DCS-CRD DCS-CRD BSE Limited National Stock Exchange of India Limited

F O ODS LTD.
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July 8, 2020
DCS-CRD DCS-CRD
BSE Limited National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers Exchange Plaza,
Dalal Street Bandra-Kurla Complex
Mumbai - 400 001 Bandra (E), Mumbai - 400 051
Scrip Code: 519183 Symbol: ADFFOODS
Dear Sir/ Madam,
Sub: Annual Report for the Financial Year 2019-20 and Notice convening the
30th Annual General Meeting.
As per the requirement of Regulation 30 and Regulation 34(1) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, we enclose herewith Annual Report of the
Company for the Financial Year 2019-20 along with the Notice convening the 30th Annual
General Meeting (AGM) scheduled to be held on Wednesday, August 5, 2020 at 11:00 a.m.
through Video Conferencing (“VC”)/ Other Audio Visual Means (“OAVM”).
The Notice of the AGM and Annual Report has been sent to the shareholders through
e-mail on July 8, 2020. The proof of dispatch by e-mail is enclosed herewith.
We request you to take the above information on record.
Thanking you.
Yours truly,
For ADF Foods Limited
Digitally signed by
SHALAKA S SHALAKA
OVALEKAR
S
OVALEKAR Date: 2020.07.08

20:32:24 +05'30'
Shalaka Ovalekar
Company Secretary
Encl: A/a
Regd Off: 83/86, G.I.D.C Industrial Estate, Nadiad - 387 001, India. Tel.: +91 268 2551381/82 Fax: +91 268 2565068
Email: [email protected] CIN: L15400GJ1990PLC014265
Corp. Off: Marathon Innova, B2, G01, Ground Floor, G. K. Road, Lower Parel, Mumbai 400 013. INDIA.
Tel.: +91 22 6141 5555, Fax: +91 22 6141 5577, Email: [email protected], Web: www.adf-foods.com
From: Amit Giri <[email protected]>
Sent: Wednesday, July 08, 2020 6:31 PM
To: 'Anup'
Cc: 'saili lad'
Subject: ADF Foods Limited - 30th Annual General Meeting (AGM) of the Company is scheduled
to be held on Wednesday, August 5, 2020 at 11:00 a.m. through Video Conferencing
(“VC”) or Other Audio Visual Means (“OAVM”)
Dear Sir/Madam,
“This is to certify and confirm that we, M/s Link Intime India Private Limited have sent through e-mail on July
08, 2020, the email intimations of ADF Foods Limited to 10890 shareholders of the Company.”
Thanks & Regards,
LINK lntime
•
Amit Giri | Associate | Link Intime India Pvt. Ltd.
Phone: +91 22 49186000 | Extn: 2516
Fax: +91 22 49186060
 [email protected]
www.linkintime.co.in
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Annual Report 2019-2020

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# WeCare
As the world continues to battle against the outbreak of COVID-19, ADF Foods Ltd. remains committed
to the safety & well-being of the society. Ensuring the supply of our products globally is our top priority.
According to the Centres for Disease Conctrol, there is no evidence linking to the spread of COVID-19
to food. Nevertheless, we are taking active measures & precautions to minimise the risk & spread of
the virus. Make nutrition and health your priority.
STAY SAFE, STAY HEALTHY
Plant Operations with Safety Measures
• Strict adherence to Social Distancing norms at the

manufacturing plants and in transport vehicles
• Regular cleaning and disinfection of factory premises

and machines
• Personal Protection Equipment (masks, gloves,

headgears) to the staff and workers
Initiatives across the Globe
• Distributed Badamazza milk drink to frontline policemen

and the less fortunate in Nadiad, Gujarat
• Distributed Ashoka Badamazaa drink and cooked meals

to the health workers at JFK Hospital, USA
• Collaborated with UK's - 'Inspired by HOPE' team, a

non-profit organization and distributed our Ashoka Ready
meals
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/ 7 COMPANY
Flagship Brands
SNAPSHOTS
ADF is the leading manufacturer and
exporter of processed food across the
globe with product offering across all
categories such as ready-to-eat and
95% ready to cook food, frozen food,
condiment powders, cooking pastes,
Revenue Share
from Export flavored milk and meal accompaniments
like pickles, chutneys and sauces.
®
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Consolidated Financial Performance

-
Total Income ( Rs Cr) EBITDA (Rs Cr) PAT (Rs Cr)
62 43
295
53
245
220
208 40
25
II II
28
II
18
11
FY17 FY18 FY19 FY20 FY17 FY18 FYl 9 FY20

I
FY17 FY18 FY19 FY20
Cash Flow from EBITDA Margin (%) PAT Margin (%)

Operations (Rs Cr)
21 o/o 21 o/o 14%
26
24 I 8%
20 10%
17 13% 8%
I I I II
5%
FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20

I
FYl7 FY18 FY19 FY20
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New Product launches in FY 2020
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Dipping Sauces with a new variant
Bullet Naan (Masala Naan), Veg Spring Rolls,
called Chatpata Achari Dipping Sauce
Tandoori Lachha Naan, Cheese Samosa,
under the ambient range, and new
Malaysian style Plain Paratha Vegetable Samosa
variants of chutney
'' e
TANDOORI • Coriander
L~~'1~t (t} ~ Chutney
#Khana
Is
Ready
'Khana Is Ready' is an online marketing campaign launched by us in February, 2020.
Currently, the campaign is being run on facebook and will be used across all media shortly.
This initiative aims at making people's meals simpler, healthier, and more convenient.
Follow us on:
n Ashoka_USA @J ashoka.usa
n Ashoka_UK @) ashoka.uk
Chairman's message
Dear Shareholders,
I hope you and your family are safe and well.

We are enduring the most extraordinary times that none
of us could have predicted at the start of this year. We
pray and hope that the situation normalizes, sooner than
later.
Commenting on the results, I am extremely happy with
the company's performance in the last year, and we look
back at the year 2019-20 with a sense of accomplishment
and gratitude . On a consolidated basis, total income grew
at 20% to reach { 295 crores. Operating profit for the
Bimal Thakkar
period was { 62 crores, compared to { 53 crores in FY19,
Chairman
up by 18% year-on-year, with robust margin of 21% .
Consolidated PAT stood at { 43 crores with PAT margin of We at ADF truly believe in giving back to a ll our
14.5% . On a standalone basis, total income for the year stakeholders and the larger community. The two interim
stood at { 204 crores. Operating profit was { 48 crores dividends declared during the F.Y. 2019-20 bring the total
with margin of 23.4%. We reported profit after tax of dividend to { 3 per share (30%) on equity shares of face
{ 3 1 crores. Our cash conversion continues to be strong value { 10 /- each.
with a cash and bank balance (including investments) of Your Company strives to improve the lives of millions
{ 54 crore as on 3 1st March 2020. around th e world through our CSR efforts. We undertook
Our last quarter was, by no means, undisturbed. The various CSR activities such as education aid for physically
Company took the maintenance shutdown of its Nadiad challenged students, financial aid towards medical
factory for 7 days. In addition, as you are aware, towards treatment for the underprivileged, and food expenses for
the end of the year, operations were impacted due to the those in need. In addition, we helped bolster women
COVID- 19 Pandemic which led to shut down of both empowerment through the establishment of vocational
manufacturing facilities at Nadiad and Nasik with effect training cen tres and the supply of women h ygiene
from 24th March 2020. In the absence of these events, our products.
performance would have presumably been much better. We are also taking initiatives on the environmental
We started off FY20 with considerable enthusiasm and sustainability front. We have moved towards zero discharge
drive. We continued to widen our product range with in both our factories and are installing solar power panels
focus on premium products . The Company has also at both factories for captive power consumption.
entered into a new business segment wherein it acts as a The new year h as its set of issues and is challenging.
distribution agent of food products for a Fortune 500 However, we remain committed and resolute in our work.
FMCG global firm in the US and UK markets. This new In the medium run, we will focus on scaling up our
vertical gives us a wider product portfolio to offer the operations to maximize the availability of our products to
retailers who stock our products as well as it enables us to meet consumer needs , while following the health and safety
use the retail network of the FMCG major for our own guidelines provided by the government authorities. With
products. This vertical contributed { 32 crores to revenues the strength of our product portfolio, strong industry
in FY20. We are confident that this business would demand drivers, resilient business model, and strong
supplement our core business very well going forward. financials, we are determined to emerge stronger.
Our team continues to be our biggest asset. We have As we navigate these uncertain times together, we look
strengthened the senior management team with the ahead to your continued support. I hope that you and y our
appointment of Mr. Devang Gandhi as Chief Operating family remain safe and well in these difficult times .
Officer. We have also made valuable additions to our
Board of Directors by appointing Mr. Chandir Gidwani Best wishes
and Ms. Deepa Harris as independent directors and I
welcome the new members to the ADF family and look Bimal Thakkar
forward to their guidance and inputs. Chairman
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COMPANY INFORMATION
BOARD OF DIRECTORS Mr. Bimal R. Thakkar Chairman, Managing Director & CEO
Mr. Jay M. Mehta Director
Mr. Viren A. Merchant Director
Mr. Ravinder Kumar Jain Director
Mr. Naresh L. Kothari Director
Mr. Chandir G. Gidwani Director
Ms. Deepa Misra Harris Director
SENIOR MANAGEMENT Mr. Devang Gandhi COO
Mr. Anish Jhaveri CFO
Mr. Shardul Doshi Vice President - Finance
Mr. Raj Roop Singh Vice President - Manufacturing
Mr. Maneck Katpitia Vice President - International Operations & Supply Chain
COMPANY SECRETARY &
COMPLIANCE OFFICER Ms. Shalaka Ovalekar
COUNTRY MANAGERS Mr. Upinder Thakur UK
Mr. Bharat Sareen UK
Mr. Apurva Patel USA
Mr. Masud Sethi Canada
Mr. Savio Almeida GCC, Levant Countries, Asia Pacifi c & Africa
STATUTORY AUDITORS M/s. Kalyaniwalla & Mistry LLP
Chartered Accountants
CONTENTS
INTERNAL AUDITORS M/s. RMJ & Associates LLP, Mumbai Company Information............................................................................ 1
SOLICITORS M/s. D S K Legal Notice ..................................................................................................... 2
Directors’ Report ................................................................................. 15
BANKERS State Bank of India
Management Discussion and Analysis Report ................................... 53
Bank of Baroda
Report on Corporate Governance &
HDFC Bank Ltd.
Auditor’s Certifi cate thereon .............................................................. 59
REGISTERED OFFICE 83/86, G.I.D.C Industrial Estate, Business Responsibility Report ........................................................... 92
Nadiad - 387 001, Gujarat, India Independent Auditors’ Report on
Tel.: 0268-2551381 / 2 Standalone Financial Statements .....................................................101
Fax: 0268-2565068 Standalone Balance Sheet .................................................................110
E-mail: [email protected] Standalone Profi t & Loss Account.....................................................111
Standalone Cash Flow Statement .....................................................112
CORPORATE IDENTITY L15400GJ1990PLC014265
Standalone Statement of Changes in Equity....................................114
NUMBER [CIN]
Notes on Standalone Financial Statements including
CORPORATE OFFICE Marathon Innova, B2 - G01, Ground Floor, G. K. Road, Notes on Signifi cant Accounting Policies .........................................115
Lower Parel, Mumbai - 400 013. Independent Auditor’s Report on the Consolidated
Tel.: 022-6141 5555 Fax: 022-6141 5577 Financial Statements .........................................................................160
E-mail: [email protected] Consolidated Balance Sheet .............................................................168
Website: www.adf-foods.com Consolidated Profi t & Loss Account .................................................169
REGISTRAR AND SHARE LINK INTIME INDIA PRIVATE LIMITED Consolidated Cash Flow Statement .................................................170
TRANSFER AGENTS (Formerly known as Intime Spectrum Registry Limited) Consolidated Statement of Changes is Equity ................................172
C-101, 247 Park, Lal Bahadur Shastri Marg, Notes on Consolidated Financial Statements including
Vikhroli (W), Mumbai - 400 083, India Notes on Signifi cant Accounting Policies .........................................173
Tel: 022-49186270 , Fax: 022-49186060 Form AOC - 1 ......................................................................................218
E-mail: [email protected] E-mail Registration-Cum-Consent Form ........................................219
website: www.linkintime.co.in
30th Annual General Meeting

Wednesday, 5th August, 2020 at 11.00 a.m.
Through Video Conferencing (VC) or Other Audio Visual Means (OAVM).
• 1
• ADF FOODS LTD.
NOTICE OF THE 30TH ANNUAL GENERAL MEETING
NOTICE is hereby given that the Thirtieth Annual General Meeting of the Members of ADF FOODS LIMITED will
be held through Video Conferencing (“VC”) or Other Audio Visual Means (“OAVM”) on Wednesday, August 5, 2020 at
11:00 a.m. to transact the following business:
ORDINARY BUSINESS
(1) To receive, consider and adopt the Audited Financial Statements of the Company, namely:
a) The Audited Standalone and Consolidated Balance Sheet as at 31st March, 2020;
b) The Audited Standalone and Consolidated Statement of Profit and Loss for the financial year ended
31st March, 2020;
c) The Audited Standalone and Consolidated Cash Flow Statement for the financial year ended
31st March, 2020;
d) Notes annexed to, or forming part of, the documents referred to in (a) to (c) above and the Reports of the
Board of Directors and Auditors thereon.
(2) To confirm the payment of the first interim dividend of r 1.50/- per equity share and second interim dividend of
r 1.50/- per equity share aggregating to r 3/- per equity share of r 10/- each for the Financial Year 2019-20.
(3) To appoint a Director in place of Mr. Jay M. Mehta (DIN: 00152072), who retires by rotation and being eligible
offers himself for re-appointment.
SPECIAL BUSINESS
(4) To consider and, if thought fit, to pass with or without modification/s, the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149,152 read with Schedule IV and any other
applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of
Directors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being in
force) and Regulations 16, 25 & 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, as amended and pursuant to the recommendation of the Nomination and Remuneration Committee and
the Board of Directors, Mr. Chandir G. Gidwani (DIN: 00011916), who was appointed as an Additional Director
in the category of ‘Non-Executive Independent Director’ with effect from February 7, 2020 pursuant to the
provisions of Section 161(1) of the Companies Act, 2013 and the Articles of Association of the Company and
who holds office up to the date of this Annual General Meeting be and is hereby appointed as a Non-Executive
Independent Director of the Company for a period upto February 6, 2025, not liable to retire by rotation.”
(5) To consider and, if thought fit, to pass with or without modification/s, the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 149,152 read with Schedule IV and any other
applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of
Directors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof for the time being
in force) and Regulations 16, 25 & 36(3) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended and pursuant to the recommendation of the Nomination and Remuneration
Committee and the Board of Directors, Ms. Deepa Misra Harris (DIN: 00064912), who was appointed
as an Additional Director in the category of ‘Non-Executive Independent Director’ with effect from
March 25, 2020 pursuant to the provisions of Section 161(1) of the Companies Act, 2013 and the Articles of
Association of the Company and who holds office up to the date of this Annual General Meeting be and is hereby
appointed as a Non-Executive Independent Director of the Company for a period upto March 24, 2025, not
liable to retire by rotation.”
•
2 Annual Report 2019-20
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NOTES
1. In view of the continuing COVID-19 pandemic, the Ministry of Corporate Affairs (“MCA”) has vide its Circular
No. 20 dated May 5, 2020 read with Circular No. 14 dated April 8, 2020 and Circular No. 17 dated April 13,
2020 (hereinafter collectively referred to as “MCA Circulars”) permitted the holding of the Annual General
Meeting (“AGM”) through VC or OAVM without the physical presence of the Members at a common venue.
In compliance with the relevant provisions of the Companies Act, 2013 (“Act”), SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and these aforesaid MCA
Circulars, the AGM of the Company is being held through VC/OAVM.
2. A Member entitled to attend and vote at the Annual General Meeting (“AGM”) is entitled to appoint one
or more proxies to attend and vote instead of himself/ herself and such proxies need not be Members of
the Company. Since this AGM is being held pursuant to the MCA Circulars through VC/OAVM, physical
attendance of Members has been dispensed with. Accordingly, the facility for appointment of proxies by the
Members will not be available for the AGM and hence the Proxy Form and Attendance Slip are not annexed to
this Notice.
Institutional/ Corporate Shareholders (i.e. other than individuals/ HUF, NRI, etc.) are required to send a
scanned copy (PDF/JPG Format) of its Board or governing body Resolution/Authorization etc., authorizing
its representative to attend the AGM through VC/OAVM on its behalf and to vote through remote e-voting.
The said Resolution/Authorization shall be sent to the Scrutinizer by e-mail through their registered e-mail
address to [email protected] with a copy marked to the Company at [email protected] and
to its RTA at [email protected]
3. Members attending the AGM through VC/OAVM shall be counted for the purpose of reckoning the quorum
under Section 103 of the Act.
4. At the Twenty-Ninth AGM held on September 25, 2019, the Members approved the appointment of
M/s. Kalyaniwalla & Mistry LLP, Chartered Accountants, Mumbai (Registration No. 104607W/W100166) as
Statutory Auditors of the Company to hold offi ce for a period of fi ve years from the conclusion of that AGM
till the conclusion of the AGM to be held for the Financial Year 2023-24. The requirement to place the matter
relating to appointment of Auditors for ratifi cation by Members at every AGM has been done away by the
Companies (Amendment) Act, 2017 with eff ect from May 7, 2018. Accordingly, no resolution is being proposed
for ratifi cation of appointment of Statutory Auditors at the Thirtieth AGM.
5. An explanatory statement pursuant to Section 102(1) of the Companies Act, 2013 relating to ordinary/ special
business to be transacted at the Meeting is annexed hereto.
6. The relevant details of Directors seeking appointment under Item No. 4 and 5 of the Notice, as required by
Regulation 36(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (hereafter referred as the SEBI LODR Regulations, 2015) and Secretarial Standards 2 are also
annexed.
7. The Register of Members and the Share Transfer Books of the Company will remain closed from Thursday,
30th July, 2020 to Wednesday, 5th August, 2020 (both days inclusive).
8. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170
of the Act, and the Register of Contracts or Arrangements in which the Directors are interested, maintained
under Section 189 of the Act, will be available electronically for inspection by the Members. All documents
referred to in the Notice will also be available for electronic inspection without any fee by the Members from the
date of circulation of this Notice up to the date of AGM i.e. August 5, 2020. Members seeking to inspect such
documents can send an e-mail to [email protected].
• 3
• ADF FOODS LTD.
9. The Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) have advised all listed
companies to mandatorily use the Electronic Clearing Services (ECS) mandate facility wherever possible
for payment of dividend to the Members. In view of this stipulation, the Company has implemented the ECS
facility. Members holding shares in physical form are requested to provide the Company with ECS details for
crediting the future dividend payment directly to their respective bank accounts. The Company shall be able to
co-ordinate with the bankers only on receipt of necessary information. The Members holding shares in electronic
form may instruct their Depository Participants (DPs) accordingly.
10. Members are hereby informed that dividends for the Financial Years 2012-13, 2013-14, 2014-15, 2016-17 and
2019-20 (two Interim Dividends) remaining unpaid or unclaimed over a period of seven years from the date of
transfer of such dividends to the respective Unpaid Dividend Account(s) of the Company have to be transferred
by the Company to the Investor Education and Protection Fund (IEPF). During the year under review, dividend
pertaining to the financial year 2011-12 (Final) amounting to r 10,11,704/- which remained unpaid or unclaimed for
a period of 7 consecutive years were transferred by the Company to the Investor Education and Protection Fund.
The following are the details of dividends declared by the Company and their respective due dates of transfer to
IEPF, which remain unencashed /unclaimed.
Year Type of Dividend Date of Declaration Due date for transfer to IEPF
Dividend per share
2012-13 Final r 1.50 31st July, 2013 31st August, 2020
2013-14 Final r 1.50 24th September, 2014 24th October, 2021
2014-15 Final r 1.50 30th September, 2015 30th October, 2022
2016-17 Final r 2.50 23rd August, 2017 23rd September, 2024
2019-20 (1st Interim) Interim r 1.50 11th November, 2019 17th December, 2026
2019-20 (2nd Interim) Interim r 1.50 7th February, 2020 14th March, 2027
The Members are requested to encash their Dividend Warrants for these years, if not already done.
In view of the outbreak of COVID-19 pandemic in India, the Company is unable to send individual notices to
those shareholders who have not claimed their dividend for seven (7) consecutive years or more in accordance
with the IEPF Rules. However, once the normalcy returns, the Company shall arrange to send letters to the
Members whose dividend amounts from the year 2012-13 remained unpaid/ unclaimed as per the Company’s
records requesting such shareholders to claim the same before being transferred to the IEPF Authority. The
Company has uploaded the details of such Members and their shares due for transfer to the IEPF Authority on
its website www.adf-foods.com under the heading “IEPF Transfer List” to enable such Members to verify the
details of their unencashed dividends and the shares liable to be transferred to the IEPF Authority.
Members are requested to note that no claim shall lie against the Company in respect of any shares/ dividend so
transferred to the IEPF Authority.
As per Section 124(5) of the Companies Act, 2013, the Company has transferred the shares of those shareholders
whose dividend remained to be encashed/claimed for seven consecutive years or more. The details of such
shareholders have been uploaded on the Company’s website under the heading “IEPF Transfer List”.
11. Members holding shares in the same set of names under different ledger folios are requested to apply for
consolidation of such folios along with relevant share certificates to the Company’s Registrar & Transfer Agents.
12. Members holding shares in physical form are requested to notify/ send the following to the Company’s Registrar
and Share Transfer Agents to facilitate better service:
• any change in their address/ mandate/ bank details
• particulars of their bank account in case the same have not been sent earlier, and
• share certificate(s) held in multiple accounts in identical names or joint accounts in the same order of names
for consolidation of such shareholdings into one account.
•
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13. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number
(PAN) by every participant in securities market. Members holding shares in electronic form are, therefore,
requested to submit their PAN to their Depository Participants with whom they are maintaining their demat
accounts. Members holding shares in physical form can submit their PAN details to the Company/ Registrar and
Share Transfer Agents.
14. As per Regulation 40 of SEBI Listing Regulations, as amended, securities of listed companies can be transferred
only in dematerialized form with eff ect from April 1, 2019, except in case of request received for transmission
or transposition of securities. In view of this, Members holding shares in physical form are requested to consider
converting their holdings to dematerialized form.
15. Members who would like to ask any questions on the Financial Statements are requested to send their questions
through email on [email protected] at least 10 days before the Annual General Meeting to enable
the Company to answer their queries satisfactorily.
16. Members who have not registered their e-mail addresses so far are requested to register their e-mail address
with the Depository Participants (‘DP’) for receiving all communication including Annual Report, Notices,
Circulars, etc. from the Company electronically.
17. Shareholders who have not got their e-mail address registered or wish to update a fresh e-mail address may
do so by submitting the attached E-mail Registration-Cum Consent Form duly filled and signed alongwith
a self-attested scanned copy of their PAN Card and AADHAAR Card to the Company at the e-mail address
[email protected] consenting to send the Annual Report and other documents in electronic form.
18. Pursuant to the provisions of Section 101 and Section 136 of the Companies Act, 2013 read with the Companies
(Management and Administration) Rules, 2014 and in terms of Regulation 36 of the SEBI LODR Regulations,
2015, as amended, electronic copy of the Notice and Annual Report 2019-20 is being sent to the Members
whose e-mail IDs are registered with the Company/ Depository Participant(s) (in case of shares held in demat
form) or with Link Intime India Private Limited (in case of shares held in physical form).
As per the MCA General Circular 20/2020 dated 5th May, 2020, the Annual Report 2019-20 will be sent through
electronic mode to only those Members whose e-mail IDs are registered with the Registrar and Share Transfer
Agent of the Company/ Depository Participant.
Members may also note that the Notice of the 30th Annual General Meeting and the Annual Report 2019-20
will be available on the Company’s website www.adf-foods.com; websites of the Stock Exchanges i.e. National
Stock Exchange of India Limited and BSE Limited at www.nseindia.com and www.bseindia.com respectively.
19. Nomination facility for shares is available for Members. For Members holding shares in physical form, the
prescribed form can be obtained from the Company’s Registrar and Share Transfer Agents, M/s. Link Intime
India Private Limited having address at C-101, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (W), Mumbai - 400
083. For Members holding shares in electronic form, you are requested to approach your Depository Participant
(DP) for the same.
20. To support the ‘Green Initiative’ Members who have not registered their e-mail addresses are requested to
register their e-mail IDs with M/s. Link Intime India Private Limited for receiving the Annual Report and other
communications through electronic mode pursuant to Section 101 and Section 136 of the Companies Act,
2013 read with the Companies (Management and Administration) Rules, 2014, as amended.
21. Since the AGM will be held through VC/OAVM, the Route map of the Venue of the AGM is not annexed to this
Notice.
• 5
• ADF FOODS LTD.
22. Voting through electronic means:

In compliance with the provisions of Section 108 of the Act and the Rules framed thereunder, the Members are
provided with the facility to cast their vote electronically, through the e-voting services provided by Link Intime
India Private Limited (LIIPL), on all resolutions set forth in this Notice.
The instructions for e-voting are as under:
I. In compliance with provisions of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies
(Management and Administration) Rules, 2014 as amended by the Companies (Management and
Administration) Amendment Rules, 2015 (Amended Rules 2015) and Regulation 44 of Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company
is pleased to provide Members the facility to exercise their right to vote at the 30th Annual General Meeting
(AGM) by electronic means and the business may be transacted through e-voting Services. The facility of
casting the votes by the Members using an electronic voting system from a place other than venue of the
AGM (“remote e-voting”) will be provided by Link Intime India Private Limited (LIIPL).
The facility for e-voting shall also be made available at the AGM and the Members attending the Meeting
who have not cast their vote by remote e-voting shall be able to exercise their right at the meeting through
e-voting.
II. The Member(s) who have cast their vote by remote e-voting prior to the Annual General Meeting, may also
attend/participate in the Annual General Meeting through VC/OAVM but shall not be entitled to cast their
vote again.
III.
The remote e-voting period commences on Saturday, 1st August, 2020 and ends on Tuesday,
4th August, 2020. During this period, Members of the Company holding shares either in physical form or in
dematerialized form, as on the cut-off date of Wednesday, 29th July, 2020, may cast their vote by remote
e-voting. Remote e-voting shall not be allowed beyond the said date and time. The remote e-voting module
shall be disabled by LIIPL for voting thereafter. Once the vote on a resolution is cast by the Member, the
Member shall not be allowed to change it subsequently.
A person who is a Member as on the cut-off date shall only be entitled for availing the Remote e-voting
facility or e-voting at the Meeting.
A person who is not a Member as on the cut-off date should treat this Notice for information purposes only.
IV.
The process and manner for remote e-voting is as under:
1. Visit the e-voting system of LIIPL. Open web browser by typing the following
URL: https://instavote.linkintime.co.in.
2. Click on “Login” tab, available under ‘Shareholders’ section.
3. Enter your User ID, password and image verification code (CAPTCHA) as shown on the screen and
click on “SUBMIT”.
4. Your User ID details are given below:
a. Shareholders holding shares in demat account with NSDL: Your User ID is 8 Character DP ID
followed by 8 Digit Client ID.
b. Shareholders holding shares in demat account with CDSL: Your User ID is 16 Digit Beneficiary ID.
c. Shareholders holding shares in Physical Form (i.e. Share Certificate): Your User ID is Event No. +
Folio Number registered with the Company.
•
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5. Your Password details are given below:

If you are using e-Voting system of LIIPL:
https://instavote.linkintime.co.in for the fi rst time or if you are holding shares in physical form, you
need to follow the steps given below:
Click on “Sign Up” tab available under ‘Shareholders’ section, register your details and set the password
of your choice and confi rm (The password should contain minimum 8 characters, at least one special
character, at least one numeral, at least one alphabet and at least one capital letter).
For Shareholders holding shares in Demat Form or Physical Form
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (applicable for both demat
shareholders as well as physical shareholders).
Members who have not updated their PAN with Depository Participant or in the Company record are
requested to use the sequence number which is shared in the mail sent by LIIPL indicated in the PAN Field.
DOB/ DOI Enter the DOB (Date of Birth)/ DOI as recorded with Depository Participant or in the Company record for
the said demat account or folio number in dd/mm/yyyy format.
Or
Dividend Bank Enter the Dividend Bank Details as recorded in your demat account or in the Company records for the said
Details demat account or folio number.
Please enter the DOB/ DOI or Dividend Bank Details in order to register. If the above mentioned details
are not recorded with the Depository Participants or Company, please enter Folio number in the Dividend
Bank Details fi eld as mentioned in instruction (iv-c).
If you are holding shares in demat form and had registered on to e-Voting system of
LIIPL: https://instavote.linkintime.co.in, and/ or voted on an earlier voting of any company, then you
can use your existing password to login.
If Shareholders holding shares in Demat Form or Physical Form have forgotten password:
Enter User ID, select Mode and Enter Image Verifi cation code (CAPTCHA). Click on “SUBMIT”.
Incase shareholder is having valid e-mail address, Password will be sent to the shareholders registered
e-mail address. Else, shareholder can set the password of his/ her choice by providing the information
about the particulars of the Security Question & Answer, PAN, DOB/ DOI, Dividend Bank Details, etc.
and confi rm. (The password should contain minimum 8 characters, at least one special character, at
least one numeral, at least one alphabet and at least one capital letter).
NOTE: The password is to be used by demat shareholders for voting on the resolutions placed by
the company in which they are a shareholder and eligible to vote, provided that the company opts for
e-voting platform of LIIPL.
For shareholders holding shares in physical form, the details can be used only for voting on the
resolutions contained in this Notice.
It is strongly recommended not to share your password with any other person and take utmost care to
keep your password confi dential.
6. After successful login, you will be able to see the notifi cation for e-voting on the home page of INSTA
Vote. Select/ View “Event No” of the company, you choose to vote.
• 7
• ADF FOODS LTD.
7. On the voting page, you will see “Resolution Description” and against the same the option “Favour/
Against” for voting.
Cast your vote by selecting appropriate option i.e. Favour/Against as desired.
Enter the number of shares (which represents no. of votes) as on the cut-off date under ‘Favour/
Against’. You may also choose the option ‘Abstain’ and the shares held will not be counted under
‘Favour/Against’.
8. If you wish to view the entire Resolution details, click on the ‘View Resolutions’ File Link.
9. After selecting the appropriate option i.e. Favour/ Against as desired and you have decided to vote,
click on “SUBMIT”. A confirmation box will be displayed. If you wish to confirm your vote, click on “YES”,
else to change your vote, click on “NO” and accordingly modify your vote.
10.
Once you confirm your vote on the resolution, you will not be allowed to modify or change your vote
subsequently.
11.
You can also take the printout of the votes cast by you by clicking on “Print” option on the Voting page.
 General Guidelines for shareholders:
• Institutional shareholders (i.e. other than Individuals, HUF, NRI, etc.) and Custodian are required to log on to
e-Voting system of LIIPL: https://instavote.linkintime.co.in and register themselves as ‘Custodian/ Mutual
Fund/ Corporate Body’.
They are also required to upload a scanned certified true copy of the Board Resolution/ authority letter/
power of attorney, etc. together with attested specimen signature of the duly authorized representative(s)
in PDF format in the ‘Custodian/ Mutual Fund/ Corporate Body’ login for the Scrutinizer to verify the same.
• During the voting period, shareholders can login any number of time till they have voted on the resolution(s)
for a particular “Event”.
• Shareholders holding multiple folios/ demat account shall choose the voting process separately for each of
the folios/ demat account.
• In case the shareholders have any queries or issues regarding e-voting, please refer the Frequently Asked
Questions (“FAQs”) and Instavote e-Voting manual available at https://instavote.linkintime.co.in, under
Help section or write an e-mail to [email protected] or Call on 022-49186175.
A copy of this Notice has been placed on the website of the Company and the website of Link Intime India Pvt.
Ltd.
• The voting period begins on Saturday, August 1, 2020 and ends on Tuesday, August 4, 2020. During this
period, shareholders of the Company, holding shares either in physical form or in dematerialized form, as on
the cut-off date i.e. Wednesday, July 29, 2020 may cast their vote electronically. The e-voting module shall
be disabled by Link Intime India Pvt. Ltd. for voting thereafter.
Instructions for Members to Vote during the Annual General Meeting through InstaMeet:
Once the electronic voting is activated by the Scrutiniser during the Meeting, the Members who have not
exercised their vote through the remote e-voting can cast their vote as under:
1. On the Shareholders VC page, click on the link for e-Voting “Cast your vote”.
2. Enter Demat Account No. / Folio No. and OTP (received on the registered mobile number/ registered e-mail
Id) received during registration for InstaMeet and click on ‘Submit’.
3. After successful login, you will see “Resolution Description” and against the same the option “Favour/
Against” for voting.
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4. Cast your vote by selecting appropriate option i.e. “Favour/Against” as desired.

Enter the number of shares (which represents No. of votes) as on the cut-off date under ‘Favour/Against’.
You may also choose the option ‘Abstain’ and the shares held will not be counted under ‘Favour/Against’.
5. After selecting the appropriate option i.e. Favour/Against as desired and you have decided to vote, click
on “Save”. A confi rmation box will be displayed. If you wish to confi rm your vote, click on “Confi rm”, else to
change your vote, click on “Back” and accordingly modify your vote.
6. Once you confi rm your vote on the resolution, you will not be allowed to modify or change your vote
subsequently.
Note: Members who will be present in the Annual General Meeting through InstaMeet facility and have not
casted their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall
be eligible to vote through e-Voting facility during the Meeting.
Members who have voted through Remote e-Voting prior to the Annual General Meeting will be eligible to
attend/ participate in the Annual General Meeting through InstaMeet. However, they will not be eligible to vote
again during the Meeting.
In case the Members have any queries or issues regarding e-voting, you can write an e-mail to [email protected]
or Call on 022-49186175.
V. Instructions for Members for attending the AGM through InstaMeet (VC/OVAM):
Instructions for Members to attend the Annual General Meeting through InstaMeet (VC/OAVM) are as
under:
1) Members are entitled to attend the Annual General Meeting through VC/OAVM provided by Link Intime
by following the below mentioned process. Facility for joining the Annual General Meeting through VC/
OAVM shall open 15 minutes before the time scheduled for the Annual General Meeting and will be
available to the Members on fi rst come fi rst serve basis.
2) Members are requested to participate on fi rst come fi rst serve basis as participation through VC/OAVM
is limited and will be closed on expiry of 15 (fi fteen) minutes from the scheduled time of the Annual
General Meeting. Members with > 2% shareholding, Promoters, Institutional Investors, Directors,
KMPs, Chairpersons of Audit Committee, Nomination and Remuneration Committee, Stakeholders
Relationship Committee and Auditors, etc. may be allowed to the Meeting without restrictions of fi rst
come fi rst serve basis. Members can log in and join 15 (fi fteen) minutes prior to the schedule time of
the Meeting and window for joining shall be kept open till the expiry of 15 (fi fteen) minutes after the
schedule time.
3) Members will be provided with InstaMeet facility wherein they shall register their details and attend the
Annual General Meeting as under:
1. Open the internet browser and launch the URL for InstaMeet https://instameet.linkintime.co.in
and register with your following details:
a. Demat Account No.: Enter your 16 digit Demat Account Number or Folio Number registered
with the Company
b. PAN: Enter your 10 digit Permanent Account Number (PAN)
c. Mobile No.
d. Email ID
2. Click “Go to Meeting”
• 9
• ADF FOODS LTD.
Note:
Members are encouraged to join the Meeting through Tablets/ Laptops connected through broadband for
better experience.
Members are required to use Internet with a good speed (preferably 2 MBPS download stream) to avoid any
disturbance during the meeting.
Please note that Members connecting from Mobile Devices or Tablets or through Laptops connecting
via Mobile Hotspot may experience Audio/Visual loss due to fluctuation in their network. It is therefore
recommended to use stable Wi-Fi or LAN connection to mitigate any kind of aforesaid glitches.
In case the Members have any queries or issues regarding e-voting, they can write an e-mail to instameet@
linkintime.co.in or Call on 022-49186175.
Instructions for Members to register themselves as Speakers during Annual General Meeting:
Members who would like to express their views/ask questions during the Meeting may register themselves as
a speaker by sending their request mentioning their name, demat account number/ folio number, e-mail id,
mobile number at [email protected] from July 30, 2020 (9:00 a.m. IST) to August 1, 2020 (5:00 p.m. IST).
Members who would like to ask questions, may send their questions in advance mentioning their name,
demat account number/ folio number, e-mail id, mobile number at [email protected]. The same will
be replied by the Company suitably.
Note:
Those Members who have registered themselves as a speaker will only be allowed to express their views/
ask questions during the Meeting. The Company reserves the right to restrict the number of speakers
depending on the availability of time for the Annual General Meeting.
Members should allow to use camera and are required to use Internet with a good speed (preferably 2 MBPS
download stream) to avoid any disturbance during the Meeting.
VI.
Other Instructions
Mr. Sanjay S. Risbud, Practicing Company Secretary has been appointed as Scrutinizer for the purpose of
remote e-voting and e-voting at the AGM. The Scrutinizer shall, immediately after the conclusion of voting
at the AGM, first count the votes cast during the AGM, thereafter unblock the votes cast through remote
e-voting and make, not later than 48 hours of conclusion of the AGM, a consolidated Scrutinizer’s Report
of the total votes cast in favour or against, if any, to the Chairman or a person authorised by him in writing,
who shall countersign the same.
The results declared along with the Scrutinizer’s Report shall be placed on the website of the Company and
Link Intime India Pvt. Ltd. immediately after declaration of results by the Chairman or person authorized
by him in writing. The results would be communicated to BSE Limited/ National Stock Exchange of India
Limited and will be placed on their website thereafter. The result will also be displayed on the Notice Board
of the Company at its Registered Office and the Corporate Office.
Mumbai, May 11, 2020 By order of the Board

Regd. Office : For ADF FOODS LIMITED
83/86 GIDC Industrial Estate, Nadiad 387 001, Gujarat
Tel.: 0268-2551381/2, Fax: 0268-2565068;
E-mail: [email protected]; Shalaka Ovalekar
website: www.adf-foods.com Company Secretary
CIN: L15400GJ1990PLC014265 ACS A15274
•
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EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013
Pursuant to Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read
with Section 102(1) of the Companies Act, 2013, the following Explanatory Statement sets out all material facts
relating to Item Nos. 4 and 5 of the Notice.
Item No. 4: Appointment of Mr. Chandir G. Gidwani as a Non-Executive Independent Director
The Board of Directors appointed Mr. Chandir G. Gidwani as an Additional Director in the category of Non-Executive
Independent Director of the Company with eff ect from February 7, 2020, pursuant to Section 161 of the Companies
Act, 2013.
Pursuant to the provisions of Section 161 of the Companies Act, 2013, Mr. Chandir G. Gidwani will hold offi
ce up to
the date of the ensuing Annual General Meeting.
The Company has received from Mr. Chandir G. Gidwani, (i) consent in writing to act as a Director in Form DIR-2
pursuant to Rule 8 of the Companies (Appointment & Qualifi cation of Directors) Rules, 2014, (ii) intimation in
Form DIR-8 in terms of the Companies (Appointment & Qualifi cation of Directors) Rules, 2014, to the eff ect that
he is not disqualifi ed under the provisions of sub-section (2) of Section 164 of the Companies Act, 2013, and (iii) a
declaration to the eff ect that he meets the criteria of independence as provided in sub-section (6) of Section 149 of
the Companies Act, 2013.
In the opinion of the Board, Mr. Chandir G. Gidwani fulfi ls the conditions specifi ed under the Companies Act, 2013 and
Rules framed thereunder for appointment as an Independent Director and he is independent of the management.
Disclosure under Regulation 36(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
and Secretarial Standard-2 issued by the Institute of Company Secretaries of India are set out in the Annexure to the
Statement setting out material facts.
Presently, Mr. Chandir Gidwani does not hold any shares in the Company.
Mr. Chandir G. Gidwani is not related to any other Directors of the Company.
No Board Meetings were held from the date of appointment of Mr. Chandir G. Gidwani i.e. 7th February, 2020 till
31st March, 2020.
Mr. Chandir G. Gidwani’s appointment as an Independent Director of the Company would be upto
6th February, 2025. During the tenure, he shall be paid remuneration by way of sitting fees for the Meetings of the
Board and its Committees as may be decided by the Board from time to time.
The Board considers that the association of Mr. Chandir G. Gidwani would be of immense benefi t to the Company
and it is desirable to continue to avail the services of Mr. Chandir G. Gidwani as an Independent Director.
In compliance with provisions of Section 149 read with Schedule IV of the Companies Act, 2013, the appointment of
Mr. Chandir G. Gidwani as Independent Director is now being placed before the Members for their approval. The copy
of the draft letter of appointment and the terms and conditions of appointment of Mr. Chandir G. Gidwani, shall be
open for inspection in electronic mode during business hours between 11.00 a.m. and 1.00 p.m. on all working days,
excluding Saturdays, Sundays and Public Holidays upto the date of Annual General Meeting. Members can inspect
the same by sending an e-mail to [email protected].
The letter containing the terms and conditions of appointment of Independent Director is also available on the
Company’s website: www.adf-foods.com.
Accordingly, the Board recommends the Ordinary Resolution as set out at Item No. 4 of the accompanying Notice
for approval by the Members.
Except Mr. Chandir G. Gidwani, being an appointee, none of the other Directors, Key Managerial Personnel or their
relatives are concerned or interested fi nancially or otherwise in the Resolution set out in Item No. 4.
• 11
• ADF FOODS LTD.
Item No. 5: Appointment of Ms. Deepa Misra Harris as a Non-Executive Independent Director
The Board of Directors appointed Ms. Deepa Misra Harris as an Additional Director in the category of Non-Executive
Independent Director of the Company with effect from March 25, 2020, pursuant to Section 161 of the Companies
Act, 2013.
Pursuant to the provisions of Section 161 of the Companies Act, 2013, Ms. Deepa Misra Harris will hold office up to
the date of the ensuing Annual General Meeting.
The Company has received from Ms. Deepa Misra Harris, (i) consent in writing to act as a Director in Form DIR-2
pursuant to Rule 8 of the Companies (Appointment & Qualification of Directors) Rules, 2014, (ii) intimation in Form
DIR-8 in terms of the Companies (Appointment & Qualification of Directors) Rules, 2014, to the effect that she is not
disqualified under the provisions of sub-section (2) of Section 164 of the Companies Act, 2013, and (iii) a declaration
to the effect that she meets the criteria of independence as provided in sub-section (6) of Section 149 of the
Companies Act, 2013.
In the opinion of the Board, Ms. Deepa Misra Harris fulfils the conditions specified under the Companies Act, 2013 and
Rules framed thereunder for appointment as an Independent Director and she is independent of the management.
Disclosure under Regulation 36(3) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015
and Secretarial Standard-2 issued by the Institute of Company Secretaries of India are set out in the Annexure to the
Statement setting out material facts.
Presently, Ms. Deepa Misra Harris does not hold any shares in the Company.
Ms. Deepa Misra Harris is not related to any other Directors of the Company.
No Board Meetings were held from the date of appointment of Ms. Deepa Misra Harris i.e. 25th March, 2020 till
31st March, 2020.
Ms. Deepa Misra Harris’s appointment as an Independent Director of the Company would be upto
24th March, 2025. During the tenure she shall be paid remuneration by way of sitting fees for the Meetings of the
Board and its Committees as may be decided by the Board from time to time.
The Board considers that the association of Ms. Deepa Misra Harris would be of immense benefit to the Company
and it is desirable to continue to avail the services of Ms. Deepa Misra Harris as an Independent Director.
In compliance with provisions of Section 149 read with Schedule IV of the Companies Act, 2013, the appointment of
Ms. Deepa Misra Harris as Independent Director is now being placed before the Members for their approval. The copy
of the draft letter of appointment and the terms and conditions of appointment of Ms. Deepa Misra Harris, shall be
open for inspection in electronic mode during business hours between 11.00 a.m. and 1.00 p.m. on all working days,
excluding Saturdays, Sundays and Public Holidays upto the date of Annual General Meeting. Members can inspect
the same by sending an e-mail to [email protected].
The letter containing the terms and conditions of appointment of Independent Director is also available on the
Company’s website: www.adf-foods.com.
Accordingly, the Board recommends the Ordinary Resolution as set out at Item No. 5 of the accompanying Notice
for approval by the Members.
Except Ms. Deepa Misra Harris, being an appointee, none of the other Directors, Key Managerial Personnel or their
relatives are concerned or interested financially or otherwise in the Resolution set out in Item No. 5.
•
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ANNEXURE TO ITEM NOS. 4 AND 5 OF THE NOTICE OF THE AGM

Pursuant to Secretarial Standard 2 issued by the Institute of Company Secretaries of India and the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended,
the required details of the Directors proposed to be appointed and the terms of proposed remuneration of the
Directors are given herein below:
Particulars Mr. Chandir Gidwani Ms. Deepa Misra Harris
Director Identification Number 00011916 00064912
Age 55 years 61 years
Date of Birth 3 July, 1964
rd
26th October, 1958
Date of Appointment on Board 7 February, 2020
th
25th March, 2020
Qualifications Master’s degree in Commerce from the Bombay Graduation degree in English (Delhi University)
University and Chartered Accountant. and a Master’s degree in English and Mass
Communications.
Experience/Expertise Mr. Chandir Gidwani is the Chairman Emeritus Ms. Deepa Misra Harris is a unique luxury
& Founder of Centrum Capital Ltd. CENTRUM hospitality and brand specialist with profi ciency in
is an integrated India based fi nancial services Branding, Marketing, Sales and Public Relations.
group, listed on the Bombay Stock Exchange, She has a proven track record of delivering double
having market capitalization/valuation of USD digit growth and escalating brands to leadership
500 million (approx.). The group has interests positions. With over 30 years of experience in
across Investment Banking & Corporate the high-end luxury hospitality category, she
Advisory, Infrastructure & Project Funding, NBFC has been a signifi cant success driver for India’s
Housing Finance, Micro Credit, Equity Broking, original luxury brand, The Taj Group of Hotels.
Real Estate, Foreign Exchange & Travel, Wealth
Management Services & Private Equity. As the Head of Sales & Marketing for Taj Hotels,
Palaces, Resorts, Safaris, Deepa led the way
Mr. Gidwani is a member of various Industry across 4 brands and 127 hotels worldwide,
associations e.g. FICCI, CII, etc. and also on the serving as revenue and brand custodian.
board of many leading companies.
Deepa is an experienced marketing professional
Apart from Financial Services businesses at with stints in Indian and International markets
Centrum he also runs a proprietary investing having launched new products and hotels in the
business focused on mid-sized Indian companies US, UK, Middle East & Africa.
called Business Match, having investments
across sectors like real estate, hospitality, health In mid-2015, she founded BrandsWeLove
care, oil & gas services, EPC, telecom services, (www.brandswelove.org) - a Branding &
etc. Marketing Consultancy.
Terms and Conditions of appointment Mr. Chandir Gidwani appointed as Independent Ms. Deepa Misra Harris appointed as Independent
or re-appointment along with Director for a period of 5 years with eff ect from Director for a period of 5 years with eff ect from
remuneration February 7, 2020. He will be entitled to Sitting March 25, 2020. She will be entitled to Sitting
Fees for attending the Meetings of Board and Fees for attending the Meetings of Board and
Committees thereof. Committees thereof.
The last drawn remuneration Not Applicable Not Applicable
Shareholding in the Company Nil Nil
Relationship with Other Directors, Mr. Chandir Gidwani is not related with any other Ms. Deepa Misra Harris is not related with any
Manager and other Key Managerial Director, Manager and Key Managerial Personnel other Director, Manager and Key Managerial
Personnel of the Company of the Company. Personnel of the Company.
The Number of Meetings of the Board Nil Nil
attended during the year
• 13
• ADF FOODS LTD.
Particulars Mr. Chandir Gidwani Ms. Deepa Misra Harris

Other Directorships • Centrum Capital Limited • TCPL Packaging Limited
• Rap Media Limited • Prozone Intu Properties Limited
• Nanikrami Agro Private Limited • PVR Limited
• Maurya Sugar Limited • Jubilant Foodworks Limited
• Casby Global Air Private Limited • Taj Safaris Limited
• Club 7 Holidays Limited • Concept Hospitality Private Limited
• Sonchajyo Investments and Finance
Private Limited
• Centrum Capital Advisors Limited
• Centrum Alternative Investment Managers
Limited
• Gurudaya Estates Private Limited
• Begonia Ventures Private Limited
• Business Match Services (India) Private
Limited
• JBCG Advisory Services Private Limited
• P & M Infrastructures Limited
• Centrum Fiscal Private Limited
• Royale Thrill Ventures Private Limited
Memberships/Chairmanship of Member: Member:
Committees of other companies
1. Nomination & Remuneration Committee 1. Audit Committee
Centrum Capital Limited Prozone Intu Properties Limited
Rap Media Limited PVR Limited
Jubilant Foodworks Limited
2. Shareholder’s Grievance/ Stakeholder’s
Relationship Committee 2. Nomination & Remuneration Committee
Centrum Capital Limited PVR Limited
Taj Safaris Limited
3. Audit Committee
Rap Media Limited 3. Corporate Social Responsibility
Committee
Chairmanship: Prozone Intu Properties Limited
1. Corporate Social Responsibility PVR Limited
Committee Jubilant Foodworks Limited
Centrum Capital Limited Chairmanship:
2. Shareholder’s Grievance/ Stakeholder’s 1. Nomination & Remuneration Committee
Relationship Committee Prozone Intu Properties Limited
Rap Media Limited
2. Shareholder’s Grievance/ Stakeholder’s
Relationship Committee
Prozone Intu Properties Limited
•
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DIRECTORS’ REPORT
Dear Shareholders,
ADF Foods Limited
Your Directors have pleasure in presenting the Thirtieth Annual Report together with the Audited Financial Statements
for the Financial Year ended 31st March, 2020.
A. FINANCIAL RESULTS:
The performance of the Company for the fi nancial year ended 31st March, 2020 is summarized below:
(R in Lakhs)
Standalone Consolidated
Particulars
2019-20 2018-19 2019-20 2018-19
Revenue from operations 18,208.81 18,749.90 27,282.24 23,143.50
Other Income 2,175.69 1,405.05 2,180.50 1,405.38
Total Income 20,384.50 20,154.95 29,462.74 24,548.88
Total Expenditure
Cost of materials consumed 8,180.85 8,932.55 8,180.85 8,932.55
Purchase of Stock-in-trade 747.01 654.87 8,644.83 4,204.63
Changes in inventories of fi nished goods, work-in-progress and (47.47) (421.40) (1,918.82) (1,105.40)
stock-in-trade
Employee benefi ts expense 1,511.84 1,342.93 1,764.49 1,608.05
Financial cost 133.41 86.90 133.42 87.05
Depreciation and amortization 551.60 431.08 552.71 431.19
Impairment losses - - 35.53 986.62
Other expenses 5,220.95 4,728.39 6,538.43 5,630.93
Total expenses 16,298.19 15,755.32 23,931.44 20,775.62
Profi t before exceptional and extraordinary items and tax 4,086.31 4,399.63 5,531.30 3,773.26
Exceptional Items (32.51) - (32.51) -
Profi t before tax 4,053.80 4,399.63 5,498.79 3,773.26
Current tax 981.94 1,290.69 1,003.45 1,300.58
Deferred tax (75.29) 61.21 217.86 (60.78)
Prior year’s tax adjustment - -
Total tax expenses 906.65 1,351.90 1,221.31 1,239.80
Prior Period adjustments (Net off ) - - - -
Net Profi t (+) / Loss (-) 3,147.15 3,047.73 4,277.48 2,533.46
Less: share of minority interest - - - -
Profi t/loss for the period after minority interest 3,147.15 3,047.73 4,277.48 2,533.46
Net other comprehensive income for the year (333.98) 154.83 (313.35) 210.10
Total comprehensive income for the year 2,813.17 3,202.56 3,964.13 2,743.56
EPS (Basic) 15.72 14.84 21.36 12.34
EPS (Diluted) 15.72 14.84 21.36 12.34
Previous year’s fi gures have been re-grouped wherever necessary.

