Greenlam Industries Ltd Directors Report.

FOR THE FINANCIAL YEAR 2019-20

Your Directors have the pleasure in presenting the 7th Annual Report on the business and operations of the Company along with the Audited Financial Statements of the Company for the financial year ended March 31, 2020.

Financial Highlights

(Rs. in lakh)

Particulars Standalone Consolidated
2019-20 2018-19 2019-20 2018-19
Profit before Finance Cost, Depreciation & 18,358.35 14,061.31 18,266.40 16,005.17
Amortisation Expenses and Tax Expenses*
Less: a) Finance Costs 2,029.91 1,545.99 2,183.67 1,696.14
b) Depreciation & Amortisation Expenses 4,897.54 3,403.79 5,249.24 3,683.96
Profit before Tax 11,430.90 9,111.53 10,833.49 10,625.07
Less: Provision for taxation 2,168.17 2,603.28 2,166.18 2,913.84
Less: Non-controlling Interest - - 0.54 -
Profit for the year 9,262.73 6,508.25 8,666.77 7,711.23
Add: Other Comprehensive Income (OCI) (Net of taxes) (126.79) 57.36 250.41 244.12
Total Comprehensive Income (Net of taxes) 9,135.94 6,565.61 8,917.18 7,955.35
Add: Balance brought forward from previous years 23,077.19 17,739.02 24,613.95 17,886.04
Amount available for appropriation 32,213.13 24,304.63 33,531.13 25,841.39
Appropriations:
Less: Dividend paid on Equity Shares 1,689.55 603.41 1,689.55 603.41
Add: Profit Attributable to Non-Controlling Interest - - 0.54 -
Add: OCI Attributable to Non-Controlling Interest - - 0.13 -
Less: Tax paid on distribution of dividend 2.33 124.03 2.33 124.03
Less: Transferred to General Reserve 500.00 500.00 500.00 500.00
Balance carried to Balance Sheet 30,021.25 23,077.19 31,339.92 24,613.95

 

*Including other income

Operations and State of Affairs of the Company

During the financial year 2019-20, your Company clocked a growth of 4.3% in total income to Rs,24,986.97 lakh as against Rs.19,813.76 lakh in the previous year, despite the slowdown in Q1 and Q4 owing to ERP migration and COVID disruption respectively. Further, the exponential growth of 42.3% in net profit to Rs.262.73 lakh from Rs.508.25 lakh in the previous year on the backdrop of the tailwinds from the corporate tax relaxation and receipt of dividend from our subsidiaries in Singapore and USA. This performance is driven by price improvements, better product mix, focused operational efficiency and a disciplined approach in commercial operations which needs to be viewed against the backdrop of a challenging business environment, namely, weak real estate sales and subdued consumer sentiments coupled with the outbreak of COVID-19 pandemic.

Moreover, the building material sector witnessed muted performance in this year as well.

Laminates and allied products accounts for a lions share of 84.1% of our sales and in financial year 2019-20, sales grew by 3.3% to Rs.03,247.10 lakh. The veneer and allied products contributes 15.9% to our total sales. Veneer sales stood at Rs.1,272.42 lakh for the financial year 2019-20. In the engineered wooden flooring business, your Company clocked sales of Rs.836.10 lakh for financial year 2019-20, growing by 12.2%. In the engineered wooden door sets business, sales grew by 50.0% to stand at Rs.366.54 lakh in financial year 2019-20.

During the financial year 2019-20, your Company recorded a growth of 11.7% in export turnover from Rs.2,966.12 lakh to Rs.7,993.71 lakh and export incentive increased from Rs.508.03 lakh to RS.797.76 lakh. As per the Consolidated Financial Statements, total income and the profit after tax for the financial year 2019-20 stood at Rs.32,500.24 lakh and Rs.667.31 lakh respectively.

During the financial year 2019-20, your Company intensified its efforts in the area of product integration and market penetration. Your Company continued to expand its export markets for Laminates and allied products.

The overall performance of the Company during financial year 2019-20, amid a challenging economic scenario, reinforces the effectiveness of the initiatives undertaken by Greenlams Management leveraging better business opportunities.

COVID-19, impact, measures and opportunities

Impact

During the last month of financial year 2019-20, a lockdown was imposed to contain the spread of corona virus (COVID-19) pandemic. This caused unprecedented business disruption and a temporary suspension of our operations at the manufacturing facilities in Behror and Nalagarh from March 22, 2020 and March 24, 2020 respectively. The corporate office, branches and warehouses were closed in line with the Governments directives; employees were advised to work from home.

Sales in the last month of 2019-20 were impacted resulting in a notional loss of RS.0 crore at a time when the Company generally reports its highest sales in March. This had a consequential impact on profitability for 2019-20. Due to the continuing lockdown, April 2020 was a washout as well; with the easing of lockdown restrictions, May and June 2020 reported a gradual sales recovery.

The greenfield Andhra Pradesh facility, scheduled for commissioning in Q4 of FY 2022, is now likely to be delayed owing to the Covid-19 pandemic impact. Once restrictions ease, the scenario could improve progressively.

Measures

After obtaining permission from the appropriate authorities, the production and operations at the manufacturing facility located in Behror resumed from April 20, 2020 and in Nalagarh from April 25, 2020 with precautionary hygiene, safety measures and sanitization. The corporate office, branches and warehouses resumed phased operations from May 04, 2020.

The management made a detailed assessment of its liquidity for the current financial year and carrying values of its assets. In assessing recoverability, the Company considered internal and external information and concluded that there was no material impact on its receivables and no immediate need for assets impairment due to COVID-19.

The Company responded with speed to the loss of business: it moderated costs, focused on international sales and re-negotiated vendor agreements. The Company did not avail of any moratorium offered by the Reserve Bank of India; it serviced debt obligations as and when due without delay. The Company possessed unutilized working capital limits to support liquidity requirements; it moderated costs and conserved cash across levels and these measures are expected to yield benefits.

