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- Published: Tuesday, 19 July 2022 08:33
The Institute of Internal Auditors (IIA) has partnered with the World Business Council for Sustainable Development (WBCSD) to issue new guidance on embedding ESG and sustainability considerations in the Three Lines Model.
What is the IIA Three Lines Model?
The IIA’s Three Lines Model is recognized around the world as a resource for successful governance. IIA says that it ‘helps organizations identify structures and processes to best manage risks and achieve objectives, including an organization’s ESG-related risks. The model establishes the three essential roles that define governance at its most basic: accountability, actions and assurance’.
Embedding ESG and Sustainability Considerations into the Three Lines Model
The new guidance paper, ‘Embedding ESG and Sustainability Considerations into the Three Lines Model’, outlines key roles and responsibilities for the governing body, management, and internal audit to build structures and processes that support the achievement of business objectives to create and protect value for the organization.
The insights in the paper are intended for corporate boards, C-suite representatives within large corporations, and senior management to provide information and understanding on the role of the respective lines in overseeing the effectiveness of risk management and internal audit processes.
Read the document (PDF).
Internal Audit - Assurance, Advice, Insight
GIA’s vision is to be the agent of positive change to help the World Bank Group achieve its goals.
Our mission is to protect and enhance the value of the World Bank Group by providing independent, objective, and insightful risk-based assurance and advice.
About Us
GIA is an independent, objective assurance and advisory function that provides a view on whether processes for managing and controlling risks to achieve the World Bank Group's goals, and overall governance of these processes, are adequately designed and functioning effectively.
GIA brings a systematic and disciplined approach to assess these risk management, control, and governance processes, advising management in developing control solutions and monitoring the implementation of management’s corrective actions.
GIA works across all the World Bank Group institutions, covering all operational corporate functions as well as IT systems and processes. Our work is carried out in accordance with the Institute of Internal Auditors (IIA) International Professional Practices Framework.
DIRECTORS REPORT
To,
The Members,
It is our pleasure to present the 25th Annual Report of your Company together with the Audited Financial Statements for the financial year ended March 31, 2016.
PERFORMANCE HIGHLIGHTS
The gross sales (including Excise Duty) from operations on standalone basis of your Company for the financial year 201516 grew by 10.25% and stood at Rs. 1,632.88 Crore compared to Rs.1,481.14 Crore in the previous financial year. The profit before tax was at Rs. 201.41 Crore as against Rs. 146.92 Crore in the previous financial year, registering a growth of 37.08%. The net profit for the financial year 2015–16 amounted to Rs. 162.36 Crore compared to Rs. 142.79 Crore in the previous financial year.
The consolidated gross sales (including Excise Duty) from operations of your Company for the year under review stood at Rs. 1,660.85 Crore as against Rs. 1,515.97 Crore in the previous financial year, reporting a growth of 9.56%. The consolidated profit before tax was at Rs. 197.26 Crore registering a growth of 55.79% over the consolidated profit before tax of the previous financial year. The consolidated profit aftertax at Rs. 157.96 Crore reflected a growth of 30.42% against profit after tax of the previous financial year.
DIVIDEND
The Board has enhanced the total dividend (Interim and Final) to Rs. 5/– (Rupees Five) per Equity Share of Rs. 1/– each for the financial year 2015–16 as against Rs. 4/– (Rupees Four) per Equity share Rs. 1/– each paid in the previous financial year.
The Board is pleased to recommend a Final Dividend of Rs. 1/–(Rupee One) per Equity Share (@ 100% of face Value of Equity Share of Rs. 1/– each) for the financial year ended March 31, 2016. The Final Dividend payout of Rs.21.80 Crore (inclusive of tax of Rs. 3.69 Crore) is subject to the approval of Members at the ensuing Annual General Meeting of your Company. Further, your Company paid in March 2016, an interim dividend of Rs. 4/–(Rupees Four) per Equity Share (@ 400% of face value of Equity Share of Rs. 1/– each) amounting to Rs. 87.20 Crore (inclusive of tax of Rs. 14.75 Crore).
TRANSFER TO RESERVES
Your Company transferred a sum of Rs. 45.60 Crore (Rs. 53.72 Crore in the previous financial year) to the Debenture Redemption Reserve during the year under review.
CONSOLIDATED ACCOUNTS
The Consolidated Financial Statements of your Company are prepared in accordance with the relevant Accounting Standards viz., AS–21 issued by the Institute of Chartered Accountants of India and forms integral part of the Annual Report.
PERFORMANCE OF SUBSIDIARIES, ASSOCIATE
COMPANIES/ JOINT VENTURES
A report on the performance and financial position of each of the Subsidiaries, Associates and Joint Venture Companies as per the Companies Act, 2013 is attached as Annexure to this report and hence not repeated here for the sake of brevity. Policy for determining material subsidiaries formulated and adopted by your Company can be accessed from your Company's website at the link: <http://www.iyothylaboratories.com/admin/docs/> PMS JLL Website.pdf
During the year under review, Associated Industries Consumer Products Private Limited – AICPPL (Wholly Owned Subsidiary of
your Company) amalgamated with Jyothy Consumer Products Marketing Limited – JCPML (Step down subsidiary of your Company i.e. Wholly Owned Subsidiary of AICPPL) pursuant to the Scheme of Amalgamation sanctioned by the Hon'ble High Court of Judicature at Bombay vide its Order dated July 3, 2015 which came into effect on August 6, 2015 and as a result, JCPML which was a step down subsidiary became direct subsidiary of your Company.
Except as mentioned above, no company has become or ceased to be its subsidiary joint venture or associate company during the financial year 2015–16.
AMALGAMATION OF SUBSIDIARY
The Board of Directors at its meeting held on May 23, 2016 approved the proposal of Amalgamation of its wholly owned subsidiary viz., Jyothy Consumer Products Marketing Limited with your Company. The Appointed Date for the said Amalgamation is fixed as April 1, 2016.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013, in relation to the Audited Financial Statements of your Company for the financial year ended March 31, 2016, the Board of Directors hereby confirms that:
a. In the preparation of the annual accounts for the financial year ended March 31, 2016, the applicable accounting standards read with the requirements set out under Schedule III to the Act, have been followed and there were no material departures from the same;
b. your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to provide a true and fair view of the state of affairs of your Company as at March 31, 2016 and of the profit of your Company for the year ended on that date;
c. your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities;
d. your Directors have prepared annual accounts of your Company on a going concern basis;
e. your Directors have laid down internal financial controls to be followed by your Company and that such internal financial controls are adequate and are operating effectively; and
f. your Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
MANAGEMENT DISCUSSION & ANALYSIS REPORT
In terms of the provisions of Regulation 34(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion & Analysis Report is attached and forms an integral part of this Report.
