Everest Organics Ltd Directors Report.

Dear Shareholders,

Your Directors are pleased to present the 28th Annual Report on the business and operations of the Company along with the Audited Financial Statements for the financial year ended March 31,2021.

1. FINANCIAL RESULTS AND OPERATIONS:

i. Financial Results:

The Companys financial performance for the year ended March 31, 2021 as compared with the previous year is summarized below:

Amount in Rs.

S. No. Particulars 2020-21 2019-20
I Total Revenue 1,826,285,276 1,686,651,691
II Profit before Financial Cost, Depreciation, and Tax 239,044,756 207,342,686
III Less : Financial Cost 32,562,892 34,334,199
IV Less : Depreciation 33,746,339 32,081,445
V Profit Before Tax 172,735,525 140,927,042
VI Less : Provision for Income Tax 30,200,000 22,700,000
VII Less: Deferred Tax 5,385,897 9,260,165
VIII Profit After Tax 137,149,629 108,966,877
IX Other Comprehensive Income - -
X Total Comprehensive Income for the period 137,149,629 108,966,877
XI Add: Brought forward from Previous Year 262,021,544 179,755,769
XII Closing Balance of Reserves & Surplus 385,755,945 262,021,544

ii. Operations:

During the year under review, your Company has register a total revenue of Rs. 1,826,285,276/- as against Rs. 1,686,651,691/- for the previous corresponding year showing a year-on-year growth of 8.27%

Whereas the Net Profit of the Company was Rs. 137,149,629/- as against Net Profit of Rs. 108,966,877/- for the previous year showing a rise of 25.86% in the profit of the Company. Earnings per share for the year was Rs. 17.14/-.

2. COVID - 19 :

Amidst the ongoing COVID-19 pandemic that has gripped the world and has emerged as a global challenge, creating disruption across the world, your Management and Directors appreciate the stupendous efforts of Everest Family in ensuring health and safety of employees and also maintaining continuity of supply of committed products and their uncompromising commitment to continue to work and ensure that despite challenges, new lifesaving API products developed and manufactured by the Company and shall be made available across the world.

The physical and emotional wellbeing of the employees continues to be a top priority for the Company, with an initiative to put free immunization drives to encourage employees and their family members to get vaccination. In its fight against COVID-19, the Companys CSR activities has been at the forefront for providing relief by supplying food, medicine and personal protective equipment etc. to the underprivileged nearby villagers and frontline warriors across regions along with free vaccination drive. The Company has extended support and distributed essential commodities where the need was the most.

3. DIVIDEND:

In order to be in line with the practice of returning free cash flow to shareholders and based on the Companys performance, the Directors have declared interim dividend of @ 5% i.e. Rs. 0.50/- (Fifty Paisa only) per equity share of Rs. 10/- each. Further, the Directors have also recommended a final dividend @ 10% i.e. Rs. 1.00/- (Rupee One only) per equity share of Rs. 10/- each for the FY 202021, subject to the approval of the shareholders at the ensuing 28th Annual General Meeting (AGM) of the Company. Dividend shall be payable to those shareholders whose names appear on the Register of Members of the Company as on record date i.e. September 10, 2021.

The total Dividend for the FY 2020-21 amounted to 15% i.e. Rs. 1.50/- (One Rupee and Fifty Paisa only) per equity share of Rs. 10/- each and would involve a total cash outflow of Rs. 1.20 Crore (Rupees One Crore Twenty Lakhs only).

4. TRANSFER TO RESERVES:

The Company has not proposed to transfer any amount to the general reserves for the year ending March 31,2021.

5. SHARE CAPITAL

There was no change in the Share Capital of the Company, during the year 2020-21. The paid up Equity Share Capital as on March 31,2021 was Rs. 80,000,000/- (Rupees Eight Crores only).

6. DEPOSITS FROM PUBLIC:

The Company has not accepted any deposits from public pursuant to the provision of section 73 of the Companies Act, 2013 and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the balance sheet.

7. CHANGE IN THE NATURE OF BUSINESS, IF ANY:

During the year under review, there was no change in the nature of the business of the Company.

