Aries Agro Ltd Directors Report.

To

The Members, Aries Agro Limited

Your Directors have pleasure in presenting their 52nd Annual Report on the operations of the Company together with the Audited Financial

Statements for the Financial Year ended 31st March, 2022.

Financial Performance

( Rupees in Lakhs unless stated otherwise )

Particulars

Standalone

Consolidated

Year Ended 31st March, 2022 Year Ended 31st March, 2021 Year Ended 31st March, 2022 Year Ended 31st March, 2021
Revenue from Operations 54,752.45 47,449.83 54,808.76 47,451.15
Less :- Discount / Rebates 10,805.45 9,304.18 10,805.45 9,304.18
43,947.00 38,145.65 44,003.31 38,146.97
Other Income 882.72 523.04 391.06 27.00
Total Revenue (including Other Income) 44,829.72 38,668.68 44,394.37 38,173.96
Profit Before Tax, Interest & Depreciation 5,650.82 6,239.55 5,053.74 5,702.15
Less :- Finance Costs 2,430.44 2,593.22 2,447.34 2,596.35
Depreciation & Amortisation Expense 565.35 638.15 578.27 644.36
2,995.80 3,231.37 3,025.62 3,240.72
Profit Before Tax 2,655.02 3,008.19 2,028.12 2,461.44
Less :- Current Tax 732.00 640.00 732.00 640.00
Adjustment of Tax relating to earlier periods (40.75) 6.45 (40.75) 6.45
Deferred Tax 61.39 97.83 42.53 97.83
752.64 744.27 733.78 744.27
Profit After Tax 1,902.38 2,263.91 1,294.34 1,717.16
Add / (Less) :- Share of Profit / (Loss) of - - (133.87) (77.48)
Associates
Profit for the year 1,902.38 2,263.91 1,160.48 1,639.68
Less :- Non-Controlling Interest - - (168.56) (156.03)
Profit for the year attributable to Owners of the Parent 1,902.38 2,263.91 1,329.03 1,795.71
Balance brought forward 12,050.94 9,787.03 12,695.34 10,958.78
Add / (Less) :- Adjustment on Account of IFRS 16 - - - 0.27
Foreign Currency Translation Reserve - - 28.50 (59.41)
Amount available for Appropriation 13,953.32 12,050.94 14,052.87 12,695.34
Less :- Dividend Proposed / Paid 104.04 - 104.04 -
Tax on Dividend Proposed - - - -
Provision for Doubtful Debts - - - -
104.04 - 104.04 -
Surplus carried forward to Balance Sheet 13,849.28 12,050.94 13,948.83 12,695.34

 

Particulars

PERCENTAGE TO GROSS SALES

Standalone

Consolidated

Year Ended 31st March, 2022 Year Ended 31st March, 2021 Year Ended 31st March, 2022 Year Ended 31st March, 2021
Revenue from Operations 100.00 100.00 100.00 100.00
Less :- Discount / Rebates 19.74 19.61 19.71 19.61
80.26 80.39 80.29 80.39
Other Income 1.61 1.10 0.71 0.06
Total Revenue (including Other Income) 81.88 81.49 81.00 80.45
Profit Before Tax, Interest & Depreciation 10.32 13.15 9.22 12.02
Less :- Finance Costs 4.44 5.47 4.47 5.47
Depreciation & Amortisation Expense 1.03 1.34 1.06 1.36
5.47 6.81 5.52 6.83
Profit Before Tax 4.85 6.34 3.70 5.19
Less :- Current Tax 1.34 1.35 1.34 1.35
Adjustment of Tax relating to earlier periods (0.07) 0.01 (0.07) 0.01
Deferred Tax 0.11 0.21 0.08 0.21
1.37 1.57 1.34 1.57
Profit After Tax 3.47 4.77 2.36 3.62
Add / (Less) :- Share of Profit / (Loss) of - - (0.24) (0.16)
Associates
Profit for the year 3.47 4.77 2.12 3.46
Less :- Non-Controlling Interest - - (0.31) (0.33)
Profit for the year attributable to Owners of the Parent 3.47 4.77 2.42 3.78
Balance brought forward 22.01 20.63 23.16 23.09
Add / (Less) :- Adjustment on Account of IFRS 16 - - - 0.00
Foreign Currency Translation Reserve - - 0.05 (0.13)
Amount available for Appropriation 25.48 25.40 25.64 26.75
Less :- Dividend Paid 0.19 - 0.19 -
Tax on Dividend Proposed - - - -
Provision for Doubtful Debts - - - -
0.19 - 0.19 -
Surplus carried forward to Balance Sheet 25.29 25.40 25.45 26.75

OPERATIONS STANDALONE

During the year under review, the Earnings Before Interest, Depreciation and Tax was 12.86% compared to 16.36% in the previous year. The Total Revenue (excluding Other Income) for the year net of discount / rebates was Rs. 43,947.00 Lakhs as against Rs. 38,145.65 Lakhs in the previous year. Profit after tax for the year was 4.33% compared to 5.93% in the previous year.

CONSOLIDATED FINANCIAL STATEMENT

In accordance with the Indian Accounting Standard (Ind-AS) 110 on Consolidated Financial Statements, the Audited Consolidated Financial Statement is provided in the Annual Report.

The Consolidated Profit Before Interest, Depreciation, Exceptional Items and Taxes (EBITDA) of the Group was Rs. 5,053.74 Lakhs in the Financial Year 2021-22 compared to Rs. 5,702.15 Lakhs in the previous year. Consequently, the Consolidated Profit Before Exceptional Items and Taxes (PBT) was Rs. 2,028.12 Lakhs in the Financial Year 2021-22 compared to Rs. 2,461.44 Lakhs in the previous year.

FINANCIAL REVIEW

With the collective support of Staff and Aries Customers the Company was able to improve its revenue from Indian operations by 15.39% from Rs. 474.49 Crores to Rs. 547.52 Crores..

