Vadilal Industries Ltd Directors Report.

To,

The Members

VADILAL INDUSTRIES LIMITED

Ahmedabad.

Your directors have pleasure in presenting herewith the 37th Annual Report together with the Audited Financial Statements for the year ended 31st March, 2021.

FINANCIAL HIGHLIGHTS:

(Rs in lacs)
Particulars Year ended on 31-03-2021 Year ended on 31-03-2020
(a) Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) 666.43 6799.41
(b) Finance Cost 2008.52 1472.53
(c) Depreciation and amortization expenses 1828.62 1887.89
3837.14 3360.42
(d) Profit before Tax (3170.71) 3438.99
(e) Tax Expenses
(a) Current Tax 17.39 860.43
(b) Deferred Tax (778.28) (636.21)
Total Tax Expenses (760.89) 224.22
(f) Profit/ (Loss) for the year (2409.82) 3214.77
(g) Other Comprehensive income:
Remeasurement of defined benefit plans (net of tax) 2.45 (38.12)
(h) Total Comprehensive income for the year: (2407.37) 3176.65

STATE OF COMPANYS AFFAIRS:

The Company has earned Revenue from Operations of Rs 35654.01 lacs during the year ended on 31st March, 2021 as against

Rs 51662.97 lacs during the previous year ended on 31st March, 2020 a decrease of 30.99% compared to previous year.

After adding thereto, the other income of Rs 1202.18 lacs, the Company has earned total income of Rs 36856.19 lacs during the year under review. The Company has incurred total expenses of Rs 40026.90 lacs including Finance cost of Rs 2008.52 lacs and Depreciation and Amortization expenses of Rs 1828.62 lacs during the year under review.

The Company has incurred loss before Tax of Rs 3170.71 lacs during the year under review as compared to Profit of Rs 3438.99 lacs during the previous year ended on 31st March, 2020. The Company has incurred loss of Rs 2409.82 lacs during the year ended on 31st March, 2021 adding reversal of total tax expense Rs 760.89 lacs as compared to Profit of Rs 3214.77 lacs during the previous year ended on 31st March, 2020 after deducting total tax expense Rs 224.22 lacs

IMPACT OF COVID_19 ON THE COMPANY:

Outbreak of COVID-19 pandemic globally and in India has impacted significantly the business of the company during the year. Company has witnessed lower revenues due to lock down imposed during the beginning of the year, being the peak period of the Ice cream business. With the unlocking of restrictions, business improved gradually in the last two months of the year. Whilst there has been a second wave of Covid 19 Pandemic in April and May, 2021, the domestic Ice cream business of the company once again got impacted being the peak period. The management is continuously monitoring for any material changes to the future economic conditions.

DIVIDEND:

To conserve resources of the company, considering the situation arising due to COVID-19 pandemic, and the loss incurred, your Directors do not recommend any dividend for the year under review.

TRANSFER TO RESERVES:

The Company has not transferred any amount to the General Reserves during the year under review.

EXTRACT OF ANNUAL RETURN:

Pursuant to Section 92(3) of the Act and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return for FY 2020-21 is available on Companys website at https://vadilalgroup.com/?page_id=904

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis Report has been enclosed herewith as per Annexure – A and forming part of the Directors Report.

QUALITY ASSURANCE AND AWARDS AWARDS AND CERTIFICATIONS:

Vadilal has won 27 awards over 4 consecutive years: 2008 to 2011 at ‘The Great Indian Ice Cream Contest organized by the Indian Dairy Association. The various categories for awards were: The Best in Class (3): Chocolate Frozen Dessert, Standard Chocolate Ice Cream, Rose Coconut Shell (Innovation – Novelty), Gold Medal (4): Standard Chocolate Ice Cream, Chocolate Frozen Dessert, Vanilla Frozen Dessert and Rose Coconut Shell (Innovation – Novelty), Bronze Medal (1): Natural Orange (Premium without Inclusion). Best in Class in Kids category – Joker Ice Trooper, Gold in Kids category – Joker Face Ice Trooper, Silver in Vanilla Frozen Dessert, Bronze in Vanilla Ice Cream – Happinezz Vanilla Ice cream, Bronze in Premium – Pista Happinezz Ice Cream garnished with Green Pista.