8. SUBSIDIARY / JOINT VENTURE / ASSOCIATE COMPANIES:

The Company does not have any subsidiary / joint venture / associate companies during the year under review.

9. MANAGEMENT DISCUSSION & ANALYSIS REPORT:

The detailed report on the Management Discussion and Analysis for the year under review as stipulated in compliance with Regulation 34 (3) read with Schedule V (B) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is presented and forms part of this Annual Report.

10. CORPORATE GOVERNANCE REPORT:

Your Directors reaffirm their continued commitment to adhere to the highest standards of Corporate Governance. In compliance with the Regulation 34 (3) read with Schedule V (C) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013 the Report on Corporate Governance as on March 31, 2021 as stipulated under the Listing Regulations forms part of this Annual Report. The requisite certificate from the Secretarial Auditors of the Company confirming compliance with the conditions of Corporate Governance is annexed to the report on Corporate Governance and forms part of this Annual Report.

11. BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Relevant information on composition of the Board and number of meetings is provided in ‘Board of Directors section of Report on Corporate Governance which forms part of this Annual Report.

a) Statement of Declaration given by Independent Director:

All Independent Directors have submitted the Declaration of Independence, in compliance with the provisions of Section 149 (7) of the Companies Act, 2013 and Regulation 25 (8) of the Listing Regulations stating that they meet the criteria of Independence as provided in Section 149(6) of the Act and Regulation 16(1 )(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

b) Directors Retire by Rotation:

In accordance with the requirements of the Companies Act, 2013 and Article of Association of the Company Mr. Kakarlapudi Sitarama Raju and Dr. Srikakarlapudi Sirisha, Directors retire by rotation and offer themselves for re-appointment. Your Board of Directors recommends their reappointment. Their brief profile has been provided in the notice and forms part of this Annual Report.

c) Appointment and Re-appointment of Directors and CEO:

Pursuant to the sad demise of Mr, Swaminathan Venkatesan, an Independent Director of the company dated 26.01.2021, Mr. Venkatasatyanarayana Murthy Chayaly was appointed as an Additional Director (Independent Category) at the Board Meeting of the Company held on 30.03.2021. The Board recommends the appointment of Mr. Venkatasatyanarayana Murthy Chayaly as an Independent Director under Section 149 of the Companies Act, 2013 for a term of five years for approval of the members at the ensuing Annual General Meeting. In accordance with Section 149 (7) of the Companies Act, 2013 Mr. Venkatasatyanarayana Murthy Chayaly has confirmed that he meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16 (1)(b) of the Listing Regulations.

The term of appointment of Dr. Srikakarlapudi Srihari Raju, Managing Director of the Company will expire on 28.09.2021. The Board recommends the re-appointment of Dr. Srikakarlapudi Srihari Raju as Managing Director of the Company with effect from 28.09.2021 for a period of three years in accordance with the provisions of the Companies Act, 2013. Further he will be attaining the age of 70 years during the aforesaid term of his re-appointment hence approval by the members shall be obtained by passing a special resolution.

Pursuant to the applicable provisions of Companies Act, 2013 and Listing Regulations, the Board recommends the appointment of Dr. Srikakarlapudi Sirisha as the Chief Executive Officer of the Company with effect from October 01, 2021 for a period of 3 (three) years and fixes remuneration thereof.

The Board recommends the appointment and re-appointment of above said directors to the shareholders. The Notice convening 28th AGM sets out their details.

d) Key Managerial Personnel:

Pursuant to the provisions of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the Company during the year are - Dr. Srikakarlapudi Srihari Raju, Managing Director, Mr. Ramakrishna Peruri, Chief Financial Officer and Ms. Rekha Singh, Company Secretary.

Dr. Srikakarlapudi Sirisha shall be appointed as the Chief Executive Officer of the Company with effect from October 01,2021.

