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Mahaan Foods Ltd.

BSE: 519612 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE734D01010
BSE 00:00 | 28 Jun 21.00 0
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NSE 05:30 | 01 Jan Mahaan Foods Ltd
OPEN 20.95
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VOLUME 156
52-Week high 39.30
52-Week low 17.80
P/E 47.73
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 20.95
CLOSE 21.00
VOLUME 156
52-Week high 39.30
52-Week low 17.80
P/E 47.73
Mkt Cap.(Rs cr) 7
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Mahaan Foods Ltd. (MAHAANFOODS) - Director Report

Company director report

Dear Members

Your Directors are pleased to present the Company's 34th Annual Report andthe Company's audited financial statements for the financial year ended March 312021.

1. FINANCIAL HIGHLIGHTS

The Company's financial performance for the year ended March 312021 is summarizedbelow:

Particulars STANDALONE
Revenue & Other Income 94.37 588.10
Profit Before Interest and Depreciation & Taxes 12.58 174.86
Profit /(Loss) before exceptional item & Taxes 7.92 169.65
Exceptional Item 0 0
Profit/(Loss) before Tax 7.92 169.65
Taxation 2.26 64.10
Other Comprehensive Income

0

0
Profit/(Loss) after taxes 10.19 105.55

The Company achieved gross turnover including other income of Rs. 94.37 Lakh and postnet profit of Rs. 10.19 lakh for the financial year ended on 31st March 2021 as againstgross turnover including other income of Rs. 588.10 Lakh and net profit of Rs. 105.55 Lakhin the previous financial year.

2. STATE OF AFFAIRS

The Company management is making earnest efforts in exploring various businessopportunities and it is expected that as the effects of Covid-19 is showing signs ofpetering out the business of the Company shall improve in the current financial year.

3. DIVIDEND

Your Directors do not recommend any dividend for the financial year ended 31st March2021.

4. DEPOSITS FROM PUBLIC

During the year your Company has not accepted any deposits within the meaning ofSections 73 and 74 of the Companies Act 2013 read with the Companies (Acceptance ofDeposits) Rules 2014.

5. TRANSFER TO RESERVES

No amount is carried to any reserves during the period under review.

6. CHANGES IN SHARE CAPITAL

There has been no change in the Authorized and Paid up share capital of the Companyduring the year. Your Company has neither issued any equity shares with differentialrights nor granted any employees stock options/ sweat equity shares to the DirectorsOfficers or employees of the Company during the year.

7. CHANGE IN NATURE OF BUSINESS

There was no change in the nature of business of your Company during the year.

8. ANNUAL RETURN

Pursuant to Section 92(3) and Section 134(3) (a) of the Companies Act 2013 theCompany has placed a copy of the Annual Return as at March 31 2021 on its website athttp://www.mahaanfoods.com/docs/Annual%20Return%202020-21.pdf .By virtue of amendment toSection 92(3) of the Companies Act 2013 the Company is not required to provide extractof Annual Return (Form MGT-9) as part of the Board's Report.

9. PARTICULARS OF LOANS GIVEN INVESTMENTS MADE GUARANTEES GIVEN AND SECURITIESPROVIDED

The Company has not made any investment covered under Section 186 of the Companies Act2013 and also not extended any loan guarantee or provided any security during thefinancial year ended March 312021.

10. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any subsidiary joint venture or associate company.

11. MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE COMPANY

Except the repercussions on Company's affairs arising out of the COVID-19 pandemicthere are no other material changes or commitments after 31st March 2021which may affect the financial position of the Company or which may require disclosure.

12. FORMAL EVALUATION OF BOARD COMMITTEES & DIRECTORS' PERFORMANCE

Pursuant to the provisions of the Companies Act 2013 and the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 the Board has through mutual discussionscarried out an annual evaluation of its own performance the directors individually aswell as the evaluation of the working of its Committees.

In a separate meeting of Independent Directors performance of non-independentdirectors performance of the board as a whole and performance of the Chairman wasreviewed taking into account the views of executive directors and non-executive directorsof the company.