Employee safety remained the Companys priority. Employees in containment zones were instructed to work from home; international and domestic travel was restricted. Employee safety was assured through the mandated use of protective gear (masks, goggles, face shields); employees were advised to download the Aarogya Setu app launched by the Government of India and monitoring the same. Safety protocols of temperature sensing, social distancing, sanitizing and washing hands were adhered to.

The Company checked employees working across plants to ensure adherence with guidelines by appropriate authorities. The Company ensured that all employees were covered for health insurance (Group Mediclaim Policy/Employee State Insurance) coupled with periodic office and warehouse fumigation. All employees were provided face mask and the field sales team were provided face shields as well coupled with safety advisory.

Social distancing in the production area, canteen, plant entry and exit points were strictly carried out. Cleanliness and fumigation drives in the staff and workers quarters were conducted. Sanitization of dispatches and career vehicles enhanced customer confidence.

The Company intensified engagements with dealers and took initiatives to insure contractors against COVID-19 infection; it undertook sanitization drives at dealer outlets coupled with awareness on social distancing and hygiene norms. All product catalogues were digitalized.

By the virtue of having stocked adequate material in different locations abroad, the Company continued to market in secondary markets through distribution networks even when the manufacturing facilities in India had been closed on account of the lockdown. The Company will leverage its presence in more than 100 countries, where it does not just export but possesses teams recruited from those geographies. The Company possessed cash flows to sustain capex during the current financial year.

The Company directed its in-house R&D team to work on developing laminates with anti-virus attributes.

Opportunities

The Company expects to popularize anti-bacterial laminates that it pioneered a decade ago but whose moment has now arrived.

The bottom-up global presence of >25 years makes the Company uniquely different from a number of Indian manufacturers who manufacture in India and seek to service international markets long-distance. Besides, the Company enjoys relatively modest market shares in countries where it is present, indicating a growth headroom. It believes that when the market recovers there will be a greater preference to work with organised brands over unorganised ones, widening the market for companies like Greenlam. Imports could decline (especially in the engineered wooden flooring and engineered door segments), creating a larger opportunity for world-class, home-grown brands like Greenlam. In this sectorial churn, local and regional companies could yield ground to large international brands like Greenlam.

Dividend

The Board of Directors in their meeting held on March 04, 2020 declared interim dividend for the financial year 2019-20 of RS.00 per equity share (previous year Rs..00 per equity share) on the Companys 2,41,36,374 equity shares of Rs.00 each. The interim dividend on the equity shares has entailed an outflow of C965.45 lakh towards dividend and RS.33 lakh towards dividend distribution tax, resulting in a total outflow of Rs.67.78 lakh.

Further, the Company received dividend from its wholly owned subsidiary Greenlam Asia Pacific Pte. Ltd., Singapore and Greenlam America Inc., USA in June, 2019, for an amount of Rs.80.82 lakh and RS.31.93 lakh respectively and in March, 2020 for an amount of RS.07.13 lakh and Rs.07.01 lakh respectively.

The dividend pay-out was in accordance with the Dividend Distribution Policy of the Company adopted by the Board of Directors in their meeting held on October 26, 2018. The Dividend Distribution Policy of the Company is annexed herewith as "Annexure-I" to this Report.

Outlook and Expansion

Despite the uncertainties and immediate challenges being faced due to the spread of COVID-19 pandemic and the remedial lockdowns, the Companys outlook remains favourable owing to the fact that the Company has been strengthening its processes continuously, and is going to come out of the lockdown stronger. Furthermore, the Companys product integration capabilities, growing brand popularity and the continuous support from its employees, shareholders, creditors, consumers, distributors, dealers and lenders is expected to contribute towards the growth of the Company in the foreseeable future. The Companys vision is to be a one-stop solution for all decorative surface products (in its field of operation). The Companys pan-India distribution network ensures easy availability of products in almost every part of India. The Company has a presence in over 100 countries, either directly or through its overseas subsidiaries.

Increasing urbanisation, growing nuclearization, revival of real estate, increment in office spaces, urban development like Housing for All and Smart Cities Mission, tourism and hospitality are expected to catalyse the demand for laminates in the country in the foreseeable future.

The Company will leverage its position as one of the largest manufacturers of laminates in the country, to pave its own path towards success in the years to come.

During the financial year 2019-20, the expanded capacity for Laminates at the unit of the Company situated at Nalagarh, Himachal Pradesh to manufacture an additional 1.6 million laminate sheets per annum has become operational in September, 2019. With this addition, the total installed capacity for laminate has become 15.62 million laminate sheets per annum. The said expansion has the potential to generate revenue of RS.20.00 crore per annum on full capacity utilization. In view of the above, your Directors are confident of achieving better results in the coming years.

Credit Rating

During the financial year 2019-20 CARE Ratings Ltd. has reaffirmed the credit rating "CARE A+; Stable" in respect of long term bank facilities of RS59.10 crore and "CARE A1+" for short term bank facilities of RS30.00 crore.

Subsidiaries and its Performance

As on March 31, 2020, the Company has seven overseas subsidiaries viz. Greenlam Asia Pacific Pte. Ltd., Singapore, Greenlam America, Inc., USA, Greenlam Europe (UK) Ltd., UK, Greenlam Asia Pacific (Thailand) Co., Ltd., Thailand, Greenlam Holding Co., Ltd., Thailand, PT. Greenlam Asia Pacific, Indonesia and Greenlam Decolan SA, Switzerland and one Indian subsidiary Greenlam South Limited.

Greenlam Asia Pacific Pte. Ltd., Singapore, is engaged in the business of trading of high-pressure decorative laminates and allied products. Greenlam America, Inc., USA, is engaged in the marketing and distribution of high-pressure laminates and allied products in North America and South America.

