AksharChem (India) Ltd Directors Report.

Your Directors are pleased to present their Thirty First Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31,2020.

FINANCIAL HIGHLIGHTS r ? in La:<h

Particulars Current Year 2019-20 Previous Year 2018-19
Revenue from operations 26,014.50 32,288.38
Other Income 105.24 534.89
Total Income 26,119.74 32,823.27
Profit for the year before Finance Costs, Depreciation, Exceptional Items and Tax Expenses 2,694.50 3,983.54
Less: Finance Costs 110.76 91.61
Profit for the year before Depreciation, Exceptional Items and Tax Expenses 2,583.74 3,891.93
Less: Depreciation 672.78 551.24
Profit for the year before Exceptional Items and Tax Expenses 1,910.96 3,340.69
Add/(Less): Exceptional Items Nil Nil
Profit for the year before Tax Expenses 1,910.96 3,340.69
Less: Current Tax 499.73 738.62
Less: Deferred Tax (168.36) 343.12
Less: Adjustment of tax for earlier years (Net) 7.32 Nil
Net Profit for the year 1,572.27 2,258.95
Add: Balance brought forward from last year 15,308.22 13,385.29
Depreciation Adjustment Nil Nil
Deferred tax on Depreciation Adjustment Nil Nil
Surplus available for Appropriation 16,880.49 15,644.24
Appropriation
Other Comprehensive Income (0.84) 10.13
Transfer to General Reserve Nil Nil
Interim Dividend of Rs. 3.50 per Equity Share (P. Y. Rs. Nil per Equity Share) 287.09 Nil
Final Dividend of Rs. 3.50 per Equity Share (P. Y. Rs. 3.50 per Equity Share) 287.09 287.09
Tax on dividend 118.03 59.06
Balance carried over to Balance Sheet 16,187.44 15,308.22

IMPACT OF THE COVID-19 ON BUSINESS OF THE COMPANY

The operations of the Company were affected due to announcement of lockdown by Government of India. The manufacturing facility of the Company were suspended and have been partially functional with effect from 22nd April, 2020 with the permissions and as per operating guidelines issued by Ministry of Home Affairs (MHA). The Company has adhered to the guidelines issued by Government and complying with all safety measures to safeguard the employees from COVID-19 disease. The Company has also formulated policy for work from home for majority of the employees except for employees associated with manufacturing activity.

Further due to COVID -19 and lockdown announced by the Government, being the non-essential product, the textile market has affected and also shops and malls are shut due to this pandemic. The demand for textile has subdued which ultimately affect the business of the Company.

DIVIDEND

After considering the profitability, cash flow and overall financial performance of the Company, your Board of Directors of the Company have declared interim dividend of Rs. 3.50 per equity share (35% on the face value of Rs. 10/- each) for the year ended March 31,2020 and the total outgo was Rs. 287.09 Lakhs towards dividend and Rs. 59.01 Lakhs towards dividend distribution tax.

During the previous financial year, the Company has paid final dividend of Rs 3.50 per equity share (35% on face value of Rs. 10 each), and the total outgo was Rs. 287.09 Lakhs towards dividend and Rs. 59.01 Lakhs towards dividend distribution tax.

TRANSFER OF UNCLAIMED SHARES & DIVIDEND AMOUNT TO INVESTOR EDUCATION AND PROTECTION FUND

Section 124 of the Companies Act, 2013 mandates that companies shall transfer dividend that remain unclaimed for a period of seven years, from the unpaid dividend account to the Investor Education and Protection Fund (IEPF). During the year under review, your Company is not required to transfer any unclaimed amount and Shares to IEPF Authority.

TRANSFER TO RESERVES

Your Company has not transferred any amount to General Reserve (Also in Previous Year the Company has not transferred any amount to General Reserve). Your company has retained amount of Rs. 1572.27 Lakhs in the Statement of Profit and Loss.

STATE OF COMPANYS AFFAIRS

The highlights of the Companys performance are as under:

General

During the year under review the Company has reported 19% and 30% YoY decline in revenue from operations and profitto Rs. 260.15 Crores and Rs. 15.72 Crores respectively. The sales were mainly affected by lower realisation in key products like Vinyl Sulphone and other dye intermediates as there is a lower demand in the textile industry.

