreditation for in-house Laboratory.

HEALTH, SAFETY AND ENVIRONMENT

Compliance with relevant regulations and effective management of the systems in place are an integral part of the Company''s operating philosophy and we stand committed to continually improve on these objectives. There was considerable focus on improving Health, Safety and Environment during the year by the Company.

1. Health and Safety

The Company is committed to promote the health and safety of its employees. The Company has a Safety Committee which meets regularly to review the issues impacting plant safety and employee health. Regular health check up of employees is carried out by a reputed hospital.

The company has made laudable progress in the area of process safety with no major accidents reported during the period. As a testimony to this, Ossein Division of the company is awarded the Second runner-up Safety Award under the Medium category during the year instituted by the Inspectorate of Factories & Boilers, Govt. of Kerala.

2. Environment

Your Company continuously endeavours to improve on environmental management. Through all our activities, we demonstrate our commitment to protect the environment.

All our plants are having state of the art waste water treatment plants. The quality of treated water from the waste water treatment plant is well within the norms laid down by the pollution control authorities. The emissions from boilers and generator stacks are monitored regularly. A major part of the solids generated at our Ossein plant is now being used for bio-gas generation. Water recycling and water re-use are activities continuously perused and improved upon by the company, with specific targets.

The ambient air quality in our Ossein Plant is being monitored on a continuous basis to conform to the compliance of ambient air quality standards.

Out of the total plot area of approx. 1,53,900 Sq. Metres, about 10,000 Sq. Metres of land around the boundary of Gelatin Division and about 38,000 Sq. Metres of land in Ossein Division have been allocated as green area which constitute approximately 31% of the total land area comprised in the two divisions.

Apart from the above, the Company has undertaken during the year major anti-pollution drive at Ossein Division wherein massive investments were made for reducing water consumption, setting up of biogas plant using sludge generated from production, additional green belt around the factory compound, odour monitoring system, etc.

These steps are expected to go a longway in furthering our resolve to protect the nature and environment.

CORPORATE SOCIAL RESPONSIBILITY

K. T. Chandy - Seiichi Nitta Foundation, the charitable trust promoted by the company to support our social initiatives have contributed significantly for various welfare schemes aimed mainly at the upliftment of the rural/financially backward communities around our factories. A few noteworthy programmes conducted under the aegis of the foundation mainly in the panchayaths housing our factories are :-

1. Drinking water / Lift irrigation schemes

a. Chathanchal irrigation and drinking water project - The scheme provided financial assistance of about Rs 8 lakhs for Lift irrigation project which benefitted around 400 families in the locality.

b. Nilampathinjimugal drinking water scheme- About 150 beneficiaries for this project with a financial outlay of Rs 1. 50 lakhs.

c. Padathikkara Drinking water scheme - Rs 1.60 lakhs - Financial support for installing motor and pumping line for the benefit of 300 families in the area.The project is under progress.

d. Financial support for Lift irrigation Project at Cheruvalur & Vynthala with an outlay of Rs 3.80 lakhs and benefits about 350 families in the vicinity.

2. Environmental protection

As part of the initiatives to ensure health and hygienic environment in Kadukutty panchayath, the company has promoted the installation of twenty units of domestic bio gas plants including financial support. The second phase covering 20 more plants at an outlay of Rs. 1.50 Lakhs is in progress.

3. Initiatives on organic farming:

A project named ''Harithagramam'' has been initiated during the year to promote vegetable cultivation in Kadukutty Grama Panchayath whereby seed, manure etc. are provided for cultivation to about 150 families. In addition, expert advice in agriculture and organic farming, for creating awareness on various agricultural and farming activities are also provided. The project shall cost around Rs. 3 Lakhs and aims at promoting organic farming in the area.

4. Acitivies related to education

The Trust has organised many training programmes for the students of local schools to familiarise on latest trends in Information Technology, spoken english, computer literacy, skil development, on the job training etc. In addition it contemplates financial assistance to two tribal schools in Wayanad district to the advantige of around 200 under privileged children. Foundation also provides financial assistance for noon meal to the students of nearby schools such as Kathikudam UPS, Union Higher secondary school, Mambra and Nair Samajam High School, Valoor. Akshaya noon meal programme was sponsored in Ernakulam District. Distribution of study materials were undertaken during the year in association with other organisations, clubs etc.

