The Indian Wood Products Company Ltd Directors Report.

FY2021 represents fiscal year 2020-21, from 1 April 2020 to 31 March 2021, and analogously for FY2020 and previously such labeled years.

Dear Shareholders,

The Board of Directors are pleased to present the 101st Annual Report of The Indian Wood Products Co. Ltd. (IWP / the Company), together with Audited Financial Statements for the Financial Year ended March 31,2021.

1. FINANCIAL HIGHLIGHTS/PERFORMANCE OF THE COMPANY

Key financial performances of the Company for the FY2021 are as under: (Rs in Lakhs)

Particulars

Standalone

Consolidated

FY2021 FY2020 FY2021 FY2020
Revenue From Operations 15790.36 19491.15 15790.36 19491.15
Profit Before Tax (PBT) 50.77 1047.64 226.23 981.05
Tax Expenses 18.03 288.66 18.03 288.66
Profit After Tax (PAT) 32.74 758.99 208.20 692.39
Earnings Per Share 0.05 1.19 0.33 1.08
Equity Share Capital 1279.75 1279.75 1279.75 1279.75
Other Equity / Reserves And Surplus 34156.58 34178.90 33923.88 33759.40

2. COVID-19

In fiscal 2020, when the COVID-19 pandemic first broke, IWP swiftly reacted by providing the required support to the workforce, customers and the community. We have also provided medical assistance and financial support to the Covid patient in Kolkata, where our corporate office is situated. We monitored the situation closely and ensured that the government guidelines for pandemic are followed. We have taken all necessary steps quickly to restore normalcy of operations. We ensured the physical safety and mental wellbeing of our workforce during the pandemic.

Today, ~25% of IWP employees continue to work from home. With a more virulent surge of the pandemic in India, IWP has taken all possible steps to protect its employees from the possible contract of covid-19. All medical treatments for COVID-19 are covered under employee insurance, and employees who have contacted it are allowed 21 days of additional paid leave to recuperate. Employee wellbeing checks are conducted frequently. In the event of an unfortunate turn, IWP offers support to the grieving family, including financial support.

Comprehending the importance of the role played by vaccines in our fight against the virus, we have been working very closely with government authorities and medical experts to put together various frameworks for the immunization drive to encourage employees and their family members to get vaccinated.

In view of the lockdown due to the first wave of COVID-19 pandemic, manufacturing operations of the Company across all its locations were suspended temporarily during March 20 to May 20. Though production started with limited resources in compliance with the directives/orders issued by the relevant authorities, the financial results for the year ended March 31, 2021 were impacted by disruptions owing to COVID 19. The Company has taken all the necessary steps and precautionary measures to ensure smooth functioning of its operations and to ensure the safety and well-being of all its employees. Given the criticalities associated with nature, condition and duration of COVID-19, the impact assessment on the Companys financial statements will be continuously made and provided for as required.

3. DIVIDEND

Considering the uncertainty caused by COVID-19, the Board of Directors recommends a final dividend of Re.0.10 (Paisa Ten) per equity shares, i.e., 5% on the paid-up value of the equity shares for the Financial Year ended 31 March 2021, out of free reserves / retained earnings. Dividend is subject to approval of shareholders at the ensuing Annual General Meeting (AGM) and shall be subject to deduction of income tax at source. The dividend, if approved at the ensuing 101st AGM, will be paid to those shareholders whose names appear on the register of members of the Company as on 21 September, 2021.

4. SHARE CAPITAL

There is no Change in the Share Capital of Company during FY2021. The paid-up Share Capital of the Company as on 31 March, 2021 comprises of 6,39,72,720 Equity shares of Rs. 2/- each. During the year under review, the Company has not issued any shares.

5. TRANSFER TO RESERVES

Your Directors do not propose to transfer any amount to Reserves.

6. REVIEW OF OPERATIONS AND STATE OF AFFAIRS

IWP, one of the leading manufacturers of premium Katha in India, leading Katha industry for more than 100 years. The Financial Year 2021 has witnessed a turbulent time effecting industries across segment, your Company also cautiously managed its operations. IWP Katha division has witnessed significant challenges in terms of the cost of raw material, production results and revenue growth during the FY2021.