The total Capacity Utilization currently stands at 69.42% of the total Installed Capacity of 95,400 MT p.a. in India. The manufacturing unit at Fujairah, UAE began operations in the month of September 2021 and has started manufacturing four value added Sulphur based pastillized products for sale in India. The supply chain constraints however led to availability shortages for imported raw materials, especially those sourced from China. The Indian manufacturing base was expanded with commencement of manufacturing and repacking operations at Vijayawada and Raipur.

DIVIDEND

After considering earnings, requirement for funds and with the objective of rewarding the Shareholders, the Directors have / recommended Final Dividend of 8% being Rs. 0.80 per Equity Share of Rs. 10/- each which is 5.47% of Net Profit for the year ended 31 st March, 2022 (previous year 8% being Rs. 0.80 per Equity Share of Rs. 10/- each which is 4.60% of Net Profit) subject to your approval at the ensuing Annual General Meeting. The Dividend, if approved, will result in an outflow of Rs.104.03 Lakhs.

TRANSFER TO RESERVES

Your Directors propose to transfer Rs. NIL to the General Reserve out of the current years profit and the balance aggregating to Rs. 13,849.28 Lakhs is proposed to be retained in the Profit and Loss Account.

FUTURE PROSPECTS:

The year 2022-23 is the 53rd year of operations and the Company has planned to strengthen its range of products by finding domestic sources of raw materials to reduce the impact of import supply chain disruption and high costs as well as intensive campaigning to establish products launched in the recent two years. During 2022-23, only variants of few products will be introduced primarily with the aim of reducing cost of application to the farmers and to keep fixed costs under control. No major new product concepts will be introduced. The astronomical increase in certain essential raw material prices has necessitated alternative formulations, reducing pack sizes and providing combination packs coupled with multiple products sale during a sales call. Substitutes for certain products like EDTA Chelates and water soluble NPKs, which are facing high cost escalation have been identified within the Aries range itself and demand creation for these substitutes will ensure demand is met with cost effective alternatives. 2022-23 annual booking was conducted online with 1258 Dealers from 26 States using our Booking App. This is expected to achieve Gross Revenue of Rs. 625 Crores in FY 2022-23 The Company is also exploring B2B and bulk international opportunities using its existing and Subsidiary network. These efforts will ensure that the revenue growth in the current financial year is satisfactory.

CREDIT RATING

The Credit Rating of the Company was issued by CRISIL Ratings on 11th January, 2022 as under:

Facilities

By BRICKWORK RATINGS

By CRISIL RATINGS

(CURRENT)

(REVISED)

Facilities Amount (Rs) Rating Action Revised As BWR BBB (Stable) Reaffirmed Amount (Rs) Rating Action CRISIL BBB+/ Stable(Assigned) Indication/Significance
Long Term Bank Facilities (Fund Based) 136.16 Cr 150.00 Cr Instruments with this rating are consideredtohavemoderatedegreeof safety regarding timely servicing of financial obligations. Such instruments carry moderate credit risk
Short Term Bank Facilities (Non Fund Based) 27.20 Cr Revised as BWR A3+ Reaffirmed CRISIL A2(Assigned) Instruments with this rating are considered to have strong degree of safety regarding timely payment of financial obligation. Such instruments carry low credit risk
Total 163.36 Cr 150.00 Cr

The rating reflect moderate degree of safety regarding timely servicing of financial obligations.

CHANGES IN NATURE OF BUSINESS AND REVISION IN THE BOARDS REPORT

There is no change in the nature of business of the Company during the year. There is no revision made in the Boards Report and whatever submitted herewith is the final Report.

SAFETY AND HEALTH

The health and safety of the employees across its operations remains the highest priority for the Company. All endeavours are being made to enhance safety standards and processes towards minimising safety risks in all operations in the Company. There was no accident or mishap in any of its four factories.

Safety measures for dealing with Covid-19

1. Strict travel of all employees only by private vehicle/own bike or by bus provided by the company.

2. Every employee to record body temperature before leaving the house using a simple home thermometer and submission of the readings daily on Aries App.

3. The temperature is recorded at entry point of office/depot/ branches during arrival and departure of all employees and every person who enters the office/depot/branches.

4. Every person entering the Company premises to compulsorily pass through the sanitizer tunnel and also get UV screened before entering.

5. Social distancing at all times for all employees while in the Company premises.

6. Mandatory wearing of mask for all employees while in the Company premises.

7. Sanitization of workspace at least three times a day.

8. Touch free sanitizers installed all the over the office/depot/ branch premises.

9. All meetings are conducted using digital platforms to minimize face to face proximity.

10. Travel history of all employees has been collected. They are advised to report any travel done outside city limits immediately to HR.

11. Instructions given to employees to order a Swab Test immediately, if anyone at home is having COVID-19 symptoms and not to report for duty. Any person staying at home or quarantined due to symptoms is instructed to submit Negative Covid-19 Report while resuming duty.

12. Employees are advised to take immunity boosting medication or home remedies and eat balanced meals, home cooked food. 13. All Aries staff and workers are covered under COVID-19 group insurance to take care of some of the expenses in case of any eventuality

14. Visitors entry are completely banned into the Company premises and in case of anyone visiting, have to compulsorily fill the visitor declaration form in line with the Covid 19 SOP issued by the MOH at least 24 hours prior to the arrival into the Companys premises.

15. Using digital remote working & collaboration platform to ensure full preparedness for sudden lockdowns, if any, in future.

16. It was essential for all our teams to be fully vaccinated for safety purposes. We organized vaccination camps for the employees and their family members as well

PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public within the meaning of Section 73 of the Companies Act, 2013 and Members (other than Directors) during the year under review and as such, no amount on account of Principal or Interest on Deposits from Public and Members (other than Directors) was outstanding as on 31st March, 2022.

SUBSIDIARIES & ASSOCIATE COMPANIES

Your Company has four Subsidiaries out of which three are Non-

Material Indian Subsidiaries viz Aries Agro Care Private Limited, Aries Agro Equipments Private Limited and Mirabelle Agro Manufacturing Private Limited and one foreign subsidiary namely Golden Harvest Middle East FZC.