ISSUE OF SHARES
a) Issue of Equity Shares with differential rights
During the year under review and to date, your Company has not issued any shares with differential rights, hence no information prescribed under provisions of Section 43(a)(ii) of the Companies Act, 2013 read with Rule 4(4) of the Companies (Share Capital & Debentures) Rules, 2014 has been furnished.
b) Issue of Sweat Equity Shares
During the year under review and to date, your Company has not issued any sweat equity shares. Hence no information as per the provisions of Section 54(l)(d) of the Companies Act, 2013 read with Rule 8(13) of the Companies (Share Capital & Debentures) Rules, 2014 is furnished.
c) Issue of Employee Stock Option
During the year under review, your Company in terms of the provisions of Section 62(l)(b) read with Section 39 of the Companies Act, 2013 has issued and allotted 96,184 (Ninety Six Thousand One Hundred and Eighty Four) Equity Shares of Rs. 1/– each to its employees on exercise of options granted under "Jyothy Laboratories Employees Stock Option Scheme 2014" (ESOS 2014) approved by the Shareholders of your Company at the 23rd Annual General Meeting held on August 13, 2014.
After the issue of aforesaid 96,184 Equity Shares, the Paid up Equity Share Capital of your Company stands increased to Rs. 18,11,19,680 consisting of Rs. 18,11,19,680 Equity Shares of Rs. 1/– each fully paid–up.
CORPORATE GOVERNANCE
The report on Corporate Governance as stipulated under Regulation 34(3) read with Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) together with the Certificate received from your Company's Statutory Auditors confirming compliance of Corporate Governance requirements is attached and forms an integral part of this report.
RELATED PARTY TRANSACTIONS
Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC–2 is appended as Annexure to this Report. During the year, your Company had entered into contract/ arrangement/ transaction with related parties which were on arm's length basis and none of which could be considered as material in accordance with the policy of your Company on Materiality of Related Party Transactions. Further none of the contract/ arrangement/ transaction with related parties required approval of Shareholders as the same were within the limits prescribed under Section 188(1) of the Companies Act, 2013 and Rules framed there under.
The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions as approved by the Board may be accessed from your Company's website at the link: <http://> www.jyothylaboratories.com/admin/docs/RPT JLL Website.pdf
Attention of Members is also drawn to Note No. 31 to the financial statements for the financial year ended March 31, 2016 which sets out the related party disclosures as perAS–18.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Your Company has been a firm believer that each and every individual including an artificial person owe something to the society at large. Mr. M. P. Ramachandran, Chairman & Managing Director of your Company even before the inception of Corporate Social Responsibility under the Companies Act, 2013, has been involved in charitable and social activities in his individual capacity.
Your Company has undertaken projects in the area of rural development and sanitation as part of its CSR initiative. These projects were in accordance with Schedule VII of the Companies Act, 2013 and the CSR Policy framed by your Company. The report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 is appended as annexure and forms an integral part of this report.
Details about the CSR Policy adopted and formulated by your Company can be accessed from your Company's website at the link: <http://www.jyothylaboratories.com/admin/docs/JLL> CSR%20Policy Website.pdf
Your Company was required to spend Rs. 1.95 Crore (2% of the average net profits of last three financial years) on CSR activities during the financial year 2015–16. Accordingly, your Company spent Rs. 1.89 Crore on CSR activities during the year 2015–16 and an amount of T 0.06 Crore stands committed towards housing in Adivasi Area of Trichur District and the aforesaid projects being construction projects have a timeline. The balance amount of expenditure stands committed and will be spent in the current financial year.
MATERIAL CHANGES AND COMMITMENTS
Except as disclosed elsewhere in this report, no material changes and commitments which could affect your Company's financial position have occurred between the end of the financial year 2015–16 and date of this report.
INTERNAL FINANCIAL CONTROLS
The Internal Financial Controls adopted and followed by your Company are adequate and are operating effectively. Your Company has adopted a dynamic Internal Financial Controls framework formulated by Ernst & Young, LLP based on the best practices followed in the industry. Under the said framework, Risk and Control Matrix are defined for the following process(es):–
1. Fixed Assets;
2. Financial Statement Closing Process;
3. Information Technology;
4. Inventory Management;
5. Marketing and Advertising;
6. Order to Cash;
7. Payroll;
8. Production Process;
9. Purchase to Pay;
10. Taxation;
11. Treasury
During the year under review, no material or serious observations have been received from the Internal Auditors of your Company regarding inefficiency or inadequacy of such controls.
CHANGE IN NATURE OF BUSINESS
During the year under review, there was no change in the nature of business of your Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by any Regulator/ Court that would impact the going concern status of your Company and its future operations.
REMUNERATION/ COMMISSION FROM ANY OF ITS
SUBSIDIARIES
During the year under review, neither the Managing Director nor the Whole Time Directors of your Company receive any remuneration or commission from any of its Subsidiaries.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
The details of Loans, Guarantees and Investments as prescribed under Section 186 of the Companies Act, 2013 are appended as Annexure and forms integral part of this report.
EMPLOYEE STOCK OPTION SCHEME (ESOS)
Your Company has adopted Jyothy Laboratories Employee Stock Option Scheme 2014–A ("ESOS 2014–A") for granting of options to Mr. S. Raghunandan, Whole Time Director and Chief Executive Officer of your Company and Jyothy Laboratories Employee Stock Option Scheme 2014 ("ESOS 2014") for granting of options to other eligible employees of your Company approved by the Members of your Company at the 23rd Annual General Meeting held on August 13, 2014
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Companies Act, 2013 and the Article 140 of the Articles of Association of your Company, Mr. K. Ullas Kamath, Joint Managing Director and Chief Financial Officer of your Company retires by rotation at the ensuing Annual General Meeting and being eligible, offered himselffor re–appointment.
The Board at its meeting held on May 23, 2016 approved appointment of Mr. M. P. Ramachandran as the Chairman and Managing Director of your Company for a term of five years with effect from August 22, 2016 to August 21, 2021 subject to the approval of Shareholders by passing a Special Resolution at the ensuing Annual General Meeting on the terms and conditions specified in the Special Resolution set out at Item No. 6 of the notice convening 25th Annual General Meeting of your Company.
The Board at its meeting held on May 23, 2016 also accepted the resignation of Mr. S. Raghunandan, Whole Time Director and Chief Executive Officer of your Company. Mr. S. Raghunandan has been re–designated as the President of your Company. The Board placed on record, its appericiation for the services rendered by Mr. S. Raghunandan during his tenure as Whole Time Director and Chief Executive Officer. The Board Members also took note of relinquishment of Mr. M. L. Bansal, Company Secretary of your Company. In the same Board Meeting, Mr. Shreyas Trivedi was appointed as the Company Secretary, Compliance Officer and a Key Managerial Personnel in accordance with Section 203 of the Companies Act, 2013.
