sahyog multibase ltd Directors report

Your Directors take pleasure in presenting the Thirty-Second Annual Report on the business and operations of Best Agrolife Limited ("the Company") along with the Audited Financial Statements for the year ended March 31, 2023. The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

Financial Highlights

Amount ( in lakhs)

	Standalone		Consolidated
	2022-23	2021-22	2022-23	2021-22
Revenue from operations	1,49,996.20	1,13,427.44	1,74,567.79	1,21,079.54
Other income (Net)	1,008.71	535.37	260.02	177.58
Total Income	1,51,004.91	1,13,962.81	1,74,827.81	1,21,257.12
Profit before financial expenses, depreciation	9,613.18	13,045.78	31,625.71	16,758.99
Less: Financial expenses	2,396.25	1,055.06	3,885.88	1,509.31
Depreciation/Amortization	515.82	384.34	2,450.16	1,183.69
Profit before tax	6,701.11	11,606.38	25,289.67	14,065.99
Tax expenses	1,993.00	2,899.36	6,075.04	3,589.80
Profit after tax for the year	4,708.11	8,707.02	19,214.63	10,476.19
Other Comprehensive income	484.00	(162.57)	998.40	(168.27)
Total Comprehensive income for the year	5,192.10	8,544.46	20,213.04	10,307.92

Standalone & Consolidated Performance

During the financial year, the Company on a standalone basis has reported a total revenue of 1499.96 crores against 1134.27 crores in the previous financial year. The profit (after tax) stood at 47.08 crores against 87.07 crores in thepreviousfinancial

During the financialyear, the Company on a consolidated basis has reported a total revenue of 1745.67 crores against 1210.79 crores in the previous financial year. The profit (after tax) stood at 192.14 crores against 104.76 year croresinthepreviousfinancial

ations Oper StateofCompanysAffairs and

Your Company has grown and evolved as one of the fastest growing agrochemicals industry in India. With globally benchmarked manufacturing capabilities, a robust distribution network, and a customer-centric approach, the Company remains dedicated to empowering the farmers community. The Company strives to enhance crop health and maximise farm output while prioritising environmental sustainability and social responsibility. The Company has significantly increased its brand recall.

In, line with the growth plans, your Company have allocated 200 crores for capacity enhancement and backward integration, which is scheduled for completion in the upcoming years. This significant CAPEX investment underscores the commitment to expand our capabilities and ensure future success.

Dividend

The Directors are pleased to recommend a dividend of 3 per share (i.e. 30%) on the Equity Shares of the Company of 10/- each for the year ended March 31, 2023 (previous year 2 per share i.e. 20%). If the dividend, as recommended above, is declared at the ensuing Annual General Meeting

(‘AGM) to be held on September 27, 2023, the total outflow towards dividend on Equity Shares for the year would be 7.09 crores (Previous year 4.73 crores).

The record date for the purposes of the final dividend will be

September 20, 2023 and will be paid on or after September 27, 2023.

Dividend Distribution Policy

Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure

Requirements) Regulations, 2015 (‘SEBI Listing Regulations), the Board of Directors of the Company have adopted a Dividend Distribution Policy which aims to maintain a balance between profit retention and a fair, sustainable and consistent distribution of profits among its members.

The said Policy is available on the website of the Company under the ‘Investors section at https://www.bestagrolife. com/investorss/DIVIDEND-DISTRIBUTION-POLICY.pdf

Share Capital

The paid-up share capital of the Company as on March 31,

2023 was 23,64,47,400/- (Twenty-Three crores Sixty-Four lakhs Forty-Seven Thousand Four Hundred Only) divided into 2,36,44,740 (Two crores Thirty-Six lakhs Forty-Four

Thousand Seven Hundred Forty) Equity Shares of 10/-each. During the year under review, the Company has not issued any shares.

Change in Nature of Business

There has been no change in the nature of business of the Company as on the date of this Report.

Transfer to General Reserve

As permitted under the provisions of the Companies Act, 2013, the Board do not propose to transfer any amount to general reserve on declaration of Dividend and has decided to retain the entire amount of profit for Financial Year 2022-23 in the profit and loss account.