Further, UK step-down subsidiary Greenlam Europe (UK) Limited is engaged in the business of marketing and distribution of high-pressure laminates and allied products, engineered wooden flooring and engineered wooden door sets in United Kingdom. Further, two Thai step-down subsidiaries Greenlam Asia Pacific (Thailand) Co., Ltd. and Greenlam Holding Co., Ltd. are engaged in the business of marketing and distribution of high-pressure laminates in Thailand while the Indonesian step-down subsidiary PT. Greenlam Asia Pacific is engaged in the manufacturing of promotional material i.e. catalogues, sample folders, chain sets, wall hooks and A4 size samples.

During the financial year 2019-20, Greenlam Asia Pacific Pte. Ltd. acquired 100% shares of Decolan SA and consequently Decolan SA has become a wholly owned subsidiary of Greenlam Asia Pacific Pte. Ltd. and a wholly owned (step-down) subsidiary of Greenlam Industries Limited.

The name of ‘Decolan SA post its acquisition by Greenlam Asia Pacific Pte. Ltd. has been changed to

‘Greenlam Decolan SA.

During the financial year 2019-20, your Company has incorporated a wholly owned subsidiary (WOS), Greenlam South Limited in India to explore opportunities by way of greenfield project for manufacturing, sales and marketing of laminate and wood based products.

The said WOS has undertaken to set up a manufacturing facility for manufacturing 1.5 million laminate sheet/ boards per annum on the land allotted to it by Andhra Pradesh Industrial Infrastructure Corporation (APIIC) located in Naidupeta, Nellore in Andhra Pradesh. The investment required to set up the said manufacturing facility (including the cost of land) is RS.75 crore. The aforesaid manufacturing facility of Greenlam South Limited, initially scheduled for commissioning in Q4 FY22, is likely to be delayed due to COVlD-19 pandemic. Further, Greenlam Asia Pacific Pte. Ltd. has on May 05, 2020, incorporated a new subsidiary in Indonesia under the name and style of "PT Greenlam Indo Paci_c" in Indonesia, to carry out, inter alia, the business of distributor and wholesaler of laminates and allied products. In the above-said Indonesian company, Greenlam Asia Pacific Pte. Ltd. holds 67% shares and balance share of 33% is held by a local shareholder as per regulations in Indonesia. Accordingly, the said " PT Greenlam Indo Pacific " has become a step-down subsidiary of Greenlam Industries Limited upon its incorporation.

Apart from Greenlam Decolan SA and Greenlam South Limited, no other company have become or ceased to be subsidiaries, joint ventures or associate of the Company during the year.

Pursuant to Section 129(3) of the Companies Act, 2013 read with Rule 5 of the Companies (Accounts) Rules, 2014, statement containing salient features of standalone financial statements of subsidiaries in Form AOC-1 is attached as "Annexure-II".

As required under Rule 8(1) of the Companies (Accounts) Rules, 2014, the Boards Report has been prepared based on Standalone Financial Statements. During the financial year 2019-20, the net contribution of all the subsidiaries to the Companys consolidated total income, profits before tax (PBT) and profits after tax (PAT) is 5.67%, (5.51)% and (6.87)% respectively. The standalone turnover, PBT and PAT of each subsidiary are given in Form AOC-1.

In accordance with the fourth proviso of Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its Standalone and the Consolidated Financial Statements would be placed on the website of the Company at www. greenlamindustries.com. Further, as per provisions of the said Section, audited Annual Accounts of each of the subsidiary companies would also be placed on the website of the Company at www.greenlamindustries.

com. Shareholders interested in obtaining a soft copy of the Annual Accounts of the subsidiary companies may write to the Company Secretary at the Companys corporate office or may drop a mail at investor. relations@greenlam.com.

In terms of the Regulation 46(2)(h) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the policy for determining material subsidiaries is placed on the website of the Company at www. greenlamindustries.com.

Consolidated Financial Statements

Pursuant to Section 129(3) of the Companies Act, 2013, the Consolidated Financial Statements of the Company prepared in accordance with the Section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and Indian Accounting Standard 110 on Consolidated Financial Statements is provided in the Annual Report.

Transfer to General Reserve

The Directors in their meeting held on June 19, 2020 proposed to transfer RS00.00 lakh to the General Reserve.

Directors

During the financial year 2019-20, Ms. Urvashi Saxena, (DIN: 02021303), Independent Director of the Company has resigned from the Board of the Company, on personal grounds, w.e.f. April 01, 2019 and confirmed that there were no other material reasons other than those stated in her resignation letter.

Further, the Board of Directors in their meeting held on June 13, 2019 has approved the following appointments/ re-appointments:

a) Appointment of Mr. Sandip Das, (DIN: 00116303) as an Independent Director of the Company for a term of 5 years with effect from June 13, 2019 up to June 12, 2024.

b) Re-appointment of Mr. Saurabh Mittal, (DIN: 00273917) as Managing Director & CEO of the Company for a term of 5 years with effect from November 11, 2019 till November 10, 2024.

c) Re-appointment of Ms. Parul Mittal, (DIN: 00348783) as Whole-time Director of the Company for a term of 5 years with effect from November 11, 2019 till November 10, 2024.

d) Re-appointment of Mr. Vijay Kumar Chopra, (DIN: 02103940) as an Independent Director for 3 years with effect from the conclusion of 6th Annual General Meeting (AGM) till the conclusion of 9th AGM to be held in calendar year 2022.

e) Re-appointment of Ms. Sonali Bhagwati Dalal, (DIN: 01105028) as Independent Director for one year with effect from the conclusion of 6th AGM till the conclusion of 7th AGM to be held in the calendar year 2020.

The aforesaid appointment/re-appointments were approved by the shareholders of the Company at the 6th AGM held on August 10, 2019.

For the financial year 2019-20, the Company has received declarations from all the Independent Directors viz. Mr. Vijay Kumar Chopra [DIN: 02103940], Mr. Sandip Das [DIN: 00116303] and Ms. Sonali Bhagwati Dalal [DIN: 01105028] confirming that they meet the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and Regulation 16 and 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the Company, Ms. Parul Mittal [DIN: 00348783], Whole-time Director of the Company, will retire by rotation at the ensuing Annual General Meeting and being eligible offers herself for re-appointment.

