AksharChem (India) Ltd Directors Report.

Dear Shareholders,

Your Directors are pleased to present their Thirty Second Annual Report together with the Audited Financial Statements of your Company for the financial year ended March 31, 2021.

(H in Lakhs)

Particulars Current Year 2020-21 Previous Year 2019-20
Revenue from operations 24,648.29 26,014.50
Other Income 112.81 105.24
Total Income 24,761.10 26,119.74
Profit for the year before Finance Costs, Depreciation, Exceptional Items and Tax Expenses 2,503.57 2,694.50
Less: Finance Costs 68.52 110.76
Profit for the year before Depreciation, Exceptional Items and Tax Expenses 2,435.05 2,583.74
Less: Depreciation 704.99 672.78
Profit for the year before Exceptional Items and Tax Expenses 1,730.06 1,910.96
Add/(Less): Exceptional Items Nil Nil
Profit for the year before Tax Expenses 1,730.06 1,910.96
Less: Current Tax 333.50 499.73
Less: Deferred Tax 176.63 (168.36)
Less: Adjustment of tax for earlier years (Net) (30.16) 7.32
Net Profit for the year 1,250.09 1,572.27
Add: Balance brought forward from last year 16,187.45 15,308.22
Depreciation Adjustment Nil Nil
Deferred tax on Depreciation Adjustment Nil Nil
Surplus available for Appropriation 17,437.54 16,880.49
Appropriation
Other Comprehensive Income 19.43 (0.84)
Transfer to General Reserve Nil Nil
Interim Dividend of H Nil per Equity Share (P. Y. H 3.50 per Equity Share) Nil 287.09
Final Dividend of H Nil per Equity Share (P. Y. H 3.50 per Equity Share) Nil 287.09
Tax on dividend Nil 118.02
Balance carried over to Balance Sheet 17,456.97 16,187.45

IMPACT OF THE COVID-19 ON BUSINESS OF THE COMPANY

The year is full of challenges and disruptions caused by COVID affecting productivity and supply. Export business was severely impacted during the year due to lockdown and certain challenges relating to manufacturing operations, logistic and supply of raw material. The pigment though was largely unaffected and the company continues to register healthy volume numbers supported by strong capacity utilization.

Further we believe FY 22 will turnout to be a normal year with improvement in revenue and margins compare to FY 21, provided textile demand recovers and become normal. Lot depends on demand of global textile market, since dyes and intermediate business mainly depends on textile demand. We believe textile demand to improve heavily in next six to twelve months. Pigments will be remain stable to positive.

DIVIDEND

After considering the profitability, cash flow and overall financial performance of the Company, Board of Directors of the Company are pleased to recommend a final dividend of H 3.50 per equity share (35% on the face value of H 10/- each) for the year ended March 31, 2021 subject to approval of the members at the forthcoming Annual General Meeting.

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

The final dividend, if declared as above would involve a total outgo of H 287.09 Lakhs towards dividend for the year.

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

Section 124(6) of the Companies Act, 2013, requires a Company to transfer in the name of Investors Education and Protection Fund (IEPF) Authority all shares in respect of which dividend has not been paid or claimed for 7 (seven) consecutive years or more. In accordance with the said provisions read with the Investors Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended, the Company is in the process to transfer all shares in respect of which dividends declared for the year 2013-2014 has not been paid or claimed by members for 7 (seven) consecutive years or more.

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 H 1,250.09 Lakhs in the Statement of Profit and Loss.

STATE OF COMPANY’S AFFAIRS

The highlights of the Company’s performance are as under:

General

During the year under review the Company has reported 5.25% and 20.49% YoY decline in revenue from operations and profit to H

24,648.29 Lakhs and H 1250.09 Lakhs respectively. The financial performance of the year 2020-21 in terms of revenues was impacted due to lower realisations, which were a result of Covid -19 Pandemic, which led to reduction in demand from end user industries.