FINANCIAL PERFORMANCE
The Standalone total income for the fi nancial year ended 31st March, 2020 stood at R 20,384.50 Lakhs as against the
corresponding fi gures of previous fi nancial year which stood at R 20,154.95 Lakhs. The Consolidated total income
for the fi nancial year ended 31st March, 2020 stood at R 29,462.74 Lakhs as against the corresponding fi gures of
previous fi nancial year which stood at R 24,548.88 Lakhs representing growth of 20% .
• 15
• ADF FOODS LTD.
The Standalone Profit Before Tax (PBT) for the financial year ended 31st March, 2020 stood at R 4,053.80 Lakhs as
against the corresponding figures of previous financial year which stood at R 4,399.63 Lakhs. The Consolidated
Profit Before Tax (PBT) for the financial year ended 31st March, 2020 stood at R 5,498.79 Lakhs as against the
corresponding figures of previous financial year which stood at R 3,773.26 Lakhs representing growth over 45%.
B. BUSINESS DEVELOPMENT:
During the year under review, the Company launched new products under Ashoka brand like Frozen Chutneys, Bullet
Naan (Masala Naan), Tandoori Lachha Naan, Veg Spring Rolls, Cheese Samosa, Vegetable Samosa, Malaysian style
Plain Paratha and extended its current product line of Dipping Sauces with a new variant called Chatpata Achari
Dipping Sauce under the ambient range.
In addition to the business of prepared ethnic food, the Company has also entered into a new business segment
wherein it acts as a distribution agent of food products for a Fortune 500 FMCG global firm in the US and UK markets.
This new vertical gives us a wider product portfolio to offer the retailers who stock our products as well as it enables
us to use the retail network of the FMCG firm for our own products. This vertical contributed R 32.21 crores to
revenues in FY 2019-20. We are confident that this business would supplement our core business very well going
forward.
Last year, the Company initiated a Capex of R 20 crore for expansion of premium product capacities in both the
facilities, setting up an Effluent Treatment Plant (ETP) with zero liquid discharge at Nasik facility and installation of
solar panels in both the facilities for captive consumption. A large part of Capex has been committed during the
financial year 2019-20 with enhanced product capacities and automation of Chutney and Pickle lines. ETP with zero
liquid discharge has been commissioned at Nasik plant. The Solar power project in Nasik has gone on stream and has
started generating power and the excess units are being exported back to the MSEB grid.
C. COVID-19 UPDATES:
In light of the unprecedented situation owing to the spread of COVID-19, the Company is facing slowdown in the
production which is likely to continue for a couple of months. Though there is no significant reduction in demand,
the capacity to fulfill the orders has been reduced mainly on account of limited manpower and logistics challenges
caused by lockdown restrictions.
The Company is taking necessary steps to ensure smooth functioning. The Work From Home facility has been
extended to most of the employees. The Government directives regarding health and safety of the workforce at
the factories are strictly followed. Adequate stock of important ingredients is maintained. Purchases from alternate
local suppliers have been facilitated and efforts are being made to ensure timely dispatches of the finished goods.
Although there are uncertainties due to the COVID-19 pandemic, the Company remains cautiously optimistic and
is determined to emerge stronger with the strength of product portfolio, strong industry demand drivers, resilient
business model and strong financials.
D. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There are no material changes and commitments, if any, affecting the financial position of the Company which have
occurred between the end of the financial year of the Company to which the Financial Statements relate and the
date of this Report.
E. SHARE CAPITAL:
The paid up Equity Share Capital as on 31st March, 2020 was R 20.02 Crore. During the year under review, the
Company has not issued or allotted any securities.
•
F. DIVIDEND:
During the year under review, the Company paid to the shareholders, two Interim Dividends of R 1.50/- (Rupee
One and Paise Fifty only) per Equity Share of the face value of R 10/- (Rupees Ten only) each in the month of
December, 2019 and March, 2020 respectively.
The total Dividend for the fi nancial year 2019-20 is R 3/- (Rupee Three only) per Equity Share of the face value of
R 10/- (Rupees Ten only) each as against no dividend for the previous fi nancial year 2018-19.
G. TRANSFER TO RESERVES:
During the year under review, your Company has not transferred any amount to General Reserves.
H. SUBSIDIARY COMPANIES:
Your Company has three Subsidiaries viz. ADF Foods UK Ltd., Power Brands (Foods) Pvt. Ltd. and ADF Foods (India)
Ltd. and two step down Subsidiaries viz. ADF Holdings (USA) Ltd. and ADF Foods (USA) Ltd. as on 31st March, 2020.
Power Brands (Foods) Pvt. Ltd., 100% Wholly Owned Subsidiary of the Company, is undergoing Voluntary Liquidation
vide Special Resolution passed by the Members on 5th November, 2012. Hence, the annual fi nancial statements as
on 31st March, 2020 of the said Subsidiary are not required to be prepared. During the year, the Board of Directors
reviewed the aff airs of the Subsidiaries in accordance with Section 129(3) of the Companies Act, 2013. We have
prepared consolidated fi nancial statements of the Company which forms part of the Annual Report. The salient
features of the fi nancial statements of the Subsidiaries are set out in the prescribed form AOC-1 which is attached
to the fi nancial statements. The statement also provides the details of performance and fi nancial position of the
Company’s Subsidiaries.
During the year under review, the Company did not have any JVs and/or Associate companies.
The fi nancial statements of each of the Subsidiaries may be accessed on the Company’s website www.adf-foods.com.
I. BOARD OF DIRECTORS AND COMMITTEES:
o Directors
During the year, the following changes took place in the Board composition:
Name of Director Position held Date of Resignation/ Appointment

Ms. Anjali Seth Independent Director Retirement upon completion of tenure w.e.f.
9th March, 2020 (close of business hours).
Mr. Chandir G. Gidwani N.A. Appointed as an Additional Director in the category
of ‘Non-Executive Independent Director’ w.e.f.
7th February, 2020.
Ms. Deepa Misra Harris N.A. Appointed as an Additional Director in the category
of ‘Non-Executive Independent Director’ w.e.f.
25th March, 2020.
In the opinion of the Board, Mr. Chandir Gidwani and Ms. Deepa Misra Harris, Independent Directors who were
appointed during the year possess integrity, expertise and experience (including the profi ciency).
o Relationship between Directors Inter-se
The details of inter-se relationship between Directors are given in the Corporate Governance Report.
• 17
• ADF FOODS LTD.
o Meetings of Board of Directors

Five meetings of the Board of Directors of the Company were held during the year. The detail of the Board
Meetings are provided in the Report on Corporate Governance of the Company, which forms part of this Annual
Report.
o Committees of the Board
The Company has duly constituted the Committees of the Board as required under the Companies Act, 2013
read with applicable Rules made thereunder and the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, as amended.
The Board of Directors of the Company has formed an Audit Committee which consists of Mr. Viren A. Merchant,
Independent Director as Chairman, Mr. Ravinder Kumar Jain, Independent Director and Mr. Bimal R. Thakkar,
Chairman, Managing Director & CEO as Members of the Audit Committee.
All the recommendations of the Audit Committee were accepted by the Board during the financial year under
review.
The other Committees of the Board are:
i) Nomination and Remuneration Committee
ii) Shareholders’ Grievance/ Stakeholders’ Relationship Committee
iii) Corporate Social Responsibility Committee
The details with respect to the constitution/ reconstitution, powers, roles, terms of reference, meetings held
and attendance of the Members at such meetings of the relevant Committees and such other related details
are provided in the Report on Corporate Governance of the Company, which forms part of this Annual Report.
o Directors’ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained by them,
your Directors make the following statements in terms of Section 134(5) of the Companies Act, 2013:
a) that in the preparation of the annual financial statements for the financial year ended March 31, 2020, the
applicable accounting standards have been followed along with proper explanation relating to material
departures, if any;
b) that such accounting policies as mentioned in Note 2 of the Notes to the Standalone Financial Statements
and in Note 2 of the Notes to the Consolidated Financial Statements have been selected and applied
consistently and judgment and estimates have been made that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company for the financial year and of the Profit and Loss of
the Company for the financial year ended March 31, 2020;
c) that proper and sufficient care has been taken for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities;
d) that the annual financial statements have been prepared on a going concern basis;
e) that proper internal financial controls were in place and that the financial controls were adequate and were
operating effectively;
f) that systems to ensure compliance with the provisions of all applicable laws were in place and were
adequate and operating effectively.
•
o Independent Directors’ Declaration
The Independent Directors have submitted a declaration that each of them meet the criteria of independence
as provided in Sub-Section (6) of Section 149 of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended.
o Meeting of Independent Directors
A meeting of the Independent Directors was held on 3rd March, 2020 in order to take into consideration the
performance of the Board as a whole, the Chairman and the Non-Independent Directors and timeliness of fl ow of
information between the Company management and the Board that would be necessary for the Board to eff ectively
and reasonably perform its duties, was reviewed in the said meeting. All the Independent Directors were present in
the meeting except Mr. Chandir G. Gidwani and Ms. Anjali Seth, to whom leave of absence was granted.
o Performance Evaluation of the Board
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its
own performance, of Chairman, its Committees and the Directors individually.
The manner in which the evaluation has been carried out has been explained in the Corporate Governance
Report.
o Familiarization Programme for Independent Directors
The Independent Directors of the Company are eminent personalities having wide experience in the fi eld of
business, fi nance, industry and law. Their presence on the Board has been advantageous and fruitful in taking
business decisions. Independent Directors are appointed as per the Governance guidelines of the Company,
with management expertise and wide range of experience. The Directors appointed by the Board are given
induction and orientation with respect to the Company’s vision, strategic direction, core values, including ethics,
corporate governance practices, fi nancial matters and business operations by having one-to-one meeting with
the Managing Director and through a Corporate Presentation. The new Board Members are also acquainted to
access the necessary documents/ brochures, Annual Reports and Policies available on the Company’s website
www.adf-foods.com to enable them to familiarize with the Company’s procedures and practices. Periodic
presentations are made by the Senior Management, Statutory and Internal Auditors at the Board/ Committee
meetings on business and performance updates of the Company, working capital management, fund fl ows,
business risks and its mitigation strategy, eff ectiveness of Internal Financial Controls, Subsidiary Companies
information, updates on major litigations, impact of regulatory changes on strategy, etc. Updates on relevant
statutory changes encompassing important laws are regularly intimated to the Independent Directors.
Familiarization Programme of the Company as specifi ed under Regulation 46 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is displayed on the Company’s website www.adf-foods.com and
is available under the web link: http://www.adf-foods.com/wp-content/uploads/2020/04/Familiarization-
Programme-2019-20.pdf.
o Policy of Directors’ Appointment and Remuneration
In accordance with the provisions of Section 134(3)(e) of the Companies Act, 2013 (“the Act”) read with
Section 178(3) of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
the Company has formulated a Policy on Directors’ appointment and remuneration including criteria for
determining qualifi cations, positive attributes, independence of a Director and other matters, which is covered
in the Corporate Governance Report which forms part of this Report.
Further, information about elements of remuneration package of individual Directors is provided in the extract
of Annual Return as provided under Section 92(3) of the Act at Annexure-V in the prescribed form MGT-9 and
forms part of this Report.
• 19
• ADF FOODS LTD.
J. CASH FLOW STATEMENT:

The Cash Flow Statement pursuant to Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 is annexed to this Report.
K. CONSOLIDATED ACCOUNTS:
The Consolidated Accounts of the Company are prepared in compliance with Regulation 34(2) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (IND AS) as prescribed under Section 133 of the Companies Act, 2013. The
Consolidated Accounts of the Company and its Subsidiaries are annexed to this Report.
L. GOVERNANCE:
o Report on Corporate Governance
In compliance with the requirements of Regulation 34(3) and Schedule V of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a separate report on Corporate Governance along with Auditors’
certificate on its compliance has been provided elsewhere in this Annual Report which forms part of this Report.
Report on Management Discussion and Analysis is provided in separate section at Annexure A & forms part of
this Annual Report. Various information required to be disclosed under the Act and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015 is set out at Annexure B and forms part of this Report.
o Vigil Mechanism/ Whistle Blower Policy
The Company has adopted a Vigil Mechanism/ ‘Whistle Blower Policy’ pursuant to Section 177 of the Companies
Act, 2013 read with Regulation 22 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 with an objective to conduct its affairs in a fair and transparent manner and by adopting the highest
standards of professionalism, honesty, integrity and ethical behavior.
With the adoption of this Policy, the Company has put in place a mechanism wherein the Employees are free to
report to the Management any actual or possible violation of the Principles or any other unlawful or unethical
or improper practice or act, or activity of the Company including leakage of Unpublished Price Sensitive
Information. Under the Whistle Blower Policy, the confidentiality of those reporting violation(s) is protected and
they are not subject to any discriminatory practices. No personnel has been denied access to the Management
and the Audit Committee. The mechanism is reviewed by the Audit Committee of the Company in accordance
with the SEBI (LODR) Regulations, 2015. The Company did not receive any such complaints during the year,
hence no complaints were pending as on 31st March, 2020.
Whistle Blower Policy of the Company is displayed on the Company’s website www.adf-foods.com and is
available under the web link: http://www.adf-foods.com/wp-content/uploads/2019/04/Whistle-Blower-
Policy-1.pdf
o Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure II to the Board’s Report forming part of the
Annual Report and is also available on the website of the Company www.adf-foods.com.
o Risk Management Framework
The Company has adopted Business Risk Management System (BRMS) for mitigating various risks associated
and identified across all levels within the organization. This model is based on ISO 31000. BRMS enables the
management to review the business risks on periodical basis and to bring the high risk areas to the immediate
attention of the Board.
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o Internal Financial Controls

Your Company has in place adequate internal fi nancial controls commensurate with the size, scale and
complexity of its operations. Review of the internal fi nancial controls environment of the Company was
undertaken during the year under review which covered verifi cation of entity level controls, process level
controls and IT controls, review of key business processes and analysis of risk control matrices, etc. During
the period under review, eff ectiveness of internal fi nancial controls was evaluated. Reasonable Financial
Controls are operative for all the business activities of the Company and no material weakness in the design
or operation of any control was observed.
o Other Policies under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
In accordance with the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the Company has framed Policy for determination of materiality for
disclosure of events or information.
The same has been hosted on the website of the Company at the link: http://www.adf-foods.com/wp-
content/uploads/2016/01/Material-Events-21.12.2017.pdf.
The details of the other policies of the Company can be obtained using the following web-links:
Sr. Policy Link
No.
1 ADF Code of Conduct http://www.adf-foods.com/wp-content/uploads/2016/12/ADF-Code-of-Conduct.pdf
2 Nomination and http://www.adf-foods.com/wp-content/uploads/2016/01/Nomination-and-Remuneration-Policy1-3.pdf
Remuneration Policy
3 Insider Trading Code http://www.adf-foods.com/wp-content/uploads/2019/04/Insider-Trading-Code-1.pdf
2015
4 Code of Practices & https://www.adf-foods.com/wp-content/uploads/2020/07/Code-of-Practices-Procedures-for-Fair-Disclosure-of-UPSI.pdf
Procedures for Fair
Disclosure of UPSI
5 ADF Whistle Blower http://www.adf-foods.com/wp-content/uploads/2019/04/Whistle-Blower-Policy-1.pdf
Policy
6 Related Party http://www.adf-foods.com/wp-content/uploads/2017/03/Related-Party-Transaction-Policy.pdf
Transactions Policy
7 ADF Material Subsidiary http://www.adf-foods.com/wp-content/uploads/2019/04/Policy-for-Determining-Material-Subsidiary.pdf
Policy
8 ADF CSR Policy http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-CSR-Policy-1.pdf
9 ADF Familiarization http://www.adf-foods.com/wp-content/uploads/2020/04/Familiarization-Programme-2019-20.pdf
Programme
10 ADF Board Diversity http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-Board-Diversity-Policy.pdf
Policy
11 ADF Sexual Harassment http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-Sexual-Harassment-policy.pdf
Policy
12 Preservation of http://www.adf-foods.com/wp-content/uploads/2016/01/Preservation-of-Documents.pdf
Documents
13 ADF Archival Policy http://www.adf-foods.com/wp-content/uploads/2016/05/ADF-Archival-Policy.pdf
o Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013
The Company has a policy on Prevention of Sexual Harassment of Women at Workplace pursuant to the
provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
• 21
• ADF FOODS LTD.
2013. The Company did not receive any such complaints during the year.
The Prevention of Sexual Harassment Policy of the Company is displayed on the Company’s website
www.adf-foods.com and is available under the web-link: http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-
Sexual-Harassment-policy.pdf
The Company has duly complied with the provisions relating to the constitution of Internal Complaints
Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013.
During the FY 2019-20, no complaints were received and pending to be resolved pertaining to the sexual
harassment.
M. PARTICULARS OF EMPLOYEES:
o Key Managerial Personnel (KMP)
Mr. Bimal R. Thakkar, Chairman, Managing Director & CEO, Mr. Devang Gandhi, Chief Operating Officer
(appointed w.e.f. 10th August, 2019), Mr. Anish S. Jhaveri, Chief Financial Officer and Ms. Shalaka Ovalekar,
Company Secretary & Compliance Officer are the KMPs of the Company as on date of this Report.
o Employees
There were no employees drawing remuneration exceeding the monetary ceiling of R 1.02 Crores per
annum or R 8.50 Lakhs per month during the financial year 2019-20, if employed for a part of the year, as
prescribed under the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
except Mr. Bimal R. Thakkar, Chairman, Managing Director & CEO of the Company.
The information required under Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is given at Annexure I that forms part of the Board’s Report.
o Human Resource and Employee Relations
The Company has always perceived its Manpower as its biggest strength. The emphasis was on grooming
in-house talent enabling them to take higher responsibilities. The Employee relations continue to be cordial
at all the divisions of the Company. Your Directors place on record their deep appreciation for exemplary
contribution of the employees at all levels. Their dedicated efforts and enthusiasm have been integral to
your Company’s steady performance.
N. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE ACT:
The Loans, Guarantees and Investments covered under Section 186 of the Companies Act, 2013 form part of
the Notes to the Financial Statements provided in this Annual Report.
O. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
All related party transactions that were entered into during the financial year were on an arm’s length basis and
were in the ordinary course of business. There are no materially significant related party transactions made by
the Company with Promoters, Directors, Key Managerial Personnel or other designated persons, subsidiary
companies and other related parties which may have a potential conflict with the interest of the Company at
large. All Related Party Transactions are placed before the Audit Committee and also the Board for approval.
Prior Omnibus approval of the Audit Committee is obtained on yearly basis for the transactions which are of
a foreseen and repetitive nature. A statement giving details of all related party transactions is placed before
the Audit Committee and the Board of Directors for their approval/ noting on a quarterly basis. The policy on
Related Party Transactions as approved by the Board is uploaded on the Company’s website.
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Pursuant to Clause (h) of Sub-Section (3) of Section 134 of the Act and Rule 8(2) of the Companies (Accounts)
Rules, 2014, the disclosure of particulars of contracts/ arrangements entered into by the Company with related
parties as specifi ed in Sub-Section (1) of Section 188 of the Companies Act, 2013 are disclosed in Form AOC-2
which is attached as Annexure VI to this Report.
Pursuant to requirements of Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations 2015, Company has formulated a ‘Policy on determining Material Subsidiaries’. The Policy is posted
on website of the Company viz. www.adf-foods.com.
The web link of the said Policy is: http://www.adf-foods.com/wp-content/uploads/2019/04/Policy-for-
Determining-Material-Subsidiary.pdf
P. PUBLIC DEPOSITS:
Your Company has not accepted any deposit within the meaning of Section 73 and 76 of the Companies Act, 2013
and the rules made thereunder during the fi nancial year 2019-20.
Q. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the provisions of Section 125(5) of the Companies Act, 2013, dividends pertaining to the fi nancial
year 2011-12 (Final) amounting to R 10,11,704/- which remained unpaid or unclaimed for a period of 7 years were
transferred by the Company to the Investor Education and Protection Fund during the fi nancial year under review.
Transfer of Equity Shares to the Demat account of IEPF Authority
Pursuant to the provision of Section 124(6) of the Companies Act, 2013 read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (‘Rules’), as amended from
time to time, it is mandatory for the Company to transfer all the shares in the name of Investor Education and
Protection Fund (IEPF) in respect of which dividend has not been claimed for seven consecutive years or more.
In compliance with the said Rules, during the fi nancial year 2019-20, there were 314 shareholders holding 44,685
equity shares of R 10/- each whose shares were transferred to IEPF.
The list of the aforesaid shareholders whose shares were transferred to IEPF is available at the below mentioned
web-link:
http://www.adf-foods.com/wp-content/uploads/2020/01/Details-of-Shares-Transferred-to-IEPF-2019.pdf
R. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
The Company has a Corporate Social Responsibility (CSR) Policy and set up CSR Committee and the same
is currently comprising of three Members viz. Mr. Viren Merchant, Independent Director, Mr. Jay M. Mehta,
Non-Executive Non-Independent Director and Mr. Bimal R. Thakkar, Chairman, Managing Director and CEO.
During the Financial Year 2019-20, the Company was required to spend an amount of R 64,58,147/- on the CSR
activities pursuant to Section 135 of the Companies Act, 2013.
During the year, the Company had spent an amount of R 59,78,550/- towards various meaningful CSR activities
in the areas such as education for underprivileged and disabled, food and medical expenses of poor people,
women empowerment, animal protection, environment protection through tree plantation, etc.
An amount of R 4,79,597/- remained to be unspent due to COVID-19 lockdown announced by the Government
w.e.f. 24th March, 2020. The Company will spend the said amount towards CSR activities within the stipulated
time limit.
• 23
• ADF FOODS LTD.
The CSR Policy of the Company and the relevant report as per the Companies (Corporate Social Responsibility
Policy) Rules, 2014 have been disclosed in Annexure IV to this Report.
S. BUSINESS RESPONSIBILITY REPORT:
A Business Responsibility Report as per Regulation 34 of the Listing Regulations, detailing the various initiatives
taken by the Company on the environmental, social and governance front forms part of this Annual Report as
Annexure C.
T. EXTRACT OF ANNUAL RETURN:
Pursuant to Sub-Section 3(a) of Section 134 and Sub-Section (3) of Section 92 of the Companies Act, 2013 read
with Rule 12 of the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return
as at 31st March, 2020 forms part of this Report as Annexure V.
U. AUDITORS AND THEIR REPORT:
o Statutory Auditors
M/s. Kalyaniwalla & Mistry LLP, Chartered Accountants, Mumbai (Registration No. 104607W/W100166)
are the Statutory Auditors of the Company. There are no qualifications, reservations or adverse remarks
contained in the Auditors Report and therefore there are no further explanations to be provided for in this
Report.
o Details with respect to fraud reported by Auditors
During the year under review, no fraud was reported by Auditors.
o Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed Keyul M. Dedhia
& Associates, Company Secretary in Practice (C.P. No. 8618), to undertake the Secretarial Audit of the
Company for the Financial Year 2019-20. The Secretarial Audit Report is annexed herewith as Annexure III.
There are no material qualifications, reservations or adverse remarks contained, in the said Report except
the certain observations. The summary of the observations along with the Company’s explanation is as
under:
Sr. No. Observation Company’s explanation

1 Delay in issuance of public notice through There was a 20 days delay in publication of the
newspaper advertisement for informing notice on account of certain technical reasons.
the shareholders regarding the due date However, there was no delay in sending similar
of transfer of shares to Investor Education communication to the concerned shareholders
and Protection Fund [IEPF] pursuant to the on one to one basis and the shares were
provisions of Section 124 of the Companies transferred to IEPF within the statutory time
Act, 2013 and rules made thereunder. limit.
2 Unspent amount of R 4.80 lakhs towards The marginal amount out of total CSR budget of
Corporate Social Responsibility for the R 64.58 lakhs for the FY 2019-20 remained to be
financial year 2019-20 pursuant to the spent on account of sudden lockdown towards
provisions of Section 135 of the Companies end of March, 2020. However, the Company will
Act, 2013 and rules made thereunder. spend the said amount for its ongoing projects
during FY 2020-21.
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Sr. No. Observation Company’s explanation

3 Delay in disclosure of inter-se transfer There was an inadvertent delay of 65 days in
by Mr. Bhavesh Thakkar, Promoter of the reporting inter-se transfer transaction by one
Company under Regulation 29 of Securities of the Promoters, Mr. Bhavesh Thakkar. The
and Exchange Board of India (Substantial onus of the disclosure lies on the individual
Acquisition of Shares and Takeovers) Promoter. Though there was a delay in reporting
Regulations, 2011. under Regulation 29 of SEBI (SAST) Regulations,
2011, the necessary pre and post transaction
intimations were given to the Stock Exchanges
within the statutory time limit by the said
Promoter under Regulation 10 of SEBI (SAST)
Regulations, 2011.
Keyul M. Dedhia & Associates have been re-appointed as the Secretarial Auditors of the Company for the
F.Y. 2020-21.
o Internal Audit
The Company had appointed RMJ & Associates LLP, Chartered Accountants, Mumbai (Registration
No. AAM 0182) to conduct Internal Audit of Nasik, Nadiad and Mumbai Divisions of the Company for the
Financial Year 2019-20.
RMJ & Associates LLP have been re-appointed as the Internal Auditors of the Company for all divisions
across the organization for the F.Y. 2020-21.
The Audit Committee of the Board of Directors, Statutory Auditors and the Management are periodically
apprised of the Internal Audit fi ndings and corrective actions taken.
o Cost Records and Audit
Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section
148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.
V. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS:
During the fi nancial year under review, no signifi cant and material orders were passed by the Indian Regulators
or Courts or Tribunals that would impact the going concern status of the Company and its future operations.
W. LISTING OF SHARES:
The Company’s equity shares are listed on BSE Limited and the National Stock Exchange of India Limited. The
Company has duly paid the necessary listing fees with the concerned Stock Exchange(s) for the fi nancial year
under review.
X. TECHNOLOGY AND QUALITY:
Your Company is committed to deliver highest quality of products by continuous improvement in terms of
product quality and achieving customer satisfaction and delight. Your Company has already obtained various
quality certifi cations such as the internationally recognized BRC (British Retail Consortium) Global Standard -
Foods, ISO 22000/ HACCP & ISO 9001:2000 certifi cations for its plants located at Nadiad, Gujarat and Nasik,
Maharashtra.
• 25
• ADF FOODS LTD.
Y. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

Information required under Section 134 (3)(m) of the Companies Act, 2013 read with the Rule 8 of the Companies
(Accounts) Rules, 2014 is appended hereto and forms part of this Report at Annexure VII.
Z. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT:
The Directors and Members of Senior Management have affirmed compliance with the Code of Conduct
for Directors and Senior Management. A declaration to this effect has been signed by Mr. Bimal R. Thakkar,
Chairman, Managing Director & CEO and forms part of the Annual Report.
AA. DISCLOSURE REQUIREMENTS:
The various policies and codes adopted by the Company are stated in detail in the Corporate Governance
Report of the Company, which forms part of the Annual Report.
The Company during the financial year complied with the applicable provisions of the Secretarial Standards
issued by the Institute of the Companies Secretaries of India.
BB. ACKNOWLEDGEMENTS:
Your Directors wish to express their sincere appreciation of the excellent support and co-operation extended
by the Company’s shareholders, customers, bankers, suppliers and all other stakeholders.
For and on Behalf of the Board of Directors
Bimal R. Thakkar
Chairman, Managing Director & CEO
DIN: 00087404
Mumbai, May 11, 2020
Regd. Office:
83/86, GIDC Industrial Estate, Nadiad 387 001, Gujarat
Tel.: 0268-2551381/2 Fax: 0268-2565068;
E-mail: [email protected]; website: www.adf-foods.com
CIN: L15400GJ1990PLC014265

•
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ANNEXURE - I
1. PARTICULARS OF REMUNERATION
The information required under Section 197 of the Act and the Rules made thereunder, in respect of employees of
the Company, is as follows:
(i) The ratio of the remuneration of each director to the median remuneration of the employees of the Company
for the fi nancial year:
Name of Executive Director Ratio to Median Remuneration
*Mr. Bimal R. Thakkar NA
(ii) The percentage increase in remuneration of each Director, Chief Executive Offi cer (CEO), Chief Financial
Offi
cer (CFO), Company Secretary or Manager, if any, in the fi nancial year:
Name of Person % increase in Remuneration
*Mr. Bimal R. Thakkar - Chairman, Managing Director & CEO NA
Mr. Anish S. Jhaveri - CFO 7%
Ms. Shalaka Ovalekar - Company Secretary 14%
**Mr. Devang Gandhi - COO **NA
Note - The fi xed remuneration components have been taken into consideration for determining the % increase
in the remuneration over previous year.
*There is a change in the remuneration structure of Mr. Bimal Thakkar w.e.f. 1st May, 2019. As the fi xed
remuneration is changed to commission based variable remuneration, the remuneration for FY 2018-19 and
2019-20 are not comparable. Further, the ratio of remuneration of Mr. Bimal Thakkar to median remuneration
is not determined as the median remuneration being fi xed in nature cannot be compared to the commission
based variable remuneration of Mr. Bimal Thakkar.
** Mr. Devang Gandhi was appointed as the COO w.e.f. 10th August, 2019 and was not entitled to increment till
31st March, 2020.
(iii) The percentage increase in the median remuneration of employees in the fi nancial year: 10%
(iv) The number of permanent employees on the payroll of Company: 271
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel
in the last fi nancial year and its comparison with the percentile increase in the managerial remuneration and
justifi cation thereof and point out if there are any exceptional circumstances for increase in the managerial
remuneration:
The average increase in the fi xed salaries of employees other than managerial personnel in 2019-20 was 10%.
There was a change in the remuneration structure of Mr. Bimal Thakkar, Chairman, Managing Director &
CEO w.e.f. 1st May, 2019. Accordingly, fi xed managerial remuneration was paid to him only for the month of
April, 2019. There was no percentile increase in the fi xed managerial remuneration paid to the Chairman &
Managing Director (CMD) for the month of April, 2019.
For the rest of the fi nancial year 2019-20, the CMD received remuneration as commission within the statutory
limit of 5% of net profi t of the Company calculated pursuant to provisions of Sections 197 and 198 of the
Companies Act, 2013. Due to change in the remuneration structure of the CMD, his remuneration being
variable in nature can’t be compared with fi xed salaries of other employees.
(vi) Affi
rmation that the remuneration is as per the remuneration policy of the Company:
The Company’s remuneration policy is driven by the success and performance of the individual employees
and the Company. Through its compensation package, the Company endeavors to attract, retain, develop
and motivate a high performance staff . The performance of the individuals is measured through the annual
appraisal process. The Company affi rms remuneration is as per the remuneration policy of the Company.
2. PECUNIARY RELATIONSHIP OR TRANSACTIONS OF NON-EXECUTIVE DIRECTORS
During the year, the Non-Executive Directors of the Company had no pecuniary relationship or transactions with
the Company except receipt of sitting fees for attending Board and Committee meetings.
• 27
• ADF FOODS LTD.
ANNEXURE - II
NOMINATION & REMUNERATION POLICY:
Introduction:
The Company considers human resources as its prime invaluable asset. ADF believes in harmonizing the aspirations of
human resources to be consistent with the goals of the Company and in terms of the provisions of the Companies Act, 2013
and the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, as amended from time to time.
This policy on Nomination and Remuneration of Directors, Key Managerial Personnel and Senior Management has
been formulated by the Committee on 9th August, 2014 and approved by the Board of Directors in their meeting on
11th August, 2014. The said Policy was amended by the Board of Directors in their meeting held on 22nd May, 2019.
I) Objective and purpose of the Policy:
The objective and purpose of this policy is:
• To lay down criteria and terms and conditions with regard to identifying persons who are qualified to become
Directors (Executive and Non-Executive) and persons who may be appointed in Senior Management and Key
Managerial positions and to determine their remuneration.
• To determine remuneration based on the Company’s size and financial position and trends and practices on
remuneration prevailing in peer companies, in the industry.
• To carry out evaluation of the performance of Directors.
• To provide them reward linked directly to their effort, performance, dedication and achievement relating to the
Company’s operations.
• To retain, motivate and promote talent and to ensure long term sustainability of talented managerial persons
and create competitive advantage.
Effective Date:
This policy shall be effective from 1st April, 2014.
Constitution of the Nomination and Remuneration Committee:
The Board has changed the nomenclature of Remuneration Committee constituted on 8th May, 2002 by renaming it
as Nomination and Remuneration Committee on 28th May, 2014.
The Nomination and Remuneration Committee comprises of following Directors:
i) Mr. Viren A. Merchant, Chairman [Non-Executive Independent Director]
ii) Mr. Ravinder Kumar Jain, Member [Non-Executive Independent Director]
iii) Mr. Jay Mehta, Member [Non-Executive Non-Independent Director]
The Board has the power to reconstitute the Committee consistent with the Company’s policy and applicable
statutory requirement.
Definitions:
• Board means Board of Directors of the Company.
• Directors mean Directors of the Company.
• Committee means Nomination and Remuneration Committee of the Company as constituted or reconstituted
by the Board.
•
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• Company or ADF means ADF Foods Limited.

• Independent Director means a Director referred to in Section 149(6) of the Companies Act, 2013 and
Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• Key Managerial Personnel (KMP) means:
(i) Executive Chairman and/ or Managing Director;
(ii) Whole Time Director;
(iii) Chief Financial Offi
cer;
(iv) Company Secretary;
(v) Such other offi
cer as may be prescribed under the applicable statutory provisions/ regulations.
• Senior Management personnel means personnel of the Company who are members of its core management
team excluding Board of Directors comprising all members of management one level below the Executive
Directors, including the functional heads.
Unless the context otherwise requires, words and expressions used in this Policy and not defi ned herein
but defi ned in the Companies Act, 2013 as may be amended from time to time shall have the meaning
respectively assigned to them therein.
Applicability
The Policy is applicable to:
• Directors (Executive and Non-Executive)
• Key Managerial Personnel
• Senior Management Personnel
General
This Policy is divided in three parts:
Part - A covers the matters to be dealt with and recommended by the Committee to the Board,
Part - B covers the appointment and nomination, and
Part - C covers remuneration and perquisites etc.
• The key features of this Company’s policy shall be included in the Board’s Report.
PART – A
MATTERS TO BE DEALT WITH, PERUSED AND RECOMMENDED TO THE BOARD BY THE NOMINATION AND
REMUNERATION COMMITTEE
The Committee shall:
• formulate the criteria for determining qualifi cations, positive attributes and independence of a Director and
recommend to the Board of Directors a policy relating to, the remuneration of the Directors, Key Managerial
Personnel and other employees;
• formulate criteria for evaluation of performance of Independent Directors and the Board of Directors;
• devise a policy on diversity of Board of Directors;
• 29
• ADF FOODS LTD.
• identify persons who are qualified to become Directors and who may be appointed in senior management
in accordance with the criteria laid down in this Policy, and recommending to the Board of Directors
their appointment and removal and shall specify the manner for effective evaluation of performance of
Board, its Committees and individual Directors to be carried out either by the Board, by the Nomination
and Remuneration Committee or by an independent external agency and review its implementation and
compliance.
• Recommend to the Board, appointment and removal of Director, KMP and Senior Management Personnel.
• decide whether to extend or continue the term of appointment of the Independent Directors, on the basis
of the report of performance evaluation of Independent Directors.
• recommend to the Board, all remuneration, in whatever form, payable to senior management and KMP’s.
PART – B
POLICY FOR APPOINTMENT AND REMOVAL OF DIRECTOR, KMP AND SENIOR MANAGEMENT
• Appointment criteria and qualifications:
1. The Committee shall identify and ascertain the integrity, qualification, expertise and experience of the
person for appointment as Director, KMP or at Senior Management level and recommend to the Board
his/ her appointment.
2. A person should possess adequate qualification, expertise and experience for the position he/ she is
considered for appointment. The Committee has discretion to decide whether qualification, expertise
and experience possessed by a person is sufficient/ satisfactory for the concerned position.
3. The Company shall not appoint or continue the employment of any person as Whole Time Director who
has attained the age of seventy years provided that the term of the person holding this position may
be extended beyond the age of seventy years with the approval of shareholders by passing a Special
Resolution based on the Explanatory Statement annexed to the notice for such motion indicating the
justification for extension of appointment beyond seventy years.
Term/ Tenure:
1. Managing Director/ Whole Time Director:
The Company shall appoint or re-appoint any person as its Executive Chairman, Managing Director or
Executive Director for a term not exceeding five years at a time. No re-appointment shall be made earlier
than one year before the expiry of term.
2. Independent Director:
An Independent Director shall hold office for a term up to five consecutive years on the Board of the
Company and will be eligible for re-appointment on passing of a Special Resolution by the Company and
disclosure of such appointment in the Board’s report.
No Independent Director shall hold office for more than two consecutive terms, but such Independent
Director shall be eligible for appointment after expiry of three years of ceasing to become an Independent
Director. Provided that an Independent Director shall not, during the said period of three years, be appointed
in or be associated with the Company in any other capacity, either directly or indirectly.
Evaluation:
The Committee shall carry out evaluation of performance of every Director on annual basis.
•
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Removal:
Due to reasons for any disqualifi cation mentioned in the Companies Act, 2013, rules made thereunder or under
any other applicable Act, rules and regulations, the Committee may recommend, to the Board with reasons
recorded in writing, removal of a Director, KMP or Senior Management Personnel subject to the provisions and
compliance of the said Act, rules and regulations.
Retirement:
The Director, KMP and Senior Management Personnel shall retire as per the applicable provisions of the
Companies Act, 2013 and the prevailing policy of the Company. The Board will have the discretion to retain
the Director, KMP, Senior Management Personnel in the same position/ remuneration or otherwise even after
attaining the retirement age, for the benefi t of the Company.
PART – C
POLICY RELATING TO THE REMUNERATION FOR THE WHOLE TIME DIRECTOR, KMP AND SENIOR
MANAGEMENT PERSONNEL
General:
1. The remuneration/ compensation/ commission, etc. to the Whole Time Director, KMP and Senior
Management Personnel will be determined by the Committee and recommended to the Board for approval.
The remuneration/ compensation/ commission, etc. shall be subject to the prior/ post approval of the
shareholders of the Company and Central Government, wherever required.
2. The remuneration and commission to be paid to the Whole Time Director shall be in accordance with the
percentage/ slabs/ conditions laid down in the Companies Act, 2013, read with the rules made thereunder
and the approval of the Board of Directors.
3. Increments to the existing remuneration/ compensation structure of the Directors, KMP’s and senior
management personnel may be recommended by the Committee to the Board which should be within the
slabs approved by the Shareholders in the case of Whole Time Director. Increments will be eff ective as per
the terms of the employment agreements.
4. Where any insurance is taken by the Company on behalf of its Whole Time Director, Chief Executive Offi cer,
Chief Financial Offi cer, the Company Secretary and any other employees for indemnifying them against any
liability, the premium paid on such insurance shall not be treated as part of the remuneration payable to any
such personnel. Provided that if such person is proved to be guilty, the premium paid on such insurance shall
be treated as part of the remuneration.
• Remuneration to Whole Time/ Executive/ Managing Director, KMP and Senior Management Personnel:
1. Fixed pay:
The Whole-time Director/ KMP and Senior Management Personnel shall be eligible for a monthly
remuneration as may be approved by the Board on the recommendation of the Committee. The breakup
of the pay scale and quantum of perquisites including, employer’s contribution to P.F, pension scheme,
medical expenses, club fees, etc. shall be decided and approved by the Board on the recommendation of
the Committee and approved by the shareholders and Central Government, wherever required.
• 31
• ADF FOODS LTD.
2. Commission:
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not
exceeding the ceiling mentioned under Section 197 of the Companies Act, 2013.
3. Minimum Remuneration:
If, in any financial year, the Company has no profits or its profits are inadequate, the Company shall pay
remuneration to its Whole Time Director in accordance with the provisions of Schedule V of the Companies
Act, 2013 and if it is not able to comply with such provisions, with the previous approval of the Central
Government.
4. Provisions for excess remuneration:
If any Whole Time Director draws or receives, directly or indirectly by way of remuneration any such sums
in excess of the limits prescribed under the Companies Act, 2013 or without the prior sanction of the
Central Government, where required, he/ she shall refund such sums to the Company and until such sum is
refunded, hold it in trust for the Company. The Company shall not waive recovery of such sum refundable
to it unless permitted by the Central Government.
Remuneration to Non-Executive/ Independent Director:
1. Sitting Fees:
The Non-Executive/ Independent Director may receive remuneration by way of fees for attending
meetings of Board or Committee thereof. Provided that the amount of such fees shall not exceed
R One Lakh per meeting of the Board or Committee or such amount as may be prescribed by the Central
Government from time to time.
2. Commission:
Commission may be paid within the monetary limit approved by shareholders, subject to the limit not
exceeding 1% of the profits of the Company computed as per the applicable provisions of the Companies
Act, 2013.
3. Stock Options:
An Independent Director shall not be entitled to any stock option of the Company.
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ANNEXURE - III
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2020
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members,
ADF Foods Limited
Corporate Identity Number: L15400GJ1990PLC014265
83/86, GIDC Industrial Area, Nadiad, Gujarat - 387 001.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by ADF Foods Limited (hereinafter called “the Company”). The Secretarial Audit
was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory
compliances and expressing our opinion thereon.
We would like to state that due to nation-wide lockdown ordered by the Government of India in view of COVID-19
global pandemic, we have not been able to physically verify the records of the Company for the purpose of our
current audit and have instead placed our reliance solely on the contents of electronically signed/ scanned copies of
the records, documents, papers, information, explanation provided to us by the Company and its offi cers and agents
in electronic form.
Based on our limited verifi cation of the Company’s Books, Papers, Minute Books, Forms and Returns fi led with
applicable regulatory authority(ies) and other records maintained by the Company and also the information provided
by the Company, its offi
cers, agents and authorized representatives during the conduct of secretarial audit, we
hereby report that in our opinion, the Company has, during the fi nancial year ended on March 31, 2020 (‘Audit Period’),
complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and
compliance mechanism in place to the extent, in the manner and subject to reporting made hereinafter:
We herewith report that maintenance of proper and updated Books, Papers, Minutes Books, fi ling of Forms and
Returns with applicable regulatory authorities and maintaining other records is responsibility of management and
of the Company. Our responsibility is to verify the content of the documents produced before us, make objective
evaluation of the content in respect of compliance and report thereon. We have examined on test check basis, the
Books, Papers, Minute Books, Forms and Returns fi led and other records maintained by the Company and produced
before us for the fi nancial year ended March 31, 2020, as per the provisions of:
(i) The Companies Act, 2013, (‘the Act’) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder with respect to
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings, to the extent the
same was applicable to the Company;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’):
• 33
• ADF FOODS LTD.
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 (to the extent applicable);
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (Not
applicable to the Company during the Audit period);
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (Not
applicable to the Company during the Audit period);
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Companies Act and dealing with client;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (Not applicable
to the Company during the Audit period);
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018 (Not applicable to
the Company during the Audit period); and
(i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015.
(vi) We relied on the representation made by the Company and its Officers in respect of systems and mechanism
formed / followed by the Company for the compliance of the following laws applicable specifically to the
Company:
1. Food Safety and Standards Act, 2006.
2. Food Safety and Standards Rules, 2011.
3. The Food Safety and Standards (Packaging and Labeling) Regulations, 2011.
We have also examined compliance with the applicable clauses of:
(i) Secretarial Standards issued by the Institute of Company Secretaries of India under the provisions of
Companies Act, 2013; and
(ii) The Listing Agreements entered into by the Company with Stock Exchange(s).
Based on the aforesaid information provided by the Company, we report that during the financial year under
review, the Company has complied with the provisions of the above mentioned Act/s, Rules, Regulations,
Guidelines, Standards, etc. and we have not found material observation or instances of non-compliance in
respect of the same subject to the following observations:
1. The Company has given public notice through newspaper advertisement for informing its shareholders
regarding the due date of transfer of shares to Investor Education and Protection Fund [IEPF] on June 27,
2019 for the proposed transfer of shares due on September 8, 2019, which is less than three months before
the due date of transfer of shares in non-compliance of the provisions of Section 124 of the Companies Act,
2013 and rules made thereunder.
We further report that, the Company has unspent amount for the financial year ended March 31, 2020 in the
amount to be spent towards Corporate Social Responsibility activities as per provisions of Section 135 of the
Companies Act, 2013 and rules made thereunder.
•
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We further inform that, Mr. Bhavesh Thakkar, Promoter of the Company has transferred 5,01,000 [2.50%]
Equity Shares of the Company to Mr. Krish Thakkar, son of Mr. Bhavesh Thakkar on December 27, 2019 by way
of gift. However, the disclosure under Regulation 29 of Securities and Exchange Board of India (Substantial
Acquisition of Shares and Takeovers) Regulations, 2011 for the said transfer of shares was submitted to Stock
Exchange(s) on February 25, 2020 by him with delay of 55 [fi fty fi ve] days.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors
that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice was given to all Directors about scheduled Board Meetings, Agenda and detailed notes on
agenda were sent at least seven days in advance, and a reasonable system exists for Board Members for seeking
and obtaining further information and clarifi cations on the agenda items before the meeting and for meaningful
participation at the meeting.
Based on the representation made by the Company and its Offi cers, we herewith report that majority decision
is carried through and proper system is in place which facilitates / ensure to capture and record, the dissenting
member’s views, if any, as part of the Minutes.
Based on the representation made by the Company and its Offi
cers explaining to us in respect of internal
systems and mechanisms established by the Company which ensures compliances of Acts, Laws and
Regulations applicable to the Company, we report that there are adequate systems and processes in the
Company commensurate with the size and operations of the Company to monitor and ensure compliance with
applicable laws, rules, regulations and guidelines.
We further report that, during the audit period:
a. Mr. Ashok Thakkar and Mr. Mishal Thakkar re-classifi ed from Promoter and Promoter Group to Public category.
For Keyul M. Dedhia & Associates
Company Secretaries
Unique ICSI Code Number: S2009MH120800
Keyul M. Dedhia
Proprietor
FCS No: 7756 COP No: 8618
UDIN: F007756B000227415
May 11, 2020, Mumbai
Note: This report is to be read with our letter of even date which is annexed as ‘ANNEXURE A’ and forms an
integral part of this report.
• 35
• ADF FOODS LTD.
ANNEXURE - A
To,
The Members,
ADF Foods Limited
Corporate Identity Number: L15400GJ1990PLC014265
83/86, GIDC Industrial Area, Nadiad, Gujarat-387 001.
Sub: Our report of even date is to be read along with this letter.
1. Maintenance of Secretarial records is the responsibility of the management of the Company. Our responsibility
is to express an opinion on these secretarial records based on our audit.
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on test-check basis (by
verifying records as was made available to us) to ensure that correct facts are reflected in secretarial records. We
believe that the processes and practices we follow, provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company and we have relied on Statutory Auditors’ independent assessment on the same.
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
regulations and happening of events, etc.
5. The compliance of the provisions of Corporate and other applicable laws, Rules, Regulations, standards is the
responsibility of management. Our examination was limited to the verification of process followed by Company
to ensure adequate Compliance on test-check basis.
6. The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy
or effectiveness with which the management has conducted the affairs of the Company.
For Keyul M. Dedhia & Associates