5.Medical camps

The foundation organized various programmes related to health which included awareness campaigns, medical camps, distribution of medicines through palliative care association and other organizations like Samaritan Santhom Convent, Ambazhakad, free Diabetic detection camp, counseling at Vayojana clubs etc. In addition it conducted three major medical camps in Kadukutty Panchayath.

6.Sports coaching camps and tournaments

In order to promote sports talents among the school students, the Company conducted various coaching camps, athletic competitions, games etc. with active participation of nearby schools and various clubs.

SUBSIDIARY COMPANIES

1) BAMNI PROTEINS LIMITED

The annual production during the year in this subsidiary company was 2472 MT of Ossein and 5280 MT of Dicalcium Phosphate as against 2423 MT of Ossein and 5290 MT of Dicalcium Phosphate during the previous year. The Company has recorded a net profit of Rs. 102.24 Lakhs after tax as against Rs. 13.59 Lakhs during the previous fiscal. But for the increase in cost of power, the Company''s profitability would have been even higher.

2) REVA PROTEINS LIMITED

Reva Proteins Limited could not be operated to its entire commissioned capacity during the year for want of permission for the discharge of effluent from the Pollution Control Authorities. We have reliably learnt that the deficiency in infrastructure with the Pollution Control Authorities are under augmentation.

During the financial year ended 31.03.2013, Reva Proteins Ltd. have registered a net loss of Rs. 762.49 Lakhs as against Rs.61.47 Lakhs during the previous financial year period 27.03.2012 to 31.03.2012. The annual production during the year at this subsidiary was 950 MT of Ossein and 852 MT of Dicalcium Phosphate.

Nitta Gelatin Inc, Japan has subscribed to 48 Lakhs equity shares (25.45%) of face value of Rs.10/- each at a price of Rs.25/- per share in this subsidiary during the year.

In terms of the general circular dated 8th February 2011 issued by Government of India, Ministry of Corporate Affairs, copy of the balance sheets, profit & loss accounts, reports of the Board of Directors and auditors of the subsidiary companies have not been attached with the balance sheet of the Company. Annual accounts of the subsidiary companies and the related detailed information shall be made available to shareholders of the Company and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall also be available for inspection by any shareholder at the Head Office of the Company and the subsidiary companies concerned. Hard copy of accounts of subsidiaries shall be furnished to any shareholder on demand. Further, pursuant to Accounting Standard (AS) - 21 issued by the Institute of Chartered Accountants of India, consolidated financial statements presented by the Company include the financial information of its subsidiaries.

AUDITORS'' REPORT

1. Emphasis of Matter on the accounts of the company referred to in the Auditors'' Report is explained in detail under para 2.27.2 (i), (ii), 2.27.1 (i) and 2.27.2(iii) of the Notes forming part of accounts for the year and hence no further comments are necessary.

2. Observation of audit vide para 9(a) of the Annexure to the Auditors'' Report. The amount referred to by audit, fully provided for in the accounts, can be remitted only after the execution of a new agreement with the Irrigation Department, Government of Kerala. The said agreement is currently under finalization by the Government.

3. Observation of audit vide para 9 (b) of the Annexure to the Auditors'' Report - The points covered in the above para are explained in detail under para 2.27.2 (iii), (i) and (ii) respectively of the Notes forming part of the accounts for the year and hence no further comments are called for.

COLLABORATORS

Your Collaborators continue to extent their unstinted support and co-operation to each and every initiate of the Company. They have been supporting us by providing technical information, training of personnel, deputing trained technicians to our Plants and marketing our products.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The information as required under Section 217(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed.

PARTICULARS OF EMPLOYEES

None of the employees of the Company are coming under the purview of Section 217(2A) of the Companies Act, 1956.

RESPONSIBILITY STATEMENT OF DIRECTORS

Directors responsibility statement on the Annual Accounts of the Company for the year ended 31.03.2013, pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956.

Your Directors confirm:

i) That in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

ii) That 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 as at 31st March 2013 and of the profit of the Company for the year ended 31st March 2013.

iii) That they have taken proper and sufficient care for the maintenance of adequate accounting records in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That they have got prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Report on Management Discussion and Analysis is annexed.

CORPORATE GOVERNANCE

Your Directors reaffirm their continued commitment to good corporate governance practices. During the year under review, your Company was in compliance with the provisions of Clause 49 of the Listing Agreement with the Stock Exchanges relating to Corporate Governance.