None of the Directors of your Company are disqualified under the provisions of Section 164(2)(a)&(b) of the Companies Act, 2013 and a certificate dated June 19, 2020 received from M/s. Chandrasekaran Associates, Company Secretaries, certifying that none of the Director on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of the Companies by SEBI/ Ministry of Corporate Affairs or any such statutory authority is annexed to the Corporate Governance Report.

All the Independent Directors of the Company have complied with the requirement of inclusion of their names in the Data bank of Independent Directors maintained by Indian Institute of Corporate Affairs and Mr. Vijay Kumar Chopra, is not required to pass the online proficiency self-assessment test as per the first proviso of Rule 6(4) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Further, in the opinion of Board of Directors, the Independent Directors of the Company appointed/ re-appointed during the financial year 2019-20 are persons of integrity and possess relevant expertise and experience.

Changes in Share Capital

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

Key Managerial Personnel

The details of the Key Managerial Personnel of the Company are provided as under:

Sl. No. Name Designation
1. Mr. Saurabh Mittal Managing Director & CEO
2. Ms. Parul Mittal Whole-time Director
3. Mr. Ashok Kumar Sharma Chief Financial Officer
4. Mr. Prakash Company Secretary &
Kumar Biswal Vice President-Legal

During the financial year 2019-20, there was no change in the Key Managerial Personnel of the Company.

Meetings of the Board

Seven (7) Board Meetings were held during the financial year ended March 31, 2020. The details of the Board Meetings with regard to their dates and attendance of each of the Directors thereat have been provided in the Corporate Governance Report.

Further one resolution was passed by the Board of Directors through circulation on May 18, 2019 in compliance with the provisions of Section 175 of the Act, 2013.

Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Regulation 25(3)&(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Independent Directors in their meeting held on March 04, 2020 have evaluated the performance of Non-Independent Directors, Chairperson of the Company after considering the views of the Executive and Non-Executive Directors, Board as a whole and assessed the quality, quantity and timeliness of flow of information between the Companys Management and the Board. The Nomination and Remuneration Committee has also carried out evaluation of performance of every Director of the Company. On the basis of evaluation made by the Independent Directors and the Nomination and Remuneration Committee and by way of individual and collective feedback from the Non-Independent Directors, the Board has carried out the Annual Performance Evaluation of the Directors individually as well as evaluation of the working of the Board as a whole and Committees of the Board. The criteria for evaluation are outlined below:

a. For Independent Directors:

- Knowledge and Skills

- Professional conduct

- Duties, role and functions

- Compliance with Code of Business Ethics and Code of Conduct of the Company

- Rendering independent and unbiased opinion and judgements

- Attendance and active participation in meetings of Board and Committees of the Board and Members of the Company

- Assistance in implementing corporate governance practices

- Updation of skills and knowledge

- Information regarding external environment

- Raising of concerns, if any, to the Board

- Study of agenda in depth prior to Meeting

- Contribution towards the formulation and implementation of strategy for achieving the goals of the Company

b. For Executive & Non-Executive Directors:

- Performance as Team Leader/Member

- Evaluating Business Opportunity and analysis of Risk Reward Scenarios

- Professional Conduct and Integrity

- Sharing of Information with the Board

- Attendance and active participation in the Board and Committee of the Board and Meetings of Members of the Company

- Whether difference of opinion was voiced in the meeting

- Whether Executive Directors were able to answer the queries raised by Independent Directors

- Compliance with Code of Business Ethics and Code of Conduct of the Company

- Assistance in implementing corporate governance practices

- Independent view on key appointments and strategy formulation

- Review of integrity of financial information and risk management

- Updation of skills and knowledge

- Information regarding external environment

- Raising of concerns, if any, to the Board

- Assistance in formulation of statutory and non-statutory policies for the Company

- Ensures implementation of decisions of the Board

- Ensures compliance with applicable legal and regulatory requirements

- Alignment of Companys resources and budgets to the implementation of the organizations strategic plan

- Creativity and innovations in creating new products

- Understanding of the business and products of the Company

c. For Committees of the Board:

- Adequate and appropriate written terms of reference

- Volume of business handled by the committee set at the right level?

- Whether the committees work in an ‘inclusive manner

- Effectiveness of the Boards Committees with respect to their role, composition and their interaction with the Board

- Are the committees used to the best advantage in terms of management development, effective decision, etc.

- Attendance and active participation of each member in the meetings

- Review of the action taken reports and follows up thereon

d. For Board of Directors as a whole:

- Setting of clear performance objectives and how well it has performed against them

- Contribution to the testing and development and strategy

- Contribution to ensuring robust and effective risk management

- Composition of the board and its committees appropriate with the right mix of knowledge and skills sufficient to maximize performance in the light of future strategy

- Effectiveness of inside and outside Board relationship

- Responding to the problems or crises that have emerged

- Relationship between Board and its Committees and between committees themselves

- Communication with employees and others

- Updation with latest developments in regulatory environments and the market in which the Company operates

- Role and functioning of the Board on the matters pertaining to financial reporting and internal controls

- Contribution of the Board for ensuring that the Company adheres to the statutory and regulatory compliances as applicable to the Company

The Directors expressed their satisfaction with the evaluation process.

Audit Committee

As on March 31, 2020, the Audit Committee of the Company comprises of three Independent Directors with Mr. Vijay Kumar Chopra as Chairman and Mr. Sandip Das and Ms. Sonali Bhagwati Dalal as members and one promoter Director Mr. Saurabh Mittal, Managing Director & CEO of the Company. The Committee, inter alia, reviews the Internal Control System and Reports of Internal Auditors and Compliance of various Regulations. The brief terms of reference of the Committee and the details of the Committee meetings are provided in the Corporate Governance Report. The Committee also reviews the Financial Statements before they are placed before the Board.

