To,

The Shareholders of

Sudarshan Pharma Industries Limited

Your Directors have pleasure in submitting their 16th Annual Report together
with the Audited Financial Statements of the Company, for the financial year ended 31st
March, 2024 ("Financial Year”).


FINANCIAL HIGHLIGHTS 


The financial highlights of the Company on standalone and consolidated basis for the
Financial Year are as under:


(Rupees in Lakhs)



  

    
Particulars
    
Standalone
    
Consolidated
  
  

    

    
31.03.2024
    
31.03.2023
    
31.03.2024
    
31.03.2023
  
  

    
Income for the year
    
46,831.37
    
46,244.90
    
46,614.68
    
46,244.90
  
  

    
Profit before Interest, Depreciation and Tax
    
2,535.59
    
1,580.88
    
2,541.73
    
1,580.57
  
  

    
Finance Charges
    
(902.84)
    
_ (540.23)
    
(894.45)
    
(540.23)
  
  

    
Profit before Depreciation and Taxes
    
1,632.75
    
1,040.65
    
1,647.28
    
1,040.34
  
  

    
Depreciation & Amortization
    
(122.94)
    
(90.71)
    
(124.44)
    
(90.71)
  
  

    
Provisions for Taxation/ Deferred Tax
    
(374.28)
    
(245.95)
    
(377.31)
    
(245.95)
  
  

    
Exceptional Items
    
-
    
-
    
-
    
-
  
  

    
Minority Interest & Profit from Associate Company
    
-
    
-
    
-
    
-
  
  

    
Net Profit for the Current Year
    
1,135.53
    
703.98
    
1,145.53
    
703.67
  
  

    
Earlier Years Balance Brought forward
    
1,910.56
    
1,206.58
    
1,909.72
    
1,206.05
  
  

    
Net Profit available for Appropriation
    
3,046.09
    
1,910.56
    
3,055.25
    
1,909.72
  
  

    
Appropriation:
    

    

    

    

  
  

    
Dividend on Equity Shares
    
(72.20)
    
-
    
(72.20)
    
-
  
  

    
Balance carried to Balance Sheet
    
2,973.89
    
1,910.56
    
2,983.05
    
1,909.72
  



COMPANY'S BUSINESS 


The Standalone Gross Revenue from operations for Financial Year was Rs.46,831.37 Lakhs
(previous year Rs.46,244.90 Lakhs). The Profit Before tax stood at Rs.1,509.81 Lakhs
(previous year Rs.949.94 Lakhs). The Profit After tax for the Financial Year stood at
Rs.1,135.53 Lakhs (previous year Rs.703.98 Lakhs).

The Consolidated Gross Revenue including intra-group transactions from operations for
Financial Year was Rs.46,614.68 Lakhs (Previous Year: Rs.46,244.90 Lakhs). The
Consolidated Operating Profit before Tax stood (for continued operations) at Rs.1,522.84
Lakhs (Previous Year: Rs.949.63 Lakhs). The Consolidated Profit after Tax stood at
Rs.1,145.53 Lakhs (Previous Year: Rs.703.67 Lakhs).

The turnover of the Company was up by 0.48 % during the FY ending 31st March
2024 with reference to the previous FY. The Company's EBITDA is Rs.1,522.84 Lakhs with an
increase of 61% from last FY. The EPS as of 31st March 2024 is Rs.4.76, down by
13% from last FY.

The Consolidated Financial performance have been prepared in accordance with the
recognition and measurement principles laid down in Indian GAAP Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with relevant rules
issued thereunder and other accounting principles generally accepted in India.


DIVIDEND & RESERVES 


The Board expressed its inability to recommend any dividend for the Financial Year The
Board is of the opinion that the funds may be utilised for better opportunities and
consequently for the growth of the shareholders' wealth in coming years.

No amount has been transferred to any reserve.


SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANIES 


The Company has 3 (three) wholly-owned subsidiaries as on 31st March, 2024,
viz.,

a) Sudarshan Pharma Lifescience Private Limited;

b) Ratna Lifesciences Private Limited and

c) Life Science Chemical Private Limited.