A separate section on Corporate Governance together with a certificate from your Company''s Statutory Auditors forms part of this Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared in accordance with the provisions of Accounting Standards 21, 27 and other applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the Stock Exchanges and forms part of the Annual Report.

ADDITIONAL DISCLOSURES

Keeping in view the requirements of the Listing Agreements and the Accounting Standards of the Institute of Chartered Accountants of India, your Company has made additional disclosures in respect of Related Party Transactions and Segmental Reporting.

DIRECTORS

Mr. Alkesh Kumar Sharma IAS, who was a Director of the Company with effect from 17.07.2009 ceased to hold office on 06.11.2012 consequent on the Kerala State Industrial Development Corporation Limited (KSIDC) vide their letter dated 06.11.2012 nominating Mr. Tom Jose IAS, Managing Director, KSIDC as a Director of the Company. KSIDC has also vide letter dated 03.04.2013 nominated Mr. T. P. Thomaskutty, Executive Director, KSIDC as a Director of the company in the place of Mr. Venu Nallur

Your Directors extend a warm welcome to Mr. Tom Jose IAS and Mr. T. P. Thomaskutty as members of the Board. The Board also places on record the appreciation for the valuable guidance and support extended by both Mr. Alkesh Kumar Sharma IAS and Mr. Venu Nallur during their tenure as Directors.

Under the provisions of the Articles of Association of the Company and the Companies Act, 1956 Mr. N. Soga and Mr. A. K. Nair retire by rotation and are eligible for re-appointment. Necessary resolution in this behalf have been proposed for consideration of the members. Your Directors have pleasure in recommending their re-appointment.

AUDITORS

The Board on the recommendation of the Audit Committee propose that M/s. Varma & Varma, the retiring auditors, be re-appointed as Auditors of the Company. M/s. Varma & Varma, Chartered Accountants, Cochin, has forwarded their Certificate to the Company stating that the re-appointment if made will be within the limit specified in that behalf in sub-section 1(B) of Section 224 of the Companies Act, 1956. A Special Resolution is being proposed for their re-appointment.

ACKNOWLEDGEMENT

Your Directors place on record their gratitude for the support, co-operation and encouragement extended by the State Government and M/s. Kerala State Industrial Development Corporation Limited for the operations of the company. Your Directors also take this opportunity to thank M/s. Nitta Gelatin Inc., Japan, for their learned guidance and valuable direction. Your Directors also wish to place on record sincere appreciation for the continuing support and whole-hearted efforts of Vendors, Dealers, Business Associates and Employees in ensuring an excellent all round operational performance. Your Directors are also thankful to the esteemed Shareholders for their continued patronage and the confidence reposed in the Company and its management.

For and on behalf of the Board

Kochi V. SOMASUNDARAN IAS

29th May 2013 Chairman


Mar 31, 2011

The Directors have pleasure in presenting the 35th Annual Report and Audited Accounts of the Company for the year ended 31st March, 2011.

FINANCIAL RESULTS

For the year For the year ended 31st ended 31st March, 2011 March, 2010 (Rs. In (Rs. in crores) crores)

Sales (Net of Excise Duty & VAT) 196.50 189.41

Other Income (including Export incentive) 8.65 7.98

TOTAL 205.15 197.39

Gross Profit before Depreciation 10.94 38.19 Deducting therefrom:

Depreciation 8.43 7.43

Provision for Tax -

- Current Tax 0.52 9.93

- Deferred Tax 0.41 (0.20)

- MAT Credit - (4.37)

-Prior years (0.31) (0.06)

Profit after Tax 1.89 25.46 Balance Profit Available for Appropriation 1.89 25.46

The appropriations are:

Dividend 3.36 5.04

Tax on Dividend 0.56 0.84

Transfer to General Reserve 0.19 13.16

Profit brought forward from Previous Year 9.32 2.90

Balance Profit carried to Balance Sheet 7.10 9.32



DIVIDEND

Your Directors are pleased to recommend a dividend of Rs. 4/- per share @ 40% of the face value of Rs. 10/- per share on the equity capital for the financial year ended 31st March 2011, for the approval of the Company in General Meeting. The total outflow on account of dividend inclusive of Corporate Tax on dividend would be Rs. 3.92 Crores.

