Agri-Tech (India) Ltd Directors Report.

Your Directors are pleased to present the Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March 2021.

1. FINANCIAL RESULTS.

PARTICULARS STANDALONE CONSOLIDATED
31.03.2021 31.03.2020 31.03.2021 31.03.2020
1. Sales 19.29 38.39 19.29 38.39
2. Profit before Interest & Depreciation (65.6) 49.11 (65.6) 49.11
3. Depreciation 2.22 2.20 2.22 2.20
4. Profit Before Tax & Extra-ordinary items (63.38) 46.91 (63.38) 46.91
5. Tax Provision (Net of Deferred Tax) 0.00 0.00 0.00 0.00
6. Profit After Tax (63.38) 46.91 (63.38) 46.91
7. Extra-Ordinary Items (257.81) (0.58) (257.70) (80.48)
8. Profit available for Appropriation (320.97) 46.33 (297.53) (33.57)
9. Balance carried to Balance Sheet (320.97) 46.33 (297.53) (33.57)

2. COMPANYS PERFORMANCE AND OPERATION.

The turnover of the Company during the current financial year was INR 19.29. The mango sales reduced on account unwarranted rain fall and also reduction in consumption due to COVID. However, we are geared up for the future.

3. DIVIDEND.

Since the Company has not commenced operations in the new role, the Directors have not recommended any dividend for the financial year 2020-21.

4. DEPOSITS.

The company has not accepted any fixed deposits during the year under review.

5. SHARE CAPITAL.

The paid up equity share capital as on 31st March, 2021 was RS 59400000/- divided into 5940000 equity shares of face value of 10/- each. There was no public issue, rights issue, bonus issue or preferential issue, etc. during the has not issued shares with differential voting rights, sweat equity shares, nor has initiated any stock options.

6. FINANCIAL STATEMENT.

Full version of the Annual Report 2020-21 containing complete Balance Sheet, Statement of Profit & Loss, other statements and notes thereto, prepared as per the requirements of Schedule III to the Companies Act, 2013, Directors Report (including Management Discussion and Analysis, Corporate Governance Report) are being sent via email to all shareholders who have provided their email address (es). Full version of Annual Report 2020-21 is also available for inspection at the registered office of the Company during working hours up to the date of ensuing Annual General Meeting (AGM). It is also available at the Companys website at www.agri-tech.in.

7. COVID-19 IMPACT.

The outbreak of the deadly COVID-19 virus and the ensuing lockdown imposed across the country affected business operations. The health of the employees and workers became a priority; stoppage of operations for an uncertain period resulted in a large financial burden on the one hand and workforce idling on the other. COVID 19 is an unprecedented challenge. The lockdown gave India time to make a concerted effort to flatten the outbreak curve. However, towards later part of the year consequent to significant opening of the economic activity across the nation the demand picked up compared to that during the initial period of Covid-19. India is currently experiencing a massive second wave of Covid-19 infections. However, we expect no major changes in the economic activity as the nation is preparing to face the Pandemic with vaccines and preparedness

8. STATUTORY AUDITORS AND AUDITORS REPORT.

At the Annual General Meeting held on Authorized signatory 24th August 2017, M/s Ashok R Majethia, Chartered Accountants, were appointed as the Statutory Auditors of the Company to hold office till the conclusion of Annual General Meeting to be held in year 2022.

The statutory auditors report is annexed to this annual report. There are no adverse remarks on disclosure by the statutory auditors in their report. They have not reported any incident of fraud to the Audit Committee of the Company during the year under review. Pursuant to Section 139(2) of the Companies Act, 2013, read with Companies (Audit and Auditors) Rules, 2014, the Company at its Annual General Meeting (AGM) held on 24th August 2017, had appointed M/s Ashok R Majethia, Chartered Accountants as Statutory Auditors to hold office up-to the conclusion of AGM of the Company to be held in year 2022, subject to ratification by shareholders every year, as may be applicable. However, the Ministry of Corporate Affairs (MCA) vide its notification dated 7th May 2018 has omitted the requirement under first proviso to section 139 of the Companies Act, 2013 and rule 3(7) of the Companies (Audit and Auditors) Rules, 2014, regarding ratification of appointment of statutory auditors by shareholders at every subsequent AGM.