The operations of Aries Agro Care Pvt. Ltd. commenced in the

Financial Year 2008-09 but discontinued the activity in the financial year 2012-13 due to extremely volatile nature of seeds business and had no business activity in the financial year 2021-2022 . The Company incurred expenses to the tune of Rs. 15.46 Lakhs for the

Financial Year.

The business operations of Aries Agro Equipments Pvt. Ltd. commenced in the year 2009-10 in agricultural sprayers but discontinued the activity in the financial year 2013-14 due to lack of appropriate distribution network for Farm Equipments and had no business activity in the financial year 2021-2022. The Company incurred expenses to the tune of Rs. 0.57 Lakhs for the Financial Year.

Mirabelle Agro Manufacturing Private Limited was incorporated on 26th December, 2019. The Company started its full operations during the Financial Year 2021-22 and had a Turnover of Rs. 667.79 Lakhs as compared to Rs. 13.22 Lakhs in the Previous Year. The Company has incurred a Loss of Rs. 72.66 Lakhs during the

Financial Year 2021-22 as compared to a Profit of Rs. 0.09 Lakhs in the Previous Year.

The above three Companies are Wholly Owned Subsidiaries of the Company.

As regards the overseas subsidiary M/S. Golden Harvest Middle East FZC a Trading Entity, in their Thirteenth Year of operation, has not generated any sale and has incurred Loss of AED 26.64 Lakhs (INR 550 Lakhs) for the year 2021-2022, since trading revenue did not materialize for licensing reasons.

As required under Section 129(3) of the Companies Act, 2013, annexed hereto are the Audited Financial Statements for the Year ended 31st March, 2022 of Golden Harvest Middle East FZC., Aries Agro Care Private Limited, Aries Agro Equipments Private Limited and Mirabelle Agro Manufacturing Private Limited.

A Statement in Form AOC-1 of Subsidiary Companies as prescribed under Section 129(3) of The Companies Act, 2013 read with Rule 5 of Companies(Accounts) Rules, 2014, is annexed and is forming part of the Annual Report.

Apart from the above statement a list of Subsidiary & Group Companies is given in Note No. 37 of the Notes to Accounts, and is forming part of the Annual Report.

All the above Indian Subsidiary and Group Companies are Un-listed and Non-Material Companies as defined under Listing Regulations

M/S Amarak Chemicals FZC, Fujairah, UAE is an Associate of the Subsidiary M/S. Golden Harvest Middle East FZC.

There is no Associate or Joint Venture Companies other than as listed above.

INSURANCE

All properties and assets of your Company are adequately insured covering all conceivable risks.

DIRECTORS & KEY MANAGERIAL PERSONNEL DIRECTORS

Mr. Bhumitra Vinodchandra Dholakia (DIN 01871816), an Independent Director, Chairman of the Audit Committee and Member of the Nomination and Remuneration Committee and CSR Committee expired on 20th January, 2022.

The Board expresses its deep sorrow over the sad demise of Mr. Bhumitra Vinodchandra Dholakia, and places on record its appreciation and gratitude for the valuable guidance and counselling rendered by Mr. Bhumitra Vinodchandra Dholakia, during his tenure/ association with the Company.

Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors at their Meeting held on 15th March, 2022, appointed Mr. Nrupang Bhumitra Dholakia (DIN: 06522711) as an Additional Director with effect from 15th March, 2022, to hold office till the date of the ensuing General Meeting of the Company. The Company received a notice in writing from a Member under the provisions of Section 160 of the Companies Act, 2013, proposing his candidature for the office Director.

Mr. Nrupang Bhumitra Dholakia is son of late Mr. Bhumitra Vinodchandra Dholakia.

Pursuant to the recommendation of the Nomination and Remuneration Committee of the Company, Mr. Nrupang Bhumitra Dholakia was appointed as an Independent Director of the Company, not liable to retire by rotation, by the Board of Directors at their Meeting held on 15th March, 2022 for a term of 5 (five) consecutive years with effect from 15 th March, 2022 up to 14th March, 2027, subject to the approval of the Members by way of Special Resolution.

The Members through Postal Ballot conducted during the period from Monday, 21st March, 2022 at 9:00 a.m. (IST) to Tuesday, 19th April, 2022 at 5:00 p.m. (IST), the results of which was declared on Wednesday, 20th April, 2022, approved the appointment of Mr. Nrupang Bhumitra Dholakia as an Independent Director w.e.f. 15th March, 2022 for a term of 5 (five) consecutive years with effect from 15th March, 2022 up to 14th March, 2027, by passing a Special Resolution.

In the opinion of the Board, Mr. Nrupang Bhumitra Dholakia is a person of integrity, possesses the expertise in the area of Corporate Laws and Compliance and has over a decade of experience and is proficient in his role and fulfils the conditions specified in and the Rules made thereunder read with the provisions of the Listing Regulations, each as amended, and is independent of the Management of the Company.

Apart from the above, there is no change in the Composition of the Board of Directors during the year under review.

Pursuant to the provisions of Section 152(6) of the Companies Act, 2013, Mrs. Nitya Mirchandani(DIN 06882384) Director retires by rotation and being eligible, offers herself for re-appointment.

Accordingly, her re-appointment forms part of the Notice of ensuing Annual General Meeting.

All the Independent Directors have submitted declarations to the effect that each of them meets the criteria of Independence as provided in Section 149(6) of the Companies Act, 2013 and Listing Regulations and there has been no change in the circumstances which may affect their status as an Independent Director during the year.

Section 149(10) of the Act provides that an Independent Director shall hold office for a term of five consecutive years on the Board shall be eligible for re-appointment on passing a Special Resolution by the Company and disclosure of such appointment shall be made in its Boards Report. Section 149(11) provides that an Independent

Director may hold office for up to two consecutive terms.

During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with the Company.