PERFORMANCE

The Gross sales of the company touched Rs. 202 crores during the year thereby maintaining the percentage increase of 4% over the previous year. During the year, the Company could achieve improvement in net realization for all its existing products over the previous year. Ossein prices marked an increase of 8%, DCP 15% and Gelatin by 3% over the previous year. Besides the Company has ventured into the retail consumer market with its maiden consumer product GELIXER COLLAGENPEP (for healthy joints, promotes cartilage health, maintains joint flexibility and mobility) during the year under review and could attain a sale of 1.23 Lakh Jars within nine months. Other new products launched include SEEDAID and NUTRIGOLD (for higher germination rate of seeds and growth rate for agricultural produces), MEAT MEAL (a pet food ingredient) and CHITOSAN (applications in Cosmetics, Bio-medical and Nutritional Products). In addition to BOVINE COLLAGEN PEPTIDE introduced during the previous year, the Company has successfully commenced the manufacture and sale of FISH COLLAGEN PEPTIDE as well.

Our main raw material, Crushed Bone is a byproduct of the meat industry. Last year, in the aftermath of global recession, the meat export from India reduced considerably. Moreover, there was a shift in domestic consumption from beef to poultry products. These had reduced slaughtering. Added to this, the growth of poultry industry increased the consumption of Meat-cum-Bone Meal, a poultry feed ingredient made out of bones. This scenario also had led to a reduction in the production of Crushed Bone eventually leading to its increase in price.

Similarly, the demand for Caustic Soda had reduced due to which the chlor- alkali companies reduced production of Hydrochloric Acid at a time when there was a heavy demand. This has contributed to a phenomenal increase in cost of Hydrochloric Acid, the other major raw material for Ossein production.

As a result of the above, Crushed Bone price increased by 22% and HC1 prices by 92% over the previous year. This price increase had pulled down the net profit by Rs. 1344.01 Lakhs due to Crushed Bone and Rs. 558.05 Lakhs due to Hydrochloric Acid. Companys first consumer product, Gelixer CollagenPep, being a new entrant in the consumer market, expenses on product launch and market promotion touched Rs. 393.11 Lakhs. The decline in USD/INR exchange rate from Rs. 46.81 in the previous year to Rs. 45.27 in the current year had cost us Rs. 3.07 Crores. The Company is trying to pass on these escalation in costs to our customers. However, due to the peculiarities of our products/industry, it will take some time to accomplish this fully.

The incremental revenue that could be generated from improved sales realization, enhancement in sale quantities and the launch of new products was more than offset by the negative impact of all the aforesaid adverse situations causing a decline in profits during the year. Net Profit before tax for the year is Rs. 2.51 Crores. The Company has made a net provision of Rs. 0.62 Crore as Income-Tax. Net Profit for the year after tax works out to Rs. 1.89 Crores.

In spite of all these adverse factors, we could maintain our supplies to our major customers. Also we continued our endeavour to grow. Keeping in line with our strategy for growth, we have taken steps to add more value added products in our basket. Besides, with newly acquired facilities, we propose to establish a few of our new projects/ products. Your Company sold 1774 MT of Gelatin in the export market in 30 Countries and 1693 MT in the domestic market in 2010-11. The continued patronage of our valued customers demonstrate their confidence in our Brand. The constant demand for our product gives credence to your Companys ability to keep growing in the most competitive Gelatin market as we continuously update and respond to the changes in customers preferences.

ACQUISITION OF FACTORY AT AROOR

During the year, your Company has acquired the assets including land and factory building at a total outlay of Rs. 777.31 Lakhs in Aroor Industrial Estate, Alappuzha District.

AWARDS & ACCOLADES

Your Company has received several awards during the year. Some of the significant accolades received include:

1. Top Export Award from CAPEXIL - Ossein & Gelatin Panel.

2. ISO 14001:2004 for Gelatin Division for Environmental Management System.

3. Best SME Award 2010 for International Trade from Yes Bank and Business Today.

4. ISO 9000 for Quality Management System of the Company.

5. NABL Accreditation for in-house Laboratory.

The following internationally recognized Certifications have been maintained by your Company:

1. European Directorate for the Quality of Medicines & Health (EDQM) Certificate for Gelatin Division.

2. HACCP Certificate for Ossein Division & Gelatin Division for food safety.

HEALTH, SAFETY AND ENVIRONMENT

Your Company continues to lay great emphasis on Health, Safety and Environment. Every possible effort is being channelised by the Company to comply with the relevant regulations and their effective management.

