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KRBL Ltd.

BSE: 530813 Sector: Agri and agri inputs
NSE: KRBL ISIN Code: INE001B01026
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OPEN 392.35
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VOLUME 21210
52-Week high 449.40
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P/E 16.33
Mkt Cap.(Rs cr) 9,146
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Sell Price 0.00
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OPEN 392.35
CLOSE 396.65
VOLUME 21210
52-Week high 449.40
52-Week low 184.85
P/E 16.33
Mkt Cap.(Rs cr) 9,146
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

KRBL Ltd. (KRBL) - Director Report

Company director report

DIRECTORS' REPORT

To

The Members

KRBL Limited 5190 Lahori Gate

Delhi - 110 006

Your Directors are delighted to present the 29th (Twenty Ninth) AnnualReport on Company's Business Operations along with the Audited Financial Statements(Standalone and Consolidated) for the financial year ended 31 March 2022.

1. RESULTS OF OUR OPERATIONS

The Company's financial performance for the year under review has been encouraging onthe backdrop of challenging conditions. Key aspects of Consolidated and StandaloneFinancial Performance of the Company for the current financial year 2021-22 along with theprevious financial year 2020-21 are tabulated below:

(Rs. in lacs except as stated)

Particulars

Consolidated

Standalone

Year Ended 31 March 2022 Year Ended 31 March 2021 Year Ended 31 March 2022 Year Ended 31 March 2021
Revenue from operations 421056 399188 421056 399188
Other income 4271 2268 4246 2243
Total income 425327 401456 425302 401431
Operating expenditure 354852 316966 354768 316808
Earnings before interest tax depreciation and amortization (EBITDA) 70475 84490 70534 84623
Finance costs 1340 2359 1340 2359
Depreciation and amortisation expense 7422 7195 7417 7190
Profit before tax (PBT) 61713 74936 61777 75074
Tax expense:
Current tax 16567 19824 16567 19824
Deferred tax (794) (779) (794) (779)
Profit for the year 45940 55891 46004 56029
Other comprehensive income/(loss) for the year 71 596 39 630
Total comprehensive income for the year 46011 56487 46043 56659
Earning per share (Face Value of '1 each)
- Basic (In Rs.) 19.52 23.74 19.54 23.80
- Diluted (In Rs.) 19.52 23.74 19.54 23.80

2. STATE OF COMPANY AFFAIRS

Your Company is focusing on the strategic pillars of cost efficiency programsinnovation brand building and distribution in order to sustain growth and profitability.While the inflationary environment continues to pose a challenge your Company maintaineda stable outlook on demand and showcased a strong performance during the financial year2021-22 under review. The highlights of the performance on a consolidated basis are asunder:

• Company's Revenue from operations stood at Rs.421056 lacs (31 March 2021Rs.399188 lacs).

• Company's Earnings before interest tax depreciation and amortisation (EBITDA)stood at Rs.70475 lacs (31 March 2021 Rs.84490 lacs).

• Company's Profit before tax (PBT) stood at Rs.61713 lacs (31 March 2021Rs.74936 lacs).

• The Company's Profit after tax (PAT) stood at Rs.45940 lacs (31 March 2021Rs.55891 lacs).

• Company's total comprehensive income for the year stood at Rs.46011 lacs (31March 2021 Rs. 56487 lacs).

• Company's Return on Capital Employed (ROCE) stood at 15%.

• Net Worth of the Company increased by 10% to Rs.407024 lacs (31 March 2021Rs.369251 lacs).

• The Company achieved 10% CAGR growth in net sales 12% CAGR growth in EBITDA and20% CAGR growth in Net Profit over the last decade.

• Earnings per Equity Share (EPS) for the year stood at Rs.19.52 (31 March 2021f23.74).

• The dividend proposed by the Company on the profits earned in FY 2021-22 was 350% (i.e. Rs.3.50 per equity share of face value of f1 each).

3. DIVIDEND

Premised on performance reported during the year along with strong financial positionof the Company the Board of Directors of the Company in their meeting held on 27 May2022 had recommended a Final Dividend @ 350% i.e. Rs.3.50 per equity share on235389892 equity shares having face value of Rs.1 each for financial year 2021-22absorbing a total dividend outgo of Rs.8239 lacs (excluding taxes). The proposed Dividendshall be paid subject to the approval of shareholders in the ensuing Annual GeneralMeeting (hereinafter referred to as "AGM") of the Company. The Final Dividend asrecommended by the Company is in accordance with the Dividend Distribution Policy of theCompany framed pursuant to Regulation 43A of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 (hereinafter referred to as "SEBI ListingRegulations"). The Dividend Distribution Policy of the Company may be accessed on theCompany's website at the weblink https://krblrice.com/policy-guidelines/REVISED_DIVIDEND_DISTRIBUTION_POLICY.pdf

4. NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE ITS SUBSIDIARIES JOINTVENTURES OR ASSOCIATE COMPANIES DURING THE FINANCIAL YEAR

During the financial year 2021-22 no entity became or ceased to be the SubsidiaryJoint Venture or Associate of the Company.

5. TRANSFER TO RESERVES

During the year under review there was no amount transferred to any of the reserves bythe Company.

6. SHARE CAPITAL

The paid-up Equity Share Capital of the Company as on 31 March 2022 is Rs.2354 lacs.There has been no change in the paid-up Equity Share Capital of the Company during thefinancial year. Further the Company has no other type of securities except equity sharesforming part of Equity Share Capital of the Company.

7. TRANSFER OF UNCLAIMED DIVIDEND/ SHARES TO INVESTOR EDUCATION & PROTECTION FUNDAUTHORITY

Pursuant to the provisions of Section 124 and 125 of the Companies Act 2013 read withRule 6 of the Investor Education and Protection Fund Authority (Accounting AuditTransfer and Refund) Rules 2016 (as amended from time to time) (IEPF Rules) alldividend which were unpaid or unclaimed for seven consecutive years or more are liable tobe transferred to the Investors Education and Protection Fund (IEPF) Authority.