Vadilal Ice Creams has been voted as the "Most Trusted Ice Cream Brand in India" as per The Brand Trust Report - 2013. The Economic Times Survey ranked us among the "Top 20 Food and Beverages" brands in India.

Recently in 2019 Vadilal ice cream has been voted as "Super Brand a very proud moment.

ISO 22000:2005 AND ISO 9001:2008 CERTIFICATES

The Company has always made continuous efforts to improve the "OVERALL PRODUCT QUALITY" by following the stringent GMP norms and continuous process innovation. This is evident with the achievement of FSMS (Food Safety Management System) Certifications i.e. BRC: Issue-6 with Grade "A",_ISO-22000:2005 and HALAL for our Processed Food Division (PFD), located at Dharampur, Dist. Valsad, Gujarat.

The PFD Manufacturing facility is also listed in "Two Star Export House" Status by Joint Director General of Foreign Trade, Ministry of Commerce and Industry for export of Processed Foods Products -APEDA.

The Ice Cream plants of the Company located in two locations - Pundhra in Gujarat & Barelly in UP are also certified for ISO-22000:2005, ISO 9001:2015 and BRC: Issue 7 for Food Safety Management System is another feather in the cap for the Company.

FINANCE:

During the year under review, the company has been sanctioned & disbursed Covid Emergency Credit Line (CECL) from Bank of Baroda & State Bank of India amounting to Rs 2.26 Crore & Rs 1.80 Crore respectively. Apart from that banks have also sanctioned Guaranteed Emergency Credit Line 2.0 (GECL 2.0) from Bank of Baroda, State Bank of India, IDBI Bank and Indusind Bank for Rs 4.05 Crore, 8.35 Crore,

Rs 0.23 Crore and Rs 9.56 Crore respectively and out of it Indusind Bank has disbursed Rs 7.17 Crore. Both above loans i.e. CECL & GECL have been executed in favour of Security Trustee i.e. PNB Investment Services Ltd. on 07.05.2021.

During the year company has repaid various short-term loans availed from banks namely (1) State Bank of India for Rs 25 Crore, (2) Indusind Bank (Sanctioned for Rs 20 Crore) availed Rs 16.50 Crore and fully repaid (3) The Kalupur Commercial Co-op. Bank Ltd. (Sanctioned

Rs 30 Crore) availed Rs 15.41 Crore repaid Rs 14.21 Crore. Apart from above Interest & Installment on working capital and term loan facilities has been paid to Banks / FIs as availed by the Company.

India Ratings & Research Pvt. Ltd. has rated the Long Term borrowing of the company as BBB/ Negative and Short Term borrowing as A3+.

IMPACT OF COVID_19 ON THE COMPANYS FINANCE

Due to Corona virus and multiple lock down in the country, our business module and business cycle has been badly affected in FY 2020-21. The Company could not liquidate stock as per normal business cycle. Hence Sales & Profit was under pressure.

INVESTOR EDUCATION AND PROTECTION FUND:

During the financial year – 2020-2021, the Company has deposited unclaimed/ unpaid fixed deposit amount of Rs 75,334/- to Investor Education and Protection Fund - IEPF.

During the Financial year – 2020-2021, the Company has also transferred Rs 316,880/- being amount of unpaid dividend for the year – 2012-2013 to Investor Education and Protection Fund.