Company Secretaries
Unique ICSI Code Number: S2009MH120800
Keyul M. Dedhia
Proprietor
FCS No: 7756 COP No: 8618
UDIN: F007756B000227415
May 11, 2020, Mumbai
•
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ANNEXURE - IV
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be
undertaken and a reference to the web-link to the CSR policy and projects or programs:
The Company has always recognized that its business is a part of the community where it operates. The
Company has undertaken various CSR initiatives so far including construction of toilets under Clean India
Mission, sponsoring education of urban and rural underprivileged students, women empowerment, medical aid
for needy people, support to physically challenged people, contribution to environment protection by creating
awareness for avoiding usage of plastic, animal welfare, etc. The Company will continue to contribute in these
areas and will simultaneously explore the opportunities to contribute towards other social causes through its
CSR program.
CSR Policy is stated herein below:
Weblink: http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-CSR-Policy-1.pdf
2. Composition of the CSR Committee:
Mr. Viren A. Merchant Chairman (Independent Director)
Mr. Bimal R. Thakkar Member (Chairman, Managing Director & CEO)
Mr. Jay M. Mehta Member (Non-Independent Director) - inducted w.e.f. 01.06.2019
3. Average net profi t of the Company for last three fi nancial years: R 3,229.20 Lakhs.
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): R 64.58 Lakhs
During the FY 2019-20, the Company was required to spend R 64.58 Lakhs towards CSR.
5. Details of CSR spend for the fi nancial year:
a. Total amount spent for the fi nancial year: R 59.78 Lakhs
b. Amount unspent, if any: R 4.80 Lakhs
Manner in which the amount spent during the fi nancial year is detailed below:
Sr. CSR Project or Activity Sector in Projects or programs Amount Amount spent on the Cumulative Amount spent: Direct or through
No. Identified which the (1)Local area or other Outlay( bud projects or programs Expenditure implementing agency (Break-up is
project is (2) Specify the state get) project Sub heads upto to the inclusive of overhead expense)
covered and district where or programs (1)Direct expenditure reporting
projects or programs wise period
was undertaken (2) Overheads
(in R) (in R) (in R)

1 Aid to the centres Promoting Mumbai 3,36,000 3,36,000 11,49,000 Through implementing agency viz.
imparting education for education for South Indian Education Society –
visually challenged and disabled R 2,36,000/-
deaf students
The Stephen’s High School for the
Deaf and Aphasic – R 1,00,000/-
2 Sponsoring school fees of Education Mumbai, Nasik and 17,68,200 17,68,200 60,56,645 Through implementing agency viz.
poor students Nadiad
Premadan- R 4,00,000/-
Samanway Samajik Sanstha-
R 3,67,400/-
Nirant Vividh Seva Trust- R 6,00,800/-
Archana Educational Trust-
R 2,00,000/-
RA Foundation – R 2,00,000/-
• 37
• ADF FOODS LTD.
Sr. CSR Project or Activity Sector in Projects or programs Amount Amount spent on the Cumulative Amount spent: Direct or through
No. Identified which the (1)Local area or other Outlay( bud projects or programs Expenditure implementing agency (Break-up is
project is (2) Specify the state get) project Sub heads upto to the inclusive of overhead expense)
covered and district where or programs (1)Direct expenditure reporting
projects or programs wise period
was undertaken (2) Overheads
(in R) (in R) (in R)

3 Sponsoring food Eradication of Mumbai 10,50,000 10,50,000 36,34,015 Through implementing agency viz.
expenses of residential hunger
Cuddles Foundation – R 2,00,000/-
care centre for disabled
and poor people Cheshire Home- R 6,00,000/-
Premadan- R 2,50,000/-
4 Education Women Mumbai, 13,90,000 13,90,000 20,45,500 Through implementing agency viz.
empowerment Nasik,
Distribution of women ADAPT- R 60,000/-
Nadiad and
hygiene products Porbunder Dev Foundation- R 3,30,000/-
Education Arya Kanya Vidyalaya Trust –
R 10,00,000/-
5 IDA (In Defense of Animal Welfare Mumbai 1,00,000 1,00,000 6,50,000 Through implementing agency viz.
Animals) IDA
6 Donation for medical Health Mumbai 10,24,350 10,24,350 63,13,845 Through implementing agency viz.
purpose
Abhi Educational & Charitable
Foundation – R 5,97,600/-
Aditya Eye Jyot - R 4,00,000/-
Nirant Vividh Seva Trust – R 26,750/-
7 Financial aid to Eradication of Nadiad 1,00,000 1,00,000 3,30,000 Nirant Vividh Seva Trust
underprivileged people poverty
8 Protection of Environmental Tamil Nadu 2,10,000 2,10,000 2,10,000 Isha Outreach
environment Protection
Total Direct expenses of R 57,78,550
projects & programs (A)
Overheads Expenses (B) R 2,00,000
Total (A) + (B) R 59,78,550
6. In case the Company has failed to spend the two per cent of the average net profit of the last three financial years
or any part thereof, the Company shall provide the reasons for not spending the amount in its Board report:
The marginal amount out of total CSR budget of R 64.58 Lakhs for the FY 2019-20 remained to be spent on
account of sudden lockdown towards end of March, 2020. However, the Company will spend the said amount for
its ongoing projects during FY 2020-21.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in
compliance with CSR objectives and Policy of the Company is reproduced below:
We hereby affirm that CSR Policy, as recommended by CSR Committee and approved by the Board, has been
implemented and the CSR Committee monitors the implementation of CSR projects and activities in compliance
with CSR objectives.
Viren A. Merchant Bimal R. Thakkar Jay M. Mehta

Director & Chairman Managing Director & Member Director & Member of
of CSR Committee of CSR Committee CSR Committee
DIN:00033464 DIN:00087404 DIN:00152072
Date: 11th May, 2020

Place: Mumbai
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CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

Introduction:
This policy has been framed in accordance with the provisions of Section 135 of the Companies Act, 2013 on
Corporate Social Responsibility along with the Companies (CSR) Rules, 2014 have become applicable w.e.f.
1st April, 2014.
The CSR activities/projects shall be undertaken or donations shall be made by the Company to assist weaker and
underprivileged sections of the society.
Applicability:
In every fi nancial year, in which the Company has a Net worth of INR 500 Crores or more; or Turnover of INR 1000
Crores or more; or Net profi t of INR 5 Crores or more, it is required to spend 2% of the average net profi ts (Profi t
Before Tax) of the last three fi nancial years on CSR activities.
CSR Committee:
CSR Committee will be a Board level committee known as Corporate Social Responsibility Committee. The
constitution of CSR Committee is in accordance with the applicable provisions of the Act and comprises of the
Chairman & Managing Director, one Non-Executive Independent Director and one Non-Executive Non-Independent
Director.
The CSR Committee compromises of following Directors:
1 Mr. Viren A. Merchant, Chairman [Non-Executive Independent Director];
2 Mr. Bimal R. Thakkar, Member [Chairman & Managing Director]; and
3. Mr. Jay M. Mehta, Member [Non-Executive Non-Independent Director]
The composition of the CSR Committee may be changed by the Board of Directors of the Company.
The Committee shall formulate CSR Policy, recommend the amount of expenses to be incurred in each CSR activity/
project/program and monitor CSR policy on annual basis.
CSR Activities as per Schedule VII and CSR Rules:
1. Eradicating hunger, poverty and malnutrition, promoting health care including preventive health care and
sanitation including contribution to the Swacch Bharat Kosh set-up by the Central Government for the
promotion of sanitation and making available safe drinking water.
2. Promoting education, including special education and employment enhancing vocation skills especially among
children, women, elderly and the diff erently abled and livelihood enhancement projects.
3. Promoting gender equality, empowering women, setting up homes and hostels for women and orphans; setting
up old age homes, day care centres and such other facilities for senior citizens and measures for reducing
inequalities faced by socially and economically backward groups.
4. Ensuring environmental sustainability, ecological balance, protection of fl ora and fauna, animal welfare,
agroforestry, conservation of natural resources and maintaining quality of soil, air and water including
contribution to the Clean Ganga Fund set-up by the Central Government for rejuvenation of river Ganga.
5. Protection of national heritage, art and culture including restoration of buildings and sites of historical importance
and works of art; setting up public libraries; promotion and development of traditional art and handicrafts;
6. Measures for the benefi t of armed forces veterans, war widows and their dependents;
7. Training to promote rural sports, nationally recognised sports, Paralympic sports and Olympic sports;
• 39
• ADF FOODS LTD.
8. Contribution to the Prime Minister’s National Relief Fund or any other fund set up by the Central Government
for socio-economic development and relief and welfare of the Schedule Castes, Tribes, other backward classes,
minorities and women;
9. Contribution to incubators funded by Central Government or State Government or any agency or Public Sector
Undertaking of Central Government or State Government, and contributions to public funded Universities, Indian
Institute of Technology (IITs), National Laboratories and Autonomous Bodies (established under the auspices of
Indian Council of Agricultural Research (ICAR), Indian Council of Medical Research (ICMR), Council of Scientific
and Industrial Research (CSIR), Department of Atomic Energy (DAE), Defence Research and Development
Organisation (DRDO), Department of Biotechnology (DBT), Department of Science and Technology (DST),
Ministry of Electronics and Information Technology) engaged in conducting research in science, technology,
engineering and medicine aimed at promoting Sustainable Development Goals (SDGs);
10. Rural development projects;
11. Slum area development
Explanation - For the purposes of this item, the term ‘slum area’ shall mean any area declared as such by the
Central Government or any State Government or any other competent authority under any law for the time
being in force.
12. Disaster management, including relief, rehabilitation and reconstruction activities.
The Company may decide to undertake such CSR activities/projects/programs as may be recommended by the
CSR Committee
Provided that –
a. The Company may also collaborate with other companies for undertaking projects or programs or CSR
activities in such a manner that the CSR Committee is in a position to report separately on such projects or
programs in accordance with the CSR Rules;
b. The CSR projects shall be only taken up in India;
c. The CSR projects or programs or activities shall not only benefit the employees of the Company;
d. Company shall not contribute to any Political Party under CSR activities.
Guidelines for monetary contributions:
The Company may decide to grant donations to a registered trust/ a registered society/ a Company established
by the Company or its holding or subsidiary or associate Company under Section 8 of the Act/by such institutions
as mentioned in the Act:
Provided that-
if such trust, society or Company is not established by the Company or its holding or subsidiary or its associate
Company, it shall have an established track record of three years in undertaking similar programs or projects;
Accounting and reporting:
CSR expenditure shall include all expenditure including contribution to corpus for projects or programs relating
to CSR activities approved by the Board on the recommendation of the CSR Committee. The report will be
presented to the Committee at the end of each financial year.
Any surplus arising out of CSR projects/programs/activities shall not form part of the business profit.
The Board’s Report shall include CSR report in the prescribed format on an annual basis.
The contents of CSR policy shall be disclosed in the Board’s Report and the same shall be displayed on the
Company’s website.
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ANNEXURE - V
Form No. MGT-9
EXTRACT OF ANNUAL RETURN
as on the fi nancial year ended on 31st March, 2020
[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of
the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS

i) CIN: L15400GJ1990PLC014265
ii) Registration Date: 27/08/1990
iii) Name of the Company: ADF Foods Limited
iv) Category / Sub-Category of the Company: Company Limited by Shares / Indian Non-government
v) Address of the Registered offi ce and contact details:
83/86, G.I.D.C. Industrial Estate, Nadiad - 387 001, Gujarat, India.
Tel: 0268-2551381/2
Fax: 0268-2565068
E-mail: [email protected]
vi) Whether listed Company - Yes
vii) Name, Address and Contact details of Registrar and Transfer Agent, if any:
Link Intime India Private Ltd.
C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083.
Tel.: 022 49186270 Fax: 022 49186060
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
(All the business activities contributing 10% or more of the total turnover of the Company shall be stated)
Sr. Name and Description of main products / ITC Code of the % to total turnover of the
No. services Product/ services Company
1 Meal Accompaniments 20019000 34
2 Can Food & Ready to eat 20051000 8
3 Frozen Foods 20049000 42
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Sr. Name and Address of the CIN/GLN Holding/ % of Shares Applicable

No. Company Subsidiary/ held Section
Associate
1. ADF Foods (India) Ltd. U15132GJ2009PLC058782 Subsidiary 100% 2(87)
2. ADF Foods UK Ltd. Foreign Company Subsidiary 100% 2(87)
3. *Power Brands (Foods) Pvt. Ltd. U15490MH2007PTC170748 Subsidiary 100% 2(87)
4. ADF Holdings (USA) Ltd. Foreign Company Step down 100% 2(87)
Subsidiary
5. ADF Foods (USA) Ltd. Foreign Company Step down 100% 2(87)
Subsidiary
* Power Brands (Foods) Pvt. Ltd. has undergone Voluntary Liquidation vide Special Resolution passed by the Members on 5th November, 2012.
• 41
• ADF FOODS LTD.
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change
(as on 01.04.2019) (as on 31.03.2020) during the
Demat Physical Total % of Demat Physical Total % of year
total total
Shares Shares
A. Promoters
(1) Indian
a) Individual/HUF 62,38,351 - 62,38,351 31.16 62,88,248 - 62,88,248 31.41 0.25
b) Central Govt. - - - - - - - - -
c) State Govt. - - - - - - - - -
d) Bodies Corp. 2,38,399 - 2,38,399 1.19 6,18,915 - 6,18,915 3.09 1.90
e) Banks / FI - - - - - - - - -
f) Any other - - - - - - - - -
Sub-total (A)(1) 64,76,750 - 64,76,750 32.35 69,07,163 - 69,07,163 34.50 2.15
(2) Foreign
a) NRIs - Individuals - - - - - - - - -
b) Other Individuals - - - - - - - - -
c) Bodies Corp. - - - - - - - - -
d) Banks / FI - - - - - - - - -
e) Any Other - - - - - - - - -
Sub-total (A)(2) - - - - - - - - -
Total shareholding of 64,76,750 - 64,76,750 32.35 69,07,163 - 69,07,163 34.50 2.15
Promoter (A) =
(A)(1)+(A)(2)
B.Public Shareholding
(1) Institutions
a) Mutual Funds - 5,100 5,100 0.03 - 3,000 3,000 0.01 (0.02)
b) Banks / FI 37,030 500 37,530 0.19 20,719 500 21,219 0.11 (0.08)
c) Central Govt. - - - - - - - - -
d) State Govt. - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) Foreign Portfolio Investors 35,500 3,300 38,800 0.19 - 3,300 3,300 0.02 (0.17)
h) Foreign Venture Capital - - - - - - - - -
Funds
i) Others (specify) - - - - - - - - -
Sub-total (B)(1) 72,530 8,900 81,430 0.41 20,719 6,800 27,519 0.14 (0.27)
(2) Non-Institutions
a) Bodies Corp.
i) Indian 53,35,460 12,000 53,47,460 26.71 67,83,715 11,900 67,95,615 33.94 7.23
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual shareholders 33,14,629 7,64,051 40,78,680 20.37 28,56,357 6,79,851 35,36,208 17.66 (2.71)
holding nominal share
capital upto R 2 lakh
ii) Individual shareholders 28,83,883 - 28,83,883 14.40 16,35,338 - 16,35,338 8.17 (6.23)
holding nominal share
capital in excess of R 2 lakh
c) Others (specify)
i) NRI (Repat) 1,95,909 100 1,96,009 0.98 1,71,300 100 1,71,400 0.86 (0.12)
ii) NRI (Non Repat) 31,771 - 31,771 0.16 45,805 - 45,805 0.23 0.07
iii) Clearing member 1,08,999 - 1,08,999 0.54 46,742 - 46,742 0.23 (0.31)
iv) Independent Directors/ 1,18,500 - 1,18,500 0.59 1,30,369 - 1,30,369 0.65 0.06
relative
v) Other Directors/relatives 1,00,000 - 1,00,000 0.50 1,03,000 - 1,03,000 0.51 0.01
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Category of Shareholders No. of Shares held at the beginning of the year No. of Shares held at the end of the year % change
(as on 01.04.2019) (as on 31.03.2020) during the
Demat Physical Total % of Demat Physical Total % of year
total total
Shares Shares
vi) NBFC 15,523 - 15,523 0.08 - - - - (0.08)
vii) Trusts - - - - - - - - -
viii)HUF 2,21,523 - 2,21,523 1.11 2,17,684 - 2,17,684 1.09 (0.02)
ix) IEPF 3,62,191 - 3,62,191 1.81 4,05,876 - 4,05,876 2.03 0.22
Sub-total (B)(2) 1,26,88,388 7,76,151 1,34,64,539 67.25 1,23,96,186 6,91,851 1,30,88,037 65.37 (1.88)
Total Public Shareholding 1,27,60,918 7,85,051 1,35,45,969 67.65 1,24,16,905 6,98,651 1,31,15,556 65.50 (2.15)
(B)=(B)(1)+ (B)(2)
C. Shares held by Custodian - - - - - - - - -
for GDRs & ADRs
Grand Total (A+B+C) 1,92,37,668 7,85,051 2,00,22,719 100.00 1,93,24,068 6,98,651 2,00,22,719 100.00 -
(ii) Shareholding of Promoters

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % change
No. (as on 01.04.2019) (as on 31.03.2020) during the
year
No. of Shares % of total Shares % of Shares Pledged No. of Shares % of total Shares % of Shares
of the Company / encumbered to of the Company Pledged /
total shares encumbered to
total shares
1 Bimal Ramesh Thakkar 22,78,924 11.38 Nil 22,78,924 11.38 Nil 0.00
2 Mahalaxmi Ramesh Thakkar 19,58,022 9.78 Nil 19,58,022 9.78 Nil 0.00
3 Bhavesh Ramesh Thakkar 7,51,450 3.75 Nil 2,50,450 1.25 Nil (2.50)
4 Bimal Ramesh Thakkar HUF 5,95,246 2.97 Nil 5,95,246 2.97 Nil 0.00
5 Bhavesh R Thakkar HUF Nil Nil Nil Nil Nil Nil 0.00
6 Parul Bimal Thakkar 3,21,257 1.59 Nil 3,80,806 1.90 Nil 0.31
7 Priyanka Bhavesh Thakkar 3,01,000 1.50 Nil 3,01,000 1.50 Nil 0.00
8 H J Thakkar Property 2,38,399 1.19 Nil 6,18,915 3.09 Nil 1.90
Investment Limited
9 Mishal Ashok Thakkar* 21,098 0.11 Nil NA NA NA (0.11)
10 Ashok H. Thakkar* 11,354 0.06 Nil NA NA NA (0.06)
11 Krish Bhavesh Thakkar @
Nil Nil Nil 5,01,000 2.50 Nil 2.50
12 Shivaan Bimal Thakkar# 3,000 0.01 Nil 11,500 0.07 Nil 0.06
13 Sumer Bimal Thakkar# 2,000 0.01 Nil 11,300 0.06 Nil 0.05
Total 64,81,750 32.35 Nil 69,07,163 34.50 Nil 2.15
*
Mishal Ashok Thakkar and Ashok H. Thakkar were re-categorized into Public category from Promoter category w.e.f. December 9, 2019.
@
Krish Bhavesh Thakkar was categorized into Promoter category pursuant to transfer of shares as a gift from Bhavesh R. Thakkar.
#
Shivaan Bimal Thakkar and Sumer Bimal Thakkar were categorized into Promoter category from June, 2019 onwards.
•
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• ADF FOODS LTD.
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sr. Shareholder’s Name Shareholding at the beginning Change in the shareholding Shareholding at the end of the
No. of the year as on 01.04.2019 during the year year as on 31.03.2020
No. of Shares % of the total No of shares % of the total No of shares % of the total
Shares of the Shares of the Shares of the
Company Company Company
1 Bimal R. Thakkar 22,78,924 11.38 Nil Nil 22,78,924 11.38
2 Bimal Thakkar HUF 5,95,246 2.97 Nil Nil 5,95,246 2.97
3 Bhavesh R. Thakkar@ 7,51,450 3.75 (5,01,000) (2.50) 2,50,450 (1.25)
4 Bhavesh Ramesh Thakkar HUF Nil Nil Nil Nil Nil Nil
5 Ashok H. Thakkar* 11,354 0.06 NA NA NA NA
6 Mishal A. Thakkar* 21,098 0.11 *7,868 *0.04 NA NA
7 Mahalaxmi R. Thakkar 19,58,022 9.78 Nil Nil 19,58,022 9.78
8 Parul B. Thakkar** 3,21,257 1.60 59,549 0.30 3,80,806 1.90
9 Priyanka B. Thakkar 3,01,000 1.50 Nil Nil 3,01,000 1.50
10 H J Thakkar Property Investment Ltd.*** 2,38,399 1.19 3,80,516 1.90 6,18,915 3.09
11 Shivaan Bimal Thakkar# 3,000 0.01 8,500 0.05 11,500 0.06
12 Sumer Bimal Thakkar^ 2,000 0.01 9,300 0.05 11,300 0.06
13 Krish Bhavesh Thakkar@ Nil Nil 5,01,000 2.50 5,01,000 2.50
@
During the year, 5,01,000 shares of the Company were transferred as a gift from Bhavesh R. Thakkar to Krish Bhavesh Thakkar.
*
Mishal Ashok Thakkar and Ashok H. Thakkar were re-categorized into Public category from Promoter category on December 09, 2019. 7,868 shares were acquired
by Mr. Mishal Thakkar on May 31, 2019 through stock market purchases. The acquisitions made by him till the categorization in Promoter category are taken into
consideration for the purpose of above Table.
**
During the year, 59,549 shares were acquired by Parul B. Thakkar through stock market purchases.
***
During the year, 3,80,516 shares were acquired by H J Thakkar Property Investment Ltd. through stock market purchases.
#
During the year, 8,500 shares were acquired by Shivaan Bimal Thakkar through stock market purchases.
^ During the year, 9,300 shares were acquired by Sumer Bimal Thakkar through stock market purchases.
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and
ADRs):
Sr. Name of the Shareholder Shareholding at the beginning of the Change in the shareholding during Shareholding at the end of the year as
No. year as on 01.04.2019 the year on 31.03.2020
No. of shares % of the total No. of shares % of the total No. of shares % of the total
1. Authum Investment and Infrastructure Ltd. - 0.00 44,94,052 22.44 44,94,052 22.44
2. Top Class Capital Markets Pvt. Ltd. 7,86,535 3.93 (1,88,968) (0.94) 5,97,567 2.99
3. Dar's Business Finance Pvt. Ltd. - 0.00 4,54,603 2.27 4,54,603 2.27
4. Investor Education and Protection Fund 3,62,191 1.81 43,685 0.22 4,05,876 2.03
Authority Ministry of Corporate Affairs
5. Ebony Advisors LLP 4,00,000 2.00 (11,000) (0.06) 3,89,000 1.94
6. Lashit Sanghvi 2,83,750 1.42 - - 2,83,750 1.42
7. Ashwin Kedia 2,50,000 1.25 - - 2,50,000 1.25
8. Mishal Ashok Thakkar 21,098 0.11 1,18,368 0.59 1,39,466 0.70
9. IND Finance and Securities Trust Pvt. Ltd. 1,00,000 0.50 - - 1,00,000 0.50
10. Sanand Properties Pvt. Ltd. 1,43,191 0.71 (50,574) (0.25) 92,617 0.46
Note:
1. Authum Investment and Infrastructure Ltd.
Increase: Acquired 68,996 shares on 22.11.2019; 31,17,130 shares on 10.01.2020; 14,022 shares on
31.01.2020; 32,985 shares on 07.02.2020; 36,281 shares on 14.02.2020; 17,314 shares on 21.02.2020; 5,300
shares on 28.02.2020; 63,996 shares on 13.03.2020; 10,93,504 shares on 20.03.2020; 93,214 shares on
27.03.2020.
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Reason: Market Purchase

Decrease: Sold 18,402 shares on 24.01.2020; 5,115 shares on 06.03.2020; 25,173 shares on 31.03.2020.
Reason: Market Sale
2. Top Class Capital Markets Pvt. Ltd.
Decrease: Sold 90,000 shares on 29.11.2019; 90,000 shares on 06.12.2019; 8,968 shares on 27.03.2020.
Reason: Market Sale
3. Dar’s Business Finance Pvt. Ltd.
Increase: Acquired 3,181 shares on 31.05.2019; 1,66,108 shares on 07.06.2019; 9,774 shares on 14.06.2019;
3,696 shares on 21.06.2019; 1,036 shares on 29.06.2019; 8,123 shares on 05.07.2019; 23,082 shares
on 12.07.2019; 2,566 shares on 02.08.2019; 9,016 shares on 16.08.2019; 15,991 shares on 23.08.2019;
20,442 shares on 30.08.2019; 20,007 shares on 06.09.2019; 15,075 shares on 13.09.2019; 44,546 shares
on 20.09.2019; 1400 shares on 27.09.2019; 9,400 shares on 04.10.2019; 15,488 shares on 11.10.2019;
13,023 shares on 18.10.2019; 7,812 shares on 25.10.2019; 14,304 shares on 01.11.2019; 42,603 shares on
08.11.2019; 44,049 shares on 15.11.2019.
Decrease: Sold 36,119 shares on 14.02.2020.
Reason: Market Sale
4. Investor Education and Protection Fund Authority Ministry of Corporate Affairs
Increase: Transferred 44,685 shares on 22.11.2019
Reason: Transfer to Demat Account of IEPF
Decrease: Transferred 100 shares on 05.07.2019; 100 shares on 30.09.2019; 100 shares on 18.10.2019; 100
shares on 01.11.2019; 100 shares on 06.12.2019; 100 shares on 20.12.2019; 200 shares on 27.12.2019; 100
shares on 24.01.2020; 100 shares on 07.02.2020.
Reason: Transfer from Demat Account of IEPF to respective Shareholders/ Claimant’s Demat Account.
5. Ebony Advisors LLP
Decrease: Sold 11,000 shares on 12.04.2019.
Reason: Market Sale
6. Mishal Ashok Thakkar
Increase: Acquired 7,868 shares on 31.05.2019; 1,06,392 shares on 20.03.2020; 4,108 shares on 27.03.2020.
7. Sanand Properties Pvt. Ltd.
Decrease: Sold 5,000 shares on 20.09.2019; 3,224 shares on 27.09.2019; 9,696 shares on 22.11.2019; 7,535
shares on 29.11.2019; 14,443 shares on 06.12.2019; 1,176 shares on 13.12.2019; 3,000 shares on 27.12.2019;
500 shares on 07.02.2020 and 6,000 shares on 14.02.2020.
Reason: Market Sale
• 45
• ADF FOODS LTD.
(v) Shareholding of Directors and Key Managerial Personnel:

Sr. Name of the Shareholder Shareholding at the beginning Change in the shareholding Shareholding at the end of the
No. of the year as on 01.04.2019 during the year year as on 31.03.2020
No. of shares % of the total No. of shares % of the total No. of shares % of the total
1. Mr. Bimal R. Thakkar, 22,78,924 11.38 Nil Nil 22,78,924 11.38
2. Mr. Viren A. Merchant, Independent Director 50,000 0.25 Nil Nil 50,000 0.25
3. Mr. Ravinder Kumar Jain, Independent Director@ 50,000 0.25 1,869 0.01 51,869 0.26
4. Mr. Naresh Kothari, Independent Director Nil Nil Nil Nil Nil Nil
5. Mr. Jay M. Mehta, Non-Independent Director 50,000 0.25 Nil Nil 50,000 0.25
6. Ms. Anjali Seth, Independent Director# Nil Nil Nil Nil Nil Nil
7. Mr. Chandir G. Gidwani, Independent Director Nil Nil Nil Nil Nil Nil
8. Ms. Deepa Misra Harris, Independent Director Nil Nil Nil Nil Nil Nil
9. Ms. Shalaka Ovalekar, Company Secretary Nil Nil Nil Nil Nil Nil
10. Mr. Anish Jhaveri, Chief Financial Officer Nil Nil Nil Nil Nil Nil
11. Mr. Devang Gandhi, COO Nil Nil Nil Nil Nil Nil
@
Mr. Ravinder Kumar Jain purchased 1,869 equity shares on 5 September, 2019. The transaction was carried out through Market purchase.
th
#
Ms. Anjali Seth retired from directorship of the Company w.e.f. 9th March, 2020 pursuant to completion of her tenure as an Independent Director.
V. Indebtedness of the Company including interest outstanding/accrued but not due for payment
(R in Lakhs)
Secured Loans Unsecured Loans Deposits Total
excluding Indebtedness
deposits
Indebtedness at the beginning of the financial year
i) Principal Amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - - - -
Change in Indebtedness during the financial year
• Addition - 12,096.34 - 12,096.34
• Reduction - 9,785.75 - 9,785.75
Net Change - 2,310.59 - 2,310.59
Indebtedness at the end of the financial year
i) Principal Amount - 2,310.59 - 2,310.59
ii) Interest due but not paid - 5.83 - 5.83
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - 2,316.42 - 2,316.42
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VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole Time Directors and/or Manager:
(Amount in r)
Sr. No. Particulars Name of Director
Mr. Bimal R. Thakkar,
Chairman, Managing
Director & CEO
1. Gross salary
(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 8,04,300
(b) Value of perquisites under Section 17(2) of the Income-tax Act, 1961 2,00,437
(c) Profi ts in lieu of salary under Section 17(3) of the Income-tax Act, 1961 -
2. Stock Option NIL
3. Sweat Equity NIL
4. Commission from the subsidiary company
On account payment on monthly basis 1,09,81,355
Annual Commission as a percentage of net sales of the subsidiary 75,46,000
- as % of profi t
- others, specify
5. **Others, please specify
Gratuity 1,19,31,923
Other benefi ts 6,11,500
Total (A) 3,20,75,515
**Amount considered for determining eligibility under Section197 of the
Companies Act, 2013 1,95,32,092
Ceiling as per the Act R 2,02,13,364 (5% of Net Profi t calculated
under Section 198 for FY2019-20)
** Gratuity and other benefi ts such as Leave encashment, prior period LTA, medical paid to Mr. Bimal Thakkar during the FY 2019-20 forms
part of prior years of service. These components were paid to Mr. Bimal Thakkar during the fi nancial year 2019-20 on account of change in his
remuneration structure. However, the same are not considered for determining eligibility under Section 197 of the Companies Act, 2013.
B. Remuneration to other directors:

(Amount in r)
Sr. Particulars of Remuneration Name of Directors Total Amount
No. Mr. Viren Mr. Ravinder Ms. Anjali Mr. Naresh
Merchant Kumar Jain Seth* Kothari
1. Independent Directors
- Fee for attending board/ committee 5,80,000 6,50,000 4,20,000 3,30,000 19,80,000
meetings
- Commission Nil Nil Nil Nil Nil
- Others, please specify Nil Nil Nil Nil Nil
Total (1) 5,80,000 6,50,000 4,20,000 3,30,000 19,80,000
Mr. Jay Mehta - - - -
2. Other Non-Executive Directors
- Fee for attending board/ committee 3,50,000 Nil Nil Nil 3,50,000
meetings
- Commission Nil Nil Nil Nil Nil
- Others, please specify Nil Nil Nil Nil Nil
Total (2) 3,50,000 Nil Nil Nil 3,50,000
Total (B)=(1+2) 23,30,000
Total Managerial Remuneration Not Applicable as the same comprises of sitting fees paid to the
independent directors for attending board and committee meetings.
Overall Ceiling as per the Act Not Applicable as the same comprises of sitting fees paid to the
independent directors for attending board and committee meetings.
* Ms. Anjali Seth retired from the Board of Directors of the Company w.e.f. March 9, 2020.
• 47
• ADF FOODS LTD.
C. Remuneration To Key Managerial Personnel Other Than MD/Manager/WTD:

(Amount in r)
Sr. Particulars of Remuneration Details of KMP
No. Devang Gandhi Anish Jhaveri Shalaka Ovalekar Total
Chief Operating Chief Financial Company Secretary
Officer* Officer
1 Gross salary
(a) Salary as per provisions contained 46,19,384 62,64,756 31,97,642 1,40,81,782
in Section 17(1) of the Income-tax Act,
1961
(b) Value of perquisites under Section - - - -
17(2) of the Income-tax Act, 1961
(c) Profits in lieu of salary under Section - - - -
17(3) of the Income-tax Act, 1961
2 Stock Option NIL NIL NIL NIL
3 Sweat Equity NIL NIL NIL NIL
4 Commission - as % of profit - others, NIL NIL NIL NIL
specify
5 Others, please specify NIL NIL NIL NIL
Total 46,19,384 62,64,756 31,97,642 1,40,81,782
*Mr. Devang Gandhi has been appointed as the Chief Operating Officer of the Company w.e.f. August 10, 2019.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES

Type Section of the Brief Details of Penalty / Authority Appeal made,
Companies Act Description Punishment/ Compounding fees [RD / NCLT / if any (give
imposed COURT] details)
A. COMPANY
Penalty NIL
Punishment
Compounding
B. DIRECTORS
Penalty NIL
Punishment
Compounding
C. OTHER OFFICERS IN DEFAULT
Penalty NIL
Punishment
Compounding
Bimal R. Thakkar
DIN: 00087404
Regd. Office:
Tel.: 0268-2551381/2 Fax: 0268-2565068;
CIN: L15400GJ1990PLC014265
•
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'i}~tl,,,-,U.
ANNEXURE - VI
FORM NO. AOC-2
(Pursuant to Clause (h) of Sub-Section (3) of Section 134 of the Act and Rule 8(2)
of the Companies (Accounts) Rules, 2014)
Form for disclosure of particulars of contracts/arrangements entered into by the Company with related parties
referred to in Sub-Section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions
under third proviso thereto:
1. Details of contracts or arrangements or transactions not at arm’s length basis: The Company has not entered
into any contract or arrangement or transaction with its related parties which is not at arm’s length during
fi nancial year 2019-20.
2. Details of contracts or arrangement or transactions at arm’s length basis:
Name of Related Nature of Nature of Contracts / Duration of Board’s approval Member’s Monetary value
Party Relationship salient features Contract date approval date during the FY
2019-20 (R)
ADF Foods (India) Wholly Sale, purchase or Duration of 27th July, 2016 28th September, 58,27,180
Ltd. Owned supply of any goods or Contract is from 2016
Subsidiary materials and/or availing 01st April, 2017 to
or rendering of any 31st March, 2020.
services and/ or leasing
of property
Maximum Limit
R 50 crore per annum.
ADF Foods UK Ltd. 100% Share application money NA 25th July, 2018 NA 3,58,08,750
Subsidiary
Investment in Optionally 8,21,67,500
Convertible Preference
Shares
ADF Foods (USA) Step down Sale, purchase or supply Duration of 27th July, 2016 28th September, 19,99,440
Ltd. Subsidiary of any goods or materials Contract is from 2016
and/or availing or 01st April, 2017 to
rendering of any services. 31st March, 2020.
Maximum Limit
R 50 crore per annum
Shivaan B. Thakkar Person in Employment contract. Duration of 12th February, NA 13,75,280
place of Contract is 2019
Basic: R 72,000/- p.m.;
profi t for a period of
HRA : 40% of basic; three years with
eff ect from 15th
LTA: for himself and his
February, 2019
family subject to a ceiling
of ½ months basic salary
in a year.
• 49
• ADF FOODS LTD.
Name of Related Nature of Nature of Contracts / Duration of Board’s approval Member’s Monetary value
Party Relationship salient features Contract date approval date during the FY
2019-20 (R)
Reimbursement of
medical expenses;
incurred by him and his
family subject to a ceiling
of ½ months basic salary
in a year;
Ex-gratia at the time of
Diwali subject to one
month’s basic salary;
Other benefits such as PF
and Gratuity;
Provision of a car
with driver for use on
Company’s business.
Mahalaxmi R. Relative of Lease of bungalow at Duration of 12th August, 2015 30th September, 50,000
Thakkar Directors Nadiad Contract is for 99 2015
years w.e.f. from
Rent – R 50,000/- per st
1 April, 2007.
annum and Interest Free
Refundable Security
Deposit of R 10,50,000/-
Bimal R. Thakkar
DIN: 00087404
Regd. Office:
Tel.: 0268-2551381/2 Fax: 0268-2565068;
CIN: L15400GJ1990PLC014265
•
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ANNEXURE - VII
ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
Information on Conservation of Energy, Technology Absorption and Foreign Exchange Earning and Outgo as
prescribed under Rule 8(3) of the Companies (Accounts) Rules, 2014 and forming part of the Directors’ Report
for the year ended 31st March, 2020.
A. Conservation of Energy:
The Company has been continuously attempting to create a conscious awareness against excessive
consumption and wastage at all levels. The Company is taking all possible steps to conserve energy. Maximum
eff orts for this purpose will continue.
FORM A
Form for disclosure of particulars with respect to Conservation of Energy
(A) Power and Fuel Consumption: 2019-20 2018-19
1 Electricity
a Purchased Units (KWH) 4,268,954 3,967,970
Total Amount (R) 35,964,979 31,618,246
Average Rate/Unit (R) 8.42 7.97
B Own Generation
i Through Diesel Generator N.A. N.A.
Units (KWH) - -
Units/ Lt. of Diesel - -
Cost/Unit (R) - -
ii Through Steam Turbine/Generator N.A. N.A.
2 Agro waste & Fire Wood

Quantity (kgs) 1,763,374 1,580,661
Total Amount (R) 8,768,533 7,272,526
Average Rate/KL (R) 4.97 4.60
3 Fuel Furnace Oil + Light Diesel

Quantity (K.L.) 299,996 384,637
Total Amount (R) 10,553,813 14,120,712
Average Rate/KL (R) 35.18 36.71
4 Others/internal Generation N.A. N.A.
(B) Consumption per unit of production:

Products (with details) Unit, Electricity, Furnace oil, Agro waste, Coal
(specify quantity)
Since the Company manufactures several items

viz. Pickles, Chutneys, Frozen Foods, Retort Ready
to Eat, Pastes and other food stuff s, having regard
to other books maintained by the Company, it is
impracticable to apportion the utilities.
• 51
• ADF FOODS LTD.
B. Technology Absorption, Reaserch and Development (R&D):

1. Specific areas in which R&D carried out by the Company
- Development of new recipes.
- Development of new products.
- Improvement in quality.
- Better packaging.
- Standardisation in packaging.
2. Benefits derived as a result of the above R&D.
Benefits comprise of improved customer satisfaction, introduction of new brands, introduction of new
products, meeting world class quality norms, enhancement of exports, reduced costs on packing.
3. The Company will continue its efforts to develop new products, new recipes, reduce costs, improve
technology and produce quality products.
4.
(Amount in r)
Expenditure on R&D 2019-20 2018-19
(a) Capital 117,483 19,300
(b) Recurring 112,585 89,343
(c) Total 230,068 108,643
(d) Total R&D expenditure as a percentage of total turnover 0.01% 0.01%
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made towards technology absorption, adaptation and innovation. The Company
upgraded its technology at Nadiad to world class standard. At Nasik, the Company has improved state
of the art machinery for manufacture of spices and masalas.
2. Benefits derived as a result of the above efforts.
Satisfaction of customer needs, improvement in product quality, new product development.
C. Foreign Exchange Earnings and Outgo:
1. The Company has maintained its focus on development of exports both in the ethnic and mainstream
markets. The Company’s products under the brand name “ASHOKA” & “AEROPLANE” are very popular
in the U.S.A., U.K., Canada and Australia. While “CAMEL” is popular in the Middle East. The Company will
continue to make exports a thrust area.
2. Total Foreign Exchange used and earned:
(r in Lakhs)
2019-20 2018-19
Total Foreign Exchange Earned 17,295.72 17,860.55
Total Foreign Exchange Used 1,977.42 1,204.29
Bimal R. Thakkar
DIN: 00087404
•
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ANNEXURE A
MANAGEMENT DISCUSSION AND ANALYSIS
ADF Foods Limited (ADF) is a leading global player in the prepared ethnic food market. The Company is primarily
engaged in manufacturing and exporting of ready-to-eat food, ready-to-cook food, frozen food, frozen vegetables,
and meal accomplishments like pickles, sauces and pastes. ADF has a portfolio of well established brands and an
international presence in 50+ countries with 180+ distributors across Europe, USA, Canada, Middle East, Asia,
Australia, New Zealand and other countries. The Company has established a strong position in the growing processed
food industry through customer centric approach and continuous innovations.
1. Industry Overview
Global Ethnic Food Market:
The world is witnessing a paradigm shift in taste preference over ethnic food due to increased diaspora and the
willingness to experiment with international cuisines. The global ethnic food market was valued at $36.48 billion
in 2018, and is projected to register a Compound Annual Growth Rate (CAGR) of 11.8%, to reach $41.96 billion
in 2024 (Source: Modor Intelligence).
Global ethnic food market ($ billion)
Global ethnic food market ($ billion)
41.96
~ CAGR:11.80
'II
36.48
I
2018 2024
The rising trend in the global ethnic food market is attributed to the increasing migration among the world
population for personal and professional purposes. The migrant consumers are therefore looking for more
innovative and experimental food choices which are authentic, convenient, ready to eat as well as healthy. The
ethnic food manufacturers are focusing on the convenience factor, authentic food tastes, cuisine and health
Share of Asian-Inspired Foods Sale
variants like gluten/vegan etc., and packaging formats of the products.
Amongst the international cuisines, Asian (Indian, Chinese), Middle Eastern and Mexican cuisines are the most
preferred ones.
UK Ethnic Food Market: 32 30
The UK Ethnic Food market was valued at £1.6 billion in 2013, recording robust 32% growth between 2008-13
(Source: World Food Association). The market is continuing to grow at 5-6% every year backed by a variety of
factors – increasing preference for Ready-To-Eat (RTE), new product developments, an increasingly multicultural
Chinese Asian(Non-Chines
Britain, and improved off erings by supermarkets. The UK ethnic food market benefi ts from strong demand as
Source: Specialty Food Association;
six in ten adults (60%) enjoy eating foreign food (Source: Mintel).
Indian food remains the largest segment in the market ahead of Chinese. Indians are the largest ethnic minority
in the UK which ranks sixth in the world in the Indian diaspora. There are approximately 1.5 million Indians living
in the UK and are the largest foreign-born population group in the UK.
• 53
• ADF FOODS LTD.
bal ethnic food market ($ billion)
41.96
CAGR:11.80
36.48
US Ethnic Food Market:
The US Ethnic Food market was estimated at $12.5 billion in 2018, having grown from $11 billion in 2013, a CAGR
of ~3% (Source: Statistica). An increasingly diverse population and more frequent home cooking has helped the
ethnic food market to continue to grow.
2018 2024
The ethnic foods market in the U.S. does have a variety of offerings. The largest segment of the ethnic foods
market is Mexican/ Hispanic foods. The popularity of ethnic foods is also being driven by the Asian and Indian
food segments, which are growing faster than market average.