During the FY2021, Companys manufacturing unit of Katha & Cutch in Union Territory of Jammu & Kashmir, has successfully started commercial production w.e.f. June 27, 2020 and the unit has achieved 90% capacity utilization in August, 2020.

During the year under review, the Company has achieved sales volume of 13,034.26 MT Katha as compared to 17,378.53 MT in FY 2020 during the turbulence time. However the sales of Cutch (by-product) increased from 433.96 MT in FY2020 to 466.34 MT in FY2021, thereby registering a growth of 7.5%. The decline in the sale volume is on account of nationwide lockdown and complete suspension of economic activities during the first quarter. This has also resulted in lower demand for our products

and lower price realization of Katha. The Company has faced significant challenges in getting adequate supply of the quality raw material. The price of the raw material has also been higher during FY2021.

The Company has recorded turnover of Rs 15790.36 Lakhs in FY2021, as compared with Rs. 19491.15 Lakhs in FY2020. IWP, with its focus and continuous monitoring of situation, has been able to achieve desired results coupled with sustained production levels. The trend is likely to continue and we are hopeful to have a better operational and financial performance with the revival of overall economy during the FY 2022.

The IWPs Spices is now being the one of the most preferred spices in the markets it operates. Presently, IWP Spices are available in the State of Uttar Pradesh, Assam,

, Delhi NCR. The IWP Spices demand is growing rapidly, however, the Company is facing stiff competition from the established brands. The Spice Division has recorded a turnover of Rs 1,283.46 lakhs in FY2021 as compared to Rs. 1,093.40 lakhs in FY2020, thereby registering a healthy growth of 14.81%. Spice Division is growing rapidly, but due to initial period of brand awareness and with various sales promotion activities, this division is still incurring losses. We are taking appropriate steps to achieve breakeven in upcoming quarters.

Our Company is committed to a clean environment and, thus, always thrives to ensure the best measures are implanted to ensure environmental safety. The best of environment, safety and pollution control measures are implemented across all our manufacturing units and that the measures adopted are adequate. The management continuously reviews the measures adopted and their efficiency to ensure environmental safety.

The operational performance and results are provided in "Management Discussion and Analysis Report" as a separate section in this Annual Report.

7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

No significant and material orders have been passed by the Regulators, Courts, or Tribunals impacting the going concern status of the Company and its operation in the future.

For further details on Indirect Tax Cases, please refer Note No. 48 to the notes to the accounts.

8. ALTERATION OF MEMORANDUM AND ARTICLES OF ASSOCIATION

During the FY2021, the company had not altered any of its clauses in Memorandum and Article of Association.

9. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND DATE OF THIS REPORT

Material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report are given below:

The FY2021 was challenging year for the Company, and with the second wave of Covid-19, the operations of the Company has witnessed significant challenges. However, the Company has been able to control the damages to a minimal level with the help of proactive measures and reactive safety measure in the workplace. The Company also adhere to the guidelines issued by the Central and State Governments from time to time to fight the Covid-19.

Except as stated above there are no significant material changes and commitments affecting the financial position of the Company, which have occurred between the end of the Financial Year of the Company to which the financial statements relate and the date of this Report.

10. HOLDING, SUBSIDIARIES, ASSOCIATES & JOINT VENTURE

Your Company has no holding, subsidiary or associates company as on 31 March 2021.

The Company has one (1) overseas joint venture namely M/s. Agro and Spice Trading Pte Limited, Singapore, as on 31 March 2021, which is engaged in the business of trading of spices. PT Sumatra Resources International & Pt. Thea Universal Trade are subsidiaries of the said joint venture at M/s. Agro and Spice Trading Pte Limited. PT Sumatra Resources International is incorporated and engaged in the business of manufacturing of Catechins from Gambier with the use of innovative technology.

A statement containing the salient features of the financial statement of joint venture Company in the prescribed format AOC-1 is annexed herewith as "Annexure - 1". Further, pursuant to the provisions of Section 136 of the Companies Act, 2013, the standalone financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of joint venture, are available

on the website of the Company at www.iwpkatha.com under investors section. These documents will also be available for inspection till the date of the AGM during the business hours at the Registered Office of the Company.