The members are requested to refer to the "Management Discussion &
Analysis” Report forming part of the Annual Report for detailed information about the
subsidiaries of the Company. Pursuant to the provisions of Section 129(3) of the Act, a
statement containing requisite details including performance and financial position of
each of the subsidiary companies, the salient features of financial statements of the
Company's subsidiaries in Form AOC-1 is attached to the financial statements.

There are no associates or joint venture companies within the meaning of Section 2(6)
of the Companies Act, 2013 ("Act”). There has been no material change in
the nature of the business of the subsidiaries.

Further, pursuant to the provisions of Section 136 of the Act, the financial statements
of the Company, consolidated financial statements along with relevant documents and
separate audited financial statements in respect of subsidiaries, are available on the
website of the Company http://www.sudarshanpharma.com.

The list of subsidiaries, joint ventures and associate companies of the Company are
given in Form MGT-7 (Annual Return), which is uploaded on the Company's website and can be
accessed at the web-link https:// www.sudarshanpharma.com/annual-reports/



SHARE CAPITAL OF THE COMPANY 


The Company has made Initial Public Offer ("IPO”) during the financial
year 2022-23. The IPO was successfully subscribed and the shares of the company were
listed on SME Board of BSE. The Company received listing and trading approval on 22nd
March, 2023. The offer size under IPO was Rs.5,009.55 Lakhs, that is 68,62,400 number of
shares of Rs.10 each at a premium of Rs.63 per Equity Share.

There has been no change in the share capital of the Company during the Financial Year.
The paid-up share capital of the Company stood at Rs.2,406.59 Lakhs as at 31st
March, 2024 comprising of 2,40,65,887 equity shares of Rs.10/- each fully paid up.


BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL Board of Directors 


During the Financial Year, the Board of your Company comprised of 8 (eight) directors
of which 6 (six) are nonexecutive directors and 2 (two) are executive directors. Out of
the 6 (six) non-executive directors, 4 (four) are independent directors including one
woman independent director.

As on 31st March, 2024, The Board of Directors of the Company comprised of 6
directors, including 2 promoter directors (executive), 1 non-executive director and 3
independent directors including one women director, details given in the following table


  

    
Sr.
    
no.
    
Name of the Director or Key Managerial Personnel
    
Category
    
Date of appointment / re-appointment and tenure
  
  

    
1
    
Mr. Hemal Mehta
    
Managing Director & Key Managerial Personnel
    
Re-appointed on 21st July, 2023 for a period of 5 years
  
  

    
2
    
Mr. Sachin Mehta
    
Managing Director, Chief Financial Officer & Key Managerial
    Personnel
    
Re-appointed on 21st July, 2023 for a period of 5 years 
Appointed as Chief Financial Officer w.e.f. 12th December, 2023
  
  

    
3
    
Dr. Umesh Luthra
    
Independent Director
    
Appointed on 31st January, 2022 and confirmed by shareholders
    on 26th September, 2022
  
  

    
4
    
Ms. Jaya Singhania
    
Independent Director
    
Appointed on 26th December, 2022 and confirmed by
    shareholders on 27th December, 2022
  
  

    
5
    
Mr. Rushabh Patil
    
Independent Director
    
Appointed on 21st July 2023 and confirmed by shareholders on
    2nd September, 2023
  
  

    
6
    
Dr. Anil Ghogare
    
Non-Executive Director
    
Appointed on 10th November, 2023 and confirmed by
    shareholders on 5th February, 2024
  


Mr. Hemal Mehta and Mr Sachin Mehta have been re-appointed as Managing Director of the
Company for a period of 5 years w.e.f 7th October 2023 and the shareholders
approved their re-appointment at the Annual General Meeting held on 2nd
September, 2023.

Mr Rushabh Patil was appointed as an additional director in the category of an
Independent Director w.e.f. 21st July, 2023 and the shareholders at its Annual
General Meeting held on 2nd September, 2023 confirmed his appointment.