Remuneration and other matters provided in section 178(3) of the Act have been disclosed in the Report on Corporate Governance, which forms part of this Annual report.

e) Meetings of the Board:

During the FY 2020-21, five (5) meetings of the Board of Directors were held. For details of meetings of the Board, please refer the Report on Corporate Governance, forming part of this Annual Report.

f) Committee of Board and details of meetings:

There are various Board constituted Committees as stipulated under the Companies Act and Listing Regulations namely, Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee and Corporate Social Responsibility (CSR) Committee. All the recommendations made by the Committees of Board including the Audit Committee were accepted and approved by the Board. Brief details pertaining to composition, terms of reference, meetings held and attendance thereat of these Committees during the year has been enumerated in the Report on Corporate Governance, which forms part of this Annual Report.

g) Board Evaluation:

As per provisions of Section 134 (3) (p ) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014 and Regulation 17 (10) of the Listing Regulations, an evaluation of the performance of the Board, its committees and members was undertaken. For details, please refer to the Report on Corporate Governance, forming part of this Annual Report.

h) Appointment of Directors and Remuneration Policy:

The assessment and appointment of members to the Board is based on a combination of criterion that includes ethics, personal and professional stature, domain expertise, gender diversity and specific qualification required for the position. The potential independent Board member is also assessed on the basis of independence criteria defined in Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Listing Regulations.

In accordance with Section 178(3) of the Companies Act, 2013, and on recommendations of Nomination and Remuneration Committee, the Board formulated and adopted a remuneration policy for Directors, Key Management Personnel (KMPs) and Senior Management which is available on the website of the Company www.everestorganicsltd.com.

i) Compliance with Secretarial Standards;

In terms of Section 118 (10) of the Companies Act, 2013 the Company continues to complies with the various provisions of all Secretarial Standards, as issued by the Institute of Company Secretaries of India.

12. ADEQUACY OF INTERNAL FINANCIAL CONTROL SYSTEMS:

The Company has in place proper and adequate Internal Financial Control systems commensurate with the nature of its business, size and complexity of its operations with reference to financial statements. Internal control systems comprising of policies and procedures designed to ensure reliability of financial reporting timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations, and that all assets and resources as acquired are used economically.

13. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with clause (c) of sub-section 3 of section 134 of the Companies Act, 2013, the Directors of the Company state:

a. That in the preparation of the accounts for the financial year ended March 31, 2021, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

c. That the Directors 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;

d. That the Directors have prepared the accounts for the financial year ended March, 31,2021 on a ‘going concern basis;

e. That the Directors have laid down internal financial controls to be followed by the Company and that such financial controls are adequate and operating effectively;

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

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory auditors and external consultants and the reviews performed by 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 2020-21.

14. RELATED PARTY TRANSACTIONS;

All Related Party Transactions are in compliance of the Companies Act and the SEBI (LODR) Regulations, 2015. There are no materially significant related party transactions made by the Company with Promoters, Directors or Key Managerial Personnel etc. which may have potential conflict with the interest of the Company at large.

All Related Party Transactions entered into by the Company were in the Ordinary Course of Business and at an Arms Length basis and were reviewed and approved by the Audit Committee and the Board. Omnibus approval is obtained for transactions which are foreseeable and repetitive in nature. A statement of all Related Party Transactions is presented before the Audit Committee on quarterly basis, specifying the nature, value and terms and conditions of the transactions. Complete details of Related Party Transactions are given in the Notes to Financial Statements forming part of this Annual Report.

The Policy on Materiality of Related Party Transactions and on dealing with Related Party Transaction as approved by the Board may be accessed on the Companys website: www.everestorganicsltd.com.

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) Rules, 2014, are given in Form AOC-2 and is attached as "BR_Annexure I" to this Annual Report.

15. VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company believes in upholding professional integrity and ethical behaviour in the conduct of its business. To uphold and promote these standards, the Company has a Vigil Mechanism / Whistle Blower Policy which serves as a mechanism for its Directors and employees to report genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Code of Conduct without fear of reprisal. The policy also provides access to the Chairperson of the Audit Committee under certain circumstances. The details of establishment of such mechanism are available on the website of the Company www.everestorganicsltd.com.