9. AUDITORS REPORT.

The Notes on financial statement referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Auditors Report does not contain any qualification, reservation or adverse remark.

10. INTERNAL AUDITORS.

The Board of Directors of the Company had appointed M/s M.K. Ghatiya and Associates Company Secretaries as Internal Auditors to conduct Internal Audit of the Company for the financial year ended 31st March 2021. The Internal Audit reports are being reviewed by the Audit Committee of the Company.

11. SECRETARIAL AUDIT REPORT.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) rules, 2014, the Board of Directors have appointed M/s. Neha P Agrawal Company Secretaries in Practice (C.P.No.8048) as Secretarial Auditors to conduct Secretarial Audit of the Company for the financial year ended 31st March 2021. The Secretarial Audit Report issued by M/s. Neha P Agrawal, Practicing Company Secretaries in Form MR-3 is annexed to this Boards Report as Annexure IV.

12. SUBSIDERIES.

The Company does not have any subsidiary within the meaning of the Companies Act, 2013.

13. ADEQUACY OF INTERNAL FINANCIAL CONTROL SYSTEM.

According to Section 134(5) (e) of the Companies Act, 2013, the term Internal Financial Control (IFC) means the policies and procedures adopted by the company for ensuring the 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. Rule 8 (5) (viii) of Companies (Accounts) Rules, 2014 requires the information regarding adequacy of Internal Financial Controls with reference to the financial statements to be disclosed in the Boards report. The Company has a well placed, proper and adequate IFC system which ensures that all assets are safeguarded and protected and that the transactions are authorised, recorded and reported correctly. The Internal Auditors are an integral part of the internal control system of the Company. To maintain its objective and independence, the Internal Auditors report to the Audit Committee of the Board. The Internal Auditors monitor and evaluate the efficacy and adequacy of internal control systems in the Company.

14. DIRECTORS RESPONSIBILITY STATEMENT.

Pursuant to the provisions of Section 134 (3) (c) of the Companies Act, 2013, the Board of Directors hereby confirms that,

i. In the preparation of the annual accounts, the applicable accounting standards have been followed and that there are no material departures.

ii. It has in the selection of the accounting policies, consulted the Statutory Auditors and has applied them consistently and made judgments 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 at 31st March, 2021 and of the profits of the Company for that period.

iii. It has taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities, to the best of its knowledge and ability. There are however, inherent limitations, which should be recognized while relying on any system of internal control and records.

iv. It has prepared the annual accounts on a going concern basis.

v. The Directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operation efficiently.

vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

15. DIRECTORS & KEY MANAGERIAL PERSON.

Director Retires by rotation.

Mrs. Jeevanlata Kagliwal (holding DIN 02057459) retires by rotation under Section 152 of the Companies Act, 2013 and being eligible, offers herself for re-appointment.

Appointment of Directors

1. Mr. Vadla Nagabhushanam (DIN-08863512) appointed as Additional (Independent Director) of the Company from 30th October 2020.

2. Mr. Madhukar Deshpande (DIN-07630081) appointed as Additional (Independent Director) of the Company from 13th February 2021.

Cessation of Directors

1. There is sad demise of Late Mr. Omprakash Ramnarayan Sharma, Independent Director of the Company from on 12th November 2020

2. Resignation of Mr. Kashinath Ganapathy Iyer DIN-01195975 Independent Director of the Company with effect from 30th October 2020 due to preoccupation and other personal reason.

The Key Managerial Personnel (KMP) of the Company as per Section 2(51) and 203 of the Companies Act, 2013 are as follows:

Mrs. Sweta Kagliwal -Managing Director
Mr. Rajendra Sharma -Chief Financial Officer
Mrs. Reshma Talbani -Company Secretary

16. DECLARATION OF INDEPENDENT DIRECTOR.

The Independent Directors have submitted the declaration of independence, as required pursuant to section 149 (7) of the Companies Act, 2013 stating that they meet the criteria of Independence as provided in sub section (6) of Section 149.

17. FAMILIARIZATION PROGRAMME OF INDEPENDENT DIRECTOR.

The details of the familiarization program for the Independent Directors is reported in the Report on Corporate Governance, which is attached to the Boards Report.