Familiarisation Programme for Independent Directors---- Though there is no formal Policy for familiarization but the Company in order to familiarize the Independent Directors with the business of the Company, makes presentation by the Functional Heads covering Operations of the Company at every Quarterly board meeting and nature and scope of business, nature of industry in which Company operates, profitability and future plans. Regularly at meetings updates are given to the Board. House Journal as and when published is also sent to all the Directors and their feedback are considered. Action Taken Report and Legal Updates are also being placed at every meeting of the Board and Audit Committee just to of keep the Directors updated with the latest amendments and Action Taken by the Management.

KEY MANAGERIAL PERSONNEL

Mr. Vivek K. Joshi, Chief Financial Officer resigned from Company with effect from 1 st July, 2021. Mrs. Chhaya Ashok Warrier, Vice President(Accounts) was assigned the functions and responsibilities of the Chief Financial Officer the Company with effect from1 st December, 2021 and has been designated as Vice President(Finance) reporting to the Chairman and Managing Director.

The Board of Directors in their Meeting held on 11th August, 2021, pursuant to the recommendation of the Nomination and Remuneration Committee, re-appointed Dr. Rahul Mirchandani for a period of 5(Five) years from 1st April, 2022 to 31st March, 2027 and fixed remuneration, which was approved by the Members in the 51 st Annual General Meeting held on 23rd September, 2021 by passing a Special Resolution.

Apart from the above there were no other change in the Key Managerial Personnel during the year under review. All the Key Managerial Personnel have submitted disclosures and declaration required under the Companies Act, 2013 and Listing Regulations.

Act MEETINGS OF BOARD

Six(6) Meetings of the Board of Directors were held during the year on 29.06.2021, 11.08.2021, 21.09.2021. 12.11.2021, 09.02.2022 and 15.03.2022. For further details, please refer Report on Corporate Governance of this Annual Report.

AUDIT COMMITTEE

Due to the sad demise of Mr. Bhumitra Vinodchandra Dholakia, the Audit Committee was re-constituted w.e.f. 23rd March, 2022. The Committee comprises of Mr. C. B. Chhaya, Chairman, Prof. R. S. S. Mani, Mrs. Nitya Mirchandani and Mr. Nrupang Bhumitra Dholakia, Members. For further details, please refer Report on Corporate Governance of this Annual Report.

All the recommendations made by the Audit Committee were accepted by the Board during the year under review.

NOMINATION AND REMUNERATION COMMITTEE

Due to the sad demise of Mr. Bhumitra Vinodchandra Dholakia, the Nomination and Remuneration Committee was re-constituted w.e.f. 23rd March, 2022. The Committee comprises of Prof. R. S. S. Mani, Chairman, Mr. C. B. Chhaya, and Mr. Nrupang Bhumitra Dholakia, Members. For further details, please refer Report on Corporate Governance of this Annual Report.

STAKE HOLDERS RELATIONSHIP COMMITTEE

There was no change in the Stake Holders Relationship Committee during the year. The Committee comprises of Mr. C. B. Chhaya(Chairman), Dr. Rahul Mirchandani and Mrs. Nitya Mirchandani. For further details, please refer Report on Corporate Governance of this Annual Report.

CSR COMMITTEE

Due to the sad demise of Mr. Bhumitra Vinodchandra Dholakia, the CSR Committee was re-constituted w.e.f. 23rd March, 2022. The Committee comprises of Dr. Rahul Mirchandani(Chairman), Mrs. Nitya Mirchandani and Mr. Nrupang Bhumitra Dholakia, Members. For further details, please refer Report on Corporate Governance of this Annual Report.

BOARD EVALUATION

The Board of Directors have carried out an Annual Evaluation of its own performance and individual Directors themselves pursuant to the provisions of the Act and Corporate Governance requirements as prescribed by Regulation 17(10) of the SEBI(LODR) Regulations, 2015.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of criteria such as the Board Composition and Structure, Effectiveness of Board Process, Information and Functioning etc.

In a separate Meeting of the Independent Directors, performance of Non-Independent Directors, Performance of the Board as a whole and performance of the Chairman was evaluated, taking into account the views of Executive Directors and Non-Executive Directors.

POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The Policy on Directors Appointment and Remuneration including criteria for determining qualifications, positive attributes, independence of Director and also Remuneration for Key Managerial Personnel and other Employees are contained in the Nomination and Remuneration Policy which is hosted at the web site of the Company www.ariesagro.com and the same is re-produced in the Report on Corporate Governance.

DIRECTORS RESPONSIBILITY STATEMENTS

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013 the Board of Directors, to the best of their knowledge and ability, confirm that:

1. in preparation of the Annual Accounts, applicable Accounting Standards have been followed and that there are no material departures; 2. they 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 the Affairs of the Company at the end of the financial year and of the profit of the Company for that year; 3. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; 4. they have prepared the Annual Accounts on a ‘going concern basis; 5. they have laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and operating effectively;

6. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF EMPLOYEES & RELATED DISCLOSURES

The information required under Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are as under:

1. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year;

Non-Executive Directors Ratio to median Remunerations Directors Remuneration / Sitting Fees Rs. Lakhs
Dr. Jimmy Mirchandani 0.56 2.00
Mrs . Nitya Mirchandani 1.17 4.20
Prof R. S. S. Mani 1.17 4.20
Mr. Chakradhar Bharat Chhaya 1.34 4.80
Mr. Bhumitra Vinodchandra Dholakia 0.67 2.40
Executive Directors
Dr. Rahul Mirchandani 59.22 211.90

2. The percentage increase in remuneration of each Director,

Chief Financial Officer, Company Secretaryor Manager, if any, in the financial year;

Directors, Chief Financial Officer, Company Secretary % Increase in Remuneration in the Financial Year
Dr. Rahul Mirchandani, CMD 0.35
Mr. Qaiser P. Ansari, Company Secretary & Sr. VP (Legal) 18.31
Mrs. Chhaya A. Warrier, V.P. Finance (Discharging the Duties & Responsibilities of CFO) --

3. The percentage increase in the median remuneration of employees in the financial year; 10.24 %

4. The number of permanent employees on the rolls of

Company; 1002

5. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration;

The average annual increase was around 18.19% after accounting for promotions and other event based compensation revision.