Dr. Anil Ghogare was appointed as an additional director in the category of a
Non-Executive Director w.e.f. 10th November 2023 and the shareholders at its
Extraordinary General Meeting held on 5th February 2024 confirmed his
appointment.

Mr Rajesh Hedaoo resigned as an Independent Director of the Company w.e.f. 19th
June, 2023.

Mr Nilesh Thakkar was appointed as an additional director in the category of a
Non-Executive Director w.e.f. 10th November 2023 and resigned w.e.f. 12th
December 2023.

The Board took on record its appreciation for the valuable services rendered by Mr.
Rajesh Hedaoo and Mr. Nilesh Thakkar during their tenure as a Directors of the Company.

In accordance with the provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Dr. Anil Ghogare is liable to retire by rotation at the
ensuing Annual General Meeting and has offered himself for reappointment.

Independent Directors of the Company have furnished necessary declarations to the
Company under Section 149(7) of the Companies Act, 2013, confirming that they meet with
the criteria of Independence as prescribed for Independent Directors under Section 149(6)
of the Act and Regulation 16(b) of the Securities And Exchange Board of India (Listing
Obligations & Disclosures Requirements) Regulations, 2015, (hereinafter "SEBI
Listing Regulations").


Key Managerial Personnel 


Mr Hemal Mehta and Mr Sachin Mehta have been re-appointed as Managing Director of the
Company for a period of 5 years w.e.f. 7th October 2023 and the shareholders
approved their re-appointment at the Annual General Meeting held on 2nd
September, 2023.

Mr Dharam Jilka resigned as the Chief Financial Officer of the Company w.e.f. 15th
September 2023. Mr. Sachin Mehta was appointed as the Chief Financial Officer of the
Company w.e.f. 12th December, 2023.

Ms. Ishita Samani resigned as the Company Secretary & Compliance Officer of the
Company w.e.f. 1st April 2024. Mr Nirav Shah was appointed as the Company
Secretary & Compliance Officer of the Company w.e.f. 1st June 2024.

In terms of the provisions of Section 203 of the Companies Act, 2013, read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, Mr Hemal
Mehta, Chairman & Managing Director, Mr Sachin Mehta, Joint Managing Director &
Chief Financial Officer and Mr Nirav Shah, Company Secretary & Compliance Officer are
the Key Managerial Personnel of the Company


Remuneration Policy and 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:


A policy known as "Appointment criteria for Directors & Senior Management and
their Remuneration Policy" approved by the Nomination and Remuneration Committee and
Board is followed by the Company on remuneration of Directors and Senior Management
employees as required under Section 178(3) of the Companies Act, 2013 and Rule 6 of the
Companies (Meetings of Board and its Powers) Rules, 2014. The Policy aims at attracting
and retaining high calibre personnel from diverse educational fields and with varied
experience to serve on the Board for guiding the Management team to enhanced
organizational performance. The company has adopted remuneration policy that commensurate
with the size and future plans of the company, considering different verticals as a part
of expansion and diversification, the current policy is an appropriate mix of executive
and independent directors to maintain the independence of the Board. The Nomination &
Remuneration Committee framed a policy for selection and appointment of Directors
including determining qualifications and independence of a Director, Key Managerial
Personnel, Senior Management Personnel and their remuneration as part of its charter and
other matters provided under Section 178(3) of the Companies Act, 2013.


Familiarisation Programmes for Independent Directors 


The details of the programme for familiarisation of the Independent Directors with the
Company in respect of their roles, rights, responsibilities in the Company, nature of the
industry in which Company operates, business model of the Company and related matters are
put up on the website of the Company i.e. www.sudarshanpharma.com


MEETINGS OF THE BOARD 


During the Financial Year 2023-24, the Board of Directors met 7 (seven) times on 26th
May, 2023, 21st July, 2023, 2nd August, 2023, 18th
August, 2023, 10th November, 2023, 12th December, 2023 and 28th
March, 2024. The intervening gap between the two consecutive meetings was within the
period prescribed under the Companies Act, 2013 and SEBI Listing Regulations.