DETAILS OF DEPOSITS: a. During the year under review, the details of deposits accepted by the Company from its Members, after complying with the provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014, are as under:

i. Details of Deposit from Shareholders :

( Rs in lakhs)
(a) Amount of existing deposits as at 1st April, 2020 2527.75
(b) Amount of deposits accepted or renewed during the year
(i) Secured deposits 0
(ii) Unsecured deposits 1848.30
Total (b) : 1848.30
(c) Amount of deposits repaid during the year 1333.10
(d) Balance of deposits outstanding at the end of the year (a+b-c) 3042.95

ii. Details of Deposit from Public [Accepted under Companies Act, 1956 and Companies (Acceptance of Deposit) Rules, 1975 ]:

( Rs in lakhs)
(a) Amount of existing deposits as at 1st April, 2020 0.15
(b) Amount of deposits accepted or renewed during the year
(i) Secured deposits 0
(ii) Unsecured deposits 0
Total (b) : 0
(c) Amount of deposits repaid during the year 0
(d) Balance of deposits outstanding at the end of the year (a+b-c) 0.15

b. As on 31st March, 2021, deposit of Rs 15000/- has remained unpaid or unclaimed by the Company. c. During the year under review, the Company has not made any default in repayment of deposits or payment of interest on deposits. d. The Company has not accepted or renewed any deposit which is not in compliance with the provisions of Chapter – V of the Companies Act, 2013.

SUBSIDIARY COMPANY:

Company is having 2 wholly-owned subsidiary companies outside India namely Vadilal Industries (USA) Inc., USA, and Vadilal Industries Pty Ltd and 2 wholly owned subsidiary companies in India viz; Vadilal Delights Limited and Varood Industries Limited.

A report on the financial position of the subsidiaries as per first proviso to sub-section (3) of Section 129 of the Companies Act, 2013 and Rules made thereunder in the prescribed Form – AOC-1 is provided as Annexure – B to the Directors Report. The Policy for determining material subsidiaries may be accessed on the Companys website viz www.vadilalgroup.com.

Pursuant to the provisions of Section 136 of the Act, separate Audited Accounts in respect of subsidiary company for the year ended on 31st March, 2021 are available at the web-site of the Company viz. www.vadilalgroup.com.

CONSOLIDATED FINANCIAL STATEMENTS:

Pursuant to the requirements of Section 129(3) read with Schedule – III of the Companies Act, 2013 and Rules made thereunder, and Regulation 34 of the SEBI (Listing Obligation and Disclosure Requirement), 2015 and other applicable Accounting Standards, the Consolidated Financial Statements of the Company, its subsidiaries and associates, for the year ended on 31st March, 2021 have been attached with the financial statement of the Company. The Audited Consolidated Financial Statements form part of the Annual Report.

CORPORATE GOVERNANCE:

Being a Listed Company, the Company has taken necessary measures to comply with the provisions of Regulation 72 of SEBI (Listing Obligation and Disclosure Requirement), 2015 regarding Corporate Governance. A separate report on Corporate Governance for the year ended on 31st March, 2021 is attached herewith as a part of this Annual Report viz Annexure - C. A certificate from Secretarial Auditors of the Company regarding compliance of Corporate Governance as stipulated under Regulation 34(3) and 53(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is obtained by the Company and annexed to the Corporate Governance Report.

BUSINESS RESPONSIBILITY REPORT:

As required under Regulation 34 of SEBI (Listing Obligation and Disclosure Requirement), 2015, the Business Responsibility Report is annexed herewith as a part of this Annual Report viz Annexure- D.

DIRECTORS RESPONSIBILITY STATEMENT:

To the best of their knowledge and belief and according to the confirmation and explanations obtained by them, your Directors make the following statement in terms of Section 134(3)(C) and 134(5) of the Companies Act, 2013 and confirm: (a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) 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 of the profit and loss of the company for that period; (c) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; (d) The directors had prepared the annual accounts on a going concern basis; (e) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and (f) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED:

Particulars of loans given, investments made, guarantees given and securities provided by the Company under Section 186 of the Companies Act, 2013 forms part of the Notes to the financial statements provided in this Annual Report.

