CCL Products (India) Ltd Directors Report.

Company Performance

Your Directors feel delighted to inform that during the year, the SEZ unit of the Company situated at Kuvvakolli Village, Chittoor District in Andhra Pradesh has commenced its commercial operations.

Standalone basis

Financial Results and Performance of your Company for the year ended 31st March, 2020

(Rs. in Lakhs)
Particulars 2020 2019
Revenue from operations 82,265 80,913
Profit for the year after meeting all expenses (before Interest, Depreciation & Tax) 34,067 19,891
Less:
Interest 1,691 812
Depreciation and other write offs 2,543 1,221
Provision for Taxation 5,940 5,315
Net Profit 23,893 12,543

Turnover of the Company is Rs. 82,265 Lakhs and the net profit of the Company is Rs.23,893 Lakhs. Profit includes dividend received (Rs.13,111.84 Lakhs for FY 2019-20 and Rs.2,930.43 Lakhs for FY 2018-19) from Ngon Coffee Company Limited, wholly owned subsidiary of the Company.

Consolidated basis

Financial Results and Performance of CCL Group for the year ended 31st March, 2020

(Rs. in Lakhs)
Particulars 2020 2019
Revenue from operations 113,915 108,142
Profit for the year after meeting all expenses (before Interest, Depreciation & Tax) 29,039 24,882
Less:
Interest 1,796 846
Depreciation and other write offs 4,712 3,172
Provision for Taxation 5,937 5,375
Net Profit 16,594 15,489

Turnover of the Group is Rs.1,13,915 Lakhs and the net profit is Rs.16,594 Lakhs.

Transfer of amount to General Reserve

No amount has been transferred to reserves during the year.

Dividend

Your Board of Directors have declared first interim dividend @ Rs.2.00/- per equity share of Rs.2/- each and second and special interim dividend @ Rs.3.00/- per equity share of Rs.2/- each for the year 2019-20. The aggregate of both the interim dividends, i.e., Rs.5.00/- per equity share be considered as the dividend for the financial year 2019-20. As per 43A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company has framed a Dividend Distribution Policy and the same is herewith annexed as ‘Annexure I to this report. The Dividend Distribution Policy is posted on the website of the Company and the web link is https://www.cclproducts.com/wp-content/uploads/2019/04/Dividend-Distribution-Policy.pdf

Share Capital

The paid-up Equity Share Capital of the Company as on 31st March, 2020 stands at Rs.2660.56 Lakhs, comprising of 13,30,27,920 equity shares of Rs.2 each. During the year under review, your Company has neither issued any shares with differential voting rights nor has granted any stock options or sweat equity. The Company has paid listing fee for the financial year 2020-21, to both the stock exchanges, where its shares are listed.

Subsidiaries

Jayanti Pte Limited (Singapore)

Jayanti Pte Limited is a wholly owned subsidiary of the Company incorporated in Singapore for the purpose of promoting instant coffee projects in various countries. This is only an investment Company, hence no operational performance is reported.

Continental Coffee SA (formerly Grandsaugreen SA) (Switzerland)

Continental Coffee SA is a wholly owned subsidiary of the Company incorporated in Switzerland. This is an agglomeration and packing unit. Operational performance of the Company, in brief, is hereunder:

(Rs. in Lakhs)
Particulars 2020 2019
Revenue from operations 13,445 3,804
Profit for the year after meeting all expenses (before Interest, Depreciation & Tax) 504 170
Less:
Interest 3 1
Depreciation and other write offs 100 93
Provision for Taxation 28 30
Net Profit/Loss 373 46

Ngon Coffee Company Limited (Vietnam)

Ngon Coffee Company Limited is a wholly owned subsidiary of the Company incorporated in Vietnam. This is an instant coffee manufacturing unit. Operational performance of the Company, in brief, is hereunder:

(Rs. in Lakhs)
Particulars 2020 2019
Revenue from operations 26,719 26,146
Profit for the year after meeting all expenses (before Interest, Depreciation & Tax) 7,822 8,524
Less:
Interest 17 30
Depreciation and other write offs 2,001 1,824
Provision for Taxation 25 50
Net Profit/Loss 5,779 6,620

Continental Coffee Private Limited

Continental Coffee Private Limited is a wholly owned subsidiary of the Company, which has been established with an objective of promoting instant coffee brands of the Company in the domestic market. Operational performance of the Company, in brief, is hereunder:

(Rs. in Lakhs)
Particulars 2020 2019
Revenue from operations 7,717 4,921
Profit for the year after meeting all expenses (before Interest, Depreciation & Tax) (190) (572)
Less:
Interest 92 4
Depreciation and other write offs 68 33
Provision for Taxation (1) 1
Net Profit/Loss (349) (610)

CCL Beverages Private Limited

During the year, CCL Beverages Private Limited was incorporated and made wholly owned subsidiary of your Company to implement agglomeration and packing project at Kuvvakolli Village. However, Board of Directors of your Company decided to implement the proposed project under CCL itself.

