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Jindal Worldwide Ltd.

BSE: 531543 Sector: Industrials
NSE: JINDWORLD ISIN Code: INE247D01039
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OPEN 276.00
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VOLUME 4694
52-Week high 387.75
52-Week low 50.00
P/E 62.33
Mkt Cap.(Rs cr) 5,686
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OPEN 276.00
CLOSE 285.50
VOLUME 4694
52-Week high 387.75
52-Week low 50.00
P/E 62.33
Mkt Cap.(Rs cr) 5,686
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Jindal Worldwide Ltd. (JINDWORLD) - Director Report

Company director report

Dear Members/ Shareholders of

JINDAL WORLDWIDE LIMITED

The Board of Directors of your Company "Jindal Worldwide Limited" takes agreat pleasure in presenting the 35th Annual Report of the Company togetherwith the Audited Standalone & Consolidated Financial Statements of the Company for theFinancial Year 2020-2021 depicting therein the overall operational and financialperformance of the Company throughout the year under review.

1. SYNOPSIS OF FINANCIAL PERFORMANCE AND KEY HIGHLIGHTS:

The summarized Audited Standalone & Consolidated Financial Performance of yourCompany for the Financial Year 20202021 and the previous Financial Year 2019-2020 istabled below:

(Rs.in Lakhs except EPS)

Financial Year ended
Particulars Standalone Consolidated
2020-2021 2019-2020 2020-2021 2019-2020
Total Income (Revenue from Operations & Other Income) 173436.88 202404.23 172428.81 220557.74
Less: Operating and Administrative Expenses 159569.93 187763.62 158327.57 205991.16
Profit Before Interest Depreciation &Tax (EBITA) 13866.95 14640.61 14101.24 14566.58
Less: Finance Cost 4842.16 5999.00 4933.20 6096.49
Less: Depreciation & Amortization Expenses 2824.51 4369.39 2926.95 4549.37
Less: Income Tax (Including Deferred Tax) 1790.45 1069.51 1820.61 1079.59
Less: Extraordinary Items 0.00 0.00 0.00 0.00
Net Profit/(Loss) After Tax (PAT) 4409.83 3202.71 4420.48 2841.13
Profit/ (Loss) brought forward from Previous Year 0.00 0.00 0.00 0.00
Less: Profit Share of Non-Controlling Interest - - 0.00 0.00
Add: Profit from Associates - - 0.34 7.18
Profit/(Loss) Carried to Balance Sheet 4409.83 3202.71 4420.82 2848.31
Equity Shares (at the F.V. of Rs.1/- each ) 2005.20 2005.20 2005.20 2005.20
Earning Per Equity Share - Basic & Diluted 2.20 1.60 2.20 1.42

Key Financial Highlights & Comparison with the Previous Financial Year:

- Standalone Total Income decreased by 14.31% to Rs.173436.88 Lakhs in comparison toRs.202404.23 Lakhs of Previous Financial Year 2019-2020.

- Consolidated Total Income decreased by 21.82% to Rs.172428.81 Lakhs in comparisonto Rs.220557.74 Lakhs of Previous Financial Year 2019-2020.

- Standalone EBITA declined by 5.28% to Rs.13866.95 Lakhs in comparison toRs.14640.61 Lakhs of Previous Financial Year 2019-2020.

- Consolidated EBITA declined by 3.19% to Rs.14101.74 Lakhs in comparison toRs.14566.58 Lakhs of Previous Financial Year 2019-2020.

- Standalone PAT increased by 37.69% to Rs.4409.83 Lakhs in comparison to Rs.3202.71Lakhs of Previous Financial Year 2019-2020.

- Consolidated PAT at a growth momentum of 55.59% to Rs.4420.48 Lakhs in comparison toRs.2841.13 Lakhs of Previous Financial Year 2019-2020.

Further the Audited Standalone and Consolidated Financial Statements for the FinancialYear 2020-2021 forming part of this Annual Report have been prepared in accordance withthe Schedule III and Indian Accounting Standards (Ind-AS) as notified by the Ministry ofCorporate Affairs(MCA) and The Securities Exchange Board of India (SEBI) read with theprovisions of Section 133 of the Companies Act 2013 and Companies (Indian AccountingStandard) Rules 2015. Pursuant to the applicability criteria of the respective MCA andSEBI circulars and notifications the Company has been continuously implementing adoptingand complying with the Indian Accounting Standards (Ind-AS) from the Financial Year2017-2018 itself.

2. DIVIDEND:

Despite of the COVID-19 pandemic during the year under review and subsequent reductionin operational performance your Company was still able to deliver a good and considerableProfit After Tax and thus in line with the proven track record and practice of theCompany your Board of Directors recommended the Final Dividend @ 5% on its paid-up equityshare capital i.e. Rs.0.05/- paisa per equity share for the Financial Year 2020-2021amounting to Rs.100.26 Lakhs vide approval of Board of Directors in its meeting held on 22ndJune 2021.

However considering the profitability and strong financial performance of the Companyin the Financial Year 2020-2021 and in the interest of the shareholders of the Companythe Board of Directors of the Company has further reconsidered and revised the FinalDividend from 5 % to 15 % on its paid-up equity share capital i.e. Rs.0.15/- paisa perequity share for the Financial Year 2020-2021 amounting to Rs.300.78 Lakhs vide approvalof Board of Directors in the meeting held on 04th September 2021 which shallbe declared and paid subject to approval of members at the ensuing 35th AnnualGeneral Meeting. An agenda for declaration of dividend has been placed in the Notice ofthe ensuing AGM which forms part of this Annual Report.

Further the dividend shall be paid to those members whose names will appear in theRegister of Members of the Company as the beneficial owners for availing dividend as perthe list of Register of Members which shall be furnished by the Registrar & TransferAgent (i.e. M/s. Cameo Corporate Service Limited) of the Company as on Record date i.eFriday 24th September 2021.

Further the information pertaining to the taxability of the Dividend amount w.e.f.Financial Year 2020-2021 has been mentioned in the notes to the Notice of this AGM whichforms part of this Annual Report.

3. DIVIDEND DISTRIBUTION POLICY :

Pursuant to the amendment in Regulation 43A of the SEBI (LODR) Regulations 2015 videSEBI Notification No. SEBI/LAD- NRO/GN/2021/22 dated 05th May 2021; the Top1000 Companies (based on market capitalization as at 31st March of everyFinancial Year) shall have to formulate Dividend Distribution Policy which earlier wasrequired to be formulated by top 500 listed companies only.

Based on the market capitalization as on 31st March 2021 your Companystood at 797th and 758th Position amongst the Top 1000 ListedCompanies of Sensex and Nifty respectively and thus in compliance with aforementionedamendment the Board of Directors in their meeting held on 22nd June 2021 haveformulated Dividend Distribution Policy to be effective w.e.f 01st April 2021and the same is available on the website of the Company athttp://www.jindaltextiles.com/investor-data/ policies/JWL_DividendDistributionPolicy.docx.