Particulars of Loans, Guarantees or

Investments

During the year under review, the Company has not made any investment. The particulars of loans, guarantees and investments as per Section 186 of the Act by the Company, have been disclosed in the financial statements.

Public Deposits

No deposits have been accepted from the public during the year under review and no amount on account of principal or interest on deposits from the public was outstanding as on March 31, 2023.

Particulars of Contracts or Arrangements Made with Related Parties

The Company has formulated a Policy on Related Party Transactions in accordance with the Companies Act and the SEBI Listing Regulations including any amendments thereto foridentifying,reviewing,approvingandmonitoringofRelated

Party Transactions (‘RPTs). The "Policy on materiality of and on dealing with related party transactions" as approved by the Board may be accessed on the Companys website at the link https://www.bestagrolife.com/investorss/Policy-On-Materiality-And-Dealing-With-Related-Party-Transactions. pdf

All RPTs are placed before the Audit Committee for review and approval. Prior omnibus approval of the Audit Committee is obtained on an annual basis for the transactions which are planned/repetitive in nature. A statement giving details of all RPTs entered pursuant to omnibus approval so granted is placed before the Audit Committee on a quarterly basis for its review specifying the nature, value and terms and conditions of the transactions. All the RPTs under Ind AS-24 have been disclosed in note no. 39 to the Standalone Financial Statements forming part of this Annual Report.

The RPTs entered into during the year under review were on arms length basis, in the ordinary course of business and were in compliance with the applicable provisions of the Act read with the rules framed thereunder and the SEBI Listing Regulations. Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 in Form AOC-2 attached as an Annexure-2 is applicable to the Company for the Financial Year 2022-23 and hence forms part of this report.

In terms of Regulation 23 of the SEBI Listing Regulations, the Company submits details of RPTs on a consolidated basis, as per the format specified in the relevant accounting standards to the stock exchanges on a half-yearly basis.

Corporate Governance

The Company is committed to maintaining the highest standards of Corporate Governance and ensuring adherence to the Corporate Governance requirements, as set out by the Securities and Exchange Board of India (SEBI). As required by Regulation 34 of the SEBI Listing Regulations, a detailed Corporate Governance Report is annexed to this Report. The Company is in full compliance with the requirements and disclosures that must be made in this regard. A Certificate from a Company Secretary in whole-time practice, confirming compliance of the Corporate Governance requirements by the Company, is annexed with the Corporate Governance Report.

Management Discussion and Analysis

Report

The Management Discussion and Analysis Report, which gives a detailed account of state of affairs of the operations of the Company forms part of this Annual Report. The Audit Committee of the Company has reviewed the Management Discussion and Analysis report of the Company for the year ended March 31, 2023 as required under the provisions of the SEBI (LODR), 2015.

Material Changes and Commitments Affecting Financial Position Between the end of the Financial Year and Date of the Report

There has been no material change and commitment, affecting the financial performance of the Company which occurred between the end of the financial year of the Company to which the financial statements relate and the date of this Report.

Consolidated Financial Statements

In accordance with the provisions of Section 129(3) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, as amended from time to time, the Company has prepared Consolidated Financial Statements as per Indian Accounting Standard Ind AS-110 on Consolidated Financial Statements. The audited Consolidated Financial Statements along with Auditors Report thereon forms part of this Annual Report.

Subsidiaries/Joint Venture Companies

The Company has two (2) subsidiaries as on March 31, 2023. 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.

During the year, the Board of Directors reviewed the affairs of the subsidiaries. In accordance with Section 129(3) of the Companies Act, 2013, we have prepared the Consolidated financial statements of the Company, which forms part of this

Annual Report. Further, a statement containing the salient features of the financial statements of our subsidiaries in the prescribed format AOC-1 is appended as an Annexure-1 to the Boards report.

