Anmol India Ltd

Dear Shareholders,

Your Directors have pleasure in presenting their 26th Annual Report on the business and operations of the Company together with the Audited Financial Statements for the financial year ended 31st March, 2024.

1. Financial Highlights

(Rs. In Crores)

2. Review of Business Operation

The financial year 2023-24 was yet another year of robust performance by the Company. During the year under review, the Company has earned a total income of Rs. 1514.27 Crores as against Rs. 1418.16 Crores in the previous year registering an increase of 6.78%.

The net profit after tax of the Company has however, increased by over 20% to Rs. 20.90 Crores during current year as compared to Rs. 18.66 Crores in the previous year.

The afore-mentioned performance was the result of consistent efforts made by the Company in optimizing its operations. The management does not see any risks in the Company's ability to continue as a going concern and meeting its liabilities as and when they fall due.

3. Capital Structure

There is a change in the capital structure of the company during the year under review. The authorized share capital of the company was increased from Rs. 57.00 crores to Rs. 77.00 crores by getting approval of members byway of postal ballot.

4. Dividend

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

5. Public Deposits

During the year under review, the Company has not accepted any deposits from public. There are no outstanding/unclaimed deposits and hence no details as required under Rule 8(5)(v) and 8(5)(vi) have been provided.

6. Transfer of Reserves

Profit after tax during the year has been transferred to Surplus under the head "Reserves & Surplus" forming part of the Balance Sheet.

7. Extract of Annual Return

In accordance with section 92(3) of the Companies Act, 2013, the Annual Return of the Company as on 31st March, 2024 is available on the Company's website and can be assessed at http://www.anmolindialtd.com.

8. Details of Subsidiary/ Joint Venture/ Associate Companies

The company neither has any subsidiary or associate company nor has entered into any joint venture with any other company.

9. Change in the Nature of Business

There is no change in the nature of business activities of the company during the year under review.

10. Detail of Directors or KMP Appointed/ Resigned during the year

Pursuant to provisions of Section 152(6) of the Companies Act, 2013, Mrs. Neelam Rani, Director retires by rotation and being eligible, offers herself for re-appointment.

During the year under review Mr. Sahil Aggarwal, Non-Executive Director has resigned from the Board w.e.f 29th January, 2024 and Mrs. Nidhi Chopra, Independent Director has resigned from the Board w.e.f. 23rd February, 2024 due to their pre occupations.

11. Declaration Given by Independent Director

Your Company has received declarations from each of the independent director under Section 149 (7) of the Companies Act, 2013, that he/ she meets the criteria of Independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

12. Policy on Director's Appointment and Policy on Remuneration

In adherence to section 178(1) of the Companies Act, 2013, the Board of Directors of the Company regularly reviews the policy on Director's Appointment and Remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under section 178(3), based on the recommendations of the Nomination and Remuneration Committee. A copy of relevant policy is placed on the company's website atwww.anmolindialtd.com.

13. Committees of the Board

There are currently Four Committees of the Board, as follows:

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholders' Relationship Committee

4. Corporate Social Responsibility Committee

Details of all the Committees along with their charters, composition are placed on the website of the Company at www.anmolindialtd.com.

14. Management Discussion And Analysis Report

Management Discussion and Analysis Report for the year under review as stipulated under Regulation 34(2)(e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) is presented in a separate section forming part of this Annual Report Annexure-3.

15. Material Changes and Commitment, if any, affecting the Financial Position of the Company There are no material changes and commitment affecting the financial position of the Company.

16. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013, SEBI (LODR), Regulations 2015 and other applicable acts, the Board has carried out an annual performance evaluation of its own performance, its committees and each director.

Evaluation of the Board and its Committees is based on various aspects of their functioning, such as, adequacy of the constitution and the composition of the Board and its committees, matters addressed in the meeting, processes followed at the meeting, Board's focus, regulatory compliances and corporate governance etc., are in place. Similarly, for evaluation of Individual Director's performance, various parameters like Director's profile, contribution n Board and Committee meetings, execution and performance of specific duties, obligations, regulatory compliances and governance etc., are considered.