11. INDIAN ACCOUNTING STANDARD

Pursuant to the Companies (Indian Accounting Standard) Rules 2015, the Company has adopted INDAS from April 1, 2017. The Companys Audited Financial Statements for FY2021 are Indian Accounting Standard (INDAS) complied.

12. INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUECY

The Company has an adequate Internal Control System, commensurate with the size, scale and complexity of its operations. To maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee of the Board.

Internal Audit is conducted by an Independent Professional Firm of Chartered Accountants. The Internal Audit Reports are reviewed and discussed with the senior management team. The representative of Statutory Auditors and the Internal Auditors are permanent invitees to the Audit Committee meetings. The measures as suggested by the Audit Committee are implemented as per the direction of the Audit Committee.

The controls comprises of:

a) Officials of the Company have defined authority and responsibilities within which they perform their duty;

b) All the Banking transactions are under joint authority and no individual authorization is given;

c) Maker-checker system is in place;

d) Any deviations from the previously approved matter require fresh prior approval.

M/s. P Suman & Co., Chartered Accountants, appointed to carry out Internal Audit of the Company for the FY2021-22.

13. LISTING STATUS

The Companys equity shares are listed on BSE Limited under Script Code 540954 and ISIN No. INE586E01020. The Company has paid the Annual Listing Fees for the FY2021.

14. FIXED DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review. Further, the Company does not have any outstanding amount qualified as deposit as on 31 March, 2021.

15. MANAGEMENT DISCUSSION & ANALYSIS REPORT

In term of requirements of Regulation 34(2)(e) of SEBI (LODR) Regulation 2015, a "Management Discussion and Analysis Report" are set out as a separate section in this Annual Report which forms an integral part of this report.

16. REPORT ON CORPORATE GOVERNANCE

In term of Regulation 34(3) ofthe SEBI (LODR) Regulation 2015, a "Report on Corporate Governance" together with a certificate from Practicing Company Secretary regarding compliance with the requirements of Corporate Governance is included as a separate section and form an integral part of this report.

17. DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, your Directors hereby confirm and state that:

i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to materials departures;

ii) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are 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 the Profit of the Company for that period;

iii) The Directors had 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;

iv) That the Directors had prepared the annual accounts on a going concern basis;

v) That the Directors had laid down internal financial controls in the Company that are adequate and were operating effectively; and

vi) The Directors have devised proper systems to ensure Compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

18. CORPORATE SOCIAL RESPONSIBILITY

Your Company is conscious of its Social Responsibility and the environment in which it operates. Over the years, the

Company aimed towards improving the life of the people. The Companys CSR policy covers activities in the field of eradication of extreme hunger and poverty, promotion of education, promotion of gender equality, empowerment of women, improvement of mental health, slum area development and rural development projects, employment enhancing vocational skills, ensuring environmental sustainability, animal welfare, sanitation including contribution to Swachh Bharat Kosh set up by the Central Government, contribution to the Prime Ministers National Relief Fund or any other project set up by the Central Government.

During FY2021, in compliance with Section 135 of the Act, an amount of Rs.87.71 Lakhs (including unspent amount of Rs 45.88 Lakhs) is required to be spent by the Company in CSR activities. The Company has spent Rs.4.65 Lakhs as CSR activities towards distribution of food to the migrant workers under Pandemic COVID -19 and Rs.72.06 Lakhs was contributed to the IWP CSR Trust for Animal Welfare, Covid-19 help, women empowerment and upliftment of people with disability. Further, the Company has contributed Rs.11.00 Lakhs to Prime Minister Cares Fund. There is no unspent CSR amount as on 31 March, 2021.

The CSR Policy may be accessed on the Companys website at: http://www.iwpkatha.com/files/IWP_CSR_ Policy.pdf

The Annual Report on CSR activities is annexed herewith as Annexure - 2 and forms a part of this Annual Report.

19. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 and as per provisions of Articles of Association of the Company Mr. Rajendra Prasad Chetani (DIN: 00392215), Director of the Company, retire by rotation and being eligible offer himself for reappointment.