The pricing pressure is mainly coming from China which is a key supplier of dye-intermediate. The Chinese supply has risen as global slowdown led by trade war forced government to revive the chemical units and settle the environment issues. The pigment though was largely unaffected and the company continues to register healthy volume numbers supported by strong capacity utilization. During the year 2018-19, the company got treasury income of Rs. 4.5 Cr. higher than 2019-20. This is mainly because of investment of surplus fund, which is utilized in expansion for H Acid and Silica project.

Results of Operations

During the year under review, the revenue from operations of the Company has decreased from Rs. 32,288.38 Lakhs to Rs. 26,014.50 Lakhs and the Profit after Tax (PAT) has decreased from Rs. 2,258.95 Lakhs to Rs. 1572.27 Lakhs. Decrease in revenue was largely on back of softening in realization. In addition to the prices, the sales reduced due to reduction in demand from end user industry.

Exports

The export turnover has decreased from Rs. 26,839.81 Lakhs to Rs. 20,645.70 Lakhs compared to previous year. The export has decreased as the pricing pressure is mainly coming from China which is a key supplier of dye-intermediate. The Chinese supply has risen as global slowdown led by trade war forced government to revive the chemical units and settle the environment issues.

INTELLECTUAL PROPORTY RIGHTS

The Company is having the certificate for registration of trademark from the Registrar of Trade Marks, Trade Marks Registry, Gujarat for its logo i.e. AksharChem and its product Pigment Green 7, i.e. Asaflow.

CHANGE IN THE NATURE OF BUSINESS, IF ANY

There was no change in the nature of business of the Company during the financial year ended March 31,2020.

MATERIAL CHANGES AND COMMITMENT, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF FINANCIAL YEAR TO WHICH THE FINANCIAL STATEMENTS RELATE ANDTHE DATE OFTHE REPORT

There has been no material changes and commitment, affecting the financial position of the Company which has occurred between the end of financial year to which the financial statements relate and the date of the report.

AUTHORISED SHARE CAPITAL

During the year under review, there is no change in the Authorized Share Capital of the Company.

SHARE CAPITAL

During the year under review, the paid-up capital of the Company has remained the same.

Issue of Shares with differential rights

During the year under review, the Company has not issued equity shares with differential rights.

Issue of Sweat EauitvShares

During the year under review, the Company has not issued Sweat Equity Shares.

Issue of Employee StockQptions

During the year under review, the Company has not issued any shares under Employee Stock Option.

FINANCE AND INSURANCE

The Company has been financed by State Bankof India.

All insurable interests of the Company, including plant and machinery, building, stocks, vehicles, stores and spares have been adequately insured against various risks and perils.

PUBLIC DEPOSITS

The Company has not accepted deposit from public during the year and there was no deposit outstanding on March 31,2020.

SUBSIDIARY COMPANIES

During the year under review the Company does not have any subsidiary.

CERTIFICATIONS

During the year under review the Company have its quality certifications with new standard ISO 14001:2015 certification for environment management system of its plants of Vinyl Sulphone and CPC Green at Village Indrad and also have ISO 9001:2015 certification for quality management system.

EXPORT HOUSE STATUS

The Company has the status of "One Star Export House" by Office of Additional Director General of Foreign Trade, Ahmedabad, in accordance with provisions of Foreign Trade Policy 2015-2020. This status is valid till December 21,2022.

CREDIT RATING

The CARE Ratings Limited has reviewed the ratings on the bank facilities of the Company and reaffirmed the rating of the Company as "CARE A+" (Single A Plus) assigned to the long term/short term bank facilities for fund based limit and "CARE A1 +" (A One Plus) assigned to the shortterm bank facilities for non fund based limit.

LISTING

The Equity Shares of the Company continue to be listed on BSE Limited (BSE), National Stock Exchange of India Limited (NSE) and Ahmedabad Stock Exchange Limited (ASE) and required Listing Fees for the year 2020-21 has been paid.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars as prescribed under Sub-section (3)(m) of Section 134 of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014, are enclosed as "Annexure A" to the Boards report.

RISK MANAGEMENT

We believe that risk management is an integral part of our operations. It is essential to identify and manage risks in order to reduce uncertainties and ensure continuity of business. We have a risk management framework and team that implements the processes specified in the framework. Further details are set out in the Management Discussion and Analysis Report forming part of the Directors Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

In accordance with the provisions of Section 135 of the Companies Act, 2013 and the rules framed there under the Company has a Corporate Social Responsibility Committee of Directors.

The composition of the CSR committee, as per the applicable provisions of the Act and Rules, are as follows:

Mrs. Paru M. Jaykrishna- Chairperson Mr. Gautam Jain - Member Ms. Maitri K. Mehta - Member

A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this Annual Report.

