AGC Networks Ltd Directors Report.

The Directors of your Company hereby present the Thirty Forth (34th) Annual Report alongwith the Audited Financial Statements (Consolidated and Standalone) of the Company for the Financial Year ("FY") ended March 31, 2020.

FINANCIAL RESULTS

The summary of the Companys financial performance, both on a consolidated and standalone basis, for the FY 2019-2020 ("FY20") as compared to the previous FY 2018-2019 ("FY19") is given below:

(Rs in Crore)

Particulars

Standalone

Consolidated

Year ended March 31, 2020 Year ended March 31, 2019 Year ended March 31, 2020 Year ended March 31, 2019
Revenue from Operations 309.35 306.85 4,993.92 1,852.74
Other Income 6.26 6.25 31.55 6.39
Total Income 315.61 313.10 5,025.47 1,859.13
Profit/(Loss) before finance cost, depreciation, exceptional items and tax 24.33 14.67 401.49 52.96
Less: Interest and finance charges (Net) 18.50 17.05 129.38 44.54
Less : Depreciation 7.46 2.01 98.96 14.65
Profit/(Loss) before tax & exceptional items (1.63) (4.39) 173.15 (6.23)
Add/(Less): Exceptional item - 5.67 (125.05) (73.12)
Profit/(Loss) before tax (1.63) 1.28 48.10 (79.35)
(Add)/Less : Tax - - 6.98 (0.58)
Profit/(Loss) after tax (1.63) 1.28 41.12 (78.77)
Add/(Less): Other Comprehensive Income (0.51) 0.83 (99.48) 2.14
Total Comprehensive Income for the year (2.14) 2.11 (58.36) (76.63)
Earnings/(Loss) Per Share of Rs 10/- each after exceptional items:
Basic: (in Rs) (0.55) 0.44 13.83 (26.97)
Diluted: (in Rs) (0.55) 0.44 13.68 (26.97)

FINANCIAL PERFORMANCE

The Company, for the year ended March 31, 2020, recorded a gross turnover of Rs 4,993.92 Crores for FY20 as against Rs 1,852.74 Crores recorded in FY19 on consolidated basis, reflecting an increase of 2.7x over previous year. This increase was mainly attributed to the full year impact related to acquisition of Black Box Corporation and its direct/indirect subsidiaries (collectively referred to as "Black Box entities") which were acquired in January 2019. On standalone basis, the gross turnover was Rs 309.35 Crores as against Rs 306.85 Crores for the period ended March 31, 2019 reflecting a minimal increase of 0.81% over previous year. The muted performance on standalone basis was due to various reasons including slowing down in economy and adverse market condition coupled with COVID-19 condition during March-2020 quarter. On Consolidated basis, the Company has recorded a Net Profit of Rs 41.12 Crores for FY20 as compared to a net loss of Rs 78.77 Crores for FY19. This increase in net profits is primarily due to cost transformation initiatives such as improvement in operational efficiencies, ratio-centric organisation and optimization of overheads including leased facilities. The Company continues its focus on all the financial metrics together with better liquidity management and profitability growth initiatives.

The Company recorded a Net loss (before exceptional items) of Rs 1.63 Crores for FY20 as against Net loss (before exceptional item) of Rs 4.39 Crores for FY19 on standalone basis. The Company has recorded Other Comprehensive Income (OCI) of negative Rs 99.48 Crores for FY20 as against OCI of Rs 2.14 Crores for FY19 on consolidated basis. The negative OCI recorded for FY20 is mainly attributed to remeasurement losses on defined pension plan of BBX Inc. and its subsidiaries in USA for the year ended March 31 2020 amounting to Rs 82.15 Crores.

The unprecedented situation of COVID-19 has impact on economy and way of doing business generally in all the geographies the Company operates. The Company responded to the situation swiftly to maintain its business operations with the support of its customers, vendors and employees apart from other stakeholders. The Company activated business continuity plans focusing primarily on employee safety, mitigation of operational and financial impact and sustaining normal operations. Various initiatives were undertaken by the Company related to awareness of all stakeholders including tools for work-for-home (WFH), guidance on masks and other personal protective equipment as per requirement from customer and local jurisdiction guidelines. The Company hasnt seen significant or material impact of COVID-19 on its operations and financial results for the year ended March 31, 2020. The Company continues to monitor opening of various countries as per respective guidelines and relevant changes in evolving economic situation across the geographies it operates in.

Pursuant to Regulation 30(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations ("LODR Regulations") upon application of materiality and SEBI Circular dated May 20, 2020; on June 30, 2020, the Company submitted a disclosure containing detailed information on the impact of COVID-19 on its operations to the Stock Exchanges, as per the format prescribed in the said SEBI Circular. The disclosure is accessible on the website of the Company at https://www.agcnetworks.com/in/wp-content/uploads/2016/10/OutcomeofBM-1.pdf

NATURE OF BUSINESS AND STATE OF AFFAIRS OF THE COMPANY

During the year under review, there have been no changes in the nature of business of the Company. The information on the affairs of the Company has been covered under the Management Discussion & Analysis forming part of this Report.

MATERIAL CHANGES AND COMMITMENTS

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of the financial year to which these financial statements relate and the date of this Report.

SHARE CAPITAL

At the beginning of FY20, the Authorised Share Capital of the Company was Rs 1,45,00,00,000/- (Rupees One Hundred and Forty Five Crores Only) divided into 4,50,00,000 (Four Crore Fifty Lakh) equity shares of Rs 10/- (Rupees Ten only) each, 50,00,000 (Fifty Lakh) Cumulative/Non-Cumulative Redeemable Preference Shares and 50,00,000 (Fifty Lakh) Convertible Preference Shares of Rs 100/- (Rupees Hundred only) each or any other denomination as may be approved by the Board, which has remained unchanged during the year under review. The paid-up capital of the Company at the beginning of the FY20 consisted of paid-up equity capital of Rs 29,73,76,490/- (Rupees Twenty Nine Crore Seventy Three Lakh Seventy Six Thousand Four Hundred and Ninety only) divided into 2,97,37,649 equity shares of Rs 10/- each.