Mr. Vinod Mimani sadly demised on 26 November 2020 and consequently ceased to be a Director of the Company. The Board places on record appreciation for the contribution made by Late Vinod Mimani during his tenure as Director.

The tenure of Mr. Krishna Kumar Damani (Din 01385252) as Whole Time Director of the Company designated as Executive Director expired on 14 April 2021.He was relieved from the service of the Company. The Board places on record appreciation for the contribution made

by Mr. Krishna Kumar Damani during his tenure as an Executive Director. He was instrumental in supervising the operations of the Company.

Mr. Surendra Bagri (DIN 00659888) had been appointed as Director (Independent) w.e.f. 13 February 2021, for a period 5 years, upto the 105th AGM of the Company to be held in the year 2025. His appointment was approved by the shareholders of the Company through postal ballot on 22 March 2021.

The Board of Directors of the Company has approved reappointment of Mr. Krishna Kumar Mohta (DIN 00702306), for another term of 3(Three) years w.e.f.1 April 2021, as Chairman and Managing Director of the Company, subject to the approval of the Shareholders at the ensuing Annual General Meeting.

The Board of Directors of the Company has approved reappointment of Mr. Bharat Mohta (DIN 00392090), for another term of 3 (Three) years w.e.f. 1 April 2021, as CEO of the Company, subject to the approval of the Shareholders at the ensuing Annual General Meeting. Mrs. Drisha Poddar (DIN No. 07729080) was appointed by the shareholder through Postal Ballot dated 1 March 2017, as an Independent Director for a period of 5 years. Her present term of appointment is coming to an end on the ensuing AGM. Accordingly, reappointment of Mrs. Drisha Poddar as an Independent Director for a Second Term of 5 (Five) years w.e.f. 28 September 2021 till 106th AGM to be held in the year 2026 and is recommended for approval by the shareholders at the enduing AGM. Brief profiles of Mr. Krishna Kumar Mohta, Mr. Bharat Mohta, Mr. Rajendra Prasad Chetani and Mrs. Drisha Poddar are given in the Chapter on Corporate Governance and the Notice convening the 101st AGM for reference of the shareholders.

The criteria for selection of Directors and remuneration policy are disclosed in the Corporate Governance section which forms part of this Annual Report.

Pursuant to the provisions of Section 203 of the Act, the Key Managerial Personnel of the Company as on 31 March, 2021 are: Mr. Anup Gupta, Company Secretary and Mr. Raj Kumar Agarwal, Executive Vice President and Chief Financial Officer. There is no change in the KMPs during the year under review.

20. DECLARATIONS BY INDEPENDENT DIRECTORS In accordance with the provisions of Section 149(7) of the Companies Act, 2013, each of the Independent

Directors have confirmed to the Company that he or she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 read with Regulation 16(1 )(b) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015 (the Listing Regulations) as emended.

In the opinion of the Board of Directors, all Independent Directors of the Company, fulfills the conditions specified in the Act and Rules made thereunder.

21. BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013, Regulation 17(10) of the Listing Regulations and in line with our corporate governance guidelines, peer evaluation of all Board members, annual performance evaluation of its own performance, as well as the evaluation of the working of Boards Committees was undertaken. This evaluation is led by the Chairman of the Nomination and Remuneration Committee with specific focus on the performance and effective functioning of the Board and its Committees. The evaluation process, inter alia, considers attendance of Directors at Board and committee meetings, acquaintance with business, communicating inter se board members, the time spent by each of the Board members, core competencies, personal characteristics, accomplishment of specific responsibilities and expertise.

The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning etc.

The performance of the Committees was evaluated by the Board after seeking inputs from the Committee Members on the basis of the criteria such as the composition of Committees, effectiveness of Committee meetings, etc. The report on performance evaluation of the Individual Directors was reviewed by the Chairman of the Board and feedback was given to Directors.

22. MEETING OF THE BOARD OF DIRECTORS During the year under review, the Board met 4 (Four) times. The details of the Board meetings are provided in the Report on Corporate Governance, which forms a part of this Annual Report.

The intervening gap between two consecutive meetings was within the limit prescribed under the Companies Act, 2013.