The statement containing the salient features of the financial statement of subsidiaries as per sub-section (3) of Section 129 of the Companies Act, 2013 in Form AOC-1 is herewith annexed as ‘Annexure II to this report.

COVID-19 and its impact

The impact of COVID-19 on the Company is being closely reviewed with the Management by the Directors from time to time. Your Company had temporarily suspended operations at its Plants and locations as per the directives given by the Central and State Government and keeping in view the safety of work force. After seeking necessary approvals from the Government authorities, and maintaining social distancing norms and utmost safety of employees, operations were commenced at the Plants and other locations. However, dispatches were affected due to restriction on movement of finished product to the ports for exports towards the end of the financial year.

Corporate Social Responsibility

The Company as part of its Corporate Social Responsibility (CSR) initiative, undertook many projects like promotion of education in rural areas, infrastructure and sanitation development, welfare of girl child, facilitating pure drinking water to the identified rural areas in and around the factories situated at Guntur District and Chittoor District of Andhra Pradesh and also women empowerment and youth skill development programmes in rural areas around Hyderabad.

The Company has a Policy on Corporate Social Responsibility (CSR). The Annual Report on CSR activities as per the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed herewith as ‘Annexure III to this report. The CSR Policy is posted on the website of the Company and the web link is https://www. cclproducts.com/wp-content/uploads/2019/04/csr-policy.pdf

Further, pursuant to the provisions of Section 135 of the Companies Act, 2013 your Company was required to spend an amount of Rs.319.41 Lakhs towards CSR Activities.

Your management feels proud to mention that for the financial year ended 31st March, 2020, your Company has spent a total amount of Rs.328.22 Lakhs towards various CSR activities which was in excess of the mandatorily prescribed limit.

Internal Control Systems & their adequacy

The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Companys policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records, and timely preparation of reliable financial disclosures.

Statutory Auditors

The Shareholders in their meeting held on 11th July, 2017 (56th AGM) appointed M/s. Ramanatham & Rao, Chartered Accountants, Hyderabad, as the Statutory Auditors of the Company, to hold office as such till the conclusion of 61st Annual General Meeting.

The Statutory Auditors shall continue to hold the office as such for the ensuing FY.

Internal Auditors

The Board of Directors based on the recommendation of the Audit Committee have re-appointed M/s. Ramesh & Co., Chartered Accountants, Hyderabad, as the Internal Auditors of your Company. The Internal Auditors are submitting their reports on quarterly basis.

Cost Auditors

In accordance with Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013 and The Companies (Audit and Auditors) Rules, 2014 the Audit Committee has recommended and the Board of Directors had appointed M/s. Kapardi & Associates, Cost Accountants, Hyderabad, being eligible and having sought re-appointment, as Cost Auditors of the Company, to carry out the audit of the cost records of the products manufactured by the Company during the financial year 2020-21 on a remuneration of Rs.1,75,000/-. The remuneration payable to the cost auditor is required to be placed before the Members in the general meeting for their ratification. Accordingly, a Resolution seeking Members ratification for the remuneration payable to M/s. Kapardi & Associates, Cost Accountants, is included in the Notice convening the Annual General Meeting. The Company is maintaining cost records as specified by the Central Government under Section 148(1) of the Companies Act, 2013.

A Certificate from M/s. Kapardi & Associates, Cost Accountants, has been received to the effect that their appointment as Cost Auditor of the Company, if made, would be in accordance with the limits specified under Section 141 of the Companies Act, 2013 and the Rules framed thereunder.

Reporting of Frauds

During the year under review, there was no instance of fraud, which required the Statutory Auditors to report to the Audit Committee and /or Board under Section 143(12) of the Companies Act, 2013 and the rules made thereunder.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s. P.S. Rao & Associates, Company Secretaries to undertake the Secretarial Audit of the Company for the FY 2019-20. The Secretarial Audit Report is annexed herewith as ‘Annexure IV to this report.