On February 14, 2020, the Company issued & allotted 7,000 Equity Shares of Rs 10/- (Rupees Ten only) each to an employee pursuant to exercise of Employee Stock Options ("ESOP options") duly vested upon him, in accordance with the applicable terms of "AGC Networks Employee Stock Option Scheme 2015" ("ESOP Scheme"). Accordingly, as on March 31, 2020, the Paid-up Equity Share Capital of the Company increased by Rs 70,000/- to Rs 29,74,46,490/- (Rupees Twenty Nine Crore Seventy Four Lakh Forty Six Thousand Four Hundred and Ninety only) divided into 2,97,44,649 Equity Shares of Rs 10/- (Rupees Ten only) each. The Company has not made any issue of Sweat Equity Shares or Equity Shares with Differential Voting Rights during the year under review.

DIVIDEND

With a view to conserve resources for future growth, your Directors have not recommended any dividend for the financial year ended March 31, 2020.

TRANSFER TO RESERVE

With a view to facilitate the growth of the Companys business over the coming years, the Board of Directors have recommended that the entire profits generated in the current financial year 2019-2020 should be transferred to the reserves of the Company.

ORGANIZATIONAL INITIATIVES

HR priorities for an engaging employee experience

FY20 has been a year of integration and transformation of AGC Black Box. This increased the Companys reach across the global market with our geographic footprint over Latin America, Europe and many countries in Asia Pacific. The Companys focus continued to be in acquiring talent, providing an engaged workplace and enhance overall employee experience.

At AGC Black Box, we believe that our employees are our greatest asset. They enable us to achieve our vision by accelerating growth for our customers. Hence, investing in upskilling individuals with the latest technology skills has been one of the priorities for the Company.

i) Talent Acquisition & Employer Branding:

The Talent Acquisition priorities have been on Workforce Planning in new technologies and skills in arena of Trend Micro, Avaya, AV, Voice, Digital Applications, Cyber-security, etc. The Company equally prioritizes the candidate experience of these new incumbents to stay competitive in the market. The Talent Acquisition team uses the social media platform for posting jobs and creating positive stories around the brand and gathering insights around emotional intelligence of employees, their passions and their motivations. These platforms have enabled best fit hires and cost saving for the Company. Company culture and values are not only a priority but continues to be a core part of our employer brand and our recruiting strategy. The Company makes every effort to make progress towards it being an equal opportunity employer and promoting diversity and inclusivity through Talent Acquisition.

ii) Talent Development:

The Company believes that all our employees should have continuous access to opportunities which help them learn and grow. Over the last year, our learning offerings have been more accessible to our employees anywhere and at any time through the Learning Management System (LMS). Our employees participated in learning programs in either of the modes classroom or virtual, signifying the reach of learning that has been enabled for their capability growth. Additionally, to enable and continue partnerships with core and strategic OEMs (Original Equipment Manufacturers), special importance has been assigned towards Key OEM certifications.

iii) Talent Engagement: Employee Communication plays a major role in cascading business information amongst internal stakeholders. There are multitudinous internal communication channels at AGC which help AGC leadership team to stay connected with employees at all times and keep them meaningfully engaged.

Diverse calendarized Employee Engagement programs have been also undertaken throughout the year. As a responsible corporate entity, the Company has relentlessly strived towards adding value to the society through diverse community initiatives within its sphere of operations. The Companys community initiatives have been driven by a defined philosophy to reach out to the society at large and help people attain and sustain a valued quality life. The health and well-being of our employees has always been of prime importance to us and hence, through various awareness programs on health and fitness and participation in marathons we encouraged this attitude in our employees. Moreover, through our Global Reward & Recognition framework, designed to recognize exceptional talents and outstanding business performances, employees are recognized for their achievements on diverse criterions, spread across functions & geos. The CEO Performance+ Awards are conferred on distinguished employees to acknowledge their exemplary performances, exceeding business expectations and setting new performance benchmarks.

The organizations empowering culture, philosophy of capability development and progressive HR practices has supported creation of a strong employer brand for the Company.

MANAGEMENTS DISCUSSION AND ANALYSIS

Managements Discussion and Analysis for the year under review, in terms of the provisions of Regulation 34 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 ("LODR Regulation"), is set out as a separate section, forming an integral part of this Annual Report.

INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls for ensuring orderly and efficient conduct of its business including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information with reference to financial statements.

During the year under review, these internal controls have been subject to audit. For details with regard to reportable material weaknesses in the said controls, if any, please refer the Statutory Auditors Report forming part of this Annual Report.

PUBLIC DEPOSITS

The Company has not accepted any fixed deposits, including from the public and as such, no amount of principal or interest was outstanding as on the date of the Balance Sheet.

SUBSIDIARIES/HOLDING COMPANY

During the year under review, the following changes took place in Subsidiaries and Holding Company of the Company:

Holding Company(s)

During the year, Essar Telecom Limited ("ETL"), Promoter of the Company, executed an off-market purchase of 1,97,912 equity shares of the Company thereby increasing its shareholding to 1,40,82,055 equity shares, constituting a 47.35% stake in the total paid-up share capital of the Company. During the year, Onir Metallics Limited ("OML"), a Promotor Group entity, entered into an inter-se share transfer with Onir Information Technology Limited ("OITL"), another Promotor Group entity, pursuant to which OML acquired the entire shareholding of OITL. Further, OML also executed an off-market purchase of 12,40,694 equity shares of the Company. Consequently as on March 31, 2020, the shareholding of OML had increased to 64,72,897 equity shares constituting a 21.76% stake in the total paid-up share capital of the Company whereas OITL ceased to be the shareholder of the Company. Thus, as on March 31, 2020, ETL and OML collectively hold 2,05,54,952 equity shares of the Company, constituting a 69.10% Promoter shareholding in the Company. Essar Global Fund Limited remains the ultimate Holding Company of the Company.