Results of Operations

During the year under review, the revenue from operations of the Company has decreased from H 26,014.50 Lakhs to H 24,648.29 Lakhs and the Profit after Tax (PAT) has decreased from H 1,572.27 Lakhs to H 1,250.09 Lakhs. We witnessed Covid 19 Pandemic, which was unexpected and effect of the same remained during FY 21. Top line and bottom-line remained under pressure during full FY 21. The Profitability of the Company was affected mainly due to that factor.

Exports

The export turnover has decreased from H 20,645.70 Lakhs to H 19,494.79 Lakhs compared to previous year. Export business severely impacted during the year due to lockdown and certain challenges relating to manufacturing operations, logistic and supply of raw material.

INTELLECTUAL PROPERTY 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. During the year under review the Company has also filed application for trademark of brand names for its product namely precipitated silica which is under progress.

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, 2021.

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

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 Equity Shares

During the year under review, the Company has not issued Sweat

Equity Shares.

Issue of Employee Stock Options

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 Bank of 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, 2021.

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 short term 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 2021-22 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, is 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.

In terms of Amendment to Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 (the CSR Rules 2021") effective from 22nd January, 2021, the Company’s CSR Committee at its meeting held on 12th February 2021 had revised policy of the Company. The Company is not required to deposit any amount in a separate Bank account opened with a Scheduled Bank in Compliance with CSR Rules 2021 for the CSR identified projects.

In line with Company’s objective under its CSR policy to support the society at a large, the Company has distributed food grains in nearby villages to the people affected by lockdown due to COVID-19.

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

As recommended by the Nomination and Remuneration Committee, the Board of Directors of the Company has approved the re-appointment of Mrs. Paru M. Jaykrishna as Chairperson & Managing Director of the Company for a term of five years w.e.f. 1st April, 2021, subject to approval of members of the Company.

Appropriate resolutions seeking your approval to the above is appearing in the Notice convening the 32nd AGM of your Company.

Retirement by Rotation

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Mr. Gokul M. Jaykrishna (DIN: 00671652) Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible have offered himself for re-appointment. The Nomination and Remuneration Committee and Board recommends his reappointment.

Brief profile of the Director being re-appointed as required under Regulations 36(3) of Listing Regulations, 2015 and Secretarial Standard on General Meetings is provided in the Notice of the forthcoming AGM of the Company.

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 (CS)

Women Director

The Board of Directors of the Company includes women 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 an independent director of the Company for the period of five years w.e.f. December 11, 2017 and Ms. Maitri K, Mehta was appointed as an 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 by 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) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION

The Board of Directors of the Company is committed to assess 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 of the 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 2020-2021, the Board of Directors of the Company, met 4 (Four) times on June 30, 2020, August 14, 2020, November 11, 2020 and February 12, 2021.

INDEPENDENT DIRECTORS’ MEETING

A separate Meeting of the Independent Directors of the Company was also held on February 12, 2021, 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, is 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) of the 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 company’s 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 the 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 2020-21, which forms part of the Annual Report 2020-21. 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 2020-21, as required under Section 204 of the Companies Act, 2013 and Rules there under. Secretarial Audit Report for F.Y. 2020-21 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.

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.

ANNUAL RETURN

Pursuant to Section 92(3) read with section 134(3)(a) of the Companies Act, 2013, copy of the Annual Return of the Company prepared in accordance with Section 92(1) of the Act read with Rule 11 of the Companies (Management and Administration) Rules, 2014 may be accessed on the Company’s website at: https://www.aksharchemindia.com/uploads/repor t/901162997216 4MGT-7.pdf

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 arm’s length basis. There were 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 were not in ordinary course of business and were not on arm’s length basis and hence there was 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 COMPANY’S 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 Company’s 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 F" 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 G" 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, 2021, 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, 2021 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 REPORTABLE TO 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 E-mail 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 Board’s Report and Management Discussion & Analysis may contain certain statements describing the Company’s 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 Company’s 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 11, 2021 Chairperson & Mg. Director
DIN: 00671721

Registered Office:

"Akshar House",

Chhatral Kadi Road,

Indrad – 382 715,

Mehsana, Gujarat (India)

CIN : L24110GJ1989PLC012441

Phone: +91 2764 233007

Fax: +91 2764 233550

Website: www.aksharchemindia.com

Email id: cs@aksharchemindia.com