Further, your Board of Directors would like to inform that the Secretarial Audit Report does not contain any observation or qualification or adverse remark.

Compliance with Secretarial Standards on Board and Annual General Meetings

During the year under review, the Company has complied with secretarial standards issued by the Institute of Company Secretaries of India on Board Meetings and Annual General Meetings.

Directors & Key Managerial Personnel

The Board of directors of the Company has an optimum combination of Executive, Non-Executive and Independent Directors with one woman Independent Director.

Independent and Non-Executive Directors

During the year, Shareholders approved the appointment of Mr. Kosaraju Veerayya Chowdary, IRS (Retd.) as an Independent Director of the Company for a period of five years commencing on 25th June, 2019.

In accordance with the provisions of Section 152 of the Companies Act, 2013, Dr. Lanka Krishnanand, NonExecutive Director of the Company retire by rotation and being eligible, has offered himself for re-appointment.

Mr. Venkata Krishna Rau Gogineni was appointed to the office of Independent Director for a term of 5 years in the 54th Annual General Meeting of the Company till the conclusion of 59th Annual General Meeting. Based on the recommendation of Nomination and Remuneration Committee, the Board of Directors considered his appointment as Independent Director of the Company for another term of five consecutive years commencing on 22nd October, 2019, subject to approval of shareholders. Accordingly, resolution seeking approval of Shareholders for his appointment to the office of Independent Director, forms part of the Notice convening the AGM.

In the opinion of the Board, all the Independent Directors of the Company possess integrity, expertise, and the proficiency justifying their office.

All the Independent Directors have given declarations stating that they meet the criteria of independence as per the provisions of Section 149 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Whole Time Directors

Based on the recommendation of Nomination and Remuneration Committee, Mr. Challa Rajendra Prasad was re-appointed as Executive Chairman of the Company upto 31st March, 2022 by the Board of Directors of the Company in their meeting held on 27th January, 2020 with immediate effect, subject to approval of shareholders in the Annual General Meeting. Accordingly, resolution seeking approval of Shareholders for his appointment forms part of the Notice convening the AGM.

In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. B. Mohan Krishna, Executive Director of the Company retire by rotation and being eligible, has offered himself for re-appointment.

Other Key Managerial Personnel

There are no changes in any other office of Key Managerial Personnel during the year.

Meetings of the Board

Six meetings of the Board of Directors were held during the year. The details of the Board and Committee meetings and Independent Directors meeting are given in the Corporate Governance Report which form part of this Annual Report.

The Company also adopted Governance Guidelines on Board Effectiveness which comprises the aspects relating to Composition of Board and Committees, Terms of Directors, Nomination, Appointment, Development of Directors, Code of Conduct, Effectiveness of Board and Committees, review and their mandates.

Audit Committee

The Board has constituted Audit Committee as per the provisions of Section 177 of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The composition, attendance, powers and role of the Audit Committee are included in Corporate Governance Report. All the recommendation made by the Audit Committee were accepted by the Board of Directors.

Policy on Directors Appointment and Remuneration and other matters

(a) Procedure for Nomination and Appointment of Directors:

The Nomination and Remuneration Committee has been formed in compliance with Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and pursuant to Section 178 of the Companies Act, 2013. The main object of this Committee is to identify persons who are qualified to become directors and who may be appointed in senior management of the Company, recommend to the Board their appointment/removal and shall carry out evaluation of every Directors performance, recommend the remuneration package of both the Executive and the Non-Executive Directors on the Board and also the remuneration of Senior Management, one level below the Board. The Committee reviews the remuneration package payable to Executive Director(s) and recommends to the Board the same and acts in terms of reference of the Board from time to time.

On the recommendation of the Nomination and Remuneration Committee, the Board has adopted and framed a Remuneration Policy for the Directors, Key Managerial Personnel and other Employees pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations.

The remuneration determined for Executive/Non-Executive Directors is subject to the recommendation of the Nomination and Remuneration Committee and approval of the Board of Directors. The Non-Executive Directors are compensated by way of profit sharing Commission and the Non-Executive Directors are entitled to sitting fees for the Board/Committee Meetings. The remuneration paid to Directors, Key Managerial Personnel and all other employees is in accordance with the Remuneration Policy of the Company.