Mrs. Paru M. Jaykrishna - Chairperson, Mr. Gautam Jain and Ms. Maitri K. Mehta has inter alia also formulated a CSR Policy.

The role of the CSR Committee is to review the CSR policy, indicate activities to be undertaken by the Company towards CSR activities and formulate a transparent monitoring mechanism to ensure implementation of projects and activities undertaken by the Company towards CSR initiatives.

The Report on CSR Activities, which forms part of the Directors Report, is annexed as "Annexure B" to this report.

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONEL

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy on selection and appointment of Directors, Senior Management and their remuneration. The Nomination and Remuneration Policy is put up on the website of the Company at: www.aksharchemindia.com.

The details of programmes for familiarisation of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and related matters are put up on the website of the Company at: www.aksharchemindia.com

DIVERSITY OF THE BOARD

The Company recognises and embraces the benefit of having a diverse Board of Directors and views increasing diversity at the Board level as an essential element in maintaining competitive advantage in

the Business in which it operates. This Policy is put up on the website of the Company at: www.aksharchemindia.com

DISCLOSURES ON MANAGERIAL REMUNERATION

Details of Managerial Remuneration as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as per "Annexure C" to this report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Appointment of Chief Financial Officer

The Board of Directors at its meeting held on March 11, 2020 has appointed Mr. Amit D. Soni as Chief Financial Officer (CFO) of the Company w.e.f. March 22,2020.

Further Mr. Sunil Rane has resigned as Chief Financial Officer of the Company as on March 22,2020 and his designation is changed from General Manager (Accounts) & Chief Financial Officer (CFO) to General Manager (Accounts).

Retirement bv Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association ofthe Company, Mrs. Paru M. Jaykrishna (DIN: 00671721) Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible have offered herself for reappointment. The Board recommends her reappointment.

Key Managerial Personnel

The following persons are the Key Managerial Personnel:

Mrs. Paru M. Jaykrishna, Chairperson & Managing Director Mr. Munjal M. Jaykrishna, Joint Managing Director & CEO Mr. Amit D. Soni, Chief Financial Officer (CFO)

Mr. Meet J. Joshi, Company Secretary

Women Director

The Board of Directors ofthe Company includes a woman director viz. Mrs. Paru M. Jaykrishna and Ms. Maitri K. Mehta. Accordingly, the Company is in compliance with the requirement of section 149(1) of the Companies Act, 2013 read with Rule 3 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Independent Directors

Mr. Gautam M. Jain and Dr. Pradeep Jha Independent directors have been reappointed for the period of five years w.e.f. August 12,2019, Mr. Jigar M. Patel was appointed as independent director of the Company forthe period of five years w.e.f. December 11,2017 and Ms. Maitri K, Mehta was appointed as independent director of the Company for the period of five years w.e.f. March 28, 2019. No Independent Directors of the Company are liable to retire during the year under review.

Declaration bv Independent Directors

The Company has received necessary declaration from each independent director under Section 149(7) of the Companies Act, 2013 that he/she meets the criteria of independence laid down in Section 149(6) ofthe Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION

The Board of Directors ofthe Company is committed to assessing its own performance as a Board in order to identify its strengths and areas in which it may improve its functioning. To that end, the Nomination and Remuneration Committee has established processes for performance evaluation of Independent Directors, the Board and Committees ofthe Board.

Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out an annual evaluation of its own performance, performance of its Committees as well as the Directors individually. Details of the evaluation mechanism are provided in the Corporate Governance Report.

PARTICULARS OF EMPLOYEES

The statement containing particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,

2014, is provided as "Annexure D" to this report.

NUMBER OF MEETINGS OF THE BOARD

During the financial year 2019-2020, the Board of Directors of the Company, met 5 (Five) times on May 14, 2019, August 12, 2019, November 13,2019, February 12,2020, and March 11,2020.

INDEPENDENT DIRECTORS MEETING

A separate Meeting ofthe Independent Directors ofthe Company was also held on March 11, 2020, whereat the prescribed items enumerated under Schedule IV to the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015, were discussed.

AUDIT COMMITTEE

The composition of the Audit committee, as per the applicable provisions of the Act and Rules, are as follows:

Dr. Pradeep Jha - Chairman Mr. Jigar M. Patel - Member Ms. Maitri K. Mehta- Member

A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this Annual Report.