18. NUMBER OF MEETINGS OF THE BOARD.

Six meeting of the Board were held during the year. The dates on which the Board meetings were held are 22nd May 2020, 03rd June 2020, 05th August 2020, 30th October 2020 13th February 2020, and 06th March 2021. The details of attendance of Board meetings and Committee meetings held during the Financial Year 2020-21 forms part of the Corporate Governance Report.

19. PERFORMANCE EVALUATION OF THE BOARD, ITS COMMITTEE AND INDIVIDUAL DIRECTORS.

Pursuant to applicable provisions of the Companies Act, 2013 and the Listing Regulations 2015, the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire Board of the Company, its Committees and Individual Directors, including Independent Directors. The detailed information in this regard has been given in the Corporate Governance Report.

20. MANAGEMENT DISCUSSION & ANALYSIS.

i. OPPORTUNITIES AND THREATS.

The Company is into a production of horticulture crops, basically mangoes. The fruit scenario is on the rise in the country and we expect the same to continue to grow, based on the fruit demand. This is an opportunity to produce and sell more.

However, the agriculture is fraught with the risk of vagaries of monsoon. Although we have catered for additional water sourcing from the Paithan Dam, through a dedicated pipeline, the threat due to low and on-rain cannot be ruled out.

ii. SEGMENTATION OR PRODUCT-WISE PERFORMANCE.

The Company would only be dealing in the horticulture business and hence would be reported as one segment.

iii. OUTLOOK, RISK AND CONCERNS.

The main risk in the agriculture business is the vagaries of monsoon. We have been in this business for many years and do cater for the seasonal changes of monsoon. iv. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

There is adequate internal control system in the company through internal audit and regular operational reviews.

v. DEVELOPMENT IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT. During the year a number of key HR initiatives were taken up to link business objectives with employee performance. The human resources of the Company are adequately motivated to work towards optimal performance. The industrial relations are also cordial.

21. CONSOLIDATED FINANCIAL STATEMENT.

In compliance with the relevant provisions of Section 133 of the Companies Act, 2013 and the Accounting Standards AS-21 and AS- 27 on consolidated financial statements, read with the Accounting Standard AS-23 on Accounting for Investments in Associates, our Directors have pleasure in attaching the consolidated financial statements for the financial year ended March 31, 2021, which forms part of the Annual Report. the Company has placed separately, the audited accounts of Company along with their associate company in this annual report in compliance with the provisions of Section 136 of the Companies Act, 2013.

22. PARTICULARS OF CONTRACT OR ARRANGEMENTS PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES.

All transactions entered with Related Parties for the year under review were on arms length basis and in the ordinary course of business. There are no material related party transactions during the year under review with the Promoters, Directors or Key Managerial Personnel. The Company has developed a Related Party Transactions frame work through standard operation procedures for the purpose of identification and monitoring of such transactions. All Related Party Transactions are placed before the Audit Committee as also to be Board for approval. The particulars of contracts or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 disclosed in Form No. AOC 2 and is set out as Annexure and forms part of this report.

23. PARTICULARS OF LOANS, AGURANTEES OR INVESTMENTS UNDER SECTION 186 OF

THE COMPANIES ACT, 2013. The Company has granted certain loans and advances, which has been reported in Note No 36 of Financial Statements.

24 . CORPORATE SOCIAL RESPONSIBILITY (CSR).

The Company does not exceed the threshold limits mentioned in Section 135 (1) of the Companies Act, 2013. Therefore the provisions pertaining to Corporate Social Responsibility are not applicable to the Company.

25. INSIDER TRADING CODE.

In compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 (‘the PIT Regulations) on prevention of insider trading, the Company have its Code of Conduct for regulating, monitoring and reporting of trading by Designated Persons in line with the recent amendments brought by SEBI in the PIT Regulations. The said Code lays down guidelines, which advise Designated Persons on the procedures to be followed and disclosures to be made in dealing with the shares of the Company and cautions them on consequences of non-compliances. the Company has also updated its Code of practices and procedures of fair disclosures of unpublished price sensitive information by including a policy for determination of legitimate purposes.

26. MATERIAL CHANGES AND COMMITMENTS.

There are no material changes and commitments in the business operations of the Company from the financial year ended March 31, 2021 to the date of signing of the Directors Report.