23. MEETING OF THE INDEPENDENT DIRECTORS

During FY2021, one meeting of Independent Directors was held without the presence of the Executive Directors or Management Personnel on March 22, 2021. At such meeting, the Independent Directors have discussed, among other matters, the challenges faced by the Company, growth strategies, flow of information to the Board, strategy, leadership strengths, compliance, governance, HR related matters and performance of Executive Directors.

24. AUDIT COMMITTEE

The Audit Committee of the Board comprises of:

Name of Directors Category
Mr. Sanjay Kumar Maheswary Independent Director
Mr. Vinod Kumar Maheshwary Independent Director
Mr. Rajendra Prasad Chetani Non-Executive NonIndependent Director

During the year under review, there has been no instance where the recommendations of the Audit Committee have not been accepted by the Board. The details of the Audit Committee meetings are provided in the Report on Corporate Governance, which forms part of this Annual Report.

25. VIGIL MECHANISM

To meets the requirement under Section 177(9) and (10) of the Companies Act, 2013 and Regulation 22 of the Listing Regulations the Company has adopted a vigil mechanism named Whistle Blower Policy for directors and employees to report genuine concerns, which shall provide adequate safeguards against victimization of persons who use such mechanism. Under this policy, we encourage our employee to report any reporting of fraudulent financial or other information to the stakeholders, any conduct that results in violation of the Companys Code of Business Conduct, to management (on an anonymous basis, if employees so desire). Likewise, under this policy, we have prohibited discrimination, retaliation or harassment of any kind against any employee who, based on the employees reasonable belief that such conduct or practice have occurred or are occurring, reports that information or participates in the said investigation.

No individual in the Company has been denied access to the Audit Committee or its Chairman during the FY2021.

26. AUDITOR AND AUDITORS REPORT

M/s. Agrawal Tondon& Co. (Formerly Known as Agrawal Sanjay & Company) Chartered Accountants, (Firm Registration No. 329088E) were appointed as Statutory Auditors of the company by the members at the 97th Annual General Meeting held on 18 September 2017 for a term of 5 consecutive years subject to ratification by the Members at every Annual General Meeting. The first proviso to Section 139 of the Companies Act, 2013 which provided for the ratification of appointment of the Statutory Auditors by the Members at every Annual General Meeting has been omitted by the Companies Amendment Act, 2017 w.e.f 7 May 2018. Hence, the appointment of Statutory Auditors shall continue to be valid till the conclusion of the 5 consecutive Annual general Meeting and no ratification of appointment of Statutory Auditor is required at the ensuing AGM.

The Statutory Audit Report does not contain any qualification reservation or adverse remark or disclaimer made by Statutory Auditors. The notes to the accounts referred to in the Auditors Report are self-explanatory and, therefore, do not call for any further comments.

27. SECRETARIAL AUDIT REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and Rules made thereunder, the Company had appointed CS Md. Shahnawaz (Membership No. 21427 CP No. 15076), Practicing Company Secretary, to carry out the Secretarial Audit of the Company for the FY2021. The Secretarial Audit Report submitted by him, for FY2021 is annexed herewith marked as Annexure - 3 to this Report.

The Secretarial Audit Report does not contain any qualification, reservation or adverse remark, and, therefore, do not call for any further comments.

28. SECRETARIAL STANDARDS

During the year under review, the Company has duly complied with the applicable provisions of the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India (ICSI).

29. NOMINATIONS AND REMUNERATION COMMITTEE

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors and Senior Management Personnel and their remuneration. The Remuneration

Policy is included in the Corporate Governance Report, which forms part of this Annual Report.

30. REMUNERATION RATIO OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/ EMPLOYEES

Disclosures relating to remuneration and other details as required under section 197(12) of the Companies Act, 2013 read with rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as ‘Annexure -4 and forms part of this Boards report.

The particulars of Managerial remuneration as stated in section 197(12) of the Companies Act, 2013 read with rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014, is annexed herewith as ‘Annexure- 5 and forms part of this Boards report.

31. RISK MANAGEMENT POLICY

Your Companys Risk Management Framework is designed to enable risks to be identified, assessed and mitigated appropriately. The Risk Management framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Companys competitive advantage.