Share of Asian-Inspired Foods Sales in United States,2016
32 30
22
Chinese Asian(Non-Chinese) Indian

Source: Specialty Food Association; Mordor Intelligence
Industry Trends:
There are several important dynamics affecting the Ethnic Food Industry, including:
• Evolving consumer tastes and preferences offering opportunities for innovations:
Consumers demand healthy and authentic food alternatives with fewer artificial ingredients. In addition,
many ethnic food offerings are becoming more mainstream as consumers show a greater willingness to try
new flavours and cuisines. Changes in consumer preferences create opportunities for new and innovative
products and for unique food-away-from-home destinations.
• Strong preference of convenience RTE food by millennials:
According to a research, millennials, the largest living generation, are poised to have more spending power
than baby boomers. Over half of the consumers eat RTE meals at least three times a day. They spend most
of their income on RTE food products which optimise the ease of consumption.
• Emerging importance of a balanced healthy diet:
The industry experts suggest that segments such as gluten free, lactose free, veganism, vegetarianism
and nutritional food are gaining market share as consumers are becoming more health conscious. As per
study, 45% of consumers consume organic snacks. Veganism has grown 500% since 2014 in the US with
6% of US consumers now claiming to be vegan, up from just 1% in 2014 (Source: Rise of the Vegan).
2. Company Overview
ADF is a market leader in the prepared ethnic food segment with products spanning across ready-to-eat food,
ready-to-cook food, frozen food, frozen vegetables and meal accomplishments like pickles, chutneys, sauces
and cooking pastes. The Company had also forayed in baked snacks and flavoured milk drinks segments. Export
contributes more than 95% of revenues across countries including US, Canada, Europe, Australia, Middle East
and Asia. ADF’s brands include Ashoka, Truly Indian, Camel, Aeroplane, Soul, Nate’s and PJ’s Organics.
•54 Annual Report 2019-20

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ADF’s Product Portfolio
Meal Meal Ready to Ready to eat Meal

Ready to eat food Ready to eat food
accompaniments accompaniments eat Food Burritos accompaniments
Frozen snacks &

Papad (poppadum) Cooking pastes Cooking pastes Cooking pastes
vegetables
Meal Meal
Curry powders Cooking sauces
accompaniments accompaniments
Flavoured drink
Cooking pastes Cooking sauces Ready to cook food
milk
Cooking pastes Cooking sauces

+-
Organic ready to
Mango pulps and
eat and organic
mango slices
cooking sauces
The Company has been continuously endeavouring towards catering to changing consumer needs by developing
newer products under diff erent categories. The Company has a dedicated team of professionals engaged in
understanding the developments and bringing out innovative products. This year, the Company has launched
new products under Ashoka brand like Frozen Chutneys, Bullet Naan (Masala Naan), Tandoori Lachha Naan, Veg
Spring Rolls, Cheese Samosa, Vegetable Samosa, Malaysian style Plain Paratha and extended its current product
line of Dipping Sauces with a new variant called Chatpata Achari Dipping Sauce under the ambient range.
This year ADF added a new business vertical of ‘Agency Distribution’. Under this, the Company would act as
distribution agent of food products for a Fortune 500 FMCG global fi rm across the US and UK markets. This
new vertical gives the Company a wider product portfolio to off er to its distributors as well as enables it to tap
the existing network of the FMCG global fi rm for its own products. The segment contributed R 32.21 Crores to
Revenue in FY20.
This year, the Company strengthened its senior management team with appointment of Mr. Devang
Gandhi as Chief Operating Offi
cer and Ms. Purvi Dwivedi as General Manager-Accounts. In addition, ADF
appointed Independent Directors - Mr. Chandir Gidwani w.e.f. 7th February, 2020 and Ms. Deepa Harris w.e.f.
25th March, 2020.
The Company has two state of the art manufacturing plants located in Nasik, Maharashtra and Nadiad, Gujarat.
The Nasik plant is spread across 10,100 sq. meters of area. The Nadiad facility is built in an area of 15,000
sq. meters. Both are HACCP (Hazard Analysis and Critical Control Point) and BRC (British Retail Consortium)
accredited and ISO 22000:2005 certifi ed.
Last year, the Company initiated a Capex of R 20 crore for expansion of premium product capacities in both the
facilities, setting up an Effl
uent Treatment Plant (ETP) with zero liquid discharge at Nasik facility and installation
of solar panels in both the facilities for captive consumption. A large part of Capex has been committed during
the current year (FY’20) with enhanced product capacities and automation of Chutney and Pickle lines. ETP
with zero liquid discharge has been commissioned at Nasik plant. The Solar power project in Nasik has gone on
stream and has started generating power and the excess units are being exported back to the MSEB grid.
Towards the end of the year, your Company’s operations were impacted due to the COVID-19 Pandemic. As
per the directions issued by the Central Government, both manufacturing plants at Nasik and Nadiad were
• 55
• ADF FOODS LTD.
shut down w.e.f. 24th March, 2020. Thereafter, the Company obtained permissions from the Government and
local authorities to restart manufacturing operations at both the plants, our food products being in the nature
of essential goods. Accordingly, both the factories have become partially operational from 1st April, 2020. The
overall impact on the business cannot be ascertained at present.
3. Financial Highlights
FINANCIAL PERFORMANCE
On a Standalone basis for the year ended March 31, 2020, total income for the Company increased by 1.14%
over the last year to R 2.30 crores. EBIDTA reduced by 2.97% over the previous FY to R 1.46 crores. During the
Fiscal 2020, the Company’s PAT was R 31.47 crores, up from R 30.48 crores in the previous year, a year-on-year
growth of 3.26%.
On a Consolidated basis, the Company’s total income for FY2019-20 stood at R 294.63 crores with a year-on-
year increase of 20.02%. The EBIDTA also grew by 18.47% over the previous FY to R 9.75 crores. PAT for the
year ended March 31, 2020 stood at R 42.77 crores with an increase of 68.84% as compared to R 25.33 crores in
the previous year.
R in Crores Standalone Consolidated

FY 2018-19 FY 2019-20 FY 2018-19 FY 2019-20
Total Income 201.55 203.85 245.49 294.63
EBIDTA 49.18 47.71 52.78 62.53
EBIDTA Margin 24.40% 23.41% 21.46% 21.22%
Interest 0.87 1.33 0.87 1.33
PAT 30.48 31.47 25.33 42.77
PAT Margin 15.12% 15.44% 10.32% 14.52%
Working Capital Management 84.00 83.22 87.77 118.69
ROE 14.50% 13.60% 14.70% 20.92%
ROCE 19.39% 18.24% 18.60% 27.71%
EPS 14.84 15.72 12.34 21.36
DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS
Particulars March 2020 March 2019

Debtors Turnover 86 Days 82 days
Inventory Turnover 3.31 times 3.50 times
Interest Coverage Ratio 31.63 times 51.63 times
Current Ratio 2.77 times 5.80 times
Debt Equity Ratio - -
Operating Profit Margin (%) 23.17% 23.93%
Net Profit Margin (%) 17.28% 16.25%
Debtors Turnover Ratio: The change in ratio is on account of minor slowdown in collections due to lock down at
various places.
Inventory Turnover Ratio: The ratio has declined due to higher inventory with lower cost of goods sold. Due
to national lock down, the Company was unable to dispatch goods since third week of March which resulted in
higher inventory levels at the year end.
•
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Interest Coverage Ratio: The interest cost has gone up due to short term working capital loan obtained during
the year.
Current Ratio: Current ratio changed on account of short term working capital loan obtained during the year.
Debt-Equity Ratio: Not applicable to the Company.
Operating Profi t Margin: During the year, the Company has changed its product mix thereby focusing on higher
yielding products, still there is reduction in operating margin mainly due to higher expenditure.
Net Profi t Margin: Improved due to reduction in income tax rate.
DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE IMMEDIATELY PREVIOUS
FINANCIAL YEAR ALONG WITH THE DETAILED EXPLANATION THEREOF
During the FY 2019-20, the Company’s Return on Consolidated Net Worth was 27.71% as against 18.60% in the
previous FY resulting in an increase of 9.11% over the previous year. The said increase was mainly on account of
growth in Profi t After Tax.
4. SOAR ANALYSIS
Strength Opportunities
• Wide range of products catering to varied • Rising demand for prepared food due to busy
tastes and preferences lifestyle, nuclear families and changes in
consumer preferences provide good growth
• Well established brands across geographies opportunities
• Experienced management • Growing ethnic food market with preference
• Strong overseas distribution network that for Indian food
allows wide reach and coverage in target • New categories and products based on new
markets consumer trends
SOAR
Aspirations Analysis Results
• The new segment of Agency distribution • One of the leading players in prepared ethnic
would drive further growth food market
• Continuous product innovation • Maintaining the wide range of products with
focused customer satisfaction and high quality
• Continued focus on export markets
range
• Deepen presence across existing geographies
• Maintaining healthy growth and profitability
and target new ones
5. Risk and Mitigation

The Company continuously works towards de-risking its business by adopting preventive measures. Your
Company has well established Business Risk Management System which enables detection and monitoring
of the business risks on a continuous basis. However, there are certain potential risks being more industry
oriented and the management strongly feels that the same could be mitigated by having systematic decisions
and measures. These industry oriented risks are as listed below:
• Foreign Exchange Rate Fluctuation: The Company being engaged in exports, derives approximately 95%
of its revenue from export sales. An appreciation of the Indian Rupee can adversely impact the Company’s
exports.
• 57
• ADF FOODS LTD.
Mitigation: The Company manages this financial risk through a managed hedge programme where a
significant portion of the projected sales are hedged by booking of forward contracts.
• Variation in Raw Material Prices: Raw Material is a very crucial cost for the Company’s products. Any
increase in the prices of core raw materials would adversely affect the Company’s operating results.
Mitigation: The Company looks at informed strategic and bulk purchases with an efficient supply chain
team to ensure constant supply at competitive price.
• Competition: Increasing competition from existing players and entry of new players can impact the market
share. The presence of unorganized sector offering products in loose unbranded form also intensifies
competition.
Mitigation: Your Company has invested significantly in building strong brands which helps differentiate its
products and increase its market share.
• COVID-19 uncertainty: Due to global lockdown for the purpose of containment of wide spread of Corona
Virus (COVID-19) disease, there is a potential risk of business slowdown. The impact of the same cannot be
ascertained at present.
Mitigation: Your Company is continuously monitoring the situation and working on various measures to
minimise the business interruptions.
6. INTERNAL CONTROL SYSTEMS & ADEQUACY
Identification and monitoring the internal control systems play a crucial role in an organization. The Company
has a well-established system of internal controls including Internal Financial Controls and its adequacy is
constantly supervised by the Management. The internal control system implemented by the Company strikes
at achieving efficiency in operations, optimum utilization of resources and effective monitoring thereof and
compliance with all applicable laws and regulations. Key controls have been tested during the year and corrective
and preventive actions are taken for any weakness. Regular internal audits are conducted by outsourced audit
teams. Risk based internal audit plan is approved by the Audit Committee which also reviews adequacy and
effectiveness of the Company’s internal financial controls.
7. MATERIAL DEVELOPMENT IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS FRONT, INCLUDING
NUMBER OF PEOPLE EMPLOYED
The Company believes in the overall development and continuous growth of its employees. The Company
continues to provide its employees the ideal workplace where they can give optimum results. This has resulted
into team spirit and team work. The Company continues to equip its employees with the skill which would enable
them to meet the growing organizational challenges. The relationships with employees have been cordial and
operations at the factory uninterrupted. Measures for safety of employees, welfare and development continue
to receive top priorities. The Company has 271 employees as on 31st March, 2020.
8. CAUTIONARY STATEMENT
Statements in this Management Discussion and Analysis describing the Company’s objectives, expectations
or predictions may be forward looking within the meaning of applicable laws and regulations. Actual results
could differ materially from those expressed or implied. Important factors that could make a difference
to the Company’s operations include raw material availability and prices, cyclical demand and pricing in
the Company’s principal markets, competitive actions, changes in Government regulations, tax regimes,
economic developments in India and in countries in which the Company conducts its business and other
incidental factors.
•
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ANNEXURE B
REPORT ON CORPORATE GOVERNANCE
I. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
The Company’s philosophy on Corporate Governance enshrines the goal of achieving the highest levels of
transparency, disclosure, monitoring and fairness in all spheres of its operations and in all its dealings with the
shareholders, employees, the Government and other stakeholders. Your Company is committed to adoption
and adherence to the best Corporate Governance practices at all times.
The Corporate Governance guidelines are in compliance with the requirements of Regulation 34(3) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 with the stock exchanges.
The Company presents a summary of the practices it followed during the year 2019-20 in deference to its
commitment to fairness, transparency and accountability.
II. BOARD OF DIRECTORS
A Composition:
The Board of Directors of your Company represents an optimum mix of professionalism, knowledge and
experience. As on 31st March, 2020, the total strength of the Board of Directors of the Company was 7 (Seven)
Directors comprising of one Executive Promoter Director, one Non-Executive Non-Independent Director
and fi ve Non-Executive Independent Directors. The Non–Executive Directors are eminent professionals/
entrepreneurs with wide range of knowledge and experience in business, industry, fi nance and law. Their
presence on the Board has been advantageous and fruitful in taking business decisions.
The composition of the Board, their attendance at the meeting, their Directorship and Chairmanship/
Memberships of Committees in other Companies as on 31st March, 2020 are given below:
Name of the Director Designation Board Meetings Attendance *[1] *[2] No. of Board
Executive/Non-Executive held and attended by the at the last Directorships Committees in which
Independent/ Promoter Directors Annual General in other Chairman / Member
Held Attended Meeting Companies Chairman Member
Mr. Bimal R. Thakkar Promoter/ Chairman, 5 4 Yes 3 1 2

Managing Director & CEO
Mr. Jay M. Mehta Non-Executive Non- 5 5 No 3 Nil 2
Independent Director
Mr. Viren A. Merchant Non-Executive 5 3 Yes 1 Nil Nil
Mr. Ravinder Kumar Jain Non-Executive 5 5 Yes 1 1 1
Ms. Anjali Seth^ Non-Executive 5 5 No N.A. N.A. N.A.
Mr. Naresh Kothari Non-Executive Independent 5 4 Yes 3 Nil 1
Director
Mr. Chandir G. Gidwani# Non-Executive 5 Nil N.A. 7 1 3
Ms. Deepa Misra Harris$ Non-Executive Independent 5 Nil N.A. 5 1 4
Director
^Ms. Anjali Seth retired as an Independent Director of the Company with eff ect from March 9, 2020 (close of business hours) upon
completion of her tenure of fi ve years w.e.f. March 10, 2015.
#
Mr. Chandir G. Gidwani was appointed as an Additional Director (Non-Executive and Independent) on the Board of the Company w.e.f.
February 7, 2020. No Board Meetings were held post his appointment.
$
Ms. Deepa Misra Harris was appointed as an Additional Director (Non-Executive and Independent) on the Board of the Company w.e.f.
March 25, 2020. No Board Meetings were held post her appointment.
• 59
• ADF FOODS LTD.
The Board, on request of the Director(s) has granted Leave of Absence to the Director(s) being unable to attend the respective Board
Meeting(s) and Committee Meeting(s).
*[1] Number of Directorships held by the Directors, as mentioned above do not include alternate Directorship and Directorship held in
foreign companies, Section 8 Companies and Private Limited Companies incorporated in India.
*[2] Committee Chairmanship/ Membership of only Audit Committee and Shareholders’ Grievance/ Stakeholders’ Relationship
Committee of public companies is reckoned. Membership includes Chairmanship of the Director.
None of the above Directors is a Member in more than 10 Committees or acts as Chairman of more than 5
Committees across all Companies in which he/ she is a Director.
The details of Directorship and Committee Membership of Directors in various companies is given at Annexure I
to this Report.
Independent Directors are not serving as Independent Director in more than seven listed companies.
The Whole Time Director of the Company doesn’t serve as Independent Director in more than three listed
companies.
The Company has received declarations of independence as prescribed under Section 149(7) of the Companies
Act, 2013 and Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,
as amended, from the Independent Directors. All requisite declarations have been placed before the Board.
The details of Directorship of Directors in other listed entities and their category of Directorship are mentioned
below:
Sr. No. Name of the Director Name of Listed Entity Category
1. Mr. Bimal R. Thakkar Gujarat Sidhee Cement Limited Independent Director
Saurashtra Cement Limited
2. Mr. Jay M. Mehta Gujarat Sidhee Cement Limited Executive Vice-Chairman and Managing
Saurashtra Cement Limited Director
3. Mr. Ravinder K. Jain Delta Corp Limited Independent Director
4. Mr. Naresh Kothari AGC Networks Limited Non-Executive Non-Independent Director
B L Kashyap and Sons Limited
5. Mr. Chandir G. Gidwani Centrum Capital Limited Non-Executive Non-Independent Director
Rap Media Limited
6. Ms. Deepa Misra Harris TCPL Packaging Limited Independent Director
Prozone Intu Properties Limited
PVR Limited
Jubilant Foodworks Limited
Disclosure of the number of equity shares of the Company held by Non-Executive Directors as on 31st March, 2020:
Sr. No. Name of the Non-Executive Director No. of Shares held in the Company (as first holder)
1. Mr. Jay M. Mehta 50,000
2. Mr. Viren A. Merchant* 50,000
3. Mr. Ravinder Kumar Jain 51,869
4. Mr. Naresh Kothari Nil
5. Mr. Chandir G. Gidwani Nil
6. Ms. Deepa Misra Harris Nil
* In addition to the above, Mr. Viren Merchant holds 28,500 shares as a joint holder.
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B. Induction and training of Independent Directors:

At the time of appointing an Independent Director, a formal letter of appointment is given to him/her, which
inter-alia explains the role, function, duties and responsibilities expected of him/her as an Independent Director
of the Company. The Directors appointed by the Board are given induction and orientation with respect to the
Company’s mission, business operations, growth strategies and fi nancial position by having one to one meeting
with the Managing Director and through Corporate Presentation.
Periodical Presentations are made by the Senior Management, Statutory and Internal Auditors at the Board/
Committee Meetings on business and performance updates of the Company, business risks and controls,
eff ectiveness of Internal Financial Controls, updates on relevant statutory changes encompassing important
laws, etc.
The details of the Familiarization programme imparted to the Independent Directors can be accessed by following
the web link: http://www.adf-foods.com/wp-content/uploads/2020/04/Familiarization-Programme-2019-20.pdf
C. Performance evaluation of the Board of Directors:
Pursuant to the provisions of the Companies Act, 2013, and the provisions of Regulation 25(4) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board has carried out the annual performance
evaluation of its own performance and the Directors individually including that of Independent Directors,
evaluation of the Chairman and the evaluation of Committees of the Board. A structured questionnaire was
prepared after taking into consideration inputs received from the Directors, covering various parameters of
the Board’s functioning such as adequacy of the composition of the Board and its Committees, the process of
selection of new Board Members, Board culture, understanding of the role and responsibilities, eff ectiveness of
contributions made during the Board Meetings, etc.
D. Details of sitting fees, remuneration, etc. paid to Directors for the year ended 31st March, 2020:
Non-Executive Directors are eligible for only sitting fees not exceeding the limits prescribed under the
Companies Act, 2013. The Non-Executive Directors were paid sitting fees @ R 50,000/- for attending every
Meeting of the Board, Independent Directors Meeting, Audit Committee Meeting and Nomination and
Remuneration Committee Meeting and R 20,000/- for attending Meetings of other Board Committees viz. CSR
Committee and Shareholders’ Grievance/ Stakeholders’ Relationship Committee.
Name of Non-Executive Director Sitting fees paid for attending meetings of

the Board and Committees (in R)
Mr. Jay M. Mehta 3,50,000
Mr. Viren A. Merchant 5,80,000
Mr. Ravinder K. Jain 6,50,000

Ms. Anjali Seth 4,20,000
Mr. Naresh L. Kothari 3,30,000
• 61
• ADF FOODS LTD.
The details of remuneration paid to the Managing Director/ Whole Time Director during the financial year ended
31st March, 2020 are as under:
Sr. Director Inter-se Period of Stock Salary Other Commission Total
No. relationship employment options (R) Perquisite (R) from ADF (R)
between contract, Holdings
Directors Notice period. (USA) Ltd.
1 Mr. Bimal R. Not related 1st October, Nil 8,04,300 1,27,43,860* 1,85,27,355 3,20,75,515
Thakkar to any 2018 till 30th
Directors September,
Chairman, 2023
Managing
Director & Notice Period:
CEO 3 months
*Other perquisites include Gratuity amounting to R 1,19,31,923/- and other benefits amounting to R 6,11,500/- which comprises
of Leave Encashment, prior period LTA and medical. Though these perquisites were paid to Mr. Bimal Thakkar during the financial
year 2019-20 on account of change in his remuneration structure, the same relate to prior years of service. Hence, the same are not
considered for determining eligibility under Section 197 of the Companies Act, 2013.
NOTES:
(i) All appointments of Directors are non-contractual except those of Mr. Bimal R. Thakkar, Chairman,
Managing Director & CEO. Appointment of Mr. Bimal R. Thakkar is for five years with effect from
1st October, 2018. His earlier term was from 1st October, 2017 to 30th September, 2018. The appointment
of the above managerial personnel is conditional and subject to termination by three calendar months’
notice in writing on either side but no severance fees of any other kind is payable.
(ii) Presently, the Company does not have any scheme for grant of Stock Options to its Directors,
Managing Director or other employees.
(iii) None of the employees except Mr. Shivaan B. Thakkar, Manager - Business & Strategy Development is
related to Mr. Bimal Thakkar, Director of the Company as on 31st March, 2020.
E. Number of Board Meetings held:
The Meetings of the Board of Directors are scheduled well in advance. The Board Members are presented in
advance with the detailed agenda in respect of all Board meetings. During the year under review, 5 meetings of
the Board of Directors were held on the following dates:
May 22, 2019, June 19, 2019, August 10, 2019, November 11, 2019 and February 7, 2020.
The Companies Act, 2013 read with the relevant rules made thereunder, now facilitates the participation of a
Director in Board/Committee Meetings through video conferencing or other audio visual means. Accordingly,
the option to participate in the Meeting through video conferencing was made available for the Directors except
in respect of such Meetings/Items which are not permitted to be transacted through video conferencing.
F. Independent Directors’ Meeting:
The Meeting of the Independent Directors of the Company was held on 3rd March, 2020 to:
a) review the performance of the Board as a Whole and the Chairman of the Board;
b) the performance of the Non-Independent Directors; and
c) timeliness of flow of information between the Company management and the Board that would be
necessary for the Board to effectively and reasonably perform its duties for the year under review.
G. The Board periodically reviews compliance reports of all laws applicable to the Company, prepared by the
Company as well as steps taken by the Company to rectify instances of non-compliances, if any.
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H. Chart/ Matrix setting out the skills/ expertise/ competence of the Board of Directors is as follows:
The brief summary of the competencies of the Directors is as under:
In the table below, the specifi c areas of focus or expertise of individual Board Members have been highlighted.
However, the absence of a mark against a Member’s name does not necessarily mean the member does not
possess the corresponding qualifi cation or skill.
Name Industry knowledge/ Technical skills Governance Competencies Behaviour
of the experience competencies
Director Overall Monito- Integrity
Know Global Sales Strategy Financial Compl- Director’s Leade-
business ledge of business and Mark- ring develop- literacy iance performance and high rship
manag- Food eting expe- risk manag- ment focus management ethical
ement sector rience ement and imple- standards
systems mentation
Bimal
√ √ √ √ √ √ √ √ √ √ √
Thakkar
Viren
√ √ √ √ √ √ √ √
Merchant
Ravinder
√ √ √ √ √ √ √
Jain
Jay Mehta √ √ √ √ √ √ √ √ √ √ √
Naresh
√ √ √ √ √ √ √ √
Kothari
Chandir
√ √ √ √ √ √ √ √ √ √
Gidwani
Deepa
√ √ √ √ √ √ √ √
Misra Harris
I. Confi rmation:
The Board hereby confi rms that the Independent Directors of the Company fulfi ll the conditions specifi ed in
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and are independent of the
management.
III. COMMITTEES OF DIRECTORS
With a view to have a more focused attention on business and for better governance and accountability, the
Board has constituted the following mandatory Committees viz. Audit Committee, Shareholders’ Grievance/
Stakeholders’ Relationship Committee, Nomination and Remuneration Committee, Corporate Social
Responsibility Committee and Share Transfer Committee.
The terms of reference of these Committees are determined by the Board and their relevance is reviewed
from time to time. Meetings of each of these Committees are convened by the respective Chairman of the
Committee, who also informs the Board about the summary of discussions held in the Committee Meetings.
The Minutes of the Committee Meetings are sent to all Committee Members individually and tabled at the Board
Meetings.
• AUDIT COMMITTEE
A. Composition & Meetings:
The Audit Committee was constituted on 13th January, 2001 and over the years the Committee has been
reconstituted to align it with the requirements of the provisions of applicable laws, rules and regulations. All
Members of the Committee are fi nancially literate and are having the requisite fi nancial management expertise.
• 63
• ADF FOODS LTD.
The present composition of the Audit Committee is in accordance with the provisions of the Companies Act,
2013 and the rules made thereunder and SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015. The composition of the Audit Committee as on 31st March, 2020 was as under:
Sr. No. Name of the Director Category Chairman/ Member

1. Mr. Viren A. Merchant Independent Director Chairman
2. Mr. Ravinder Kumar Jain Independent Director Member
3. Mr. Bimal R. Thakkar Executive Director Member
The Company Secretary acts as the Secretary to the Committee. The Chief Financial Officer, Chief Operating
Officer, General Manager - Accounts, Internal Auditors and the Statutory Auditors are invited to the Audit
Committee Meetings.
During the year under review, four Audit Committee Meetings were held on May 22, 2019, August 08, 2019,
November 11, 2019 and February 07, 2020.
The attendance of each Audit Committee Member during the FY 2019-20 is given hereunder:
Sr. No. Name of the Committee Member No. of meetings attended

1. Mr. Viren A. Merchant 4
2. Mr. Ravinder Kumar Jain 4
3. Mr. Bimal R. Thakkar 4
The Chairman of the Audit Committee was present at the last Annual General Meeting of the Company held on
September 25, 2019.
B. The terms of reference of the Audit Committee:
The said Committee is entrusted with the powers and scope as prescribed under Section 177 of the Companies
Act, 2013 and Regulation 18(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Under the Companies Act, 2013:-
1. the recommendation for appointment, remuneration and terms of appointment of auditors of the
Company;
2. review and monitor the auditor’s independence and performance, and effectiveness of audit process;
3. examination of the financial statement and the auditors’ report thereon;
4. approval or any subsequent modification of transactions of the Company with related parties;
Provided that the Audit Committee may make omnibus approval for related party transactions proposed to
be entered into by the Company subject to such conditions as may be prescribed;
Provided further that in case of transaction, other than transactions referred to in section 188, and where
Audit Committee does not approve the transaction, it shall make its recommendations to the Board:
Provided also that in case any transaction involving any amount not exceeding one crore rupees is entered
into by a director or officer of the company without obtaining the approval of the Audit Committee and it is
not ratified by the Audit Committee within three months from the date of the transaction, such transaction
shall be voidable at the option of the Audit Committee and if the transaction is with the related party to any
director or is authorised by any other director, the director concerned shall indemnify the company against
any loss incurred by it:
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Provided also that the provisions of this clause shall not apply to a transaction, other than a transaction
referred to in section 188, between a holding company and its wholly owned subsidiary company.
5. scrutiny of inter-corporate loans and investments;
6. valuation of undertakings or assets of the Company, wherever it is necessary;
7. evaluation of internal fi nancial controls and risk management systems;
8. monitoring the end use of funds raised through public off ers and related matters;
9. Oversee the vigil mechanism.
Under the Regulation 18(3) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015:-
1. Oversight of the company’s fi nancial reporting process and the disclosure of its fi nancial information to
ensure that the fi nancial statement is correct, suffi
cient and credible;
2. Recommendation for appointment, remuneration and terms of appointment of auditors of the company;
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
4. Reviewing, with the management, the annual fi nancial statements and auditor’s report thereon before
submission to the board for approval, with particular reference to:
a. matters required to be included in the Director’s Responsibility Statement to be included in the Board’s
report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013;
b. changes, if any, in accounting policies and practices and reasons for the same;
c. major accounting entries involving estimates based on the exercise of judgment by management;
d. signifi cant adjustments made in the fi nancial statements arising out of audit fi ndings;
e. compliance with listing and other legal requirements relating to fi nancial statements;
f. disclosure of any related party transactions;
g. modifi ed opinion(s) in the draft audit report.
5. Reviewing, with the management, the quarterly fi nancial statements before submission to the board for
approval;
6. Reviewing, with the management, the statement of uses / application of funds raised through an issue
(public issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than
those stated in the off er document / prospectus / notice and the report submitted by the monitoring agency
monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations
to the Board to take up steps in this matter;
7. Review and monitor the auditor’s independence and performance, and eff ectiveness of audit process;
8. Approval or any subsequent modifi cation of transactions of the company with related parties;
9. Scrutiny of inter-corporate loans and investments;
10. Valuation of undertakings or assets of the Company, wherever it is necessary;
11. Evaluation of internal fi nancial controls and risk management systems;
12. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal
control systems;
• 65
• ADF FOODS LTD.
13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;
14. Discussion with internal auditors of any significant findings and follow up there on;
15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the board;
16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as
well as post-audit discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;
18. To review the functioning of the Whistle Blower Mechanism;
19. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the
finance function or discharging that function) after assessing the qualifications, experience and background,
etc. of the candidate;
20. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
21. Reviewing the utilization of loans and/ or advances from/investment by the holding company in the subsidiary
exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing
loans/ advances/ investments existing as on the date of coming into force of this provision.
C. Review of Information by the Audit Committee
The Audit Committee shall mandatorily review the following information:
1. Management Discussion and Analysis of financial condition and results of operations;
2. Statement of Significant related party transactions (as defined by the Audit Committee), submitted by the
management;
3. Management letters/letters of internal control weaknesses issued by the statutory auditors;
4. Internal Audit reports relating to internal control weaknesses; and
5. The appointment, removal and terms of remuneration of the chief internal auditor shall be subject to review
by the Audit Committee.
6. Statement of deviations:
(a) Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock
exchange(s) in terms of Regulation 32(1).
(b) Annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus/
notice in terms of Regulation 32(7).
7. Reviewing the utilization of loans and/ or advances from/ investment by the holding company in the
subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including
existing loans/ advances/ investments existing as on the date of coming into force of this provision.
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• SHAREHOLDERS’ GRIEVANCE/ STAKEHOLDERS’ RELATIONSHIP COMMITTEE

The Shareholders’ Grievance/ Stakeholders’ Relationship Committee was constituted on 2nd May, 2001 and
over the years, the Committee has been reconstituted to align it with the requirements of the provisions of
applicable laws, rules and regulations. The same was renamed as Shareholders’ Grievance/ Stakeholders’
Relationship Committee in the Board Meeting held on 28th May, 2014.
The composition of the Shareholders’ Grievance/ Stakeholders’ Relationship Committee as on
31st March, 2020 was as under:

3. Mr. Naresh L. Kothari Independent Director Member
Ms. Shalaka Ovalekar, Company Secretary acts as the Compliance Offi
cer for the Committee.
During the year, four Meetings of the said Committee were held on May 22, 2019, August 10, 2019,
November 11, 2019 and February 7, 2020.
The attendance of each member is given hereunder:

3. Mr. Naresh L. Kothari 4
B. The terms of reference of the Shareholders’ Grievance/ Stakeholders’ Relationship Committee:

The said Committee is entrusted with the powers and scope as prescribed under Regulation 20 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
(1) Resolving the grievances of the security holders of the listed entity including complaints related to transfer/
transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of new/
duplicate certifi cates, general meetings, etc.
(2) Review of measures taken for eff ective exercise of voting rights by shareholders.
(3) Review of adherence to the service standards adopted by the listed entity in respect of various services
being rendered by the Registrar & Share Transfer Agent.
(4) Review of the various measures and initiatives taken by the listed entity for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/ statutory notices
by the shareholders of the company.
The Committee specifi cally looks into redressing of investors’ complaints including non-receipt of annual
reports, non-receipt of declared dividends and complaints related to transfer of shares.
The Registrar and Share Transfer Agents provide quarterly confi rmation to the Committee on compliance of the
requirements in respect of dealing with the transfers, transmissions, complaints and other shareholder related
matters. The Committee also monitors and reviews the performance and service standards of the Registrar and
Share Transfer Agent and provides continuous guidance to improve the service levels for investors.
• 67
• ADF FOODS LTD.
C. Shareholders’ complaints:
8 complaints were received from the shareholders during the financial year ended 31st March, 2020. The
complaints were mainly relating to non-receipt of duplicate share certificates, pending demat requests
and transfer of shares. The Complaints received were resolved to the satisfaction of the Shareholders. No
complaints remained pending as on March 31, 2020.
Apart from the said complaints, the Company also received certain requests/ general intimations regarding copy
of Annual Report, change of address, revalidation of dividend warrants, issuance of duplicate share certificates,
transfer/ transmission of shares, dematerialization of shares, claim of shares and dividends from IEPF, etc. There
are no requests pending to be replied/ attended to as at the end of the year under consideration.
• NOMINATION & REMUNERATION COMMITTEE
The Remuneration Committee was constituted on 8th May, 2002 to recommend to the Board the remuneration
package for managerial persons and over the years, the Committee has been reconstituted to align it with the
requirements of the provisions of applicable laws, rules and regulations. The same was renamed as Nomination
& Remuneration Committee in the Board Meeting held on 28th May, 2014.
The composition of the Nomination and Remuneration Committee as on 31st March, 2020 was as under:

2. Mr. Ravinder Kumar Jain Independent Director Member
3. Mr. Jay Mehta**
Non-Executive Non-Independent Director Member
During the year, three Meetings of the said Committee were held on May 22, 2019, August 10, 2019 and
February 7, 2020.
The attendance of each member is given hereunder:

2. Mr. Ravinder Kumar Jain 3
3. Ms. Anjali K. Seth*
3
4. Mr. Jay M. Mehta** 2
*
Ms. Anjali K. Seth retired from the Board of Directors of the Company w.e.f. March 9, 2020.
**
Mr. Jay M. Mehta has been inducted as a Member of the Committee w.e.f. June 1, 2019.
Also, the Nomination & Remuneration Committee passed a Circular Resolution on March 12, 2020 for
appointment of Ms. Deepa Misra Harris as an Additional Director.
B. The terms of reference of the Nomination & Remuneration Committee:
The said Committee is entrusted with the powers and scope as prescribed under Section 178 of the Companies
Act, 2013 and Regulation 19(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015.
The Nomination & Remuneration Policy is attached as Annexure II to the Board’s Report forming part of the
Annual Report and is also available on the website of the Company at www.adf-foods.com.
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Under the Companies Act, 2013:-

1) The Committee shall identify persons with suitable qualifi cations to be appointed as Directors, Senior
Management Personnel and recommend to the Board their appointment and removal and shall specify
the manner for eff ective evaluation of performance of Board, its Committees and individual Directors
to be carried out either by the Board, by the Nomination and Remuneration Committee or by an
independent external agency and review its implementation and compliance;
2) The Committee shall formulate the criteria for determining qualifi cations, positive attributes and
independence of a Director and recommend to the Board a policy, relating to the remuneration of the
Directors, Key Managerial Personnel and other employees.
3) The Committee shall, while formulating the policy ensure that-
(a) the level and composition of remuneration is reasonable and suffi cient to attract, retain and motivate
directors of the quality required to run the company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks;
and
(c) remuneration to directors, key managerial personnel and senior management involves a balance
between fi xed and incentive pay refl ecting short and long-term performance objectives appropriate
to the working of the company and its goals.
Under Regulation 19(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015:-
1) formulation of the criteria for determining qualifi cations, positive attributes and independence of a
Director and recommend to the Board of Directors a policy relating to, the remuneration of the Directors,
Key Managerial Personnel and other employees;
2) formulation of criteria for evaluation of performance of Independent Directors and the Board of Directors;
3) devising a policy on diversity of Board of Directors;
4) identifying persons who are qualifi ed to become Directors and who may be appointed in senior management
in accordance with the criteria laid down, and recommend to the Board of Directors their appointment and
removal;
5) whether to extend or continue the term of appointment of the Independent Director, on the basis of the
report of performance evaluation of Independent Directors.
6) recommend to the Board, all remuneration, in whatever form, payable to senior management.
C. Performance evaluation criteria for Independent Directors:

The performance evaluation of the Independent Directors is carried by the entire Board of Directors (except
the Director being subject to evaluation) evaluating the criteria such as participation at Board/ Committee
Meetings, relationships with fellow Board Members, knowledge and skill, diligence, etc.
• SHARE TRANSFER COMMITTEE

Ms. Shalaka Ovalekar, Company Secretary has been delegated authority to approve/ ratify registration of
transfer of shares in physical mode and to transact other shares-related matters.
• 69
• ADF FOODS LTD.
• CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

A. Constitution & Meetings:
The CSR Committee was constituted on 28th May, 2014 and over the years the Committee has been reconstituted
to align it with the requirements of the provisions of applicable laws, rules and regulations.
The CSR Committee comprises of one Non-Executive Independent Director, one Non-Executive
Non-Independent Director and the Managing Director.
The composition of the Corporate Social Responsibility Committee as on 31st March, 2020 was as under:

I 3. Mr. Jay M. Mehta*
I Non-Executive Non-Independent Director Member
*
Mr. Jay M. Mehta has been inducted as a Member of the Committee w.e.f. June 1, 2019.
During the year, one Meeting of the said Committee was held on May 22, 2019.

I 3. Ms. Anjali K. Seth**
I 1
**
Ms. Anjali K. Seth retired from the Board of Directors of the Company w.e.f. March 9, 2020.
B. The terms of reference of the CSR Committee:
(1) To review and monitor the existing CSR Policy and to make it more comprehensive so as to indicate the
activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013;
(2) To provide guidance on various CSR activities to be undertaken by the Company and to monitor its progress.
(3) To recommend the amount of expenditure to be incurred on the CSR activities.
The CSR Policy is attached as Annexure IV to the Board’s Report forming part of the Annual Report and is also
available on the website of the Company at www.adf-foods.com.
IV. GENERAL BODY MEETINGS
A. Location, Time and Date when last three Annual General Meetings of the Company were held are given
below:
Financial Year Day & Date Time Location of the Meeting

2016-17 Wednesday, 10.00 a.m. Nadiad Nagar Palika Ipcowala Town Hall, Near City
23rd August, 2017 Point, Paras Circle, Santram Road, Nadiad - 387 001,
Gujarat.
2017-18 Saturday, 12.00 noon Nadiad Nagar Palika Ipcowala Town Hall, Near City
15th September, 2018 Point, Paras Circle, Santram Road, Nadiad - 387 001,
Gujarat.
2018-19 Wednesday, 12.00 noon Nadiad Nagar Palika Ipcowala Town Hall, Near City
25th September, 2019 Point, Paras Circle, Santram Road, Nadiad - 387 001,
Gujarat.
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B. Special Resolutions whether passed in the Annual General Meetings:

Special Resolutions passed in the previous three Annual General Meetings:
Sr. Annual General Meeting held on Subject matter of the Special Resolution in brief
No.
1. Wednesday, 23rd August, 2017 None
2. Saturday, 15th September, 2018 Re-appointment of Mr. Bimal R. Thakkar as Chairman, Managing
Director & Chief Executive Offi
cer for a term of fi ve years w.e.f.
October 1, 2018.
3. Wednesday, 25th September, 2019 1. Approval for making structural changes in remuneration of
Mr. Bimal Thakkar, Chairman, Managing Director & CEO.
2. Re-appointment of Mr. Viren A. Merchant as an Independent
Director of the Company for a term of fi ve years from
24th September, 2019.
3. Re-appointment of Mr. Ravinder Kumar Jain as an Independent
Director of the Company for a term of fi ve years from
24th September, 2019.
C. During the Financial Year 2019-20, no Resolution was passed through the Postal Ballot. Further, there is no
immediate proposal for passing any resolution through Postal Ballot.
V. MEANS OF COMMUNICATION
The quarterly, half yearly and annual results are generally published in the “The Economic Times” (Ahmedabad
edition in English and Gujarati), “The Economic Times” (Mumbai edition in Gujarati), “Western Times”
(Ahmedabad edition in English and Gujarati) and “Western Times” (Mumbai edition in Gujarati).
The fi nancial results and other information are displayed on the Company’s website viz. www.adf-foods.com as
well as on the website of the Stock Exchanges viz. www.bseindia.com and www.nseindia.com.
The Company’s website also displays offi
cial news releases.
Website: The Company’s website (www.adf-foods.com) contains a separate dedicated section viz. ‘Investors’
where information for the shareholders is made available. The Company’s Annual Report is also available in
downloadable form on website.
The Company does not have the system of intimating shareholders individually of its quarterly/ half-yearly
fi nancial results. However, investors/ shareholders desirous of getting the quarterly/ half-yearly fi nancial results
are given copies thereof after consideration of results by the Board and publication in the newspapers.
Annual Report: The Annual Report containing inter-alia, Audited Financial Statements, Audited Consolidated
Financial Statements, Directors’ Report, Auditors Report and other important information is circulated to the
Members and others entitled thereto. The Management Discussion and Analysis report is given separately in
the Annual Report.
NSE Electronic Application Processing System (NEAPS): The NEAPS is a web-based application designed
by NSE for the Corporates. All periodical compliance fi lings like Shareholding Pattern, Corporate Governance
Report, Financial Results, Statement of Investor’s Complaints, among others on NSE are fi led electronically on
NEAPS.
BSE Listing Centre: The Listing Centre is a web-based application designed by BSE for corporates. All periodical
compliance fi lings like Shareholding Pattern, Corporate Governance Report, Financial Results, Statement of
Investor’s Complaints, among others on BSE are fi led electronically on Listing Centre.
• 71
• ADF FOODS LTD.
SEBI Complaints Redress System (SCORES): The investor complaints are processed in a centralised web-
based complaints redress system. The salient features of this system are: Centralised database of all complaints,
online upload of Action Taken Reports (ATRs) by concerned companies and online viewing by investors of actions
taken on the complaint and its current status.
Institutional investors: There was/ were no presentation/(s) made to institutional investors or to the analysts
during the year under review.
VI. GENERAL SHAREHOLDERS’ INFORMATION
A. ANNUAL GENERAL MEETING
Day, Date & Time : Wednesday, 5th August, 2020 at 11:00 a.m.
Mode of conduct : Video Conferencing
B. FINANCIAL YEAR
The Company follows the Financial Year from 1st April to 31st March.
C. FINANCIAL CALENDAR 2020-21
Schedule of Board Meetings (tentative):
First Quarter ending 30th June, 2020: on or before 14th August, 2020
Half Year ending 30th September, 2020: on or before 14th November, 2020
Third Quarter ending 31st December, 2020: on or before 14th February, 2021
Year ending 31st March, 2021: on or before 30th May, 2021
D. DATES OF BOOK CLOSURE
The Share Transfer Register will remain closed from Thursday, 30th July, 2020 to Wednesday, 5th August, 2020
(both days inclusive).
E. DIVIDEND
During the year, the Board of Directors has declared two Interim Dividends @ R 1.50/- per share (15%) on Equity
Shares of face value R 10/- each on November 11, 2019 and February 7, 2020 respectively.
F. LISTING ON STOCK EXCHANGES
The Equity Shares of the Company are presently listed on the BSE Limited, Phiroze Jeejeebhoy Towers, Dalal
Street, Mumbai - 400 001 and the National Stock Exchange of India Limited, Exchange Plaza, Bandra Kurla
Complex, Bandra (East), Mumbai - 400 051.
The Annual Listing fee for the securities listed on the aforesaid Stock Exchanges shall be paid to the aforesaid
Stock Exchanges for the Financial Year 2020-21 within the time limit.
G. STOCK CODE/SYMBOL
BSE Limited : 519183

The National Stock Exchange of India Limited : ADFFOODS
ISIN : INE982B01019
CIN : L15400GJ1990PLC014265
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H. MARKET PRICE DATA

The monthly high, low and closing price quotations of the Company’s shares traded on the BSE Limited during
fi nancial year 2019-20 are as under:
Month High (R) Low (R) Close (R) Total Traded

Quantity (Nos.)
April 2019 259.00 240.05 246.35 42,348
May 2019 304.80 230.00 292.35 4,57,128
June 2019 305.00 266.20 272.35 1,06,525
July 2019 302.25 247.30 252.00 56,357
August 2019 273.35 228.00 255.60 47,201
September 2019 294.00 245.10 277.20 32,914
October 2019 293.15 245.85 289.05 1,08,760
November 2019 324.00 285.15 300.35 3,84,142
December 2019 329.35 296.00 305.65 1,74,435
January 2020 321.00 289.00 290.85 31,73,615
February 2020 323.40 263.20 264.50 58,115
March 2020 316.70 123.35 170.40 5,37,855
PERFORMANCE IN COMPARISON TO BROAD BASED INDICES (BSE - SENSEX)
Share Price vis-a-vis BSE Index

350 45000
: 40000
Monthly Closing Share Price (R)
300
:;?::S;::: 35000
Monthly BSE Index

250
30000
200 25000
150 20000
15000
100
10000
50 5000
0 0
Financial Year 2019-20

ADF - Monthly Closing Share Price BSE Sensex - Monthly Closing
• 73
• ADF FOODS LTD.
The monthly high, low and closing price quotations of the Company’s shares traded on the National Stock
Exchange of India Limited during financial year 2019-20 are as under:
Month High (R) Low (R) Close (R) Total Traded