BOARD COMMITTEES 


At present, the Board has the following committees to assist in its work:

(i) Audit Committee to, inter-alia, oversee and review the financial reporting system
and disclosures made in its financial results;

(ii) Stakeholders' Relationship Committee to, inter-alia, redress investor complaints;

(iii) Nomination & Remuneration Committee to, inter-alia, approve appointments and
remuneration of executive directors and lay down nomination and remunerationpolicies of
the Company;

(vi) Corporate Social Responsibility Committee to formulate and implement a 'corporate
social responsibility policy' for the Company and

The constitution of various committees, its powers, duties and meetings during the
Financial Year have been elaborated in detail in the 'Corporate Governance Report'.


DIRECTORS' RESPONSIBILITY STATEMENT 


Pursuant to Section 134 of the Companies Act, 2013 ('the Act'), in relation to
the Annual Financial Statements for the Financial Year 2023-24, your Directors, to the
best of their knowledge and ability, confirm that:

a) in the preparation of the annual accounts for the year ended March 31, 2024, the
applicable accounting standards have been followed along with proper explanation relating
to material departures;

b) the Directors 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 March 31, 2024 and of the profit of
the Company for the year ended on that date;

c) the Directors have 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;

d) the directors have prepared the annual accounts on a "going concern”
basis.

e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively, except that the credit given to the overseas buyers in the previous year(s).

f) 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.


DEPOSITS 


During the Financial Year, the Company has not accepted any deposits within the meaning
of Section 73 and 76 of the Act, read with Companies (Acceptance of Deposits) Rules, 2014.


PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES 


The details of loans, guarantees, investments or securities under Section 186 of the
Companies Act, 2013 are given under Notes to Accounts of financial statements.


CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES 


During the Financial Year, the Company has entered into transactions with related
parties as defined under Section 2(76) of the Act and rules made thereunder and Regulation
23 of SEBI Listing Regulations. The Company has not entered into transactions with related
parties which qualify as material transactions as per SEBI Listing Regulations. The
transactions with related party were reviewed and approved by the Audit Committee and in
compliance with applicable provisions of the Act and SEBI Listing Regulations.

The details of related party transactions as required under accounting standards as are
set out in notes to accounts to Standalone Financial Statements forming part of this
Annual Report. There are no transactions to be reported in Form AOC-2.

The policy on Materiality of Related Party Transactions as approved by the Board is
uploaded on the Company's website and can be accessed at the Web link
https://www.sudarshanpharma.com/codes-and-policies/


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

(A) Conservation of energy- 



  

    
(i)
    
the steps taken or impact
    
The Company is engaged to carry on business of providing services in the
  
  

    

    
on conservation of energy
    
field of drugs and pharmaceuticals, chemicals, pharmaceutical
    ingredients
  
  

    
(ii)
    
the steps taken by the Company for utilising alternate sources of energy
    
and items of similar nature and to conduct clinical and bioequivalence
    trials, to undertake tests and experiments, scientific and technical investigations,
    analytical, research and innovation work of all kinds and descriptions as researchers and
    developers, collaborators, consultants, contractors, medical
  
  

    
(iii)
    
the capita on energy equipments investment conservation
    
and health care specialists and as such its operations do
    not account for substantial energy consumption. The Company is taking all possible
    measures to conserve energy, in its endeavour towards conservation of energy your Company
    ensure optimal use of energy, avoid wastages and conserve energy as far as possible.
    Several environment friendly measures were adopted by the Company such as minimizing
    air-conditioning usage, Shutting off all the lights when not in use. lights when not in
    use.
  
  

    

    

  



(B) Technology absorption-



  

    
(i)
    
the efforts made towards technology absorption
    
The Company continuously monitors and keep track of technological
    upgradation in the field of chemical and pharma and the same are reviewed and considered
    for implementation. The Company continued its focus on quality up-gradation and product
    enhancements. The company uses indigenous technology for its operations. 
The
    chemical and pharma sector is highly technology oriented and nature of the business of the
    company is categorically business-to-business category wherein research and development
    expense are more in the nature of quality check and related areas rather than development
    of new technology.
  