6. Affirmation that the remuneration is as per the Remuneration Policy of the Company.

The Company affirms that the remuneration is as per the Remuneration Policy of the Company.

The Statement containing Particular of Employees as required under Section 197(12) of the Companies Act, 2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, drawing remuneration in excess of the limits set out in the said Rules are provided in the Annual Report.

Information in accordance with the provisions of Section 197(12) of the Companies Act, 2013 ("Act") read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are as under:

TOP 10 EMPLOYEES IN TERMS OF REMUNERATION DRAWN DURING THE YEAR 2021-22

Sr. NAME DESGINATION REMUNERATION NATURE OF OTHER NATURE OF DUTY QUALIFICATION & DATE OF AGE

Last Employment

% of Equity Whether
No. RECEIVED EMPLOYMENT TERMS & CONDI- TIONS EXPERIENCE COMMENCEMENT

held

Shares held as on 31.03. 2022 relative of any Director or Manager and the name of such Director or Manager
1 DR. RAHUL MIRCHANDANI CHAIRMAN & MANAGING DIRECTOR 21,189,600 CONTRACTUAL N.A. MANAGING THE AFFAIRS OF THE COMPANY B. Com; CFA; MBA; Ph.D 02.02.1994 46

N.A.

23.94 Brother of Dr. Jimmy Mirchandani & Husband of Mrs. Nitya Mirchandani
2 MR. QAISER PARVEZ ANSARI COMPANY SECRETARY & SENIOR VICE PRESIDENT (LEGAL) 3,990,665 FULL TIME EMPLOYEE N.A. COMPANY SECRETARY B. Com. LLB ACS 02.06.2008 59

M/s Sabero Organics Gujarat Ltd., Desgn - CS & Dy.Gen. Manager (Legal & Taxation)

0.00 N.A.
3 MR. JAYAPRADEEP SUBRAMANIAN VICE PRESIDENT (MARKETING) SOUTHERN REGION 11,704,846 FULL TIME EMPLOYEE N.A. MARKETING & EXTENSION ACTIVITIES FOR SOUTHERN REGION M.Sc. MBA 15.11.2013 40

M/s Tata Consultancy Services, Desgn - IT Analyst

0.06 N.A.
4 MR. ARUN K. TIWARI HEAD MARKETING OPERATIONS (NORTHERN REGION) 5,180,087 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES OF NORTHERN REGION B. Sc 01.12.1992 54

N.A.

0.00 N.A.
5 MR. SANTOSH KUMAR PANDEY HEAD MARKETING OPERATIONS (MAHARASHTRA AND NIPANI DIV) 2,624,027 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES OF MAHARASHTRA, NIPANI DIVISION M. Sc (Ag) 26.05.2004 48

N.A.

0.00 N.A.
6 MR. BIPLOB CHATTERJEE CHIEF PRODUCTION CONTROLLER 3,245,069 FULL TIME EMPLOYEE N.A. OVER ALL PRODUCTION B.Sc. 08.12.2009 53 M/s Jaysynth Dye Chem, Desgn - Production Officer

0.00

N.A.
7 MR. RAJESH GUPTA REGIONAL CONTROLLER 2,813,609 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES OF WESTERN REGION B.A. 06.07.2001 43

N.A.

0.00 N.A.
8 MR. PREMRAJ CHAUHAN REGIONAL CONTROLLER 3,274,403 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES B.Sc. 10.08.1997 48

N.A.

0.00 N.A.
9 MR. DEVENDRA TIWARI HEAD MARKETING OPERATION (CENTRAL REGION) 2,593,764 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES OF THE CENTRAL REGION M.Sc 02.01.2002 46

M/s Valace Agrochemical Ltd

0.00 N.A.
10 MR. BHAGWADAS GANGWAR REGIONAL CONTROLLER 2,643,360 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES Graduate 01.04.2003 46

N.A.

0.00 N.A.
11 MR. J. L. JAISWAL REGIONAL CONTROLLER 2,574,425 FULL TIME EMPLOYEE N.A. MANAGING THE MARKETING ACTIVITIES B. Sc. 19.04.2004 58

Tata Finance Ltd

0.00 N.A.

 

TOP 10 EMPLOYEES IN TERMS OF REMUNERATION DRAWN DURING THE YEAR 2021-22(EMPLOYED FOR THE PART OF FINANCIAL YEAR

Sr. No. NAME DESGINATION REMUNERATION RECEIVED NATURE OF EMPLOYMENT OTHER TERMS & CONDI- TIONS NATURE OF DUTY QUALIFICATION & EXPERIENCE DATE OF COMMENCEMENT AGE Last Employment held % of Equity Shares held as on 31.03. 2022 Whether relative of any Director or Manager and the name of such Director or Manager
1 MR. VIVEK K. JOSHI CHIEF FINANCIAL OFFICER 5 140,570 FULL TIME EMPLOYEE N.A. FINANCIAL MANAGEMENT OF THE COMPANY B. Com., LL.B., FCA 09.09.2019 50 M/s Excel Telesonic (I) Pvt. Ltd. 0.00 N.A.

• Mr. Vivek K. Joshi resigned w.e.f. 01.07.2021.