13. SECRETARIAL STANDARDS

The Company has complied with applicable Secretarial Standards issued by the Instituteof Company Secretaries of India.

14. DIRECTORS & KEY MANAGERIAL PERSONNEL

The Board of your Company is duly constituted in accordance with the requirements ofthe Companies Act 2013 Read with the Listing Regulations.

On the recommendation of the Nomination and Remuneration Committee the Board ofDirectors of the Company has appointed Mr. Achal Kumar Khaneja (DIN: 02282489) as anAdditional Director Non- Executive Independent Director of the Company w.e.f. 10thNovember 2020 subject to approval of the Members at the ensuing Annual General Meeting("AGM").

The aforesaid appointment with a brief profile and other related information of Mr.Achal Kumar Khaneja forms part of the Notice convening the ensuing AGM and the Directorsrecommend the same for your approval.

In accordance with the provision of Section 152 of the Act and the Company' Articles ofAssociation Mr. Sanjeev Goyal Managing Director (DIN: 00221099) of the Company is liableto retire by rotation at the ensuing AGM.

Mr. Sanjeev Goyal has intimated that he intend to offer himself for the re-appointmentat the ensuing Annual General Meeting. The Board has recommended his re-appointment.

During the year under review pursuant to Section 134(3) (d) of the Act declarationswere received from all Independent Directors of the Company confirming that they fulfillthe "Criteria of Independence" specified in Section 149(6) of the Act andRegulation 16(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations2015. On the opinion of the board all the Independent directors are proficient and arehaving requisite experience and expertise to shoulder responsibilities conferred on theIndependent directors.

In accordance with the provisions of Section 203 of the Act the following are the KeyManagerial Personnel of the Company:

S.No Name Designation
1 Mr. Sanjeev Goyal Managing Director
2. Mr. Jitender Singh Bisht Chief Financial Officer
3. Ms. Ayushi Vijay Company Secretary

15. DISCLOSURE AS PER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company was not required to constitute Internal Complaints Committee. Your companydid not come across any complaint by any employee during the year under review relating tothe sexual harassment. Further during the year under review there was no case filedpursuant to the Sexual Harassment of Women at Workplace (Prevention Prohibition andRedressal) Act 2013.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All related party transactions done by the Company during the financial year were atarm's length and in ordinary course of business. All related party transactions wereplaced in the meetings of Audit Committee and the Board of Directors for their necessaryreview and approval. During the financial year your Company has not entered into anymaterial transaction as mentioned in the Securities Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 with any of its related partieswhich may have potential conflict with the interest of the Company at large. The detailsof the related party transactions have been made in note no. 31 to the FinancialStatements.

The policy on Related Party Transactions as approved by Board of Directors is uploadedon the Company's website http://www.mahaanfoods.com

17. AUDITORS'

A. STATUTORY AUDITORS'

M/s R C Sharma & Associates Chartered Accountants (Firm Registration No. 021847N)were appointed as Statutory Auditors of the Company for the period of five yearscommencing from the conclusion of the 33rd AGM till the conclusion of 38thAnnual General Meeting of the Company. They continue to be eligible for holding theposition of Auditors in the FY 2021-22.

There is no audit qualification reservation or adverse remark in their Auditors'Report on the financial statements of the Company for the year under review.

B. SECRETARIAL AUDITORS'

Pursuant to the provisions of Section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 M/s Shakshi &Associates Company Secretaries (C.P. No. 12649) had been appointed as SecretarialAuditors to undertake the Secretarial Audit of the Company for the Financial Year 2020-21.The Secretarial Audit Report for the year ended on 31st March 2021 is annexed herewith as"ANNEXURE-A". There is no audit qualification reservation or adverse remark inthe Secretarial Auditors' Report of the Company for the year under review.

C. INTERNAL AUDITORS'

Based on the recommendation of the Audit Committee of the Company the Board ofDirectors of the Company had appointed M/s NKN & Associates Chartered Accountants(FRN 028140N) New Delhi as the Internal Auditor of the company.