Accordingly the Company transferred an amount aggregating Rs.760446 to the InvestorEducation and Protection Fund during the financial year 2021-22. This amount was lyingunclaimed with the Company for a period of seven years or more after the declaration ofdividend for the financial year 2013-14.

Further pursuant to the provisions of Section 124(6) of the Companies Act 2013 readwith the Rule 6 of the Investor Education and Protection Fund Authority (AccountingAudit Transfer and Refund) Rules 2016 (as amended from time to time) during thefinancial year 2021-22 the Company has transferred 3748 equity shares which belonged toa total of 29 shareholders whose dividend has not been paid or claimed for sevenconsecutive years or more to the demat account of IEPF Authority i.e. INVESTOR EDUCATIONAND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS bearing DP ID IN300708 andClient ID 10656671 being maintained with NSDL. Before transferring the above-mentionedshares the Company had published a newspaper advertisement and had also sent individualletters to the concerned shareholders who hadn't claimed or encashed their dividend forseven or more consecutive years.

8. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this Financial Statement relatesand till the date of this Report.

9. CHANGE IN THE NATURE OF BUSINESS IF ANY

There hasn't been any change in the nature of the business of the Company during thefinancial year 2021-22.

10. SEGMENT REPORTING

A separate reportable segment forms part of notes to the Financial Statements.

11. CASH FLOW STATEMENT

The Cash Flow Statement of the Company for the financial year ended on 31 March 2022has been prepared in accordance with Ind AS 7. The ‘Statement of Cash Flows' isattached and forms part of the Financial Statements of the Company.

12. FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

Pursuant to Regulation 25(7) of the SEBI Listing Regulations the Company familiarizesits Directors about their role and responsibilities at the time of their appointmentthrough a formal letter of appointment. Presentations and regulatory updates are regularlymade available at the meetings of the Board and its various Committees on the relevantmatters. All efforts are made to keep Independent Directors aware. The familiarization ofIndependent Directors may be accessed on the Company's website at the weblinkhttps://krblrice.com/wp-content/ uploads/2022/06/Familiarization.pdf

13. SUBSIDIARY COMPANY AND CONSOLIDATED FINANCIAL STATEMENTS

The Company has two Subsidiaries viz. KRBL DMCC Dubai (Comprises a step down WhollyOwned Subsidiary) and K B Exports Private Limited India. There is no Associate Companywithin the meaning of Section 2(6) of the Companies Act 2013. Further there hasn't beenany material change in the nature of the business of the Subsidiaries during the financialyear 2021-22.

The Consolidated Financial Statements of the Company for the financial year 2021-22 areprepared in compliance with applicable provisions of the Companies Act 2013 read withthe Rules issued thereunder applicable Indian Accounting Standards (Ind-As) and SEBIListing Regulations. The Consolidated Financial Statements have been prepared byconsolidating the audited Financial Statements of the Company and its Subsidiaries.Further pursuant to the proviso of sub section (3) of section 129 of the Companies Act2013 read with Companies (Accounts) Rules 2014 a separate statement containing thesalient features of the Financial Statements of Subsidiaries in the prescribed form AOC-1is attached as ‘Annexure 1' and forming part of this Report.

Pursuant to the provisions of Companies Act 2013 the Financial Statements of theSubsidiary Companies and the related information have also been made available forinspection by the members at the Corporate Office of the Company during business hours onall days except Sunday and Holiday upto the date of ensuing AGM of the Company. Anymember desirous of obtaining a copy of the said financial statements may write to theCompany Secretary at the Registered Office/Corporate Office of the Company. The FinancialStatements including the Consolidated Financial Statements Financial Statements ofSubsidiaries and all other documents are also available on the Company's websitewww.krblrice.com under the link Investor Relations.

14. BOARD OF DIRECTORS

Board Composition

As on 31 March 2022 the Company's Board has a strength of 9 (Nine) Directors including2 (Two) Woman Directors. The Chairman of the Board is an Executive Director. Thecomposition of the Board is as below:

Category Number of Directors % of Total Number of Directors
Executive Directors 4 44
Independent Non-Executive Directors 5 56

The detailed section on ‘Board of Directors' is also given in the ‘Report onCorporate Governance'.

Pursuant to the provisions of Section 149(13) of the Companies Act 2013 and theArticles of Association of the Company all Directors except Independent Directors areliable to retire by rotation. The Independent Directors of the Company are to hold officefor 5 (Five) consecutive years starting from 14 September 2019 to 13 September 2024(except for Ms. Priyanka Sardana who would hold the office for a period of 5 (Five)consecutive years w.e.f. 25 September 2019).

During the year Mr. Alok Sabharwal an Independent NonExecutive Director of theCompany ceased to be a Director on the Board of KRBL Limited w.e.f. the closure ofbusiness hours on 10 August 2021 due to the completion of his tenure. The Board placed onrecord their sincere appreciation for the guidance and contribution made by Mr. AlokSabharwal during his tenure.

Declaration by Independent Directors

All Independent Directors of the Company have given their declarations that they meetthe criteria of independence as laid down under Section 149(6) of the Companies Act 2013and Regulation 16(1)(b) of the SEBI Listing Regulations. In the opinion of the Board theIndependent Directors fulfil the criteria of independence specified in Section 149(6) ofthe Companies Act 2013 and Regulation 16(1)(b) of the SEBI Listing Regulations. TheIndependent Directors have also confirmed that they have complied with the Company's Codeof Business Conduct & Ethics laid down for the Board of Directors Senior ManagementPersonnel and other Employees.

Retirement by rotation and subsequent re-appointment

Pursuant to the provisions of Section 152 of the Companies Act 2013 and Article 126 ofthe Articles of the Association of the Company all directors except Independent Directorsshall be liable to retire by rotation and out of that one-third of such directors shallretire from the office every year. The directors who shall retire by rotation at every AGMshall be those who have been longest in the office since their last appointment. Furtherpursuant to the provisions of Section 149(13) of the Companies Act 2013 the retirementof directors by rotation shall not be applicable to the Independent Directors.