VIGIL MECHANISM/ WHISTLE BLOWER POLICY Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have adopted the vigil mechanism/whistle blower policy which is in compliance with the provisions of Section 177(10) ofthe Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Employees can raise concerns regarding any discrimination, harassment, victimization, any other unfair practice being adopted against them or any instances of fraud by or against your Company. The Audit Committee oversees the vigil mechanism.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Board has adopted policies and procedures to ensure the orderly and efficient conduct of its business, including but not limited to the prevention and detection of frauds and errors, the safeguarding of its assets, the accuracy and completeness of the accounting records,

adherence to the companys policies, periodical review of financial performance of Company and review of the accounts every quarter by Statutory Auditors. The Company has appointed Independent Internal Auditors who periodically audit the adequacy and effectiveness of the internal controls and suggest improvements.

Internal Control Systems are reviewed by Audit Committee headed by a Non- Executive Independent Director on a regular basis for its effectiveness and the necessary changes suggested are interpreted into the system. Every quarter the Audit Committee reviews the adequacy and effectiveness of internal control systems and monitors the implementation of improvement actions.

STATUTORY AUDITORS

The Statutory Auditors M/s. Mahendra N. Shah & Co., Chartered Accountants (Firm Registration No. 105775W), Ahmedabad were appointed as the Statutory Auditors of the Company for a term of five years up to the conclusion of the 33rd Annual General Meeting of the Company, if so required under the Law.

M/s. Mahendra N. Shah & Co., Chartered Accountants has expressed their willingness to be appointed as Statutory Auditors of the Company. They further confirmed that if said appointment, if made, would be within prescribed limits under Section 141 of the Companies Act, 2013 and that they are not disqualified for appointment.

Pursuant to Section 139 and 141 of the Companies Act, 2013 and relevant Rules prescribed there under, the Company has received certificate from the Auditors to the effect, inter-alia, that their appointment would be within the limits laid down by the Act, shall be as per the term provided under the Act, that they are not disqualified for such appointment under the provisions of applicable laws and also that there are no pending proceedings against them or any of their partners with respect to professional matters of conduct.

The Auditors have also confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

M/s. Mahendra N. Shah & Co., Chartered Accountants, have submitted their Report on the Financial Statements of the Company for the Financial Year 2019-20, which forms part of the Annual Report 201920. There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Reports that may call for any explanation from the Directors.

SECRETARIAL AUDITORS

Mr. Bipin L. Makwana, Practicing Company Secretary (Membership No. A15650), was appointed to conduct the secretarial audit of the Company for the financial year 2019-20, as required under Section 204 of the Companies Act, 2013 and Rules there under. Secretarial Audit Report for F.Y. 2019-20 forms part of the Annual Report as "Annexure E" to the Boards report.

The Secretarial Auditor has not made any comments or given any qualification, reservation or adverse remarks or disclaimer in their Audit Report. However, he has observed the following.

Sr. No. Details of Observation Remarks
1 Non-Compliance to Regulation34ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 There was delay of one day in submission of annual report to the stock exchanges for which penalty were levied and paid to the stock exchanges. Subsequenty penalty was waived by Stock Exchanges and the matter is closed now.

COST AUDITOR

During the year under review, the provision regarding Cost Audit is not applicable to the Company.

CASH FLOW STATEMENT

As required under Regulation 34(2)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, a Cash Flow Statement prepared in accordance with the Indian Accounting Standard 7 (IND AS-7) is attached to the Financial Statement.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT-9 is appended as "Annexure F" to this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE

Particulars of loans, guarantees or investments covered under Section 186 of the Companies Act, 2013 forms part of the notes to the financial statements provided in this Annual Report. The same has been utlised by recipient for business purpose.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS ENTERED INTO WITH RELATED PARTIES

All Related Party transactions that were entered into during the year under review were in ordinary course of business and were on arms length basis. There are no materially significant related party transactions made by the Company which may have potential conflict of interest.

Further, there were no material related party transactions which are not in ordinary course of business and are not on arms length basis and hence there are no information required to be provided under Section 134(3)(h) of the Companies Act, 2013 read with rule 8(2) of the Companies (Accounts) Rules, 2014 in form AOC-2 and under Section 188(2) of the Companies Act, 2013.

SIGNIFICANT OR MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS OF THE COMPANY AND/OR THE COMPANYS OPERATIONS IN FUTURE

There were no significant or material orders passed by the regulators or Courts or Tribunals impacting the going concern status of the Company and / or the Companys operations in future.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Management Discussion and Analysis Report is appended as "Annexure G" to this Report.