D. COST AUDITORS'

In terms of provision of Section 148(1) of the Companies Act 2013 read with rule 4 ofthe Companies (Cost Records and Audit) Rules 2014 the Company was not required tomaintain cost records for the financial year 2020-21.

18. INTERNAL FINANCIAL CONTROLS

Your Company has a proper and adequate system of internal financial controls. Thisensures that all assets are safeguarded and protected against loss from unauthorized useor disposition and the transactions are authorized recorded and reported correctly. Theinternal financial control system has been designed to ensure that the financial and otherrecords are reliable for preparing financial and other statements and for maintainingaccountability of assets.

The Audit Committee periodically reviews the performance of internal audit function anddiscusses internal audit reports with the Internal Auditor.

19. RISK MANAGEMENT POLICY

The Audit Committee has additional oversight in the area of financial risks andcontrols. Major risks identified by the business and functions are systematicallyaddressed through mitigating actions on a continuing basis. The policy is available on theCompany website at http://www.mahaanfoods.com.

20. CORPORATE SOCIAL RESPONSIBILITY

The provisions of Section 135 of the Companies Act 2013 related to Corporate SocialResponsibility are not applicable on the Company.

21. NUMBER OF BOARD MEETINGS & ATTENDANCE OF DIRECTORS

During the Financial Year 2020-21 4 (Four) Board Meetings were held and the gapbetween two meetings did not exceed 120 days. The Board Meetings were held on 22ndJune 2020 28th August 2020 10th November 2020 12thFebruary 2021 respectively.

The details of composition of the Board the attendance record of the Directors at theBoard Meetings held during the financial year ended on 31.03.2021 at the last AnnualGeneral Meeting (AGM) along with the details of their other Directorships. CommitteeMemberships and Chairmanships are given below:

Name of the Director Category (i.e. Promoter Executive Non Executive Independent) No. of Board Meetings of the Company F.Y. 2020-2021 Attendance at the Last AGM As on 31-03-2021
Held during the year Attended during the year No. of Directorship in other Public Co. Committee membership in other Companies No. of Membership/ Chairman in Committees in which they are members
Mr. Sanjeev Goyal Promoter & Chairman cum Managing Director 04 04 YES 01 NIL 03
Mrs. Saloni Goyal Promoter &Director 04 04 YES NIL NIL 01
Mrs. Manisha Goyal Independent Director 04 04 YES 01 NIL 03
Mrs. Rupali Chawla Independent Director 04 03 YES 01 NIL 02
Mr. Achal Kumar Khaneja Independent Director* 02 01 NO NIL NIL 03

*Mr. Achal Kumar Khaneja joined the Board on 10th November 2020.

Number of Equity Shares held by Directors as on 31st March 2021 are as under: -

Name of Director Designation Nos. of Equity Shares held
Mr. Sanjeev Goyal Chairman & Managing Director 846557
Mrs. Saloni Goyal Director 516715
Mrs. Manisha Goyal Independent Director -
Mrs. Rupali Chawla Independent Director -
Mr. Achal Kumar Khaneja Independent Director -

None of the directors on the board is a member of more than 10 committees orchairman/chairperson of more than 5 committees as specified in Regulation 26 of ListingRegulations across all the companies in which he/she is a director. The directors havemade necessary disclosures regarding committees positions held in other public limitedcompanies.

22. COMMITTEES OF THE BOARD

The Board of Directors has the following Committees: Audit Committee Nomination &Remuneration Committee and Stakeholders Relationship Committee. The Composition of variouscommittees and compliances as per the applicable provisions of the Companies Act 2013and the Rules thereunder and SEBI (Listing Obligations & Disclosure Requirements)Regulations 2015 are as follows:

A. AUDIT COMMITTEE

The Audit Committee formed in pursuance to Section 177 of the Companies Act 2013 andin accordance with Regulation 18 of the Listing Regulations. The composition of the AuditCommittee of the board as on 31st March 2021 comprises Mrs. Manisha Goyal asits Chairperson Mr. Sanjeev Goyal and Mrs. Rupali Chawla Mr. Achal Kumar Khaneja as itsMembers.