1. Health and Safety

The Company is committed to promoting the health and safety of its employees for which regular medical check-ups are being arranged. All its Divisions have Safety Committee which includes representation from workmen. The Committee meets regularly to review issues impacting plant safety and employee health. The plants are equipped with first-aid room to meet any emergency. A cross functional team for employee health and safety and an emergency action plan are in place.

2. Environment

Out of the total plot area of approx. 1,53,900 Sq. Metres, about 10,000 Sq. Metres of land around the boundary of Gelatin Division and about 38,000 Sq. Metres of land in Ossein Division have been allocated as green area which constitute approximately 31% of the total land area comprised in the two divisions.

The Company has in place modern state of the art effluent treatment plants both at Ossein Division and Gelatin Division for treating and discharging effluent water well within the limits set by the

State Pollution Control Board. The emissions from boilers and generator stacks are monitored regularly. A part of the effluent waste is used for generating bio-gas for Ossein Division. We continue our endeavour to protect the environment and at the same time avail incentives like carbon credit. The Company continuously strives to improve on environmental management to minimize any adverse impact.

CORPORATE SOCIAL RESPONSIBILITY

Your Company has pursued its activities under Corporate Social Responsibility during this year as well. A few noteworthy programmes conducted under the aegis of the Company are - (i) provision of energy efficient lamps for families staying in the vicinity of Ossein Division (ii) conducting free medical camps (iii) conducting various awareness programmes to local people etc.,

The activities of the Charitable Trust, K.T. Chandy - Seiichi Nitta Foundation, promoted by the Company for spearheading CSR activities, include donations for house construction for poor families jointly with Koratty Panchayat. The other regular activities continued during the year.

SUBSIDIARY COMPANIES

1) BAMNI PROTEINS LTD.

The annual production during the year in this subsidiary company was 2407 MT of Ossein and 5295 MT of Dicalcium Phosphate as against 2366 MT and 5284 MT respectively during the previous year. The Company has recorded a net profit of Rs. 27.52 Lakhs after tax as against Rs. 42.68 Lakhs during the previous year. But for the increase in cost of power and other utilities, the Companys profitability would have been higher.

The Directors Report, Balance Sheet and Profit & Loss Account of Bamni Proteins Ltd. for the year 2010-11 are attached as required under Section 212 of the Companies Act, 1956.

2) REVA PROTEINS LTD.

The new Plant owned by the subsidiary company "REVA PROTEINS LIMITED" with a capacity to produce 1700 MT of Limed Ossein and the by- product, Dicalcium Phosphate has reach ed an advanced stage of completion and is slated for commissioning during the first quarter of 2011-12. The net loss after tax of the Company was Rs. 31.96 Lakhs as against Rs. 60.31 Lakhs for the previous year.

The Directors Report, Balance Sheet and Profit & Loss Account of Reva Proteins Limited for the year 2010-11 are attached as required under Section 212 of the Companies Act, 1956.

AUDITORS REPORT

i) Note No. B 13 (b) (1) of Schedule - 19 to the accounts refered to in para (3) of the Auditors

Report is self-explanatory and no further comments are called for.

ii) Observation of audit vide para 9 (b) of the Annexure to the report is explained in detail in para B 13 (a) of Schedule - 19 to the accounts.

COLLABORATORS

Your Collaborators continue to provide their whole- hearted co-operation to your Company in all its activities. They have been supporting us by providing technical information, training of personnel and deputation of experts to our facilities.

CONSERVATION OF ENERGY, TECHNOLOG ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

The information as required under Section 217(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed.

PERFORMANCE MANAGEMENT PROCESS

A Performance Management Process has been introduced in the Company in earlier years to act as a catalyst for its ambitious growth plans. This has been further streamlined to encompass every key area of operation such as Purchase, Production, Marketing, Process Development, HR and Finance. Under each of the key areas of operations, critical parameters having a significant impact on the bottom-line are identified and specific targets are set by the management to be collectively pursued for attainment by various group of employees selected from all levels and the achievements are constantly evaluated against such targets. This has paved the way for a sense of participation and togetherness among employees at all levels.