  

    
(ii)
    
the benefits derived like product improvement, cost reduction, product
    development or import substitution
    

  
  

    
(iii)
    
in case of imported technology (imported during the last three years
    reckoned from the beginning of the financial year)
    

  
  

    
a)
    
the details of technology imported;
    

  
  

    
b)
    
the year of import
    

  
  

    
c)
    
whether the technology been fully absorbed
    

  
  

    
d)
    
if not fully absorbed, areas where absorption has not taken place, and
    the reasons thereof
    

  
  

    
(iv)
    
the expenditure incurred on Research and Development
    

  



(C) Foreign Exchange Earnings and Outgo 


The information regarding foreign exchange earnings and outgo is given in the following
table:

(Rupees in Lakhs)


  

    
Particulars
    
FY 2023-24
    
FY 2022-23
  
  

    
Foreign Exchange Earnings
    
4,523.32
    
1,961.85
  
  

    
Foreign Exchange Outgo
    
3,838.09
    
3,191.07
  



CORPORATE SOCIAL RESPONSIBILITY (CSR) 


The Board of Directors of the Company has constituted a Corporate Social Responsibility
(CSR) Committee in accordance with Section 135 of the Act and rules framed thereunder The
Company has in place a CSR policy which provides guidelines to conduct CSR activities of
the Company. The CSR policy is available on the website of the Company
www.sudarshanpharma.com

The provisions related to CSR as mentioned in the Companies Act, 2013 are applicable to
the Company and report on Corporate Social Responsibilities (Annual report on CSR) is
annexed to this report as Annexure I.


TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND 


Your Company does not have any amount / shares due to be transferred to Investor
Education and Protection Fund. VIGIL MECHANISM / WHISTLE BLOWER



In terms of Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for
Directors and employees to report genuine concerns has been established by the Board along
with whistle blower policy. The whistle blower policy has been uploaded on the website of
the Company and the same can be accessed at the web-link https://
www.sudarshanpharma.com/codes-and-policies/


REPORT ON CORPORATE GOVERNANCE 


In terms of Regulation 34 of the SEBI Listing Regulations, a Report on Corporate
Governance along with Compliance Certificate issued by Mr. Vishal Manseta, Practicing
Company Secretary is attached and forms integral part of this Report (herein referred to
"Corporate Governance Report”).


MANAGEMENT DISCUSSION AND ANALYSIS REPORT 


Attention of the members is invited to a separate section titled 'Management Discussion
& Analysis Report' which is covered in this Annual Report.


SECRETARIAL STANDARDS 


The Company complies with all applicable Secretarial Standards.


STATUTORY AUDITORS 


M/s. NGST & Associates (Firm Registration No. 135159W), Chartered Accountants,
Mumbai Statutory Auditors of the Company, hold office till the conclusion of the Annual
General Meeting for the Financial Year ended 31st March, 2028.


AUDITORS' REPORT 


The Auditors of the Company have not made any observations and / or qualifications in
their audit report issued on standalone and consolidated financial statements of the
Company of the financial year ended 31st March, 2024. The report of the
Statutory Auditors on Standalone & Consolidated Financial Statements forms a part of
the Annual Report. There are no specifications, reservations, adverse remarks on
disclosure by the Statutory Auditors in their report. They have not reported any incident
of fraud to the Audit Committee of the Company during the Financial Year.


REPORTING OF FRAUDS BY AUDITORS 


During the Financial Year, neither the statutory auditors nor the secretarial auditor
has reported to the Audit Committee, under Section 143 (12) of the Companies Act, 2013,
any instances of fraud committed against the Company by its officers or employees, the
details of which would need to be mentioned in the Board's report.


SECRETARIAL AUDITOR 


Section 204 of the Companies Act, 2013 inter-alia requires every listed company to
annex with its Board's report, a Secretarial Audit Report given by a Company Secretary in
practice, in the prescribed form. The Board appointed Mr Vishal Manseta, Practicing
Company Secretary, as Secretarial Auditor to conduct Secretarial Audit of the Company for
the Financial Year 2023-2024 and their report MR-3 is annexed to this report as Annexure
II.