Quantity (Nos.)
April 2019 259.50 240.00 246.35 5,95,154
May 2019 305.00 230.70 293.10 22,95,535
June 2019 305.00 266.75 272.75 8,13,616
July 2019 302.00 245.30 250.70 7,32,275
August 2019 273.55 226.00 256.25 4,87,455
September 2019 294.75 245.00 275.95 6,52,189
October 2019 292.45 240.00 289.20 4,75,320
November 2019 324.00 282.05 300.35 15,43,714
December 2019 330.00 295.60 306.85 11,18,070
January 2020 321.25 288.30 291.55 9,63,308
February 2020 324.00 262.00 264.40 7,69,873
March 2020 274.95 123.05 170.00 20,82,758
PERFORMANCE IN COMPARISON TO BROAD BASED INDICES (NSE - NIFTY)

Share Price vis-a-vis NSE Index
350.00 14,000.00
Monthly Share Price Closing (R)
300.00 12,000.00
Monthly NSE Nifty

250.00 10,000.00
200.00 8,000.00
150.00 6,000.00
100.00 4,000.00
50.00 2,000.00
0.00 0.00
Financial Year 2019-20
.......ADF - Monthly Closing Share Price .......NSE Nifty - Monthly Closing

I. REGISTRAR & SHARE TRANSFER AGENTS
The Company’s Registrar and Share Transfer Agents are Link Intime India Private Limited. Their address and
contact numbers remain the same as reproduced below:
C-101, 1st Floor, 247 Park, LBS Marg, Vikhroli West, Mumbai - 400 083.
Tel.: 022-49186270 Fax: 022-49186060
E-mail: [email protected] Website: www.linkintime.co.in
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J. SHARE TRANSFER SYSTEM

Shares held in the dematerialised form are electronically traded in the Depositories and the Registrar and Share
Transfer Agents of the Company, viz. Link Intime India Pvt. Ltd., periodically receive the benefi cial holdings data
from the Depositories so as to enable them to update their records and to send all corporate communications.
Transfer of shares held in physical form is not permitted after March 31, 2019 through statutory notifi cations.
Transfer of the ‘shares’ into Investor Education and Protection Fund (IEPF) (in cases where dividend has not been
paid or claimed for seven (7) consecutive years or more) - In terms of Section 124(6) of the Act read with Investor
Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 as amended, and
Notifi cations issued by the Ministry of Corporate Aff airs from time to time, the Company is required to transfer
the shares in respect of which dividends have remained unpaid/ unclaimed for a period of seven consecutive
years or more to the IEPF Account established by the Central Government. As required under the said Rules, the
Company has transferred the required number of shares to the IEPF.
The Company Secretary & Compliance Offi cer has been given the authority by the Board of Directors to approve
the share transfers and other share related matters. Shareholders’ Grievance/Stakeholders’ Relationship
Committee notes the approval of the same at the next Meeting.
K. DISTRIBUTION PATTERN OF SHAREHOLDING AS ON 31ST MARCH, 2020
Shareholding of No. of % of Total Face Value (R) % of Total

Nominal Value (R) shareholders
1 to 5000 15,701 92.94 1,74,49,920 8.71
5001 to 10000 564 3.34 46,42,900 2.32
10001 to 20000 286 1.69 43,07,750 2.15
20001 to 30000 91 0.54 23,64,990 1.18
30001 to 40000 43 0.25 15,39,160 0.77
40001 to 50000 44 0.26 20,55,670 1.03
50001 to 100000 71 0.42 53,25,370 2.66
100001 & above 94 0.56 16,25,41,430 81.19
Total 16,894 100.00 20,02,27,190 100.00
L. DEMATERIALISATION OF EQUITY SHARES AND LIQUIDITY

The shares of the Company are mainly traded in dematerialised form and are available for trading under both
the Depository Systems, viz. NSDL (National Securities Depository Limited) and CDSL [Central Depository
Services (India) Limited]. Nearly 96.51% of total equity shares of the Company are held in dematerialised form
with NSDL and CDSL.
Reconciliation of Share Capital Audit Report
As stipulated by SEBI, a qualifi ed Practicing Company Secretary carries out Reconciliation of Share Capital
Audit to reconcile the total admitted capital with the National Securities Depository Limited (NSDL) and Central
Depository Services (India) Limited (CDSL) and the total issued and listed capital. This audit is carried out every
quarter and the report thereon is submitted to the Stock Exchanges where the Company’s shares are listed. The
audit confi rms that the total paid-up and listed capital is in agreement with the aggregate of the total number of
shares in dematerialised form (held with NSDL and CDSL) and total number of shares in physical form.
• 75
• ADF FOODS LTD.
M. SHAREHOLDING PATTERN AS ON 31ST MARCH, 2020
Category No. of Shares % Holding

A. Holding of the Promoter Group
(a) Individual / HUF 62,88,248 31.41
(b) Bodies Corporate 6,18,915 3.09
Total (A) 69,07,163 34.50
B. Non-Promoters Holding
1. Institutional Investors
(a) Mutual Funds / UTI 3,000 0.01
(b) Financial Institutions / Banks 21,219 0.10
(c) Foreign Portfolio Investors 3,300 0.02
Sub Total (B1) 27,519 0.13
2. Others
(a) Bodies Corporate 67,95,615 33.94
(b) Individual 51,71,546 25.83
(c) Clearing Member 46,742 0.23
(d) Non Resident Indian (Repat/ Non Repat) 2,17,205 1.08
(e) Directors 1,51,869 0.76
(f) HUF 2,17,684 1.09
(g) Relatives of Directors 81,500 0.41
(h) Investor Education and Protection Fund 4,05,876 2.03
Sub Total (B2) 1,30,88,037 65.37
Total B1+B2 (B) 1,31,15,556 65.50
Grand Total (A)+(B) 2,00,22,719 100.00
Shareholding Pattern as on 31st March, 2020
Others
5.60
Promoter
Individual 34.50
25.83 Promoter
• Public
Institutions
• Bodies
Corporate
• Individual
Public Institutions
Bodies Corporate 0.13
• Others
33.94
N. OUTSTANDING GDRS/ ADRS/ WARRANTS OR ANY CONVERTIBLE INSTRUMENTS CONVERSION DATE

AND LIKELY IMPACT ON EQUITY:
During the year, the Company has not issued any GDRs/ ADRs/ Warrants or any convertible instruments.
•
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O. COMMODITY PRICE RISK OR FOREIGN EXCHANGE RISK AND HEDGING ACTIVITIES:

As the Company is engaged in the business of exporting the food products, it is exposed to exchange rate
fl uctuations on its exports. In order to mitigate this risk, the Company takes appropriate measures such as
entering into forward contracts and hedging of its receivables.
P. Details of utilization of funds raised through preferential allotment or qualifi ed institutions placement as
specifi ed under Regulation 32(7A): N.A.
Q. Where the Board had not accepted any recommendation of any Committee of the Board which is mandatorily
required, in the last fi nancial year, the same to be disclosed along with reasons thereof: N.A.
R. Total fees for all services paid by the Company and its Subsidiaries, on a consolidated basis, to the Statutory
Auditor and all entities in the network fi rm/ network entity of which the Statutory Auditor is a part:
Kalyaniwalla & Mistry LLP, Chartered Accountants (Firm Registration No. 104607W/W100166) have been
appointed as the Statutory Auditors of the Company. The particulars of Statutory Auditors’ fees, on consolidated
basis for the Financial Year 2019-20 are given below:
Name of the Entity Auditor’s Fees (R)

ADF Foods Limited:
Audit Fees 11,00,000
Limited Review Reports (Quarterly) 5,25,000
Other Services 3,57,000
Out of Pocket Expenses 75,467
ADF Foods (India) Limited:
Audit Fees 3,50,000
Limited Review Reports (Quarterly) 1,50,000
Total 25,57,467
S. PLANT LOCATIONS:
* 77/84, GIDC Industrial Estate, Nadiad 387 001, Gujarat.
* 83/86, GIDC Industrial Estate, Nadiad 387 001, Gujarat.
* 94, GIDC Industrial Estate, Nadiad 387 001, Gujarat.
* C1-40/2, GIDC Industrial Estate, Nadiad 387 001, Gujarat.
* Plot No. 5, MIDC Industrial Estate, Malegaon, Sinnar, Nasik 422 103, Maharashtra.
T. ADDRESS FOR INVESTOR CORRESPONDENCE:
For any assistance regarding dematerialization of shares, share transfers, transmissions, change of address or
any other query relating to shares, please write to M/s. Link Intime India Private Limited, at the below mentioned
address:
C - 101, 247 Park, L.B.S. Marg, Vikhroli West, Mumbai - 400 083, India.
Tel.: 022-49186270 Fax: 022-49186060
For general correspondence, please write to:
ADF Foods Limited
Registered Offi ce: 83/86, G.I.D.C. Industrial Estate, Nadiad 387 001, Gujarat.
Corporate Offi
ce: The Company Secretary
Marathon Innova, B2, G01, Ground Floor, Lower Parel, Mumbai - 400 013.
Email: [email protected]
Tel.: 022 6141 5555 Fax: 022 61415577
• 77
• ADF FOODS LTD.
Shareholders holding shares in the electronic form should address their correspondence (except those relating
to dividend) to their respective Depository Participants.
U. List of all credit ratings obtained by the Company along with any revisions thereto during the financial year,
for all debt instruments of the Company or any fixed deposit programme or any scheme or proposal of the
Company involving mobilization of funds, whether in India or abroad: N.A.
V. OTHER DISCLOSURES:
(i) Disclosure regarding materially significant related party transactions:
(a) No transaction of material nature has been entered into by the Company with the related parties that
may have potential conflict with the interest of the Company.
(b) Transactions with related parties viz. Directors and their relatives, Key Managerial Personnel and
Subsidiaries are covered by contracts which govern the terms and conditions clearly.
(c) The Register of Contracts containing the transactions in which Directors are interested is placed
before the Board regularly for its approval. Transactions with related parties are disclosed in
Note No. 45 of the Financial Statements.
(d) Related Party Transaction Policy is stated under the web-link below:
http://www.adf-foods.com/wp-content/uploads/2017/03/Related-Party-Transaction-Policy.pdf
(ii) Details of compliance with the mandatory requirements and adoption of non-mandatory requirements:
The Company has complied with the mandatory requirements and adopted the non-mandatory
requirements the details of which are given at Point No. (xi) below.
(iii) Subsidiary Companies:
The Company’s Material Subsidiary Policy is stated under the weblink below:
http://www.adf-foods.com/wp-content/uploads/2019/04/Policy-for-Determining-Material-Subsidiary.pdf
The Company does not have any material unlisted Indian subsidiary as on March 31, 2020.
The Company has three Subsidiaries viz. ADF Foods UK Ltd., Power Brands (Foods) Pvt. Ltd. (under voluntary
liquidation) and ADF Foods (India) Ltd. and two step down Subsidiaries viz. ADF Holdings (USA) Ltd. and
ADF Foods (USA) Ltd.
The Company monitors performance of its Subsidiaries, inter-alia, by the following means:
• The Financial Statements of the Subsidiary Companies are reviewed by the Audit Committee of the
Company.
• The Minutes of the Board Meetings of the Subsidiary Companies are placed before the Board Meeting
of the Company.
• The details of any significant transactions and arrangements entered into by the unlisted Subsidiary
Companies are placed before the Board Meeting of the Company.
• The significant transactions entered into between the Company and its unlisted Subsidiary Companies
are given in Form AOC-2 at Annexure VI forming part of the Board’s Report.
Power Brands (Foods) Private Limited:
Power Brands (Foods) Pvt. Ltd., Wholly Owned Subsidiary of the Company, is undergoing Voluntary
Liquidation vide Special Resolution passed by the Members on 5th November, 2012.
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Shareholders interested in obtaining a copy of the audited annual accounts of the Subsidiary
Companies may write to the Company Secretary.
In terms of proviso to Sub-Section 3 of Section 129 of the Act, the salient features of the fi nancial
statement of the Subsidiaries is set out in the prescribed form AOC-1, which forms part of the Annual
Report.
(iv) Certifi cation from Company Secretary in Practice:
Mr. Sanjay Risbud of M/s. S. S. Risbud & Co., Practicing Company Secretary, has issued a certifi cate as
required under the SEBI Listing Regulations, confi rming that none of the Directors on the Board of the
Company have been debarred or disqualifi ed from being appointed or continuing as Director of companies
by the SEBI/ Ministry of Corporate Aff airs or any such statutory authority. The certifi cate is enclosed with
this section as Annexure III.
(v) Disclosure of Accounting Treatment:
The fi nancial statements of the Company have been prepared in accordance with the Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) prescribed U/s 133 of the Companies Act, 2013 which became
applicable to the Company w.e.f. 1st April, 2017.
(vi) Risk Management:
The Company has adopted Business Risk Management System (BRMS) for mitigating various risks
associated and identifi ed across all levels within the organization. BRMS would enable the management to
review the business risks on periodical basis and to bring high risk areas to the immediate attention of the
Board.
(vii) No penalties or strictures have been imposed on the Company by Stock Exchanges or SEBI or any other
Statutory Authority on any matter related to capital market during last three years.
(viii) Disclosure of commodity price risks and commodity hedging activities:
The details are mentioned in point number “O” in General Shareholder’s Information.
(ix) Vigil Mechanism/ Whistle Blower Policy:
The Board has adopted a ‘Whistle Blower Policy’ in its Meeting held on 11th August, 2014 with an objective
to conduct the Company’s aff airs in a fair and transparent manner and by adopting the highest standards of
professionalism, honesty, integrity and ethical behavior.
With the adoption of this Policy, the Company has put in place a mechanism wherein the Employees are
free to report to the management any actual or possible violation of the Principles or any other unlawful
or unethical or improper practice or act, or activity of the Company including leakage of Unpublished Price
Sensitive Information. Under the Whistle Blower Policy, the confi dentiality of those reporting violation(s) is
protected and they are not subject to any discriminatory practices. No person has been denied access to
the Management and Audit Committee. The mechanism is being reviewed by the Audit Committee of the
Company in accordance with the Listing Regulations.
Whistle Blower Policy of the Company is displayed on the Company’s website www.adf-foods.com under
the weblink: http://www.adf-foods.com/wp-content/uploads/2019/04/Whistle-Blower-Policy-1.pdf
The Whistle Blower Policy is stated elsewhere in this Report.
During the year, no complaints were received and remained pending under the Whistle Blower Policy.
• 79
• ADF FOODS LTD.
(x) Disclosure on Sexual Harassment of Women at Workplace:

The disclosure pursuant to the provisions of Sexual Harrasment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 is given as under:
No. of complaints filed during the financial year - Nil
No. of complaints disposed off during financial year - Nil
No. of complaints pending as on the end of financial year - Nil
(xi) The Company has complied with all the mandatory requirements of Regulation 16 to Regulation 27 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as under:
Particulars Regulation Number Compliance status (Yes/
No/NA) refer note below
Independent director(s) have been appointed in terms of specified criteria of 16(1)(b) & 25(6) Yes
‘independence’ and/or ‘eligibility’
Board composition 17(1), (1A) & (1B) Yes - 17(1) and 1(A)
NA - 17(1B)
Meeting of Board of Directors 17(2) Yes
Quorum of Board Meeting 17(2A) Yes
Review of Compliance Reports 17(3) Yes
Plans for orderly succession for appointments 17(4) Yes
Code of Conduct 17(5) Yes
Fees/compensation 17(6) Yes
Minimum Information 17(7) Yes
Compliance Certificate 17(8) Yes
Risk Assessment & Management 17(9) Yes
Performance Evaluation of Independent Directors 17(10) Yes
Recommendation of Board 17(11) Yes
Maximum number of Directorships 17A Yes
Composition of Audit Committee 18(1) Yes
Meeting of Audit Committee 18(2) Yes
Role of the Audit Committee and the information to be reviewed by the Audit 18(3) Yes
Committee
Composition of Nomination & Remuneration Committee 19(1) & (2) Yes
Quorum of Nomination and Remuneration Committee Meeting 19(2A) Yes
The Chairperson of the Nomination and Remuneration Committee may be present at 19(3) Yes
the Annual General Meeting, to answer the shareholders' queries
Meeting of Nomination and Remuneration Committee 19(3A) Yes
Role of the Nomination and Remuneration Committee 19(4) Yes
Composition of Stakeholder Relationship Committee 20(1), (2) & (2A) Yes
The Chairperson of the Stakeholders Relationship Committee shall be present at the 20(3) Yes
annual general meetings to answer queries of the security holders
Meeting of Stakeholders Relationship Committee 20 (3A) Yes
Role of the Stakeholders Relationship Committee 20(4) Yes
Composition and role of Risk Management Committee 21(1),(2),(3) & (4) N.A.
Meeting of Risk Management Committee 21(3A) N.A.
The provisions of this regulation shall be applicable to top 500 listed entities, 21(5) N.A.
determined on the basis of market capitalization, as at the end of the immediate
previous financial year.
Vigil Mechanism 22 Yes
Policy for Related Party Transaction 23(1), (1A), (5),(6),(7) & (8) Yes - 23(1),(5),(6),(7) & (8)
N.A. - 23(1A)
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Particulars Regulation Number Compliance status (Yes/

No/NA) refer note below
Prior or Omnibus approval of Audit Committee for all Related Party Transactions 23(2) & (3) Yes
Approval for material Related Party Transactions 23(4) Yes
Disclosure of Related Party Transactions on consolidated basis 23(9) Yes
Composition of Board of Directors of unlisted material Subsidiary 24(1) Yes
Other Corporate Governance requirements with respect to subsidiary of listed entity 24(2),(3),(4),(5) & (6) Yes
Annual Secretarial Compliance Report 24(A) Yes
Alternate Director to Independent Director 25(1) N.A.
Maximum Tenure 25(2) Yes
Meeting of Independent Directors 25(3) & (4) Yes
An independent director shall be held liable, only in respect of such acts of omission or 25(5) Yes
commission by the listed entity which had occurred with his knowledge, attributable
through processes of Board of Directors, and with his consent or connivance or
where he had not acted diligently with respect to the provisions contained in these
Regulations.
Filling up of casual vacancy caused by removal/ resignation of Independent Director 25(6) N.A.
Familiarization of Independent Directors 25(7) Yes
Declaration from Independent Director 25(8) & (9) Yes
D&O Insurance for Independent Director 25(10) Yes
Memberships in Committees 26(1) Yes
Affi
rmation with compliance to code of conduct from Members of Board of Directors 26(3) Yes
and Senior management personnel
Disclosure of Shareholding by Non-Executive Directors 26(4) Yes
Policy with respect to Obligations of directors and senior management 26(2) & 26(5) Yes
No employee including Key Managerial Personnel or Director or Promoter of a listed 26(6) Yes
entity shall enter into any agreement for himself or on behalf of any other person,
with any shareholder or any other third party with regard to compensation or profi t
sharing in connection with dealings in the securities of such listed entity, unless prior
approval for the same has been obtained from the Board of Directors as well as public
shareholders by way of an Ordinary Resolution.
Other Corporate Governance Requirements 27(1) & (2) Yes
With regards to the Corporate Governance, the Company is in compliance with the requirements under
Regulation 17 to 27 read with Schedule V and Clause (b) to (i) of sub-regulation (2) of Regulation 46 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Details of discretionary requirements as per Part E of Schedule II of Regulation 27(1) of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015:
The status of compliance with Discretionary requirements as referred above is stated below:
A. The Board: The Company has an Executive Chairperson. Therefore, the discretionary requirements
pertaining to Non-Executive Chairperson are not applicable.
B. Shareholders’ Rights: As the quarterly and half yearly fi nancial results are published in the newspapers
and are also posted on the Company’s website, the same are not being sent to the shareholders.
C. Modifi ed opinion(s) in Audit Report: The Company’s fi nancial statement for the year 2019-20 does not
contain modifi ed Audit opinion.
D. Reporting of Internal Auditor: The Internal Auditor reports to the Audit Committee.
• 81
• ADF FOODS LTD.
Details of compliances under Clauses (b) to (i) of Sub-Regulation (2) of Regulation 46:
Particulars Regulation Compliance status with regard to the
Number disclosure on the Company’s website
(Yes/No/NA)
Terms and conditions of appointment of Independent 46 (2)(b) Yes
Directors
Composition of various Committees of Board of Directors 46 (2)(c) Yes
Code of Conduct of Board of Directors and Senior 46 (2)(d) Yes
Management Personnel
Details of establishment of Vigil Mechanism/ Whistle Blower 46 (2)(e) Yes
Policy
Criteria for making payment to Non-Executive Directors, if 46 (2)(f) N.A. as the same has been disclosed in
the same has not been disclosed in the Annual Report the Annual Report
Policy on dealing with Related Party Transactions 46 (2)(g) Yes
Policy for determining material subsidiaries 46 (2)(h) Yes
Details of Familiarisation programmes imparted to 46 (2)(i) Yes
Independent Directors
W. NON COMPLIANCE OF ANY REQUIREMENT OF CORPORATE GOVERNANCE REPORT, WITH REASONS

THEREOF: N.A.
X. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE ACCOUNT: N.A.
Y. CODE OF CONDUCT:
The Company has adopted the Code of Conduct and Ethics for Directors and Senior Management. As provided
under Regulation 26(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, relating
to Corporate Governance, all the Board Members and the Senior Management Personnel of the Company have
affirmed compliance with the Code and a declaration signed by the Managing Director & CEO is given below:
“It is hereby declared that the Company has obtained from all Members of the Board and Senior Management
Personnel, an affirmation that they have complied with the Code of Conduct for the Board Members and Senior
Management Personnel for the financial year ended 31st March, 2020.”
Code of Conduct of the Company is displayed on the Company’s website www.adf-foods.com under the weblink
http://www.adf-foods.com/wp-content/uploads/2016/12/ADF-Code-of-Conduct.pdf
Bimal R. Thakkar
DIN: 00087404
Z. CEO/CFO CERTIFICATION:
A certificate duly signed by the Managing Director & CEO & CFO that the Financial Statements reflect true and
fair view of the affairs of the Company was placed before the Board. The certificate is attached at Annexure II
to this Report.
For and on behalf of the Board of Directors
Bimal R. Thakkar
DIN: 00087404
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ANNEXURE I
REPORT ON CORPORATE GOVERNANCE
DETAILS OF OTHER DIRECTORSHIPS AND COMMITTEE MEMBERSHIPS OF ALL THE DIRECTORS AS ON
31ST MARCH, 2020:
[1] MR. BIMAL R. THAKKAR
Other Directorships:
• Gujarat Sidhee Cement Limited
• Saurashtra Cement Limited
• ADF Foods (India) Limited
• Power Brands (Foods) Private Limited [Under Voluntary Liquidation]
• ADF Foods UK Limited
• ADF Holdings (USA) Limited
• ADF Foods (USA) Limited
• Villa Trading Company Private Limited
Committee Memberships:
• ADF Foods Limited
- Shareholders’ Grievance/Stakeholders’ Relationship Committee
- CSR Committee
- Audit Committee
- Audit Committee
- Share Allotment Committee
- CSR Committee
- Nomination & Remuneration Committee
- Stakeholders Relationship / Shareholders Grievances Committee
- Share Allotment Committee
- CSR Committee
[2] MR. VIREN A. MERCHANT
• Encore Healthcare Private Limited
• Encore Healthcare International Private Limited
• 83
• ADF FOODS LTD.
• ADF Foods (India) Limited

• ADF Foods (USA) Ltd.
• ADF Holdings (USA) Ltd.
• ADF Foods UK Ltd.
- Audit Committee
- CSR Committee
- Shareholders’ Grievance/ Stakeholders’ Relationship Committee
[3] MR. JAY M. MEHTA
• Metro Pizza Private Limited
• Goodkarma Hospitality Private Limited
• Indianapoli Hospitality Private Limited
• Omna Exports Private Limited
• Parsec Enterprises Private Limited
• Bhadra Textiles and Trading Private limited
• Galaxy Technologies Private Limited
• Mehta Private Limited
• Agrima Consultants International Limited
• Arclightz and Films Private Limited
• Knight Riders Sports Private Limited
• ADF Foods UK Limited
- CSR Committee
- Shareholder’s Grievance/ Stakeholder’s Relationship Committee
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[4] MR. RAVINDER KUMAR JAIN
• Delta Corp Ltd.
• Nector Ramco Trading Private Limited
• Brovel Trading Private Limited
• Noble Newera Milestone Trading and Investment Private Limited
• Accra Investments Private Limited
• Orange City Properties Private Limited
• Nobel Feedback Computers Private Limited
• Spirit Marketing Private Limited
• Craft Brewerkz Private Limited
• Marvel Resorts Private Limited
- Audit Committee
• Delta Corp Limited
– Audit Committee
• Marvel Resorts Private Limited
- Audit Committee
- Nomination and Remuneration Committee
[5] MR. NARESH KOTHARI
• B L Kashyap and Sons Limited
• Alpha Alternatives Holdings Private Limited
• Soul Space Projects Limited
• AGC Networks Limited
• Provincial Finance and Leasing Co Private Limited
• B L Kashyap and Sons Limited
- Audit Committee
• 85
• ADF FOODS LTD.

- Shareholders’ Grievance/Stakeholders’ Relationship Committee
[6] MR. CHANDIR G GIDWANI
• Centrum Capital Limited
• Rap Media Limited
• Nanikrami Agro Private Limited
• Maurya Sugar Limited
• Casby Global Air Private Limited
• Club 7 Holidays Limited
• Sonchajyo Investments and Finance Private Limited
• Centrum Capital Advisors Limited
• Centrum Alternative Investment Managers Limited
• Gurudaya Estates Private Limited
• Begonia Ventures Private Limited
• Business Match Services (India) Private Limited
• JBCG Advisory Services Private Limited
• P & M Infrastructures Limited
• Centrum Fiscal Private Limited
• Royale Thrill Ventures Private Limited
• Centrum Capital Limited
- Corporate Social Responsibility Committee
• Rap Media Limited
- Audit Committee
- Stakeholders Relationship Committee
[7] MS. DEEPA MISRA HARRIS
• TCPL Packaging Limited
• Prozone Intu Properties Limited
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• PVR Limited
• Jubilant Foodworks Limited
• Taj Safaris Limited
• Concept Hospitality Private Limited
• Prozone Intu Properties Limited
- Audit Committee
• PVR Limited
- Audit Committee
• Jubilant Foodworks Limited
- Audit Committee
• Taj Safaris Limited
• 87
• ADF FOODS LTD.
ANNEXURE II
CHIEF EXECUTIVE OFFICER (CEO) AND CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION
To
The Board of Directors
ADF Foods Ltd.
We, the undersigned, hereby certify and confirm to the Board of Directors of the Company that:
A. We have reviewed financial statements and cash flow statement for year ended 31st March, 2020 and that to the
best of our knowledge and belief;
1) these statements do not contain any materially untrue statement or omit any material fact or contain
statements that might be misleading;
2) these statements together present a true and fair view of the Company’s affairs and are in compliance with
existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year
which are fraudulent, illegal or violative of the Company’s code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we
have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such internal
controls, of which we are aware and we have taken steps to rectify these deficiencies.
D. We have indicated to the Auditors and the Audit Committee that:
1. there are no significant changes in internal control over financial reporting during the year;
2. there are no significant changes in accounting policies during the year; and
3. there has been no instance of fraud of which we have become aware and the involvement therein, if any, of
the management or an employee having a significant role in the Company’s internal control system over
financial reporting.
Bimal R. Thakkar Anish Jhaveri

Chairman, Managing Director & CEO CFO
DIN: 00087404
Date: May 11, 2020
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ANNEXURE III
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS
(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015)
To,
The Members of
ADF Foods Limited
Mumbai
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
ADF Foods Limited having CIN: L15400GJ1990PLC014265 and having its Registered Offi ce at 83/86, G.I.D.C.
Industrial Estate, Nadiad - 387 001 (hereinafter referred to as ‘the Company’), produced before me by the Company
for the purpose of issuing this Certifi cate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub
clause 10(i) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
In my opinion and to the best of my information and according to the verifi cations (including Directors Identifi cation
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by
the Company and its offi cers, I hereby certify that none of the Directors on the Board of the Company as stated
below for the Financial Year ending on 31st March, 2020 have been debarred or disqualifi ed from being appointed or
continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Aff airs, or
any such other Statutory Authority.
Sr. No. Name of Director DIN Date of appointment in

Company
1. Bimal Ramesh Thakkar 00087404 30/05/2003
2. Viren Ajitkumar Merchant 00033464 03/11/2005
3. Ravinder Kumar Jain 00652148 11/10/2007
4. Naresh Lakshman Singh Kothari 00012523 12/05/2017
5. Jay Mahendra Mehta 00152072 12/02/2019
6. Chandir Gobind Gidwani 00011916 07/02/2020
7. Deepa Misra Harris 00064912 25/03/2020
Ensuring the eligibility for the appointment/ continuity of every Director on the Board is the responsibility of the
management of the Company. Our responsibility is to express an opinion on these based on our verifi cation. This
Certifi cate is neither an assurance as to the future viability of the Company nor of the effi
ciency or eff ectiveness
with which the management has conducted the aff airs of the Company.
Name: Sanjay S. Risbud

Place: Mumbai Membership No.: 13774
Date : 01.04.2020 CP No.: 5117
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• ADF FOODS LTD.
INDEPENDENT AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE

To,
The Members of
ADF Foods Limited
1. This certificate is issued with regard to compliance of conditions of Corporate Governance by ADF Foods Limited
(“the Company”) for the year ended March 31, 2020, as stipulated in Regulation 17 to 27, clauses (b) to (i) of
sub-regulation (2) of regulation 46 and paragraphs C, D and E of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements), Regulations, 2015, as amended (“the Listing
Regulations”), pursuant to the Listing Agreement of the Company with the Stock Exchange.
Management’s Responsibility
2. The compliance of conditions of Corporate Governance is the responsibility of the Management, including the
preparation and maintenance of all relevant supporting records and documents. This responsibility includes the
design, implementation and maintenance of internal control and procedures to ensure the compliance with the
conditions of the Corporate Governance stipulated in the Listing Regulations.
Auditor’s Responsibility
3. Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring
the compliance with the conditions of Corporate Governance. It is neither an audit nor an expression of opinion
on the financial statements of the Company.
4. We have examined the books of account and other relevant records and documents maintained by the
Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance
requirements by the Company.
5. We have carried out an examination of the relevant records of the Company in accordance with the Guidance
Note on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India
(the ICAI), the Standards on Auditing specified under Section 143(10) of the Companies Act 2013, in so far as
applicable for the purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special
Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics
issued by the ICAI.
6. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and
Related Services Engagements.
Opinion
7. Based on our examination of the relevant records and according to the information and explanations provided
to us and the representations provided by the Management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in Regulation 17 to 27, Clauses (b) to (i) of sub-regulation (2)
of regulation 46 and paragraphs C, D and E of Schedule V of the Listing Regulations, as applicable during the year
ended March 31, 2020.
8. We further state that such compliance is neither an assurance as to the future viability of the Company nor the
efficiency or effectiveness with which the management has conducted the affairs of the Company.
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Restriction on use
9. This certifi cate has been issued at the request of the Company solely for the purpose to enable the Company
to comply with the requirement of the SEBI Listing Regulations, and should not be used by any other person or
for any other purpose without our prior written consent. Accordingly, we do not accept or assume any liability
or any duty of care for any other purpose or to any other person to whom this certifi cate is shown or into whose
hands it may come without our prior consent in writing.
For KALYANIWALLA & MISTRY LLP

CHARTERED ACCOUNTANTS
Firm Registration Number 104607W/W100166
FARHAD M. BHESANIA
PARTNER
Membership Number 127355
UDIN: 20127355AAAABP7211
Place: Mumbai
Date: May 11, 2020
• 91
• ADF FOODS LTD.
Annexure C
BUSINESS RESPONSIBILITY REPORT
ABOUT THE COMPANY
ADF Foods Limited is well-known in the prepared ethnic food segment with a product portfolio of ready-to-eat food,
ready-to-cook food, frozen food, frozen vegetables, and condiments like pickles, sauces and pastes. The Company
has also added in recent times baked snacks and flavoured milk drinks. Exports contributes more than 95% of its
revenues to more than 50 countries including the US, Canada, Europe, Australia, Middle East and Asia. ADF’s brands
include Ashoka, Truly Indian, Camel, Aeroplane, Soul, Nate’s and PJ’s Organics.
ABOUT THIS REPORT
The Securities and Exchange Board of India (SEBI) as per its Listing Obligations and Disclosure Requirements
Regulations, 2015 has mandated the inclusion of a “Business Responsibility Report” (BRR) as part of company’s
Annual Report for top 1000 listed entities based on market capitalisation at the Bombay Stock Exchange (BSE) and
the National Stock Exchange (NSE). The reporting framework is based on the ‘National Voluntary Guidelines on Social,
Environmental and Economic Responsibilities of Business (NVGs)’ released by the Ministry of Corporate Affairs,
Government of India, in July 2011, which contains 9 Principles and Core Elements for each of the those 9 Principles.
Following is the first Business Responsibility Report of the Company which is based on the format suggested by SEBI.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY
1. Corporate Identity Number (CIN) of the Company : L15400GJ1990PLC014265
2. Name of the Company : ADF Foods Limited
3. Registered Address : 83/86, G.I.D.C. Industrial Area, Nadiad,
Gujarat - 387 001, India
4. Website : www.adf-foods.com
5. E-mail Id : [email protected]
6. Financial Year reported : 1st April, 2019 to 31st March, 2020
7. Sector(s) that the Company is engaged in (industrial activity code-wise):
Name and Description of main Products ITC Code of the Products
Meal Accompaniments 20019000
Can Food & Ready to eat 20051000
Frozen Foods 20049000
8. List three key products/services that the Company manufactures/provides (as in balance sheet):
• Meal Accompaniments like pickles, sauces, chutneys
• Can Food & Ready to eat
• Frozen Foods
9. Total number of locations where the business activity is undertaken by the Company:
a. Number of International Locations (Provide details of major 5) - US, UK, rest of Europe, Middle East, Asia
Pacific.
Registered Office - 83/86, G.I.D.C. Industrial Area, Nadiad, Gujarat - 387 001, India.
Corporate Office- Marathon Innova, B2, G01, Ground Floor, G. K. Road, Lower Parel, Mumbai - 400 013, India.
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b. Plant locations –
1. 77/84, 83/86, 94, C1-40/2, G.I.D.C. Industrial Estate, Nadiad 387 001, Gujarat.
2. Plot No. 5, M.I.D.C. Industrial Estate, Malegaon, Sinnar, Nasik - 422 103, Maharashtra.
10. Markets served by the Company (International/domestic):
The Company has a global footprint and serves both National and International markets.
SECTION B: FINANCIAL DETAILS OF THE COMPANY
1. Paid up Capital : R 20.02 Crores
2. Total Turnover : R 182.08 Crores
3. Total Profi t after taxes : R 31.47 Crores
4. Total spending on Corporate Social : 2 % of PAT.
Responsibility (CSR) as percentage of Total CSR expenditure is 2% of average Net Profi ts (before tax)
Profi t after tax (%) of the Company made during the three immediately preceding
fi nancial years.
During the FY 2019-20, the Company spent R 59,78,550/- on CSR
activities which is 1.90% of profi t after tax.
5. List of activities in which expenditure in • Promotion of education
4 above has been incurred • Medical Aid
• Women Empowerment
• Sponsoring Food expenses of poor people
• Environmental Protection
• Animal welfare
SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Companies?
The Company has three Subsidiaries viz. ADF Foods UK Ltd., Power Brands (Foods) Pvt. Ltd. and ADF Foods
(India) Ltd. and two step down Subsidiaries viz. ADF Holdings (USA) Ltd. and ADF Foods (USA) Ltd. as on
31st March, 2020. M/s. Power Brands (Foods) Pvt. Ltd., a Wholly Owned Subsidiary of the Company, is undergoing
Voluntary Liquidation vide Special Resolution passed by the Members on 5th November, 2012.
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then
indicate the number of such subsidiary company(s) -
No, as majority of the Subsidiary Companies operate in different geographies.
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with,
participate in the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities?
[Less than 30%, 30-60%, More than 60%]-
No such other entity is directly involved in BR initiatives of the Company.
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
a. Details of the Director/Directors responsible for implementation of the BR policy/policies
DIN Name Designation

00087404 Bimal Thakkar Chairman, Managing Director & CEO
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• ADF FOODS LTD.
b. Details of the BR Head
Sr. No. Particulars Details

1. DIN Number (if applicable) 00087404
2. Name Bimal Thakkar
3. Designation Chairman, Managing Director & CEO
4. Telephone Number +9122 6141 5555
5. E-mail id [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies
a. Details of compliance (Reply in Y/N)
Sr. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No.
Ethics, Sustainability Employee Stakeholder Promotion Environmental Responsible Inclusive Customer
transparency & in life-cycle of well-being engagement of human protection public policy growth value
sustainability product rights advocacy
accountability
1 Do you have a policy/ policies for Y Y Y Y Y Y NA Y Y
1. Code of Conduct 1. Code of Whistle 1. Code of Conduct Code of CSR Policy
2. Whistle Blower Policy Conduct Blower Policy 2. Prevention Conduct
3. Code of Fair Disclosure of 2. Whistle of Sexual
Unpublished Price Sensitive Blower Policy Harassment
Information 3. Prevention of women at
4. Policy on Related Party of Sexual workplace
Transactions Harassment 3. HR Policy
5. Policy on Disclosure of of women at
Material Events workplace
2 Has the policy being formulated in consultation Y Y Y Y Y Y NA Y Y

with the relevant stakeholders?
3 Does the policy conform to any national / NA NA NA NA NA NA NA NA NA

international standards? If yes, specify?
4 Has the policy being approved by the Board? Y Y Y Y Y Y NA Y Y
If yes, has it been signed by MD/ owner/ CEO/
Signed by MD Signed by MD Signed by MD Signed by MD Signed by MD Signed by MD Signed by MD Signed by MD
appropriate Board Director?
5 Does the company have a specified committee Y Y Y Y Y Y NA Y Y
of the Board/ Director/ Official to oversee the
implementation of the policy?
6 Has the policy been formally communicated to all Y Y Y Y Y Y NA Y Y
relevant internal and external stakeholders?
7 Indicate the link for the policy to be viewed online? • Code of conduct- http://www.adf-foods.com/wp-content/uploads/2016/12/ADF-Code-of-Conduct.pdf
• Whistle Blower Policy - http://www.adf-foods.com/wp-content/uploads/2019/04/Whistle-Blower-Policy-1.pdf
• Code of Fair Disclosure of Unpublished Price Sensitive Information- https://www.adf-foods.com/wp-content/uploads/2020/07/Code-of-Practices-Procedures-for-Fair-Disclosure-of-UPSI.pdf
• CSR policy - http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-CSR-Policy-1.pdf
• Related Party Transaction policy - http://www.adf-foods.com/wp-content/uploads/2017/03/Related-Party-Transaction-Policy.pdf
• Policy on Sexual Harassment of Employees- http://www.adf-foods.com/wp-content/uploads/2016/01/ADF-Sexual-Harassment-policy.pdf
• Policy on Disclosure of Material Events and Information- http://www.adf-foods.com/wp-content/uploads/2016/01/Material-Events-21.12.2017.pdf
8 Does the company have in-house structure to Y Y Y Y Y Y NA Y Y

implement the policy/ policies
9 Does the Company have a grievance redressal Y Y Y Y Y Y NA Y Y
mechanism related to the policy/ policies to
address stakeholders’ grievances related to the
policy/ policies?
10 Has the company carried out independent audit/ N N N N N N NA N N
evaluation of the working of this policy by an
internal or external agency?
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b. If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to
2 options)
Sr. No. Questions Principle 7: Responsible public policy advocacy
1 The company has not understood the Principles -
2 The company is not at a stage where it fi nds itself in -
a position to formulate and implement the policies on
specifi ed principles
3 The company does not have fi nancial or manpower -
resources available for the task
4 It is planned to be done within next 6 months -
5 It is planned to be done within the next 1 year -
6 Any other reason (please specify) The Company is a member of various trade bodies such as Indian
Merchant Chamber, FIEO, CII etc. The Company represents in
various forums within these trade bodies. The Company actively
participate in these forums on issues and policy matters that
impact the interest of its stakeholders. The Company prefers to
be part of the broader policy development process and do not
practice lobbying on any specific issue.
3. Governance related to BR
a. Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the
BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year - Annually
b. Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report?
How frequently it is published?
Yes, this is the first year of applicability of BRR to the Company. Going forward, the Company will publish
the BRR annually as a part of its Annual Report. The hyperlink to view the said report is as follows:
https://www.adf-foods.com/wp- content/uploads/2020/07/Business-Responsibility-Report-2019-20.pdf
SECTION E: PRINCIPLE-WISE PERFORMANCE

Principle 1: Ethics, transparency & sustainability accountability
1. Does the policy relating to ethics, bribery and corruption cover only the company? Yes/ No. Does it extend
to the Group/Joint Ventures/ Suppliers/Contractors/NGOs /Others?
Yes, the Whistle Blower & Protection policy of the Company which is applicable to not just all our directors, employees
and their representative bodies, but it also extends to all its business associates and security holders as well. This
policy provides a platform to these stakeholders for reporting violation of any law, misuse or misappropriation of the
Organization’s assets, gross waste of or misuse or misappropriation of the organization’s funds, incorrect financial
reporting or misrepresentation of facts which are not in line with applicable Company policy, substantial and specific
danger to health and safety, serious improper conduct (including any kind of mental or sexual harassment) and
leakage of Unpublished Price Sensitive Information by any employee/director in the Company. Rest of the policies
cover only the Company.
2. How many stakeholder complaints have been received in the past fi nancial year and what percentage was
satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so. –
8 complaints were received from the shareholders during the financial year ended 31st March, 2020. The complaints
were mainly relating to non-receipt of duplicate share certificates, pending demat requests and transfer of shares.
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• ADF FOODS LTD.
Principle 2: Sustainability in life-cycle of product

1. List up to 3 of your products or services whose design has incorporated social or environmental concerns,
risks and/or opportunities.
1. Truly Indian range of organic food
2. SOUL Pickles with olive oil and less salt
3. Ashoka range of baked snacks
2. For each such product, provide the following details in respect of resource use (energy, water, raw material
etc.) per unit of product (optional):
a. Reduction during sourcing/production/ distribution achieved since the previous year throughout the
value chain? Optional
b. Reduction during usage by consumers (energy, water) has been achieved since the previous year?
Not applicable, since these products are directly consumed by our consumers without using energy or water.
3. Does the company have procedures in place for sustainable sourcing (including transportation)? If yes, what
percentage of your inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.
The Company contributes to sustainable sourcing by purchasing organic raw materials which are free of fertilizers
and pesticides for a range of its products. This constitutes under 5% of total raw material sourcing.
In the area of ethical sourcing, we discourage the use of forced labour and child labour at our premises.
4. Has the company taken any steps to procure goods and services from local & small producers, including
communities surrounding their place of work? If yes, what steps have been taken to improve their capacity
and capability of local and small vendors?
Yes, the Company actively engages with the local and small mandi suppliers for purchase of majority of important
ingredients such as fruits, vegetables, spices, dairy products etc. The Company incorporates terms of payment as
cash against delivery on orders placed with these suppliers thereby strengthening their financial position. It has
helped them to increase their capacity and capability to increase their volumes and earnings.
5. Does the company have a mechanism to recycle products and waste? If yes, what is the percentage of
recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about
50 words or so.
During FY 2019-20, the Company has installed Effluent Treatment Plant at Nasik factory with zero liquid discharge.
It recycles around 60,000 liters of water daily which is around 60% of total water consumption of Nasik plant. The
Nadiad plant has been treating its discharges appropriately.
Principle 3: Employee wellbeing
1. Please indicate the Total number of employees
Permanent employees: 271
2. Please indicate the Total number of employees hired on temporary/contractual/casual basis
Contractual employees: 229
3. Please indicate the Number of permanent women employees
Permanent women employees: 61
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4. Please indicate the Number of permanent employees with disabilities

This number is not tracked as the Company does not follow differential recruitment policy based on employees’
physical abilities.
5. Do you have an employee association that is recognized by management?
Yes, we have two employee associations which are registered under ‘Trade Unions Act, 1926’ and ‘The Maharashtra
Mathadi, Hamal and Other Manual Workers (Regulation of Employment and Welfare) Act, 1969’ respectively at Nasik.
6. What percentage of your permanent employees are members of this recognized employee association?
Around 10% of the permanent employees are members of these employee associations.
7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual
harassment in the last fi nancial year and pending, as on the end of the fi nancial year.
Sr. No. Category No. of complaints fi led during the No. of complaints pending as on
fi nancial year end of the fi nancial year
1. Child labour/forced labour/ involuntary labour Nil Nil
2. Sexual harassment Nil Nil
3. Discriminatory employment Nil Nil
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the
last year?
a. Permanent Employees ~ 80%

b. Permanent Women Employees ~ 80%
c. Casual/Temporary/Contractual Employees ~ 80%