The performance evaluation of all the Independent Directors have been done by the entire Board, excluding the Director being evaluated. On the basis of performance evaluation done by the Board, it determines whether to extend or continue their term of appointment, whenever their respective term expires. The Directors expressed their satisfaction with the evaluation process.

17. Classes of Shares

The Company has only one class of equity shares of Face value of Rs.10/- each.

18. Meeting of the Board and Committees

During the financial year ended 31st March, 2024, the Board of Directors met 20 (Twenty) times, members of Audit Committee met 07 (Seven) times, members of Nomination and Remuneration Committee met 02 (Two) times, members of Stakeholders Relationship Committee met (4) four times and members of Corporate Social Responsibility Committee met 05 (Five) times. Further details w.r.t. Meeting of the Board of directors and its committee and their detailed briefs are given in the Corporate Governance Report. For details, please refer Corporate Governance Report as Annexure-1 forming part of this Annual Report.

19. Corporate Governance Report

The Corporate Governance report attached as Annexure-1 forms part of this report.

20. Director's Responsibility Statement

In accordance with the provisions of Section 134(3) (c) read with Section 134(5) of the Companies Act, 2013 the Board hereby submits its responsibility Statement:

In the preparation of the annual accounts for the year ended March 31st, 2024,the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

a) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31st, 2024 and of the profit of the Company for the year ended on that date;

b) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

c) the Directors have prepared the annual accounts on a ‘going concern' basis;

d) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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

21. Related Party Transactions

All related party transactions that were entered into during the FY 2023-24 were on an arm's length basis and were in the ordinary course of the business. There are no materially significant related party transactions made by the Company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the Company at large. For further details, please refer Note No. 31 forming part of financial statements.

22. Significant/ Material Orders Passed by the Regulators

There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern Status of your Company and its operations in future.

23. Auditor's Report

The notes on financial statement referred to in the Auditor's Report are self-explanatory and therefore, in the opinion of the Directors, do not call for any further explanation. The Auditor's Report does not contain any qualification, reservation or any adverse remark and hence do not call for any further comments.

Further, since the Auditors have not reported any instances involving Fraud in their Audit Report, the particulars as prescribed under Section 134 (3) (ca) of the Companies Act, 2013 have not provided.

24. Secretarial Auditor's Report

Secretarial Audit Report in Form MR-3 given by M/s Harsh Goyall & Associates, Practicing Company Secretaries has been provided in an Annexure-2 which forms part of the Director's Report.

The secretarial Auditor's Report for the financial year 2023-24, does not contain any qualification, observation or adverse remarks and therefore, in the opinion of Directors, do not call for any further comments.

25. Code of Conduct for Prevention of Insider Trading

Your Company's Code of Conduct for prevention of Insider Trading covers all the Directors, senior management personnel, persons forming part of promoter(s)/ promoter group(s) and such other designated employees of the Company, who are expected to have access to unpolished price sensitive information relating to the Company. The Directors, their relatives senior management personnel, persons forming part of promoter(s)/ promoter group(s), designated employees etc. are restricted in purchasing, selling and dealing in the shares of the Company while in possession of unpublished price sensitive information about the Company as well as during the course of trading window.

The Board of Directors has approved and adopted the Code of Conduct to regulate, monitor and report Trading by insiders. The Board has also approved the Code for fair disclosure in line with SEBI (Prohibition of Insider Trading) Regulation, 2015 and the same can be accessed on Company's website www.anmolindialtd.com.

26. Particulars of Employees

There are no employees who are in receipt of remuneration in excess of the limits prescribed under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. Accordingly, details as required under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have not been provided.

The details forming part of top ten employees in terms of remuneration of the Company is annexed herewith as Annexure-5.

The statement containing particulars of employees as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

The median remuneration of employees of the Company during the financial year 2023-24 was Rs. 3,24,000/-.

27. Cost Auditor

As per the requirement of the Central Government and pursuant to section 148 of the Companies Act, 2013, read with Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, maintenance of Cost records and appointment of cost Auditors are not applicable on your Company.