Accordingly Mr. Anoop Kumar Gupta (DIN: 00030160) the Joint Managing Director of theCompany being longest in his office amongst the Directors is liable to retire by rotationthis year. However being eligible he has offered his candidature for re-appointment.This shall not constitute a break in the office of Mr. Anoop Kumar Gupta as Joint ManagingDirector of the Company.

Re-appointment of Executive Director for a period of 5 (five) years

The Members at the 24th Annual General Meeting of the Company held on 26 September2017 had approved the re-appointment of Ms. Priyanka Mittal (DIN: 00030479) as a WholeTime Director of the Company for a period of five years with effect from 26 September 2017till 25 September 2022. The Board of Directors had based on the recommendation ofNomination and Remuneration Committee and subject to approval of the Members approved there-appointment of Ms. Priyanka Mittal as Whole Time Director of the company for a furtherperiod of five years w.e.f 26 September 2022 to 25 September 2027.

Brief resume of the Directors being re-appointed

As required pursuant to the Regulation 36(3) of the SEBI Listing Regulations andSecretarial Standards-2 on General Meetings the brief resume of Mr. Anoop Kumar Gupta andMs. Priyanka Mittal seeking re-appointment which inter-alia includes the particularsw.r.t. the experience and expertise list of other Companies in which Mr. Anoop KumarGupta and Ms. Priyanka Mittal are holding Directorships CommitteeMemberships/Chairmanships and Inter-se relationships with other Directors is provided inthe Notice calling AGM of the Company.

The Company is seeking approval of Shareholders for the reappointment of Mr. AnoopKumar Gupta and Ms. Priyanka Mittal and the same is included in the Notice calling AGM ofthe Company. The Board recommends the re-appointment of Mr. Anoop Kumar Gupta and Ms.Priyanka Mittal in the ensuing AGM of the Company.

15. AUDIT COMMITTEE

In compliance with the provisions of Section 177 of the Companies Act 2013 andRegulation 18 of the SEBI Listing Regulations as on 31 March 2022 the Audit Committee ofKRBL Limited comprises of the following 5 (Five) Members out of which 4 (Four) Membersare Independent NonExecutive Directors and 1 (One) is Executive Director:

Name Designation Category
Mr. Devendra Kumar Agarwal Chairman Independent NonExecutive Director
Mr. Anoop Kumar Gupta Member Executive & Joint Managing Director
Mr. Ashwani Dua Member Independent NonExecutive Director
Mr. Shyam Arora Member Independent NonExecutive Director
Mr. Vinod Ahuja Member Independent NonExecutive Director

The recommendation made by the Audit Committee from time to time were accepted by theBoard of Directors. The details of the Terms of Reference Number of Audit Committeemeetings held during the year and attendance of Audit Committee Members at such meetingsetc. are provided in the Report on Corporate Governance.

16. KEY MANAGERIAL PERSONNELS

The details of Key Managerial Personnels (KMPs) of the Company in accordance with theprovisions of Section 2(51) and Section 203 of the Companies Act 2013 read with rulesframed thereunder are as follows:

S.No. Name of KMPs Designation
1. Mr. Anil Kumar Mittal Chairman & Managing Director
2. Mr. Arun Kumar Gupta Joint Managing Director
3. Mr. Anoop Kumar Gupta Joint Managing Director
4. Ms. Priyanka Mittal Whole Time Director
5. Mr. Ashish Jain Chief Financial Officer
6. Mr. Raman Sapra Company Secretary

During the year Mr. Rakesh Mehrotra had retired from the position of Chief FinancialOfficer and Key Managerial Personnel of the Company w.e.f. the closure of business hourson 31 October 2021 and Mr. Ashish Jain was appointed as Joint Chief Financial Officerunder the category of Key Managerial Personnel of the Company w.e.f. 13 September 2021 anddesignated as Chief Financial Officer and Key Managerial Personnel w.e.f. 01 November2021.

17. POLICY ON REMUNERATION OF DIRECTORS KEY MANAGERIAL PERSONNEL SENIOR MANAGEMENTPERSONNEL AND OTHER EMPLOYEES

The remuneration paid to the Executive Directors is in accordance with the Nominationand Remuneration Policy of KRBL Limited formulated in accordance with Section 134(3)(e)and Section 178(3) of the Companies Act 2013 read with Regulation 19 of the SEBI ListingRegulations (including any statutory modification(s) or re-enactment(s) thereof for thetime being in force). The salient aspects covered in the Nomination and RemunerationPolicy has been outlined below:

i) To identify and ascertain the integrity qualification expertise and experience ofthe person for appointment as Director KMP or at any Senior Management level andrecommend to the Board his / her appointment.

ii) To devise the criteria for determining qualifications positive attributes andindependence of a Director and recommend to the Board a policy relating to theremuneration for the Directors Key Managerial Personnel Senior Management Personnel ofthe Company.

iii) To devise the criteria for evaluation of performance of the Independent Directorsand the Board of Directors.

iv) To evaluate the performance of the Members of the Board and provide necessaryreport to the Board for further evaluation of the Board. Further to determine whether toextend or continue the term of appointment of an Independent Director on the basis of thereport of performance evaluation of the Independent Directors.

v) To recommend to the Board on all remuneration in whatever form payable to theDirectors the Key Managerial Personnel and the Senior Management.

vi) To develop a succession plan for the Board and the Senior Management and toregularly review the plan.

vii) To assist the Board in fulfilling all other responsibilities as may be expectedfrom the Nomination and Remuneration Committee of the Company.

The full version of the Nomination and Remuneration policy of KRBL Limited may beaccessed on the Company's website at the weblink https://krblrice.com/policy-guidelines/nomination-renumeration-policy.pdf

18. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS HELD DURING THE FINANCIAL YEAR 2021-22

During the financial year 2021-22 5 (Five) Meetings of the Board of Directors wereheld on 29 June 2021 13 August 2021 04 September 2021 08 November 2021 and 12 February2022. For details thereof kindly refer to the section ‘Board Meetings and Procedures- Details of the Board Meetings held and attended by the Directors during the financialyear 2021-22' in the Report on Corporate Governance.