All Independent Directors have given declarations that they meet the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013.
During the financial year 2015–16, there was no change in Key Managerial Personnel ofyourCompany.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION
The Board in accordance with the provisions of sub–section (3) of Section 178 of the Companies Act, 2013, formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and remuneration for Directors, Key Managerial Personnel and other employees.
Major criteria defined in the Policy framed for appointment of the Directors including criteria for determining qualifications, positive attributes, independence etc are as under:
(I) Selection
In case of Executive Directors and Key Managerial Personnel, the selection can be made either by recruitment from outside or from within your Company hierarchy or upon recommendation by the Chairman or other Directors. The appointment may be made either to fill up a vacancy caused by retirement, resignation, death or removal of an existing Executive Director or it may be a fresh appointment.
In case of Non–Executive Directors, the selection can be made either by way of selection from the data bank of
Independent Directors maintained by the Government or upon recommendation by Chairman or other Directors. The appointment may be made either to fill up a vacancy caused by resignation, death or removal of an existing Non–Executive Director or it may be an appointment as an additional director or an alternate director.
(II) Qualifications, Experience And Positive Attributes
a) While appointing a Director, it shall always be ensured that the candidate possesses appropriate skills, experience and knowledge in one or more fields of finance, law, management, sales, marketing, administration, research, corporate governance, technical operations or other disciplines related to your Company's business.
b) In case of appointment as an Executive Director, the candidate must have the relevant technical or professional qualifications and experience as are considered necessary based on the job description of the position. In case no specific qualification or experience is prescribed or thought necessary for the position then, while recommending the appointment, the Human Resource Department shall provide the job description to the Committee and justify that the qualifications, experience and expertise of the recommended candidate are satisfactory for the relevant appointment. In such circumstances, the Committee may call for an expert opinion on the appropriateness of the qualifications and experience of the candidate for the position of the Executive Director.
c) In case of appointment as a Non–Executive Director, the candidate must have a postgraduate degree, diploma or a professional qualification in the field of his practice/ profession/ service and shall have not less than five years of working experience in such field as a professional in practice, advisor, consultant or as an employee. Provided that the Board may waive the requirements of qualification and/ or experience under this paragraph for a deserving candidate.
d) The Board, while making the appointment of a Director, shall also try to assess from the information available and from the interaction with the candidate that he is a fair achiever in his chosen field and that he is a person with integrity, diligence and open mind.
(III) Board Diversity And Independence
While making appointment of directors, following principles shall be observed by the Board, as far as practicable:
a) There shall be a proper mix of Executive and Non–Executive Directors and Independent and Non–independent Directors on the Board. Your Company must always be in compliance of the provisions of Section 149 of the Companies Act, 2013 and Clause 17 of the Listing Regulations, as amended from time to time, in this regard.
b) There shall be a workable mix of directors drawn from various disciplines, like technical, finance, commercial, legal etc. The Board shall not at any time be entirely comprised of persons drawn from one discipline or field.
c) While appointing a director to fill in a casual vacancy caused by death, resignation etc. of a director, an effort shall be made, as far as possible, to appoint such a person in his place who has the relevant experience in the fields or disciplines in which the outgoing director had the experience or the person with relevant experience in the fields or disciplines which are not represented in the Board as requisite to business of your Company.
d) No preference on the basis of gender, religion or caste shall be given while considering the appointment of directors.
e) Generally, an effort shall be made to maintain the Board diversity by appointment of persons from diverse disciplines (relevant to the Company's business), of different age groups and of both the genders (male as well as female) as Directors.
f) While appointing Independent Directors, the criteria for the Independent Directors, as laid down in Section 149 (6) of the Companies Act, 2013 and Listing Regulations are followed.
REMUNERATION POLICY
Your Company follows the Policy on Remuneration of Directors and Senior Management Employees as approved by the Nomination, Remuneration and Compensation Committee and the Board. A detailed report on the same is given in the Corporate Governance Report.
PERFORMANCE EVALUATION
In accordance with the Companies Act, 2013 and Regulation 4(2)(f) of the Listing Regulations, your Company has framed a Policy for Evaluation of Performance of Independent Directors, Board, Committees and other Individual Directors which includes criteria for performance evaluation of Non–Executive Directors and Executive Directors. A questionnaire is formulated for evaluation of performance of the Board after taking into consideration several aspects such as board composition, strategic orientation, board functioning and team dynamics.
Performance evaluation of Independent Directors was conducted by the Board of Directors, excluding the Director being evaluated. The criteria for performance evaluation of Independent Directors laid down by the Nomination, Remuneration and Compensation Committee include ethics and values, knowledge and proficiency, diligence, behavioral traits and efforts for personal development. Similarly, performance evaluation of the Chairman and Non Independent Directors was carried out by the Independent Directors. Your Directors also expressed their satisfaction with the evaluation process.
TRAINING OF INDEPENDENT DIRECTORS
All Independent Directors are familiarized with your Company, their roles, rights and responsibilities in your Company, nature of the industry in which your Company operates, business model, strategy, operations and functions of your Company through its Executive Directors and Senior Managerial personnel. The details of programs for familiarization of Independent Directors with your Company are available on the website of your Company at the link: <http://www.jyothylaboratories.com/admin/docs/> Familiarisation%20Programme JLL.PDF
MEETING OF INDEPENDENT DIRECTORS
Your Company's Independent Directors meet at least once in every financial year without the presence of Executive Director or Management Personnel and the meeting is conducted informally. During the year under review, one meeting of Independent Directors was held on May 25, 2015.
BOARD MEETINGS
The Board of Directors met 6 times during the financial year ended 31st March, 2016 in accordance with the provisions of the Companies Act, 2013 and Rules made thereunder.
The dates on which the Board of Directors met during the financial year under review are provided in the Corporate Governance Report.
AUDIT COMMITTEE
The Audit Committee of your Company consists of majority of Independent Directors and the detailed composition is provided in the Corporate Governance Report. All the recommendations made by the Audit Committee were accepted by the Board.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
Your Company has a Vigil Mechanism in place which also includes a Whistle Blower Policy in terms of the Listing Regulations for Directors and employees of your Company to provide a mechanism which ensures adequate safeguards to Employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation ofanyfinancial statements and reports etc.
The Vigil Mechanism/ Whistle Blower Policy of your Company can be accessed from your Company's website at the link: <http://www.jyothylaboratories.com/admin/docs/JLL> Vigil%20 Mechanism%20Policy amended Final 28012016.pdf
The employees of your Company have the right/ option to report their concern/ grievance to the Chairman of the Audit Committee. During the year under review, no protected disclosure from any Whistle Blower was received by the designated officer under the Vigil Mechanism.
RISK MANAGEMENT
The Board of Directors of your Company has designed a Risk Management Policy in a structured manner taking into consideration the following factors and the same is monitored on a periodic basis by the Executive Directors of your Company.