I'---------'
I ----_
d. Employees with Disabilities
_______L__I---====I
Included under permanent employees
Note: The training for COVID-19 related safety norms has been given to all the employees.
Principle 4: Stakeholder’s management
1. Has the company mapped its internal and external stakeholders? Yes/No
Yes, the Company has mapped its internal and external stakeholders. We recognise employees, communities
surrounding our operations, business associates (network of suppliers, stockists and dealers), customers,
shareholders/investors and regulatory authorities as our key stakeholders.
2. Out of the above, has the company identifi ed the disadvantaged, vulnerable & marginalized stakeholders?
Yes, the Company identifies communities around its manufacturing facilities (with a focus on women and children
from these communities) as disadvantaged, vulnerable and marginalized stakeholders. The Company is engaged in
various CSR activities for promotion of children’s education and women empowerment in Nasik and Nadiad.
3. Are there any special initiatives taken by the company to engage with the disadvantaged, vulnerable and
marginalized stakeholders. If so, provide details thereof, in about 50 words or so.
The Company has undertaken various CSR initiatives for underprivileged people in Mumbai and rural areas of Gujarat
and Maharashtra. Some of these initiatives are as under:
o Construction of toilets in rural households
o Establishment of vocational training centre for handicapped women
o Supply of women hygiene products
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o Educational aid to children

o Medical aid to poor
o Supply of gas stoves to Govt. recognized pre-schools
o Repair of school building
Principle 5: Promotion of Human Rights
1. Does the policy of the company on human rights cover only the company or extend to the Group/Joint
Ventures/Suppliers/Contractors/NGOs/Others?
The Company’s Code of Conduct, HR Policy and Policy on Prevention of Sexual Harassment of Women at Workplace
are applicable to the Company only.
2. How many stakeholder complaints have been received in the past financial year and what percent was
satisfactorily resolved by the management?
No complaint was received pertaining to human rights violation during the past financial year.
Principle 6: Environmental Protection
1. Does the policy related to Principle 6 cover only the company or extends to the Group/Joint Ventures/
Suppliers/ Contractors/NGOs/Others.
Applicable only to the Company.
2. Does the company have strategies/ initiatives to address global environmental issues such as climate
change, global warming, etc.? Y/N. If yes, please give hyperlink for webpage etc.
No
3. Does the company identify and assess potential environmental risks? Y/N -
Yes. The Company identifies and assesses potential environment risk arising out of its existing and planned
operations on the basis of following criteria –
1. Use of ingredients
2. Use of water
3. Use of energy
4. Waste management
The Company’s operations do not involve usage of any hazardous material.
4. Does the company has any project related to Clean Development Mechanism? If so, provide details thereof,
in about 50 words or so. Also, if yes, whether any environmental compliance report is filed?
No
5. Has the company undertaken any other initiatives on – clean technology, energy efficiency, renewable
energy, etc. Y/N. If yes, please give hyperlink for webpage etc.
The Company has installed solar panels at its Nasik plant that meets a substantial part of its energy requirements.
The installation of solar panels at Nadiad is at an implementation stage. Further, the Company has also installed
Effluent Treatment Plant at Nasik Plant with zero liquid discharge. It recycles around 60,000 liters of water daily
which is around 60% of total water consumption of Nasik plant.
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6. Are the Emissions/Waste generated by the company within the permissible limits given by CPCB/SPCB for
the fi nancial year being reported?
Yes, the emissions, solid waste and effluent generated are monitored on a regular basis and are within the limits as
prescribed by CPCB/SPCB.
7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to
satisfaction) as on end of Financial Year.
Nil
Principle 7: Responsible public policy advocacy
1. Is your company a member of any trade and chamber or association? If Yes, Name only those major ones
that your business deals with:
Yes, the Company is a member of several industrial and trade bodies. These are listed below:
a) Indian Merchant Chamber (IMC)
b) Confederation of Indian Industry (CII)
c) Federation of Indian Chambers of Commerce & Industry (FIEO)
2. Have you advocated/lobbied through above associations for the advancement or improvement of public
good? Yes/No; if yes, specify the broad areas (drop box: Governance and Administration, Economic Reforms,
Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business Principles,
Others)
The Company is a member of various trade bodies such as IMC, CII, FIEO etc. The Company represents in various
forums within these trade bodies. The Company actively participate in these forums on issues and policy matters
that impact the interest of its stakeholders. The Company prefers to be part of the broader policy development
process and do not practice lobbying on any specific issue.
Principle 8: Inclusive Growth
1. Does the company have specifi ed programmes/initiatives/projects in pursuit of the policy related to
Principle 8? If yes, details thereof.
The Company has always recognized that its business is a part of the community where it operates. The Company
believes that its investments must result in long-term sustainable growth as well as economic and social progress
of the rural and urban poor. We have undertaken various CSR initiatives so far including construction of toilets under
Clean India Mission, sponsoring education of urban and rural underprivileged students, repair of school building,
women empowerment through construction of vocational training center, medical aid for needy people, support to
physically challenged people, contribution to environment protection by creating awareness for avoiding usage of
plastic, tree planation, animal welfare etc.
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/
government structures/any other organization?
All CSR Programmes of the Company are implemented through external NGOs.
3. Have you done any impact assessment of your initiative?
The impact assessment is done though random checking of progress report of the children to whom educational
aid is provided, regular visits to the educational institutes, hostels, medical centers to whom financial aid is provided,
getting the annual report regarding the courses conducted by the vocational training center and feedback from
other beneficiaries, wherever possible.
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4. What is your company’s direct contribution to community development projects - Amount in INR and the
details of the projects undertaken.
During the FY 2019-20, the Company has implemented its CSR activities through NGOs. The Company hasn’t
directly contributed to any community development projects.
5. Have you taken steps to ensure that this community development initiative is successfully adopted by the
community? Please explain in 50 words, or so.
The Company’s CSR activities are conducted keeping in mind the specific needs of the communities located nearby
our areas of operations. We regularly monitor the academic progress of children we sponsor, get annual report
from vocational training centre regarding various government training programs conducted during the year, get
the list of beneficiaries from the hospitals and also get regular status update of other CSR programs initiated by us.
Accordingly, we ensure that our CSR initiatives are successfully adopted by the Community.
Principle 9: Customer Value
1. What percentage of customer complaints/consumer cases are pending as on the end of financial year.
All customer complaints received during the FY 2019-20 were promptly responded by the Company. There are no
pending customer complaints as on 31st March, 2020.
2. Does the company display product information on the product label, over and above what is mandated as
per local laws? Yes/No/N.A. /Remarks (additional information) –
No
3. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible
advertising and/or anti-competitive behaviour during the last five years and pending as on end of financial
year. If so, provide details thereof, in about 50 words or so.
Nil
4. Did your company carry out any consumer survey/ consumer satisfaction trends?
Yes, the Company engages with its consumers on an ongoing basis and conducts customer satisfaction surveys
with respect to its products and advertisements. These surveys are conducted by in-house marketing team and
distributors of the Company.
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INDEPENDENT AUDITOR’S REPORT

To the Members of ADF Foods Limited
Report on the Audit of the Standalone Ind AS Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS Financial Statements of ADF Foods Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2020, the Statement of Profit and Loss (including other
comprehensive income), the Statement of Changes in Equity and Statement of Cash Flows for the year then ended,
and notes to the Financial Statements, including a summary of significant accounting policies and other explanatory
information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
Standalone Ind AS Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the
manner so required and give a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs (financial position) of the Company as at March 31, 2020, and profit (financial performance
including Other Comprehensive Income), changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013 (“the Act”). Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of Standalone Ind AS Financial Statements section of our report. We are independent
of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India
together with the ethical requirements that are relevant to our audit of the Financial Statements under the
provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
Standalone Ind AS Financial Statements of the current period. These matters were addressed in the context of our
audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key Audit Matter Description Our Response

1. Impairment of Indefinite-lived intangible assets
Indefinite-lived intangible assets (Brands) as at March 31, 2020 We have assessed the valuation methodology and challenged
amount to Rs. 2,132.84 lakhs. management’s analysis and assumptions around the key
drivers of cash flow forecasts including discount rate, terminal
The impairment assessment must be performed at least
growth rate, royalty rate etc. by comparing them to relevant
annually and involves the determination of the recoverable
market data and with the assistance from our inhouse
amount, being the higher of the value-in-use and the fair value
specialists. We also performed sensitivity analysis in respect
less costs to dispose.
of the above assumptions.
We consider this to be a key audit matter because the
recoverability assessment of such assets involves complex We assessed the appropriateness and completeness of
and subjective estimates and judgements. the related disclosures in the financial statements.
These estimates and judgements are entrenched with
inherent uncertainty as they include assumptions in relation
to forecasting revenue growth rates, direct costs, foreign
exchange rates, discount rates and future cash flows.
2. Derivative Instruments and Hedge Accounting
The Company enters into a high volume of derivative Ensure that the entity’s Hedging policy is documented,
financial instrument contracts to manage its exposure validated by adequate level of management and those
to foreign currency risk. These contracts gave rise to charged with governance, and communicated to all
Derivative Liabilities of Rs.199.17 lakhs as at March 31, stakeholders within the entity.
2020. These contracts are recorded at fair value and for Assess the process and controls to validate hedging
the majority of them hedge accounting is applied, such requests to ensure that all hedging requests were duly
that gains and losses arising from fair value changes are validated by adequate level of management, and are in
deferred in equity and recognised in the Statement of line with the entity’s documented hedging policy.
Profit or Loss when hedges mature. The high volume
Verify that all derivatives documented in hedging
of contracts necessitates a sophisticated system
relationships are allocated to a specific hedged risk from
to record and track each contract and calculate the
their inception.
related valuations at each financial reporting date. The
valuation of hedging instruments and consideration of Testing management’s controls over derivative financial
hedge effectiveness can involve a significant degree of instruments and hedge accounting.
both complexity and management judgement and are Inspecting, on a sample basis, appropriateness of
subject to an inherent risk of error. hedging documentation and contracts.
Obtaining confirmation in respect of derivative financial
instruments from counterparties.
Re-performing the year end valuations of derivative
financial instruments and calculations of hedge
effectiveness; and
We have also evaluated whether the liabilities and
potential exposures were appropriately disclosed in the
Financial Statements.
Other Information
The Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual Report, namely Management Discussion and Analysis, Director’s report,
Corporate Governance Report, Business Responsibility Report and Share Holders Information, but does not include
the Financial Statements and our auditor’s report thereon.
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Our opinion on the Financial Statements does not cover the other information and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with
the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated. If based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report the fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone Ind AS Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect
to the preparation of these Standalone Ind AS Financial Statements that give a true and fair view of the financial
position, financial performance (including Other Comprehensive Income), changes in equity and cash flows of the
Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting
Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the Standalone Ind AS
Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the Standalone Ind AS Financial Statements, management is responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or
has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS Financial Statements as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Standalone Ind AS Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
(a) Identify and assess the risks of material misstatement of the Standalone Ind AS Financial Statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence
that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
(b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the company has adequate internal financial controls system with reference to Standalone
Financial Statements in place and the operating effectiveness of such controls.
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(c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
(d) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
Standalone Ind AS Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Company to cease to continue as a going concern.
(e) Evaluate the overall presentation, structure and content of the Standalone Ind AS Financial Statements,
including the disclosures, and whether the Standalone Ind AS Financial Statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions of the users of the Financial Statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and
in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone
financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Standalone Ind AS Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the
adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we give in the Annexure “A”, a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
As required by Section 143(3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.
(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt
with by this Report are in agreement with the books of account.
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(d) In our opinion, the aforesaid Standalone Ind AS Financial Statements comply with the Accounting Standards
specified under Section 133 of the Act, read with relevant rules issued thereunder.
(e) On the basis of the written representations received from the directors as on March 31, 2020 taken on record
by the Board of Directors, none of the directors of the Company is disqualified as on March 31, 2020 from being
appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to Financial Statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”.
(g) According to information and explanations given to us and based on our examination of the records of the
Company, the Company has paid managerial remuneration in accordance with the provisions of Section 197 of
the Act.
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to
the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its Standalone financial position in its
Standalone Ind AS Financial Statements – Refer Note 40 to the Financial Statements.
ii. The Company did not have any material foreseeable losses, on long-term contracts including derivative
contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company.

FARHAD M. BHESANIA
PARTNER
Place: Mumbai
Date: May 11, 2020
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ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in in Para 1 ‘Report on Other Legal and Regulatory Requirements’ in our Independent Auditors’ Report
to the members of the Company on the standalone Ind AS Financial Statements for the year ended March 31, 2020.
Statement on Matters specified in paragraphs 3 & 4 of the Companies (Auditor’s Report) Order, 2016:
1) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of fixed assets.
(b) The Company has a regular programme of physical verification of fixed assets, by which all fixed assets
are verified once in three years. In our opinion, this periodicity of physical verification is reasonable having
regard to the size of the Company and the nature of its assets. Pursuant to the programme, certain fixed
assets were physically verified during the year and discrepancies reported on such verification were not
material and have been properly dealt with in the books of accounts.
(c) According to the information and explanations given to us and on the basis of our examination of the
records of the Company, the title deeds of immovable properties are held in the name of the Company.
2) The inventory has been physically verified by the management during the year. In our opinion, the frequency of such
verification is reasonable. The discrepancies reported on such verification were not material and have been properly
dealt with in the books of accounts.
3) The Company has not granted any loans, secured or unsecured, to companies, firms, limited liability partnership or
other parties covered in the register maintained under section 189 of the Act. Therefore, the provisions of sub-clause
(a) (b) and (c) of paragraph 3(iii) the Order are not applicable.
4) In our opinion and according to information and explanations given to us, the Company has not advanced any loans
to the persons covered under section 185 or given guarantees or granted securities under section 186 of the Act. In
our opinion and according to the information and explanations given to us, the provisions of Section 186 of the Act in
respect of Investments made have been complied with by the Company.
5) In our opinion and according to the information and explanations given to us, the Company has not accepted any
Deposits from Public and hence the directives issues by the Reserve Bank of India and the provisions of Section 73 to
76 or any other relevant provisions of the Act and the rules framed thereunder are not applicable.
6) In our opinion and according to the information and explanation given to us, the maintenance of cost records under
sub section (i) of section 148 of the Act is not applicable to the Company under the Companies (Cost Record and
Audit) Rules, 2014.
7) (a) According to the information and explanations given to us and the records examined by us, the Company
is generally regular in depositing undisputed statutory dues including Provident Fund, Employees’ State
Insurance, Income Tax, Sales Tax, Service Tax, Goods and Service tax, Duty of Customs, Duty of Excise,
Value Added Tax, Cess and any other statutory dues with the appropriate authorities, wherever applicable
and there are no such outstanding dues as at March 31, 2020, for a period of more than six months from the
date they became payable.
(b) According to the information and explanations given to us and on the basis of our examination of books
of accounts and record, the Company has generally been regular in depositing undisputed statutory dues
including Income Tax, Sales Tax, Service Tax, Goods and Service Tax, Duty of Customs, Duty of Excise and
Value added Tax except the following:
Sr. No. Name of the Statute Amount (R in Lakh) Period to which the amount relates Forum where dispute is pending
1 Finance Act, 1994 463.54 F.Y.2006-2007 to F.Y.2010-2011 CESTAT
I2 IIncome Tax Act, 1961 164.98 F.Y.2009-2010 to F.Y.2013-2014 CIT (Appeal)
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8) According to the information and explanations given to us and based on the documents and records produced
to us, the Company has not defaulted in repayment of borrowings to banks. The Company does not have any
loans or borrowings from financial institutions, government or debenture holders.
9) The Company has not raised any funds by way of initial public offer or further public offer (including debt
instruments) and term loans during the year. Accordingly, the paragraph 3 (ix) of the Order is not applicable.
10) During the course of our examination of the books of account and records of the Company, and according to the
information and explanation given to us and representations made by the Management, no material fraud by or
on the Company, has been noticed or reported during the year.
11) According to the information and explanation given to us and based on our examination of the records of the
Company, the Company has paid/provided for managerial remuneration in accordance with requisite approvals
mandated by the provisions of section 197 read with Schedule V to the Act.
12) In our opinion and according to the information and explanations given to us, the Company is not a nidhi
company. Accordingly, paragraph 3(xii) of the Order is not applicable.
13) According to the information and explanations given to us and based on our examination of the records of the
Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where
applicable and details of such transactions have been disclosed in the Standalone Ind AS Financial Statements
as required by the applicable accounting standards.
14) According to the information and explanations give to us and based on our examination of the records of the
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year.
15) According to the information and explanation given to us and based on our examination of the records, the
Company has not entered into non-cash transactions with the directors or persons connected with him. Hence
the provisions of Section 192 of the Act are not applicable.
16) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934 hence
the provisions of paragraph 3 (xvi) of the Order are not applicable.

FARHAD M. BHESANIA
PARTNER
Place: Mumbai
Date: May 11, 2020
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ANNEXURE B TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in Para 2 (f) ‘Report on Other Legal and Regulatory Requirements’ in our Independent Auditors’ Report
to the members of the Company on the Standalone Ind AS Financial Statements for the year ended March 31, 2020.
Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Sub-section
3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the Internal Financial Controls with reference to Financial Statements of ADF Foods Limited (“the
Company”) as of March 31, 2020 in conjunction with our audit of the Standalone Ind AS Financial Statements of the
Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the
Internal Control Over Financial Reporting criteria established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the
“Guidance Note”) issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include
the design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s Internal Financial Controls with reference to Financial
Statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on
Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an
audit of Internal Financial Controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial
statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial
Controls System with reference to financial statements and their operating effectiveness.
Our audit of Internal Financial Controls System with reference to financial statements included obtaining an
understanding of Internal Financial Controls with reference to financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the Standalone Ind AS Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system with reference to financial statements.
Meaning of Internal Financial Controls with reference to Financial Statements
A Company’s Internal Financial Control with reference to financial statements is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of Standalone Ind AS
Financial Statements for external purposes in accordance with generally accepted accounting principles. A
Company’s Internal Financial Control with reference to financial statements includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of Standalone Ind AS Financial Statements in accordance with generally accepted
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accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could
have a material effect on the Standalone Ind AS Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
Because of the inherent limitations of Internal Financial Controls with reference to financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference
to financial statements to future periods are subject to the risk that the Internal Financial Control with reference to
financial statements may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in
all material respects, an adequate Internal Financial Controls System with reference to financial statements and
such Internal Financial Controls with reference to financial statements were operating effectively as at March 31,
2020, based on “the Internal Control Over Financial Reporting criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India.

FARHAD M. BHESANIA
PARTNER
Place: Mumbai
Date: May 11, 2020
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• ADF FOODS LTD.
STANDALONE BALANCE SHEET AS AT MARCH 31, 2020 R Lakhs

As at As at
Particulars Note No.
March 31, 2020 March 31, 2019
Assets
Non-current assets
Property, plant and equipment 4(a) 5,583.63 4,725.06
Capital work-in-progress 237.70 147.72
Intangible assets 4(b) 2,135.31 2,136.01
Financial assets
Investments 5 6,614.19 5,792.52
Trade receivables 6 4.51 4.51
Loans 7 139.00 128.18
Other financial assets 8 375.83 35.68
Income tax assets (net) 9 456.85 323.75
Other non-financial assets 10 101.47 336.76
Total non-current assets 15,648.49 13,630.19
Current assets
Inventories 11 2,755.87 2,617.70
Financial assets
Investments 12 1,802.93 -
Trade receivables 13 4,388.49 4,222.05
Cash and cash equivalents 14 1,005.68 1,234.69
Bank balance other than above 15 1,650.75 403.31
Loans 16 10.54 14.06
Other non financial assets 18 689.47 843.88
13,017.92 10,135.86
Assets - held - for -sale 19 - 14.63
Total current assets 13,017.92 10,150.49
Total assets 28,666.41 23,780.68
Equity and liabilities
Equity
Equity share capital 20 2,040.10 2,040.10
Other equity 21 21,093.30 19,003.09
Total equity 23,133.40 21,043.19
Liabilities
Non-current liabilities
Financial liabilities
Other financial liabilities 22 61.54 -
Provisions 23 95.70 119.76
Deferred tax liabilities (net) 24 679.82 867.44
Total non-current liabilities 837.06 987.20
Current liabilities
Borrowings 25 2,316.42 -
Trade payables
a) Total outstanding dues of Micro Enterprises and Small Enterprises (Refer 27.58 31.75
Note no. 41)
b) Total outstanding dues of creditors other than Micro Enterprises and Small 26 1,337.59 1,068.15
Enterprises
Other financial liabilities 27 763.51 264.20
Other non financial liabilities 28 166.61 107.33
Provisions 29 56.41 50.61
Income tax liabilities (net) 30 27.83 178.25
4,695.95 1,700.29
Liabilities classified on assets held for sale 31 - 50.00
Total current liabilities 4,695.95 1,750.29
Total liabilities 5,533.01 2,737.49
Total equity and liabilities 28,666.41 23,780.68

Significant accounting policies 2
The accompanying notes 1 to 54 form an integral part of the standalone financial statements.
As per our report of even date Signatures to the Standalone Balance Sheet and Notes to the financial statements
For KALYANIWALLA & MISTRY LLP For and on behalf of the Board
Chairman, Managing Director & C.E.O. Chief Financial Officer
DIN: 00087404
FARHAD M. BHESANIA Shalaka Ovalekar
PARTNER Company Secretary
Membership Number 127355 Membership No: A15274
Place: Mumbai Place: Mumbai
Date: May 11, 2020 Date: May 11, 2020
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STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2020
R Lakhs
For the year ended For the year ended
Particulars Note No. March 31, 2019
March 31, 2020
Income
Revenue from operations 32 18,208.81 18,749.90
Other income 33 2,175.69 1,405.05
Total income 20,384.50 20,154.95
Expenses
Cost of materials consumed 34(a)(b) 8,180.85 8,932.55
Purchase of stock-in-trade 34(c) 747.01 654.87
Changes in inventories of finished goods, stock-in-trade and work-in- 35 (47.47) (421.40)
progress
Employee benefits expenses 36 1,511.84 1,342.93
Finance cost 37 133.41 86.90
Depreciation and amortisation expenses 38 551.60 431.08
Other expenses 39 5,220.95 4,728.39
Total expenses 16,298.19 15,755.32
Profit before exceptional items and tax 4,086.31 4,399.63
Exceptional items (Refer Note no. 53(a)) (32.51) -
Profit before Tax 4,053.80 4,399.63
Tax expense
Current tax 981.94 1,290.69
Deferred tax (75.29) 61.21
Total tax expense 906.65 1,351.90
Profit for the year 3,147.15 3,047.73
Other comprehensive income
A. Items that will not be reclassified subsequently to profit or loss
Re-measurements of the defined benefit plans (51.07) (83.24)
Income tax on above item 12.85 24.24
(38.22) (59.00)
B. Items that will be reclassified subsequently to profit or loss
Net gain/(loss) on cash flow hedges (395.24) 301.65
Income tax on above item 99.48 (87.82)
(295.76) 213.83
Net other comprehensive income for the year (net of tax) (A + B) (333.98) 154.83
Total comprehensive income for the year 2,813.17 3,202.56
Earning per equity share [Nominal value per share r 10/- each]
Basic and Diluted (r) 48 15.72 14.84
The accompanying notes 1 to 54 form an integral part of the standalone financial statements.
As per our report of even date Signatures to the Standalone Statement of Profit and Loss and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
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STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2020
R Lakhs
As at As at
Particulars
March 31, 2020 March 31, 2019
A. Cash Flow from Operating Activities
Profit before Taxation 4,053.80 4,399.63
Adjustment for:
Depreciation and amortisation expense 551.60 431.08
Loss on sale / write off of Fixed Assets 19.14 55.01
Profit on sale of fixed assets (1.48) -
Finance cost 133.41 86.90
Allowance for doubtful trade receivable and advances - (0.38)
Unrealised exchange (gain)/loss (200.59) (33.24)
Net (gain)/loss on sale of investments (3.13) -
Unwinding of security deposit (3.14) (1.63)
Notional Rent on Security Deposit 3.54 0.87
Interest income (96.28) (52.20)
Dividend income (24.71) (0.17)
Fair value of Mutual Funds (0.15) -
Operating Profit before working capital changes 4,432.01 4,885.87
Adjustment for:
(Increase)/Decrease in Trade receivables (0.74) (316.78)
(Increase) / Decrease in Inventories (138.17) (409.03)
(Increase)/ Decrease in Non-Current Financial Assets 14.81 123.12
(Increase) / Decrease in Non-Current Non - Financial Assets 235.29 (272.73)
(Increase) / Decrease in Current Financial Assets (71.26) (247.80)
(Increase) / Decrease in Current Non - Financial Assets 154.40 516.88
(Increase) / Decrease in Assets held for sale 14.63 (14.63)
Increase / (Decrease) in Trade Payable 274.88 (9.27)
Increase / (Decrease) in Non - Current Provisions (75.13) (180.55)
Increase / (Decrease) Current Financial Liabilities 194.68 (138.36)
Increase / (Decrease) in Liabilities held for sale (50.00) 50.00
Increase / (Decrease) Current Non - Financial Liabilities 65.08 (171.40)
Cash generated from operating activities 5,050.48 3,815.32
Taxes Paid (Net of refunds) (1,265.46) (1,384.95)
Net Cash Flow from / (used in) Operating Activities (A) 3,785.02 2,430.37
B. Cash Flow from Investing Activities

Purchase of Property, plant and equipments (1,268.11) (481.53)
Proceeds from sale of Property, plant and equipments 4.23 58.63
Fixed Deposits placed with the bank (1,251.19) (56.37)
Investment in Mutual Fund (1,802.78) -
Proceeds from sale of Investments 3.13 -
Investment in subsidiary (821.67) (68.91)
Share Application Money Given (358.09) -
Dividend Received 24.71 0.17
Interest received 43.49 54.03
Net Cash Flow from/ (used in) Investing Activities (B) (5,426.28) (493.98)
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(115.12)
R Lakhs
As at As at
Particulars
March 31, 2020 March 31, 2019
C. Cash Flow from Financing Activities

Repayment of/Proceeds from borrowings 2,316.42 (140.00)
Buyback of equity shares - (3,002.12)
Payment of Lease Rent (108.49) -
Finance cost (115.12) (86.90)
Unclaimed Dividend Paid (600.68) 11.01
Dividend Tax paid (122.28) -
Net cash flow from / (used in) financing activities (C) 1,369.85 (3,218.01)
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (271.41) (1,281.62)
CASH AND CASH EQUIVALENTS:
AS AT THE BEGINNING OF THE YEAR 1,234.69 2,420.37
Unrealised Foreign Exchange Restatement in Cash and cash Equivalents 42.40 95.94
Cash and Cash Equivalents - Closing Balance 1,005.68 1,234.69
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS (229.01) (1,185.68)
Notes:
1. Cash and Cash Equivalents:
(a) Cash on Hand 1.92 7.04
(b) Balance with banks 1,003.76 1,227.54
(c) Cheque and draft on hand 0.11
Cash and Cash Equivalents 1,005.68 1,234.69
2. The standalone cash flow statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard
(Ind AS) 7 on ‘Cash Flow Statement’ and presents cash flows by operating, investing and financing activities.
3. The above standalone cash flow statement includes r 59.79 lakhs towards Corporate Social Responsibility activities (Refer Note
49)
4. Figures for the previous year have been regrouped/ restated wherever necessary to conform to current year’s classification.
As per our report of even date Signatures to the Standalone Cash Flow Statement and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
•
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STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2020
(a) Equity Share Capital
Particulars As at March 31, 2020 As at March 31, 2019

No. of Shares R in lakhs No. of Shares R in lakhs
Balance at beginning of the year 20,022,719 2,002.27 21,201,461 2,120.15
Changes in equity shares during the year - - (1,178,742) (117.88)
Balance at end of the year 20,022,719 2,002.27 20,022,719 2,002.27
(b) Other Equity

R Lakhs
Particulars March 31, 2020 March 31, 2019
Reserves and surplus
Capital reserves
As per last Balance sheet 105.00 105.00
Capital redemption reserves
Addition during the year - 117.88
Closing balance 197.73 197.73
Securities premium
As per last Balance sheet 2,166.86 5,051.11
Utilised during the year - (2,884.25)
Closing balance 2,166.86 2,166.86
General reserve
Retained earning
As per last Balance sheet 15,562.94 12,692.09
Utilised for buyback of equity shares - (117.88)
15,562.94 12,574.21
Remeasurement of defined benefit plans (38.22) (59.00)
Less: Dividend paid (600.68) -
Less: Tax on dividend (122.28) -
Movement during the year 2,385.97 2,988.73
Closing Balance 17,948.91 15,562.94
Cash flow hedge reserve
As per last Balance sheet 206.59 (7.24)
Add: Change in fair value of hedging instrument (395.24) 301.65
Less: Deferred tax 99.48 (87.82)
Closing balance (89.17) 206.59
Total Reserves & Surplus 21,093.30 19,003.09
The accompanying notes 1 to 54 form an integral part of these standalone financial statements
As per our report of even date Signatures to the Standalone Statement of Change in Equity and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
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NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS

1 Company Overview
Description of Business
ADF Foods Limited (“the Company”) is a public company incorporated under the provisions of the Companies Act,
1956 and domiciled in India having registered office at 83/86 G.I.D.C Industrial Estate, Nadiad, Gujarat. Its shares are
listed on Bombay Stock Exchange and National Stock Exchange in India. The Company is engaged in the manufacture
and selling of food products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc.
The Company caters mainly to international markets and domestic market.
Basis of Preparation of Financial Statements
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind
AS) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act, 2013 to be read
with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time). The Company’s
Financial Statements for the year ended March 31, 2020 comprises of the Balance Sheet, Statement of Profit and
Loss, Cash Flow Statement, Statement of Changes in Equity and the Notes to Financial Statements.
Current versus non-current classification of all assets and liabilities have been classified as current or non-current
as per the Company’s normal operating cycle and other criteria set out in the Schedule III to the Companies Act,
2013. Based on the nature of products and the time taken between acquisition of assets for processing and their
realization in cash and cash equivalent, the Company has ascertained its operating cycle as twelve months for the
purpose of the classification of assets and liabilities into current and non - current.
Basis of Measurement
The Ind AS Financial Statements have been prepared on a going concern basis using historical cost convention and
on an accrual method of accounting, except for certain financial assets and liabilities, including derivative financial
instruments which have been measured at fair value as described below and defined benefit plans which have been
measured at actuarial valuation as required by relevant Ind ASs.
Key Accounting Estimates and Judgements:
The preparation of financial statements requires management to make judgments, estimates and assumptions in
the application of accounting policies that affect the reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates. Continuous evaluation is done on the estimation and judgments
based on historical experience and other factors, including expectations of future events that are believed to be
reasonable. Revisions to accounting estimates are recognised prospectively. Information about critical judgments
in applying accounting policies, as well as estimates and assumptions that have the most significant effect to the
carrying amounts of assets and liabilities within the next financial year, are included in the following notes:
(a) Measurement of defined benefit obligations – Note 47
(b) Measurement and likelihood of occurrence of provisions and contingencies – Note 40
(c) Recognition of deferred tax liabilities – Note 24
(d) Impairment of Intangible asset – Note 38
Estimation of uncertainties relating to the global health pandemic from COVID-19:
The Company’s plants at Nadiad, Gujarat and Nasik, Maharashtra were shut-down in March 2020 following the
countrywide lockdown due to COVID-19. The Company has since obtained required permissions and has partially
restarted the plants operations in the first week of April 2020 as food products fall within the essential goods
category.
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In assessing the recoverability and carrying values of its assets comprising Property, Plant and Equipment,
Intangible assets, receivables and other financial assets, the Company has considered internal and external
information upto the date of approval of these financial statements. However, the impact assessment of
COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The impact
of the global health pandemic may be different from that estimated as at the date of approval of these financial
statements and the Company will continue to closely monitor any material changes to future economic
conditions.
Measurement of fair values
The Company’s accounting policies and disclosures require financial instruments to be measured at fair
values. The Company has an established control framework with respect to the measurement of fair values.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the
use of unobservable inputs. The management regularly reviews significant unobservable inputs and valuation
adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values,
then the management assesses the evidence obtained from the third parties to support the conclusion that
such valuations meet the requirements of Ind AS, including the level in the fair value hierarchy in which such
valuations should be classified. Fair values are categorised into different levels in a fair value hierarchy based on
the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy,
then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the
lowest level input that is significant to the entire measurement.
The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period
during which the change has occurred.
2 Significant Accounting Policies
2.1 Property, Plant and Equipment
2.1.1 Initial Recognition
Property, Plant and Equipment are initially recognised at cost which comprises of purchase price
including import duties, non-refundable taxes and any directly attributable cost of bringing the assets
to its present condition and location for its intended use, including the cost of replacing parts only
when future economic benefit associated to that cost will flow to the company and its cost can be
reliably measured, borrowing costs for long term construction projects if the recognition criteria are
met and present value of any expected cost for decommissioning, restoration and similar liability of
an asset after its use is included in the cost of respective asset. On replacement of a component, its
carrying amount is derecognised.
Further, in case the component was not depreciated separately, the cost of incoming component is
used as an indication to determine the cost of the replaced part at the time of capitalising.
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2.1.2 Subsequent Recognition
Subsequent recognition is at cost less accumulated depreciation and accumulated impairment losses,
if any. Impairment testing is undertaken at the balance sheet date if there are indicators.
2.1.3 Disposal or Retirement
The carrying value is eliminated from the financial statements upon sale or retirement of the asset and
the resultant gains or losses are recognized in the statement of profit and loss. Assets to be disposed
off are reported at the lower of the carrying value or the fair value less cost to sell.
2.1.4 Component Accounting
The Company identifies and determines cost of each component of an asset separately, if the
component has a materially different useful life as compared to entire asset and its cost is significant
of the total cost.
2.1.5 Depreciation
Depreciation is calculated on Straight Line Basis as per the useful lives specified in Schedule II to the
Companies Act, 2013 on pro rata basis except for carboys and pallets where lower lives of 5 years is
applied based on the technical advice obtained by the company.
Depreciation methods, useful lives and residual values are reviewed periodically, including at each
financial year end.
The estimated useful lives for computing depreciation are generally as follows:
Machinery and equipment 15 Years

Furniture and fixtures 10 Years
Automobiles 08 Years
Building 30 Years
Computers 03 Years
Leasehold land under operating lease is depreciated over the leasehold period or its estimated useful
life, whichever is shorter.
Freehold land is not depreciated.
The residual values, useful lives and method of depreciation of property, plant and equipment is
reviewed at each financial year end and adjusted prospectively, if appropriate.
2.2 Capital Work In Progress
Capital work in progress includes the acquisition/commissioning cost of assets under expansion/acquisition
and pending commissioning. Expenditure of revenue nature related to such acquisition/expansion is also
treated as capital work in progress and capitalized along with the asset on completion of the expansion
project or otherwise on commencement of commercial use of the asset.
Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair value at the date of acquisition.
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Intangible assets are carried at cost less accumulated amortisation and impairment loss, if any.
2.2.3 Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible
assets are amortised on a straight-line basis over the period of their expected useful lives. Estimated
useful lives by major class of finite-life intangible assets are as follows:
Goodwill - 5 years Software - 3 Years
The amortisation period and the amortisation method for finite-life intangible assets is reviewed at
each financial year end and adjusted prospectively, if appropriate.
Indefinite life intangibles mainly consist of brands. Intangible assets with indefinite useful lives are
not amortised, but are tested for impairment annually. The assessment of indefinite life is reviewed
annually to determine whether the indefinite life continues to be supportable. If not the change in
useful life from indefinite to finite is made on a prospective basis.
2.2.4 Derecognition
Gains or losses arising from derecognition of intangible assets are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of
profit or loss when the asset is derecognized.
2.3 Investments in Subsidiaries
Investments in subsidiaries are carried at cost less accumulated impairment losses, if any. Where an
indication of impairment exists, the carrying amount of the investment is assessed and written down
immediately to its recoverable amount. On disposal of investments in subsidiaries the difference between
net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.
2.4 Inventories
Inventories are valued at lower of cost and net realizable value. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale. Costs are computed on the weighted average basis and are net of GST credits.
Raw materials, packing materials and stores: Costs includes cost of purchase net of discounts and other
costs incurred in bringing each product to its present location and condition.
Finished goods and work in progress: In the case of manufactured inventories and work in progress, cost
includes all costs of purchases, an appropriate share of production overheads based on normal operating
capacity and other costs incurred in bringing each product to its present location and condition Finished
goods valuation also includes applicable duty. Provision is made for cost of obsolescence and other
anticipated losses, whenever considered necessary.
2.5 Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short term deposits
with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the statement of cash flow, cash and cash equivalents consists of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of
the Company’s cash management.
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2.6 Impairment of Non-Financial Assets
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that
a non-financial asset may be impaired. Indefinite life intangibles are subject to a review for impairment
annually or more frequently if events or circumstances indicate that it is necessary. For the purpose of
assessing impairment, the smallest identifiable group of assets that generates cash inflows from continuing
use that are largely independent of the cash inflows from other assets or groups of assets is considered as
a cash generating unit. Goodwill acquired in a business combination is, from the acquisition date, allocated
to each of the Company’s cash-generating units that are expected to benefit from the synergies of the
combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.
If any indication of impairment exists, an estimate of the recoverable amount of the individual asset/
cash generating unit is made. Asset/cash generating unit whose carrying value exceeds their recoverable
amount are written down to the recoverable amount by recognising the impairment. The impairment loss
is allocated first to reduce the carrying amount of goodwill (if any) allocated to the cash generating unit and
then to the other assets of the unit, pro rata based on the carrying amount of each asset in the unit.
2.7 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity. Financial instruments also include derivative contracts such as
foreign currency foreign exchange forward contracts, futures and currency options.
2.7.1 Financial Assets
Financial assets are recognised when the Company becomes a party to the contractual provisions of
the instrument.
2.7.1.1 Initial recognition and measurement
All financial assets are recognized at fair value on initial recognition, except for trade receivables
which are initially measured at transaction price. Transaction costs that are directly attributable
to the acquisition of financial assets, which are not at fair value through profit or loss, are added to
the fair value on initial recognition.
Purchases or sales of financial assets that require delivery of assets within a time frame established
by regulation or convention in the market place (regular way trades) are recognised on the trade
date, i.e., the date that the Company commits to purchase or sell the asset.
2.7.1.2 Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
2.7.1.2.1 Financial assets at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model
whose objective is to hold the asset in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial measurement, debt instruments at amortised cost are subsequently measured
at amortised cost using the Effective Interest Rate (EIR) method, less impairment, if any. The
amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of
Profit and Loss.
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2.7.1.2.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income
if it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Debt instruments included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognized in the other comprehensive
income (OCI).
Interest income measured using the EIR method and impairment losses, if any are recognised in
the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised
in OCI is reclassified from the equity to ‘other income’ in the Statement of Profit and Loss.
2.7.1.2.3 Financial assets at fair value through profit or loss
Financial assets which are not classified in any of the above categories are subsequently fair valued
through profit or loss. Any debt instrument, which does not meet the criteria for categorization as
at amortized cost or as FVTOCI, is classified as at FVTPL.
Such financial assets are measured at fair value with all changes in fair value, including interest
income and dividend income if any, recognised as ‘other income’ in the Statement of Profit and
Loss. Such financial assets are measured at fair value with all changes in fair value, including
interest income and dividend income if any, recognised as ‘other income’ in the Statement of
Profit and Loss.
2.7.1.2.4 Financial assets as Equity Investments
All investments in equity instruments classified under financial assets are initially measured at fair
value, the Company may, on initial recognition, irrevocably elect to measure the same either at
FVOCI or FVTPL.
The Company makes such election on an instrument-by-instrument basis. A fair value change
on an equity instrument is recognised as other income in the Statement of Profit and Loss unless
the Company has elected to measure such instrument at FVOCI. Fair value changes excluding
dividends, on an equity instrument measured at FVOCI are recognised in OCI. Amounts recognised
in OCI are not subsequently reclassified to the Statement of Profit and Loss. Dividend income on
the investments in equity instruments are recognised as ‘other income’ in the Statement of Profit
and Loss.
2.7.1.3 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from the Company’s balance sheet) when:
The rights to receive cash flows from the asset have expired, or
The Company has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
‘pass-through’ arrangement: and either (a) the Company has transferred substantially all the risks
and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
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2.7.1.4 Impairment
In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for
measurement and recognition of impairment loss on the financial assets that are debt instruments,
and are measured at amortised cost e.g., loans, debt securities, deposits and trade receivables or
any contractual right to receive cash or another financial asset that result from transactions that
are within the scope of Ind AS 115.
The company follows ‘Simplified Approach’ for recognition of impairment allowance. This approach
doesn’t require the Company to track changes in credit risk. Rather, it recognises impairment
allowances based on lifetime ECLs at each reporting date, right from its initial recognition.
ECL is the difference between all contractual cash flows that are due to the Company in accordance
with the contract and all the cash flows that the entity expects to receive, discounted at the
original EIR. Lifetime ECL are expected credit losses resulting from all possible defaults over the
expected life of a financial instrument. ECL impairment loss allowance (or reversal) recognized
during the period is recognized as income/ expense in the statement of profit and loss. This
amount is reflected under the head ‘other expenses’ in the statement of profit and loss.
2.7.2 Financial Liabilities
(i) Classification
The Company classifies all financial liabilities as subsequently measured at amortised cost.
(ii) Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
(iii) Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in
Statement of Profit and Loss when the liabilities are derecognised.
Amortised cost is calculated by taking into account any discount or premium on acquisition and
transactions costs. The EIR amortisation is included as finance costs in the Statement of Profit
and Loss.
This category generally applies to loans and borrowings.
(iv) Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified,
such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in
the Statement of Profit and Loss.
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(v) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Share Capital
Ordinary equity shares
Incremental costs directly attributable to the issue of ordinary equity shares, are recognised as a
deduction from equity.
2.7.3 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and
are subsequently re-measured to their fair value at the end of each reporting period. The accounting
for subsequent changes in fair value depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged and the type of hedge relationship
designated.
The company designates their derivatives as hedges of foreign exchange risk associated with the cash
flows of highly probable forecast transactions. (Cash flow hedges).
The company documents at the inception of the hedging transaction the economic relationship
between hedging instruments and hedged items including whether the hedging instrument is expected
to offset changes in cash flows of hedged items. The company documents its risk management
objective and strategy for undertaking various hedge transactions at the inception of each hedge
relationship.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the
remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or
liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are
classified as a current asset or liability.
(i) Cash flow hedges that qualify for hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognised in the other comprehensive income in cash flow hedging reserve
within equity, limited to the cumulative change in fair value of the hedged item on a present
value basis from the inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in Statement of profit and loss.
When forward contracts are used to hedge forecast transactions, the company generally
designates only the change in fair value of the forward contract related to the spot component as
the hedging instrument. Gains or losses relating to the effective portion of the change in the spot
component of the forward contracts are recognised in other comprehensive income in cash flow
hedging reserve within other equity.
The change in the forward element of the contract that relates to the hedged item (‘aligned forward
element’) is recognised within other comprehensive income in the costs of hedging reserve within
equity. In some cases, the entity may designate the full change in fair value of the forward contract
(including forward points) as the hedging instrument. In such cases, the gains and losses relating
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to the effective portion of the change in fair value of the entire forward contract are recognised in
the cash flow hedging reserve within other equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged
item affects profit or loss.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets
the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of
hedging in equity at that time remains in equity until the forecast transaction occurs. When the
forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred
costs of hedging that were reported in equity are immediately reclassified to profit or loss within
other gains/(losses).
If the hedge ratio for risk management purposes is no longer optimal but the risk management
objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge
relationship will be rebalanced by adjusting either the volume of the hedging instrument or the
volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management
purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time
of the hedge relationship rebalancing. Amounts accumulated in equity are reclassified to profit or
loss in the periods when the hedged item affects profit or loss.
2.8 Assets held for sale
The Company classifies current assets as held for sale if their carrying amount will be recovered principally
through a sale rather than through continuing use of the assets and actions required to complete such sale
indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to
sell will be withdrawn. Also, such assets are classified as held for sale only if the management expects to
complete the sale within one year from the date of classification. Assets held for sale are measured at fair
value less cost to sell. Assets held for sale are no longer amortised or depreciated.
2.9 Government Subsidy/Grants
Grants are recognized when there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an asset, the cost of the asset is shown at gross
value and grant thereon is treated as a deferred grant which is recognized as income in the Statement of
Profit and Loss over the period and in proportion in which depreciation is charged.
2.10 Provisions, Contingent Liabilities and Contingent Assets
2.10.1 Provisions
Provisions are recognised when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The expense relating to a provision is presented in the statement of profit and loss net of any
reimbursement.
If the effect of time value of money is material, provisions are discounted using a current pre tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase
in the provision due to the passage of time is recognised as a finance cost.
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2.10.2 Contingent Liabilities
Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount cannot be made.
2.10.3 Contingent Assets
Contingent assets are not recognised in the financial statements. Contingent assets if any, are
disclosed in the notes to the financial statements.
2.11 Revenue from Operation
Revenue from contracts with customers is recognized on transfer of control of promised goods or services
to a customer at an amount that reflects the consideration to which the Company is expected to be entitled
to in exchange for those goods or services. Revenue towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of variable consideration) allocated to that performance
obligation. The transaction price of goods sold and services rendered is net of variable consideration on
account of various discounts and schemes offered by the Company as part of the contract. This variable
consideration is estimated based on the expected value of outflow. Revenue (net of variable consideration)
is recognized only to the extent that it is highly probable that the amount will not be subject to significant
reversal when uncertainty relating to its recognition is resolved.
Revenue from sale of products is recognized when the control on the goods have been transferred to the
customer. The performance obligation in case of sale of product is satisfied at a point in time i.e., when the
material is shipped to the customer or on delivery to the customer, as may be specified in the contract.
2.12 Other Non-Operating Income
2.12.1Export incentives
Revenue from export incentives are accounted for on export of goods if the entitlements can be
estimated with reasonable assurance and conditions precedent to claim are fulfilled.
2.12.2 Interest Income
Interest income is recognized using the Effective Interest Rate (EIR) method.
2.12.3 Dividend Income
Dividend income on investments is recognised when the right to receive dividend is established.
2.13 Employee Benefits
Liabilities in respect of employee benefits to employees are provided for as follows:
a) Short-term employee benefits
i) Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of employees’ services up to the end of the reporting period
and are measured at the amounts expected to be incurred when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.
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b) Long Term Employee Benefit Plan
The Company has a policy on compensated absences which are both accumulating and non-
accumulating in nature. The expected cost of accumulating compensated absences is determined
by actuarial valuation performed by an independent actuary at each balance sheet date using
projected unit credit method on the additional amount expected to be paid / availed as a result of the
unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating
compensated absences is recognized in the period in which the absences occur.
c) Post Separation Employee Benefit Plan
i) Defined Benefit Plan
• Post separation benefits of Directors on the basis of actuarial valuation as per Ind AS-19.
• Gratuity Liability on the basis of actuarial valuation as per Ind AS-19. Liability recognised in the
balance sheet in respect of gratuity is the present value of the defined benefit obligation at the
end of each reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected unit credit
method. The present value of defined benefit is determined by discounting the estimated future
cash outflows by reference to market yield at the end of each reporting period on government
bonds that have terms approximate to the terms of the related obligation. The net interest cost
is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the statement of
profit and loss.
• Actuarial gain / loss pertaining to above and other components of re-measurement of net defined
benefit liability (asset) are accounted for as OCI. All remaining components of costs are accounted
for in statement of profit & loss.
ii) Defined Contribution Plans:
Defined contribution plans are Employee Provident Fund scheme and Employee State Insurance
scheme for eligible employees. The Company’s contribution to defined contribution plans is recognised
as an expense in the Statement of Profit and Loss as they fall due.
2.14 Taxes
2.14.1 Current Taxes
Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the
year and any adjustment to the tax payable or recoverable in respect of previous years.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the company and its branch operate
and generate taxable income. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Income tax expense is recognized in the statement of profit and loss except to the extent that it relates
to items recognized directly in equity/OCI, in which case it is recognized in other comprehensive
income. The company offsets current tax assets and current tax liabilities, where it has a legally
enforceable right to set off the recognized amounts and where it intends either to settle on a net basis,
or to realize the asset and settle the liability simultaneously.
• 125
• ADF FOODS LTD.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred
tax assets are recognised to the extent that it is probable that taxable profit will be available against
which the deductible temporary timing differences and the carry forward of unused tax credits and
unused tax losses can be utilised. Such assets are reviewed at each reporting date and are reduced to
the extent that it is no longer probable that the related tax benefit will be realized.
Deferred tax assets are not recognised for temporary differences between the carrying amount and
tax bases of investments in subsidiaries where it is not probable that the differences will reverse in the
foreseeable future and taxable profit will not be available against which the temporary difference can
be utilised.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and
MAT credit entitlements only if it is probable that future taxable amounts will be available to utilise
those temporary differences, losses and credit.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset
and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items
recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised
in other comprehensive income or directly in equity, respectively.
2.15 Foreign Currencies
The Company’s functional currency is Indian Rupee (INR) and it is also the presentation currency for the
Company.
Transactions in foreign currencies are initially recorded by the Company at the functional currency spot
rate of exchange prevailing on the date of the transaction. Monetary assets and monetary liabilities
denominated in foreign currencies and remaining unsettled at the end of the year are converted at the
functional currency spot rate of exchange prevailing on the reporting date.
Differences arising on settlement or conversion of monetary items are recognised in statement of profit
and loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are
recorded using the exchange rates at the date of the transaction except for the qualifying cash flow hedge,
which are recognised in OCI to the extent that the hedges are effective.
2.16 Leases
The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS
116. Identification of a lease requires significant judgment. The Company uses significant judgement in
assessing the lease term (including anticipated renewals) and the applicable discount rate.
The Company determines the lease term as the non-cancellable period of a lease, together with both
periods covered by an option to extend the lease if the Company is reasonably certain to exercise that
option; and periods covered by an option to terminate the lease if the Company is reasonably certain not
to exercise that option. In assessing whether the Company is reasonably certain to exercise an option
to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and
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circumstances that create an economic incentive for the Company to exercise the option to extend the
lease, or not to exercise the option to terminate the lease. The Company revises the lease term if there is a
change in the non-cancellable period of a lease
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated
or for a portfolio of leases with similar characteristics
2.17 Borrowings costs
Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and
borrowing costs are charged to revenue.
2.18 Dividend
The Company recognises a liability for any dividend declared but not distributed at the end of the reporting
period, when the distribution is authorised and the distribution is no longer at the discretion of the Company
on or before the end of the reporting period. As per Corporate laws in India, a distribution is authorized
when it is approved by the shareholders. A corresponding amount is recognized directly in equity.
2.19 Earnings Per Share
Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of
the company by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity
shareholders and the weighted average number of shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.
3. Recent Indian Accounting Standards (Ind AS)
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is
no such notification which would have been applicable from April 1, 2020.
• 127
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128
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4(a) Property, Plant and Equipment