19. PERFORMANCE EVALUATION OF THE BOARD ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The ultimate responsibility for sound governance and prudential management of a companydawns with its Board. Hence the Board must remain continually energized proactive andeffective.

The Board evaluated the effectiveness of its functioning and that of the Committees andindividual Directors by seeking their inputs on various aspects of Corporate Governance.

The aspects covered in the evaluation include the contribution to and monitoring of thecorporate governance practices participation in the long-term strategic planning and thefulfillment of Directors' obligations and fiduciary responsibilities including but notlimited to active participation in the Board and Committee Meetings.

The Companies Act 2013 not only mandates the Board and Director's evaluation but alsorequires the evaluation to be formal regular and transparent. Subsequently the SEBIListing Regulations also contain the provisions regarding the requirement of performanceevaluation of the Independent Directors by the entire Board of Directors.

Following the framework as recommended by the Nomination and Remuneration Committeeand approved by the Board of Directors the Board of Directors of the Company in itsmeeting held on 12 February 2022 had carried out the performance evaluation process.

The Independent Directors of the Company met separately without the presence of theNon-Independent Directors and inter-alia reviewed the performance of the Members ofManagement the Non-Independent Directors and the Board as a whole. Further theperformance of the Chairman of the Company and the Committees were also reviewed in thismeeting. The performance review was conducted taking into consideration the views of theExecutive and NonExecutive Directors.

In compliance with the provisions of the SEBI Listing Regulations the Board ofDirectors has also evaluated every Independent Director's performance during the financialyear.

The Board Members had submitted to the Nomination and Remuneration Committee theirresponse in the form of scaling from 5 (Excellent) to 1 (Performance Needs Improvement)for evaluating the entire Board respective Committees of which they are members and oftheir peer Board Members including Chairman of the Board.

The Nomination and Remuneration Committee has also evaluated every Director'sperformance.

The Directors expressed their satisfaction with the evaluation process.

It was further acknowledged that every individual Member and Committee of the Boardcontributed to the best of their abilities in the overall growth of the organization.

20. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions under Section 134(5) of the Companies Act 2013 withrespect to the Directors' Responsibility Statement the Directors confirm:

i) that in the preparation of the Annual Accounts for the financial year ending on 31March 2022 the applicable

Indian Accounting Standards (Ind AS) have been followed and that there are no materialdepartures;

ii) that appropriate accounting policies have been selected and applied consistently.Further judgments and estimates that are reasonable and prudent have been made so as togive a true and fair view of the state of affairs as at 31 March 2022 and of the profit ofthe Company for the financial year ending on 31 March 2022;

iii) that 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 or any otherirregularities;

iv) that the Annual Financial Statements for the financial year ending on 31 March 2022have been prepared on a going concern basis;

v) that the Director's had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and

vi) that the Director's had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

21. OPERATIONS PERFORMANCE AND FUTURE OUTLOOK OF THE COMPANY

A detailed review of the operations the performance and future outlook of the Companyare being given separately under the head ‘Management Discussion and Analysis' Reportpursuant to Regulation 34 read with Part B of Schedule V of the SEBI Listing Regulationsthe same is annexed and forming part of this Report.

22. CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION ADAPTATIONAND INNOVATION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Pursuant to provisions of Section 134(3)(m) of the Companies Act 2013 read with rulesframed thereunder the details of activities in the nature of Conservation of EnergyResearch and Development Technology Absorption Adaptation and Innovation and ForeignExchange Earnings and Outgo are attached as ‘Annexure 2' and forming part ofthis Report.

23. DETAILS PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT 2013

The particulars regarding the remuneration of the Directors and the KMPs as per Section197 of the Companies Act 2013 read with rules framed thereunder are attached as "Annexure3" and forming part of this Report. In terms of the first proviso to Section136(1) of the Companies Act 2013 the report and accounts are being sent to the membersand others entitled thereto excluding the information on Employees' remunerationparticulars mentioned under Section 197(12) of the Companies Act 2013 read with Rule 5 ofthe Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014. The saidinformation is available for inspection by the Members during business hours on all daysexcept Sunday and Holidays. Any Member interested in inspecting the same may write to theCompany Secretary at the Registered Office/Corporate Office of the Company.

24. ANNUAL RETURN

Pursuant to the provisions of Section 92(3) read with Section 134(3)(a) of theCompanies Act 2013 and Companies (Management and Administration) Rules 2014 the draftAnnual Return of the Company containing the particulars as prescribed under Section 92 ofthe Companies Act 2013 in Form MGT-7 is available on the Company's website at the weblink https://krblrice.com/fy-2022/annual-report/MGT-7_ Annual-Return_FY-2021-22.pdf

25. AUDITORS AND AUDITORS' REPORT

I) STATUTORY AUDITORS

Pursuant to the provisions of Section 139 of the Companies Act 2013 M/s. WalkerChandiok & Co LLP Chartered Accountants (Firm Registration No. 001076N/N500013) wereappointed as the Statutory Auditors of the Company by the Shareholders in the 25thAGM of the Company held on 20 August 2018 for a period of 5 years i.e. to hold office tillthe conclusion of the 30th AGM to be held in the calendar year 2023. Therequirement to place the matter relating to ratification of appointment by shareholders atevery AGM has been done away by the Companies (Amendment) Act 2017 w.e.f. 07 May 2018.

The observations made by the Statutory Auditors in their Report on the Audit of theFinancial Statements (Standalone and Consolidated) and the notes on Financial Statementsreferred to in the Auditors' Report are self-explanatory and do not call for any furthercomments.

The Auditors' Report on the Financial Statements (Standalone and Consolidated) containsa qualified opinion provided hereunder:-

Qualified Opinion in the Auditors' Report on the Standalone Financial Statements:

As stated in Note 48(A)(4) to the Standalone Financial Statements the EnforcementDirectorate (‘ED') is investigating the Company's Joint Managing Director Mr. AnoopKumar Gupta (‘JMD') under the Prevention of Money Laundering Act 2002 for allegedinvolvement in Agusta Westland case. Further the ED has filled criminal complaint andmade certain allegations against the Company KRBL DMCC (a subsidiary of the Company) andJMD. As further described in the said note a review of the impact of allegations on thefinancial statement and its control environment was performed by an independentprofessional firm appointed by the Board of Directors and in our view as per their reportthere is no conclusive evidence to ascertain impact of the aforesaid matter on thefinancial statement of the Company and its control environment. Pending the completion ofongoing investigation of the above matter by regulatory authorities we are unable tocomment on any adjustment that may be required to the standalone financial statements inthis respect.