Neither the Managing Director nor any Whole Time Director of the Company received any remuneration or commission from any of its Subsidiaries.

Brief terms of Nomination and Remuneration Policy and other matters provided in Section 178(3) of the Act and Regulation 19 of SEBI Listing Regulations have been disclosed in the Corporate Governance Report, which forms part of this Report.

(b) Familiarisation/Orientation program for Independent Directors: A formal familiarization programme was conducted about the amendments in the Companies Act, Rules prescribed thereunder, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and all other applicable laws to the Company.

It is the general practice of the Company to notify the changes in all the applicable laws from time to time in Board Meetings conducted.

The details of such familiarization programmes for Independent Directors are posted on the website of the Company and web link is https://www.cclproducts.com/wp-content/uploads/2019/04/familiarization-programme- for-independentdirectors.pdf

Annual Evaluation of Board Performance and Performance of its Committees and of Directors

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Audit, Nomination and Remuneration and all other Committees.

A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Boards functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors who also reviewed the performance of the Secretarial Department. The Directors expressed their satisfaction with the evaluation process.

Particulars of Loans, Guarantees and Investments

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

Fixed Deposits

Your Company has neither accepted nor renewed any fixed deposits from the public within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 and as such no principal or interest was outstanding as on the date of the Balance sheet.

Capex

Your Company has spent the following amounts towards capex during this financial year:

1. At Duggirala plant - for civil works and line balancing of Plant & Machinery Rs.21.98 crores

2. At SEZ in Kuvvakolli, Chittoor District for establishment of Freeze dried coffee plant Rs.23.03 crores

Directors Responsibility Statement

Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors confirm that to the best of their knowledge and belief and according to the information and explanation obtained by them,

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) Such accounting policies as mentioned in the notes to the financial statements have been selected and applied consistently and judgments and estimates that are reasonable and prudent made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 2019-20 and of the profit or loss of the Company for that period;

iii) Proper and sufficient care has been taken 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;

iv) The annual accounts for the year 2019-20 have been prepared on a going concern basis.

v) That proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

vi) That systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

Vigil Mechanism/Whistle Blower Policy

The Company has a Whistle Blower Policy framed to deal with instance of fraud and mismanagement, if any in the Group. The Policy provides for adequate safeguards against victimization of employees who avail the mechanism and also provides for direct access to the Chairman of the Audit Committee. The details of the Policy are explained in the Corporate Governance Report and also posted on the website of the Company and the web link is https://www.cclproducts.com/wp-content/uploads/2019/04/whistle-blower-policv.pdf

Risk Management

The Company has constituted a Risk Management Committee and formulated a policy on the Risk Management in accordance with the Companies Act, 2013 and Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Boards Report. The Risk Management Policy of the Company is posted on the website of the Company and the web link is https://www.cclproducts.com/wp-content/ uploads/2019/04/risk-management-policy.pdf

Related Party Transactions and particulars of contracts or arrangements with related parties

All the related party transactions that were entered into during the financial year were on an arms length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.

All the related party transactions are placed before the Audit Committee also and before the Board for approval. Prior omnibus approval of the Audit Committee is obtained as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the transactions which are of foreseen and repetitive nature. The Company has developed a Policy on Related Party Transactions for the purpose of identification and monitoring of such transactions.

None of the transactions with related parties falls under the scope of section 188(1) of the Companies Act, 2013. Particulars of contracts or arrangements with related parties pursuant to section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014 are provided in ‘Annexure V in Form AOC-2 and forms part of this report.

The policy on Related Party Transactions as approved by the Board is uploaded on the website of the Company and the web link is https://www.cclproducts.com/wp-content/uploads/2019/04/policv-on-related- party-transactions.pdf

Disclosure under Regulation 34(3) read with Schedule V of the Listing Regulations Related Party disclosure as per Schedule V of the Listing Regulations

S.No In the accounts of Particulars Amount at the year ended 2019-20 Maximum amount outstanding during the year 2019-20
1 CCL Products (India) Limited (Holding Company) (i) Loans/advances to subsidiaries Continental Coffee Private Limited (Wholly owned subsidiary) Rs.22.08 Crores (including interest) Rs.22.08 Crores (including interest)
(ii) Loans/advances to associates NA NA
(iii) Loans/advances to firms/ companies in which Directors are interested Nil Nil
2 CCL Products (India) Limited (Holding Company) Investment by the Loanee in the shares of parent company/ subsidiary company when the company has made a loan or advance NA NA

Policy on Material Subsidiaries

The Policy on Material Subsidiaries as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as approved by the Board is uploaded on the website of the Company and the web link is https://www. cclproducts.com/wp-content/uploads/2019/04/policy-on-material-subsidiary.pdf

Extract of Annual Return

Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of Annual Return in form MGT 9 is annexed herewith as ‘Annexure VI to this report and the same is uploaded on the website of the Company and the weblink is www.cclproducts.com .