Incorporations:

Black Box Holdings Limited, Step-Down Subsidiary ("SDS") of the Company incorporated Black Box Network Services Hong Kong Limited.

Acquisitions:

a. IOT Division of Stesalit Systems Limited ("Undertaking"), based in India: Black Box Network Services India Private Limited, SDS of the Company, acquired the IOT Division of Stesalit Systems Limited ("Stesalit"), situated in India, together with all employees, assets and liabilities thereof (hereinafter referred to as "Undertaking"), as a going concern on slump sale basis by executing a Business Transfer Agreement with Stesalit Systems Limited. The estimated enterprise value of the Undertaking was Rs 20.40 Crores and the total purchase consideration for the said acquisition transaction aggregated to Rs 15.31 Lakhs approx. The said acquisition was effective from February 1, 2020.

b. Fujisoft Technology LLC (Dubai), Fujisoft Security Solutions LLC (Dubai) and Fuji Soft Technology LLC (Abu Dhabi): Black Box Holdings Limited, SDS of the Company, acquired all shares of Fujisoft Technology LLC and Fujisoft Security Solutions LLC, situated in Dubai & Fuji Soft Technology LLC, situated in Abu Dhabi (collectively referred to as "Fujisoft entities"), by executing a Share Sale Agreement with Mr. Abizer Leelwalla Sajjad Hussain and Mr. Albert Raj Naricitti Peter on May 31, 2020. The aggregate consideration for said acquisition was AED 9,866,353 (UAE Dirhams Nine Million Eight Hundred Sixty Six Thousand Three Hundred and Fifty Three Only). The acquisition of Fujisoft Technology LLC and Fujisoft Security Solutions LLC, situated in Dubai was completed with effective date as July 1, 2020. Further, the acquisition of Fuji Soft Technology LLC, situated in Abu Dhabi is anticipated to be completed by end of December 2020, upon receipt of approval of relevant MEA authorities. The management had undertaken said acquisition of Fujisoft entities with the object of establishing the presence of Black Box in Middle East region as well as to add Datacentre portfolio and capabilities and offer wider range of services to the customers.

c. Pyrios Pty Limited (Australia) and Pyrios Limited (New Zealand) (collectively "Pyrios entities"): Black Box Networks Services Australia Pty Ltd, SDS of the Company, acquired 100% stake in Pyrios Pty Limited, situated in Australia, by executing a Share Sale Agreement with Agile Group Limited on June 10, 2020. The aggregate consideration for said acquisition was US$ 800,000/- (US Dollars Eight Hundred Thousand Only). The said acquisition was completed with effective date as July 1, 2020. Further, Black Box Networks Services New Zealand Ltd, SDS of the Company, acquired 100% stake in Pyrios Limited, situated in Auckland, New Zealand, by executing a Share Sale Agreement with Agile Group Limited on June 10, 2020. The aggregate consideration for said acquisition was USD 1,950,000/- (US Dollars One Million Nine Hundred and Fifty Thousand Only). The said acquisition was completed with effective date as July 1, 2020.

The management had undertaken said acquisition of Pyrios entities with the object of creating efficiency of scale in Australia & New Zealand markets as well as to add Cloud Services portfolio. Further, this enabled widening the range of services offering to existing customers of Pyrios and Black Box entities alongwith adding to the management capabilities.

As on March 31, 2020, the following are the subsidiaries/step-down subsidiaries of the Company:

Sr. Name of the Entity Registration Nature of Relationship
No. Geos
1. AGC Networks Pte. Ltd Singapore Subsidiary Company
2. AGC Networks Australia Pty. Ltd Australia Subsidiary Company
3. AGC Networks Inc. (now known as AGC Networks LLC) US Step-Down Subsidiary Company
4. AGC Networks Philippines Inc. Philippines Step-Down Subsidiary Company
5. AGC Networks & Cyber Solutions Limited Kenya Step-Down Subsidiary Company
6. AGC Networks LLC, Dubai Dubai Step-Down Subsidiary Company
7. AGC Networks LLC, Abu Dhabi Abu Dhabi Step-Down Subsidiary Company
8. AGC Networks New Zealand Limited New Zealand Step-Down Subsidiary Company
9. AGCN Solutions Pte. Ltd Australia Step-Down Subsidiary Company
10. BBX Main Inc. US Step-Down Subsidiary Company
11. BBX Inc. US Step-Down Subsidiary Company
12. Black Box Corporation US Step-Down Subsidiary Company
13. ACS Communications, Inc. US Step-Down Subsidiary Company
14. ACS Dataline, LP US Step-Down Subsidiary Company
15. ACS Investors, LLC US Step-Down Subsidiary Company
16. BB Technologies, Inc. US Step-Down Subsidiary Company
17. BBOX Holdings Mexico LLC US Step-Down Subsidiary Company
18. BBOX Holdings Puebla LLC US Step-Down Subsidiary Company
19. Black Box Corporation of Pennsylvania US Step-Down Subsidiary Company
20. Black Box Network Services, Inc. Government Solutions US Step-Down Subsidiary Company
21. Black Box Services Company US Step-Down Subsidiary Company
22. CBS Technologies Corp. US Step-Down Subsidiary Company
23. Delaney Telecom, Inc. US Step-Down Subsidiary Company
24. Norstan Communications, Inc. US Step-Down Subsidiary Company
25. Nu-Vision Technologies, LLC US Step-Down Subsidiary Company
26. Black Box Network Services Australia Pty Ltd Australia Step-Down Subsidiary Company
27. Black Box GmbH Austria Step-Down Subsidiary Company
28. Black Box Network Services NV Belgium Step-Down Subsidiary Company
29. Black Box do Brasil Industria e Comercio Ltda. Brazil Step-Down Subsidiary Company
30. Black Box Canada Corporation Canada Step-Down Subsidiary Company
31. Norstan Canada, Ltd./Norstan Canada, Lte Canada Step-Down Subsidiary Company
32. Black Box Holdings Ltd. Cayman Islands Step-Down Subsidiary Company
Sr. No. Name of the Entity Registration Geos Nature of Relationship
33. Black Box Chile S.A. Chile Step-Down Subsidiary Company
34. Black Box E-Commerce (Shanghai) Co., Ltd. China Step-Down Subsidiary Company
35. Black Box A/S Denmark Step-Down Subsidiary Company
36. Black Box Network Services (UK) Limited England Step-Down Subsidiary Company
37. Black Box Finland OY Finland Step-Down Subsidiary Company
38. Black Box France France Step-Down Subsidiary Company
39. Black Box Deutschland GmbH Germany Step-Down Subsidiary Company
40. Black Box Network Services India Private Limited India Step-Down Subsidiary Company
41. Black Box Network Services (Dublin) Limited Ireland Step-Down Subsidiary Company
42. Black Box Software Development Services Limited Ireland Step-Down Subsidiary Company
43. Black Box Network Services S.r.l. Italy Step-Down Subsidiary Company
44. Black Box Network Services Co., Ltd. Japan Step-Down Subsidiary Company
45. Black Box Network Services Korea Limited Korea Step-Down Subsidiary Company
46. Black Box Network Services SDN. BHD. Malaysia Step-Down Subsidiary Company
47. Black Box de Mexico, S. de R.L. de C.V. Mexico Step-Down Subsidiary Company
48. Black Box International B.V. Netherlands Step-Down Subsidiary Company
49. Black Box International Holdings B.V. Netherlands Step-Down Subsidiary Company
50. Black Box Network Services New Zealand Limited New Zealand Step-Down Subsidiary Company
51. Black Box Norge AS Norway Step-Down Subsidiary Company
52. Black Box P.R. Corp. Puerto Rico Step-Down Subsidiary Company
53. Black Box Network Services Singapore Pte Ltd Singapore Step-Down Subsidiary Company
54. Black Box Comunicaciones, S.A. Spain Step-Down Subsidiary Company
55. Black Box Network Services AB Sweden Step-Down Subsidiary Company
56. Black Box Network Services AG Switzerland Step-Down Subsidiary Company
57. Black Box Network Services Corporation Taiwan Step-Down Subsidiary Company
58. Black Box Network Services Hong Kong Limited Hong Kong Step-Down Subsidiary Company
59. Servicios Black Box S.A. de C.V. Mexico Step-Down Subsidiary Company
60. COPC Holdings Inc. US Step-Down Subsidiary Company
61. COPC Inc. US Step-Down Subsidiary Company
62. COPC International Inc. US Step-Down Subsidiary Company
63. RevealCX LLC US Step-Down Subsidiary Company
64. COPC Asia Pacific Inc. US Step-Down Subsidiary Company
65. COPC International Holdings LLC. US Step-Down Subsidiary Company
66. COPC India Private Limited India Step-Down Subsidiary Company
67. COPC Consultants (Beijing) Co. Limited China Step-Down Subsidiary Company

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED

The particulars of loan(s) given, investment(s) made, guarantee(s) given and/or securities provided by the Company along with the purpose for which such amount of loan, guarantee or security is proposed to be utilized by the recipient, has been provided in the notes to financial statements.

STATUTORY AUDITORS AND THEIR REPORT

M/s. Walker Chandiok & Co LLP, Chartered Accountants (ICAI Registration No. 001076N/N00013) have been reappointed as the Statutory Auditors of the Company, vide resolution passed by Shareholders at the 33rd Annual General Meeting (AGM) of the Company and hold this office for a period of Five (5) year commencing from conclusion of the 33rd AGM till the conclusion of 38th AGM of the Company.

Statutory Auditors Report

The Statutory Auditors Report on the financial statements of the Company (standalone & consolidated) for the financial year ended March 31, 2020, has been annexed to the financial statements contained in this Annual Report. The Statutory Auditors have expressed their qualifications/reservations /emphasis of matter on the standalone & consolidated financial statements of the Company in the said report.

The qualifications relate to previous years and has no relevance w.r.t dealings of the Company in the FY 2019-2020 and emphasis of matter deals with COVID related impact. Further, the said reservation/emphasis of matter/qualifications alongwith the managements response on the same is given below:

A. Standalone Audit Report:

(i) Auditors qualification on annual audited financial results (Standalone)

"As stated in point no. 3 of the Auditors report on Standalone Financial Statement of the Company, during the previous year ended 31 March 2019, the Company had recorded only the differential amount of 1.11 Crores, as profit on sale of property, plant and equipment, being the difference between the sale consideration of a certain property re-assigned to a new buyer and the outstanding receivable from an earlier sale transaction was incorrectly recorded without the transfer of risks and rewards of ownership of such property in the year ended 31 March 2015.

Had the Company followed the principles of Ind AS 16, Property, Plant and Equipment and corrected the aforementioned errors relating to incorrect recognition of sale in earlier year, of the said property, in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, exceptional item (income), representing gain on sale of property, plant and equipment, for the year ended 31 March 2019 would have been higher by 22.79 Crores (quarter ended 31 March 2019: Nil), while depreciation expense for the year ended 31 March 2019 would have been higher by 0.02 Crores (quarter ended 31 March 2019: Nil).

Our reports on the standalone financial results for the quarter ended 31 December 2019 and year ended 31 March 2019 were also qualified in respect of the above matter, and accordingly, our opinion on the accompanying standalone financial results for the year ended 31 March 2020 is also qualified with respect to the effects of this matter on the comparability of current and corresponding figures in the accompanying standalone financial statements."

Managements views on the above:

During the year ended 31 March 2015, the Company entered into deed of assignment to transfer all the rights, title and obligations of its land and building situated at Gandhinagar to another company for a consideration of Rs 44.63 Crores.