Qualified Opinion in the Auditors' Report on the Consolidated Financial Statements:

As stated in Note 47(A)(4) to the Consolidated Financial Statements the EnforcementDirectorate (‘ED') is investigating the Holding Company's Joint Managing Director Mr.Anoop Kumar Gupta (‘JMD') under the Prevention of Money Laundering Act 2002 foralleged involvement in Agusta Westland case. Further the ED has filled criminal complaintand made certain allegations against the Holding Company KRBL DMCC (a subsidiary of theHolding Company) and JMD. As further described in the said note a review of the impact ofallegations on the financial statement and its control environment was performed by anindependent professional firm appointed by the Board of Directors and in our view as pertheir report there is no conclusive evidence to ascertain impact of the aforesaid matteron the financial statement of the Holding Company and its control environment. Pending thecompletion of ongoing investigation of the above matter by regulatory authorities we areunable to comment on any adjustment that may be required to the consolidated financialstatements in this respect.

The response of your Directors on the observation made by the Statutory Auditor is asfollows:-

The Company's Joint Managing Director Mr. Anoop Kumar Gupta (‘JMD') had beendetained and released on bail by the Directorate of Enforcement (‘ED') pursuant tocertain allegations against the Company KRBL DMCC (a subsidiary of KRBL Limited) and JMD.As per criminal complaint filed it is alleged that M/s Rawasi Al Khaleej General TradingLLC (‘RAKGT') had received proceeds of crime of USD 24.62 million in AgustaWestlandcase during the period 2008-2010 which in turn had been transferred to KRBL Limitedthrough KRBL DMCC. Basis the affidavit filed by Balsharaf Group (one of the Customer ofthe Company) in the Hon'ble High Court of Delhi in the said matter the amount of USD24.62 million had been received by RAKGT in the account of Balsharaf Group. Pursuant tothis ED had attached 14333221 shares of Balsharaf Group held in KRBL Limited. Based onthe opinion taken from the independent legal counsel the management is of the view thatsince the investigation is still ongoing no adverse opinion can be drawn.

The Company had appointed an independent professional firm (‘IP') to review theaforesaid allegations to assess the impact if any on the financial statement andcontrol environment of the Company. Subsequent to the year ended 31 March 2022 the IP hasissued a report to the Board of Directors with respect to the aforesaid review. The boardof the directors has discussed and approved the report and has responded to theobservation contained therein basis that no further action is proposed.

II) COST AUDITORS

As per Section 148 of the Companies Act 2013 read with notification issued by Ministryof Corporate Affairs regarding the Cost Audit of power segment the Company is required toconduct the audit of its Cost Records pertaining to power segment by a Cost Accountant inPractice. In this connection considering the recommendation of Audit Committee the Boardof Directors had approved the re-appointment of M/s. HMVN & Associates CostAccountants having their office at 1011 Pearls Best Heights-II C-09 Netaji SubhashPlace Pitampura Delhi-110 034 as Cost Auditors of the Company to conduct the Cost Auditfor the financial year 2022-23.

As required under the provisions of Companies Act 2013 a resolution seeking membersapproval for the Ratification and confirmation of remuneration of Cost Auditors for thefinancial year 2022-23 forms part of the Notice calling AGM of the Company.

The Company is maintaining the requisite cost records pertaining to power segment whoseturnover for the financial year 2021-22 is Rs.11153 lacs (excluding interunit sale).

Further the Cost Audit Report for the financial year 2020- 21 has been filed withMinistry of Corporate Affairs.

III) SECRETARIAL AUDITORS

As required under Section 204(1) of the Companies Act 2013 read with rules framedthereunder M/s. DMK Associates Company Secretaries having their office at 31/36Basement Old Rajender Nagar Delhi-110 060 was appointed to conduct the SecretarialAudit Function of the Company.

The Secretarial Audit Report for the financial year 2021- 22 as submitted by M/s DMKAssociates in the prescribed form MR-3 is attached as ‘Annexure 4' and formingpart of this Report.

The observations given by the Secretarial Auditors in its Secretarial Audit Reportalong with explanation to the same is as below:

It is observed that certain statutory requirements of general laws applicable on thecompany's units located at Alipur Delhi have not been complied with however as perinformation provided it was informed that only sorting / grading / packing of riceactivity are done at the said unit and the unit has no production capacity.

The Company is taking all necessary steps to comply with the observations of theSecretarial Auditors as mentioned in the Secretarial Audit Report.

IV) INTERNAL AUDITORS

The Company has appointed M/s. S S Kothari Mehta & Co. Chartered Accountantshaving their office at Plot No. 68 Okhla Industrial Area Phase-III New Delhi-110 020as the Internal Auditor of the Company to focus on Internal Audit functions of theCompany. The independence of the audit and compliance is ensured by direct reporting ofInternal Audit Team to the Audit Committee of the Company.

26. CORPORATE GOVERNANCE

At KRBL Limited it is our firm belief that the essence of good Corporate Governancelies in the phrase ‘Your Company'. It is ‘Your Company' because it belongs toyou - the Stakeholders. The Chairman and the Directors are ‘Your' fiduciaries andtrustees.

Your Company has periodically updated its corporate governance guidelines. We have alsosincerely followed the best practices to boost the long-term shareholder value and also torespect the minority rights. We also perceive it our inherent responsibility to disclosetimely and accurate information regarding our financials and performance as well as theleadership and governance of the Company.

Your Company is devoted to benchmarking itself with best global standards for providinggood corporate governance. The Companies Act 2013 and the SEBI Listing Regulations havestrengthened the governance regime in the Country. Your Company complies with thegovernance requirements provided under SEBI Listing Regulations.