The Secretarial Auditor has not made any remarks / observations / qualifications in the
Secretarial Audit Report for the year ended 31st March, 2024. The Board has
also appointed Mr Vishal Manseta as the Secretarial Auditor to conduct secretarial audit
of the Company for Financial Year 2024-25.


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


During the Financial Year, no complaint was filed before the Internal Complaints
Committee under The Sexual Harassment of Women at Workplace (Prevention, Prohibition And
Redressal) Act, 2013.


PARTICULARS OF EMPLOYEES 


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 annexed to this Report as Annexure III.

During the Financial Year, none of the employees are in receipt of remuneration which
is in excess of the limits as specified in Rules 5(2) and 5(3) of the Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014, as amended from time
to time.


MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY
BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT 


There were no material changes and commitments after the closure of the year till the
date of this report, which affect the financial position of the Company.


SIGNIFICANT AND MATERIAL ORDERS PASSED BY THEREGULATORS / COURTS / TRIBUNALS 


The Company won an award in its favour announced by the Dubai Court in Lawsuit no.
1679/2024 - Commercial against (i) Regans International DMCC and (ii) Nand Biharilal
Chhabaria Biharilal Chunilal in Dubai, United Arab Emirates. According to the award (i)
Regans International DMCC and (ii) Nand Biharilal Chhabaria Biharilal Chunilal have been
ordered to pay to the Company an amount of UAE Dirham 40,30,934.00 (equivalent to approx.
Rs.9,18,82,890/-) along with interest at 5% annually on the adjudged amount until the full
payment is made.

No significant or material orders were passed by the Regulators or Courts or Tribunals
which impacts the going concern status and Company's operations in future.


INTERNAL CONTROL WITH REFERENCE TO FINANCIAL STATEMENTS 


The Company's internal control systems are commensurate with the nature of its business
and the size and complexity of its operations, and such internal financial controls with
reference to the financial statements are adequate.


OTHER EVENTS TILL THE DATE OF THIS REPORT 


The Board of Directors of the Company at its Board meeting held on 4th July, 2024 has
approved the proposal to raising of funds through issue and allotment of up to 9,00,000
(Nine Lakhs) Warrants, each Warrant convertible into 1 (one) Equity Share of the Face
Value of Rs.10/- (Rupees Ten Only) in terms of Chapter V of the SEBI (Issue of Capital and
Disclosure Requirements) Regulations, 2018 on a preferential basis to Mr Hemal Mehta and
Mr Sachin Mehta, Promoters of the Company.

Based on analysis conducted by BSE Limited, the Company was in receipt of email dated
6th February 2024 from BSE Limited seeking clarification from the Company about various
financial parameters of the Company. The Company accorded complete co-operation to the BSE
and provided all the necessary clarifications (including information and documents) for
the queries raised by the BSE.


DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE, 2016 (31 OF 2016) DURING THE YEAR ALONG WITH THEIR STATUS AS AT THE END
OF THE FINANCIAL YEAR


There are no applications made or any proceeding pending against the Company under
Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the financial year.


DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME
SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INSTITUTIONS ALONG WITH THE REASONS THEREOF


There are no instances of one-time settlement during the financial year.


ACKNOWLEDGEMENTS 


The Board wishes to place on record their appreciation for the support received by the
Company from its shareholders and employees. The Directors also wish to acknowledge the
co-operation and assistance received by the Company from its business partners, bankers,
financial institutions and various Governments, Semi Government and Local Authorities.


  

    

    
For and on behalf of the Board of, Sudarshan Pharma
    Industries Limited
  
  

    

    
Hemal Mehta
    
Sachin Mehta
  
  

    

    
Chairman &
    
Joint Managing Director &
  
  

    

    
Managing Director
    
Chief Financial Officer
  
  

    

    
DIN: 02211121
    
DIN: 02211178
  
  

    
Place: Mumbai
    

    

  
  

    
Date: 26th August 2024