During April 2015, the lender to whom these assets were provided as security provided its in-principle approval for the said transfer subject to fulfilment of conditions stated therein. The said transfer was pending approval from the relevant government authority and transfer of legal title that were considered to be procedural in nature. Accordingly, the Company had recognised profit on sale of property, plant and equipment of Rs 40.85 Crores (net of incidental expenses Rs 3.04 Crores) during the year ended 31 March 2015.

During the year ended 31 March 2019, the said property was re-assigned in the name of the Company by the buyer since the buyer expressed its inability to get the aforementioned sale deed registered with the relevant government authority. Subsequently, the said property had been transferred to another buyer through a separate sale transaction for a consideration of Rs 23.51 Crores and the Company had recorded the differential amount of Rs 1.11 Crores between the said consideration and balance receivable as at re-assignment date from the earlier recognised sale, as profit on sale of property, plant and equipment. The amount of consideration already received amounting to Rs 22.23 Crores as at re-assignment date from the erstwhile buyer is not required to be refunded by the Company. The entire transaction stands completed.

(ii) Emphasis of Matters – Impact of COVID 19 and compliances with laws and regulations

"As stated in point no. 5 of the Auditors report on Standalone Financial Statement of the Company with respect to delay in repatriation of proceeds of export of goods and services and delay in remittance for import payments, aggregating to 1.37 Crores and Rs 4.33 Crores, respectively as on 31 March 2020 beyond the timelines stipulated, under the Foreign Exchange Management Act, 1999 and regulations thereunder. The management of the Company is in the process of filing, and in some cases, has filed necessary applications seeking extension of time / approval for write off of foreign currency payables and condonation of delays with appropriate authorities for regularising these defaults, subsequent to 31 March 2020. Pending conclusion on these matters, management is of the view that the possible fines / penalties, which may be levied, are currently unascertainable but are not expected to be material and accordingly, the accompanying standalone financial statements do not include any consequential adjustments that may be required due to such delay / default." "As stated in point no. 6 of the Auditors report on Standalone Financial Statement of the Company which describes the impact of COVID-19 pandemic on the Companys operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the operations of the Company is significantly dependent on the future developments as they evolve."

Managements views on the above:

Response to point no. 5 of the Auditors report on Standalone Financial Statement of the Company

The outstanding balance of trade receivables and trade payables as appearing in standalone balance sheet as at 31 March 2020 include amount receivable aggregating to Rs 1.37 Crores and amount payable aggregating to Rs 4.33 Crores respectively from / to the companies situated outside India. These balances are pending for settlement and have resulted in delay in collection / remittance beyond the timeline stipulated under the Foreign Exchange Management Act, 1999. The Company has filed the necessary applications with the appropriate authority for extension of time period / condonation of such delays subsequent to 31 March 2020. Pending conclusion of the aforesaid matter, the amount of penalty, if any, that may be levied, is not ascertainable and accordingly, the accompanying standalone financial statements do not include any adjustments that may arise due to such delay / default.

Out of the above-mentioned receivables, the Company has filed application with AD Category - I bank ("AD Bank") during the year for extension of time limit for an amount aggregating to Rs 0.44 Crores. However, approval is pending from AD Bank as at 31 March 2020. Also, Company has remitted foreign payment aggregating to Rs 1.79 Crores towards imports subsequent to 31 March 2020.

Response to point no. 6 of the Auditors report on Standalone Financial Statement of the Company

The spread of COVID-19, a pandemic caused by the novel Coronavirus, is having an unprecedented impact on global economy and way of doing business. The Company has responded to the situation swiftly and maintained business operations with the support of their customers, vendors, employees and other stakeholders through the crisis. There has been no significantly adverse impact on the operations and results for the year ended 31 March 2020. The Company has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of trade receivables, inventories, tangible assets, intangible assets, investments and other financial assets and continues to monitor changes in future economic conditions. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Company, as at the date of approval of these standalone financial results, has used internal and external sources of information and based on current estimates, expects that the carrying amount of these assets will be recovered. The eventual outcome of the impact of the pandemic may be different from those estimated as on the date of approval of these standalone financial statement.

B. Consolidated Audit report

(i) Auditors qualification on annual audited financial results (consolidation)

"As stated in Note 3 of the Auditors report to the Consolidated Financial Statements, during the previous year ended 31 March 2019, the Holding Company had recorded only the differential amount of 1.11 Crores, as profit on sale of property, plant and equipment, being the difference between the sale consideration of a certain property re-assigned to a new buyer and the outstanding receivable from an earlier sale transaction incorrectly recorded without the transfer of risks and rewards of ownership of such property in the year ended 31 March 2015. Had the Holding Company followed the principles of Ind AS 16, Property, Plant and Equipment, and corrected the aforementioned errors relating to incorrect recognition of sale in earlier year, of the said property, in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors, exceptional item (income), representing gain on sale of property, plant and equipment, for the year ended 31 March 2019 would have been higher by 22.79 Crores (quarter ended 31 March 2019: Nil), while depreciation expense for the year ended 31 March 2019 would have been higher by 0.02 Crores (quarter ended 31 March 2019: Nil).

Our reports on the consolidated financial results for the quarter ended 31 December 2019 and year ended 31 March 2019 were also qualified in respect of the above matter, and accordingly, our opinion on the accompanying consolidated financial results for the year ended 31 March 2020 is also qualified with respect to the effects of this matter on the comparability of current and corresponding figures in the accompanying consolidated financial statement

Managements views on the above:

During the year ended 31 March 2015, the Holding Company entered into deed of assignment to transfer all the rights, title and obligations of its land and building situated at Gandhinagar to another company for a consideration of Rs 44.63 Crores. During April 2015, the lender to whom these assets were provided as security provided its in-principle approval for the said transfer subject to fulfilment of conditions stated therein. The said transfer was pending approval from the relevant government authority and transfer of legal title that were considered to be procedural in nature. Accordingly, the Holding Company had recognised profit on sale of property, plant and equipment of Rs 40.85 Crores (net of incidental expenses Rs 3.04 Crores) during the year ended 31 March 2015. During the year ended 31 March 2019, the said property was re-assigned in the name of the Holding Company by the buyer since the buyer expressed its inability to get the aforementioned sale deed registered with the relevant government authority. Subsequently, the said property had been transferred to another buyer through a separate sale transaction for a consideration of Rs 23.51 Crores, and the Holding Company had recorded the differential amount of Rs 1.11 Crores between the said consideration and balance receivable as at re-assignment date from the earlier recognised sale, as profit on sale of property, plant and equipment. The amount of consideration already received amounting to Rs 22.23 Crores as at re-assignment date from the erstwhile buyer is not required to be refunded by the Holding Company. The entire transaction stands completed.