PARTICULARS OF EMPLOYEES IN TERMS OF SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(2) AND 5(3) OF THE COMPANIES(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL)

RULES, 2014 DRAWING REMUNERATION NOT LESS THAN Rs. 1.02 Crores p.a./Rs. Eight Lakhs Fifty Thousand p.m. DURING THE YEAR 2021-22

SR. No. NAME DESGINATION REMUNERATION RECEIVED NATURE OF EMPLOYMENT OTHER TERMS & CONDITIONS NATURE OF DUTY QUALIFICATION & EXPERIENCE DATE OF COMMENCEMENT AGE Last Employment held % of Equity Shares held as on 31.03.2022 Whether relative of any Director or Manager and the name of such Director or Manager
1 DR. RAHUL MIRCHANDANI CHAIRMAN & MANAGING DIRECTOR 21,189,600 CONTRACTUAL N.A. MANAGING THE AFFAIRS OF THE COMPANY B. Com; CFA; MBA; Ph.D 02.02.1994 46 N.A. 23.94 Brother of Dr. Jimmy Mirchandani & Husband of Mrs. Nitya Mirchandani

ESOPS

The Company has not offered any ESOPS scheme to its Employees or Directors.

RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROLS

Your Company has elaborate Risk Management Procedure which is based on three Pillars. Business Risk Assessment, Operational Controls Assessment and Policy Compliance processes. Major Risks identified by the Business and Functions are systematically addressed through mitigating actions on continuing basis. The Key risks are also discussed at the Audit Committee.

The Companys Internal Financial Control System is commensurate with the nature of its business and the size and complexity of its operations. These are routinely tested and certified by the Statutory as well as Internal Auditors covering all Offices, Factories Key Business areas. Significant Audit Observations and Follow

Up Actions thereon are reported to Audit Committee. The Audit

Committee reviews adequacy and effectiveness of the Companys

Internal Control environment and monitors the implementation of the audit recommendations.

Based on the framework of Internal Financial Controls and Compliance System established and maintained by the Company, work performed by the Internal, Statutory and Secretarial Auditors and review performed by the 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 the Financial Year 2021-22.

GREEN INITIATIVES

Pursuant to Sections 101 and 136 of the Companies Act, 2013 the Company will be sending Annual Report through electronic mode(email) to all the shareholders who have registered their email addresses with the Company or with the Depository to receive the Annual Report through electronic mode and initiated steps to reduce consumption of paper.

HUMAN RESOURCES

Humans are considered as one of the most critical resources in the business which can be continuously smoothened to maximize the effectiveness of the Organization. Human resources build the

Enterprise and the sense of belonging would inculcate the spirit of dedication and loyalty amongst them towards strengthening the Companys Polices and Systems. All personnel continue to have healthy, cordial and harmonious approach thereby enhancing the contributory value of the Company.

LISTING

The Equity Shares of the Company are listed at BSE Limited (BSE) and National Stock Exchange of India Limited(NSE).

The Company has made all the compliances of Listing Regulations including payment of Annual Listing Fees upto 31st March, 2023 to both the Stock Exchanges.

CORPORATE GOVERNANCE

The Company has complied with the various requirements under the Corporate Governance reporting system. A detailed Compliance Report on Corporate Governance is annexed to this Report as required by the Listing Regulations. The Auditors Certificate on

Compliance with the conditions of Corporate Governance is also annexed to this report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Managements Discussion and Analysis Report for the year under review, as stipulated under Listing Regulations with the Stock Exchanges, is also annexed to this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

AND FOREIGN EXCHANGE EARNING & OUTGO

Particulars in respect of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo, as required to be disclosed by the Companies(Accounts) Rules, 2014 and forming a part of the Directors Report are as under: -

I. CONSERVATION OF ENERGY

The Company accords great importance to conservation of energy. The main focus of the Company during the year was:

a. Energy Conservation measures taken:-

i. Close monitoring of consumption of electricity, LPG, Diesel and water.

ii. Creating awareness among Workmen to conserve energy.

iii. Aries continues power generation through its Solar Power Generation System at its manufacturing unit at Pashamylaram, Distt: Medak.

iv. Conversion of boilers in Hyderabad Unit from diesel to solid briquette based fuel.

v. Exclusive use of CNG for manufacturing at Chhatral Unit vi. Optimum use of Energy by Switching off Machines, Lights,

Fans, Air Conditioners and Exhaust Systems whenever not required

Impact of measures taken for reduction of energy consumption and consequent impact on the cost of production of goods

b. Total energy consumption and energy consumption per unit of production

Form –A

Form for disclosure of Particulars with respect to Conservation of Energy.

Sr. No. Particulars Current Year 2021-2022 Previous Year 2020-2021
(a) Purchased:-
I. Electricity
(i) Unit (KWH) 1,288,790 934,025
(ii) Total Amount (Rs) 11,373,238 9,138,833
(iii) Rate/Unit (Rs.) 8.82 9.78
II Piped Gas
(i) Unit(M3) 169,174 198,669
(ii) Total Amount (Rs) 9,055,502 8,947,723
(iii) Rate/Unit (Rs.) 53.53 45.04
(b) Own Generation
(i) Coal Not Applicable Not Applicable
(ii) Furnace Oil - KI - -
(iii) Internal Generation Units(Generator) 263 617
(iv) Solar System Units 41,801 75,852

II. Form for disclosure of particulars with respect to Technology Absorption, Research and Development

(A) RESEARCH AND DEVELOPMENT:

1. Specific Areas in which Research and Development was carried out by the Company.

The Company has received in house R & D recognition from DSIR and is continuously striving to launch / introduce innovative products / technologies in the field.

The Companys Quality Management System at Mumbai is ISO 9001:2015 certified and works on new product development and continuous quality checks.

The manufacturing unit at Hyderabad, Chhatral and Lucknow has been equipped with a state of art laboratory to keep pace with the Companys expansion in that region.

In the last few years, the Company has been focusing on Crop specific formulations, hydroponic nutrient formulations and specific formulations for international markets and new technologies in agriculture like drones, apps and digitization.

Baseline R&D work has been initiated on new agri-input products like nano fertilizers, organic fertilizers, different form of fertilizer formulations, farm machineries and environment friendly product packaging options.

Emphasis is also given on standardizing the QC procedures for the new products launched.

18 new products introduced have been organically certified by UK Cert.

Factory procedures are being modified to increase the shelf life and quality of various products. Self manufacturing of some raw materials is also being done.