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

Information on transactions with related parties pursuant to Section 134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules, 2014 are given in Annexure – E in the prescribed Form – AOC-2 and the same forms part of this report. All related party transactions are placed before the Audit Committee and the Board of the Company for review and approval. Omnibus approval is obtained for transactions which are foreseen and repetitive in nature The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Companys website viz. www.vadilalgroup.com.

Your Directors draw attention of the members to Note – 45 to the financial statement which sets out related party disclosures.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Pursuant to provisions of Section 149 of the Companies Act, 2013 and Rules made thereunder, term of Mr. Chetan M. Tamboli, Independent Director (DIN: 00028421) ended at the conclusion of Annual General Meeting held on 30th September, 2020.

Board of Directors in its meeting held on 13th December, 2019 had appointed Mr. Yogesh Bhatt and Mr. Anil Patil as Interim Chief Executive Officer of the Company. They resigned w.e.f. 26.06.2020 Further Pursuant to the provisions of Section 152 of the Companies Act, 2013 and Rules made thereunder, Mr. Devanshu L. Gandhi, Director (DIN: 00010146) of the Company, shall retire by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment. The Members are requested to consider his re-appointment as Director of the Company, for which necessary resolution has been incorporated in the notice of the meeting.

Pursuant to the provisions of Section 152 of the Companies Act, 2013 and Rules made thereunder, Mr. Kalpit R. Gandhi (DIN: 02843308) of the Company shall retire by rotation at this Annual General Meeting and being eligible, offers himself for re-appointment. The Members are requested to consider his re-appointment as Director of the Company, for which necessary resolution has been incorporated in the notice of the meeting.

As Vadilal Industries Limited falls under top 1000 Listed Companies, It is statutory requirement for the Company to appoint Independent Woman Director on the Board of the Company, as per amendment of SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015 therefor pursuant to the provisions of Sections 149, 152 and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in force) and Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and based on the basis of the recommendation of the Nomination and Remuneration Committee, the Board of Directors of the Company appointed, pursuant to the provisions of Section 161(1) of the Act and the Articles of Association of the Company, Ms. Shaily Dedhia (DIN: 08853685) as Additional Director of the Company with effect from 29th August, 2020. She was appointed as an Independent Director under Section

149 of the Act to hold office for a term of 5(Five) consecutive years upto the conclusion of the 41st Annual General Meeting of the Company to be held in the calendar year 2025.

Pursuant to provisions of Section 149 of the Companies Act, 2013 and Rules made thereunder, appointment of Mr. Preet Shah, Independent Director (DIN: 05131516) made in the Board as an additional director w.e.f. 29th August, 2020. He was appointed as an Independent Director of the Company to hold office for a period of 5 years upto the conclusion of the 41st Annual General Meeting of the Company in the calendar year 2025.

The brief resume/details relating to the Directors, who are to be re-appointed is furnished in the Notes to the Notice of the Annual General Meeting.

BOARD EVALUATION:

The Board of Directors carried out an annual evaluation of its own performance, Board committees and individual directors pursuant to the provisions of the Act and the corporate governance requirements as prescribed under Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The performance of the Board and committees was evaluated by the Board on the basis of the criteria determined by Nomination and Remuneration Committee such as the Board composition and structure, effectiveness of board processes, information and functioning, etc.

The Board reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.

In a separate meeting of independent Directors, performance of non-independent directors, performance of the board as a whole and performance of the Chairman was evaluated, considering the views of executive directors and non-executive directors.

COMMITTEES OF DIRECTORS:

The details of various committees of Directors constituted under provisions of Companies Act, 2013 and Rules made thereunder, their constitution, terms of reference and other details are provided in the Corporate Governance Report annexed with the Directors Report.

OTHER POLICIES AND MEASURES AS PER THE REQUIREMENT OF SEBI _LISTING OBLIGATION AND DISCLOSURE REQUIREMENT_, 2015

The policies formulated by the Company under various provisions of Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are available on the website of the Company viz : www.vadilalgroup.com.