CORPORATE GOVERNANCE

Your Company is committed to maintain the highest standards of Corporate Governance. A separate Corporate Governance Report as stipulated under Chapter IV read with Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is furnished as "Annexure H" to this Report together with certificate from Mr. Bipin L. Makawana, Practicing Company Secretary (Membership No. A15650) confirming compliance with the conditions of Corporate Governance.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134(3)(c) of the Companies Act, 2013 and based on the information provided by the management, 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 at March 31,2020 and of the profit of the Company for the year ended on that 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.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLETO THE CENTRAL GOVERNMENT

During the year under review there were no frauds reported by Auditors under section 143 (12).

DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has zero tolerance for sexual harassment at workplace. The Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (POSH Act) and the rules framed thereunder. It is the continuous endeavor of the Management of the Company to create and provide an environment to all its employees that is free from discrimination and harassment, including sexual harassment. During the year under review, the Committee had not received any complaint.

COMPLIANCE WITH SECRETARIAL STANDARDS ON BOARD AND GENERAL MEETINGS

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

Our human capital contributes significantly to our business operations and we believe that employees are our valuable asset and core strength. To further support that strength, we have identified skill set building as one of key business drivers, and have focused our employee initiatives in that direction. We periodically organize various trainings for our employees to enhance their knowledge and skills. Our learning and development training programs are governed by quality business management principles adopted by us, which include a principle of in-depth identification of development needs and comprehensive structure of learning and development.

We believe that our human resources initiatives led to positive trends in the production, quality, cost, delivery, safety and morale parameters in manufacturing, a higher level of engagement in workers, better working relationships between sales managers and reportees. We also engage contract labour depending on our requirements from time to time, particularly at our manufacturing facilities. The attrition rate of the Company is very low as compare to other companies in the concerned sector. Industrial relations remained harmonious with a focus on productivity, quality and safety throughout the year. Your directors wish to place on record their sincere appreciation for the devoted services of all the employees and workers of the Company.

GREEN INITIATIVE

The Ministry of Corporate Affairs had taken the Green Initiative in Report on Corporate Governance by allowing paperless compliances by Companies through electronic mode. Your Company supports the Green Initiative and has accordingly decided to send necessary communications to its Shareholders to their respective registered Email addresses.

ENVIRONMENT SAFETY AND HEALTH

Your Company continues to exercise persistent and meticulous efforts towards greener earth and environment conservation. The Company preserves in its efforts to teach safe and environmentally accountable behavior in every employee, as well as its vendors. The Company is committed towards safety, not only of its own men and plant, but also of the society at large.

Solid waste generated at the Works, after treatment of its liquid effluent is shifted to a Gujarat Pollution Control Board (GPCB) approved site.

The Company continues to demonstrate its commitment to a clean and safe environment. The State of the art effluent treatment plant continues to run satisfactorily, so that the treated waste water discharged is well within the stipulated norms set by GPCB.

Your Company has ISO 14001:2015 and ISO 9001:2015 certification for its unit.

APPRECIATION AND ACKNOWLEDGEMENTS

Your Directors are grateful and pleased to place on record their thanks to Government of India, Government of Gujarat, Electricity supply companies, and Bankers for their excellent support, guidance and continued cooperation.

The Company is thankful to the shareholders for reposing trust in the Company and their unflinching enthusiasm and patronage.

CAUTIONARY STATEMENT

The Boards Report and Management Discussion & Analysis may contain certain statements describing the Companys objectives, expectations or forecasts that appear to be forward-looking within the meaning of applicable securities laws and regulations while actual outcomes may differ materially from what is expressed herein. The Company is not obliged to update any such forward-looking statement. Some important factors that could influence the Companys operations comprise of economic developments, pricing.

and demand and supply conditions in global and domestic markets, changes in government regulations, tax laws, litigation and industrial relations.

For and on behalf of Board of Directors

Place: Indrad, Mehsana PARU M. JAYKRISHNA
Date : August 14,2020 Chairperson & Mg. Director
DIN: 00671721

Registered Office:

166/169, Village Indrad,

Kadi - Kalol Road, Dist: Mehsana Gujarat - 382 715 (I ndia)

CIN: L24110GJ1989PLC012441 Phone:+91 2764233007 Fax:+91 2764233550 Website: www.aksharchemindia.com Email id: cs@aksharchemindia.com