27. RISK ASSESMENT AND MANAGEMENT.

The Company is exposed to various business risks. These risks are driven through external factors like economic environment, competition, regulations etc. The Company has laid down a well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact, and risk mitigation process. A detailed exercise is being carried out to identify, evaluate, manage and monitor business and non-business risks. The Audit Committee and Board periodically review the risks and suggest steps to be taken to manage/mitigate the same through a properly defined framework. During the year, a risk analysis and assessment was conducted and no major risks were noticed, which may threaten the existence of the Company.

28. POLICY AGAINST SEXUAL HARRASMENT AT WORKPLACE.

Pursuant to the provisions of Section 4(1) of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has in place an Internal Complaints Committee. The following is a summary of sexual harassment complaints received and disposed off during the year.

No. of complaints received: Nil No. of complaints disposed: NA

29. ENVIRONMENTAL SAFETY.

The Company is conscious of the importance of environmentally clean and safe operations. The Companys policy requires conduct of operations in such a manner, so as to ensure safety of all concerned, compliances environmental regulations and preservation of natural resources.

30. COMMITTEE OF THE BOARD.

Currently the Board has three committees: The Audit Committee, the stakeholders relationship committee, the nomination & remuneration committee.

A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this Annual Report. The Composition of the Committees and compliances, as per the applicable provisions of the Act and Rules are as follows:

Name of the Committee Audit Committee Composition of the Committee Highlights of Duties, responsibilities and activities
Mr. Madhukar Deshpande - Chairman All recommendations made by the Audit Committee during the year were accepted by the Board.
Mr. Shrirang Agrawal- Member In accordance with the requirements of the Listing Agreement, The Company has formulated policies on related party transactions.
Satish Kagliwal-Member
Stakeholders Relationship Committee Mr. Madhukar Deshpande - Chairman The Committee reviews and ensures redressal of investor grievances.
Mr. Shrirang Agrawal- Member The Committee noted that all the grievances of the investors have been resolved during the year.
Mr .Satish Kagliwal-Member
Nomination and Remuneration Committee Mr. Madhukar Deshpande -Chairman To formulate the criteria for determining qualifications, positive attributes and independence of a Director, and recommend to the Board a policy, relating to the remuneration for the Directors, key managerial personnel and other employees.
Mr. Vadla Nagabhushanam- Member To carry out evaluation of every Directors performance.
Mr. Shrirang Agrawal- Member

31. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.

(Section 134(3) (m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 and forming part of Directors Report.

1. Conservation of Energy:

(i) The steps taken or impact on conservation of energy

The Company has taken adequate measures to conserve and reduce the energy consumption. (ii) The steps taken by the Company for utilizing alternate sources of energy - Nil (iii) The capital investment on energy conservation equipments - Nil

2. Technology Absorption and Innovation:

(i) The benefits derived like product improvement, cost reduction, product development or import substitution: NA

(ii) In case of imported technology (imported during the last three years reckoned from the beginning of the financial year:

a) Technology imported - Nil

b) Year of import - Nil

c) Whether the technology been fully absorbed - NA

d) If not fully absorbed, areas where absorption has not taken place, and the reasons thereof NA

32. EXTRACT OF ANNUAL RETURN.

Annexure III is attached.

33. INSURANCE.

All the insurable interest of the company, including Inventories, Buildings, Machinery etc., is adequately insured.

34. INDUSTRIAL RELATION.

The Company enjoyed cordial relations with its employees at all levels. Your Directors record their appreciation of the support and co-operation of all employees and counts on them for the accelerated growth of the Company.

35. ACKNOWLEDGEMENTS.

The Directors place on record their sincere appreciation for the dedication, hard work and commitment of the employees at all levels and their significant contribution to your Companys growth. Your Company is grateful to the Distributors, Dealers, and Customers for their support and encouragement. Your Directors thank the Banks, Financial Institutions, Government Departments and Shareholders and look forward to having the same support in all our future endeavors.

For and on behalf of the Board of Directors
05th June 2021
Registered Office:
Nath House,
Nath Road
Aurangabad-431005
Director
Satish Kagliwal
DIN: 00119601
Managing Director
Sweta Kagliwal
DIN: 02052811