The Board has also evolved and implemented a Code of Conduct based on the principles ofgood corporate governance and best management practices adopted globally. The Code isavailable on the Company's website at the weblink: https://krblrice.com/codes/Code-of-

Business-Conduct-and-Ethics.pdf A separate section titled ‘Report on CorporateGovernance' has been included in this Annual Report along with Secretarial AuditorsCertificate on Corporate Governance.

The Company has also adopted the below mentioned policies and codes in line with thecorporate governance requirements:

• Policy on Preservation of Documents and Archival.

• Policy on Sexual Harassment (Policy on POSH).

• Nomination and Remuneration Policy.

• Vigil Mechanism (Whistle Blower Policy).

• Corporate Social Responsibility Policy.

• Dividend Distribution Policy.

• Policy for Determination of Materiality for Disclosure of Event or Information.

• Policy on Related Party Transactions.

• Policy for Determining Material Subsidiaries.

• Policy on Board Diversity.

• Code of Practice and Procedure for Fair Disclosure of Unpublished PriceSensitive Information.

• Code of Conduct to Regulate Monitor and Report Trading by Insiders.

• Code of Business Conduct and Ethics for the Board of Directors SeniorManagement Personnel and Other Employees.

All the above-mentioned policies and codes are made available on the Company's websiteunder the link https://krblrice.com/

27. CORPORATE SOCIAL RESPONSIBILITY (CSR)

KRBL Limited believes that sustainable business growth rests on the triple bottom lineapproach the growth of our people safeguarding the environment where we operate andprofit from our business operations. We also understand that the wellbeing of thecommunity where we operate helps us grow our business and hence we value people around ouroperating facilities and promote inclusive growth.

We endeavour to serve society and achieve excellence. We emphasize on improving thequality of life and engage with the communities by ensuring environmental sustainabilitypromoting healthcare education and other related activities.

Pursuant to Section 135 of the Companies Act 2013 read with rules framed thereunderthe Company is having in place the Corporate Social Responsibility (cSr) Committee underthe chairmanship of Mr. Anil Kumar Mittal Chairman & Managing Director. The otherMembers of the Committee are Mr. Anoop Kumar Gupta Joint Managing Director Ms. PriyankaMittal Whole Time Director and Mr. Ashwani Dua and Mr. Vinod Ahuja IndependentNon-Executive Directors.

The Company's policy on CSR envisages expenditure in areas falling within the purviewof Schedule VII of the Companies Act 2013 and as permitted under the applicable laws. Thedetailed CSR policy is available on the Company's website at the weblinkhttps://krblrice.com/policy- guidelines/policy-corporate-social-responsibility.pdf

The Annual Report on CSR activities is attached as ‘Annexure 5' and formingpart of this Report.

28. BUSINESS RESPONSIBILITY REPORT (BRR)

In compliance with the SEBI Listing Regulations the BRR disclosures are part of theAnnual Report. It aims at describing KRBL's initiatives in discharging responsibilitiesfrom an Environmental Social and Governance perspective. The BRR is attached as ‘Annexure6' and forming part of this Report.

29. INTERNAL FINANCIAL CONTROL (IFC) SYSTEM AND THEIR ADEQUACY

Pursuant to the provisions of Section 134(3)(q) of the Companies Act 2013 and Rule8(5)(viii) of the Companies (Accounts) Rules 2014 the term Internal Financial Control(IFC) means the policies and procedures adopted by the Company for ensuring the orderlyand efficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation of reliablefinancial information.

The Company has implemented an internal control system commensurate with the sizescale and complexity of its operations. The Company has in place adequate controlsprocedures and policies ensuring orderly and efficient conduct of its business includingadherence to the Company's policies safeguarding of its assets prevention and detectionof frauds and errors accuracy and completeness of accounting records and timelypreparation of reliable financial information.

The effectiveness of the IFC System of the Company is assessed by way of reporting bythe independent professional firm on the testing of its design and operating effectivenessfor the Financial Year ended 31 March 2022 who have confirmed in their report that theCompany has in all material respects adequate IFCs and such IFCs were operatingeffectively as of 31 March 2022 based on IFC criteria established by the Companyconsidering the essential components of internal controls stated in the Guidance Note onAudit of Internal Financial Controls issued by the Institute of Chartered Accountants ofIndia.

Further Audit Committee interacts with the aforementioned independent professionalfirm the Statutory Auditors and the Management in dealing with matters within its termsof reference. During the year under review such controls were assessed and no reportablematerial weakness in the design or operations was observed. Accordingly the Boardbelieves that the Company's IFCs were adequate and effective during Financial Year2021-22.

Kindly refer Statutory Auditors Report on IFC forming part of the Financial Statementswhich is with qualified opinion.

30. RISK MANAGEMENT

Risk management is integral to the Company's strategy and for the achievement of thelong-term goals. With the continuation of the COVID-19 pandemic the challenges ofuncertain lockdowns unlock phases health hazards and

supply chain disruptions across the globe continued to impact the business. The Companyhas an elaborate Risk Management Framework which is designed to enable risks to beidentified assessed and mitigated appropriately. The Board of Directors of the Companyhas constituted Risk Management Committee which has interalia been entrusted with theresponsibility of Overseeing implementation/Monitoring of Risk Management Plan and Policy;and continually obtaining reasonable assurance from management that all known and emergingrisks have been identified and mitigated or managed. The Board of Directors inconsultation with the Risk Management Committee has also developed Risk Management Policyfor the Company which articulates the Company's approach to address the uncertainties ofelements of risk in its endeavour to achieve its stated and implicit objectives.

31. RATINGS

During the financial year 2021-22 the Company is holding various ratings which are asfollows:

• CARE: In September 2021 "CARE" has reviewed and assigned"[CARE] A1+" rating for Commercial Paper (CP) Limits of KRBL Limited.

• ICRA: In November 2021 "ICRA" has reviewed and assigned"[ICRA]AA- (Stable)" rating for Bank Limits on Long term scale"[ICRA]A1+" rating for Bank Limits on Short term scale and Commercial Paper (CP)Limits of KRBL Limited.