Whistle Blower Policy and affirmation that none of the personnel have been denied access to the Audit Committee. The Company has in place a Whistle Blower Policy for Vigil mechanism for Directors and employees to report to the management about the unethical behavior, fraud, violation of Companys Code of Conduct.

16. AUDITORS AND AUDIT REPORT:

a) Statutory Auditors;

Pursuant to the provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 as amended from time to time, M/s. Suryam & Co., Chartered Accountants, Hyderabad (FRN: 012181S), was appointed as Statutory Auditors of the Company at its 24th Annual General Meeting held on September 27, 2017 for a term of five (5) years, subject to the ratification by shareholders at every Annual General Meeting.

However, the Ministry of Corporate Affairs (MCA) vide its notification dated May 7, 2018 has omitted the requirement under the first proviso to Section 139 of the Companies Act, 2013 and Rule 3(7) of the Companies (Audit and Auditors) Rules, 2014, regarding ratification of appointment of statutory auditors by shareholders at every subsequent AGM. Accordingly, no resolution for ratification of appointment of statutory auditor was incorporated in the Notice of 28th Annual general Meeting of the Company.

b) Boards response on Auditors Qualifications, Reservations or Adverse Remarks;

The qualifications made by the Statutory Auditors in the Auditors Report for the financial year ended March 31, 2021 read with explanatory notes therein are self-explanatory and therefore do not call for any further explanation or comments from the Board under Section 134 (3) of the Companies Act, 2013, other than those mentioned below:

i. Gratuity provisions made for Rs. 126.42 lakhs, payment made to the Gratuity Fund is Rs. 100.18 Lakhs only.

Directors Comments: During the year under review, the Company has made a payment of Rs. 100.18 lakhs in the Gratuity fund. However, the Company have initiated the necessary actions towards the payment of balance amount in the following financial year.

c) Internal Auditors;

The Board of Directors based on the recommendation of the Audit Committee has appointed M/s. Harikrishna & Associates, Chartered Accountants, as the Internal Auditors of your Company. The Internal Auditors are submitting their reports on quarterly basis.

d) Cost Auditors;

The Board of Director based on the recommendation of Audit Committee has appointed M/s. PKR & Associates, LLP, Cost Accountants, Hyderabad as the Cost Auditors of the Company pursuant to the provisions of Section 148 of the Companies Act, 2013 for the financial year 202122. The provisions also require that the remuneration of the cost auditors be ratified by the shareholders and accordingly the same is put forward to the shareholders in the ensuing 28th Annual General Meeting for their ratification.

e) Cost Audit Report for the year ended March 31, 2021;

The Cost Audit Report for the financial year 2020-21 issued by M/s. PKR & Associates, LLP, Cost Accountant, are self-explanatory and therefore do not call for any further explanation or comments from the Board. The same will be filed with the Central Government within the stipulated timeline.

f) Cost Records;

The provisions of Cost Records are applicable to the Company and the company has complied with the said provisions.

g) Secretarial Auditor;

In compliance with the provisions of Section 204 of the Companies Act, 2013 read with corresponding Rules framed thereunder M/s. D. Hanumantha Raju & Co., Company Secretary in practice, were re-appointed as the Secretarial Auditors of the Company to carry out the Secretarial Audit for the year ending March 31,2022.

h) Annual Secretarial Audit Report;

In terms of Section 204 of the Companies Act, 2013 and Regulation 24A of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, a Secretarial Audit Report given by the Secretarial Auditors in form no. MR-3 is annexed as "BR_Annexure II" to this Annual Report.