HUMAN RESOURCE

Your Company continuously strives to foster a culture of high performance. Your Management has infused a lot of rigor and intensity in its people development processes and in honing skill sets. Companys HR processes are absolutely aligned to organizational goals.

Ongoing learning, aligning, recognition and rewards with performance have enabled your Company to successfully manage its growth plans.

PARTICULARS OF EMPLOYEES

None of the employees of the Company are coming under the purview of Section 217(2A) of the Companies Act, 1956. Details of managerial remuneration under Section 198 of the Act, are furnished under Note No. B2 of Schedule 19 forming part of the Accounts.

RESPONSIBILITY STATEMENT OF DIRECTORS

Directors responsibility statement on the Annual Accounts of the Company for the year ended 31.3.2011, pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956.

Your Directors confirm:

i) That in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures.

ii) That 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 as at 31st March 2011 and of the profit of the Company for the year ended 31st March 2011.

iii) That they have taken proper and sufficient care for the maintenance of adequate accounting records in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That they have got prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Report on Management Discussion and Analysis is annexed.

CORPORATE GOVERNANCE

Your Directors reaffirm their continued commitment to good corporate governance practices. During the year under review, your Company was in compliance with the provisions of Clause 49 of the Listing Agreement with the Stock Exchanges relating to Corporate Governance.

A separate section on Corporate Governance together with a certificate from your Companys Statutory Auditors forms a part of this Annual Report.

CONSOLIDATED FINANCIAL STATEMENTS

The Consolidated Financial Statements have been prepared in accordance with the provisions of Accounting Standards 21, 27 and other applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the Stock Exchanges and forms part of the Annual Report.

ADDITIONAL DISCLOSURES

Keeping in view the requirements of the Listing Agreements and the Accounting Standards of the Institute of Chartered Accountants of India, your Company has made additional disclosures in

respect of Related Party Transactions and Segmental Reporting.

DIRECTORS

Under the provisions of the Articles of Association of the Company and the Companies Act, 1956, Mr. K.L. Kumar and Mr. T. Yamaki retire by rotation and are eligible for re-appointment. The Managing Director Mr. G. Suseelan completed his tenure of three years in office as per the terms of his original appointment on 31.03.2011, while the Board of Directors, on recommendation by the Remuneration Committee based on the nomination received by it from M/s. Nitta Gelatin Inc., Japan, reappointed him as Managing Director for a further term of 3 years w.e.f. 01.04.2011. Necessary resolutions in this behalf have been proposed for consideration of the members. Your Directors have pleasure in recommending their re- appointment.

The information on the particulars of Directors seeking appointment/re-appointment as required under Clause 49 of the Listing Agreement executed with Stock Exchange has been furnished under Corporate Governance Report.

AUDITORS

The Board on the recommendation of the Audit Committee propose that M/s. Varma & Varma, the retiring auditors, be re-appointed as Auditors of the Company. M/s. Varma & Varma, Chartered Accountants, Cochin, has forwarded their Certificate to the Company stating that the re-appointment if made will be within the limit specified in that behalf in sub-section 1(B) of Section 224 of the Companies Act, 1956. A Special Resolution is being proposed for their re-appointment.

ACKNOWLEDGEMENT

Your Directors acknowledge the dedication and commitment of your Companys employees to the growth of your company. Their unstinted support has been and continues to be an integral part to your Companys on-going success.

The Board also wishes to thank M/s. Nitta Gelatin Inc., Japan, M/s. Kerala State Industrial Development Corporation Limited, the State and Central Governments, the Companys Bankers, Customers, Suppliers and Shareholders for their continued co-operation and support.

For and on behalf of the Board,

T. BALAKRISHNAN IAS Chairman

Thiruvananthapuram 10th May 2011


Mar 31, 2010

The Directors have pleasure in presenting the 34th Annual Report and Audited Accounts of the Company for the year ended 31st March, 2010.