The Company is the first in India to receive permission from DGCA for the use of drones for nutrient spraying.

Other important devices for pest management and water filtering are under field trials.

New apps / softwares are being developed keeping in line with the digitisation policy of the company

Our team of extension officers conducts continuous demonstrations and field trials alongwith large scale soil sampling, dealer / farmer meetings, field days, etc which provides constant updates on market demand and technical requirements across all states in India in the agri sector

To supplement the extension activities a dedicated in house research farm has been set up at Raipur and the rooftop greenhouse installed at the head office in is used to carry out research in soilless cultivation

Efforts are put in setting up and promoting Good

Agricultural Practices for individual crops across the country. Work on India GAP has been initiated on soybean and tomatoes

There is a continuous focus on co development projects with Educational and Research Institutions in relevant areas, which continues across India alongwith publications in various reputed agri journals.

2. Objectives

Innovate and develop products/ technologies ideally suited for sustainable and precision agriculture

Design and Develop new manufacturing processes to improve the cost effectiveness of the products as well their agronomical efficiency.

Develop production processes that utilize renewable energy and are pollution free.

Ensure continuous updation of in house knowledge required to develop products and services for the company.

Source worldwide information related to product development and agriculture best practices

Develop new age environmental friendly crop management techniques

3. Benefits derived as a result of the above efforts.

Improvement in productivity/quality and reduction in cost of production of Companys Plants and at Customers end.

Cost reduction, import substitution, safer environment and strategic resource management.

Meeting the statutory requirements.

Demonstration of a Sustainable urban farm set up to address the issue of residue free healthy food.

Market Expansion

Increase in number of products

4. Future Plan of Action :

Conducting scientific research and studies, pilot scale development, trial and testing for development of new products, new process development, improvement in the existing production process, etc

Customized micronutrient fertilizers for export

Modification of manufacturing process to make it pollution free

To develop new markets in the Protected Cultivation and Precision Agriculture sector.

Continued efforts to develop India GAP on commercial crops and try establishing a linkage between farmers and the industry

5. Expenditure on R & D

Sr. No. Description For the Year ended 31st March 2022 For the Year ended 31st March 2021
(Amt. in Rs.) (Amt. in Rs.)
I) Capital 1,896,994 3,31,473
II) Recurring 21,198,042 1,75,32,648
Total 23,095,035 1,78,64,121
Total R&D expenditure as a % of
a) Gross Turnover 0.42 0.38
b) Net Turnover 0.53 0.47

B1. Technology Absorption, Adaptation and Innovation

The Management has focused on productivity and Total Quality Management [TQM] in order to optimize manufacturing costs.

The Company continues to be ISO 9001:2015 certified.

B2. Benefits

This has helped in achieving optimum manufacturing costs, improved quality of products and consequently, enhanced customer satisfaction. The Company uses indigenous technology.

B3. The Company has not imported any technology during the year under review.

C. Foreign Exchange Earnings and Outgo

1. Activities relating to exports, initiatives taken to increase exports, development of new export markets for products and services and export plans:

International clients are located in Kenya, Nepal, UAE and Taiwan. Sales were booked for Kenya, Nepal, UAE and Taiwan. Registration process started in Nigeria and Bangladesh. Distributors in Nepal have put up their own manufacturing unit to support and increase sales and distribution network throughout Nepal. The total exports and global sales constituted 0.25% of our group revenue during the Financial Year 2021-22.

2. Total Foreign Exchange used and earned: Used : Rs. 59,89,52,437/- Earned: Rs. 5,02,898/-

SPECIAL BUSINESS

As regard to the items of the Notice of the AGM relating to Special Business, the resolutions incorporated in the Notice and the Explanatory Statement relating thereto, fully indicate the reasons for seeking the approvals of Members to those proposals. Your attention is drawn to these items and Explanatory Statement annexed to the Notice.

VIGIL MECHANISM

The Vigil Mechanism of the Company, which also incorporates a Whistle Blower Policy in terms of the Listing Regulations is in place. Protected disclosures can be made by a Whistle Blower in writing or through an e-mail, to the Chairman/Member of the Audit Committee.

The Policy on Vigil Mechanism and Whistle Blower Policy may be accessed on the Companys website www.ariesagro.com.

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

Particulars of Loans given, Investments made, Guarantees given and Securities provided along with the purpose for which the Loan or Guarantee or Security is proposed to be utilized by the recipient are provided in the Standalone Financial Statements.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES

None of the transactions with Related Parties falls under the scope of Section 188(1) of the Companies Act, 2013. Information on transactions with Related parties pursuant to Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rule, 2014 are given in Annexure-I in Form AOC-2 and the same forms part of this Report.

CORPORATE SOCIAL RESPONSIBILITY

The brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in Annexure-II of this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The Policy is available on the Web-Site of the Company at www.ariesagro.com.

Your Company continues to demonstrate a strong commitment towards providing products which do not hamper the soil and crop eco systems.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Act, the Annual Return as on March 31, 2022 is available on the Companys website on www.ariesagro.com.

COST RECORDS

The Company is required to maintain Cost Records as specified by the Central Government under sub-section(1) of Section 148 of the Companies Act, 2013 and the Company has made such accounts and maintained such records.

AUDITORS & AUDITORS REPORTS

Statutory Auditors

M/s. Sandeep Sheth & Associates, Chartered Accountants, Mumbai,(Membership No. 101903 and having Peer Review

Certificate issued by the Institute of Chartered Accountants of India), were appointed as the Statutory Auditors of the Company for a period of 5(five) years at the Forty Seventh Annual General Meeting of the Company held on 28th September, 2017 and their term ends at the ensuing Annual General Meeting.

The Board expresses its appreciation to M/s. Sandeep Sheth & Associates for their devotion and timely completion of the Audit and their guidance during their term.