(ii) Emphasis of Matters – Impact of COVID 19

"As stated in point no. 5 of the Auditors report on Consolidated Financial Statement of the Company which describes the impact of COVID-19 pandemic on the Groups operations. In view of the uncertainties in the economic environment due to the outbreak of COVID-19 pandemic, the impact on the operations of the Group is significantly dependent on the future developments as they evolve."

Managements views on the above:

The spread of COVID-19, a pandemic caused by the novel Coronavirus, is having an unprecedented impact on global economy and way of doing business. The Group has responded to the situation swiftly and maintained business operations with the support of their customers, vendors, employees and other stakeholders through the crisis. There has been no significantly adverse impact on the operations and results for the year ended 31 March 2020. The Group has considered the possible effects that may result from the pandemic relating to COVID-19 on the carrying amounts of trade receivables, inventories, tangible assets, intangible assets, investments and other financial assets and continues to monitor changes in future economic conditions. In developing the assumptions relating to the possible future uncertainties in the economic conditions because of this pandemic, the Group, as at the date of approval of these consolidated financial results, has used internal and external sources of information and based on current estimates, expects that the carrying amount of these assets will be recovered. The eventual outcome of the impact of the pandemic may be different from those estimated as on the date of approval of these consolidated financial statement.

SECRETARIAL AUDITORS AND THEIR REPORT

Pursuant to Section 204(1) of the Act and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Secretarial Audit of the Company was carried out by Dr. S. K. Jain, Practicing Company Secretary (FCS No. 1473) & Proprietor of M/s. S. K. Jain & Co., for the financial year 2019-2020. The Report given by the Secretarial Auditor is annexed as Annexure - I and forms an integral part of this Boards Report. There is no qualification, reservation or adverse remark or disclaimer in their Report.

REPORTING OF FRAUDS BY THE AUDITORS

During the year under review, neither the Statutory Auditor nor the Secretarial Auditor has reported to the Audit Committee, pursuant to the provisions of Section 143(12) of the Act, any fraud committed against the Company by its employees or officers.

COST RECORDS AND COST AUDIT

The maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Act, are not applicable for the business and activities carried out by the Company.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of corporate governance and adhere to the corporate governance requirements set out by SEBI. The Company has also implemented several benchmark corporate governance practices as prevalent globally. The Corporate Governance Report, as stipulated under the SEBI LODR Regulations, forms an integral part of this Annual Report. Further, in accordance with the applicable provisions of Schedule V of the said Regulations, a compliance certificate issued by M/s. S. K. Jain & Co. LLP, Practicing Company Secretaries (ICSI Certificate of Practice No. 3076), confirming that the Company has complied with the conditions of corporate governance is annexed herewith and marked as Annexure II.

NUMBER OF BOARD MEETINGS

During the FY 2019-2020, Seven (7) Board meetings were held. Further detail on the same is available in the Corporate Governance Report which forms part of this Annual Report.

EMPLOYEES STOCK OPTION SCHEME

Pursuant to the shareholders approval dated April 21, 2015, the Nomination and Remuneration Committee of the Board of Directors of the Company granted stock options as per the terms of "AGC Networks Employee Stock Option Scheme 2015" ("ESOP Scheme") (approved by the shareholders at their meeting held on April 21, 2015), to the employees and executive directors of the Company as well as its subsidiaries. The following table shows detailed information with regards to the same:

Total options granting eligibility of the Company (A) 14,23,323
Total options granted as on 31.3.2019 (B) 14,95,913
Total options lapsed as on 31.3.2019 (C) 8,69,651
Options available for grant as on 31.3.2019 (D) = (A-B+C) 7,97,061
Options granted during the FY 2019-2020 (E) 0
Options lapsed during the FY 2019-2020 (F) 0
Options available for grant as on 31.3.2020 (G) = (D-E+F) 7,97,061

During the year under review, the Company issued & allotted 7,000 Equity Shares of Rs 10/- (Rupees Ten only) each to an employee on February 14, 2020, pursuant to exercise of Employee Stock Options ("ESOP options") duly vested upon him, in accordance with the applicable terms of ESOP Scheme.

The details pursuant to the SEBI ESOP Regulations have been placed on the website of the Company and web link of the same is https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Disclosure-on-ESOP-Scheme-2015-as-on-31.03.2020.pdf

TRANSFER OF UNPAID AND UNCLAIMED DIVIDEND/SHARES TO IEPF

The dividends which remained unpaid/unclaimed for a period of more than seven consecutive years, have been transferred on due dates by the Company to the Investor Education and Protection Fund ("IEPF") established by the Central Government.

Pursuant to the applicable provisions of Section 124 of the Act and the applicable provisions of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the Rules"), the Company is required to transfer all amounts of dividend that has remained unpaid or unclaimed for a period of seven years, from its unpaid dividend account to the IEPF Fund. Further, according to the applicable provisions of the said section read with the rules made thereunder, the Company is also required to transfer the corresponding shares with respect to the dividend, which has not been paid or claimed for seven consecutive years or more to the demat account of the IEPF Authority.