The Committee met four (4) times during the Financial Year 2020-2021 on the followingdates: 22nd June 2020 28th August 2020 10th November2020 and 12th February 2021 respectively. Necessary Quorum was present at allthe meetings. Details of attendance of Directors in the Audit Committee meeting are asunder:

Name of the Director No. of meetings
Category Held during the Year Attended
Mrs. Manisha Goyal Independent Director / Chairman 4 4
Mr. Sanjeev Goyal Managing Director 4 4
Mrs. Rupali Chawla Independent Director 4 3
Mr. Achal Kumar Khaneja Independent Director 2 1

The Company Secretary acts as the Secretary to the Audit Committee.

In accordance with Listing Regulations and Section 177 of the Act the terms ofreference of the

Audit Committee inter-alia include:

1. Oversight of the Company's financial reporting process and the disclosure of itsfinancial performance to ensure that the financial statement is correct sufficient andcredible.

2. Recommendation for appointment remuneration and terms of appointment of Auditors ofthe Company.

3. Approval of payment to statutory Auditors for any other services rendered by theStatutory Auditors.

4. Reviewing with the Management the Annual Financial Statements and Auditors' Reportthereon before submission to the Board for approval etc.

B. NOMINATION AND REMUNERATION COMMITTEE (NRC)

The Nomination and Remuneration Committee (NRC) is constituted pursuant to Section 178of the

Companies Act 2013 and Regulation 19 of Listing Regulations.

The Committee met once (1) during the Financial Year 2020-2021 on 9thNovember 2020 respectively. The necessary quorum was present at all meetings. Details ofattendance of

Directors in the Remuneration Committee meeting are as under:

Name of the Director No. of Meetings
Category Held during the Year Attended
Mrs. Manisha Goyal Independent Director/Chairman 1 1
Mr. Sanjeev Goyal Managing Director 1 1
Mrs. Rupali Chawla Independent Director 1 1
Mr. Achal Kumar Khaneja Independent Director - -

The terms of reference of the Nomination and Remuneration Committee inter-alia include:

1. Formulation of the criteria for determining qualifications positive attributes andindependence of a Director and recommend to the Board of Directors a policy relating tothe remuneration of the Directors key Managerial Personnel and other Employees.

2. Formulation of criteria for evaluation of performance of Independent Directors andthe Board of Directors.

3. Devising a policy on diversity of Board of Directors:

4. Identifying persons who are qualified to become Directors and who may be appointedin Senior Management in accordance with the criteria laid down and recommend to the Boardof Directors their appointment and removal.

5. Whether to extend or continue the term of appointment of the Independent Directoron the basis of the report of performance evaluation of Independent Directors.

6. Recommend to the Board all remuneration in whatever form payable to seniormanagement.

C. SHAREHOLDERS RELATIONSHIP COMMITTEE

The Shareholders Relationship Committee is constituted under compliance of provision ofSection 178 of the Companies Act 2013. The Broad terms of reference and power ofStakeholders' Relationship Committee are in line with the provisions contained under SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 and the Companies Act2013.

The role of Stakeholders Relationship Committee inter-alia is to resolve thegrievances of the security holders of the Company including complaints related to transferand transmission of shares dematerialization/ rematerialisation of shares transpositionof names consolidation of shares issue of duplicate share certificates non-receipt ofannual report and non-receipt of declared dividends if any etc.

The Stakeholders Relationship Committee of the Board as at 31st March 2021consist of four members. Mrs. Manisha Goyal Independent Director of the Company is theChairman of the Committee and Mr. Sanjeev Goyal Managing Director and Mrs. Saloni GoyalDirector Mr. Achal Kumar Khaneja Independent Director are the members of the Committee.

During the financial year one meeting of the Shareholder Relationship Committee washeld on 11th September 2020 respectively. Attendance of the members is asfollows:

Name of the Director Category No. of Meetings
Held Attended
Mrs. Manisha Goyal Independent Director/ Chairman 1 1
Mrs. Saloni Goyal Director 1 1
Mr. Sanjeev Goyal Managing Director 1 1
Mr. Achal Kumar Khaneja Independent Director

-

-

Ms. Ayushi Vijay Company Secretary acts as Compliance Officer of the Company.