32. DISCLOSURE ON DEPOSITS UNDER CHAPTER V

The Company has neither accepted nor renewed any Deposits during the financial year2021-22 in terms of Chapter V of the Companies Act 2013. Further the Company is nothaving any Unpaid or Unclaimed Deposits at the end of the Financial Year 2021-22.

33. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE

The Company is committed in providing a protective environment at the workplace for allits women employees. The Company dedicatedly emphasised on creating a work environmentwhere every woman employee is treated with dignity and respect as mandated under"The Sexual Harassment of Woman at Workplace (Prevention Prohibition and Redressal)Act 2013". The Company has in place a formal policy on the prevention of SexualHarassment at the Workplace (Policy on POSH) and has also constituted an InternalComplaint Committee at all its respective locations in compliance with the requirement ofthe Act. The policy is available on the Company's website at the weblinkhttps://krblrice.com/policy-guidelines/ SEXUAL%20HARASSMENT%20POLICY.pdf

The Company hasn't received any Complaints on Sexual Harassment during the financialyear under review. The Internal Complaint Committees of the Company has also submitted itsAnnual Report on Sexual Harassment to Mr. Anoop Kumar Gupta Joint Managing Director andalso to the Concerned District Officers where the Committee locates declaring that noComplaints were received during the financial year.

34. DEPOSITORY SYSTEM

The Company's shares are compulsorily tradable in electronic form. As of 31 March 202299.95% of the Company's Paid-up Equity Share Capital representing 235262540 equityshares are in dematerialized form with both the Depositories.

The Company has established connectivity with both Depositories viz. NationalSecurities Depository Limited (NSDL) and Central Depository Services (India) Limited(CDSL). Considering the numerous advantages offered by the Depository System membersholding shares in physical mode are requested to avail the dematerialization facility witheither of the Depositories.

The Company has appointed M/s. Alankit Assignments Limited a Category-I SEBIregistered RTA as its Registrar and Share Transfer Agent across a physical and electronicalternative.

35. CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES

During the year under review there was no change in Capital Structure and Listing ofShares. The Company's shares are listed and actively traded on the below mentioned StockExchanges:-

I. National Stock Exchange of India Limited (NSE)

"Exchange Plaza" C-1 Block G

Bandra-Kurla Complex

Bandra (East) Mumbai - 400 051

II. BSE Limited (BSE)

Phiroze Jeejeebhoy Towers

Dalal Street

Mumbai - 400 001

36. PARTICULARS OF LOAN(S) GUARANTEE(S) OR INVESTMENT(S) UNDER SECTION 186 OF THECOMPANIES ACT 2013

During the financial year 2021-22 the Company has neither made any investment(s) norgiven any loan(s) or guarantee(s) or provided any security as prescribed under Section 186of the Companies Act 2013.

37. PARTICULARS OF LOAN(S) FROM DIRECTORS UNDER SECTION 73 OF THE COMPANIES ACT 2013READ WITH COMPANIES (ACCEPTANCE OF DEPOSITS) RULES 2014

During the financial year 2021-22 the Company has availed loan of Rs.2033 lacs fromDirectors. The declarations in writing to the effect that the amount is not being givenout of funds acquired by them by borrowing or accepting loans or deposits from others hasalso been received by the Company from the concerned Directors.

38. CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188(1) OF THECOMPANIES ACT 2013

During the financial year 2021-22 the Company has entered into transactions withRelated Parties. The transactions as entered into by the Company with the Related Partieswere in the ordinary course of business and on an arm's length basis are in accordancewith the provisions of the Companies Act 2013 read with the rules framed thereunder andSEBI Listing Regulations. Further there were no transactions with Related Parties whichqualify as Material Transactions under the SEBI Listing Regulations.

The Audit Committee of KRBL Limited has considered approved and recommended to Boardfor Omnibus Approval and criteria for Omnibus Approval for entering into transactions withRelated Parties for the financial year 2021-22 which was further approved by the Board.The transactions entered pursuant to the Omnibus Approval so granted and a statementgiving details of all transactions with Related Parties are placed before the AuditCommittee for their periodical review. The details of the Related Party Transactions asper Indian Accounting Standard (Ind AS) 24 are set out in Note 47 to the StandaloneFinancial Statements forming part of this Report.

Further pursuant to the provisions of Section 188 of the Companies Act 2013 read withrules framed thereunder the disclosure of particulars of contracts/ arrangements withRelated Parties in Form AOC-2 is attached as ‘Annexure 7' and forming part ofthis Report.

The Company has also adopted a Policy on Related Party Transactions the same is alsoavailable on the Company's website at the weblink https://krblrice.com/wp-content/uploads/2022/03/1 .-Policy-on-Related- Party-Transactions..pdf

39. DISCLOSURE ON VIGIL MECHANISM (WHISTLE BLOWER POLICY)

Pursuant to the provisions of Section 177(9) of the Companies Act 2013 and Regulation22 of SEBI Listing Regulations the Company has established a mechanism called ‘VigilMechanism (Whistle Blower Policy)' for Directors and Employees to report unethicalbehavior actual or suspected fraud or violation of the Company's code of conduct orethics policy and provides safeguards against victimization of employees who avail themechanism. The policy permits all the Directors and Employees to report their concernsdirectly to the Chairman of the Audit Committee of the Company. The Company has notreceived any complaint from any Whistle Blower during the financial year 2021-22.

The Vigil Mechanism (Whistle Blower Policy) as approved by the Board is uploaded on theCompany's website at the weblink https://krblrice.com/policy-guidelines/Vigil-Mechanism-(Whistle-Blower%20Policy).pdf

40. ENVIRONMENT HEALTH AND SAFETY

The Company continues to focus on employee well-being developing safe and efficientproducts and minimizing the environmental impact of our operations on society. The Companyis conducting its operations in such a manner so as to ensure the safety of all concernedcompliances of environmental regulations and preservation of natural resources.