1. The Management Approach;
2. JLL's Vision & Mission;
3. Key Business Goals;
4. Risk Library;
5. Risk Management Focus.
Also, the Management has adopted the following 5 step approach keeping in view your Company's Vision and Mission:
• Identifying 'Key' Business goals;
• Identifying the Risk Management focus;
• Identifying Business risks;
• Prioritizing the identified business risks;
• Rating the current risk management capability for identified risks.
Further your Company had identified Key Business Goals for a five year horizon and a library of risk events which could be bottleneck in achieving the same. After defining the key business goals and the library of risk events, your Company identified the goals on which the management would focus.
INTERNAL CONTROL SYSTEMS
Your Company has adequate internal control systems and procedures in place for effective and smooth conduct of business and to meet exigencies of operation and growth. Your Company has set up Standard Operating Process (SOP), procedures and controls apart from regular Internal Audits. Roles and responsibilities have been laid down. Management Information System has been established which ensure that adequate and accurate information is available for reporting and decision making.
Internal Audit is conducted by independent firm of auditors. Internal Auditors regularly check the adequacy of the system, their observations are reviewed by the management and remedial measures, as necessary, are taken. Internal Auditors report directly to the Chairman of the Audit Committee to maintain its objectivity and independence.
Your Company has also in place a 'Complaince Tool' designed and implemented by Ernst & Young, LLP which ensures compliance with the provisions of all applicable laws to your Company adequately and efficiently.
AUDITORS & AUDIT REPORTS
Statutory Audit
M/s SRBC & Co LLP, Chartered Accountants (ICAI Registration No. 324982E/ E300003), were appointed by the members of your Company at the 23rd Annual General Meeting (AGM) held on August 13, 2014 for a period of three years i.e. for the financial years 2014–15, 2015–16 and 2016–17 subject to annual ratification by the Shareholders in the AGMs to be held for Financial year 2015–16 and 2016–17.
Members are requested to ratify the appointment of M/s SRBC & Co LLP, Chartered Accountants as Statutory Auditors from the conclusion of the ensuing Annual General Meeting till the conclusion of the next Annual General Meeting in 2017 and to authorize the Board to fix their remuneration for the year 2016–17.
The Notes on financial statement referred to i n the Auditors Report are self explanatory and do not call for any further comments. The Auditors' Report does not contain any qualification, reservation or adverse remark.
Cost Audit
As per section 148 of the Companies Act, 2013 read with Companies (Cost Records and Audits) Rules, 2014, as amended, the Board of Directors of your Company on recommendation of the Audit Committee, appointed M/s R. Nanabhoy & Co., Cost Accountants, Mumbai (Firm Registration No. 000010) as the Cost Auditors to carry out the cost audit of its products covered under the Ministry of Corporate Affairs Order dated June 30, 2014 (as amended on December 31, 2014) for the financial year 2016–17. The remuneration of Cost Auditors has been approved by the Board of Directors on the recommendation of Audit Committee and the requisite resolution for ratification of remuneration of Cost Auditors by the members has been set out in the Notice of the 25th Annual General Meeting of your Company.
The appointment of M/s R. Nanabhoy & Co., Cost Accountants, Mumbai is within the prescribed limits of Companies Act, 2013 and free from any disqualifications specified thereunder. Your Company is in receipt of the Certificate from the Cost Auditors confirming their independence and relationship on arm's length basis.
Secretarial Audit
In terms of Section 204 of the Companies Act, 2013, the Board had appointed M/s Rathi & Associates, Company Secretaries, Mumbai to carry out Secretarial Audit for the financial year 2015–16. The report of the Secretarial Auditor is appended as annexure to this report. The report does not contain any qualification, reservation or adverse remark.
INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS
There have been no instances of any fraud reported by the Statutory Auditors under Section 143(12) of the Companies Act, 2013.
TRANSFER OF AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND
Pursuant to the provisions of Section 205C of the Companies Act, 1956, the dividend/ interest/ refund of applications which remained unclaimed/ unpaid for a period of seven years from the date of transfer to unpaid dividend/ interest/ refund account was required to be transferred to the Investor Education and Protection Fund (IEPF) established by the Central Government and no claim shall lie against the Company.
Accordingly, the unclaimed/ unpaid dividend for the year 2007–08 which remained unpaid and unclaimed for a period of 7 years has been transferred by your Company to the IEPF.
Your Company updates the details of unclaimed/ unpaid dividend on its website viz., (www.jyothylaboratories.com) and
on MCA website (www.mca.gov.in) from time to time pursuant to the provisions of IEPF (Uploading of Information Regarding Unpaid and Unclaimed Amount Lying with Companies) Rules, 2012.
Further, the unpaid dividend amount pertaining to the financial year 2008–09 will be transferred to IEPF during the Financial Year 2016–17.
EXTRACT OF ANNUAL RETURN
The Extract of Annual Return as prescribed under Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014 is appended as annexure to this Report.
EMPLOYEE RELATIONS
Your Company has always provided a congenial atmosphere for work to all employees that is free from discrimination and harassment. Employee relations remained cordial during the year under review.
PREVENTION OF SEXUAL HARASSMENT
Your Company has framed Anti – Sexual Harassment Policy' at workplace and has constituted an Internal Complaints Committee (ICC) as per the requirement of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. No complaints with allegations of any sexual harassment were reported during the year under review.
FIXED DEPOSITS
Your Company did not accept/ renew any fixed deposits from public and no fixed deposits were outstanding or remained unclaimed as on March 31, 2016.
CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
With regard to the requirements of conservation of energy and technology absorption pursuant to provision of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, your Company has nothing specific to report.
PARTICULARS OF EMPLOYEES
Particular of employees as required under Section 197(12) of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and forming part of the Directors' Report for the year ended March 31, 2016 is given in a separate Annexure to this Report.
CAUTIONARY NOTE
Certain statements in the "Management Discussion and Analysis" section may be 'forward–looking'. Such 'forward looking' statements are subject to risks and uncertainties and therefore actual results could be different from what your Directors envisage in terms of future performance and outlook.
ACKNOWLEDGEMENT
The Board of Directors express their sincere appreciation for the contribution and commitment of the employees of your Company and for the excellent support provided by the Shareholders, customers, distributors, suppliers, bankers, media and other Stakeholders, during the financial year under review.
For and on behalf of the Board of Directors
For Jyothy Laboratories Limited
M. P. Ramachandran
Chairman & Managing Director (DIN:00553406)
Place : Mumbai,
date : May 23, 2016
Despite advanced warnings, the introduction of every antimicrobial product has been closely followed by ensuing resistance. Exorbitant use has applied unprecedented selective pressure towards high-level antimicrobial resistance (AMR) and multiple-drug resistance, rendering entire classes of antibiotics redundant.