4. TRANSFER TO RESERVES:

The Board of Directors of your Company has decided not to transfer any amount to theReserves for the year under review.

5. CORPORATE SOCIAL RESPONSIBILITY (CSR):

{In pursuance to Section 135 of the Companies Act 2013 ("the Act") read withrelevant Rules thereunder}

Your Company has in place the CSR Committee which performs the functions as mandatedunder the Act. As a good corporate citizen the Committee has adopted and approved thepolicy on CSR to improve the welfare of the stakeholders and the Society as a whole. ThePolicy is available on the Company's website on http://www.jindaltextiles.com/investor-data/policies/CSR_POLICY.pdf.

The Report on CSR Activities including therein a brief outline of the CSR policy of theCompany activities / projects / contributions / initiatives undertaken by the Company onCSR activities during the year under review and other related details are set out inRs.Annexure-A" which forms part of this Board of Directors' Report.

Further the composition details of meetings held attendance of the members of theCommittee at the meeting are given separately in the Corporate Governance report whichforms part of this Annual Report.

6. NOMINATION AND REMUNERATION POLICY:

{In pursuance to Section 178 of the Companies Act 2013 ("the Act") read withrelevant Rules thereunder}

Your Company has a well-defined Policy for Remuneration of the Directors KeyManagerial Personnel and other Employees which prescribe the framework in relation toselection and appointment of Directors Key Managerial Personnel and Senior Management ofthe Company on the basis of their core competencies expertise experiencequalifications etc. and further fixation of remuneration thereof. The details of thispolicy are explained in the Corporate Governance Report which forms part of this AnnualReport.

7. REPORT ON RISK MANAGEMENT :

{In pursuance to Regulation 21 of the SEBI (LODR) Regulations 2015}

Risk management is an integral to the Company's strategy and for the achievement oflong-term goals. The Company's risk-management mechanism ensures that appropriatemethodology processes and systems are in place to monitor and evaluate risks associatedwith the business of the Company including evaluation of adequate risk management systems.

Further due to ongoing COVID-19 pandemic and its impact on the textile industry yourCompany's risk management framework has again enabled the organization to respondeffectively to the every crisis/situation occurred on account of same. The pandemic riskwas identified and proactive measures were initiated to ensure customer deliverables werenot impacted while also safeguarding the health and safety of the employees of theCompany. The Company also reviewed the major risks including risks on account of businesscontinuity supply chain management third party risks legal compliance and other riskswhich may affect or has affected its operations employees customers vendors and allother stakeholders from both the external and the internal environment perspective.

The Company has in place an appropriate Risk Management Policy which has been developedby the Senior Management in accordance with the business strategy. It consist of threeessential elements viz. Risk Assessment & Management Risk Mitigation and RiskMonitoring. It is designed in such a manner to provide the categorization of various typesof risk such as Strategic Risk Regulatory Risk Commodity Risk Financial risks andOperational Risk. The Risk Management Policy is available on the website of the Company athttp://www.jindaltextiles.com/investor.php.

Further pursuant to the amendment in Regulation 21 of the SEBI (LODR) Regulations2015 vide SEBI Notification No. SEBI/ LAD-NRO/GN/2021/22 dated 05th May 2021;the Top 1000 Companies (based on market capitalization as at 31st March ofevery Financial Year) shall have to constitute Risk Management Committee which earlier wastop 500 listed companies only.

Based on the market capitalization as on 31st March 2021 your Companystood at 797th and 758th Position amongst the Top 1000 ListedCompanies of Sensex and Nifty respectively and thus in compliance with aforementionedamendment the Board of Directors in their meeting held on 22nd June 2021 haveconstituted Risk Management Committee w.e.f 01st April 2021 with a compositionof three Directors as its members wherein Dr. Yamunadutt Agrawal Non-Executive Directoras the Chairman of the Committee Mr. Vikram Oza Non-Executive Non Independent Directorand Mr. Shrikant Jhaveri Non-Executive Independent Director.

8. BUSINESS EXPANSION & MODERNIZATION:

Jindal continues to channelize its efforts towards business growth business operationsand expansion of portfolio and as a resultant of which it has retained its remarkablepresence globally around the world in the Financial Year 2020-2021 also by having adrastic raise in Exports of the Company through collaboration and mounting its Strongfootprint and network in various countries viz. Colombia Egypt Lethoso TurkeyBangladesh Mexico Chile Dominican Republic Korea Spain Thailand Vietnam Moroccoetc. Our clients diaries includes the best brands across the world viz. like Marks &Spencers Oliver Carrefour H&M Street One and others.

The Company's commitment to serve customers and ensure that their needs are met despitethe prevailing market conditions is unshrinking. The Company considers Innovation Growthand Productivity its strongest key pillars.

Your Company focuses on preparing itself for a post-COVID world in synchronization ofthe efforts made by it into business expansion. The Company has also accelerated itsdigitalization drive arranged virtual meets through Zoom calls and Google meet. Theseinitiatives enabled the Company to engage more closely with customers raising theirsatisfaction levels and continuing the growth trajectory.

We at Jindal are focusing on our efforts and our investments on maximum results goingdeeper in areas that we believe we have strength and defocusing on others and scaling upto secure leadership positions.

9. ANNUAL RETURN:

{In pursuance to Section 92 and 134 (3) (a) of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

The Annual Return of the Company for the Financial Year 2020-2021 in the prescribedformat in Form MGT-7 is available on the website of the Company and the web-link of sameis "https://www.jindaltextiles.com/investor.php".

However as a part of good compliance and governance the same is also annexed as"Annexure- B" to this Board of Directors' Report which forms part of thisAnnual Report.

10. AUDITORS :

(a) Statutory Auditors:

{In pursuance to provisions of Section 139 of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

M/s. Saremal & Company (FRN: 109281W) Practicing Chartered Accountants Ahmedabadwere duly appointed as the Statutory Auditors of the Company by the Members of the Companyat the 31st Annual General Meeting of the Company held on 27thSeptember 2017 for a term of 5 consecutive years w.e.f. Financial Year 2017-2018 from theconclusion of 31st Annual General Meeting until the conclusion of the 36thAnnual General Meeting.

Further pursuant to the amendment in the Section 139(1) of the Companies Act 2013 theMinistry of Corporate Affairs vide its Notification dated 07th May 2018 hasdispensed with the requirement of ratification of Auditor's appointment by theshareholders on an annual basis. Hence the resolution relating to ratification ofAuditor's appointment is not proposed in the Notice of the ensuing Annual General Meetingwhich forms a part of this Annual Report.