Nomination and Remuneration Committee

As on March 31, 2020, the Nomination and Remuneration Committee comprises of two Independent Directors with Mr. Sandip Das as Chairman and Mr. Vijay Kumar Chopra as member and also one Non-Executive Director Mr. Shiv Prakash Mittal as member. The Committee, inter alia, identifies persons who are qualified to become directors and who may be appointed in senior management. The brief terms of reference of the Committee and the details of the Committee meetings are provided in the Corporate Governance Report.

Stakeholders Relationship Committee

As on March 31, 2020, the Stakeholders Relationship Committee comprises of one Non-executive Director Mr. Shiv Prakash Mittal as Chairman, one Independent Director Ms. Sonali Bhagwati Dalal as member and one Executive Director Mr. Saurabh Mittal as member. The Committee, inter alia, reviews the grievance of the security holders of the Company and redressal thereof. The brief terms of reference of the Committee and the details of the Committee meetings are provided in the Corporate Governance Report.

Vigil Mechanism

Pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a ‘Whistle Blower Policy to establish Vigil Mechanism for directors and employees to report genuine concerns has been framed. The policy is revised from time to time to realign it with applicable regulations or organisations suitability. The latest policy is available on the website of the Company and the web link of the same is provided in the Corporate Governance Report. This policy provides a process to disclose information, confidentially and without fear of reprisal or victimization, where there is reason to believe that there has been serious malpractice, fraud, impropriety, abuse or wrong doing within the Company. The Company ensures that no personnel have been denied access to the Audit Committee.

Risk Management

The Company follows a practice of identification of various risks pertaining to different businesses and functions of the Company through Independent Agency from time to time.

Major risks elements associated with the businesses and functions of the Company have been identified and are being addressed systematically through mitigating actions on a continuing basis.

The Audit Committee periodically reviews and monitors the steps taken by the Company to mitigate the identified risks elements.

Statement in respect of adequacy of Internal Financial Controls with reference to the Financial Statements

The Directors had laid down Internal Financial Controls procedures to be followed by the Company which ensure compliance with various policies, practices and statutes in keeping with the organizations pace of growth and increasing complexity of operations for orderly and efficient conduct of its business. The Audit Committee of the Board, from time to time, evaluated the adequacy and effectiveness of internal financial control of the Company with regard to:-

1. Systems have been laid to ensure that all transactions are executed in accordance with managements general and specific authorization. There are well-laid manuals for such general or specific authorization.

2. Systems and procedures exist to ensure that all transactions are recorded as necessary to permit preparation of Financial Statements in conformity with Generally Accepted Accounting Principles or any other criteria applicable to such statements, and to maintain accountability for aspects and the timely preparation of reliable financial information.

3. Access to assets is permitted only in accordance with managements general and specific authorization. No assets of the Company are allowed to be used for personal purposes, except in accordance with terms of employment or except as specifically permitted.

4. The existing assets of the Company are verified/ checked at reasonable intervals and appropriate action is taken with respect to differences, if any.

5. Proper systems are in place for prevention and detection of frauds and errors and for ensuring adherence to the Companys policies.

Corporate Social Responsibility

The Corporate Social Responsibility Committee (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 CSR Policy may be accessed on the Companys website at the link https://www.greenlamindustries.com/pdf-file/CorporateSocialResponsibilityPolicy.pdf The composition of the CSR Committee is provided in the Annual Report on CSR activities. The Average Net Profits of the Company for the last three financial years is RS.3,76,04,411.33 and accordingly the prescribed CSR expenditure during the year under review shall not be less than RS.67,52,088.23 (i.e. 2% of the Average Net Profits of the Company for the last three financial years). Further the total amount spent by the Company on CSR during the financial year is RS.64,55,939.00. Due to outbreak of COVID-19 pandemic and consequent nationwide lockdown, the Company was not able to spent the amount of RS,96,149.23 which was scheduled to be spent in March 2020. However, the Company on June 17, 2020 donated RS.00,000.00 towards PM CARES Fund.

The Annual Report on CSR activities is annexed as "Annexure-III" to this Report.

Policy on Nomination and Remuneration

The summary of Remuneration Policy of the Company prepared in accordance with the provisions of Section 178 of the Companies Act, 2013 read with Part D of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are provided in the Corporate Governance Report.

The Remuneration Policy is approved by the Board of Directors and is uploaded on the website of the Company. The web link to the Remuneration Policy is as under: https://www.greenlamindustries.com/pdf-file/Remuneration-Policy.pdf

Particulars of contracts or arrangements with related parties

Related party transactions that were entered into during the financial year 2019-20, were on arms length basis and were in ordinary course of business. The particulars of material related party transactions which were entered into on arms length basis are provided in Form AOC-2 as required under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules, 2014 which is annexed herewith as "Annexure-IV". There are no materially significant related party transactions made by the Company which may have potential conflict with the interest of the Company. The Board has approved a Policy for material related party transactions which has been uploaded on the Companys website. The web-link to the Policy on Related Party Transactions as required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under: https://www.greenlamindustries.com/pdf-file/ related-party-transaction-policy.pdf

Directors Responsibility Statement

In terms of the provisions of Section 134(3)(c) read with Section 134(5) of the Companies Act, 2013, the Directors state that:

a) In preparation of the annual accounts for the financial year ended March 31, 2020, the applicable Accounting Standards have been followed along with proper explanation relating to material departures;

b) The Directors have selected such Accounting Policies as listed in the Financial Statements and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year as on March 31, 2020 and of the profits of the Company for that period;

c) The Directors have taken proper and sufficient care for 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) The Directors have prepared the annual accounts on a going concern basis;

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

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

Maintenance of Cost Records

Pursuant to sub-section (1) of Section 148 of the Companies Act, 2013, the maintenance of Cost Records as specified by the Central Government is not required by the Company and accordingly such accounts and records are not made and maintained by the Company.

Material Changes

The wholly owned subsidiary of the Company in Singapore, Greenlam Asia Pacific Pte. Ltd., has incorporated a subsidiary, PT Greenlam Indo Pacific, in Indonesia, with 67% shareholding, to carry out the business of distributor and wholesaler of laminates and allied products.