In accurate decades, there has been a significant retraction of investment towards antimicrobial R&D by the major pharmaceutical companies, resulting in a production rate currently failing to keep pace with the coinciding escalation in global AMR.
In order to avoid the dawn of a 'postantibiotic era', the WHO, European Centre for Disease Prevention and Control and the Infectious Diseases Society of America have attempted to stimulate research into new antimicrobial compounds and Excellerate antibiotic stewardship.
As antibiotic development declines and resistance rises, healthcare-associated infections (HAIs) remain a constant threat to patient welfare. Augmented by multiple-drug resistance, HAIs pose an increasingly significant danger, with aggressive outbreaks forcing the closure of hospitals and intensive care units. Multiple agencies have consistently identified a select group of pathogens (i.e., the ESKAPE pathogens) responsible for the majority of HAIs. Many of the same microorganisms are notorious for their tenacity, pathogenicity, virulence, proclivity for resistance and ultimately, the severity of their infections.
The ESKAPE pathogens will be of increasing relevance to antimicrobial chemotherapy in the coming years. An increasing understanding of virulence, resistance, transmission and pathogenicity in these microbes may lead to innovative strategies for the development of new antimicrobial options, permit efficient critical evaluation of novel antimicrobial agents, support a coordinated effort against these pathogens, facilitate multidisciplinary advances, streamline future R&D and quickly detect emerging forms of resistance.
Despite recognition over three centuries ago, a highly significant microbiological factor has failed to receive appropriate attention: bacteria grow ubiquitously in nature as complex biofilms and not as the planktonic form studied in laboratories. Microbiologists now believe that obviating the biofilm mode in preference for the more easily reproducible planktonic mode has misdirected generations of research.
Biofilm growth is the underlying basis for refractory HAIs, the majority of which are caused by ESKAPE pathogens. A paradigm shift in antimicrobial development, diagnostics and application has been called for to reflect the increased tolerance of biofilms. In the pursuit of next-generation antibiotics, selection should be directed towards agents showing antibiofilm activity.
The antimicrobial 'pipeline' is showing early signs of resurgence, with new classes emerging onto the market within the last decade and more in active clinical development. However, in order to effectively withstand advancing AMR in the years to come, all aspects of antimicrobial discovery, development, use and governance require thorough optimization. Ultimately, only time will tell how well the unfolding crisis will be handled, and if indeed, there is 'no ESKAPE' after all.
Saint Louis University's program in physical therapy offers Doctor of Physical Therapy (D.P.T.). For the early-assurance (freshman-entry), it is a six-year curriculum, including two summers. Freshman entry students receive a Bachelor of Science in Exercise Science - Physical Therapy (B.S.E.S.-P.T.) after completion of the first four years, and the D.P.T. degree after successful completion of the additional two post-baccalaureate years. Students may enter the program as an undergraduate transfer students or as post-baccalaureate students.
Physical therapists work with people across the lifespan to optimize movement and Excellerate health. Physical therapists are responsible for the examination and evaluation of patients/clients, the development and implementation of intervention programs, patient education and the supervision of other health care practitioners. In addition to patient care, physical therapists may also serve as administrators, teachers, researchers and consultants.
Program Highlights
Advantages to earning a D.P.T. at SLU include:
- Direct admission to the program as a freshman
- Undergraduate transfer and post-baccalaureate transfer are both possible
- Opportunities to pursue additional curricular goals such as minors, including interprofessional education, certificates and study abroad programs
- Student-run pro bono clinics
- Diversity of clinical education sites
- Highly qualified and accessible faculty
- State-of-the-art laboratories and clinical equipment
Curriculum Overview
SLU's PT curriculum is divided into the pre-professional (freshman–junior years) and the professional phase (senior year–second post-baccalaureate year). Progression to the professional phase of the program provides a seamless entry from foundational coursework to practical labs and clinical experiences.
Once accepted into the program, a student will progress through the entire program without the need for reapplying or taking a graduate entrance test provided the student meets the program's academic and professional behavior standards.
During the professional phase, students enroll in coursework specific to the physical therapy profession and complete 38 weeks of full-time clinical experiences. Students begin their clinical experiences in the spring of the senior year.
Elective courses in the physical therapy curriculum and clinical exposure help students gain advanced knowledge and skills in specialty areas. In addition to the PT curriculum, students are required to complete a minor.
Upon graduation, students must pass the National Physical Therapy Examination to obtain a license to practice physical therapy.
Clinical and Research Opportunities
SLU's program in physical therapy is affiliated with more than 250 clinical sites locally, nationally and internationally.
The faculty and clinical staff provide clinical services at a variety of locations including the Saint Louis University Physical Therapy Clinic at Student Health, the Physical Therapy Clinic at the Health Resource Clinic, SSM Health Saint Louis University Hospital, consultative services to Fusz Pavilion for Senior Jesuits at Jesuit Hall and the SLUCare Amyotrophic Lateral Sclerosis (ALS) Clinic.
Careers
Graduates from SLU's PT program enjoy employment in a variety of settings, including hospitals, out-patient clinics, long-term rehabilitation facilities, collegiate and professional sports, schools, patient homes and fitness centers.
Physical therapists typically work in full-time positions and receive benefits. The 2020 median annual wage of physical therapists was $91,010 per year according to the Bureau of Labor Statistics. Specific salary depends on location and experience level.
Graduates of our Doctor of Physical Therapy program report a 100% employment rate within the profession within one year of graduation.
Admission Requirements
Every application to the Program in Physical Therapy for admission is reviewed on an individual basis. (Please note the * below for post baccalaureate admissions.)
For the freshman-entry admission, the best qualified high school seniors are selected from the application pool with a required minimum high school gpa of 3.2 on a 4.00 scale, with an emphasis on math and science.
The following high school courses are required for admission:
-
One year of biology and one year of chemistry
-
College prep courses equivalent to algebra, geometry, advanced algebra and/or trigonometry
Strong applicants will have:
-
Four years of math, including a course equivalent to pre-calculus
-
Four years of science, including physics and anatomy/physiology
-
Activities demonstrating leadership and community service
-
An interest in the profession of physical therapy as demonstrated through observation, school activities, or personal experience
The deadline for completed physical therapy applications and financial aid consideration for all freshmen is Dec. 1.
*The application deadline varies for transfer and post-baccalaureate applicants.
Scholarships and Financial Aid
There are two principal ways to help finance a Saint Louis University education:
- Scholarships: Awarded based on academic achievement, service, leadership and financial need. In addition to University scholarships, the Doisy College of Health Sciences offers a scholarship to sophomores, juniors and seniors.
- Financial Aid: Provided in the form of grants and loans, some of which require repayment.
For priority consideration for merit-based scholarships, applicants should apply for admission by Dec. 1 and complete a Free Application for Federal Student Aid (FAFSA) by March 1.