NUMBER OF BOARD MEETINGS:

During the year under review, 11 Meetings of Board of Directors were held the details of which are mentioned in the Corporate Governance Report annexed with the Directors Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

As required under Section 134(1)(m) of the Companies Act, 2013 and Rules made thereunder, details relating to Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo are given in the Annexure – F attached herewith and forming part of the Directors Report.

RISK MANAGEMENT:

The Company is exposed to various business risks from time to time. Risk management involves handling appropriately risks that are likely to harm an organization. There are various types of risks associated with conducting business of the Company. The ultimate goal of risk management is the preservation of physical and human assets of the organization for successful continuation of its operations. In view of the same and in terms of requirements of the regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding Corporate Governance, the Board of Directors had, approved the risk assessment and minimization procedure adopted by the Company in relation to its business.

The Board of the Company has formed a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. The major risks identified by the businesses are systematically addressed through mitigation actions on a continual basis.

The Board periodically reviews the risk assessment and minimization procedure in relation to the business of the Company.

CORPORATE SOCIAL RESPONSIBILITY:

In terms of provisions of Section 135 of the Companies Act, 2013 and Rules made thereunder, a committee of the Directors of the Company has been constituted as Corporate Social Responsibility Committee. The Corporate Social Responsibility Committee has formulated a policy on the Corporate Social Responsibility measures to be undertaken by the Company as specified in Schedule VII to the Companies Act, 2013.

The Corporate Social Responsibility Policy is available on the Companys web-site viz. www.vadilalgroup.com. The Annual Report on CSR activities is annexed herewith marked as Annexure - G.

INTERNAL FINANCIAL CONTROLS

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The External and Internal Auditors carryout periodic reviews of the functioning and suggest changes, if required. The company has also a sound budgetary control system with frequent reviews of actual performance as against those budgeted.

The Statutory Auditors have given qualified opinion on the financial reporting in their Report with regards to assessment and closure of the matters emanating out of the allegations made by promoter directors against each other and their consequential impact, if any, on the standalone financial statements of the Company The Management does not expect any material impact on the financial statements of the Company considering the fact that the matters pertain to earlier financial years and amount as already been expensed in the relevant financial years. Voluntary inquiries by external agencies initiated by the management are in process to substantiate its conclusion.

AUDITORS:

The Board of Directors in its meeting held on 13th August, 2020 approved and recommended appointment of M/s. Arpit Patel & Associates as Statutory Auditors of the Company for a period of 5 years i.e. till the conclusion of the 41st Annual General Meeting of the Company to be held in the year 2025 subject to approval of shareholders in the annual general meeting. However, at the 36th Annual General Meeting (AGM) of the members of the Company held on 30th September, 2020, the resolution for the appointment of M/s. Arpit Patel & Associates as Statutory Auditors of the Company for a period of 5 years i.e. till the conclusion of the 41st Annual General Meeting of the Company to be held in the year 2025 was not passed and therefore, pursuant to the provisions of Section 139(10) of the CA 2013, Board of Directors in its meeting held on 2nd November, 2020 took note of continuation of M/s. Arpit Patel & Associates as Statutory Auditors of the Company for the financial year 2020-21 i.e. till the conclusion of next Annual General Meeting of the members of the Company to be held in the year 2021 as Auditors of the Company.

On the recommendation of the audit committee at its meeting held on 13th August, 2021, the Board of Directors at its meeting held on 13th August, 2021, have approved and recommended to the Members for reappointment of M/s Arpit Patel & Associates as Statutory Auditors of the Company for a balance period of four (4) years (as they have already continued as Statutory Auditors for 1 financial year in the absence of appointment/re-appointment at the 36th AGM) i.e till the conclusion of the 41st Annual General meeting of the Company to be held in the year 2025 i.e. for financial years 2021-22 to 2024-25.