For the safety and protection of Employees the Company has formulated and implementeda policy on the prevention of Sexual Harassment at the Workplace with an effectivemechanism of lodging complaints.

41. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALSIMPACTING THE GOING CONCERNS STATUS AND COMPANY'S OPERATIONS IN FUTURE

No significant and material order has been passed by the regulators courts andtribunals impacting the going concern status and the Company's operations in future.

42. DISCLOSURE ON MATERIAL LEGAL CASES

I) INCOME TAX DEMAND

During the year ended 31 March 2019 the Company had received assessment orders alongwith demand notices under Section 153A/143(3) of the Income-tax Act 1961 with respect toassessment years 2010-11 to 2016-17 aggregating to Rs.126920 lacs (including interest)which was contested by the Company before CIT (Appeals) New Delhi. The Hon'bleCIT(Appeals) vide its order dated 11 March 2020 granted partial relief to the Company andreduced the said demand to Rs.9883 lacs (including interest). The Company had alreadydeposited an amount of Rs. 18990 lacs (net of refund) under protest in respect of taxdemand raised by the Income Tax Department (‘ITD').

Later the Company and the ‘ITD' had filed appeals before the Hon'ble Income TaxAppellate Tribunal (Hon'ble Tribunal) New Delhi for the matters sustained and set-asideat the CIT (Appeals) levels respectively. Further the Company had also received penaltyorders for AY 2010-11 to 201617 on the issues sustained by CIT(A) to the tune of $ 1 1896lacs against which appeals was filed before CIT(A).

Subsequent to the year ended 31 March 2022 the Hon'ble Tribunal vide its consolidatedorder dated 9 May 2022 has granted relief in favour of the Company reducing the liabilityto Rs.96 lacs (including interest) and has dismissed all the appeals filled by ITD. Thesustained matter by the Hon'ble Tribunal has been remanded back to the Income-tax officerfor further review.

Simultaneously CIT(A) has also quashed the demand of penalty raised by the AssessingOfficer of Rs.11896 lacs. At the year end the management has assessed Rs.96 lacs ascontingent liability and is evaluating available legal remedies.

II) 9TH SUPPLEMENTARY COMPLAINT UNDER PMLA FILED BY THE DIRECTORATE OF ENFORCEMENT (ED)

The Company's Joint Managing Director Mr. Anoop Kumar Gupta (‘JMD') had beendetained and released on bail by the Directorate of Enforcement (‘ED') pursuant tocertain allegations against the Company KRBL DMCC (a subsidiary of KRBL Limited) and JMD.As per criminal complaint filed it is alleged that M/s Rawasi Al Khaleej General TradingLLC (‘RAKGT') had received proceeds of crime of USD 24.62 million in AgustaWestlandcase during the period 2008-2010 which in turn had been transferred to KRBL Limitedthrough KRBL DMCC. Basis the affidavit filed by Balsharaf Group (one of the Customer ofthe Company) in the Hon'ble High Court of Delhi in the said matter the amount of USD24.62 million had been received by RAKGT in the account of Balsharaf Group. Pursuant tothis ED had attached 14333221 shares of Balsharaf Group held in KRBL Limited. Based onthe opinion taken from the independent legal counsel the management is of the view thatsince the investigation is still ongoing no adverse opinion can be drawn.

The Company had appointed an independent professional firm (‘IP') to review theaforesaid allegations to assess the impact if any on the financial statement andcontrol environment of the Company. Subsequent to the year ended 31 March 2022 the IP hasissued a report to the Board of Directors with respect to the aforesaid review. The boardof the directors has discussed and approved the report and has responded to theobservation contained therein basis that no further action is proposed.

The management of the Company is confident that the above stated matter will beresolved soon.

Since a complaint has been filed it will take its legal recourse however Neither KRBLnor anyone associated with it ever directly or indirectly indulged in any unethicalpractice whatsoever. KRBL always believes in the highest standards of corporategovernance and transparency and is determined to take effective steps.

43. INDUSTRIAL RELATIONS

The Company has been successfully maintaining a healthy cordial and harmoniousindustrial relations at all levels. Despite the severe competition the enthusiasm andunstinting efforts of the Employees have enabled the Company to remain at the forefront ofthe industry. It has undertaken various measures to improve productivity across theorganization.

The Company has continuously received co-operation and unstinted support from thedistributors retailers stockists suppliers and others associated with the Company asits Trading Partners.

The Directors wish to place on record their appreciation for the support. The Companywill continue its endeavor to build and nurture strong bonding with its trade partnersbased on mutuality respect and co-operation with each other and consistent with consumerinterest.

44. SECRETARIAL STANDARDS

The Company has complied with the applicable Secretarial Standards as issued by theInstitute of Company Secretaries of India and as approved by the Central Government.

45. CODE OF CONDUCT FOR PREVENTION OF INSIDER TRADING

Pursuant to the Regulation 9 of the SEBI (Prohibition of Insider Trading) Regulations2015 KRBL Limited is having the Code of Conduct to Regulate Monitor and Report Tradingby Insiders. The said Code is available on the Company's website at the weblinkhttps://krblrice.com/wp-content/ uploads/2022/02/Code-of-Conduct-to-Regulate-Monitor-Report-Trading-by-Insiders.pdf

46. APPRECIATION

It is our strong belief that caring for our business constituents has ensured oursuccess in the past and will do so in the future. The Board acknowledges with gratitudethe cooperation and assistance provided to the Company by its Bankers FinancialInstitutions Government as well as NonGovernment Agencies. The Board wishes to place onrecord its appreciation to the contribution made by employees of the Company during thefinancial year under review. The Company has been successful in achieving impressivegrowth during the year thanks to the competence hard work solidarity cooperation andsupport of the employees at all levels. Your Directors give their sincere gratitude to theCustomers Clients Vendors and other business associates for their continued support inthe Company's growth journey.

The Board also takes this opportunity to express its sincere gratitude for thecontinued co-operation and support received from its valued shareholders.

For and on behalf of the Board of Directors
Anil Kumar Mittal
Place: Noida Uttar Pradesh Chairman & Managing Director
Date: 08 August 2022 DIN-00030100

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