The Company has constituted a Risk Management Committee. The details of Committee and its terms of reference are set out in the Corporate Governance Report forming part of the Boards Report.

32. INSIDER TRADING POLICY

The Companys Insider Trading Policy provides the framework for in dealing with securities of the Company by the insider. The Companys Policy in line with SEBI (prohibition of Insider Trading) Regulations, 2015, as amended, is available on the website of the Company at www.iwpkatha.com.

33. EXTRACT OF ANNUAL RETURN

The Extract of the Annual Return in prescribed Form No. MGT - 9 as required under section 92(3) of the Companies Act, 2013 is included in this report and annexed herewith as ‘Annexure -6and forms a part of the Boards Report.

34. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The Company has not given any Loan or Guarantee covered under the provisions of Section 186 of the Companies Act,

2013. The details of Investments are disclosed in the Note No. 4 to the standalone financial statements, which are within the prescribed statutory limits.

35. CREDIT RATING

During the year under review, ICRA Limited (ICRA) has affirmed the long-term Credit Rating of [ICRA] BBB (pronounced ICRA triple B ) and a short-term rating of [ICRA] A3+ (pronounced ICRA A three Plus). The outlook of the Long-Term Rating is stable.

36. TRANSFER OF UNPAID AND UNCLAIMED AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

Pursuant to the applicable provisions of the Companies Act, 2013, read with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("the IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the IEPF, established by the Government of India, after the completion of seven years. Further, according to the Rules, the shares on which dividend has not been paid or claimed by the shareholders for seven consecutive years are also to be transferred to the demat account of the IEPF Authority.

During the year, the Company has transferred the unclaimed and unpaid dividend of Rs.1,23,227/-. Further, 19,780 corresponding equity shares on which dividend were unclaimed for seven consecutive years were also transferred as per the requirement of the IEPF rules. The details are provided in the Shareholder information section available on our website, at www.iwpkatha.com.

37. PARTICULARS OF CONTRACTS OR ARRANGEMENT MADE 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, the particulars of contractual arrangement with related parties referred to in section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is appended as ‘Annexure - 7 to the Boards Report.

The details of related party transaction are disclosed in the notes to the financial statements.

The policy on Related Party Transactions as approved by the Board is uploaded on the Companys website www.iwpkatha.com

38. DISCLOSURES AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESS) ACT, 2013

The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed thereunder. The Company has set up Internal Complaint Committee (ICC) under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 along with its relevant Rules.

The Committee met once during the FY2021 on February 18, 2021.

There was no complaint pending at the beginning and at the end of the FY2021. No complaints have been received by the Committee during the FY2021.

39. PARTICULARS OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information in accordance with the provisions of Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 is given in the Annexure - 8 to this Report.

40. HUMAN RESOURCES

Our employees are our core resource and the Company has continuously evolved policies to strengthen its employee value proposition. Your Company was able to attract and retain best talent in the market and the same can be felt in the past growth of the Company. The Company is constantly working on providing the best working environment to its Human Resources with a view to inculcate leadership, autonomy and towards this objective; your company makes all efforts on training. Your Company shall always place all necessary emphasis on continuous development of its Human Resources. The belief "Great People create Great Organization" has been at the core of the Companys approach to its people.

41. GENERAL

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

• Issue of equity shares with differential rights as to dividend, voting or otherwise.

• Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

• The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.

• No fraud has been reported by the Auditors to the Audit Committee or the Board.

42. ACKNOWLEDGEMENT

Your Directors take this opportunity to express their sincere thanks to the Governments, Financial Institutions, Bankers and Customers for their co-operation and assistance extended.

Your Directors also wish to express their deep appreciation for the integrity and hard work of all the employees of the Company at all levels to cope-up the challenging scenario and strive for the growth of our Company.

The Board also takes this opportunity to express their deep gratitude for the continued co-operation and support received from the shareholders.

For and on behalf of the Board Directors of The Indian Wood Products Co. Ltd.

K K Mohta
Kolkata Chairman & Managing Director
30 June, 2021 Din No : 00702306