SECRETARIAL AUDITOR:

Section 204 of the Companies Act, 2013 inter alia requires every listed companies to annex with its Board Report a Secretarial Audit Report given by a Company Secretary in practice in the prescribed form. The Board has appointed M/s SPAN & Co., Company Secretaries LLP, to conduct Secretarial Audit for the financial year – 2020-2021. The Secretarial Audit Report for the financial year ended March 31, 2021 is annexed herewith marked as Annexure – H to this Report.

The Secretarial Auditors Report of the Company for the year ended 31st March, 2021 contains certain Comments/ observations. The explanation on observations therein is as under: -

1. The appointment of Woman Independent Director under Regulation 17(1) (a) of LODR Regulations was delayed by 150 days. Fine was imposed by BSE and NSE which had been paid by the Company: The process of identifying suitable woman independent director took time.

2. There was a delay in disclosure of revision in credit ratings by CARE and IND-RA to BSE and NSE as required under Regulation 30(6) of LODR Regulations: The Company has intimated the stock exchanges about the credit ratings within 24 hours of receipt of ratings from the rating agency.

3. As required under Regulation 31(2) of LODR Regulations, hundred percent shareholding of one of the promoter is not maintained in dematerialized form: The promoter group are in the process of dematerialization of shares of the Company.

INSURANCE:

All insurable interests of the Company including buildings, plant and machinery, furniture & fixtures and other insurable interest are adequately insured.

LISTING WITH STOCK EXCHANGES:

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

The Company confirms that it has paid Annual Listing Fees due to the BSE Limited and National Stock Exchange of India Limited upto the Financial Year –2021-2022.

PARTICULARS OF EMPLOYEES:

The Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are enclosed with this report as Annexure - I.

MATERIAL INFORMATION:

A Company Petition (being Company Petition No. 42 of 2017) has been filed against the Company, before the National Company Law Tribunal, Ahmedabad ("NCLT"), under Sections 241 and 242 of the Companies Act, 2013. In connection to the said Company Petition No. 42 of 2017, the case has been heard on 27th July, 2021 and the matter has been adjourned to 4th October, 2021.

GENERAL:

O During the year under review, there was no change in the nature of business of the Company and there is no material change and/ or commitments, affecting the financial position of the Company, during the period from 31st March, 2021 till the date of this report. O During the year under review, there was no significant and/or material order passed by any regulators or courts or tribunals impacting the going concern status and companys operations in future.

O The Company does not provide any loan or other financial arrangement to its employees or Directors or Key Managerial Personnel for purchase of its own shares and hence, the disclosure under Section 67(3)(c) of the Companies Act, 2013 does not require. O During the year under review, no Director or Managing Director of the Company has received any remuneration or commission from subsidiary of the Company in terms of provisions of Section 197(14) of the Companies Act, 2013.

O The disclosure in terms of Rule – 4 of Companies (Share Capital and Debenture) Rules, 2014 is not provided, as the Company does not have any equity shares with differential voting rights.

O The Company has zero tolerance towards sexual harassment at the 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 made thereunder. The Company has also organized an awareness program for its employees on the said policy on prevention, prohibition and redressal of sexual harassment at workplace adopted by the Company.

O The trademark "Vadilal" and its associated trademarks are owned by Vadilal International Pvt. Ltd. The Company is a licensee of the said Trademarks.

ACKNOWLEDGEMENT:

The Directors place on record the appreciation and gratitude for the co-operation and assistance extended by various departments of the Union Government, State Government, Bankers and Financial Institutions.

The Directors also place on record their appreciation of dedicated and sincere services of the employees of the Company at all levels. The Company will make every effort to meet the aspirations of its Shareholders and wish to sincerely thank them for their whole-hearted co-operation and support at all times.

By order of the Board of Directors
Rajesh R. Gandhi Devanshu L. Gandhi
Date : 13th August, 2021 Managing Director Managing Director
Place : Ahmedabad DIN: 00009879 DIN: 00010146