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 Companys website at https://www.bestagrolife.com/investors

The Company will provide the financial statements of subsidiaries upon receipt of a written request from any member of the Company interested in obtaining the same. The financial statement of subsidiaries will also be available for inspection at the Registered Office of your

Company during working hours up to the date of the Annual General Meeting.

Code of Conduct

The Company has in place a Code of Conduct ("Code") which is applicable to the members of the Board and the Senior Management of the Company. The Code lays down the standard of conduct expected to be followed by the Directors and Senior Management in their business dealings and on matters relating to integrity in the workplace, dealings with stakeholders and in business practices. This Code is intended to provide guidance to the Board of Directors and Senior Management of the Company to manage the affairs of the Company in an ethical manner and is formulated in accordance with the requirements of the Act and SEBI

Listing Regulations. All the Board Members and the Senior

Management employees (as defined in the Code of Conduct) have confirmed compliance with the Code.

Human Resources Management

Best Agrolife considers human resource to be one of the most valued stakeholders for the Company and accordingly internal development of people and providing a best-in-class work environment is a key priority for the organization to drive business objectives and goals. Our people practices have enabled us to create an environment of collaboration and connect, which has aided us to achieve industrial harmony. Improving employee productivity is of utmost importance to the organisation. Efforts have been taken on hiring and creating infrastructure for diverse workforce.

Best Agrolife is very proud that it has impeccable record in the safety of its human capital, women empowerment and nurturing pool of young talent and considers its human resources as key to its success story till date.

The Company is also very proud of its grievance redressal system which ensures that we are fair, prompt in response and eliminate any possibility of harassment or unacceptable practices.

As on March 31, 2023, the Company had a total count of permanent 428 employees.

Particulars of Employees and

Remuneration

The information required under Section 197(12) of the

Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as an Annexure-6 which forms part of this Report.

The information required under Rule 5(2) and (3) of the

Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms part of this Report. However, in pursuance of Section 136(1) of the Act, this report is being sent to the shareholders of the Company excluding the said information. The said information is available for inspection by the members at the registered office of the Company during the working hours up to the date of Annual General meeting. Any Member interested in obtaining the same may write to the Company Secretary at info@bestagrolife.com None of the employees listed in the said Annexure is related to any Director/KMP of the Company.

Internal Financial ControL

The Company has in place adequate internal financial controls with reference to the Financial Statements. The Audit Committee of the Board reviews the internal control systems including internal financial control system, the adequacy of internal audit function and significant audit findings with the management, Internal Auditors and

Statutory Auditors.

Credit Ratings

As on March 31, 2023 the Company had a rating of CARE A-; Stable/CARE A2+ assigned by Care Edge Ratings for bank loan facilities aggregating to 235 crores:

Facilities/Instruments	Rating Assigned	Size of the issue
Fund-based - LT/ST Working Capital	CARE A-; Stable/CARE A2+	30.00 crores
Demand loan
Fund-based/Non-fund based- LT/ST	CARE A-; Stable/CARE A2+	205.00 crores

Board Meetings

During the year, 6 (Six) Board Meetings were convened and all meetings were audit observations and corrective actions as held through audio/video conferencing except two meeting held on May 23, 2022 and October 21, 2022. The details of meetings are provided in the Corporate Governance Report. The intervening gap between two consecutive meetings was within the period prescribed under the Companies Act, 2013, Secretarial Standards on Board Meetings and SEBI, LODR as amended from time to time.

Board Evaluation

The Board of Directors has carried out the Annual Performance Evaluation of its own, Committees of Board of Directors and Individual Directors pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The performance of the Board was evaluated by the Board, after seeking inputs from all Directors on the basis of the criteria such as Board composition and structures, effectiveness of Board processes, information and functioning etc. The performance of the Committees was evaluated by the Board after seeking inputs from the Committee members on the basis of the criteria such as the composition of Committees, effectiveness of Committee meetings etc. The Board and the Nomination and Remuneration Committee reviewed the performance of the individual Directors on the basis of the criteria such as contribution of the Individual Director to the Board and Committee meetings.