FINANCIAL RESULTS

For the year ended For the year ended 31st March, 2010 31st March, 2009 (Rs. in Crores) (Rs. in Crores) Sales (Net of Excise Duty + VAT) 189.56 182.48 Other Income (including Export incentive) 8.09 4.98 TOTAL 197.65 187.46 Gross Profit before Depreciation 38.19 33.21 Deducting therefrom: Depreciation 7.43 8.55 Provision for Tax : - Current Tax 9.93 2.79 - Deferred fax (0.20) 6.57 - Fringe Benefit Tax - 0.15 - MAT Credit (4.37) - Prior years (0.06) 0.13 Profit after Tax 25.46 15.02 Balance Profit Available for Appropriation 25.46 15.02 The appropriations are: Dividend 5.04 2.52 Tax on Dividend 0.84 0.43 Transfer to General Reserve 13.16 4.00 Profit/(Loss) brought forward from Previous Year 2.90 (5.17) Balance Profit carried to Balance Sheet 9.32 2.90

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.6/- per share @ 60% of the face value of Rs. 10/- per share (including a special dividend of Rs. 2/- per share @ 20% of face value) on the equity capital for the Financial Year ended 31st March 2010, for the approval of the Company in General Meeting. The total outflow on account of dividend inclusive of Corporate Tax on dividend would be Rs. 5.88 Crores.

PERFORMANCE

The Gross Sales of the Company increased by 4% over the previous year to Rs. 194 Crores. The Company could achieve a 16% increase in sales volume of Gelatin and an increased price realization for Gelatin and Ossein during the year. However, in the case of Dicalcium Phosphate (DCP)

the price reduced by Rs. 600/- per MT on an average. The reduction in production of Ossein and DCP also affected Companys performance. The cost of Crushed Bone increased substantially due to shortage of the material in the market, resulting in an additional expenditure of Rs. 7.30 Crores compared to last year. The economic situation resulted in reduction of export of meat and in turn the availability of bones. Moreover, the quality of Crushed Bones affected the yield of products adversely. The profit before tax has increased by 25% over the previous year to Rs. 30.76 Crores. The Company has made a net provision of Rs. 5.30 Crores as Income-tax after setting off Minimum Alternate Tax credit of Rs. 4.37 Crores. As a result, the profit after tax increased by 69.51 % over the previous year to Rs. 25.46 Crores. During the year, US Dollar was almost stable vis- a- vis the Rupee. The average realization on Rupees per

US Dollar was Rs. 46.81 as against Rs. 46.57 during the previous year. During the year, the production of Gelatin has increased by 13% to 3988 MT (3522 MT).

During this year also the Company economised its drying operations by extending the use of firewood instead of furnace Oil to more areas, resulting in substantial savings. Use of firewood instead of coal helps in reducing carbon foot-print and as the firewood is costlier than coal, we are eligible to get Carbon Credits. The process of validation is in progress now. The withdrawal of power-cut and additional power tariff with effect from June 2009 also resulted in reduction in power cost. The increased realization and production of Gelatin, savings in fuel cost helped your Company to increase the profit. The achievement of 2009- 10 can be attributed to the strength of our brand and our strong and enduring customer relationships backed by the support of our collaborators M/s. Nitta Gelatin Inc., Japan.

Your company increased the production capacity of Gelatin by 500 MT during the current year. Your Company is also making all out efforts for further improvement of performance by increasing the overall yield and optimising the cost of production.

Your company sold 1983 MT of Gelatin in the export market in 23 Countries and 2062 MT in the domestic market. The continued patronage of our valued customers demonstrate their confidence in our Brand. The increased turnover gives credence to your companys ability to keep growing in the most competitive Gelatin market as we continuously update and respond to the changes in customers preferences.

Your company successfully commissioned a project for manufacture of Meat Meal, a pet food ingredient and Sterilized Bone Meal. A portion of our raw materials, so far being discarded as waste, is being imparted value addition for the ultimate benefit of the Company. The resultant reduction in the waste material quantity enabled a reduction in waste disposal cost as well. Your company also commissioned a project for manufacture of Chitosan. These new products were under stabilization during the year under review and their full benefit is expected to accrue during the current year. As the quantities produced were relatively small their capacity utilization have not been mentioned in the Balance Sheet.

ENTERPRISE RESOURCE PLANNING

Your Company was operating under a semi- integrated software developed in the year 2000- 01. To meet the operational requirements of the Company and to increase efficiency and reduce production cost, a decision was taken by your Board to implement an integrated ERP software - my SAP ERP ECC 6.0 (SAP). Your Directors deem it most

appropriate to have adopted the above at a time when the Company is venturing into many diversification projects. The ERP system (SAP) was implemented with effect from 01.04.2010.