For more information, visit SLU's Office of Student Financial Services at www.slu.edu/financial-aid.
Accreditation
The Program in Physical Therapy at Saint Louis University is accredited by the Commission on Accreditation in Physical Therapy (CAPTE).
Commission on Accreditation in Physical Therapy (CAPTE)
3030 Potomac Ave., Suite 100
Alexandria, Virginia 22305-3085
703-706-3245
accreditation@apta.org
http://www.capteonline.org
If you need to contact SLU's program directly, please call 314-977-8505 or email sluptat@health.slu.edu.
For more information about the SLU physical therapy program's outcomes, matriculation rate, graduate rate, employment rate, NPTE pass rates and technical standards, please see the additional accreditation information (PDF).
Physical Therapy Requirements (for students admitted as freshman or admitted as transfer undergraduate students)
| Code | Title | Credits |
|---|---|---|
| DPT 5123 | Clinical Gait | 2 |
| DPT 5134 | Multi System Management | 3 |
| DPT 5135 | Cardiopulmonary Conditions | 3 |
| DPT 5137 | Aspects of Nutrition | 2 |
| DPT 5142 | Evidence Based Practice | 2 |
| DPT 5149 | Applied Neuroscience | 2 |
| DPT 5162 | Musculoskeletal Conditions II | 3 |
| DPT 5215 | Professional Development I | 2 |
| DPT 5218 | Effective Communication and Teaching | 3 |
| DPT 5251 | Neurological Conditions I | 4 |
| DPT 5263 | Musculoskeletal Conditions III | 4 |
| DPT 5271 | Patient Management I | 3 |
| DPT 5291 | Clinical Experience IA | 2 |
| DPT 6072 | Patient Management II | 1 |
| DPT 6077 | Department Administration | 2 |
| DPT 6091 | Clinical Experience IB | 2 |
| DPT 6092 | Clinical Experience IIA | 2 |
| DPT 6116 | Professional Development II | 2 |
| DPT 6124 | Biomechanical Interventions | 3 |
| DPT 6138 | Concepts of Wellness | 1 |
| DPT 6152 | Neurological Conditions II | 2 |
| DPT 6164 | Musculoskeletal Conditions IV | 3 |
| DPT 6173 | Patient Management III | 2 |
| DPT 6178 | Applied Administration and Management | 2 |
| DPT 6192 | Clinical Experience IIB | 2 |
| DPT 6293 | Clinical Experience III | 3 |
| DPT 6294 | Clinical Experience IV | 3 |
| Total Credits | 65 | |
Physical Therapy Requirements (for students admitted with a bachelors degree)
| Code | Title | Credits |
|---|---|---|
| ANAT 4000 | Human Gross Anatomy | 6 |
| ANAT 4300 | AHP Neurosciences | 5 |
| DPT 5121 | Kinesiology I | 3 |
| DPT 5123 | Clinical Gait | 2 |
| DPT 5125 | Therapeutic Modalities | 3 |
| DPT 5127 | Basic Examination | 3 |
| DPT 5131 | Survey of Disease | 3 |
| DPT 5132 | Pharmacology | 1 |
| DPT 5133 | Lab Studies & Imaging | 2 |
| DPT 5134 | Multi System Management | 3 |
| DPT 5135 | Cardiopulmonary Conditions | 3 |
| DPT 5137 | Aspects of Nutrition | 2 |
| DPT 5142 | Evidence Based Practice | 2 |
| DPT 5147 | Human Growth and Development | 3 |
| DPT 5149 | Applied Neuroscience | 2 |
| DPT 5162 | Musculoskeletal Conditions II | 3 |
| DPT 5215 | Professional Development I | 2 |
| DPT 5218 | Effective Communication and Teaching | 3 |
| DPT 5222 | Kinesiology II | 3 |
| DPT 5226 | Therapeutic Exercise | 2 |
| DPT 5228 | Basic Procedures | 2 |
| DPT 5241 | Clinical Research and Design | 2 |
| DPT 5251 | Neurological Conditions I | 4 |
| DPT 5261 | Musculoskeletal Conditions I | 2 |
| DPT 5263 | Musculoskeletal Conditions III | 4 |
| DPT 5271 | Patient Management I | 3 |
| DPT 5276 | Documentation | 1 |
| DPT 5290 | Skills Practicum | 1 |
| DPT 5291 | Clinical Experience IA | 2 |
| DPT 6072 | Patient Management II | 1 |
| DPT 6077 | Department Administration | 2 |
| DPT 6091 | Clinical Experience IB | 2 |
| DPT 6092 | Clinical Experience IIA | 2 |
| DPT 6192 | Clinical Experience IIB | 2 |
| DPT 6116 | Professional Development II | 2 |
| DPT 6124 | Biomechanical Interventions | 3 |
| DPT 6138 | Concepts of Wellness | 1 |
| DPT 6152 | Neurological Conditions II | 2 |
| DPT 6164 | Musculoskeletal Conditions IV | 3 |
| DPT 6173 | Patient Management III | 2 |
| DPT 6178 | Applied Administration and Management | 2 |
| DPT 6293 | Clinical Experience III | 3 |
| DPT 6294 | Clinical Experience IV | 3 |
| Total Credits | 107 | |
Continuation Standards
For a complete list of continuation standards, see the Program in Physical Therapy Student Handbook located on the program web page.
Roadmaps are recommended semester-by-semester plans of study for programs and assume full-time enrollment unless otherwise noted.
Courses and milestones designated as critical (marked with !) must be completed in the semester listed to ensure a timely graduation. Transfer credit may change the roadmap.
This roadmap should not be used in the place of regular academic advising appointments. All students are encouraged to meet with their advisor/mentor each semester. Requirements, course availability and sequencing are subject to change.