28. Loans, Guarantees and Investments

The details of loans, guarantees and investments under Section 186 of the Companies Act, 2013, if any, read with the Companies (Meetings of Board and its Powers) Rules, 2014 are given in the notes to the Financial Statements.

29. Internal Financial Controls Related to Financial Statements

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are proper, adequate and operating effectively. The Board has accounting policies which are in line with the Accounting Standards prescribed in the Companies (Accounting Standards) Rules, 2006 that continue to apply under Section 133 and other applicable provisions, if any, of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014 and relevant provisions of the Companies Act, 2013, to the extent applicable. These are in accordance with generally accepted accounting principles in India.

30. Vigil Mechanism/ Whistle Blower Policy

Your Company is committed to highest standards of ethical, moral and legal business conduct. Accordingly, the Board of Directors have formulated a Whistle Blower Policy which is in compliance with the provisions of Section 177 (10) of the Companies Act, 2013 The policy provides for a framework and process whereby concerns can be raised by its employees against any kind of discrimination, harassment, victimization or any other unfair practice being adopted against them. More details on the vigil mechanism and the Whistle Blower Policy of your Company is placed on the website of the Company at www.anmolindialtd.com.

31. Disclosures as per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 Company has not yet constituted any Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. However, The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder for prevention and redressal of complaints of sexual harassment at workplace. Company has not received any complaint on sexual harassment during the financial year 2023-24.

32. Separate Meeting of Independent Directors

During the year under review, the following Independent Directors met on 30,ri March, 2024, discussed and reviewed the performance of non-independent Directors, the Board and the Chairman of the Company and also to assess the quality, quantity and timeliness of flow of information between the Company management and the Board.

1. Sanjeev Kumar

2. Sumit Goswami

3. Bhupesh Goyal

4. Bhupinder Preet Kaur

33. Listing with Stock Exchanges

Your Company has paid Annual Listing Fees for the Financial Year 2023-24 to the BSE Limited & National Stock Exchange of India Limited (NSE) where the Company's Shares are listed.

34. Conservation of Energy and Technology Absorption

Even though operations of the Company are not energy intensive, the management has been highly conscious of the importance of conservation of energy and technology absorption at all operational levels and efforts are made in this direction on a continuous basis.

In view of the nature of activities which are being carried on by the Company, the particulars as prescribed under section 134(3)(m) of the Companies Act, 2013 read with rule 8 of the Companies( Accounts) Rules, 2014 regarding Conservation of Energy and Technology Absorption are not applicable to the Company and hence have not been provided.

35. Foreign Exchange Earnings & Outgo

The Company has incurred an expenditure of Rs. 731.46 Crores in foreign exchange during the financial year 2023-2024 towards imports.

36. Corporate Social Responsibility Activity

The Company has constituted Corporate Social Responsibility Committee in compliance with the provisions of Section 135 of the Act read with the Companies (Corporate Social Responsibility), Rules 2014. Your Company has been undertaking CSR activities on a significant scale, upholding the belief that corporate have a special and continuing responsibility towards social development.

The CSR Policy is available on the website of the Company www.anmolindialtd.com. During the year, the Board has undertaken activities relating to corporate social responsibility as per the provisions of the Companies Act, 2013 as detailed in Annexure-4

37. Disclosure under the Insolvency and Bankruptcy Code

Company has not made any application or any proceeding is pending under the Insolvency and Bankruptcy Code (IBC), 2016 during the Financial Year 2023-24.

38. Disclosure of Valuation of Assets

The Company has not done any one time settlement and hence no information is provided on difference between the amounts of the valuation executed at the time of one time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

39. Acknowledgement

Your Directors express their sincere appreciation for the cooperation and assistance received from customers, suppliers, employees, shareholders, bankers, Government agencies, financial institutions, regulatory bodies and other business constituents during the year under review. The Directors express their sincere thanks to the lenders of the Company for continuous support during the year. Your Directors also wish to place on record their deep sense of appreciation for the commitment displayed by all executives, officers and staff, resulting in the successful performance of the Company during the year.