Furtherthere were no audit qualifications reservations adverse remarks or disclaimerin the Independent Auditor's Report on the Standalone & Consolidated FinancialStatements of the Company as provided by M/s. Saremal & Company for the Financial Year2020-2021. Also the said auditors have not reported any matter under Section 143(12) ofthe Companies Act 2013 therefore there exists no details to be disclosed in this Boardof Directors' Report pursuant to Section 134(3) of the Companies Act 2013.

Your Company has received written consent(s) and certificate(s) of eligibility inaccordance with Sections 139 141 and other applicable provisions of the Companies Act2013 and Rules issued thereunder (including any statutory modification(s) orre-enactment(s) for the time being in force) from M/s. Saremal & Company. Furtherthe said auditor has confirmed and assured that their firm has been subjected to the peerreview process of the lnstitute of Chartered Accountants of lndia (lCAl) and holds a validcertificate issued by the Peer Review Board of the ICAI.

(b) Division Auditors:

Your Company is engaged into the Textiles Sector and the main business activities arerelated to manufacturing of Denim Fabric Premium Shirtings Yarn Dyeing Bottom Weightsand home textiles through its various internal divisions viz.

- Jindal Denims Inc. (A Division of Jindal Worldwide Limited)

- Jindal Fabric Inc. (A Division of Jindal Worldwide Limited)

- Jindal Spinning Inc. (A Division of Jindal Worldwide Limited)

- Jindal Creations Inc. (A Division of Jindal Worldwide Limited)

- Made-Ups Division (A Division of Jindal Worldwide Limited)

- Jindal Fashions Inc. (A Division of Jindal Worldwide Limited)

M/s. B. A. Bedawala & Company Practicing Chartered Accountants Ahmedabad (FRN:101064W) the Division Auditors of the Company has conducted the Audit of the Divisions ofthe Company for the Financial Year 2020-2021.

Further upon receipt of No Objection Certificate from M/s. B.A. Bedawala & CoChartered Accountants Ahmedabad and on the recommendations of Audit Committee the Boardof Directors in its meeting held on 22nd June 2021 has approved for theappointment of M/s. Zarana & Associates (FRN: 143289W) Practicing CharteredAccountants Ahmedabad as Division Auditors of the Company to conduct the audit of suchDivisions of the Company for the Financial Year 2021-2022 on such terms & conditionsas may be mutually agreed upon by the Auditors and by the Board from time to time.

A copy of the consent letter from M/s. Zarana & Associates (FRN: 143289W)Practicing Chartered Accountants Ahmedabad showing their desire to act as the DivisionAuditors was duly received by the Company.'

(c) Secretarial Auditors:

{In pursuance to provisions of Section 204(1) of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

M/s. SPANJ & Associates Practicing Company Secretaries Ahmedabad conductedSecretarial Audit for the Financial Year 2020-2021. The Report of the Secretarial Auditorsis annexed as "Annexure-C-1" which forms part of this Board of Directors' Reportwith no secretarial audit qualifications reservations adverse remarks or disclaimertherein for the Financial Year 2020-2021.

Certificate of Non-Disqualification of Directors {under Schedule V (C )(10) (i) of SEBI(LODR) Regulations 2015}:

Pursuant to compliance of provisions of Regulation 34(3) read with amended Schedule V(C )(10)(i) of SEBI (LODR) Regulations 2015; your Company has duly availed thecertificate that none of the Directors on the Board of the Company have been debarred ordisqualified from being appointed or continuing as Directors of Companies by the SEBI//MCAor any such statutory authority from M/s. SPANJ & Associates Practicing CompanySecretaries Ahmedabad dated 04th September 2021 and the same is annexed asAnnexure-3 to Report on Corporate Governance which forms a part of this Annual Report.

Annual Secretarial Compliance Report- Pursuant to Regulation 24A of SEBI(LODR)Regulations 2015 read with SEBI Circular no. CIR/CFD/CMD1/27/2019 dated 8thFebruary 2019 Annual Secretarial Compliance Report of the Company for the Financial Yearended 31st March 2021 as received from the M/s. SPANJ & AssociatesPracticing Company Secretaries Ahmedabad was duly submitted to the Stock Exchanges withinthe prescribed time framework as stated in the said circular and the same is annexed as"Annexure-C-2" which forms part of this Annual Report.

Further the Board of Directors of the Company has appointed M/s. SPANJ &Associates Practicing Company Secretaries Ahmedabad for conducting audit of theSecretarial Records for the Financial Year 2021-2022 the consent of which has been dulyreceived by the Company from M/s. SPANJ & Associates Practicing Company SecretariesAhmedabad to act as the Secretarial Auditor of the Company.

(d) Cost Auditors:

{In pursuance to provisions of Section 148 of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

M/s. K. V. Melwani & Associates Practicing Cost Accountants (FRN: 100497)Ahmedabad has conducted the Cost Audit for the Financial Year 2020-2021 with no auditqualifications reservations adverse remarks or disclaimer in the Cost Audit Report forthe Financial Year 2020-2021.

Further the Board has re-appointed M/s. K. V. Melwani & Associates PracticingCost Accountants (FRN: 100497) Ahmedabad as Cost Auditors to conduct the audit of costrecords of the Company for the Financial Year 2021-2022; the consent of which along with acertificate confirming their independence and arm's length relationship has been dulyreceived by the Company from the said Auditors.

The Ordinary Resolution seeking approval from members for ratification of remunerationto be paid to the said Cost Auditor forms a part of the Notice of this Annual GeneralMeeting.

(e) Internal Auditors:

{In pursuance to provisions of Section 138 of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

M/s. Jagdish Verma & Co. Practicing Chartered Accountants (FRN: 103837W)Ahmedabad has conducted Internal Audit for the Financial Year 2020-2021 with no auditqualifications reservation adverse remark or disclaimer in the Internal Auditor's Reportprovided by Internal Auditor of the Company for the Financial Year 2020-2021.

Further on the receipt of his consent the Board of Directors has appointed M/s.Jagdish Verma & Co. Practicing Chartered Accountants (FRN: 103837W) Ahmedabad as anInternal Auditor of the Company for the Financial Year 2021-2022.

11. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO: {In pursuance to provisions of Section 134(3)(m) of the Companies Act 2013("the Act") read with relevant Rules thereunder}

The details pertaining to conservation of energy technology absorption and foreignexchange earnings and outgo is annexed as "Annexure - D" which forms a part ofthis Annual Report.

12. DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL ANDPARTICULARS OF EMPLOYEES:

{In pursuance to provisions of Section 197(12) of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

The details of remuneration of Directors Key Managerial Personnel and Particulars ofEmployees and the information required under Section 197(12) of the Companies Act 2013read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 are set out in "Annexure -E" which forms a part of this Board ofDirectors' Report.

13. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

{In pursuance to provisions of Regulation 34 and Schedule V of SEBI (LODR) Regulation2015}

The Management Discussion and Analysis Report for the year under review capturingCompany's business operations and performance review Global & Indian industry trendskey financial ratios other material changes/developments in the Textiles Industry andfuture outlook of the Company's businesses along with impacts of COVID-19 disruptions andother required details is annexed as "Annexure-F" which forms part of this Boardof Directors' Report.

14. CORPORATE GOVERNANCE:

Your Company remains committed to continuously adopt and adhere to the good corporategovernance practices at its organization with an ultimate goal of making your Company avalue driven organization and enhance stakeholder' value. The Company aims to attainhighest level of transparency accountability and compliance with laws both in true letterand spirit in all facets of operations leading to the highest standards of CorporateGovernance.

The Company strives for appropriate and timely disclosures and to comply with the otherrequirements of Corporate Governance as stipulated under the Chapter IV Regulation 34(3)read with Schedule V of SEBI (LODR) Regulation 2015 and thus in compliance to theseregulations a Report on Corporate Governance of the Company for the Financial Year2020-2021 forms part of this Annual Report together with a certificate of compliance fromthe Company's Statutory Auditors thereon.

15. INFORMATION & PERFORMANCE OF SUBSIDIARY/ JOINT VENTURES / ASSOCIATE COMPANIES:

The Company continues to hold its investment in below mentioned Wholly Owned Subsidiaryand Associates of the Companies as at 31st March 2021:

Sr. No. Names of Companies % of holding Category: Wholly Owned Subsidiary/ Associate
1. Planet Spinning Mills Private Limited 100% Wholly Owned Subsidiary
2. Kashyap Tele-Medicines Limited 31.25% Associate

Following changes took place during the year under review:

a.) The Company-Jindal Worldwide Limited has made the dis-investment by way of sellingoff/disposing off of it's a part of the remaining holding in equity shares of itsAssociate Companies and entire holding in Wholly Owned Subsidiary Companies as held by itin the manner as detailed below and as a result of which the said Companies have ceased tobe the Associate and Wholly Owned Subsidiary Companies of the Company w.e.f. 4thSeptember 2020.

Name of Company Effective Date No. of Shares / % sold Book Value per share Total amount of Disinvestment (in Rs.) % of holding pre-disinvestment % of holding post- disinvestment- Resultant effect on Jindal Worldwide Limited Consequent to said Disposal
1. M/s. Jindal Shirtings Private Limited (JSPL) 247078 shares/ 26% 61/- 15071758/- 45 % 19% The Companies no more remain an Associate Companies of M/s. Jindal Worldwide Limited w.e.f. 04th September 2020.
2 M/s. Balaji Weft Private Limited (BWPL) 3621800 shares / 26% 11/- 39839800/- 45 % 19%
3 M/s. Saroj Weavers Private Limited (SWPL) 1042600 shares /26% 13.75/- 14335750/- 45 % 19%
4 M/s. Niharika Threads Private Limited (NTPL) 04th September 2020 3674880 shares /26.40% 10.25/- 37667520/- 45.40 % 19%
5 M/s. Jindal Denim (India) Private Limited (JDIPL) 10000 shares/ 100% 724/- 7240000/- 100% 0% The Companies no more remain Wholly
6 M/s. Jindals Retail House Private Limited (JRHPL) 10000 shares/ 100% 10/- 100000/- 100% 0% Owned Subsidiary Companies of M/s. Jindal Worldwide
7 M/s. Shikha Weavers Private Limited (SWPL) 10000 shares/ 100% 151/- 1510000/- 100% 0% Limited w.e.f. 04th September 2020.

b.) Further during the year under review the Company-Jindal Worldwide Limited had madean investment by way of acquiring 4000 Equity Shares Rs.10/- each at F.V. aggregating toRs.40000 (Rupees Forty Thousand Only) in M/s. Jindal Speciality Chemicals India PrivateLimited and as result the said Company became an Associate Company w.e.f 09thJanuary 2021.

However during the year under review the Company-Jindal Worldwide Limited has againmade the dis-investment by way of selling off/disposing off entire holding in equityshares of said Associate Company M/s. Jindal Speciality Chemicals India Private Limitedand as a result of which the said Company have ceased to be the Associate of the Companyw.e.f. 11th March 2021.

The Company had duly availed the in-principal approval of the Board of Directors foracquiring and disposal/selling off Company's investments in its respective Board Meetingsand the necessary disclosures were duly made to Stock Exchanges under SEBI (LODR)Regulations 2015 as required in respect to same.

• Pursuant to the provisions of Companies (Restriction on number of layers) Rules2017; no Company shall have more than two layers of subsidiaries other than a Companybelonging to a class specified in the said Rules. Accordingly your Company does not haveany Layer of Subsidiary Company as on 31st March 2021 and thus has compliedwith provisions of the said rules.

The Consolidated Financial Statements of the Company are prepared in accordance withIndian Accounting Standards (IND-AS) specified under Section 133 of the Companies Act2013 read with Companies (Indian Accounting Standard) Rules 2015 prescribed under andforms part of this Annual Report.

Pursuant to Section 129(3) of the Companies Act 2013 read with Rule 5 of the Companies(Accounts) Rules 2014 a statement containing salient features of the financialstatements of Wholly Owned Subsidiary Company/Subsidiary Company /Associate Company areprovided in Form AOC-1 which forms part of this Annual Report as a part of ConsolidatedFinancial Statements.

I n accordance with the provisions of Section 136(1) of the Companies Act 2013 theCompany has duly placed on its website "wwwjindaltextiles.com" the :

• Annual Report of the Company including therein its Standalone and theConsolidated Financial Statements for the Financial Year 2020-2021 and

• Audited Financial Statements for the Financial Year 2020-2021 of the WhollyOwned Subsidiary Company ;

And the same could not be made available in hard copy due to the ongoing Covid-19Pandemic and further in reference to the MCA & SEBI circulars as mentioned earlier.

16. MATERIAL CHANGES:

DURING THE YEAR:

There were no other material changes occurred or material commitments which affectedthe financial position of the Company during the Financial Year under review except thatof the investments and disinvestments made by the Company and Impact of ongoing COVID-19pandemic which has been detailed separately in this Board of Directors' Report.

DURING THE PERIOD FROM THE END OF FINANCIAL YEAR 31st MARCH 2021 TO THEDATE OF THIS REPORT:

Issuance of Commercial Paper:

During the year under review the Board of Directors had accorded its approval forraising funds through Commercial Papers of Rs.25 Crores in its meeting held on 09thFebruary 2021 for the purpose of meeting short term financial obligations. Accordinglyin adherence to the Reserve Bank Of India & FIMMDA Guidelines the Company had raisedthe funds by way of issuance of Commercial Papers of Rs.25 Crores to the eligible investor'Bank of Bahrain & Kuwait' through an Issuing & Paying Agent-IPA 'The Federal BankLimited' through I SIN No. INE247D14016.