Also, in a separate meeting of Independent Directors, performance of Non-Independent Directors, Board as a whole and the Chairman were evaluated, taking into account the views of Executive Directors and Non-Executive Directors. Performance evaluation of Independent Directors was done by the entire Board, excluding the Independent Director being evaluated.

Policy on Directors Appointment and

Remuneration

The salient features of Companys policy on appointment and remuneration of Directors, key managerial personnel and other employees including criteria for determining qualifications, positive attributes, independence of Directors and other matters provided in Section 178(3) of the Companies Act, 2013 has been disclosed in the Corporate Governance report, which forms part of this Report.

Audit Committee

As on March 31, 2023, the Audit Committee comprised of Two Non-Executive Independent Directors, namely Mr. Braj Kishore Prasad & Mrs. Chetna, and one Non-Executive Non-Independent Director, namely Mr. Shuvendu Kumar Satpathy.

Mrs. Chetna is the Chairman of the Committee.

All members of the Audit Committee possess good knowledge of accounting and financial management. The Managing Director, Chief Financial Officer, the Internal

Auditors and Statutory Auditors are regularly invited to attend the Audit Committee Meetings. The Company Secretary is the Secretary to the Committee. The Internal Auditor reports to the Chairman of the Audit Committee. The significant be required and taken by the management are presented to the Audit Committee. There have been no instances during the year when recommendations of the Audit Committee were not accepted by the Board.

Auditors

The Shareholders of the Company at the 29th Annual General Meeting of the Company held on September 28, 2020, had appointed M/s. Walker Chandiok & Co LLP, Chartered Accountants (ICAI Registration No. 001076N/N500013) Address: L 41, Connaught Circus, New Delhi-110001), as

Statutory Auditors of the Company to hold office until the conclusion of the 34th Annual General Meeting to conduct the audit of the Accounts of the Company, at such remuneration as may be mutually agreed upon between the Board of Directors of the Company and the Auditors.

As required under the provisions of Section 139(1) and

141 of the Companies Act, 2013 read with the Companies (Accounts and Auditors) Rules, 2014, the Company has received a written consent and certificate from the auditors to the effect that they are eligible to continue as

Statutory Auditor of the Company. The notes of the financial statements referred to in the Auditors Report issued by M/s. Walker Chandiok & Co LLP, Chartered Accountants,

New Delhi for the financial year ended on March 31, 2023 are self-explanatory and do not call for any further comments.

The Auditors Report does not contain any qualification, reservation or adverse remark.

Risk Management

Pursuant to the requirement of Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015 (the "SEBI LODR"), the Company has constituted a Risk Management Committee (RMC), to identify, assess, monitor and mitigate various risks to key business objectives. Major risks identifiedare systematically addressed through mitigating actions on continuous basis and monitored regularly with reference to statutory regulations and guidelines. The Companys business operations are exposed to a variety of financial risks such as market risks (foreign exchange risk, internal rate risk and price risk), Liquidity risk etc. The Board of the Company has approved the Risk Management Policy of the Company and authorized the Risk Management Committee to implement and monitor the risk management plan for the Company and also identify and mitigate various elements of risks, if any, which in the opinion of the Board may threaten the existence of the Company.

Conservation of Energy, Technology

Absorption, Foreign Exchange Earnings and Outgo

The particulars as prescribed under sub-section (3) (m) of Section 134 of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 are furnished in Annexure-3 to the Boards Report.

Unpaid/Unclaimed Dividend/Shares

Section 124 and 125 of the Companies Act, 2013, read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules"), mandates the Company to transfer the dividend which remains unclaimed and unpaid for a period of seven years to the Investor Education and Protection Fund (IEPF).

Further, the Rules mandate that the shares on which dividend has not been paid or claimed for seven consecutive years or more be transferred to the IEPF. The details of unpaid dividends are uploaded on the website of the Company at www.bestagrolife.com.

Corporate Social Responsibility (CSR)

In compliance with Section 135 of the Act, the Company has constituted Corporate Social Responsibility (CSR) Committee to undertake CSR activities, projects and programs as provided in the CSR policy of the Company and as identified under Schedule VII of the Act and excluding activities undertaken in pursuance of its normal course of business.