AWARDS & ACCOLADES

Your Company has earned several honours. Some of the significant accolades received include:

1. Top Export Award from CAPEXIL - Ossein & Gelatin Panel.

2. ISO 14001:2004 for Gelatin Division for Environmental Management System.

The following internationally recognized Certifications are maintained by your Company:

1. European Directorate for the Quality of Medicines & Health (EDQM) Certificate for Gelatin Division.

2. HACCP Certificate for Ossein Division & Gelatin Division for food safety.

PARTICULARS OF EMPLOYEES

None of the employees of the Company is coming under the purview of Section 217(2A) of the

Companies Act, 1956. Details of managerial remuneration under Section 198 of the Act, are furnished under Note No. B2 of Schedule 19 forming part of the Accounts.

RESPONSIBILITY STATEMENT OF DIRECTORS

Directors responsibility statement on the Annual Accounts of the Company for the year ended 31.3.2010, pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956.

Your Directors confirm:

i) That in the preparation of the annual accounts, the applicable Accounting Standards have been followed along with proper explanations relating to material departures.

ii) That 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 as at 31s March 2010 and of the profit of the Company for the year ended 31st| March 2010.

iii) That they have taken proper and sufficient care for the maintenance of adequate accounting records in safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That they have got prepared the annual accounts on a going concern basis.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Report on Management Discussion and Analysis, is annexed.

CORPORATE GOVERNANCE

A report on Corporate Governance along with Certificate of Compliance from the Auditors is Annexed.

ADDITIONAL DISCLOSURES

Keeping in view the requirements of the Listing Agreements and the Accounting Standards of the Institute of Chartered Accountants of India, your Company has made additional disclosures in respect of Consolidated Financial Statements, Related Party Transactions and Segmental Reporting.

DIRECTORS

Mr. Manoj Joshi IAS, who had been the Chairman of the Company with effect from 23.01.2009, ceased to hold office on 17.07.2009 consequent on the Kerala State Industrial Development Corporation Limited (KSIDC) withdrawing his nomination upon his assuming office as Secretary to Government, Health Department, Government of Kerala. Mr. T. Balakrishnan IAS, Additional Chief Secretary,

Industries & Commerce, Government of Kerala, was nominated as Director and Chairman of the Company with effect from 17.07.2009. The Directors place on record their deep appreciation of the guidance and directions given by Mr. Manoj Joshi IAS, as the Chairman of the Company. KSIDC has also nominated Mr. Alkesh Kumar Sharma IAS, Managing Director of KSIDC, as Director of the Company with effect from 17.07.2009. Your Directors extend warm welcome to Mr. T. Balakrishnan, IAS as Chairman and Mr. Alkesh Kumar Sharma, IAS as Directors of the Company.

Under the provisions of the Articles of Association of the Company and the Companies Act, 1956, Mr. A.K. Nair and Mr. K. Inoue retire by rotation and are eligible for re-appointment. Necessary resolutions in this behalf have been proposed for consideration of the members. Your Directors have pleasure in recommending their re- appointment.

The information on the particulars of Directors seeking appointment/re-appointment as required under Clause 49 of the Listing Agreement executed with Stock Exchange has been furnished under Corporate Governance Report.

AUDITORS

The Board on the recommendation of the Audit Committee propose that M/s. Varma & Varma, the retiring auditors, be re-appointed as Auditors of the Company. M/s. Varma & Varma, Chartered Accountants, Cochin, has forwarded their Certificate to the Company stating that the re- appointment if made will be within the limit specified in that behalf in sub-section 1(B) of Section 224 of the Companies Act, 1956. A Special Resolution is being proposed for their re- appointment.

ACKNOWLEDGEMENT

Your Directors acknowledge the dedication and commitment of your Companys employees to the growth of your company. Their unstinted support has been and continues to be an integral part to your Companys on-going success.

The Board also wishes to thank M/s. Nitta Gelatin Inc., Japan, M/s. Kerala State Industrial Development Corporation Limited, the State and Central Governments, the Companys Bankers, Customers, Suppliers and Shareholders for their continued co-operation and support.

For and on behalf of the Board, Thiruvananthapuram T. BALAKRISHNAN IAS 7th May 2010 Chairman

On Behalf of the Board of Directors,

[ G. SUSEELAN ] [ T. BALAKRISHNAN IAS ] MANAGING DIRECTOR CHAIRMAN

 
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