The details of Shareholders' complaints received and disposed- off during the yearunder review is as follows:

Pending at the beginning of the financial year Nil
Received during the financial year 2
Disposed off during the financial year 2
Pending at the end of the financial year Nil

23. COMPLIANCE OFFICER

Ms. Ayushi Vijay is the Compliance Officer of the Company for this purpose ofRegulation 34(3) of SEBI (Listing Obligations & Disclosure Requirements) Regulation2015 to look after the compliances under SEBI (Listing Obligations & DisclosureRequirements) Regulation 2015 and other SEBI Rules & Regulations etc. The CompanySecretary while preparing the agenda notes on agenda and minutes of the meeting(s) isresponsible for and is required to ensure adherence to all applicable laws andregulations including the Companies Act 2013 read with rules issued thereunder ListingRegulations and Secretarial Standards issued by the Institute of Company Secretaries ofIndia.

24. INDEPENDENT DIRECTORS MEETING

As Stipulated under Section 149 of the Act read with Schedule IV pertaining to the Codeof Independent Directors and the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 a separate Meeting of the Independent Directors of the Company was heldon 12th February 2021 with the following agenda:

• To review performance of the Board on different lines as stipulated in theSchedule IV of the Act and Listing Regulations as follows:

• Performance evaluation of Non- Independent Directors

• Performance evaluation of Board as a whole and Committees of the Board

• Performance evaluation of Chairman

• Evaluation of flow of Information

None of the Non-Executive Independent Directors hold Equity Shares of the Company intheir own name.

25. CORPORATE GOVERNANCE

In terms of provision of regulation 15(2) of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 compliance with the Corporate Governance provisions asspecified under regulations 17 17A 18 19 20 21 22 23 24 24A 25 26 27 andclause (b) to (i) and (t) of subregulation (2) of regulation 46 and para C D and E ofSchedule V is not applicable to the Company as paid-up share capital of the Company isless than Rs. 10 crore and net-worth of the Company is less than Rs. 25 crores as on thefinancial year ended on 31st March 2020. However in accordance with provisions ofregulation 15(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulation2015 the Company has made compliances with the applicable provisions under the CompaniesAct 2013.

26. REMUNERATION POLICY

Pursuant to the provisions of Section 178(3) of the Act and Regulation 19 of theListing Regulations the NRC has formulated a policy relating to the remuneration for theDirectors Key Managerial Personnel (KMP) Senior Management and other employees. Thephilosophy for remuneration is based on the commitment of fostering a culture ofleadership with trust. While formulating this policy the NRC has considered the factorslaid down in Section 178(4) of the Act.

The policy as approved may be accessed on the Company's website at the link:http://www.mahaanfoods.com

27. REGISTRAR AND SHARE TRANSFER AGENT & SHARE TRANSFER SYSTEM

M/s. Alankit Assignments Limited is the Registrar and Share Transfer Agent for theshares of the Company in both physical as well as electronic modes. The Company hasauthorized the Registrar and Transfer Agent to approve and execute transfer andtransmission of shares. All correspondence with regard to share transfers and mattersrelated therewith may directly be addressed to the Registrar and Share Transfer Agents atthe address given below:

Particulars ALANKIT ASSIGNMENTS LIMITED
Contact Person Mr. Vijay Pratap Singh
Address Alankit Hosue 4E/2 Jhandewalan Extension New Delhi-110055
Phone Nos. 011-42541234 & 011-42541953
Email ID viiayps1 @alankit.com

28. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO

A) CONSERVATION OF ENERGY

I. Steps taken or impact on conservation of energy.

II. The steps taken by the company for utilizing alternate source of energy.

Your Company has taken adequate measures in all its operations to ensure optimum us ofall equipment's so as to conserve energy. The Company is not doing any manufacturing.

III. Capital Investment on energy conservation equipment's: NIL

B) TECHNOLOGY ABSORPTION

The Company strives continuously to upgrade its technology in all its operations.

C) FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign Exchange Earning: NIL Foreign Exchange Outgo: NIL

29. WHISTLE BLOWER/VIGILANCE POLICY

Your Company has established a whistle blower policy/vigil mechanism for the Directorsand employees of the company to report genuine concerns calling the attention of theAudit Committee to some wrong doing occurring within an organization. Your Company hasalso provided adequate safeguards against victimization of whistleblowers who expresstheir concerns against such wrong doings in the organization. The Company has alsoprovided direct access to the Chairman of the Audit Committee in exceptionalcircumstances.

30. CODE OF CONDUCT FOR REGULATING & REPORTING TRADING BY INSIDERS AND FOR FAIRDISCLOSURE 2015

Your Company has adopted the "Code of Conduct for Regulating & ReportingTrading by Insiders and for Fair Disclosure 2015" which inter alia prohibitspurchase or sale of securities of the Company by Directors employees and other connectedpersons while in possession of unpublished price sensitive information in relation to theCompany.

31. DISCLOSURE OF RATIO OF REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL ETC.

The company did not pay any remuneration to the Managing Director and other Directorsof the Company.

As required under Section 197(12) read with Rule 5(1) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 the details of the ratio of theremuneration of each director to the median employee's remuneration and such other detailsas prescribed therein are given in "ANNEXURE-B" which is attached hereto andforms a part of the Directors' Report.

32. MANAGEMENT DISCUSSION & ANALYSIS

The Management Discussion and Analysis on the operations of the Company as prescribedunder Part B of Schedule V read with regulation 34(3) of the Listing Regulations 2015 isprovided in a separate section and forms part "ANNEXURE-C" of the Directors'Report.

33. PARTICULARS OF EMPLOYEES

The information required under rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is not required as there was no employeeon the payroll of the company receiving remuneration in the excess of the limit prescribedunder the said rules.

34. BUSINESS RESPONSIBILITY REPORTING

The Business Responsibility Reporting as required by Regulation 34(2) of the SEBI(Listing Obligations & Disclosure Requirements) Regulations 2015 is not applicableto the Company for the financial year ending March 312021.

35. OTHER DISCLOSURES

• Your Company has not accepted any deposits from the public and as such noamount on account of principal or interest on public deposits was outstanding as on thedate of the balance sheet. There is nothing to disclose under Chapter V of the CompaniesAct 2013.

• There are no significant material order passed by the Regulators/Courts whichwould impact the going concern status of the Company and its future operations.

• There are no proceedings initiated /pending against your Company under theInsolvency and Bankruptcy Code 2016 which materially impact the business of the Company.

• There was no instance of one time settlement with any Bank or FinancialInstitution.

36. FRAUD REPORTING

Neither the Statutory Auditors nor the Secretarial Auditors have brought to the noticeof the Audit Committee or the Board of Directors or the Central Government the occurrenceor brewing of any fraud in the Company.

37. DIRECTORS RESPONSIBILITY STATEMENT

The Board acknowledges the responsibility for ensuring compliance with the provisionsof clause (c) of subsection (3) of Section 134 of the Companies Act 2013 and Securitiesand Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations2015 and state that:

a) that in the preparation of the annual accounts for the year ended 31st March 2021the applicable accounting standards had been followed along with the proper explanationrelating to material departures;

b) the directors had 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 the Company at the end of the financial year and ofthe profit and loss of the Company for that period;

c) the directors had taken proper and sufficient care 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 directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and

f) the directors had devised the proper systems to ensure compliance with theprovisions of all the applicable laws and that such systems were adequate and operatingeffectively.

38. ACKNOWLEDGMENT

Your Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Company's activities during the year under review. The Board also places on recordtheir appreciation of the devoted services of the employees. Your Directors alsoacknowledges gratefully the shareholders for their support and confidence reposed on yourCompany.

For and on behalf of the Board
Mahaan Foods Limited
Sd/-
Sanjeev Goyal
Date: August 12 2021 Chairman cum Managing Director
Place: New Delhi (DIN: 00221099)

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