| Year One | ||
|---|---|---|
| Fall | ||
| BIOL 1240 & BIOL 1245 |
General Biology: Information Flow and Evolution and Principles of Biology I Laboratory |
4 |
| CHEM 1080 & CHEM 1085 |
Principles of Chemistry 1 Lecture and Principles of Chemistry 1 Lab |
4 |
| CORE 1700 | Ultimate Questions: Philosophy () | 3 |
| DPT 1111 | Self and Community in PT () | 1 |
| ENGL 1900 | Advanced Strategies of Rhetoric and Research () | 3 |
| Credits | 15 | |
| Spring | ||
| BIOL 1260 & BIOL 1265 |
General Biology: Transformations of Energy and Matter and Principles of Biology II Laboratory |
4 |
| CHEM 1480 & CHEM 1485 |
Principles of Chemistry 2 Lecture and Principles of Chemistry 2 Lab |
4 |
| DPT 1212 | Student Development II: Fueling the Fire, Discovering Your Passion () | 2 |
| MATH 1400 | Pre-Calculus | 3 |
| CORE 1200 | Eloquentia Perfecta 2: Oral and Visual Communication () | 3 |
| Credits | 16 | |
| Year Two | ||
| Fall | ||
| IPE 2100 | Interprofessional Collaboration and Healthcare in Global Context | 3 |
| PHYS 1220 & PHYS 1235 |
General Physics I and General Physics I Lab |
4 |
| PPY 2540 | Human Physiology | 4 |
| PSY 1010 | General Psychology | 3 |
| 3 | ||
| Credits | 17 | |
| Spring | ||
| ANAT 1000 | Basic Human Anatomy | 3 |
| DPT 2213 | Professionalism and Physical Therapy Thought | 1 |
| IPE 4200 | Applied Decision-Making in Interprofessional Practice | 3 |
| PHYS 1240 & PHYS 1255 |
General Physics II and General Physics II Lab |
4 |
| 3 | ||
| 3 | ||
| Credits | 17 | |
| Year Three | ||
| Fall | ||
| CORE 1600 | Ultimate Questions: Theology | 3 |
| CORE 2800 | Eloquentia Perfecta 3: Creative Expression | 2-3 |
| CORE 3400 | Ways of Thinking: Aesthetics, History, and Culture | 3 |
| PHIL 2050 or HCE 2010 |
Ethics or Foundations in Clinical Health Care Ethics |
3 |
| PSY 3460 | Abnormal Psychology | 3 |
| 3 | ||
| Credits | 17-18 | |
| Spring | ||
| DPT 3230 | Exercise Physiology | 3 |
| IPE 4900 | Interprofessional Community Practicum () | 2 |
| STAT 1100 | Introduction to Statistics | 3 |
| 1 | ||
| 3 | ||
| 3 | ||
| Credits | 15 | |
| Summer | ||
| ANAT 4000 | Human Gross Anatomy | 6 |
| Credits | 6 | |
| Year Four | ||
| Fall | ||
| DPT 5121 | Kinesiology I | 3 |
| DPT 5125 | Therapeutic Modalities | 3 |
| DPT 5127 | Basic Examination | 3 |
| DPT 5131 | Survey of Disease | 3 |
| DPT 5132 | Pharmacology | 1 |
| DPT 5133 | Lab Studies & Imaging | 2 |
| DPT 5147 | Human Growth and Development | 3 |
| Credits | 18 | |
| Spring | ||
| ANAT 4300 | AHP Neurosciences | 5 |
| DPT 5222 | Kinesiology II | 3 |
| DPT 5226 | Therapeutic Exercise | 2 |
| DPT 5228 | Basic Procedures | 2 |
| DPT 5241 | Clinical Research and Design | 2 |
| DPT 5261 | Musculoskeletal Conditions I | 2 |
| DPT 5276 | Documentation | 1 |
| DPT 5290 | Skills Practicum | 1 |
| Credits | 18 | |
| Year Five | ||
| Fall | ||
| DPT 5123 | Clinical Gait | 2 |
| DPT 5134 | Multi System Management | 3 |
| DPT 5135 | Cardiopulmonary Conditions | 3 |
| DPT 5137 | Aspects of Nutrition | 2 |
| DPT 5142 | Evidence Based Practice | 2 |
| DPT 5149 | Applied Neuroscience | 2 |
| DPT 5162 | Musculoskeletal Conditions II | 3 |
| Credits | 17 | |
| Spring | ||
| DPT 5215 | Professional Development I | 2 |
| DPT 5218 | Effective Communication and Teaching | 3 |
| DPT 5251 | Neurological Conditions I | 4 |
| DPT 5263 | Musculoskeletal Conditions III | 4 |
| DPT 5271 | Patient Management I | 3 |
| DPT 5291 | Clinical Experience IA | 2 |
| Credits | 18 | |
| Summer | ||
| DPT 6072 | Patient Management II () | 1 |
| DPT 6077 | Department Administration () | 2 |
| DPT 6091 | Clinical Experience IB | 2 |
| DPT 6092 | Clinical Experience IIA | 2 |
| Credits | 7 | |
| Year Six | ||
| Fall | ||
| DPT 6116 | Professional Development II | 2 |
| DPT 6124 | Biomechanical Interventions | 3 |
| DPT 6138 | Concepts of Wellness | 1 |
| DPT 6152 | Neurological Conditions II | 2 |
| DPT 6164 | Musculoskeletal Conditions IV | 3 |
| DPT 6173 | Patient Management III | 2 |
| DPT 6178 | Applied Administration and Management | 2 |
| 1 | ||
| DPT 6192 | Clinical Experience IIB | 2 |
| Credits | 18 | |
| Spring | ||
| DPT 6293 | Clinical Experience III | 3 |
| DPT 6294 | Clinical Experience IV | 3 |
| Credits | 6 | |
| Total Credits | 205-206 | |
Program Notes
The curriculum is divided into the pre-professional (freshman – junior years; semesters 1-6) and the professional phase (senior year – second post-baccalaureate year; summer semesters 1 and 2; semesters 7-12). Progression to the professional phase of the program provides a seamless entry from foundational coursework to practical labs and clinical experiences.
CHALLENGES AND LIMITATIONS OF ctDNA
Section:
Despite the fact that ctDNA has increasingly become a part of the paradigm for molecular profiling and that high concordance is observed between baseline plasma and tissue testing, tissue biopsy remains the gold standard in general for solid tumors. There are advantages to a tissue-based approach. To date, from a technical standpoint, tissue biopsy is more sensitive in detecting fusions since these are large gene rearrangements.7 Although ctDNA can detect copy-number variations, the efficacy is limited to patients with high tumor content or extreme copy-number amplifications, whereas copy losses are very difficult to detect in plasma. Even for coding variants, sufficient ctDNA may not be detectable in approximately 15% of the patients with metastatic cancers on the basis of tumor type and burden.52
From a clinical standpoint, blood-based ctDNA testing can also have less utility in CRC patients with peritoneal carcinomatosis or brain metastases because of the respective blood-based barriers. Creative strategies to use ctDNA detection in other body fluids (cerebrospinal fluid, ascites, pleural effusion etc) are under investigation.53-57
Steps are needed to standardize ctDNA profiling across platforms and to describe how ctDNA tests relate to a tissue result, as other biomarkers such as plasma tumor mutational burden are being reported. Plasma tumor mutational burden scores trended higher compared with tissue TMB and it is unclear how or whether these should be compared with tissue-based results.58 It is important keep these technical and clinical applications in mind when applying any of the ctDNA platforms for patients with CRC.
