REPORT ON CORPORATE GOVERNANCE
I. BOARD OF DIRECTORS
COMPOSITION OF THE BOARD OF DIRECTORS :
The Company has complied with the Corporate Governance norms in terms of constitution of the Board with a good combination of Independent Directors. The Board comprises of Three members out of which two are Independent Directors. Sri R. Alaghentren is the Chairman and Managing Director
III. AUDIT COMMITTEE
As per the requirement of Part II of Clause 49 of the Listing Agreement the Company has formed an Audit Committee. Sri.A.Rajkumar was appointed as Chairman of the Audit Committee during the year under review.
•** Brief description of terms of reference
The Committee reviews the quarterly, half-yearly and annual financial statements before they are submitted to the Board. Overall assessment of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
Recommending the appointment of external auditor, fixation of audit fee and also approval for payment for any other services.
IV. REMUNERATION OF DIRECTORS
The Managing Director does not receive any remuneration from the Company. The Directors are being paid sitting fees and they are being reimbursed travelling and conveyance expenses for attending the Board Meeting.
V. SHAREHOLDERS AND INVESTOR GRIEVANCE COMMITTEE
Composition of committee:
R.Alaghentren — Chairman
A.Rajkumar - Member
Sweda Rajkumar — Member
Sri.R.Alaghentren, Chairman and Managing Director is the Compliance Officer. During the year under review, the Company has received 4 correspondence from Shareholders, which have been attended to and there were no grievances remaining unresolved as on 3 Is' March, 2015.