There have been no other material changes and commitments affecting the financial position of the Company since the close of financial year i.e. since March 31, 2020 and to the date of this report. Further, it is hereby confirmed that there has been no change in the nature of business of the Company.

Insurance

Our Companys properties, including building, plant, machineries and stocks, among others, are adequately insured against risks.

Public deposits

During the period under review, the Company did not invite or accept any deposits from the public in terms of Chapter V of the Companies Act, 2013.

Listing of shares

The Equity Shares of the Company are listed on the BSE Limited (BSE) with scrip code No. 538979 and on National Stock Exchange of India Limited (NSE) with scrip symbol GREENLAM. The Company confirms that the annual listing fees to both the stock exchanges for the financial year 2020-21 have been duly paid.

Loans, Guarantees or Investments under Section 186 of the Companies Act, 2013

Details of Loans granted, Guarantees given and Investments made during the year under review, covered under the provisions of Section 186 of the Companies Act, 2013 are given in the Financial Statements of the Company forming part of this Annual Report.

Auditors and their Report

(a) Statutory Auditors:

The shareholders of the Company at the 6th Annual General Meeting (AGM) held on August 10, 2019, have approved the appointment of M/s. S. S. Kothari Mehta & Company, Chartered Accountants (ICAI Firm Registration No. 000756N), as the Statutory Auditors of the Company pursuant to Section 139 of the Companies Act, 2013 for a term of 5 years from the conclusion of 6th AGM till the conclusion of 11th AGM to be held in financial year 2024-25.

The Statutory Auditors Report on the Standalone and Consolidated Financial Statements of the Company for the financial year ended March 31, 2020 forms part of this Annual report.

(b) Secretarial Auditors:

The Board of Directors of the Company at their meeting held on January 29, 2020 appointed M/s. Chandrasekaran Associates, Company Secretaries, (Firm Registration No. P1988DE002500), having office at 11-F, Pocket-IV, Mayur Vihar, Phase-I, Delhi-110091 as Secretarial Auditor of the Company for conducting the Secretarial Audit for the financial year 2019-20.

The Secretarial Audit Report in Form MR-3 for the financial year ended March 31, 2020, is annexed herewith as "Annexure-V".

(c) Cost Auditors:

Your Company was not required to appoint Cost Auditor for the financial year ended March 31, 2020.

(d) Internal Auditor:

Mr. Rakesh Kumar Budhiraja, President-Internal Audit of the Company, the Internal Auditor of the Company vacated the office of Internal Auditor from close of working hours of March 31, 2020.

The Board of Directors has appointed Mr. Vijay Kumar Bishnoi as the Internal Auditor of the Company w.e.f. April 01, 2020 in place of Mr. Rakesh Kumar Budhiraja to carry out internal audit of Branches, offices and manufacturing Units of the Company.

The Audit Committee quarterly reviews the Internal Audit reports.

Response to Auditors Remarks

There is no qualification, reservation, adverse remark or disclaimer by the Statutory Auditors or by the Secretarial Auditor in their Statutory Audit Report and Secretarial Audit Report, respectively and hence, no explanation or comments of the Board is required in this matter.

Extract of Annual Return

The extract of Annual Return required under Section 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, is provided in Form MGT-9 as "Annexure-VI" to this report.

Corporate Governance Report

A detailed Report on Corporate Governance for the financial year 2019-20, pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 along with an Auditors Certificate on compliance with the conditions of Corporate Governance is annexed to this report.

Management Discussion and Analysis Report

The Management Discussion and Analysis Report for the financial year 2019-20, pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given as a separate statement in the Annual Report.

Business Responsibility Report

As stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Business Responsibility Report describing the initiatives taken by the Company from an environmental, social and governance perspective is attached and forms part of the Annual Report

CEO and CFO Certification

Pursuant to Regulation 17(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the CEO and CFO certification as specified in Part B of Schedule II thereof is annexed to the Corporate Governance Report. The Managing Director & CEO and the Chief Financial Officer of the Company also provide quarterly certification on Financial Results while placing the Financial Results before the Board in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Code of Conduct for Directors and Senior Management Personnel

The Code of Conduct for Directors and Senior Management Personnel is posted on the Companys website. The Managing Director & CEO of the Company has given a declaration that all Directors and Senior Management Personnel concerned have affirmed compliance with the code of conduct with reference to the financial year ended on March 31, 2020. The declaration is annexed to the Corporate Governance Report.

Disclosure regarding compliance of applicable Secretarial Standards

The Company has complied with all the mandatorily applicable secretarial standards issued by The Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure-VII".

Particulars of employees

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as "Annexure-VIII".

Fraud Reporting

There was no fraud reported by the Auditors of the Company under Section 143(12) of the Companies Act, 2013, to the Audit Committee or the Board of Directors during the year under review.

Constitution of Internal Complaints Committee

Pursuant to the requirement under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, an Internal Complaints Committee has been duly constituted by the Company and the composition of the same is disclosed in the Anti-Sexual Harassment Policy which is posted on the website of the Company under the link https:// www.greenlamindustries.com/pdf-file/Anti-Sexual-Harassment-Policy.pdf

Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013

No case was filed under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 during the year under review.

Details of Significant and material orders passed by the regulators/courts/tribunals impacting the going concern status and the Companys operations in future

During the period under review, there were no significant and material orders passed by any regulator/ court/tribunal impacting the going concern status and the Companys operations in future.

Acknowledgement

Your Directors place on record their sincere thanks and appreciation for the continuing support of financial institutions, consortium of banks, vendors, clients, investors, Central Government, State Governments and other regulatory authorities. Directors also place on record their heartfelt appreciation for employees of the Company for their dedication and contribution.