There were no other material changes or commitments which affected the financialposition of the Company which have occurred between the end of the Financial Year and thedate of this Report.

17. BOARD MEETINGS:

During the Financial Year under review the Board of Directors of the Company met for5(Five) times for various agenda items of the Company the same which were circulated wellin advance to the Board. The details of the meetings held viz. dates/number etc.attendance of directors therein are duly mentioned in the Corporate Governance Reportwhich forms part of this Annual Report.

18. KEY MANAGERIAL PERSONNEL:

{In pursuance to provisions of Section 203 of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

Your Company is having dynamic qualified experienced committed and versatileprofessionals in the Management of the Company.

The personnel of the Company who acted as "Key Managerial Personnel" duringthe year under review are as appended below:

1. Mr. Amit Agrawal Managing Director
2. CA Vikram Oza Chief Financial Officer
3. CS Kiran Geryani Whole Time Company Secretary & Compliance Officer

19. BOARD OF DIRECTORS:

The Board of Directors of your Company are fully committed to steering the organizationfor long-term success through setting of strategies delegating responsibilities andproviding an overall direction to the business while effectively managing risks andensuring high quality of governance by keeping the Company on the path of Sustainablegrowth and development.

The details of size and composition of the Board is provided in Corporate GovernanceReport which forms part of this Annual Report. During the year under review no changestook place in the Board Structure of the Company.

Further all the Directors of the Company have confirmed that they are not disqualifiedfrom being appointed as Directors in terms of Section 164 of the Companies Act 2013.

Also pursuant to Schedule V(C )(10)(i) of SEBI (LODR) Regulation 2015 ; the Companyhas received a certificate from Practicing Company Secretary stating that the Directors ofthe Company are not debarred or disqualified by the SEBI / Ministry of Corporate Affairsor any such statutory authority from being appointed or continuing as Director of theCompany.

Further all the Independent Directors of the Company have given declarations asrequired under Section 149 (7) of the Companies Act 2013 that they meet the criteria ofindependence as laid down under Section 149(6) of the Companies Act 2013 and Regulation16 (b) of SEBI (LODR) Regulations 2015.

In compliance to the aforesaid MCA Notification No. G.S.R. 804(E) dated 22ndOctober 2019 which was effective from 01st December 2019 all theIndependent Directors of your Company have confirmed that they are in compliance withRules 6(1) and 6(2) of the Companies (Appointment and Qualification of Directors) Rules2014 with respect to registration of their names in the data bank of IndependentDirectors maintained by the Indian Institute of Corporate Affairs(IICA). They have alsosubmitted a copy of registration certificate to the Company as a proof of registration.They shall pass the proficiency self-assessment test in due course in terms of the saidRules.

In accordance with the provisions of the Companies Act 2013 and in terms of theMemorandum and Articles of Association of the Company Mr. Vikram Oza retires by rotationat this ensuing Annual General Meeting and has offered himself for reappointment.

Appropriate resolutions for the re-appointment of Director and Managing Director aspointed below are being placed for your approval at the ensuing 35th AnnualGeneral Meeting. Brief resume nature of expertise details of directorships held in othercompanies of the above Director proposed to be re-appointed along with their shareholdingin the Company as stipulated under Secretarial Standard 2 and Regulation 36 of the SEBI(LODR) Regulation 2015 is appended in the Explanatory Statement of the Notice conveningthe 35th Annual General Meeting of your Company.

• Re-Appointment of Dr. Vikram Oza (DIN: 01 192552) as a Director liable to retireby rotation.

• Re-appointment of Mr. Amit Agrawal (DIN: 00169061) as a Managing Director of theCompany for another term of 5 (Five) years i.e 03rd September 2021 to 02ndSeptember 2026.

20. PERFORMANCE EVALUATION OF THE BOARD OF DIRECTORS:

The Board of Directors has put in place a mechanism in terms of requirements ofprovisions of the Companies Act 2013 and the SEBI (LODR) Regulations 2015 read with theGuidance Note on Board Evaluation as issued by SEBI in January 2017 to carry out theannual performance evaluation of the Board of Directors as a whole Committees of theBoard and individual Directors.

The key objectives of conducting the Board Evaluation process is to ensure that theBoard and various Committees of the Board have appropriate composition and they have beenfunctioning collectively to achieve common business goals of the Company. Similarly thekey objectives of conducting performance evaluation of the Directors is to ascertain ifthe Directors actively participate in the Board / Committee Meetings and contribute toachieve the common business goals of the Company and thus in order to fulfill suchobjective the Board of Directors understands the prominence of an effective BoardEvaluation process and accordingly the Performance Evaluation is been conducted every yearin respect of the following:

i. Board of Directors as a whole

ii. Committees of the Board of Directors.

iii. Individual Directors including the Chairman of the Board of Directors.

During the Financial Year under review the Board evaluation was conducted internallyin a confidential manner as above for the Financial Year ended 31st March 2021by complying with all the criteria of evaluation as envisaged in "SEBI Guidance Noteon Board Evaluation" through a structured questionnaire designed with qualitativeparameters and feedback based on ratings.

Also as per compliance of Schedule IV of the SEBI (LODR) Regulations 2015; theperformance evaluation of the Independent Directors was been effectively carried out atthe separate meeting of the Independent Directors of the Company as held on 09thFebruary 2021 wherein the performance evaluation of the Chairman and the Non-IndependentDirectors was also carried out by the Independent Directors.

Subsequent to the completion of internal evaluation process the same was discussed andreviewed at the Nomination and Remuneration Committee Meeting and thereafter by the Boardof directors. The Board of Directors expressed their satisfaction with the evaluationprocess and results thereof.