Accordingly, the Company has transferred unpaid/unclaimed dividends alongwith the corresponding shares to IEPF Fund within the time limits prescribed under the said section and rules. The details of the shares already transferred have been uploaded on the website of the Company and can be accessed at http://www.agcnetworks.com/in/investors/#iepf. In accordance with the applicable provisions of the LODR Regulations, it is disclosed that there were no shares lying in the demat suspense account/unclaimed suspense account of the Company at the beginning of FY 2019-2020, during FY 2019-2020 as well as at the at the end of the FY 2019-2020.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

All Directors of the Company, including the Independent Directors, are provided with necessary documents/brochures, reports and internal policies to facilitate their familiarization with the procedures and practices followed by the Company. Further, periodic presentations are made at the meetings of the Board of Directors and its various Committee, on business and performance updates of the Company, global business environment, business strategy and risks involved. Quarterly updates, new amendments, circulars and notifications issued by the regulatory authorities including ROC, RBI and SEBI which mandates further compliances for the Company are regularly circulated to the Directors.

Further, at the time of appointment of any Independent Director the Company issues a formal letter of appointment outlining his/her role, function, duties and responsibilities alongwith Code of Conduct to be adhered by the Directors.

VIGIL MECHANISM

The Vigil Mechanism of the Company in terms of the LODR Regulations, has been established through the Whistle Blower Policy/Policy on Vigil Mechanism of the Company. Protected disclosures can be made by a Whistle Blower through an e-mail or a letter to the Chief Ethics Officer or to the Chairman of the Audit Committee. The Policy on Vigil Mechanism/Whistle Blower Policy may be accessed on the Companys website at the https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Whistle-Blower-Policy.pdf

PERFORMANCE EVALUATION

In terms of the requirement of the Companies Act, 2013 and LODR Regulations, annual performance evaluation of the Board, the Chairman of the Board, Independent and Non-Independent Directors and various Committees of the Board for the Financial Year 2019-2020, was undertaken.

The evaluation was carried out through a Digital Platform on questionnaire based rating assessment mechanism where the evaluators were requested to give rating for each criteria set for evaluating the performance of the Director or the Committee of which, the performance was being evaluated. The board evaluation process was focused around how to make the Board more effective as a collective body in the context of the business and the external environment in which the Company functions. From time to time during the year, the Board was appraised of the business issues and the related opportunities and risks. The Board discussed various aspects of the functioning of the Board and its Committees such as structure, composition, meetings, functions and interaction with management.

Additionally, during the evaluation process, the Board also focused on the contribution being made by the Board as a whole as well as through Committees. The overall assessment of the Board was that it was functioning as a cohesive body including the Committees of the Board that were functioning effectively.

EXTRACT OF ANNUAL RETURN

In terms of Section 134(3)(a) of the Act, the extract of Annual Return of the Company in the prescribed Form No. MGT-9 for the Financial Year 2019-2020, has been placed on the website of the Company and can be accessed at https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Annual-Return-FY2019-2020.pdf

DIRECTORS AND KEY MANAGERIAL PERSONNEL ("KMP")

Section 152 of the Act provides that unless the Articles of Association provide for the retirement of all directors at every AGM, not less than two-third of the total number of directors of a public company (excluding the independent directors) shall be persons whose period of office is liable to determination by retirement of directors by rotation. Accordingly, Mr. Sanjeev Shekhar Verma, Whole-time Director of the Company shall retire by rotation at the ensuing AGM and being eligible has offered himself for re-appointment.

During the year, following changes took place in the Board of Directors and Key Managerial Personnel ("KMP") of the Company:

Name Event Designation Date of Event
Mr. Deepak Kumar Bansal Appointment Executive Director August 14, 2019

As on March 31, 2020, the Company had the following KMPs:

• Mr. Sanjeev Verma, Whole-Time Director

• Mrs. Mahua Mukherjee, Executive Director

• Mr. Deepak Kumar Bansal, Chief Financial Officer & Executive Director

• Mr. Aditya Goswami, Company Secretary & Compliance Officer

Post-closure of the year under review, the Board of Directors of the Company, at its meeting held on September 10, 2020, has approved the appointment of Ms. Neha Nagpal (DIN: 08842400) as an Independent Additional Director and Mr. Anshuman Ruia (DIN: 00008501) as a Non-Executive Additional Director of the Company. In accordance with the provisions of Section 161 of the Act, both Additional Directors are eligible to hold respective offices only upto the date of the ensuing 34th AGM of the Company. Consequently, the Board, at its meeting held on October 19, 2020, on the basis of recommendation of the Nomination and Remuneration Committee, approved the re-appointment of Ms. Neha Nagpal as an Independent Director of the Company for a period of 5 (Five) consecutive years commencing from September 10, 2020 and re-appointment of Mr. Anshuman Ruia as Non-Executive Director of the Company, subject to the approval of the Members at the ensuing AGM.

The Company has received declarations from all the Independent Directors on its Board, confirming that he/she meets all the criteria of independence laid down under Section 149(6) of the Act and Regulation 16(1)(b) of LODR Regulations and that he/ she is not aware of any circumstance/situation, which exists or may be reasonably anticipated, that could impair/impact his/ her ability to discharge the duties of an Independent Director with objective independent judgment and without any external influence. These declarations and confirmations of the Independent Directors were noted by the Board of Directors after due assessment. Consequently, the Board is of the opinion that all Independent Directors of the Company fulfill the criteria of independence specified under the Act & LODR Regulations and are independent from the management of the Company.

Further, in the opinion of the Board of Directors, all Independent Directors of the Company hold highest standards of integrity and possess requisite expertise & experience enabling them to fulfil their duties as Independent Directors.

For detailed composition of Board of Directors and various Committees, kindly refer the Corporate Governance Report forming part of the Annual Report.

The Nomination and Remuneration Committee of the Company has devised a policy for performance evaluation of Directors, Board and Senior Management which includes the criterias for performance evaluation as well as the remuneration policy for the Directors, Senior Management and Employee of the Company.These policies are annexed to this report as Annexure III and IV respectively and are also accessible on the Companys website at the link https:// www.agcnetworks.com/in/wp-content/uploads/2016/10/Code-of-Conduct-Directors-Senior-Management.pdf and https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Remuneration-Policy.pdf respectively.