In conclusion, ctDNA is emerging as a powerful tool for various applications including molecular profiling, MRD detection, early recurrence monitoring, and treatment response prediction. ctDNA can potentially be used to guide adjuvant therapy, and/or considering additional imaging techniques (magnetic resonance imaging and/or positron emission tomography-computed tomography) to identify sites of occult metastasis potentially amenable to a locoregional therapy approach in the surveillance setting.
ctDNA is highly prognostic and ctDNA clearance is emerging as a biomarker that could help with early assessment of therapeutic efficacy. Whether it can be a surrogate end point for recurrence or DFS is yet to be determined. This approach could expedite clinical trial read out, reduce the cost of trials, and allow us to bring advances to the patients sooner. ctDNA will enhance recruitment to clinical trials and increase the number of patients eligible for a precision medicine approach. It may also allow us to abort approved but ineffective therapies in patients who do not respond to targeted or immunotherapies. With the completion of ongoing clinical trials, we anticipate patients with stage III and high-risk stage II CRC with no evidence of MRD postoperatively can perhaps be monitored under active surveillance without adjuvant chemotherapy and potentially treated at the time of MRD detection.
Keeping in mind the limitations, CRC as a disease is particularly suited to a liquid biopsy–based approach since there is a great deal of shedding of circulating tumor fragments (cells, DNA, methylation markers, etc). The utility of ctDNA has broadened from its initial use in the advanced/metastatic setting for molecular profiling and detection of acquired resistance mechanisms, toward identifying MRD as well as early detection. We are also seeing hints of ctDNA being more than just a prognostic marker in the MRD setting. It is important to reiterate that there are different types of ctDNA liquid biopsy platforms, each with advantages and disadvantages and different clinical indications. Interpretation and application of ctDNA results cannot be done in isolation, and the clinical context needs to be kept in mind besides the assay/technical issues. Enrollment in ongoing clinical trials that use ctDNA as an integral biomarker and harmonizing of reporting across platforms will be key to further advance the field.
The MarketWatch News Department was not involved in the creation of this content.
Jun 30, 2022 (Heraldkeepers) -- New Jersey, United States,- The Global CVD Diamond Market research includes an in-depth analysis of key geographical trends, market dynamics, and global size estimates for the market industry. Product description, product classification, industry structure, and numerous participants in the Global CVD Diamond market. For each segment and geographic market, the market research contains figures from the previous period, as well as the future term and percent CAGR measured.
The study focuses on global companies that operate in the Global CVD Diamond Market and includes information such as company profiles, product samples and descriptions, capacity, production, value, and income. This study includes crucial facts on the industry’s current situation and serves as a valuable source of guidance for businesses and individuals working in the market.
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– Overview of the Market
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– Data Mining
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– Overview
– Market Dynamics
– Drivers
– Restraints
– Opportunities
– Porters Five Force Model
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6. Global CVD Diamond Market, By Application
7. Global CVD Diamond Market, By Geography
– North America
– Europe
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– Overview
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9. Company Profiles
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VANCOUVER, BC, July 27, 2022 /CNW/ - (TSX: LUC) (BSE: LUC) (LUC – Nasdaq Stockholm) Lucara Diamond Corp. ("Lucara" or the "Company") regrets to announce the death of Company founder and former Chairman and member of the Board of Directors, Mr. Lukas H. Lundin, in Geneva, Switzerland on July 26, 2022 at the age of 64, following a two-year battle with brain cancer. Please view PDF version
Over the past 40 years, Lukas Lundin was the driving force behind the tremendous success of The Lundin Group of Companies. Lukas started his career in the international energy and mining sectors in the early 1980s working side-by-side with his father, the late Adolf H. Lundin.
Under the leadership of Lukas and his brother Ian, and in close cooperation with the rest of the Lundin family, the Lundin Group of Companies has grown into an internationally recognized group of energy and mining companies with operations around the globe, employing more than 15,000 people and creating opportunities for tens of thousands more. The 11 companies that make up the Lundin Group of Companies have a combined market capitalization in excess of USD 11 billion.
Lukas Lundin founded Lucara along with partners Eira Thomas and Catherine McLeod-Seltzer in 2007, and he served as a director and Chairman of the Board until May 2022. In 2010, Lucara acquired the AK06 kimberlite in Botswana and advanced the project through feasibility and construction, commencing open pit production at the Karowe diamond mine in 2012. The Karowe mine is renowned for its production of large, high quality, type IIA diamonds and is the only diamond mine in recorded history to have ever recovered three diamonds in excess of 1,000 carats each.
Lukas Lundin's sons Harry, Adam, Jack and William said in a joint statement: "Our father is our biggest inspiration. His passion for the industries to which he devoted his life was unparalleled. Lukas saw people as the key to success and spent decades building some of the strongest management teams in our industries. He always strived to empower those working with him and continuously pushed us to aim higher. We could not have had a better father and mentor.
Our family is deeply saddened about Lukas' passing but takes comfort in the knowledge that his legacy will live on for generations to come. Having worked side-by-side with Lukas for many years, all of us look forward to continuing to build on the successes of the companies within the Lundin Group - with the support of our shareholders and stakeholders, not least the members of the local communities where we operate. The companies in the Lundin Group stand stronger than ever and the Lundin family is united in our commitment to remain long-term shareholders."
Lucara founding partners, Catherine McLeod-Seltzer, Director and Eira Thomas, CEO said: "Lukas' passing is a profound loss for all of us at Lucara and we would like to extend our deepest condolences to the Lundin Family at this difficult time. Lukas will be remembered as a visionary, a man of true conviction who was never afraid to swim against the tide once the value of an opportunity became apparent. His critical, financial sponsorship of the acquisition and development of the successful Karowe diamond mine in Botswana, which has operated continuously since 2012 and generated over $2 Billion in revenues to date, is a testament to this vision. Further, his commitment to innovation and willingness to take risks, pledging further support for Lucara's +$500 million underground expansion project, to access a rich portion of the orebody and extend the mine life out to 2040, will ensure that the full value of this remarkable asset is realized to the benefit of all stakeholders.
Business successes aside, Lukas was a true partner and friend whose energy and passion for living life to its fullest touched and enriched the lives of so many people in our Company and within our local communities of interest in Botswana. Africa was indeed one of Lukas' favourite places and through his work with Lucara and the Lundin Foundation, he leaves a lasting legacy of positive economic development that will benefit generations to come. We will deeply miss our intrepid and legendary leader, who will forever inspire us to be bold and think big."
On behalf of the Board,
Eira Thomas
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100% owned Karowe Mine in Botswana and owns a 100% interest in Clara Diamond Solutions, a secure, digital sales platform positioned to modernize the existing diamond supply chain and ensure diamond provenance from mine to finger. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment and community relations.
The information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.
The information was submitted for publication, through the agency of the contact person set out above, on July 27, 2022 at 8:30am Pacific Time.
SOURCE Lucara Diamond Corp.
View original content to obtain multimedia: http://www.newswire.ca/en/releases/archive/July2022/27/c5666.html