21. DIRECTORS' RESPONSIBILITY STATEMENT:

{In pursuance to provisions of Section 134(3)(c) and Section 134(5) of the CompaniesAct 2013 ("the Act") read with relevant Rules thereunder }

The Directors of your Company confirm that to the best of their knowledge and belief:

(a) in the preparation of annual accounts the applicable Accounting Standards havebeen followed alongwith proper explanations relating to material departures;

(b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of your Company as at 31st March 2021 and ofthe profit and loss of the Company for the Financial Year ended 31st March2021;

(c) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

(d) the annual accounts have been prepared on a 'going concern' basis;

(e) proper internal financial controls were in place and that the financial controlswere adequate and were operating effectively;

(f) the Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

22. COMMITTEES OF THE BOARD:

The Committees of the Board plays decisive role in the overall management of day to dayaffairs and the Governance structure of the Company. The Board of Directors of the Companyhas the following Committees; the details of which along with their composition details ofmeetings held and attendance of members at the meetings are provided in the CorporateGovernance Report which forms a part of this Annual Report:

a. ) Audit Committee

b. ) Nomination and Remuneration Committee

c. ) Stakeholders' Relationship Committee

d. ) Corporate Social Responsibility Committee

e. ) Operational Committee

f. ) Risk Management Committee ( w.e.f 01st April 2021)

23. VIGIL MECHANISM/WHISTLE BLOWER POLICY:

{In pursuance to provisions of Section 177 (9) & (10) of the Companies Act 2013("the Act") read with relevant Rules thereunder and Regulation 22 of SEBI (LODR)Regulations 2015}

Jindal Worldwide Limited believes in conducting business affairs in a fair andtransparent manner to foster professionalism honesty integrity and ethical behavior viaVigil Mechanism/Whistle Blower Policy. Through this Policy the Company seeks to provide aprocedure for all the employees Directors and other stakeholders of the Company to reportconcerns about unethical behaviour misconduct violation of Company's Code of Conduct andimplementation of improper practices taking place in the Company and provide for adequatesafeguards in that regard and also provide for direct access to the Chairman of the AuditCommittee in exceptional cases.

The Vigil Mechanism /Whistle Blower Policy may be accessed on the Company's website."http://www.jindaltextiles.com/ investor-data/policies/VIGILMECHANISM_POUCYpdf"

24. INTERNAL CONTROL SYSTEMS AND ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH RESPECTTO THE FINANCIAL STATEMENTS:

{In pursuance to provisions of Section 134(5) of the Companies Act 2013 ("theAct") read with relevant Rules thereunder}

The Company's internal audit system has been continuously monitored and updated toensure that assets are safeguarded established regulations are complied with and pendingissues are addressed promptly. The Company has a robust internal audit function whichconsist of professionally qualified chartered accountants.

The Internal Auditor of the Company M/s. Jagdish Verma & Co. Practicing CharteredAccountants Ahmedabad conducts a risk-based audit with a view to not only test adherenceto laid down policies and procedures but also to suggest improvements in processes andsystems and also evaluates the efficacy and adequacy of internal control systems of theCompany pertaining to financial reporting its compliances with operating systemsaccounting procedures and policies within the Company. These controls and processes aredriven through various policies procedures and certifications which are reviewedperiodically by the Internal Auditor Audit Committee and Board of Directors thereof.

The Audit Committee of the Company reviews adequacy and effectiveness of the Company'sinternal control environment and monitors the implementation of audit recommendationsincluding those relating to strengthening of the Company's risk management policies andsystems.

During the Financial Year 2020-2021 the Company has reviewed its Internal FinancialControl (IFC) systems and has continually contributed to establishment of a more robustand effective IFC framework as prescribed under the Act.

The Company operates through ERP system and has implemented adequate internal financialcontrols for achieving efficiency in operations optimum utilization of the Company'sresources effective monitoring systems and compliance with laws and regulations. Furtherthrough use of appropriate risk management tools and adherence to global benchmarks ofquality hygiene and safety we continuously strive to achieve manufacturing excellence.

25. REPORTING OF FRAUDS:

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and / or Board under Section 143(12)of Act and Rules framed thereunder.

26. ENVIRONMENT HEALTH AND SAFETY (EHS) :

Jindal's EHS Management System provides a structured framework for managing theEnvironment and Occupation Health & safety risks and opportunities. Its implementationhelps the Company to ensure Zero effect to environment safe and healthy workplacesprevent work related injury ill health and continually improve EHS performance. TheCompany ensures that environment health and safety aspects are taken into considerationat each and every stage of its business operations. In the sustainability drive of theCompany it strongly believes that protection of environment is a crucial pillar fortriumphing the business growth and thus your Company aims at to reduce carbon footprintreuse and recycle materials promote renewable energy minimize waste and emissionsconserve energy and natural resources and ensures that operations and products of theCompany do not have any negative impact on the environment.

Further the Company continues to accord the highest priority to health and safety ofits employees and communities it operates in by focusing on establishment of safe workingenvironment through safety management systems procedures and its implementation. Itensures to make factory premises safe for its labor workforce and it retains with it theimportance of environmentally clean and safe operations. It imparts various health andsafety training to its employees/ labor/contractors on periodic basis so that necessaryprecautions could be taken up to prevent accidents in the factory premises of the Company.

Further to prevent the spread of Covid-19 pandemic since March 2020 resultantlockdowns then uplifting of lockdowns and then second wave of Covid-19 during the yearunder review the Company has been following all protocols and guidelines as issued byICMR- WHO in order to secure the employees and workers from any health hazard and thus ithas taken all the precautionary and safety measures such as mandatory usage of masks andhand gloves and frequent use of sanitizers social distancing thermal screening use ofdisinfectants & sanitization at its Corporate Office and factory premises.

27. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE :

Your Company has zero tolerance towards any kind of harassment including sexualharassment or discrimination. Pursunat to the compliance of the provisions of the SexualHarassment of Women at Workplace (Prevention Prohibition and Redressal) Act 2013 andRules framed thereunder the Company has formulated and implemented a policy"Prevention of Sexual Harassment" on prevention prohibition and redressal ofcomplaints related to sexual harassment of women at the workplace. All women employeeswhether permanent temporary or contractual are covered under the above policy. During theyear under review no complaints were reported in this regard.

Jindal Worldwide Limited always ensures to make the workplace discrimination andharassment free and endeavors to keep a safe secure transparent and friendly workingenvironment for its women employees.

28. HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

For Jindal human resource -the people are the backbone of its business. The Companybelieves that human resources are the most significant element responsible for anyorganization's growth. The Company continues to focus on attracting retaining anddeveloping the best in class talent to deliver on its goals of Growth Profitability andSustainability. The Company has systems and procedures in place to provide avenues toemployees for their all-round development enhancement of skills on professional andpersonal levels. It operates its business affairs in a fair and transparent manner andadheres to the highest standards of ethical behavior and integrate practices that supportenvironment human rights and labour laws. All these measures aid employee satisfactionand involvement resulting in maintenance of harmonious and cordial Industrial Relations.

29. CREDIT RATING :

The credit rating for the bank credit facilities of your Company was duly reviewed andreaffirmed by "Brickwork Ratings India Private Limited" on 28thAugust 2019 with rating "BWR AA-" for Fund based Credit Facilities and Rating"BWR A1+" for Non-Fund Based Credit Facilities aggregating to Rs.560.19 Croresin comparison to the previous limits of Fund based Credit Facilities and Non-Fund BasedCredit Facilities aggregating to Rs.589.90 Crores; the details of which are stated in theCorporate Governance Report which part of this Annual Report.