For and on behalf of the Board of Directors
Saurabh Mittal Parul Mittal
Managing Director & CEO Whole-time Director
[DIN: 00273917] [DIN: 00348783]
Place: New Delhi
Date: June 19, 2020

Annexures to the Directors Report

Annexure-I

DIVIDEND DISTRIBUTION POLICY OF GREENLAM INDUSTRIES LIMITED

The Board of Directors (the "Board") of Greenlam Industries Limited (the "Company") has adopted the Dividend Distribution Policy (the "Policy") of the Company as required in terms of Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the "Listing Regulations") in its meeting held on October 26, 2018.

EFFECTIVE DATE

The Policy shall become effective from the date of its adoption by the Board i.e. October 26, 2018.

PURPOSE, OBJECTIVES AND SCOPE

The Securities and Exchange Board of India ("SEBI") vide its Notification dated July 08, 2016 has amended the Listing Regulations by inserting Regulation 43A in order to make it mandatory to have a Dividend Distribution Policy in place by the top five hundred listed companies based on their market capitalization calculated as on the 31st day of March of every year. The Company, being one of the top five hundred companies listed with National Stock Exchange of India Ltd. (NSE) on the basis of market capitalization of the Company as on March 31, 2018, therefore it requires to comply with the requirements of Regulation 43A of the Listing Regulations. Considering the provisions of the aforesaid Regulation 43A, the Board of Directors (the "Board") of the Company recognizes the need to lay down a broad framework for considering decisions by the Board of the Company, with regard to distribution of dividend to its shareholders and/or retaining or ploughing back of its profits. The Policy also sets out the circumstances and different factors for consideration by the Board at the time of taking such decisions of distribution or of retention of profits, in the interest of providing transparency to the shareholders.

The Policy is not an alternative to the decision of the Board for recommending dividend, which is made every year after taking into consideration all the relevant circumstances enumerated hereunder or other factors as may be decided as relevant by the Board.

Declaration of dividend on the basis of parameters in addition to the parameters of this Policy or resulting in amendment of any parameters of the Policy will be regarded as deviation. Any such deviation on parameters of this Policy, when deemed necessary in the interests of the Company, along with the rationale will be disclosed in the Annual Report by the Board of Directors.

The Policy reflects the intent of the Company to reward its equity shareholders by sharing a portion of its profits after adjusting for accumulated losses and unabsorbed depreciation, if any, and also retaining sufficient funds for growth of the Company pursuant to Section 123 of the Companies Act, 2013. The Company shall pursue this Policy, to pay, subject to the circumstances and factors enlisted hereon, progressive dividend, which shall be consistent with the performance of the Company over the years.

The Policy shall not apply to determination and declaring dividend on preference shares as the same will be as per the terms of issue approved by the shareholders.

A. GENERAL POLICY OF THE COMPANY AS REGARDS DIVIDEND

The general considerations of the Company for taking decisions with regard to dividend payout or retention of profits shall be as following: Subject to the considerations as provided in the Policy, the Board shall determine the dividend payout in a particular year after taking into consideration the operating and financial performance of the Company, the advice of executive management including the Chief Financial Officer (CFO), and other relevant factors.

B. CONSIDERATIONS RELEVANT FOR DECISION OF DIVIDEND PAY-OUT

The Board shall consider the following, while taking decisions of a dividend payout during a particular year:

Statutory requirements

The Company shall observe the relevant statutory requirements including those with respect to payment of dividend distribution tax, transfer of a certain portion of profits to reserves, which may be applicable to the Company at the time of taking decision with regard to declaration of dividend or retention of profits.

Agreements with lending institutions/ Debenture Trustees

The decision of dividend pay-out shall also be affected by the restrictions and covenants contained in the agreements, if any, entered into with the lenders/Debenture Trustees/Bond holders of the Company from time to time.

Other Agreements

The decision of dividend pay-out shall also be affected by the restrictions and covenants contained in the agreements that the Company shall generally enter into during the course of business, if any.

This provision shall apply mutatis mutandis to agreements already executed before the commencement of the Dividend Policy of the Company.

Long term strategic objectives of the Company as regards financial leverage

The Board may exercise its discretion to change the percentage of dividend or to otherwise take decision of retention or distribution of profits where, the Company is planning to go for expansion, restructuring, reorganizing, diversification, investment, etc.

Prudential requirements

The Company shall analyse the prospective projects and strategic decisions in order to decide:

- to build a healthy reserve of retained earnings;

- to augment long term strength;

- to build a pool of internally generated funds to provide long-term resources as well as resource-raising potential for the Company; and

- the needs for capital conservation and appreciation.

Proposals for major capital expenditures etc.

In addition to plough back of earnings on account of depreciation, the Board may also take into consideration the need for replacement of capital assets, expansion and modernization or augmentation of capital stock, including any major capital expenditure proposals.

Extent of realized profits as a part of the IND AS profits of the Company

The extent of realized profits out of its profits calculated as per IND AS, affects the Boards decision of determination of dividend for a particular year. The Board is required to consider such factors before taking any dividend or retention decision.

Expectations of shareholders

The Board, while considering the decision of dividend pay-out or retention of a certain amount or entire profits of the Company, shall consider the expectations of the shareholders of the Company who generally expects for a regular dividend pay-out.

C. FINANCIAL PARAMETERS

In addition to the aforesaid parameters such as realized profits, proposed major capital expenditures, etc. the decision of dividend pay-out or retention of profits shall also be based on the following:

Operating cash flow of the Company

If the Company cannot generate adequate operating cash flow, it may need to rely on outside funding to meet its financial obligations and sometimes to run the day-to-day operations. The Board will consider the same before its decision whether to declare dividend or retain its profits.

Net sales of the Company

To increase its sales in the long run, the Company will need to expand its manufacturing capacity as well as increase its sales, marketing, advertising expenses, etc. The amount outlay in such activities will influence the decision of declaration of dividend.

Return on invested capital

The efficiency with which the Company uses its capital will impact the decision of dividend declaration.

Magnitude of earnings of the Company

Since dividend is directly linked with the availability of earning over the long haul, the magnitude of earnings will significantly impact the dividend declaration decisions of the Company.