The Board on the recommendation of CSR Committee adopted a CSR Policy and the same is available on the Companys website at https://www.bestagrolife.com/ investorss/Corporate-Social-Responsibility-Policy-.pdf. The CSR objectives are designed to serve societal, local and national goals in the locations that we operate in, create a andsignificant provide opportunities for our employees to contribute to these efforts through volunteering.

The Company has spent the entire 2% of the net profits earmarked for CSR projects during the Financial Year 2022-23. A Report on the CSR initiatives undertaken by the Company as per the Companies (Corporate Social Responsibilities Policy) Rules, 2014 is annexed as Annexure-4. The detail of the CSR Committee and its composition is provided in the Corporate Governance Report which forms part of this annual report.

Annual Return

Pursuant to Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014 read with Section 134(3)(a) of the Act, the Annual Return in Form MGT-7 as on March 31, 2023 is available on the Companys website at www.bestagrolife.com.

Whistle Blower Policy (Vigil Mechanism)

The Company has adopted a whistle blower policy wherein the employees can approach the Management of the Company (Audit Committee in case where the concern involves the Senior Management) and make protective disclosures to the Management about unethical behaviour, actual or suspected fraud or violation of the Companys Code of Conduct and Insider Trading Code. The Whistle

Blower Policy requires every employee to promptly report to the Management any actual or possible violation of the Code or an event an employee becomes aware of that could affect the business or reputation of the Company. The disclosures reported are addressed in the manner and within the time frames prescribed in the policy. A mechanism is in place whereby any employee of the Company has access to the Chairman of the Audit Committee to report any concern. No person has been denied access to the Chairman to report any concern. Further, the said policy has been disseminated within the organisation and has also been posted on the Companys website at https://www.bestagrolife.com/ investorss/VIGIL-MECHANISM-&-WHISTLE-BLOWER-POLICY.pdf

Secretarial Standards

The Directors state that the applicable Secretarial Standards i.e., SS-1 and SS-2, issued by the Institute of Company Secretaries of India, relating to Meetings of Board of Directors and General Meetings respectively, have been duly complied with.

Secretarial Auditor

In terms of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s Rakhi Rani, Practicing Company Secretary (M. No. ACS-31715) to conduct Secretarial Audit for the financial year ended March

31, 2023. The Secretarial Audit Report for the year ended March 31, 2023 is enclosed as an Annexure-5 herewith to this Report. The Auditors Report does not contain any qualification, reservation or adverse remark or disclaimer.

A Certificate under Clause (i) of point (10) of para C of

Schedule V of the Securities and Exchange Board of

India (Listing Obligations and Disclosure Requirements)

Regulations, 2015 by M/s Rakhi Rani, Practicing Company

Secretary, (M. No. ACS-31715) confirming that none of the

Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as

Directors of the Company by Securities and Exchange Board of India/Ministry of Corporate Affairs or any such statutory authority is attached as Annexure-5(i).

Disclosures as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

Your Company has a policy on prevention of sexual harassment to ensure harassment-free workspace for the employees. Sexual harassment cases are dealt as per the prevention of sexual harassment policy. An Internal Committee (IC) has been set up by the Company to redress complaints received regarding sexual harassment.

The following is a summary of sexual harassment complaints received and disposed of during financial year 2022-23:

Particulars	Details
Number of complaints pending as at the beginning of the financial year	Nil

 

Particulars	Details
Number of complaints filed during the financialyear	Nil
Number of complaints disposed during the financial year	Nil
Number of complaints pending as at the end of the financial year	Nil

Frauds Reported by Auditors

During the year under review, 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 Boards report.

Business Responsibility & Sustainability Report

Regulation 34(2)(f) of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements)

Regulations, 2015, inter alia, provides that the annual report of the top 1000 listed entities based on market capitalization, shall include a Business Responsibility and Sustainability Report (BRSR) describing initiatives taken by the Company from an environmental, social and governance perspective. A separate Section on BRSR forms part of this Annual Report.

