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UNIVERSAL STARCH CHEM ALLIED LTD.

	Annual Reports

	Quarterly Reports

Corporate Governance Report

Board of Directors

The Board of Directors comprised of 9 members as on 31st March 2004. The Company has an Executive Chairman. More than 50% of the Board comprises of Non-Executive Directors. The Executive Directors include the Chairman and Managing Director and two other Executive Directors. The Board has 5 independent directors.

Composition, Category and other details of Directorships are given below :

Category	Name of Director & Designation	No. of other Directorships	No. of Committee membership / Chairmanship
Category	Name of Director & Designation	No. of other Directorships	Membership	Chairmanship
Promoter Executive Directors	Shri. Jitendrasinh J. Rawal Executive Chairman & Managing Director	1	1	-
	Shri. Jaykumar J. Rawal Executive Director	4	1	-
Other Executive Director	Shri. Dashrath A. Patil	2	-	-
Promoter Non-Executive Directors	Shri. Jaydeosinh J. Rawal	1	2	1
	Shri. C.N. Rawal	-	-	-
Independent Non-Executive Directors	Shri. Jagdish Varshneya	15	5	5
	Shri. Ashok Kothary	5	1	-
	Shri. G. Vishwanath	-	1	-
	Shri. Dev Prakash Yadava (Additional Director)	4	-	-
	Shri. R. T. Bandodkar (Additional Director)	2	-	-

Two of the Executive Directors of the Company have been appointed on a contractual basis based on the approval of the shareholders for a tenure of up to five years. The remuneration package for these two executive directors comprises of salary, and other allowances, perquisites and commission as approved by the shareholders at the Annual General Meetings. Annual increments are linked to performance and are decided by the Board of Directors. During the year, the managerial remuneration payable to the three executive directors aggregated to Rs. 27,14,505/-. This includes the amount of Rs. 2,54,840/- towards commission payable for the year ended 31st March 2004.

There is no remuneration package for the Non-executive directors of the Company. However sitting fees of Rs. 37,500/- has been paid to the directors for the meetings attended.

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During the year under review the Board of Directors met five times at the registered office of the Company. These were held on :-

Sr. No.	Date of the meeting	No. of Directors present
1.	30th April 2003	6
2.	28th July 2003	6
3.	18th August 2003	5
4.	30th October 2003	6
5.	29th January 2004	6

The attendance recorded for each of the Directors at the Board Meetings during the year ended 31st March 2004 and of the last Annual General Meeting is given below :

Name of the Director	No. of Board Meetings attended	Attendance at the last AGM
Shri. Jitendrasinh J. Rawal Wholetime Director	5	Yes
Shri. Jaykumar J. Rawal Wholetime Director	2	No
Shri. Dashrath A. Patil Wholetime Director	5	Yes
Shri. Jaydeosinh J. Rawal	4	No
Shri. C.N. Rawal *	2	No
Shri. Jagdish Varshneya	2	No
Shri. Ashok Kothary	4	No
Shri. G. Vishwanath	5	No
Shri. Dev Prakash Yadava**	-	-
Shri. R. T. Bandodkar **	-	-

* Shri. C.N. Rawal resigned on 29th January 2004.

** Shri. Dev Prakash Yadava and Shri. R.T. Bandodkar were appointed as
Additional Directors of the Company on 29th January 2004.

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