Cost of borrowings

The Board will analyze the requirement of necessary funds considering the long term or short term projects proposed to be undertaken by the Company and the viability of the options in terms of cost of raising necessary funds from outsiders such as bankers, lending institutions or by issuance of debt securities or plough back its own funds.

Obligations to creditors

The Company should be able to repay its debt obligations without much difficulty over a reasonable period of time. Considering the volume of such obligations and time period of repayment, the decision of dividend declaration shall be taken.

Inadequacy of profits

If during any financial year, the Board determines that the profits of the Company are inadequate, the Board may decide not to declare dividends for that financial year.

Post dividend EPS

The post dividend EPS can have strong impact on the funds of the Company, thus, impacting the overall operations on day-to-day basis and therefore, affects the profits and can impact the decision for dividend declaration.

D. FACTORS THAT MAY AFFECT DIVIDEND PAYOUT

External Factors

Taxation and other regulatory concern

- Dividend distribution tax or any tax deduction at source as required by applicable tax regulations in India, as may be applicable at the time of declaration of dividend.

- Any restrictions on payment of dividends by virtue of any regulation as may be applicable to the Company at the time of declaration of dividend.

Macroeconomic conditions

Considering the state of economy in the Country, policy decisions that may be formulated by the Government and other similar conditions prevailing in the international market which may have a bearing on or affect the business of the Company, during uncertain or recessionary economic and business conditions, the Board may consider retaining a larger part of the profits to have sufficient reserves to absorb unforeseen circumstances.

Capital Market

When the markets are favourable, dividend pay-out can be liberal. However, in case of unfavourable capital market conditions, Board may resort to a conservative dividend pay-out in order to conserve cash outflows.

Statutory Restrictions

The Board will keep in mind any restrictions on payment of dividends by virtue of any regulation or loan covenant, as may be applicable to the Company at the time of declaration of dividend.

Internal Factors

Product/ market expansion plan

The Companys growth oriented decision to conserve cash in the Company for future expansion plan impacts shareholders expectation for the long run which shall have to be considered by the Board before taking dividend decision.

Past performance/ reputation of the Company

The trend of the performance/ reputation of the Company that has been during the past years determine the expectation of the shareholders.

Working capital management in the Company

The current practice for the management of working capital within the Company also impacts the decision of dividend declaration.

Age of the Company and its product/market

The age of the Company and its product or the market in which the Company operates will be one of the most significant determining factors to the profitability of the Company and dividend declaration or retention.

Amount of cash holdings in the Company

In the investors point of view, in the absence of any major expansion plan or capital investments or other strategic investment plans in the hands of the Company, the investors may not appreciate excessive cash holdings in the Company. The Board shall have to consider the same before taking decision of dividend declaration.

E. CIRCUMSTANCES UNDER WHICH DIVIDEND PAYOUT MAY OR MAY NOT BE EXPECTED

The Board shall consider the factors provided in this Policy, before determination of any dividend pay-out after analyzing the prospective opportunities and threats, viability of the options of dividend pay-out or retention etc. The decision of dividend pay-out shall, majorly be based on the aforesaid factors considering the balanced interest of the shareholders and the Company.

F. MANNER OF DIVIDEND PAYOUT

The discussion below is a summary of the process of declaration and payment of dividends, and is subject to applicable regulations:

In case of final dividends

1. Recommendation, if any, shall be done by the Board, usually in the Board meeting that considers and approves the annual financial statements, subject to approval of the shareholders of the Company.

2. The dividend as recommended by the Board shall be approved/declared at the annual general meeting of the Company.

3. The payment of dividends shall be made within 30 days from the date of declaration to the shareholders entitled to receive the dividend on the record date/book closure period as per the applicable law.

In case of interim dividend

1. Interim dividend, if any, shall be declared by the Board.

2. Before declaring interim dividend, the Board shall consider the financial position of the Company that allows the payment of such dividend.

3. The payment of dividends shall be made within 30 days from the date of declaration to the shareholders entitled to receive the dividend on the record date as per the applicable laws.

4. An interim dividend declared by directors shall be confirmed in the ensuing annual general meeting of the Company.

5. In case no final dividend is declared, interim dividend paid during the year, if any, will be finally regarded as the dividend paid during the year.

G. MANNER OF UTILISATION OF RETAINED EARNINGS

The Board may retain its earnings in order to make better use of the available funds and increase the value of the stakeholders in the long run. The decision of utilization of the retained earnings of the Company shall be based on the following factors:

• Market expansion plan;

• New acquisitions & investments;

• Product expansion plan;

• Increase in production capacity;

• Modernization plan;

• Diversification of business;

• Long term strategic plans;

• Replacement/up-gradation/modernization of capital assets;

• Investment plans in long term/short term strategic joint ventures and/or partnerships and/or subsidiary companies;

• To retire expensive debt, if any;

• Such other criteria as the Board may deem fit from time to time.

H. PARAMETERS FOR VARIOUS CLASSES OF SHARES

1. The factors and parameters for declaration of dividend to different class of shares of the Company shall be same as covered above.

2. The payment of dividend shall be based on the respective rights attached to each class of shares as per their terms of issue.

3. The dividends shall be paid out of the Companys distributable profits and/or general reserves, and shall be allocated among shareholders on a pro-rata basis according to the number of each type and class of shares held.

4. Dividend when declared shall be first paid to the preference shareholders, if any, of the Company as per the terms and conditions of their issue.

AMENDMENT

The Managing Director & CEO and the Chief Financial Officer of the Company shall be jointly/severally authorized to review and amend the Policy to the extent of any change/amendment required in terms of any applicable law. Such amended Policy shall be placed before the subsequent Board Meeting for noting and necessary ratification immediately after such changes. Any other changes apart from those required in terms of the statute, shall be made in consideration and approval of the Board.

For and on behalf of the Board of Directors
Saurabh Mittal Parul Mittal
Managing Director & CEO Whole-time Director
[DIN: 00273917] [DIN: 00348783]
Place: New Delhi
Date: June 19, 2020