Directors and Key Managerial Personnel

In accordance with the provisions of Section 152 of the Act, Mr. Shuvendu Kumar Satpathy (DIN: 07552741) Non-Executive Director of the Company, is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

All the Independent Directors have given declarations that they continue to meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1)(b) of the SEBI Listing Obligations & Disclosure

Requirements) Regulations, 2015 and that they are not debarred from holding the office of director by virtue of

SEBI order or any other such authority. In terms of Regulation

25(8) of the SEBI Listing Regulations, they have confirmed that they are not aware of any circumstance or situation, which exists or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence.The Board of Directors of the Company has taken on record the declaration and confirmationsubmitted by the

Independent Directors.

None of the Directors are related to each other within the meaning of the term "Relative" as per Section 2(77) of the Act.

Further, on the recommendation received from the Nomination & Remuneration Committee, the Board had appointed Mr. Balavenkatarama Prasad Suryadevara (DIN: 02699949) as Additional Director in the capacity of Executive Whole-Time Director with effect from July 31, 2023 and who shall hold office upto the date of the forthcoming 32 nd Annual General Meeting.

Mr. Balavenkatarama Prasad Suryadevara (DIN: 02699949) is eligible to be appointed as a Director. It is proposed to appoint Mr. Balavenkatarama Prasad Suryadevara (DIN: 02699949) Additional Director in the category of Executive Whole-Time Director, liable to retire by rotation, for a period of five years.

The above appointment and re-appointment form a part of the Notice of the forthcoming 32nd Annual General Meeting, and the Resolutions are recommended for Members approval.

Mr. Raajan Kumar Ailawadhi ceased to be a whole-time Director upon his resignation at the close of business hours on July 31, 2023 due to his health issue. Your Directors placed on record their appreciation for the valuable contribution made by Mr. Raajan during his tenure as Whole-Time Director of the Company.

During the year under review, the Board, on recommendation of the Audit Committee and Nomination & Remuneration

Committee (‘NRC), appointed Mr. Sanjeev Kharbanda as Chief Financial Officer of the Company in place of Mr. Atul Garg, with effect from March 1, 2023, who has moved to a new role of Commercial Head & Credit Control. The Board places on record its appreciation for Mr. Gargs contribution during his association as CFO.

Pursuant to the provisions of Sections 2(51) and Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company as on March 31, 2023 were Mr. Vimal Kumar, Managing Director, Mr. Sanjeev Kharbanda, Chief

Financial Officer and Mrs. Astha Wahi, Company Secretary & Compliance Officer.

Directors Responsibility Statement

Pursuant to the requirements of Section 134(5) of the Act, the Directors hereby confirm:

i. that in the preparation of the Annual Accounts for the year ended March 31, 2023, the applicable accounting standards have been followed and there are no material departures; ii. that the accounting policies selected and applied are consistent and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of financial year and of the loss of the Company for that period; iii. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv. that the Annual Accounts for the year ended 2023 have been prepared on a going concern basis; v. that the internal financial controls laid down by the Board and being followed by the Company are adequate and were operating effectively; and vi. that the proper systems, devised by Directors to ensure compliance with the provisions of all applicable laws, were adequate and operating effectively.

Other Disclosures

passed by the i. No significant

Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations; ii. No applications were made or any proceedings were pending against the Company under the Insolvency and Bankruptcy Code, 2015; and there is no instance of one time settlement with any bank or financial institution; iii. 31, No shares with differential voting rights and sweat equity shares have been issued; iv. Neither the Managing Director nor the Whole-Time Director of your Company receive any remuneration or commission from any of its subsidiaries.

Acknowledgements

The Board places on record its deep appreciation to all employees for their hard work, dedication and commitment.

The Directors would also like to place on record their appreciation for the continued co-operation and support received by the Company during the year from bankers, financial institutions, government authorities, farming community, business partners, shareholders, customers and other stakeholders. The Directors look forward to continuance of the supportive relations and assistance in the future.