The qualifications made by the Secretarial Auditors in the Secretarial Audit Report for the financial year ended March 31,2021 is mentioned below:

i. Listed Entity has received Temporary Closure order dated 22.12.2020 from Telangana State Pollution Control Board (TSPCB) on 28.12.2020 and the same was to be intimated to the Stock Exchange within 24 hours pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015 but it was intimated to BSE on 07.01.2021

Directors Comments: We do admit there was delay and it was because of the Company has observed some discrepancies in the reasons mentioned in the Temporary Closure order for which the Company has sought clarification from TSPCB head office at Sanath Nagar, Hyderabad. We waited till the TSPCB head office clarified the omissions in their letter and as soon as the explanation was provided we intimated the Stock Exchange on 07.01.2021..

i) Annual Secretarial Compliance Report;

An Annual Secretarial Compliance Report for the financial year ended March 31, 2021 on compliance of all applicable SEBI Regulations and circulars/ guidelines issued thereunder, was obtained from M/s. D. Hanumantha Raju & Co., Secretarial Auditors and submitted to the stock exchange.

17. RISK MANAGEMENT POLICY:

The Company has instituted a proper mechanism for identifying and establishing controls to effectively manage different kinds of risks. At present the threats, risks and concerns being felt are stiff competition in the market, consolidation of manufacturers, who have branded products and fluctuations in prices as well as availability of raw materials.

18. DECLARATION ABOUT COMPLIANCE WITH CODE OF CONDUCT BY MEMBERS OF THE BOARD AND SENIOR MANAGEMENT PERSONNEL:

The Company has complied with the requirements about the Code of Conduct for Board members and Senior Management Personnel. A compliance certificate by the Managing Director forms part of this Annual Report.

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

The Company has always believed in proving a safe and harassment free workplace for every individual working in its premises through various policies and practices. The Company always endeavours to create and provide an environment that is free from discrimination and harassment including sexual harassment.

The Company has adopted a policy on Prevention of Sexual Harassment at Workplace which aims at prevention of harassment of employees and lays down the guidelines for identification, reporting and prevention of undesired behaviour. An Internal Complaints Committee ("ICC") has been constituted and re-constituted by the senior management (with women employees constituting the majority). The ICC is responsible for redressal of complaints related to sexual harassment and follows the guidelines provided in the Policy.

During the year ended March 31, 2021, no complaints pertaining to sexual harassment have been received.

20. OTHER DISCLOSURES:

a) Annual Return;

Pursuant to the provisions of Sections 92(3) and 134(3)(a) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rule, 2014 the Annual Return as at March 31, 2021 can be accessed at Companys website http://www.everestorganicsltd.com/ MGT-7_2020-21.pdf.

b) Conservation of Energy, Technology Absorption, Foreign Exchange Earning and Outgo;

Particulars pertaining to conservation of energy, technology absorption and foreign exchange earnings and outgo, pursuant to the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of Companies (Accounts) Rules, 2014, as amended from time to time are annexed as "BR_Annexure III" to this Annual Report.

c) Loans/ Guarantees/ Investments under Section 186 of the Companies Act. 2013;

During the year under review, pursuant to the provisions of Section 186 (3) and all other applicable provisions of the Companies Act, 2013, the Company has taken Boards and Members approval at their meetings held on 31.07.2020 and 08.09.2020 respectively for an amount not exceeding Rs. 25 Crores in excess of the limits prescribed under the given Act. But the Company has not granted any loans and Guarantees or made any Investments and securities provided pursuant to the provisions of Section 186 of the Companies Act, 2013.

d) Disclosure regarding Employees Stock Option Scheme:

Pursuant to the provision of Sections 62 (1) (b) of the Companies Act, 2013 read with Rule 12 (9) of the Companies (Share Capital and Debentures) Rules, 2014, the Company has not issued any equity shares under Employees Stock Option Scheme, during the year under review.

The Board of Directors at their meeting held on 09.08.2017 have proposed to approve Employee Stock Option Scheme, which was later approved by the members at the 24th Annual General Meeting of the Company held on 27.09.2017 as the ESOP Scheme 2017.