The Board has recommended the appointment of M/s Kirti D. Shah & Associates, Chartered Accountants, Mumbai(Firm Registration No. 115133W, Membership No. 32371), and having Peer Review

Certificate issued by the Institute of Chartered Accountants of

India) as the Statutory Auditors of the Company in place of M/s. Sandeep Sheth & Associates, Chartered Accountants, Mumbai, for a term of 5(Five) consecutive years, from conclusion of the 52nd Annual General Meeting of the Company scheduled to be held in the year on 29th September, 2022 till the conclusion of the 57th Annual General Meeting to be held in the year 2027, for approval of Share Holders of the Company, based on the recommendation of the Audit Committee.

Accordingly, appointment of Statutory Auditor and the proposed Resolution is set out at item No. 4 of the Notice.

The Statutory Auditors Report both with respect to the Standalone and Consolidated Financial Statements do not contain any qualification, reservation or adverse remark. Further that there was no fraud reported by Auditors under sub-section (12) of Section 143 of the Companies Act, 2013.

Cost Auditors

The Company has appointed M/s. R. Nanabhoy & Co., Cost Accountants, to conduct the Audit of Cost Accounting Records of its products for the financial year 2020-2021. The due date for filing the Cost Audit Reports in XBRL mode for the financial year ended March 31, 2021 was 30 th November, 2021. The Cost Audit Reports were filed by the Cost Auditor on 11 th October, 2021 within the due date.

Further M/s. R. Nanabhoy & Co., Cost Auditors were re-appointed as the Cost Auditor of the Company for the year ending 31st March, 2022 by the Board of Directors at their meeting held on 11th August, 2021 after ensuring their eligibility and obtaining the letter of eligibility from them.

The Companys Cost Audit for the Financial Year 2021-2022 is under process and the Company will have the Audit completed within 180 days of the end of the Financial Year-2021-2022 i.e. on or before 27th September, 2022 and file the Report within stipulated time.

Secretarial Auditors

The Board appointed Mr. A. Sekar, Practising Company Secretary, to conduct Secretarial Audit for the financial year 2021-2022. The Secretarial Audit Report for the financial year ended March 31, 2022 is annexed herewith and marked as Annexure-III to this Report.

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

SECRETARIAL STANDARDS

The Company has in place proper systems to ensure compliance with the provisions of the applicable Secretarial Standards issued by The Institute of Company Secretaries of India and such systems are adequate and operating effectively.

ANNUAL SECRETARIAL COMPLIANCE REPORT

Pursuant to Regulation 24A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Company obtained the Annual Secretarial Compliance Report for the Financial

Year 2021-2022 from Mr. A. Sekar, Practising Company

Secretary, the Secretarial Auditor of the Company and the same has been filed with the BSE Limited and the National Stock Exchange of India Limited on 26th May, 2022 well within the time. The Secretarial Auditor has not reported any non-compliance.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013.

The Company has zero tolerance towards sexual harassment at the 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 and the Rules thereunder.

The Company has complied with the provisions relating to the constitution of the Internal Complaints Committee as per the Sexual Harassment of Women at Workplace Prevention, Prohibition and Redressal) Act, 2013.

There was no complaint received during the year under review.

MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE COMPANY TO WHICH FINANCIAL RESULTS RELATE

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Companys financial position have occurred between the end of the financial year of the Company and date of this report.

MATERIAL ORDERS PASSED

No material Orders have been passed by any Authority in respect of any matters with regard to the business of the Company during the

Financial Year.

Referring to the Previous Years Boards Report, classification

Micronutrients relating to the Sanand Unit in the state of Gujarat is pending before Customs, Excise and Service Tax Appellate Tribunal(CESTAT) at Ahmedabad and the matter is yet to be heard.

The Commissioner of Central GST & Central Excise had passed an order against the Company for Mumbai facilities. However, the Company successfully defended these Orders before CESTAT, Mumbai and the Apex Court dismissed the Appeal filed by the

Department against the Order passed by CESTAT, Mumbai. Since the matters before CESTAT Ahmedabad are identical i.e. Classification, the Company is confident of obtaining favourable Orders in these matters too and does not foresee any material impact. The matter is yet to be heard.

DISCLOSURE REGARDING ANY APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016.

The Company, during the Financial Year, has neither made any application nor any proceeding are pending against the Company under the Insolvency and Bankruptcy Code, 2016.

DISCLOSURE REGARDING ANY DIFFERENCE IN VALUATION

The Company during the Financial Year, did not do any one time settlement and hence, did not carry out any Valuation for one time settlement.

GENERAL DISCLOSURES

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

1. Details relating to deposits covered under Chapter V of the Act.

2. Issue of Equity Shares with differential rights as to dividend, voting or otherwise.

3. Issue of Shares (including Sweat Equity Shares) to employees of the Company under any scheme.

4. Buy Back of shares of the Company during the year under review.

5. The Managing Director of the Company does not receive any remuneration or commission from any of its Subsidiaries.

6. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future.

7. There is no proceeding pending under the Insolvency and Bankruptcy Code, 2016.

8. The Company is not required to submit Business Responsibility Report in pursuance of Regulation 34(2)(f) SEBI(LODR) Regulations, 2015.

STATUTORY DISCLOSURES

None of the Directors of your Company is disqualified as per provisions of Section 164(2) of the Companies Act, 2013. Your

Directors have made necessary Disclosures, as required under various provisions of the Companies Act, 2013 and the SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015.

ACKNOWLEDGEMENT

We would like to acknowledge with gratitude, the support and cooperation extended by Shareholders, Vendors, Media, Registrar and Share Transfer Agent, and Banks and look forward to their continued support. We appreciate continued co-operation received from various regulatory authorities including Department of Agriculture,

Department of Corporate Affairs, Registrar of Companies, Reserve

Bank of India, Securities and Exchange Board of India, Stock Exchanges , Depositories, Central Government and respective State Governments. We also recognize and appreciate the sincere hard work, loyalty and efforts of the employees and look forward to their continued support.

For and on behalf of the Board,
Dr. Rahul Mirchandani
Place: Mumbai Chairman & Managing Director
Date: 10th August, 2022 DIN-00239057