Management Discussion & Analysis

Pursuant to the provisions of Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 a report on Management Discussion & Analysis is herewith annexed as "Annexure VII" to this report.

Change in the nature of business

There has been no change in the nature of business of the Company during the year under review.

Transfer of amounts to Investor Education and Protection Fund

Pursuant to the provisions of Section 124 (5) of the Companies Act, 2013, an amount of Rs.3,38,825/- pertaining to financial year 2011-12, which remained unclaimed for a period of seven years has been transferred by the Company to the Investor Education and Protection Fund established by the Central Government during the financial year 2019-20.

Transfer of unclaimed shares to Investor Education and Protection Fund

Pursuant to the provisions of Section 124 of the Companies Act, 2013, all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more upto and including the financial year 2011-12 were transferred by the Company in the name of Investor Education and Protection Fund during the financial year 2019-20 and the statement containing such details as may be prescribed is placed on the website of the Company.

Particulars of Employees

The information required pursuant to Section 197 of the Companies Act, read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is annexed herewith as "Annexure VIII" to this report.

Business Responsibility Report

A Business Responsibility Report as per Regulation 34 of the Listing Regulations, detailing various initiatives taken by the Company on the environmental, social and governance front forms an integral part of this Annual Report.

Corporate Governance

The Company has been making every endeavor to bring more transparency in the conduct of its business. As per the requirements of Regulation 34 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a report on Corporate Governance for the year 2019-20 along with Certificate from P.S. Rao & Associates, Company Secretaries, are annexed herewith, forming part of this Annual Report.

Human Resources

Your Company considers its Human Resources as the key to achieve its objectives. Keeping this in view, your Company takes utmost care to attract and retain quality employees. The employees are sufficiently empowered and conducive work environment propels them to achieve higher levels of performance. The unflinching commitment of the employees is the driving force behind the Companys vision. Your Company appreciates the spirit of its dedicated employees.

Policy on Prevention, Prohibition and Redressal of Sexual Harassment at Work place:

Your Company strongly supports the rights of all its employees to work in an environment, free from all forms of harassment. The Company has adopted a Policy on Prevention, Prohibition and Redressal of Sexual Harassment at workplace as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder. The policy aims to provide protection to Employees at the workplace and prevent and redress complaints of sexual harassment and for matters connected or incidental thereto, with the objective of providing a safe working environment, where Employees feel secure. The Company has also constituted an Internal Committee, known as Anti Sexual Harassment Committee to address the concerns and complaints of sexual harassment and to recommend appropriate action.

The Company has not received any complaint on sexual harassment during the year.

Energy conservation, technology absorption and foreign exchange earnings and outgo

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as ‘Annexure IX to this report.

Significant and material orders passed by the regulators or courts

There are no significant or material orders passed by the Regulators/Courts which would impact the going concern status of the Company and its future operations.

Material Changes and Commitments

There were no material changes and commitments affecting the financial position of the Company that have occurred between the end of the Financial Year 2019-20 and the date of the report.

Green initiative in Corporate Governance

The Ministry of Corporate Affairs (MCA) has undertaken green initiative in Corporate Governance by allowing paperless compliances by the Companies and permitted the service of Annual Reports and documents to the shareholders through electronic mode subject to certain conditions and the Company continues to send Annual Reports and other communications in electronic mode to the members who have registered their email addresses with the Company/RTA.

Acknowledgments

Your Directors take this opportunity to express their sincere appreciation to the shareholders, customers, bankers, suppliers and other business associates for the excellent support and cooperation extended by them.

Your Directors gratefully acknowledge the ongoing co-operation and support provided by the Central and State Governments, Stock Exchanges, SEBI, RBI and other Regulatory Bodies.

For and on behalf of the Board
CCL Products (India) Limited
Sd/-
Place: Hyderabad Challa Rajendra Prasad
Date: 15th June, 2020 Executive Chairman
DIN : 00702292