Pursuant to Regulation 30 of SEBI (LODR) Regulations 2015; necessary disclosures weremade to the Stock Exchanges in regards to same and also was updated on the website of theCompany alongwith the Credit Rating Rational Letters as issued by the said Credit RatingAgency.

30. CODES OF CONDUCT:

The implementation of Company's Code for Prohibition of Insider Trading exemplifies thespirit of good ethics and pursuant to Regulation 8 & 9 of SEBI (Prohibition of InsiderTrading) Regulations 2015; your Company has formulated implemented and has in place acomprehensive "Code of Fair Disclosure of Unpublished Price SensitiveInformation" & "Code of Conduct for Prevention of the Insider Trading"(hereinafter known as "Codes of Conduct") for regulating monitoring andreporting the trading by Designated persons of the Company which includes PromotersPromoter Group KMPs Directors Heads and such other employees of the Company and otherswho are expected to have access to unpublished price sensitive information and as may bedefined under the "Codes of Conduct".

The Codes of Conduct lays down guidelines advising the Designated Persons on proceduresto be followed and disclosures to be made while dealing with the shares of the Companyand cautioning them of consequences of violations. The Codes of Conduct are placed on thewebsite of the Company https://www.jindaltextiles.com/investor.php A declaration in regardto compliance with the Codes of Conduct for the Financial Year 2020-2021 has been receivedby the Company from the Managing Director and is duly annexed to the Corporate GovernanceReport which forms part of this Annual Report.

31. RELATED PARTY TRANSACTIONS:

Your Company has historically adopted the practice of undertaking related partytransactions only in the ordinary and normal course of business and at arm's length aspart of its philosophy for adhering to highest ethical standards transparency andaccountability.

During the Financial Year 2020-2021 your Company has entered into transactions withrelated parties as defined under Section 2(76) of the Companies Act 2013 read withrelevant rules all of which were in the ordinary course of business and on arm's lengthbasis and in accordance with the provisions of SEBI (LODR) Regulations 2015 and ofSection 188 of the Companies Act 2013 read with the relevant Rules issued thereunder.

Further there were no transactions with related parties which qualifies as materialtransactions under the Regulation 23 of SEBI (LODR) Regulations 2015 with its PromotersDirectors or the Management or their relatives and with its subsidiaries associateCompany/joint venture. There are no materially significant related party transactions thatmay have potential conflict with interest of the Company. In compliance of theaforementioned Regulation the Company has submitted the Statement of Related PartyTransactions for the half year ended 30th September 2020 and 31stMarch 2021 with the Stock Exchanges within the prescribed time frame.

In line with the provisions of the Companies Act 2013 and the SEBI (LODR) Regulations2015 the Board has approved a policy on Related Party Transactions. The "Policy onRelated Party Transaction" as approved by the Board is available on the website ofthe Company through weblink:http://www.jindaltextiles.com/investor-data/policies/RELATED_PARTY_ TRANSACTION_POLICY.pdf

Pursuant to Section 134 (3) (h) of the Companies Act 2013 a statement showingparticulars as "Not Applicable" of the contracts and arrangements with relatedparties under Section 188(1) of the Companies Act 2013 is annexed to the Board ofDirectors' Report as "Annexure-G" in the prescribed Form-AOC-2.

Pursuant to Schedule V Part A Para 2A of the SEBI (LODR) Regulations 2015 the listof Related Party Transactions entered into by the Company with the promoters of theCompany who holds 10% or more shareholding in the Company is as follows:

Names of Promoter who holds more than 10% shareholding % of shareholding Amount of Transaction Nature of Transaction
1. Amit Agrawal 19.22% Rs.24 Lakhs Director's Remuneration & Salary
2. Madhulika Agrawal 14.98 % NIL NA
3. Dr. Yamunadutt Agrawal 13.06 % NIL NA

All transactions with related parties were reviewed and approved by the Audit Committeeand the Board at proper intervals.

The above disclosure alongwith the other details of the Related Party Transactions asper Indian Accounting Standards (IND-AS 24) are set out in Notes to the Standalone &Consolidated Financial Statements of the Financial Year under review which forms a partof this Annual Report.

32. BUSINESS RESPONSIBILITY REPORT AND POLICY THEREOF :

{In pursuance to Regulation 34 of SEBI (LODR) Regulations 2015}

The 'Business Responsibility Report' of the Company for the Financial Year 2020- 2021describing the initiatives taken by it from an environmental social and governanceperspective in the specified format is annexed herewith as "Annexure-H" whichforms part of this Annual Report. Further the 'Business Responsibility Policy' isavailable on the website of the Company on the weblink:http://www.jindaltextiles.com/investor-data/policies/business_responsibility_policy.pdf

33. OTHER STATUTORY DISCLOSURES:

a. ) Deposits:

During the Financial Year under review your Company has not accepted any depositsunder Sections 73 and 74 of the Companies Act 2013 read with relevant rules thereof andthus the necessary disclosure and reporting as applicable in this regard has been compliedwith by the Company.

b. ) Transfer to Investor Education and Protection Fund (IEPF):

Your Company is in compliance with the provisions of the Sections 124 & 125 of theCompanies Act 2013 read with the IEPF Authority (Accounting Audit Transfer and Refund)Rules 2016 ("the Rules") as amended from time to time.

The details of its compliances are stated in the Corporate Governance Report whichforms part of this Annual Report.

c. ) Maintenance of Cost Records:

I n compliance with the provisions of Section 148(1) of the Companies Act 2013 yourCompany ensures the preparation and maintenance of cost records of the Company on annualbasis the cost audit of which is carried by the Cost Accountants of the Company M/s.K.V. Melwani & Associates Ahmedabad. In the Financial Year 2020-2021; the Company hascompleted with the Cost Audit of Financial Year 2019-2020.

d. ) Particulars of Loans Guarantees or Investment:

Pursuant to provisions of Section 186 of the Companies Act 2013 the description ofLoans granted Guarantees given and Investments made during the Financial Year underreview by the Company is disclosed in the Notes to the Financial Statements for theFinancial Year ended 31st March 2021 which forms part of this Annual Report.

e. ) Company Listed At:

Your Company's Equity Securities are listed at the "BSE Limited" w.e.f. 25thMarch 1996 and at "The National Stock Exchange of India Limited" w.e.f. 25thNovember 2010. The Listing fees of both the Stock Exchanges have been duly paid for theFinancial Year 2020-2021 and 2021-2022 within the prescribed timeframe as per SEBI (LODR)Regulations 2015 read with applicable Stock Exchange Circulars for extension of due datesof payment of Listing Fees for the Financial Year 2020-2021 due to COVID-19 pandemic.