During the year under review, the Company has made an application for seeking "In-principal approval" prior to issue and allotment of 500000 Equity Shares consisting of 500000 Employee Stock under "Everest Employee Stock Option Plan 2017" in compliance with Regulation 12(3) of SEBI (Share Based Employee Benefits) Regulations, 2014, which was further approved by Bombay Stock Exchange (BSE) via its letter dated January 12, 2021. The Company is planning to proceed with said approval soon.

e) Details of Nodal Officer;

The Company has designated Ms. Rekha Singh, Company Secretary and Compliance Officer as a Nodal Officer for the purpose of IEPF.

f) Disclosure regarding Unclaimed Shares;

Pursuant to the provisions of SEBI (LODR) Regulations 2015, the Company had transferred 207792 (Two Lakh Seven Thousand Seven Hundred NinetyTwo) unclaimed Equity Shares to the Everest Organics Limited - Unclaimed Suspense Account. 176256 (One Lakh Seventy Six Thousand Two Hundred and Fifty Six) Equity Shares were still lying under "Everest Organics Limited - Unclaimed Suspense Account" as on 31.03.2021.

21. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS OR COURTS:

During the year under review, the Company has received Temporary Closure Order of Factory situated at Sadasivpet Mandal from Telangana State Pollution Control Board (TSPCB) on dated 22.12.2020 with regards to non-compliances of pollution norms. The Management has taken all the vigilant steps to make sure that the Company shall comply with all the provisions of TSPCB and had submitted all the necessary documents to TSPCB to get the revocation order.

On reviewing and analysing all the requisite documents submitted by the Company and after consideration of all the inspection of its facility for pollution control issues, the TSPCB has issued the temporary revocation of factory closure order to the Company on dated11.02.2021.

After careful consideration and analysis of the material facts of the case, TSPCB found that the management has taken adequate steps to comply with the provisions of TSPCB towards the environmental safety and had issued the Extension of Revocation of Factory Closure Order for a further period of six months on dated 13.07.2021.

Further the Company is in full compliance with all the pollutions norms and is confident that it would be revoked permanently.

No other significant and/or material orders, passed by any Court or Regulator or Tribunal, which may impact the going concern status or the Companys operations in future.

22. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY AFTER THE CLOSE OF THE YEAR TILL THE DATE OF THIS REPORT:

The material events that have occurred after the close of the year till the date of this report are as follows:

1. Remdesivir API is commercialized.

2. Posaconazole API, a black fungus treatment drug, is commercialised.

3. Mirabegron API has been developed in R & D.

Other than these, no other material changes and commitments have occurred which may affect the financial position of the Company after the close of the year till the date of this report.

23. CORPORATE SOCIAL RESPONSIBILITY:

The Corporate Social Responsibility (CSR) Committee of the Company is in compliance with the provisions of Section 135 of the Companies Act, 2013 which consists of three directors including one executive director, one non-executive director and one independent director. The Chairman of the committee is an independent director. The CSR Committee has formulated and recommended to the Board, a Corporate Social Responsibility Policy (CSR Policy) indicating the activities to be undertaken by the Company, which has been approved by the Board.

The details of the CSR Policy of the Company, its development and initiatives taken by the Company on CSR during the year are annexed herewith as "BR_Annexure IV" and forms part of this Annual Report. The said Policy is available on the website of the Company www.everestorganicsltd.com.

24. PARTICULARS OF EMPLOYEES AND REMUNERATION:

In compliance with the requirement of Section 197 (12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement containing the remuneration details of Directors and employees are annexed herewith as "BR_Annexure V" and forms part of this Annual Report.

25. HUMAN RESOURCE:

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 such work environment propels them to achieve higher levels of performance. The unflinching commitment of employees is the driving force behind the Companys vision. Your Company appreciates the spirit of its dedicated employees.

26. ACKNOWLEDGMENT

Your directors place on record their sincere appreciation for the significant contribution made by its employees through their dedication, hard work and commitment at all levels. The board of directors also acknowledge the support extended by the analysts, bankers, government agencies, media, customers, suppliers, shareholders and investors at large. The Board look forward to your continued support in the Future.

For and on behalf of the Board of Directors
Date: 05.08.2021
Place: Hyderabad Sd/- Sd/-
Ramakrishnam Raju Kounparaju Sri Kakarlapudi Srihari Raju
Chairman Managing Director
DIN:01735481 DIN:01593620