COMMITTEES OF THE BOARD

The details relating to various Committees constituted by the Board of Directors of the Company are mentioned in the ‘Corporate Governance Report, which forms a part of the Annual Report.

CODE OF CONDUCT FOR DIRECTORS & SENIOR MANAGEMENT

Pursuant to the provisions of Regulation 17(5) of the LODR Regulations, a Code of Conduct for the Directors & Senior Management of the Company has been formulated & approved by the Board of Directors. Further, in accordance with the provisions of Regulation 26(3), all Directors & members of Senior Management of the Company have affirmed compliance with the said Code of Conduct during the Financial Year 2019-2020.

The said Code of Conduct is accessible on the Companys website at the link https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Code-of-Conduct-Directors-Senior-Management.pdf Further, pursuant to the provisions of Regulation 34(3) of the LODR Regulations readwith Schedule V Part D, Mr. Sanjeev Verma, Whole-Time Director, has issued a declaration stating that all the Directors and members of Senior Management of the Company have complied with the Code of Conduct of the Company during the FY 2019-2020. The said declaration has been disclosed in the Corporate Governance Report forming part of the Annual Report.

PERSONNEL

The Board places on record its appreciation for the hard work and dedicated efforts put in by all the employees. The relations between the management and employees continue to remain cordial on all fronts.

The statement of particulars of appointment and remuneration of managerial personnel and employees of the Company as required under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure V.

Having regard to the provisions of the second proviso to Section 136(1) of the Act and as advised, the Annual Report excluding the aforesaid information is being sent to the members of the Company. The said information is available for inspection at the registered office of the Company during working hours and any member interested in obtaining such information may write to the Company Secretary and the same will be furnished on request.

POLICY ON PREVENTION OF GENDER HARASSMENT AT WORKPLACE AND INTERNAL COMPLAINTS COMMITTEE ("ICC")

The Company has in place a policy for prevention, prohibition and redressal of gender harassment at workplace. Appropriate reporting mechanisms are in place for ensuring protection against gender harassment and the right to work with dignity. Further, in accordance with the applicable provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company had constituted an Internal Complaints Committee ("ICC") to consider and resolve sexual harassment complaints raised by the employees of the Company. The constitution of the ICC is in accordance with the applicable provisions of the said Act.

During the year under review, the details of complaints raised by the employees of the Company are as follows:

Particular No. of Complaints received during the FY 2019-2020 No. of Complaints disposed during the FY 2019-2020 No. of Complaints pending at the end of FY 2019-2020
No. of Complaints Nil Nil Nil

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

(i) Part A pertaining to conservation of energy is not applicable to the Company.

(ii) Part B pertaining to particulars relating to technology absorption is as per Annexure VI to this report.

(iii) Part C pertaining to foreign exchange earnings and outgoings is as mentioned below:

( In Crores)

Expenditure in foreign currency (accrual basis) FY2020 FY2019
Service charges 13.37 12.63
Travelling and conveyance 1.09 1.27
Expenses reimbursement paid 0.90 0.85
Other items 0.36 0.49
Total 15.72 15.24
( In Crores)
Earnings in foreign currency (accrual basis) FY2020 FY2019
Sale of goods and services
(Including sale from overseas branch and to Export Oriented Units) 27.44 15.13
Commission income 0.75 0.74
Expenses reimbursement received 21.46 14.72
Total 49.65 30.59

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Corporate Social Responsibility Committee (CSR Committee) has formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company, which has been approved by the Board. The CSR Policy is accessible on the Companys website at the link https://www.agcnetworks.com/in/wp-content/uploads/2016/10/Corporate-Social-Responsibility-policy-Revised.pdf The Report on CSR activities is annexed herewith marked as Annexure VII.

RISK MANAGEMENT POLICY

The Company has a comprehensive Risk Management Policy in place which clearly indicates all the risks that the organization faces such as strategic, financial, credit, market, liquidity, security, property, IT, legal, regulatory, reputational and other risks that have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. In terms of Regulation 21 (5) of SEBI (LODR) Regulations, 2015, the provisions of constituting Risk Management Committee were not applicable to the Company during the FY2019-2020.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on arms length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the Companys policy of on materiality of related party transactions. Most of these are purchase/sales transactions and maintenance services transactions which are of the duration of 3 months to 12 months. Your Directors draw attention of the members to Note no. 36 (Consolidated) and Note No. 33 (Standalone) to the financial statement which sets out related party disclosures.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may is accessible on the Companys website at the link https://www.agcnetworks.com/in/wp-content/uploads/2020/05/Related-Party-Transaction-Policy-Revised.pdf

DIRECTORS RESPONSIBILITY STATEMENT

Your Directors state that: a. in the preparation of the annual accounts for the year ended March 31, 2020, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same; b. the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2020 and of the profit/(loss) of the Company for the financial year ended on the said date; c. the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d. the Directors have prepared the annual accounts on a ‘going concern basis; e. the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and f. the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systems established and maintained by the Company; work performed by the internal, statutory and secretarial auditors and external consultants, including audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the relevant board committees, including the audit committee; the Board is of the opinion that the Companys internal financial controls were adequate and effective during FY 2019-2020.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators / Courts which would impact the going concern status of the Company and its future operations. Further, no penalties have been levied by SEBI or any other Regulators during the year under review.

ACKNOWLEDGEMENTS

The Board is thankful to the Shareholders, Bankers and Customers of the Company for their continued support. It also takes this opportunity to express gratitude to its various suppliers and its partners for their continued co-operation, support and assistance. Above all, the Board expresses its appreciation to each and every employee for his / her contribution, dedication and sense of commitment to the Companys objectives.

For and on behalf of the Board of Directors

Sanjeev Shekhar Verma Mahua Mukherjee
Whole-Time Director Executive Director
DIN: 06871685 DIN: 08107320
Texas, USA Mumbai
October 19, 2020 October 19, 2020