Further the Company has also duly paid Annual Custody Charges to National SecuritiesDepository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for theFinancial Year 2020-2021 and 2021-2022.

f. ) Adherence to Statutory Compliances:

During the Financial Year under review the Company had complied with all the statutorycompliances of Companies Act 2013 SEBI (LODR) Regulations 2015 Secretarial Standardsissued by ICSI and with all other various laws provisions and Acts as may be applicableto the Company from time to time read with amendments/modifications therein.

g.) Changes in Share Capital:

The Equity Share Capital of the Company as at 31st March 2021 continues tostand same with no changes as on 31st March 2021. During the year underreview the Company has not issued shares with differential voting rights nor has grantedany stock options or sweat equity. As on 31st March 2021 none of theDirectors of the Company hold instruments convertible into equity shares of the Company.

The Share Capital Structure of the Company as on 31st March 2021 isprovided in the table underneath:

Share Capital Structure (including Capital & No. of Shares ):

Type of Capital No. of Shares Face Value (in Rs.) Total Share Capital (in Rs.)
Authorised Share Capital 300000000 1/- 300000000/-
Issued Paid Up and Subscribed Capital 200520400 1/- 200520400/-

h. ) Significant and Material Orders Passed By the Regulators:

During the Financial Year 2020-2021 no significant material orders has been passed bythe Regulators or Courts or Tribunals impacting the going concern status of your Companyand its operations in future.

i. ) Application Under The Insolvency And Bankruptcy Code 2016:

During the year under review your Company has neither made any application nor anyproceedings were initiated/ pending against the Company under the Insolvency andBankruptcy Code 2016 as at the year ended 31st March 2021.

j. ) Details Of Settlement Done With Banks Or Financial Institutions:

During the year under review there exist no such requirement of valuations and onetime settlement in respect to the loans availed from banks or financial Institutions andhence disclosure of details of difference between amount of the valuation done at the timeof one time settlement and the valuation done while taking loan from the banks orfinancial institutions along with the reason thereof is not applicable to the Company.

34. COVID-19 AND ITS IMPACT :

Further to the declaration of COVID-19 as the global pandemic in March 2020 by theWorld Health Organization [WHO] and its resultant impact at national and Global level; dueto multiple lockdowns and frequent resurgences in COVID-19 throughout the year underreview; on the economy and business operations across various sectors which has hinderedentire world; your Company has travelled hard to cope up with the mitigations occurredduring the ongoing pandemic journey. The COVID-19 pandemic is a distressing challenge inthe history of humankind which is not only testing individuals but also familiescommunities businesses nations and the global society alike. The leadership at Jindalhas handled the onset of this pandemic well and shifted to a remote delivery model withminimal loss of productivity.

Being the year under review was a Covid-19 year the operations of the Companyre-started w.e.f. 20th April 2020 with partial/ reduced capacity of workersand employees adhering to all the safety norms such as maintenance of social distancingwork from home facility sanitization thermal screening use of disinfectants masksgloves various vaccination drives and such other measures as prescribed by Government ofIndia from time to time with a paramount importance on safety of all employees theirfamilies and the communities. The Company has been defining certain Standard OperatingProcedures (SOPs) from time to time in sync with the hike or reduce in COVID-19 cases which are to be followed at workplace to prevent COVID-19.

Given the unprecedented impact that COVID-19 had on the business and in order toservice the debts by the Corporates the RBI has granted various schemes for industriesand has accorded the Banks to sanction additional Credit Limits to its Customers andaccordingly your Company has availed all such credit limits as which were been sanctionedby the bankers from time to time in respect to the ongoing working capital limits; whichhas again made your Company's liquidity to be suffice one for meeting out its day to daybusiness operations.

The Management believes that it has taken into account all the known impacts arisingfrom COVID-19 pandemic in the preparation of the Annual financial statements. However thepost-COVID landscape remains still unclear as the circumstances are still unprecedented.The Company continues to remain cautious and conservative in its approach and isoptimistic that business operations will continue to grow and expand its footprintglobally with a main focus on maintaining adequate surplus liquidity prudence in managingcredit and operations risk conserve capital and even sacrifice growth at the margin ifrequired. The impact assessment of COVID-19 is a continuing process given theuncertainties associated with its nature and duration. Management will continue to monitorany material changes to future economic conditions and the impact thereof on financialposition.

The impact of COVID-19 on the Annual financial statements of the Company is alsoseparately mentioned in the Notes to the Annual financial statements which forms part ofthis Annual Report.

35. JINDAL'S ACCOMPLISHMENTS AND ACCOLADES:

During the Financial Year under review your Company has accomplished a Best BrandAward by 'Gujarat Brand Leadership Awards 2020' on 6th November 2020.

Further the Chairman and Managing Director were been interviewed and featured inRs.The Textile Magazine' of January 2021 edition for sharing the journey of Jindal inbecoming the Best in the Textile Industry.

Your Company has again earned recognition with one of the most prestigious achievementsas Mr. Vikram Oza Director & CFO of the Company was selected and awarded as the Top100 CFOs in March 2021 in "CFO India's 11th Annual CFO 100 Roll ofHonour" for his outstanding competence in Corporate Banking and Finance. The Board ofDirectors congratulates him for such a splendid continuous achievements year by year forbeing categorized for two continuous times into the elite list of Top 100 CFOs of India.

The Company is really delighted and honored to have such an experienced SeniorManagement personnel on its Board who has been always advantageous to the Company and hasmade the Company proud.

36. ACKNOWLEDGEMENT & APPRECIATION:

The Board places on record its gratitude to all the Departments of Central and StateGovernment of India Reserve Bank of India Ministry of Corporate Affairs Securities andExchange Board of India Stock Exchanges Financial Institutions Banks Registrar andShare Transfer Agent and other Regulatory Authorities for their continued guidanceassistance and co-operation. The Board also places on record its sincere appreciation toits Management Directors to all of its business associates its valued customersvendors service providers its shareholders investors for their faith reposed in theCompany and to the Shareholders for their continued support.

The Board also expresses its heartfelt thanks and gratitude to each and every member ofJindal family and their families for their unstinted commitment and continued contributiontowards the Jindal who by demonstrating strong work ethics professionalism teamwork andinitiatives helped the Company continue to serve community and reinforce its customercentric image despite the challenging environment.

As the Company is approaching the new Financial Year 2021-2022 it is confident that itwill be able to overcome all the challenges that come its way with an vision of being oneof the largest textile Company in the world.

For and on behalf of the Board of Directors JINDAL WORLDWIDE LIMITED
Sd/-
Place : Ahmedabad (DR. YAMUNADUTT AGRAWAL) Chairman & Director
Date : 04th September 2021 DIN:00243192

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