R Lakhs
Particulars Period Land Right Buildings Leasehold Plant & Furniture Vehicles Office Office Electrical Laboratory Computers Total
-of- use improvement machinery & fixtures equipment premises installation equipment
ADF FOODS LTD.
Freehold Leasehold

Opening gross carrying April 1, 2018 4.18 94.39 - 2,642.86 - 2,425.49 81.70 281.68 22.63 97.77 86.99 7.30 19.77 5,764.76
amount as at
Additions - - - 108.06 93.14 140.45 3.62 - 4.51 - - 0.19 6.96 356.93
Deductions - - - - - (2.34) (0.42) (163.57) (6.85) - - - (3.34) (176.52)
Closing Gross carrying March 31, 2019 4.18 94.39 - 2,750.92 93.14 2,563.60 84.90 118.11 20.29 97.77 86.99 7.49 23.39 5,945.17
amount as at
Opening gross carrying April 1, 2019 4.18 94.39 - 2,750.92 93.14 2,563.60 84.90 118.11 20.29 97.77 86.99 7.49 23.39 5,945.17
amount as at
Additions - - 253.27 10.85 - 1,073.98 - 78.06 7.73 - - 1.17 5.82 1,430.88
Deductions - - - - - (39.30) (0.02) (2.75) (0.08) - - (0.01) (0.02) (42.18)
Closing Gross carrying March 31, 2020 4.18 94.39 253.27 2,761.77 93.14 3,598.28 84.88 193.42 27.94 97.77 86.99 8.65 29.19 7,333.87
amount as at
Accumulated April 1, 2018 - 2.02 - 193.51 - 493.50 22.53 97.98 10.22 3.37 17.68 1.97 10.70 853.48
depreciation
Charge for the year - 1.01 - 111.24 9.14 257.16 10.80 19.75 4.28 1.68 9.17 0.97 4.30 429.50
Deduction - - - - - (0.70) (0.11) (56.79) (2.84) - - - (2.43) (62.87)
Closing accumulated March 31, 2019 - 3.03 - 304.75 9.14 749.96 33.22 60.94 11.66 5.05 26.85 2.94 12.57 1,220.11
depreciation
Opening accumulated April 1, 2019 - 3.03 - 304.75 9.14 749.96 33.22 60.94 11.66 5.05 26.85 2.94 12.57 1,220.11
depreciation
Charge for the year - 1.01 99.31 113.73 17.75 264.62 10.64 22.85 4.40 1.69 9.19 0.98 4.23 550.40
Deduction - - - - - (18.01) - (2.24) (0.02) - - - - (20.27)
Closing accumulated March 31, 2020 - 4.04 99.31 418.48 26.89 996.57 43.86 81.55 16.04 6.74 36.04 3.92 16.80 1,750.24
depreciation
Net carrying amount March 31, 2019 4.18 91.36 - 2,446.17 84.00 1,813.64 51.68 57.17 8.63 92.72 60.14 4.55 10.82 4,725.06
as at
Net carrying amount March 31, 2020 4.18 90.35 153.96 2,343.29 66.25 2,601.71 41.02 111.87 11.90 91.03 50.95 4.73 12.39 5,583.63
as at
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4(b) Intangible assets

R Lakhs
Particulars Period Trade marks Software Total
Opening gross carrying amount as at April 1, 2018 2,132.84 16.05 2,148.89
Additions - - -
Deductions - - -
Closing Gross carrying amount as at March 31, 2019 2,132.84 16.05 2,148.89
Additions - 0.50 0.50
Deductions - - -
Closing Gross carrying amount as at March 31, 2020 2,132.84 16.55 2,149.39
Accumulated amortisation April 1, 2018 - 11.30 11.30
Charge for the year - 1.58 1.58
Deduction - - -
Closing accumulated amortisation March 31, 2019 - 12.88 12.88
Accumulated amortisation April 1, 2019 - 12.88 12.88
Charge for the year - 1.20 1.20
Deduction - - -
Closing accumulated amortisation March 31, 2020 - 14.08 14.08
Net carrying amount as at March 31, 2019 2,132.84 3.17 2,136.01
Net carrying amount as at March 31, 2020 2,132.84 2.47 2,135.31
5 Investments in subsidiaries
R Lakhs
Particulars As at As at
March 31, 2020 March 31, 2019
Investments in equity instruments:
Investment in Subsidiaries (Unquoted)
(At amortised cost)
a) ADF Foods (India) Limited
Face value (R) 10 10
Number of shares 50,000 50,000
Amount in r In lakhs 5.00 5.00
b) ADF Foods UK Limited
Face value (£) 1 1
Number of shares 2,085,281 2,085,281
Amount in r In lakhs 1,826.29 1,826.29
c) Power Brands (Foods) Private Limited (Refer Note 50)
Face value (R) 10 10
Number of shares 20,885,992 20,885,992
Amount in r In lakhs - -
Investments in preference shares:
Investment in Subsidiaries (Unquoted)
(At amortised cost)
a) ADF Foods UK Limited
(0.001% Redeemable Cumulative Preference Shares)
Face value (£) 1 1
Number of shares 5,106,434 4,207,716
Amount in r In lakhs 4,782.90 3,961.23
Aggregate amount of unquoted investments 6,614.19 5,792.52
Aggregate amount of impairment in value of investments - -
• 129
• ADF FOODS LTD.
6 Non-current trade receivables

R Lakhs
March 31, 2020 March 31, 2019
Unsecured Considered good 4.51 4.51
Unsecured Credit Impaired 4.51 4.51
9.02 9.02
Less: Allowance for Credit impaired (4.51) (4.51)
Total 4.51 4.51
7 Non-current loans
R Lakhs
March 31, 2020 March 31, 2019
Unsecured, considered good
Security deposits 135.18 120.07
Loans and advances to Employees 3.82 8.11
Total 139.00 128.18
8 Other non-current financial assets

R Lakhs
March 31, 2020 March 31, 2019
Export incentives receivables 10.04 35.68
Share Application Money 358.09 -
Deposits held as margin more than 12 months* 7.70 -
Total 375.83 35.68
* Above bank deposits are pledged as margin money.
9 Income tax assets (net)

R Lakhs
March 31, 2020 March 31, 2019
Advance payment of income tax (Net) 456.85 323.75
Total 456.85 323.75
10 Other non-current non-financial assets

R Lakhs
March 31, 2020 March 31, 2019
Capital Advances
Unsecured Considered good 92.85 326.55
Deferred lease expenses 8.62 10.21
Total 101.47 336.76
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11 Inventories
R Lakhs
March 31, 2020 March 31, 2019
(Valued at lower of cost and net realizable value)
Raw materials 356.18 274.47
Packing materials 650.68 641.69
Work-in-progress 1,303.59 1,495.86
Finished goods 400.68 154.51
Traded goods 44.74 51.17
Total 2,755.87 2,617.70
12 Current Investments
R Lakhs
March 31, 2020 March 31, 2019
Investments in Mutual Funds (Quoted)
(Measured as FVTPL)
HDFC Overnight - Growth 901.46 -
Kotak Overnight Fund Reg - Growth 901.47 -
Total 1,802.93 -
Aggregate amount of quoted investments at Cost 1,802.78 -
Aggregate amount of quoted investments at market value 1,802.93 -
13 Current trade receivables

R Lakhs
March 31, 2020 March 31, 2019
Unsecured Considered good
Related parties 61.20 170.76
Others 4,327.29 4,051.29
4,388.49 4,222.05
Less: Allowance for credit impaired - -
Total 4,388.49 4,222.05
14 Cash and cash equivalents

R Lakhs
March 31, 2020 March 31, 2019
Cash on hand 1.92 7.04
Balances with banks
in Current account 428.11 74.58
in EEFC account 575.65 971.66
in Fixed deposit account - 181.30
Cheque, drafts on hand - 0.11
Total 1,005.68 1,234.69
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• ADF FOODS LTD.
15 Bank balances other than above

R Lakhs
March 31, 2020 March 31, 2019
Balance with banks
in Current account * 80.40 76.45
in Fixed deposit account ** 1,150.00 326.86
in Margin deposit account*** 420.35 -
Total 1,650.75 403.31
* Balance with bank in current account is on account of earmark balance for unclaimed dividend.
**Deposit with maturity of less than 12 months.
*** Margin deposits with maturity of less than 12 months.
16 Current loans
R Lakhs
March 31, 2020 March 31, 2019
Loans to employees 10.54 14.06
Total 10.54 14.06
17 Other current financial assets

R Lakhs
March 31, 2020 March 31, 2019
Derivative foreign exchange forward contracts - 213.55
Interest accrued on fixed deposits and others 61.67 8.89
Export incentive receivable 652.47 576.63
Other receivables 0.05 1.10
Total 714.19 800.17
18 Other current non-financial assets

R Lakhs
March 31, 2020 March 31, 2019
Advance to suppliers for services 37.18 16.06
Advance to suppliers for goods 52.93 55.01
Balances with Government authority 573.67 749.87
Prepayments 22.16 19.22
Others - 0.19
Total 689.47 843.88
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19 Assets held - for - sale

R Lakhs
March 31, 2020 March 31, 2019
Land - 14.63
Total - 14.63
The company purchased certain plot of land at Nadiad for the purpose of building storage facility. The Company now intends to
dispose off the same as it no longer intends to utilise it for the purpose of its business. The prospective buyer has given an advance
of r 50 Lakhs against the sale of above mentioned land.
20 Equity share capital

R Lakhs
March 31, 2020 March 31, 2019
Authorized shares
2,50,00,000 (March 31, 2019: 2,50,00,000) equity shares of r 10/- each 2,500.00 2,500.00
Issued, subscribed and fully paid share capital

2,00,22,719 (March 2019: 2,12,01,461) equity shares of r 10/- each 2,002.27 2,120.15
Less: Nil (March 31, 2019: 11,78,742) equity shares of r 10/- each buyback during the year - (117.88)
2,002.27 2,002.27
Shares forfeited
7,56,600 (March 31, 2019: 7,56,600) equity shares of r 10/- each; amount originally paid up 37.83 37.83
thereon @ r 5 per share
Total 2,040.10 2,040.10
(a) Reconciliation of the shares outstanding at the beginning and at the end of the year
Particulars No. of shares R in lakhs

Equity shares
As at April 1, 2018 21,958,061 2,157.98
Buy-back during the year (1,178,742) (117.88)
As at March 31,2019 20,779,319 2,040.10
Changes during the year - -
As at March 31, 2020 20,779,319 2,040.10
Of the above 7,56,600 equity shares (R 37.83 lakhs) forfeited in earlier years are not cancelled by the company .
(b) The Board of Directors of the Company, at its meeting held on June 5, 2018 approved buyback of Equity Shares. The Company
adopted the open market route in accordance with provision contained in SEBI (buyback of security) Regulation, 1998 and any
statutory notification or re-entitlement for the time being in force.
The buyback of Equity Shares opened on July 23, 2018 and closed on September 19, 2018. As on the date of the closure of
Buyback, the Company bought back an aggregate of 11,78,742 Equity Shares, utilizing a total of r 29,99,12,542/- (excluding
Transaction Costs) which represents 99.97% of the Maximum Buy-back size. The Equity Shares were bought back at an
average price of r 254.43 per Equity Share. All the shares bought back have been extinguished . The Company has adjusted
an amount of r 1,17,87,420/- against Retained Earning and r 28,84,25,043/- against Security premium.
• 133
• ADF FOODS LTD.
(c) Terms / rights attached to equity shares

The company has one class of equity shares having a par value of r 10 per share. Each shareholders is eligible
for one vote per share held. The dividend proposed by the board of directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event
of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after
distribution of all preferential amounts, in proportion to their shareholding.
(d) Details of equity shares held by Shareholders holding more than 5% of the aggregate shares in the
company
R Lakhs
March 31, 2020 March 31, 2019
Mr. Bimal R. Thakkar
No. of Shares 2,278,924 2,278,924
% 11.38 11.38
Mrs. Mahalaxmi R. Thakkar
No. of Shares 1,958,022 1,958,022
% 9.78 9.78
Mrs. Alpana S. Dangi
No. of Shares 3,173 1,061,551
% 0.01 5.30
Mentore Capital Limited
No. of Shares 8,500 2,779,284
% 0.04 13.88
Authum Investment and Infrastructure Limited
No. of Shares 4,494,052 -
% 22.44 -
Total - Number of shares 8,742,671 8,077,781
Total - % 43.65 40.34
(e) Equity shares movement during the five years preceding March 31, 2020
Particulars No. of shares
From 1st April 2015 From 1st April 2014
to 31st March 2020 to 31st March 2019
Aggregate no. of equity shares bought back 1,977,281 1,977,281
There are no shares reseved for issue under option and contract commitment for the sale of shares
disinvestment including the terms and amount.
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21 Other equity
R Lakhs
March 31, 2020 March 31, 2019
Capital reserves
As per Last Balance Sheet 105.00 105.00

Securities premium
As per Last Balance Sheet 2,166.86 5,051.11
Utilized during the year - (2,884.25)
General reserve
Retained earning
As per Last Balance Sheet 15,562.94 12,692.09
15,562.94 12,574.21
Add: profit for the year 3,147.15 3,047.73
Re-measurement of defined benefit plans (38.22) (59.00)

As per Last Balance sheet 206.59 (7.24)
Total Reserves and Surplus 21,093.30 19,003.09
Nature of Reserves
(a) Capital reserve
The Company recognises profit and loss on purchase, sale, issue or cancellation of the Company’s own
equity instruments to capital reserve.
• 135
• ADF FOODS LTD.
(b) Capital redemption reserve

As per Companies Act, 2013, capital redemption reserve is created when company purchases its own shares
out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is
transferred to capital redemption reserve.
(c ) Securities Premium
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in
accordance with the provision of the Companies Act, 2013.
(d) Cash flow hedge reserve
The company uses hedging instruments as part of its management of foreign currency risk associated
with its highly probable forecast sale. For hedging foreign currency risk, the company uses foreign currency
forward contracts which are designated as cash flow hedges. To the extent these hedges are effective; the
change in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts
recognised in the cash flow hedging reserve is reclassified to profit or loss when the hedged item affects
profit or loss.
22 Other non-current financial liabilities
R Lakhs
March 31, 2020 March 31, 2019
Lease Liability 61.54 -
Total 61.54 -
23 Non-current provisions
R Lakhs
March 31, 2020 March 31, 2019
Provision for employee benefits (Refer Note no. 47)
For compensated absences 66.28 32.32
For compensated sick leaves 12.24 9.66
For gratuity 17.18 77.78
Total 95.70 119.76
24 Income taxes
a) Tax expense recognised in profit and loss
R Lakhs
March 31, 2020 March 31, 2019
Current tax expense for the year 981.94 1,290.69
Tax expense of prior year - -
Net current tax expenses 981.94 1,290.69
Deferred Income tax liability / (asset), (net)
Origination and reversal of temporary differences (75.29) 61.21
Total 906.65 1,351.90
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b) Tax expense recognised in other comprehensive income

R Lakhs
March 31, 2020 March 31, 2019
Items that will not be reclassified subsequently to profit or loss
Re-measurements of the defined benefit plans 12.85 24.24
Items that will be reclassified subsequently to profit or loss
Net gain / (loss) on cash flow hedges 99.48 (87.82)
Total 112.33 (63.58)
c) Reconciliation of effective tax rate
R Lakhs
March 31, 2020 March 31, 2019
Profit before tax 4,053.80 4,399.63
Tax using the company's domestic tax rate 1,020.26 1,281.17
(March 31, 2020 - 25.17 %, March 31, 2019 - 29.12 %)
Tax effect of:
Expenses not deductible for tax purposes 18.32 70.73
Allowances under Income Tax Act (36.21) -
Prior year tax adjustment 15.76 -
Differences in tax rate * (126.76) -
Others 15.28 -
Total 906.65 1,351.90
*The Company has opted for new tax rate of 25.17% under new section 115BBA of Income Tax Act, 1961, as compared to
29.12% in previous year.
d) Movement in deferred tax balances

March 31, 2020 R Lakhs
Particulars Net Balance Recognised in Recognised in OCI Net Balance
April 01, 2019 profit or loss March 31,2020
Deferred tax assets / (liabilities)
Property, plant and equipment (942.30) 85.43 - (856.87)
Cash flow hedge reserve (6.96) - 99.48 92.52
Employee benefits 80.52 (12.26) 12.85 81.11
Provision for doubtful advances 1.30 (0.17) - 1.13
Lease Liability - 2.29 - 2.29
Net Deferred tax assets / (liabilities) (867.44) 75.29 112.33 (679.82)

Particulars Net Balance Recognised in Recognised in OCI Net Balance
April 01, 2019 profit or loss March 31,2020
Property, plant and equipment (905.74) (36.56) - (942.30)
Cash flow hedge reserve 80.86 - (87.82) (6.96)
Employee benefits 76.41 (20.13) 24.24 80.52
Provision for doubtful advances 5.82 (4.52) - 1.30
Net Deferred tax assets / (liabilities) (742.65) (61.21) (63.58) (867.44)
• 137
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25 Current borrowings
R Lakhs
March 31, 2020 March 31, 2019
Unsecured Loan
Loans repayable on demand
From banks * 2,316.42 -
Total 2,316.42 -
*Unsecured loans are repayable on demand and the interest payable on borrowings range from 4.5% to 5% p.a.
26 Current trade payables

R Lakhs
March 31, 2020 March 31, 2019
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises 1,337.59 1,068.15
Total 1,337.59 1,068.15
27 Other Current Financial Liabilities

R Lakhs
March 31, 2020 March 31, 2019
Derivative Foreign exchange forward contracts 199.17 -
Employees related payables 56.37 81.20
Book overdraft - 19.93
Unpaid dividend 80.40 76.45
Payable for capital goods 56.97 -
Other liabilities 269.09 86.62
Total 763.51 264.20
28 Other current non-financial liabilities

R Lakhs
March 31, 2020 March 31, 2019
Advances from customers 61.73 51.27
Statutory dues and other dues payable 104.88 56.06
Total 166.61 107.33
29 Current provisions
R Lakhs
March 31, 2020 March 31, 2019
Provision for employee benefits (Refer Note no.47)
Total 56.41 50.61
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30 Income tax liabilities (net)

R Lakhs
March 31, 2020 March 31, 2019
Provision for taxation (net) 27.83 178.25
Total 27.83 178.25
31 Liabilities classified on assets held for sale

R Lakhs
March 31, 2020 March 31, 2019
Advance for land - 50.00
Total - 50.00
32 Revenue from operations

R Lakhs
March 31, 2020 March 31, 2019
Sale of products 18,208.81 18,749.90
Total 18,208.81 18,749.90
The Chief Operating Decision Maker (CODM) evaluates the performance of the Company based on revenue and operating income
in one segment i.e. “Processed food” . Accordingly, as per Ind AS-108, the Company has only one business segment and hence
disaggregation information has not been separately disclosed.
33 Other income
R Lakhs
March 31, 2020 March 31, 2019
Interest income from
Bank deposits 89.59 24.56
Others 6.69 27.63
Other non-operating revenue
Export incentives 1,238.46 1,263.32
Dividend income -
From subsidiary 0.04 0.17
From Mutual Fund 24.68 -
Unwinding of discount on security deposit 3.14 1.63
Foreign exchange gain (net) 672.13 -
Liabilities no longer required written back 0.95 12.09
Profit on sale of fixed assets 1.48 -
Profit on sale of mutual funds 3.13 -
Profit on fair value of mutual funds 0.15 -
Miscellaneous income 135.25 75.65
Total 2,175.69 1,405.05
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• ADF FOODS LTD.
34 Cost of materials consumed

(a) Raw material consumed
R Lakhs
March 31, 2020 March 31, 2019
Inventories at the beginning of the year 274.47 299.34
Add: Purchases (net) 5,968.91 6,517.84
6,243.38 6,817.18
Less: Inventories at the end of the year 356.18 274.47
Total 5,887.20 6,542.71
(b) Packing material consumed

R Lakhs
March 31, 2020 March 31, 2019
2,944.33 3,031.53
Less: Inventories at the end of the year 650.68 641.69
Total 2,293.65 2,389.84
Total cost of materials consumed 8,180.85 8,932.55
(c) Purchase of stock-in-trade

R Lakhs
March 31, 2020 March 31, 2019
Purchases 747.01 654.87
Total 747.01 654.87
35 Changes in inventories of finished goods, stock in trade and work-in-progress

R Lakhs
March 31, 2020 March 31, 2019
Inventories at the beginning of the year
Work-in progress 1,495.86 921.00
Stock in trade 51.17 166.74
1,701.54 1,280.14
Less: Inventories at the end of the year
Work-in progress 1,303.59 1,495.86
Stock in trade 44.74 51.17
1,749.01 1,701.54
Total (47.47) (421.40)
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36 Employee benefits expenses

R Lakhs
March 31, 2020 March 31, 2019
Salaries and wages 1,381.57 1,179.52
Contribution to provident fund and other funds 71.21 77.99
Staff welfare expenses 59.06 85.42
Total 1,511.84 1,342.93
37 Finance costs
R Lakhs
March 31, 2020 March 31, 2019
Interest expense on
Borrowing from banks 70.61 24.41
Borrowing from financial institutions - 0.87
Lease 18.29 -
Others 44.51 61.62
Total 133.41 86.90
38 Depreciation and amortisation expenses

R Lakhs
March 31, 2020 March 31, 2019
Tangible assets 550.40 429.50
Intangible assets 1.20 1.58
Total 551.60 431.08
39 Other expenses
R Lakhs
March 31, 2020 March 31, 2019
Freezing and preservation charges 59.07 59.07
Power & fuel 552.87 530.11
Electricity 12.56 9.85
Water charges 14.42 13.59
Rent including lease rent 40.00 188.29
Repairs and maintenance to building 80.48 27.11
Repairs and maintenance to machinery 112.60 88.85
Repairs and maintenance to others 31.33 27.81
Insurance 35.02 33.73
Rates and taxes 44.81 66.90
Communication expenses 36.05 39.98
Travelling and conveyance expenses 376.02 335.16
Motor car expenses 35.10 38.18
Printing and stationery expenses 11.50 15.22
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• ADF FOODS LTD.
R Lakhs
March 31, 2020 March 31, 2019
Freight and forwarding expenses 1,440.62 1,386.86
Sales commission and claims 325.97 327.09
Advertisement 541.33 517.68
Sales and marketing expenses 652.07 217.41
Donations - 0.05
Legal and professional fees 470.96 360.47
Payment to auditor (Refer Note no. 39.1) 20.57 20.37
CSR expenses (Refer Note no. 49) 59.79 50.16
Registration and filling fees 7.12 7.42
Directors' sitting fees 23.30 15.30
Bad debts written off - 1.80
Foreign exchange Gain/loss - 99.75
Loss on sale of fixed assets / assets scrapped 19.14 55.01
Written back / provision for doubtful trade receivables - (0.38)
Miscellaneous expenses 218.25 195.55
Total 5,220.95 4,728.39
39.1 Payment to Auditors:

R Lakhs
March 31, 2020 March 31, 2019
Payment to auditor comprise :
For statutory audit 11.00 11.00
For other services 8.82 8.96
For reimbursement of expenses 0.75 0.41
Total 20.57 20.37
40. Contingent Liabilities and Commitments

a. Contingent Liabilities
R Lakhs
Sr. Particulars As at As at
No March 31, 2020 March 31, 2019
1. Claims against the company not acknowledged as debts:
a. Income Tax Matters 289.04 289.04
b. Service Tax Matters 463.54 463.54

c. Legal Cases* 11.05 100.94
2. Guarantees:
a. Guarantees issued by the banks (net of margin money) 114.35 29.60
*During the previous year the subsidiary received the notice of violation from Centre for Environmental
Health (CEH), a non-profit California Corporation which has filed a law suit against ADF Foods (USA) Ltd. &
certain others non-affiliate Companies as defendants (‘’Defendants’’) with the Superior Court of California,
County of Alameda. The plaintiff in its complaint has alleged that the Defendant and distributors and
Importers who have violated California’s Proposition 65, Health & Safety Code § 25249.5, et seq.
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The previous year’s amount of r 100.94 lakhs include r 89.89 lakhs on account of the above case.
Notes:
a. It is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of above
pending resolution of the respective proceedings as it is determinable only on receipt of judgments/
decisions pending with various forums/authorities.
b. The Company does not expect any reimbursements in respect of the above contingent liabilities.
b. Capital commitments
R Lakhs
March 31, 2020 March 31, 2019
Capital commitments (net of advances) 76.25 338.91
41. Dues to Micro and Small Enterprises

Micro and small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006
(MSMED Act) have been identified by the Company on the basis of the information available with the Company
and the auditors have relied on the same. Sundry creditors include total outstanding dues to micro enterprises
and small enterprises amounting to r 27.58 lakhs (2018-19: r 32.48 lakhs). The disclosures pursuant to MSMED
Act based on the books of account are as under:
R Lakhs
March 31, 2020 March 31, 2019
Dues remaining unpaid 27.58 32.48
Principal 27.30 31.75
Interest 0.28 0.73
Interest paid in terms of Section 16 of MSMED Act Nil Nil
Amount of interest due and payable for the period of delay on payments made beyond the Nil Nil
appointed day during the year but without adding the interest specified under the MSMED Act
Amount of interest accrued and remaining unpaid 0.28 0.73
Amount of further interest due and payable even in the succeeding year, until such date when the Nil Nil
interest dues as above are actually paid to the small enterprise, for the purpose of disallowance
as a deductible expenditure under section 23.
42. Disclosures made in terms of Schedule V of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015
a. Advances to Subsidiaries
Loans and advances in the nature of loans given to subsidiaries, associates, firms/companies in which
directors are interested:
R Lakhs
Name of the party Relationship Amount outstanding as at Amount outstanding as at Maximum balance
March 31, 2020 March 31, 2019 outstanding during
the year
ADF Foods UK Limited Subsidiary Nil Nil Nil
b. Deposits paid to related parties

Interest free security deposit of r 9.50 lakhs (2018-19: r 10.00 lakhs), paid for guest house taken on lease
from a Related party.
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43. Disclosures u/s 186(4) of the Companies Act, 2013

Details of investments made are disclosed under Note 5 and 12. There are no loans or guarantees given by the
company.
44. Disclosures in respect of lease
The Company has adopted Ind AS 116 ‘Leases’ with the date of initial application being April 1, 2019. Ind AS 116
replaces Ind AS 17 – Leases and related interpretation and guidance. The Company has applied Ind AS 116 using
the modified retrospective approach, under which the cumulative effect of initial application is recognised in
retained earnings at April 1, 2019. As a result, the comparative information has not been restated. In adopting
Ind AS 116, the Company has applied the below practical expedients:
The Company has applied a single discount rate to a portfolio of leases with reasonably similar characteristics
The Company has treated the leases with remaining lease term of less than 12 months as if they were “short
term leases”
The Company has not applied the requirements of Ind AS 116 for leases of low value assets. The Company has
excluded the initial direct costs from measurement of the right-of-use asset at the date of transition.
The Company has used hindsight, in determining the lease term if the contract contains options to extend or
terminate the lease.
On transition to Ind AS 116, the Company recognised right-of-use assets amounting to Rs 253.27 lakhs, related
accumulated depreciation amounting to Rs 99.31 lakhs, lease liabilities amounting to Rs 253.27 lakhs as at April
1, 2019. The Company has discounted lease payments using the applicable incremental borrowing rate as at
April 1, 2019, which is 8.95% for measuring the lease liability.
Movement of right-of-use assets and depreciation is given in Note no. 4(a) and Interest on account of Ind AS 116
is given in Note no. 37
The difference between the future minimum lease rental commitments towards non-cancellable operating
leases and finance leases reported as at March 31, 2019 compared to the lease liability as accounted as at April
1, 2019 is primarily due to inclusion of present value of the lease payments for the cancellable term of the leases,
reduction due to discounting of the lease liabilities as per the requirement of Ind AS 116 and exclusion of the
commitments for the leases to which the Company has chosen to apply the practical expedient as per the
standard.
R Lakhs
Impact of adoption of Ind AS 116 As at
April 1, 2019
Right-of-use assets 253.27
Lease Liability (253.27)
The Company has entered into operating leases on its office buildings. These leases have terms of between
3 and 99 years. All leases include a clause to enable upward revision of the rental charge on an annual basis
according to prevailing market conditions. Future minimum contractual rentals payable under non-cancellable
operating leases as at March 31, 2020 are, as follows:
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R Lakhs
March 31, 2020 March 31, 2019
i) Not later than one year 111.65 108.50
ii) Later than one year and not later than five years 59.15 170.30
iii) Later than five years 40.33 40.83
Short term lease payment recognised in the Statement of Profit and Loss for the year ended March 31, 2020 is
r 40.00 lakhs.
45. Related party disclosures
List of related parties as required by Ind AS – 24, “Related Party Disclosure” are given below
Sr. No: Related party relationship Name of the Related Parties
ADF Foods UK Limited
ADF Foods (India) Limited
1 Direct subsidiaries
Power Brands (Foods) Private Limited (Under members’ voluntary liquidation-
refer note no. 50)
ADF Holdings (USA) Limited
2 Indirect subsidiaries
ADF Foods (USA) Limited
Mr. Jay M. Mehta
Ms. Anjali Seth (upto March 9,2020)
Mr. Naresh L. Kothari
3 Key managerial personnel – Non Executive Mr. Ravindra Kumar Jain
Mr. Viren A. Merchant
Mr. Chandir Gidwani (w.e.f. February 7, 2020)
Ms. Deepa Harris (w.e.f. March 25, 2020)

Mr. Bimal R. Thakkar – Chairman (w.e.f. June 5, 2019) Managing Director and
Chief Executive Officer
4 Key managerial personnel
Mr. Devang Gandhi – Chief Operating Officer (w.e.f. August 10, 2019)
Mr. Anish S. Jhaveri – Chief Financial Officer
Mrs. Mahalaxmi R. Thakkar (Relative of Director)
5 Relative of key managerial personnel Mr. Shivaan B. Thakkar (Relative of Director)
Manager Business & Strategy
The following transactions were carried out with the related parties in the ordinary course of business:
R Lakhs
Particulars Financial Direct Indirect Key Managerial Relatives of Total
Year Subsidiaries Subsidiaries Personnel Key Managerial
Personnel
Dividend Income 2019-20 0.04 - - - 0.04
2018-19 - - - - -
2019-20 58.27 19.99 - - 78.26
Sale of goods
2018-19 49.87 147.79 - - 197.66
Sale of Fixed Assets 2019-20 - - - - -
2018-19 - - - 57.50 57.50
Managerial Remuneration 2019-20 - - 255.48 - 255.48
2018-19 - - 281.83 - 281.83
Salary 2019-20 - - 108.84 13.75 122.59
2018-19 - - 23.96 14.73 38.69
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• ADF FOODS LTD.
R Lakhs
Particulars Financial Direct Indirect Key Managerial Relatives of Total
Year Subsidiaries Subsidiaries Personnel Key Managerial
Personnel
Independent Director’s Sitting 2019-20 - - 23.30 - 23.30
fees 2018-19 - - 15.30 - 15.30
2019-20 - - - 0.50 0.50

Rent
2018-19 - - - 0.50 0.50
Investment in Preference Shares 2019-20 821.67 - - - 821.67
of ADF Foods UK Limited. 2018-19 68.90 - - - 68.90
Preference Shares Application of 2019-20 358.09 - - - 358.09
ADF Foods UK Ltd 2018-19 - - - - -
Balances outstanding at the end of the year:

R Lakhs
Particulars Financial Year Direct Indirect Key Relatives of Total
Subsidiaries Subsidiaries Managerial Key managerial
Personnel personnel
Non-current investments 2019-20 6,614.19 - - - 6,614.19
2018-19 5,792.52 - - - 5,792.52
Other Non-Current Financial 2019-20 358.09 - - - 358.09
Asset 2018-19 - - - - -
Non-Current loans (Security 2019-20 - - - 9.50 9.50
Deposit) 2018-19 - - - 10.00 10.00
Trade payable 2019-20 44.10 - - - 44.10
2018-19 44.10 - - - 44.10
Trade receivable 2019-20 61.20 - - - 61.20
2018-19 26.74 144.02 - - 170.76
Material related party transactions as under:

R Lakhs
Particulars Name of the related parties As at As at
March 31, 2020 March 31, 2019
ADF Foods (India) Limited 58.27 31.58
Sale of goods ADF Foods UK Limited - 18.29
ADF Foods (USA) Limited 19.99 147.79
Investment in Preference Shares ADF Foods UK Limited 821.67 68.90
Preference share application money ADF Foods UK Limited 358.09 -
Mr. Ashok H. Thakkar* - 91.13
Managerial Remuneration Mr. Bimal R. Thakkar** 255.48 99.57
Mr. Bhavesh R. Thakkar* - 91.13
Salary Mr. Mishal A. Thakkar - 13.04
Mr. Shivaan B. Thakkar 13.75 1.69
Mr.Devang Gandhi 46.19 -
Mr. Anish S. Jhaveri 62.65 23.96
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R Lakhs
March 31, 2020 March 31, 2019
Mr. Jay M. Mehta 3.50 1.20
Ms. Anjali Seth 4.20 2.55
Non-Executive Directors Sitting Fees Mr. Naresh L. Kothari 3.30 2.70
Mr. Ravindra Kumar Jain 6.50 4.05
Mr. Viren A. Merchant 5.80 4.80
Mr. Ashok H. Thakkar - 15.00
Sale of vehicles Mr. Bhavesh R. Thakkar - 18.00
Mr. Mishal A. Thakkar - 24.50
Rent Mrs. Mahalaxmi R. Thakkar 0.50 0.50
Non-current investments ADF Foods UK Limited 6,609.19 5,787.52
Non-Current loans (Security Deposit) Mrs. Mahalaxmi R. Thakkar 9.50 10.00
ADF Foods (India) Limited 61.20 26.74
Trade receivable
ADF Foods (USA) Limited - 144.02
Trade payable Power Brands (Foods) Pvt. Ltd. 44.10 44.10
*Salary paid to the related parties Mr. Ashok H. Thakkar & Mr. Bhavesh R. Thakkar includes full & final settlement amount comprising of the
salary components related to prior years of service. Related parties Mr. Ashok H. Thakkar & Mr. Bhavesh R. Thakkar have resigned from May
29, 2018. Salary amount of above related parties includes post-retirement benefits settlement amount paid on resignation.
**Due to changes in terms of remuneration of Mr. Bimal R Thakkar, Salary component includes r 125.43 lakhs for gratuity and other
allowances related to prior years of service and also includes r 120.00 lakhs for annual performance based incentive paid for the year
2018-19.
Compensation to Key Managerial Personnel is as follows:

R Lakhs
March 31, 2020 March 31, 2019
Short term employee benefits 3.66 0.40
Post-retirement benefits 2.23 96.41
Share based payment transactions - -
46. Financial and derivative instruments – Hedge Accounting

i) Impact of hedging activities
a. Disclosure of effects of hedge accounting on financial position:
Types of hedge Nominal value Carrying amount of Maturity Hedge Changes in Change in the value
and risks hedging instrument date ratio* fair value of hedged item
Assets Liabilities Assets Liabilities of hedging used as the basis for
instrument recognising hedge
effectiveness
Cash flow hedge
foreign exchange April 2020 to
risk foreign 8,792.95 - - 199.17 1:1 (395.24) 395.24
exchange forward March 2021
contracts
• 147
• ADF FOODS LTD.
Types of hedge Nominal value Carrying amount of Maturity Hedge Changes in Change in the value
and risks hedging instrument date ratio* fair value of hedged item
Assets Liabilities Assets Liabilities of hedging used as the basis for
instrument recognising hedge
effectiveness
Cash flow hedge
foreign exchange April 2019 to
risk foreign 8,420.12 - 213.55 - 1:1 301.65 (301.65)
exchange forward March 2020
contracts
* The foreign exchange forward contracts are denominated in the same currency as the highly probable future sales therefore the hedge
ratio is 1:1
b. Disclosure of effects of hedge accounting on financial performance

March 31, 2020
R Lakhs
Type of Hedge Change in the value of Hedge ineffectiveness Amount reclassified Line item affected in
hedging instrument recognised in profit from cash flow hedging statement of profit
recognised in other or (loss) reserve to profit or loss and loss because of the
comprehensive income reclassification
Cash flow hedge foreign (395.24) (17.48) - Other Income
exchange risk

hedging instrument recognised in profit or from cash flow hedging statement of profit
recognised in other (loss) reserve to profit or loss and loss because of the
Cash flow hedge foreign 301.65 - - -
exchange risk
The Company’s hedging policy only allows for effective hedge relationships to be established. Hedge
effectiveness is determined at the inception of the hedge relationship and through periodic prospective
effectiveness assessments to ensure that an economic relationship exists between the hedged item and
hedging instrument. The Company enters into hedge relationships where the critical terms of the hedging
instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness
is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no
longer match exactly with the critical terms of the hedging instrument, the Company uses the hypothetical
derivative method to assess effectiveness.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component
value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable
to the hedged risk. In hedges of foreign currency forecast sale may arise if:
- The critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the
forecast transaction, interest resets changes from what was originally estimated), or
- Differences arise betwen the credit risk inherent within the hedged item and the hedging instrument.
Refer Note – 21 for the details related to movement in cash flow hedging reserve.
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47. Employee Benefits

a. Defined contribution plans
Amount of r 65.38 lakhs (2018-19: r 65.99 lakhs) representing contribution to provident fund is recognised
as an expense and is included in “Employee benefits expenses” in the Statement of Profit and Loss.
Amount of r 5.73 lakhs (2018-19: r 11.90 lakhs) representing contribution to Employee State Insurance
scheme is recognised as an expense and is included in “Employee benefits expenses” in the Statement of
Profit and Loss.
b. Defined benefit plan
Compensated absence
Provision for compensated absences is made for outstanding leave balance at the year end at basic salary
cost which can be utilized in future and are en-cashable. Amount of r 74.46 lakhs (2018-19: r 34.68 lakhs)
has been recognised in balance sheet of which r 66.28 lakhs (2018-19: r 32.32 lakhs) shown under long
term provision and balance r 8.18 lakhs (2018-19: r 2.36 lakhs) is shown under short term provision as
given in the Actuarial report as on March 31, 2020.
Expenses of r 52.57 lakhs (2018-19: r 11.34 lakhs) are recognised in the Statement of Profit and Loss.
Compensated sick leave
Provision for compensated absences is made for outstanding sick leave balance at the year end at gross
salary which can be utilized in future and are non en-cashable. Amount of r 14.01 lakhs (2018-19: r 11.10
lakhs) has been recognised in balance sheet of which r 12.24 lakhs (2018-19: r 9.66 lakhs) shown under
long term provision and balance r 1.77 lakhs (2018-19: r 1.44 lakhs) is shown under short term provision as
Gratuity
Funded
The Company has offered its employees defined benefit plan in the form of Group Gratuity Scheme.
Gratuity Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act,
1972. The Company has made irrevocable contribution of funds to LIC of India.
The present value of the defined benefit obligation and the related current service cost is measured using
the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date.
Unfunded
Amount of r Nil (2018-19: r 124.59 lakhs) has been recognised in balance sheet of which r Nil (2018-19:
r 77.78 lakhs) shown under long term provision and balance r Nil (2018-19: r 46.81 lakhs) is shown under
short term provision as given in the Actuarial report as on March 31, 2020.
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R Lakhs
Particulars Gratuity (funded and unfunded)
2019-20 2018-19
I Present value of obligation
Liability at the beginning of the year 292.64 333.06
Interest cost 22.80 24.98
Current service cost 21.06 17.09
Benefit paid (170.91) (164.01)
Benefit payable by the Company - -
Actuarial (gain) / loss on obligations - Due to change in financial 19.34 (8.34)
assumptions
Actuarial (gain) / loss on obligations – Due to experience adjustment 31.24 89.86
Liability at the end of the year 216.17 292.64
II Change in Plan Assets
Fair value of plan assets at the beginning of the year 168.05 161.95
Interest Income 13.09 12.15
Actual return on plan assets - -
Employer’s Contributions 23.47 17.41
Benefit paid (51.59) (21.74)
Re-measurement – return on assets (0.49) (1.72)
Fair value of plan assets at the end of the year 152.53 168.05
III Amount recognised in the balance sheet
Net (Liability)/ Asset Recognized in the Balancesheet 63.64 124.59
IV Expenses recognised in the Statement of Profit and Loss
Net actuarial (gain) / loss to be recognized - -
Expense recognised in Statement of Profit and Loss 30.76 29.92
V Amount recognized in Other Comprehensive Income
Actuarial (Gains)/Losses on Obligation For the Period 50.58 81.52
Return on Plan Assets, Excluding Interest Income 0.49 1.72
Net (Income)/Expense For the Period Recognized in OCI 51.07 83.24
VI Actuarial assumptions :
Discount rate 6.84% 7.79%
Rate of return on plan assets 6.84% 7.79%
Salary escalation 6.00% 6.00%
Mortality Indian Assured lives Mortality(2006-08)
Ultimate
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Maturity Analysis of the Benefit Payments: From the Fund

R Lakhs
Projected Benefits Payable in Future Years From the Date of Reporting 2019-20 2018-19
1st Following Year 21.58 10.80
2nd Following Year 4.04 30.91
3rd Following Year 5.85 7.39
4th Following Year 5.66 12.70
Sum of Years 6 to 10 79.37 101.22
Sum of Years 11 and above 368.78 537.82
Sensitivity Analysis
R Lakhs
Projected Benefit Obligation on Current Assumptions 2019-20 2018-19
Projected Benefit Obligation on Current Assumptions 216.17 292.64
Delta effect on + 1% Change in Rate of Discounting (20.28) (26.26)
Delta effect on - 1% Change in Rate of Discounting 23.67 30.30
Delta effect on + 1% Change in Rate of Salary Increase 23.63 30.54
Delta effect on - 1% Change in Rate of Salary Increase (20.61) (26.91)
Delta effect on + 1% Change in Rate of Employee Turnover 1.22 3.99
Delta effect on - 1% Change in Rate of Employee Turnover (1.40) (4.43)
48. Computation of earnings per share

R Lakhs
Particulars 2019-20 2018-19
Profit after tax 3,147.15 3,047.73
Weighted average number of equity shares outstanding at the end of the year 2,00,22,719 2,05,31,233
Earnings per share
Basic 15.72 14.84
Diluted 15.72 14.84
Nominal value of shares 10 10
49. The company has spent r 59.79 lakhs during the financial year (Previous year r 50.16 lakhs) as per the provisions
of section 135 of the Companies Act, 2013 towards Corporate Social Responsibility (CSR) activities – grouped
under ‘other expenses’.
a. Gross amount required to be spent by the company during the year r 64.58 lakhs (Previous year – r 50.06
lakhs).
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b. Amount spent during the year on:

R Lakhs
Particulars Amount Spent in Amount yet to be Total Amount
cash paid in cash *
Year ending March 31, 2020
(i) Construction/Acquisition of an asset - - -
(ii) On purposes other than (i) above 59.79 - 59.79
Total CSR Expenses 59.79 - 59.79
Year ending March 31, 2019
(i) Construction/Acquisition of an asset - - -
(ii) On purposes other than (i) above 50.16 - 50.16
Total CSR Expenses 50.16 - 50.16
Out of total amount required to be spent i.e. r 64.58 lakhs, r 4.79 lakhs will be spent in next financial year.
50. The Company held majority shareholding in Power Brands (Foods) Private Limited (‘PBFPL’). It presently holds
2,08,85,992 fully paid Equity Shares of r 10/- each (including 20,75,992 Equity shares acquired at r 330.08 lakhs
in Financial Year 2012-13). PBFPL is presently under voluntary liquidation process.
Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL went into the members’
voluntary liquidation. In the course of liquidation process, the voluntary liquidator, with the prior approval of the
members vide their special resolution dated March 8, 2013, distributed PBFPL’s intangible asset - Ashoka brand
and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in PBFPL
while retaining certain other fixed and current assets to meet its contingent and other liabilities.
By virtue of the above distribution, the Company received Ashoka brand in the financial year 2012-13 (valued at
r 2,935.99 lakhs by an independent valuer) in lieu of its investment in PBFPL’s equity shares of r 2,211.08 lakhs.
Accordingly, the Company capitalised the said brand in its books at r 2,935.99 lakhs in the said financial year
after adjusting the same against the investment value of r 2,211.08 lakhs and carried the balance of r 724.91
lakhs to the credit of the Statement of Profit and Loss as an exceptional item in that year.
During the Financial Year 2012-13, the voluntary liquidator, with the prior approval of the members vide their
special resolution dated 10th November 2014, distributed PBFPL’s immovable property situated at Sewree,
Mumbai and part of cash and bank balance to its Shareholders in proportion to their respective shareholding
in PBFPL while retaining certain other current assets to meet with its contingent and other liabilities. The
excess value of assets so received over the investment value in Equity Shares of PBFPL was accounted for in the
Company’s Statement of Profit & Loss under the head exceptional item.
Consequently, the investment in Equity Shares of PBFPL stand fully realised. However, pending completion of
liquidation process, the Company has not surrendered the said shares to the Voluntary liquidator and they have
been shown under the head “Investment” at nil value.
51. Financial instruments – Fair values and risk management
Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value
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R Lakhs
Carrying amount Fair value
Fair value Fair value
March 31, 2020 through through other Amortised
Total Level 1 Level 2 Level 3 Total
profit and comprehensive Cost
loss income
Financial Assets
Non-Current
Trade Receivables - - 4.51 4.51 - - - -
Loans 41.13 - 97.87 139.00 - 41.13 - 41.13
Other financial assets - - 375.83 375.83 - - - -
Current
Investments 1,802.93 - - 1,802.93 1,802.93 - - 1,802.93
Trade Receivables - - 4,388.49 4,388.49 - - - -
Cash and cash
- - 1,005.68 1,005.68 - - - -
equivalents
Bank balances other
- - 1,650.75 1,650.75 - - - -
than above
Loans - - 10.54 10.54 - - - -
Total 1,844.06 - 8,247.86 10,091.92 1,802.93 41.13 - 1,844.06
Financial Liabilities
Non-Current
Other financial liabilities - - 61.54 61.54 - - - -
Current
Borrowings - - 2,316.42 2,316.42 - - - -
Trade payables - - 1,365.17 1,365.17 - - - -
Other financial liabilities - 199.17 564.34 763.51 - 199.17 - 199.17
Total - 199.17 4,307.47 4,506.64 - 199.17 - 199.17
R Lakhs
March 31, 2019 Carrying amount Fair value
Fair value Fair value Amortised Total Level 1 Level 2 Level 3 Total
through through other Cost
profit and comprehensive
loss income
Financial Assets
Non-Current
Trade receivable - - 4.51 4.51 - - - -
Loans 37.99 - 90.19 128.18 - 37.99 - 37.99
Current
Trade receivable - - 4,222.05 4,222.05 - - - -
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R Lakhs
Fair value Fair value Amortised Total Level 1 Level 2 Level 3 Total
through through other Cost
profit and comprehensive
loss income
Cash and cash
- - 1,234.69 1,234.69 - - - -
equivalents
Bank balances other
- - 403.31 403.31 - - - -
than above
Loans - - 14.06 14.06 - - - -
Other financial assets - 213.55 586.62 800.17 - 213.55 - 213.55
Assets held for sale 14.63 - - 14.63 - 14.63 - 14.63
Total 52.62 213.55 6,591.11 6,857.28 - 266.17 - 266.17
Current
Trade payables - - 1,099.90 1,099.90 - - - -
Other Current Financial
- - 264.20 264.20 - - - -
Liabilities
Liabilities classified as
50.00 - - 50.00 - 50.00 - 50.00
held for sale
Total 50.00 - 1,364.10 1,414.10 - 50.00 - 50.00
Fair Value Hierarchy

The fair value of financial instruments as referred to in note above have been classified into three categories
depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable
inputs (Level 3 measurements).
The categories used are as follows:
• Level 1: Quoted prices for identical instruments in an active market;
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
• Level 3: Inputs which are not based on observable market data.
Calculation of Fair Values
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Methods and assumptions used to estimate the fair values are consistent with prior years.
Financial assets and liabilities measured at fair value as at Balance Sheet date:
1. The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the
issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents
the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem
such units from the investors.
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2. The fair values of the derivative financial instruments have been determined using valuation techniques
with market observable inputs. The models incorporate various inputs including the credit quality of
counter-parties and foreign exchange forward rates.
3. Loans – Security Deposits have fair values that approximate to their carrying amounts as it is based on the
net present value of the anticipated future cash flows using rates currently available for debt on similar
terms, credit risk and remaining maturities.
52. Financial Risk Management
The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The
Company’s primary focus is to foresee the unpredictability of financial markets and seek to minimize potential
adverse effects on its financial performance. The primary market risk to the Company is foreign exchange risk.
The Company uses derivative financial instruments - foreign currency forward contracts to mitigate foreign
exchange related risk exposures. The Company’s exposure to credit risk, excluding receivables from related
parties, is influenced mainly by the individual characteristic of each customer
(i) Credit Risk
Credit risk arises from trade receivables, cash and cash equivalents and deposits with banks and financial
institutions.
Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss.
Credit risk is managed on a financial asset basis. For banks and financial institutions, only high rated banks/
institutions are accepted.
Company’s maximum exposure to credit risk for each class of financial asset is the carrying amount of the
financial assets recognised in the statement of financial position.
The Company considers the probability of default upon initial recognition of asset and whether there has
been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess
whether there is a significant increase in credit risk the Company compares the risk of a default occurring
on the asset as at the reporting date with the risk of default at the date of initial recognition. It considers
available reasonable and supportive forwarding-looking information. Especially the following indicators are
incorporated:
- Historical trend default in case of applicable financial asset
- Actual or expected significant adverse changes in business, financial or economic conditions that are
expected to cause a significant change to the counter party’s ability to meet its obligations
- Other applicable macroeconomic information such as regulatory changes
A default on a financial asset is when the counter party fails to make contractual payments within agreed
credit terms from the date when they fall due. This definition of default is determined by considering the
business environment in which entity operates and other macro-economic factors.
The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting
to r 4.51 lakhs (March 31, 2019 – r 4.51 lakhs) shown as non-current and r 4,388.49 lakhs (March 31,
2019 – r 4,222.05 lakhs) shown as current as at reporting date. Trade receivables are typically unsecured.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business.
The Company expects that estimate of expected credit loss for impairment is immaterial based on
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historical trend and the nature of business. No provision is considered necessary as at reporting date other
than disclosed in Note 6 and 13 and Management continuously assesses the requirement for provision on
ongoing basis. During the period, the Company made no write-offs of trade receivables except for those
disclosed in Note 39.
(ii) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its
liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company’s reputation.
The Management regularly monitors rolling forecasts of the Company’s liquidity position on the basis of
expected cash flows to ensure it has sufficient cash to meet ongoing operational fund requirements.
R Lakhs
March 31, 2020 Contractual cash flows
Carrying Total Within 12 1-2 years 2-5 years More than 5
Amount months years
Non-Current
Other financial liabilities 61.54 61.54 - 57.65 2.00 39.83
Current
Borrowings 2,316.42 2,316.42 2,316.42 - - -
Trade payables
a) Total outstanding dues of Micro 27.58 27.58 27.58 - - -
Enterprises and Small Enterprises
b)Total outstanding dues of 1,337.59 1,337.59 1,337.59 - - -
creditors other than Micro
Other Financial Liabilities 763.51 763.51 763.51 - - -
Total 4,506.64 4,506.64 4,445.10 57.65 2.00 39.83
R Lakhs
Amount months years
Current
Trade payables
a) Total outstanding dues of Micro 31.75 31.75 31.75 - - -
b)Total outstanding dues of 1,068.15 1,068.15 1,068.15 - - -
creditors other than Micro
Liabilities classified as held for sale 50.00 50.00 50.00 - - -
Total 1,414.10 1,414.10 1,414.10 - - -
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(iii) Currency Risk

The Company operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD and GBP. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the Company’s functional
currency. The risk is measured through a forecast of highly probable foreign currency cash flows. The objective
of the hedges is to minimize the volatility of the INR cash flows of highly probable forecast transactions.
The company’s risk management policy is to hedge 100% of forecasted net exposures for period of 1 to 3
months of export sales and 70% of forecasted net exposures for 4 to 12 months of export sales.
In accordance with its risk management policies and procedures, the Company uses foreign currency forward
contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable forecasted
transactions. When derivative is entered into for the purpose of being a hedge, the Company negotiates the
terms of those derivatives to match the terms of the hedge exposure and assesses the effectiveness of the
hedged item and hedging relationship based on economic relationship.
The carrying amount of the Company’s exposure to foreign currency at the end of the reporting period
expressed in INR, are as follows:
a) Trade and other receivables
R Lakhs
As at March 31, 2020 As at March 31, 2019
Foreign currency Amount Amount Amount Amount
(in original (in original
currency) currency)
USD 47.34 3,571.46 50.57 3,496.18
GBP 8.10 752.94 7.72 697.89
b) Trade payable
R Lakhs
currency) currency)
USD 2.37 179.07 0.98 67.53
GBP 4.43 411.86 2.06 186.28
CAD 0.12 6.38 0.11 5.89
c) EEFC balance
R Lakhs
currency) currency)
USD 6.58 496.77 6.90 476.95
GBP 0.85 78.88 5.47 494.71
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The following significant exchange rates have been applied during the year:
Particulars Year- end spot rate as at
USD / INR 75.4500 69.1450
GBP / INR 92.9200 90.3700
CAD/ INR 53.1900 51.4800
Sensitivity for above exposures

A fluctuation in the exchange rates of 5% with other conditions remaining unchanged would have the
following effect on Company’s profit or loss after taxes as at March 31, 2020 and March 31, 2019:

Particulars Impact on profit after tax
For the year ended March 31, 2020 For the year ended March 31, 2019
USD / INR increase by 5% 126.93 121.51
USD / INR decrease by 5% (126.93) (121.51)

GBP / INR increase by 5% 12.76 18.13
GBP / INR decrease by 5% (12.76) (18.13)

CAD / INR increase by 5% (0.24) (0.21)
CAD / INR decrease by 5% 0.24 0.21
53. (a) Exceptional items represent r 35.37 Lakhs profit on sale of plots of land which the company had purchased
with the intention to build storage facility but no longer intends to use it for the purpose of the business.
It also includes expense aggregating to USD 95,000 equivalent to r 67.88 Lakhs. The same is towards
litigation settlement amount and legal fees in respect of a lawsuit filed in US.
(b) Movement of Borrowing
Particulars March 31, 2019 Cash flow Non-cash changes March 31, 2020
(Fair value changes)
Long term borrowings - - - -
Short term borrowings - 2,316.42 - 2,316.42
Total borrowings - 2,316.42 - 2,316.42
Long term borrowings 2.54 (2.54) - -
Short term borrowings 137.46 (137.46) - -
Total borrowings 140.00 (140.00) - -
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(c) As per the requirements of Ind AS 108 on “operating segments” segment information has been provided
under the note’s to consolidated Financial statement.
54. Previous year’s figures have been regrouped / restated wherever necessary to confirm to current year’s
classification. All figures have been rounded off to the nearest lakhs.
For and on behalf of the Board

DIN: 00087404
Shalaka Ovalekar
Company Secretary
Membership No: A15274
Place: Mumbai
Date: May 11, 2020
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INDEPENDENT AUDITOR’S REPORT

To the Members of ADF Foods Limited
Report on the Audit of the Consolidated Financial Statements
Opinion
We have audited the accompanying Consolidated Ind AS Financial Statements of ADF Foods Limited (hereinafter
referred to as the ‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred
to as “the Group”), which comprise the consolidated Balance Sheet as at March 31, 2020, and the Consolidated
Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Changes
in Equity and the Consolidated Statement of Cash Flows for the year then ended, and notes to the Consolidated
Financial Statements, including a summary of significant accounting policies (“the Consolidated Ind AS Financial
Statements”).
In our opinion and to the best of our information and according to the explanations given to us and based on the
consideration of reports of the other auditors on the separate financial statements of the subsidiaries referred to
in the Other Matters section below, the aforesaid Consolidated Ind AS Financial Statements give the information
required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at
March 31, 2020, of consolidated profit, consolidated changes in equity and its consolidated cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the
Companies Act, 2013 (“the Act”). Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent
of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI),
together with the ethical requirements that are relevant to our audit of the consolidated Ind AS financial statements
under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the Consolidated Ind AS Financial Statements of the current period. These matters were addressed in the context
of our audit of the Consolidated Financial Statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key Audit Matter Description l Our Response

1. Impairment of Indefinite-lived intangible assets
Indefinite-lived intangible assets (Brands) as at March 31, 2020 We have assessed the valuation methodology and challenged
amount to r 2,132.84 lakhs. management’s analysis and assumptions around the key
drivers of cash flow forecasts including discount rate, terminal
The impairment assessment must be performed at least
growth rate, royalty rate etc. by comparing them to relevant
annually and involves the determination of the recoverable
market data and with the assistance from our in-house
amount,
specialists. We also performed sensitivity analysis in respect
being the higher of the value-in-use and the fair value less of the above assumptions.
costs to dispose.
In respect of Indefinite-lived intangible assets of a subsidiary,
We consider this to be a key audit matter because the we have relied on the procedures carried out by the component
recoverability assessment of such assets involves complex auditor and their audit report on the financial statements of
and subjective estimates and judgements. the subsidiary for the year ended March 31, 2020.
These estimates and judgements are entrenched with We assessed the appropriateness and completeness of the
inherent uncertainty as they include assumptions in relation related disclosures in the financial statements.
to forecasting revenue growth rates, direct costs, foreign
exchange rates, discount rates and future cash flows.
2. Derivative Instruments and Hedge Accounting
The Holding Company enters into a high volume of Ensure that the entity’s Hedging policy is documented,
derivative financial instrument contracts to manage validated by adequate level of management, and
its exposure to foreign currency risk. These contracts communicated to all stakeholders within the entity.
gave rise to Derivative Liabilities of r 199.17 Lakhs as
Assess the process and controls to validate hedging
at March 31, 2020. These contracts are recorded at fair
requests (all hedging requests were duly validated by
value and for the majority of them hedge accounting is
adequate level of management, and are in line with the
applied, such that gains and losses arising from fair value
entity’s documented hedging policy).
changes are deferred in equity and recognised in the
Statement of Profit or Loss when hedges mature. The Verify that all derivatives documented in hedging
high volume of contracts necessitates a sophisticated relationships are allocated to a specific hedged risk from
system to record and track each contract and calculate their inception.
the related valuations at each financial reporting date. Testing Company’s management’s controls over
The valuation of hedging instruments and consideration derivative financial instruments and hedge accounting.
of hedge effectiveness can involve a significant degree
of both complexity and management judgement and are Inspecting, on a sample basis, appropriateness of
subject to an inherent risk of error. hedging documentation and contracts.
Obtaining confirmation in respect of derivative financial
instruments from counterparties.
Re-performing the year end valuations of derivative
financial instruments and calculations of hedge
effectiveness; and
We have also evaluated whether the liabilities and
potential exposures were appropriately disclosed in the
Financial Statements.
Other Information
The Holding Company’s Board of Directors is responsible for the other information. The other information comprises
the information included in the Annual Report, namely Management Discussion and Analysis, Director’s report,
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Corporate Governance Report, Business Responsibility Report and Share Holders Information but does not include
the Financial Statements and our auditor’s report thereon.
Our opinion on the Consolidated Financial Statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the Consolidated
Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If
based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report the fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with
respect to preparation of these Consolidated Financial Statements in terms of the requirements of the Act that
give a true and fair view of the consolidated financial position, consolidated financial performance (including other
comprehensive income), consolidated statement of changes in equity and consolidated cash flows of the Group in
accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards
specified under section 133 of the Act. The respective Board of Directors of the companies included in the Group
are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and the design, implementation and maintenance of adequate internal financial controls, that were operating
effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial
Statements by the Directors of the Holding Company, as aforesaid.
In preparing the Consolidated Financial Statements, the respective Board of Directors of the companies included
in the Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial
reporting process of the Group.
Auditor’s Responsibilities for the Audit of the Consolidated Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Consolidated Financial Statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
a) Identify and assess the risks of material misstatement of the Consolidated Financial Statements, whether due
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
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resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
b) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the holding company has adequate internal financial controls system in place and the
operating effectiveness of such controls.
c) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
d) Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures
in the Consolidated Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group to cease to continue as a going concern.
e) Evaluate the overall presentation, structure and content of the Consolidated Financial Statements, including
the disclosures, and whether the Consolidated Financial Statements represent the underlying transactions and
events in a manner that achieves fair presentation.
f) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible
for the direction, supervision and performance of the audit of the financial statements of such entities included
in the Consolidated Financial Statements of which we are the independent auditors. For the other entities
included in the Consolidated Financial Statements, which have been audited by other auditors, such other
auditors remain responsible for the direction, supervision and performance of the audits carried out by them.
We remain solely responsible for our audit opinion.
Materiality is the magnitude of misstatements in the Consolidated Financial Statements that, individually or in
aggregate, makes it probable that the economic decisions of the users of the Consolidated Financial Statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the
Consolidated Financial Statements.
We communicate with those charged with governance of the Holding Company and such other entities included in
the Consolidated Financial Statements of which we are the independent auditors regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the Consolidated Financial Statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
• 163
• ADF FOODS LTD.
Other Matters
We did not audit financial statements of two subsidiaries incorporated outside India, whose financial statements
reflect total assets of r 5,395.47 lakh as at March 31, 2020, total revenues of r 8,932.92 lakh and net cash inflows
amounting to r 767.32 lakhs for the year ended on that date, as considered in the Consolidated Financial Statements.
These financial statements have been audited by other auditors whose reports have been furnished to us by the
Management and our opinion on the Consolidated Financial Statements, in so far as it relates to the amounts and
disclosures included in respect of these subsidiaries and our report in terms of sub-sections (3) of Section 143 of the
Act, in so far as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.
These subsidiaries are located outside India whose financial statements and other financial information have been
prepared in accordance with accounting principles generally accepted in their respective countries and which have
been audited by other auditors under generally accepted auditing standards applicable in their respective countries.
The Holding Company’s management has converted the financial statements of such subsidiaries located outside
India from accounting principles generally accepted in their respective countries to accounting principles generally
accepted in India (Indian Accounting Standards ‘Ind AS’). We have audited these conversion adjustments made
by the Holding Company’s management. Our conclusion in so far as it relates to the balances and affairs of such
subsidiaries located outside India is based on the report of the other auditors and the conversion adjustments
made by the Holding Company’s management. Our opinion in so far as it relates to the balances and affairs of such
subsidiaries located outside India is based on the report of other auditors.
Our opinion on the Consolidated Financial Statements, and our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports
of the other auditors and the financial statements certified by the Management.
Report on Other Legal and Regulatory Requirements
As required by Section 143(3) of the Act based on our audit and on the consideration of reports of the other auditors
on separate financial statements and the other financial information of subsidiaries as noted in the ‘Other Matters’
paragraph, we report, to the extent applicable, that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid Consolidated Financial Statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid Consolidated
Ind AS Financial Statements have been kept so far as it appears from our examination of those books and the
reports of the other auditors.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including Other Comprehensive
Income), Consolidated Statement of Changes in Equity and the Consolidated Cash Flow Statement dealt with
by this Report are in agreement with the relevant books of account maintained for the purpose of preparation
of the Consolidated Ind AS Financial Statements.
d) In our opinion, the aforesaid Consolidated Financial Statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors of the Group Companies incorporated
in India as on March 31, 2020 taken on record by the Board of Directors of the respective Group Companies
incorporated in India, none of the directors of the Group Companies incorporated in India is disqualified as on
March 31, 2020 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of internal financial controls with reference to financial statements of the Group
and the operating effectiveness of such controls, refer to our separate report in “Annexure A”.
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g) According to information and explanations given to us and based on our examination of the records of the
Group, the Group has paid managerial remuneration in accordance with the requisite approvals mandated by
the provisions of Section 197 of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according
to the explanations given to us and based on the consideration of the report of the other auditors on separate
financial statements as also the other financial information of the subsidiaries, as noted in the ‘Other matter’
paragraph:
i. The Consolidated Ind AS Financial Statements disclose the impact of pending litigations on the consolidated
financial position of the Group. Refer Note 42 to the Consolidated Financial Statements.
ii. The Group did not have any material foreseeable losses on long-term contracts including derivative
contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Holding Company and its subsidiary Company incorporated in India during the year
ended March 31, 2020.

FARHAD M. BHESANIA
PARTNER
Place: Mumbai
Date: May 11, 2020
• 165
• ADF FOODS LTD.
ANNEXURE A TO THE INDEPENDENT AUDITOR’S REPORT

Referred to in Para 1 (f) ‘Report on Other Legal and Regulatory Requirements’ in our Independent Auditors’ Report
to the members of the Company on the Consolidated Ind AS Financial Statements for the year ended March 31,
2020.
Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Sub-section 3 of
Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the Internal Financial Controls with reference to financial statements of ADF Foods Limited
(hereinafter referred to as “the Company”) and its subsidiary Company, which are companies incorporated in India,
as of March 31, 2020 in conjunction with our audit of the Consolidated Ind AS Financial Statements of the Company
for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding Company and its subsidiary company, which are companies
incorporated in India, are responsible for establishing and maintaining internal financial controls based on “the
Internal Control Over Financial Reporting criteria established by the respective Companies considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) issued by the Institute of Chartered Accountants of India (ICAI). These
responsibilities include the design, implementation and maintenance of adequate internal financial controls that
were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required
under the Act.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Internal Financial Controls with reference to financial statements
of the Company and its subsidiary company, which are companies incorporated in India, based on our audit. We
conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and
deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of Internal Financial
Controls, both applicable to an audit of Internal Financial Controls and, both issued by ICAI. Those Standards and
the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether adequate internal financial controls with reference to financial statements
was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the Internal Financial
Controls System with reference to financial statements and their operating effectiveness.
Our audit of Internal Financial Controls System with reference to financial statements included obtaining an
understanding of Internal Financial Controls with reference to financial statements, assessing the risk that a material
weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of
material misstatement of the Consolidated Ind AS Financial Statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on internal financial controls system with reference to financial statements of the Company and its
subsidiary company, which are companies incorporated in India.
Meaning of Internal Financial Controls with reference to Financial Statements
A Company's Internal Financial Control with reference to financial statements is a process designed to provide
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reasonable assurance regarding the reliability of financial reporting and the preparation of Consolidated Ind
AS Financial Statements for external purposes in accordance with generally accepted accounting principles. A
Company's Internal Financial Control with reference to financial statements includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of Consolidated Ind AS Financial Statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the Company are being made only in accordance with
authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could
have a material effect on the Consolidated Ind AS Financial Statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements
Because of the inherent limitations of Internal Financial Controls with reference to financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud
may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference
to financial statements to future periods are subject to the risk that the Internal Financial Control with reference to
financial statements may become inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company and its
subsidiary company, which are companies incorporated in India, have, in all material respects, an adequate Internal
Financial Controls System with reference to financial statements and such Internal Financial Controls with reference
to financial statements were operating effectively as at March 31, 2020 based on “the Internal Control Over Financial
Reporting criteria established by the respective companies considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute
of Chartered Accountants of India.

FARHAD M. BHESANIA
PARTNER
Place: Mumbai
Date: May 11, 2020
• 167
• ADF FOODS LTD.
CONSOLIDATED BALANCE SHEET AS AT MARCH 31, 2020 R Lakhs

As at As at
Particulars Note No.
March 31, 2020 March 31, 2019
Assets
Non-current assets
Property, plant and equipment 4(a) 5,584.47 4,726.96
Capital work-in-progress 237.70 147.72
Intangible assets 4(b) 2,135.31 2,170.58
Financial assets
Trade receivables 5 4.51 4.51
Loans 6 141.00 129.83
Deferred tax assets (net) 23 757.08 1,057.18
Income tax assets (net) 8 457.91 324.81
Total non-current assets 9,437.19 8,934.03
Current Assets
Inventories 10 5,464.99 3,455.47
Financial assets
Investments 11 1,802.93 -
Trade receivables 12 5,314.34 4,391.21
Cash and cash equivalents 13 2,020.72 1,437.67
Bank balance other than above 14 1,650.75 403.31
Loans 15 10.54 14.49
17,751.40 11,474.84
Assets held - for -sale 18 - 14.63
Total current assets 17,751.40 11,489.47
Total assets 27,188.59 20,423.50
Equity and liabilities
Equity
Equity share capital 19 2,040.10 2,040.10
Other equity 20 18,402.36 15,142.36
Total equity 20,442.46 17,182.46
Liabilities
Non-current liabilities
Other financial liabilities 21 61.54 -
Provisions 22 96.36 120.29
Deferred tax liabilities (net) 23 705.94 893.59
Total non-current liabilities 863.84 1,013.88
Current liabilities
Borrowings 24 2,316.42 -
Trade payables
a) Total outstanding dues of Micro Enterprises and Small Enterprises 27.58 31.75
b) Total outstanding dues of creditors other than Micro Enterprises and Small
25 2,098.71 1,351.43
Enterprises
Other financial liabilities 26 1,103.92 456.76
Other non financial liabilities 27 251.41 108.35
Provisions 28 56.42 50.62
Income tax liabilities (net) 29 27.83 178.25
5,882.29 2,177.16
Liabilities classified on asset held for sale 30 - 50.00
Total current liabilities 5,882.29 2,227.16
Total liabilities 6,746.13 3,241.04
Total equity and liabilities 27,188.59 20,423.50
Significant accounting policies 2
The accompanying notes 1 to 55 form an integral part of the consolidated financial statements
As per our report of even date Signatures to the Consolidated Balance Sheet and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
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CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED MARCH 31, 2020
R Lakhs
Particulars Note No. March 31, 2019
March 31, 2020
Income
Revenue from operations 31 27,282.24 23,143.50
Other income 32 2,180.50 1,405.38
Total income 29,462.74 24,548.88
Expenses
Cost of materials consumed 33(a)(b) 8,180.85 8,932.55
Purchase of stock in trade 34 8,644.83 4,204.63
Changes in inventories of finished goods, stock-in-trade and work-in-progress 35 (1,918.82) (1,105.40)
Employee benefits expenses 36 1,764.49 1,608.05
Finance cost 37 133.42 87.05
Depreciation and amortisation expenses 38 552.71 431.19
Impairment Losses 39 35.53 986.62
Other expenses 40 6,538.43 5,630.93
Total expenses 23,931.44 20,775.62
Profit before exceptional items and tax 5,531.30 3,773.26
Exceptional items (Refer Note no. 54 (a)) (32.51) -
Profit before Tax 5,498.79 3,773.26
Tax expenses
Current tax 1,003.45 1,300.58
Deferred tax 217.86 (60.78)
Total tax expenses 1,221.31 1,239.80
Other comprehensive income
A. Items that will not be reclassified subsequently to profit or loss
Remeasurement of the defined benefit liabilities / (asset) (51.08) (83.20)
Income tax on above item 12.85 24.23
(38.23) (58.97)
B. Items that will be reclassified subsequently to profit or loss
Net gain / (loss) on cash flow hedge (395.24) 301.65
Exchange differences on translating the financial statements of foreign operation 27.56 77.93
Income tax on above item 92.56 (110.51)
(275.12) 269.07
Net other comprehensive income for the year (net of tax) (A + B) (313.35) 210.10
Total comprehensive income for the year 3,964.13 2,743.56
Earning per equity share (Nominal vale per share r 10/- each) 47
Basic and Diluted (r)
The accompanying notes 1 to 55 form an integral part of the consolidated financial statements
21.36 l 12.34
As per our report of even date Signatures to the Consolidated Statement profit and Loss and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
•
169
• ADF FOODS LTD.
CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2020
R Lakhs
A. Cash Flow from Operating Activities

Profit before Taxation 5,498.79 3,773.26
Adjustment for:
Depreciation and amortisation expense 588.24 1,417.81
Loss on sale / write off of Fixed Assets 19.14 55.01
Profit on sale of fixed assets (1.48) -
Finance cost 133.42 87.05
Allowance for doubtful trade receivable and advances - 0.41
Unrealised exchange (gain)/loss (966.88) (228.63)
Net (gain)/loss on sale of investments (3.13) -
Unwinding of security deposit (3.14) (1.63)
Notional rent on security deposit 3.54 0.87
Interest income (96.30) (52.52)
Dividend Income (24.68) -
Fair value of Mutual Funds (0.15) -
Operating Profit before working capital changes 5,147.37 5,051.63
Adjustment for:
(Increase)/Decrease in Trade receivables (757.42) (170.88)
(Increase) / Decrease in Inventories (2,009.52) (1,093.02)
(Increase)/ Decrease in Non-Current Financial Assets 14.47 123.27
(Increase) / Decrease in Non-Current non Financial Assets 235.29 (272.73)
(Increase) / Decrease in Current Financial Assets 32.61 (253.87)
(Increase) / Decrease in Current Non - Financial Assets 96.14 503.97
(Increase) / Decrease in Assets held for sale 14.63 (14.63)
Increase / (Decrease) in Trade Payable 752.72 (4.67)
Increase / (Decrease) in Non - Current Provisions (75.01) (180.44)
Increase / (Decrease) Current Financial Liabilities 342.54 (209.92)
Increase / (Decrease) in Liabilities held for sale (50.00) 50.00
Increase / (Decrease) Current Non - Financial Liabilities 148.86 (171.09)
Cash generated from operating activities 3,892.68 3,357.62
Taxes Paid (Net of refunds) (1,286.99) (1,395.20)
Net Cash Flow from / (used in) Operating Activities (A) 2,605.69 1,962.42
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R Lakhs
B. Cash Flow from Investing Activities

Purchase of Property, plant and equipments (1,268.09) (481.53)
Proceeds from sale of Property, plant and equipments 4.23 58.84
Fixed deposits placed with the bank (1,251.19) (57.37)
Investments in Mutual Fund (1,802.78) -
Proceeds from sale of Investments 3.13 -
Dividend received 24.68 -
Interest received 43.52 54.35
Net Cash Flow from/ (used in) Investing Activities (B) (4,246.50) (425.71)
C. Cash Flow from Financing Activities
Repayment of / Proceeds from borrowings 2,316.42 (140.00)
Buyback of equity shares - (3,002.12)
Payment of Lease Rent (108.49) -
Finance cost (115.13) (87.05)
Unclaimed dividend (600.68) 11.01
Dividend Tax Paid (122.28) -
Net cash flow from / (used in) financing activities (C) 1,369.84 (3,218.16)
Net increase / (decrease) in Cash and Cash Equivalents (A+B+C) (270.97) (1,681.45)
CASH AND CASH EQUIVALENTS:
AS AT THE BEGINNING OF THE YEAR 1,437.67 2,821.17
Unrealised Foreign Exchange Restatement in Cash and Cash Equivalents 854.02 297.95
Cash and Cash Equivalents - Closing Balance 2,020.72 1,437.67
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS 583.05 (1,383.50)
Notes:
1. Cash and Cash Equivalents:
(a) Cash on Hand 2.12 7.34
(b) Balance with banks 2,018.60 1,430.22
(c) Cheque and draft on hand - 0.11
Cash and Cash Equivalents 2,020.72 1,437.67
2. The consolidated cash flow statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard
(Ind AS) 7 on ‘Cash Flow Statement’ and presents cash flows by operating, investing and financing activities.
3. Figures for the previous year have been regrouped/ restated wherever necessary to conform to current year’s classification.
As per our report of even date Signatures to the Consolidated Cash Flow Statement and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
• 171
• ADF FOODS LTD.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED MARCH 31, 2020
(a) Equity Share Capital

Particulars As at March 31, 2020 As at March 31, 2019
No. of Shares R in lakhs No. of Shares R in lakhs
Balance at beginning of the year 20,022,719 2,002.27 21,201,461 2,120.15
Changes in equity shares during the year - - (1,178,742) (117.88)
Balance at end of the year 20,022,719 2,002.27 20,022,719 2,002.27
(b) Other Equity

R Lakhs
As at As at
Particulars
March 31, 2020 March 31, 2019
Capital reserves
As per last Balance Sheet 105.00 105.00
Securities premium
As per last Balance Sheet 2,166.86 5,051.11
Utilised during the year - (2,884.25)
General reserve
Foreign currency translation reserve
Addition during the year (net) 39.62 55.24
Closing Balance 128.86 89.24
Retained earning
11,612.94 9,138.45
Add: Remeasurement of defined benefit plan (38.22) (58.97)
Less; Dividend paid (600.81) -
As per last Balance Sheet 206.59 (7.24)
Total Reserves & Surplus 18,402.36 15,142.36
The accompanying notes 1 to 55 form an integral part of the consolidated financial statements.
As per our report of even date Signatures to the Consolidated statement of Changes in Equity and Notes to the financial statements
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
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NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

1 Group Overview
Description of Business
ADF Foods Limited (“the Holding Company”) including its subsidiaries collectively referred as (‘the Group”) is
a public company incorporated under the provisions of the Companies Act, 1956 and domiciled in India having
registered office at 83/86 G.I.D.C Industrial Estate, Nadiad, Gujarat. Its shares are listed on Bombay Stock
Exchange and National Stock Exchange in India. The group is engaged in the manufacture and selling of food
products like pickles, chutneys, ready to eat items, paste and sauces, frozen foods, spices etc. From current
year the group has started agency distribution business in Subsidiary Company. The group caters mainly to
international markets and domestic market.
2. Basis of Preparation of Consolidated Financial Statements
The Consolidated Financial Statements of the group have been prepared in accordance with Indian Accounting
Standards (Ind AS) as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act,
2013 to be read with the Companies (Indian Accounting Standards) Rules as amended from time to time. The
group’s Financial Statements for the year ended March 31, 2020 comprises of the Balance Sheet, Statement of
Profit and Loss, Cash Flow Statement, Statement of Changes in Equity and the Notes to Financial Statements.
These Consolidated Financial Statements are presented in Indian rupees, which is the functional currency of
the parent group.
Current versus non-current classification of all assets and liabilities have been classified as current or non-
current as per the group’s normal operating cycle and other criteria set out in the Schedule III to the Companies
Act, 2013. Based on the nature of products and the time taken between acquisition of assets for processing and
their realization in cash and cash equivalent, the group has ascertained its operating cycle as twelve months for
the purpose of the classification of assets and liabilities into current and non - current.
1.1 Basis of Measurement
The Ind AS Consolidated Financial Statements have been prepared on a going concern basis using historical
cost convention and on an accrual method of accounting, except for certain financial assets and liabilities,
including derivative financial instruments which have been measured at fair value as described below and
defined benefit plans which have been measured at actuarial valuation as required by relevant Ind ASs.
Key Accounting Estimates and Judgements:
The preparation of Consolidated Financial Statements requires management to make judgments, estimates
and assumptions in the application of accounting policies that affect the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates. Continuous evaluation
is done on the estimation and judgments based on historical experience and other factors, including
expectations of future events that are believed to be reasonable. Revisions to accounting estimates are
recognised prospectively. Information about critical judgments in applying accounting policies, as well as
estimates and assumptions that have the most significant effect to the carrying amounts of assets and
liabilities within the next financial year, are included in the following notes:
(a) Measurement of defined benefit obligations – Refer Note no. 46
(b) Measurement and likelihood of occurrence of provisions and contingencies – Refer Note no. 41
(c) Recognition of deferred tax assets – Refer Note no. 23
(d) Impairment of Intangible asset – Refer Note no. 39
• 173
• ADF FOODS LTD.

Estimation of uncertainties relating to the global health pandemic from COVID-19:
The Company’s plants at Nadiad, Gujarat and Nasik, Maharashtra were shut-down in March 2020 following
the countrywide lockdown due to COVID-19. The Company has since obtained required permissions and
has partially restarted the plants operations in the first week of April 2020 as food products fall within the
essential goods category.
In assessing the recoverability and carrying values of its assets comprising Property, Plant and Equipment,
Intangible assets, receivables and other financial assets, the Company has considered internal and external
information upto the date of approval of these financial statements. However, the impact assessment
of COVID-19 is a continuing process given the uncertainties associated with its nature and duration. The
impact of the global health pandemic may be different from that estimated as at the date of approval of
these financial statements and the Company will continue to closely monitor any material changes to
future economic conditions.
Measurement of fair values
The Group’s accounting policies and disclosures require financial instruments to be measured at fair
values. The Group has an established control framework with respect to the measurement of fair values.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing
the use of unobservable inputs. The management regularly reviews significant unobservable inputs
and valuation adjustments. If third party information, such as broker quotes or pricing services, is used
to measure fair values, then the management assesses the evidence obtained from the third parties to
support the conclusion that such valuations meet the requirements of Ind AS, including the level in the fair
value hierarchy in which such valuations should be classified. Fair values are categorised into different levels
in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement.
The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period
during which the change has occurred.
Principles of consolidation:
Subsidiaries are all entities (including structured entities) over which the group has control.
The group controls an entity when the group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power to direct the relevant
activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to
the group.
The group combines the financial statements of the parent and its subsidiaries line by line adding together
like items of assets, liabilities, equity, income and expenses. Intercompany transactions, balances and
unrealized gains on transactions between group companies are eliminated.
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Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the
policies adopted by the group.
2 Significant Accounting Policies
2.1 Property, Plant and Equipment
Property, Plant and Equipment are initially recognised at cost which comprises of purchase price
including import duties, non-refundable taxes and any directly attributable cost of bringing the assets
to its present condition and location for its intended use, including the cost of replacing parts only
when future economic benefit associated to that cost will flow to the group and its cost can be reliably
measured, borrowing costs for long term construction projects if the recognition criteria are met and
present value of any expected cost for decommissioning, restoration and similar liability of an asset
after its use is included in the cost of respective asset. On replacement of a component, its carrying
amount is derecognised.
Further, in case the component was not depreciated separately, the cost of incoming component is used as
an indication to determine the cost of the replaced part at the time of capitalising.
Subsequent recognition is at cost less accumulated depreciation and accumulated impairment losses,
if any. Impairment testing is undertaken at the balance sheet date if there are indicators.
2.1.3 Disposal or Retirement
The carrying value is eliminated from the financial statements upon sale or retirement of the asset and
the resultant gains or losses are recognized in the statement of profit and loss. Assets to be disposed
off are reported at the lower of the carrying value or the fair value less cost to sell.
2.1.4 Component Accounting
The group identifies and determines cost of each component of an asset separately, if the component
has a materially different useful life as compared to entire asset and its cost is significant of the total
cost.
2.1.5 Depreciation
Depreciation is calculated on Straight Line Basis as per the useful lives specified in Schedule II to the
Companies Act, 2013 on pro rata basis except for carboys and pallets where lower lives of 5 years is
applied based on the technical advice obtained by the group.
Depreciation methods, useful lives and residual values are reviewed periodically, including at each
financial year end.
Machinery and equipment 15 Years

Furniture and fixtures 10 Years
Automobiles 08 Years
Building 30 Years
Computers 03 Years
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Leasehold land under operating lease is depreciated over the leasehold period or its estimated useful
life, whichever is shorter.
Freehold land is not depreciated.
The residual values, useful lives and method of depreciation of property, plant and equipment is
reviewed at each financial year end and adjusted prospectively, if appropriate.
2.2 Capital Work In Progress
Capital work in progress includes the acquisition/commissioning cost of assets under expansion/acquisition
and pending commissioning. Expenditure of revenue nature related to such acquisition/expansion is also
treated as capital work in progress and capitalized along with the asset on completion of the expansion
project or otherwise on commencement of commercial use of the asset.
2.3 Intangible Assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible
assets acquired in a business combination is their fair value at the date of acquisition.
Intangible assets are carried at cost less accumulated amortisation and impairment loss, if any.
2.3.3 Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible
assets are amortised on a straight-line basis over the period of their expected useful lives. Estimated
useful lives by major class of finite-life intangible assets are as follows:
Goodwill - 5 years Software - 3 Years
The amortisation period and the amortisation method for finite-life intangible assets is reviewed at
each financial year end and adjusted prospectively, if appropriate.
Indefinite life intangibles mainly consist of brands. Intangible assets with indefinite useful lives are
not amortised, but are tested for impairment annually. The assessment of indefinite life is reviewed
annually to determine whether the indefinite life continues to be supportable. If not the change in
useful life from indefinite to finite is made on a prospective basis.
2.3.4 Derecognition
Gains or losses arising from derecognition of intangible assets are measured as the difference between
the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of
profit or loss when the asset is derecognized.
The group has assessed useful life of certain intangible assets (Brands) as indefinite and hence these
assets are not amortised but tested for impairment annually.
2.4 Inventories
Inventories are valued at lower of cost and net realizable value. Net realizable value is the estimated selling
price in the ordinary course of business, less estimated costs of completion and the estimated costs
necessary to make the sale. Costs are computed on the weighted average basis and are net of GST credits.
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Raw materials, packing materials and stores: Costs includes cost of purchase net of discounts and other
costs incurred in bringing each product to its present location and condition.
Finished goods and work in progress: In the case of manufactured inventories and work in progress, cost
includes all costs of purchases, an appropriate share of production overheads based on normal operating
capacity and other costs incurred in bringing each product to its present location and condition Finished
goods valuation also includes applicable duty. Provision is made for cost of obsolescence and other
anticipated losses, whenever considered necessary.
2.5 Cash and Cash Equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and on hand and short term deposits
with an original maturity of three months or less, which are subject to an insignificant risk of changes in
value.
For the purpose of the statement of cash flow, cash and cash equivalents consists of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of
the group’s cash management.
2.6 Impairment of Non-Financial Assets
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that a
non-financial asset may be impaired. Indefinite life intangibles are subject to a review for impairment annually
or more frequently if events or circumstances indicate that it is necessary. For the purpose of assessing
impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that
are largely independent of the cash inflows from other assets or groups of assets is considered as a cash
generating unit. Goodwill acquired in a business combination is, from the acquisition date, allocated to each
of the group’s cash-generating units that are expected to benefit from the synergies of the combination,
irrespective of whether other assets or liabilities of the acquire are assigned to those units. If any indication
of impairment exists, an estimate of the recoverable amount of the individual asset/cash generating unit
is made. Asset/cash generating unit whose carrying value exceeds their recoverable amount are written
down to the recoverable amount by recognising the impairment. The impairment loss is allocated first to
reduce the carrying amount of goodwill (if any) allocated to the cash generating unit and then to the other
assets of the unit, pro rata based on the carrying amount of each asset in the unit.
2.7 Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity. Financial instruments also include derivative contracts such as
foreign currency foreign exchange forward contracts, futures and currency options.
2.7.1 Financial Assets
Financial assets are recognised when the group becomes a party to the contractual provisions of the
instrument.
2.7.1.1 Initial recognition and measurement
All financial assets are recognized at fair value on initial recognition, except for trade receivables
which are initially measured at transaction price. Transaction costs that are directly attributable
to the acquisition of financial assets, which are not at fair value through profit or loss, are added to
the fair value on initial recognition.
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Purchases or sales of financial assets that require delivery of assets within a time frame established
by regulation or convention in the market place (regular way trades) are recognised on the trade
date, i.e., the date that the group commits to purchase or sell the asset.
2.7.1.2 Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
2.7.1.2.1 Financial assets at amortised cost
A financial asset is subsequently measured at amortised cost if it is held within a business model
whose objective is to hold the asset in order to collect contractual cash flows and the contractual
terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
After initial measurement, debt instruments at amortised cost are subsequently measured
at amortised cost using the Effective Interest Rate (EIR) method, less impairment, if any. The
amortisation of EIR and loss arising from impairment, if any is recognised in the Statement of
Profit and Loss.
2.7.1.2.2 Financial assets at fair value through other comprehensive income (FVTOCI)
A financial asset is subsequently measured at fair value through other comprehensive income
if it is held within a business model whose objective is achieved by both collecting contractual
cash flows and selling financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Debt instruments included within the FVTOCI category are measured initially as well as at each
reporting date at fair value. Fair value movements are recognized in the other comprehensive
income (OCI).
Interest income measured using the EIR method and impairment losses, if any are recognised in
the Statement of Profit and Loss. On derecognition, cumulative gain or loss previously recognised
in OCI is reclassified from the equity to ‘other income’ in the Statement of Profit and Loss.
2.7.1.2.3 Financial assets at fair value through profit or loss
Financial assets which are not classified in any of the above categories are subsequently fair valued
through profit or loss. Any debt instrument, which does not meet the criteria for categorization as
at amortized cost or as FVTOCI, is classified as at FVTPL.
Such financial assets are measured at fair value with all changes in fair value, including interest
income and dividend income if any, recognised as ‘other income’ in the Statement of Profit and
Loss. Such financial assets are measured at fair value with all changes in fair value, including
interest income and dividend income if any, recognised as ‘other income’ in the Statement of
Profit and Loss.
2.7.1.2.4 Financial assets as Equity Investments
All investments in equity instruments classified under financial assets are initially measured at fair
value, the group may, on initial recognition, irrevocably elect to measure the same either at FVOCI
or FVTPL.
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The Group makes such election on an instrument-by-instrument basis. A fair value change on an
equity instrument is recognised as other income in the Statement of Profit and Loss unless the
group has elected to measure such instrument at FVOCI. Fair value changes excluding dividends,
on an equity instrument measured at FVOCI are recognised in OCI. Amounts recognised in OCI
are not subsequently reclassified to the Statement of Profit and Loss. Dividend income on the
investments in equity instruments are recognised as ‘other income’ in the Statement of Profit and
Loss.
2.7.1.3 Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e. removed from the group’s balance sheet) when:
The rights to receive cash flows from the asset have expired, or
The Group has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
‘pass-through’ arrangement: and either (a) the group has transferred substantially all the risks
and rewards of the asset, or (b) the group has neither transferred nor retained substantially all the
risks and rewards of the asset, but has transferred control of the asset.
2.7.1.4 Impairment
In accordance with Ind AS 109, the group applies Expected Credit Loss (ECL) model for
measurement and recognition of impairment loss on the financial assets that are debt instruments,
and are measured at amortised cost e.g., loans, debt securities, deposits and trade receivables or
any contractual right to receive cash or another financial asset that result from transactions that
are within the scope of Ind AS 115.
The group follows ‘Simplified Approach’ for recognition of impairment allowance. This approach
doesn’t require the group to track changes in credit risk. Rather, it recognises impairment
allowances based on lifetime ECLs at each reporting date, right from its initial recognition.
ECL is the difference between all contractual cash flows that are due to the group in accordance
with the contract and all the cash flows that the entity expects to receive, discounted at the
original EIR. Lifetime ECL are expected credit losses resulting from all possible defaults over the
expected life of a financial instrument. ECL impairment loss allowance (or reversal) recognized
during the period is recognized as income/ expense in the statement of profit and loss. This
amount is reflected under the head ‘other expenses’ in the statement of profit and loss.
2.7.2 Financial Liabilities
(i) Classification
The group classifies all financial liabilities as subsequently measured at amortised cost.
(ii) Initial recognition and measurement
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
(iii) Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the Effective Interest Rate (EIR) method. Gains and losses are recognised in
Statement of Profit and Loss when the liabilities are derecognised.
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Amortised cost is calculated by taking into account any discount or premium on acquisition and
transactions costs. The EIR amortisation is included as finance costs in the Statement of Profit
and Loss.
This category generally applies to loans and borrowings.
(iv)
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified,
such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in
the Statement of Profit and Loss.
(v) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance
sheet if there is a currently enforceable legal right to offset the recognised amounts and there is
an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
Share Capital
Ordinary equity shares
Incremental costs directly attributable to the issue of ordinary equity shares, are recognised as a
deduction from equity.
2.7.3 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and
are subsequently re-measured to their fair value at the end of each reporting period. The accounting
for subsequent changes in fair value depends on whether the derivative is designated as a hedging
instrument, and if so, the nature of the item being hedged and the type of hedge relationship
designated.
The group designates their derivatives as hedges of foreign exchange risk associated with the cash
flows of highly probable forecast transactions. (Cash flow hedges).
The group documents at the inception of the hedging transaction the economic relationship between
hedging instruments and hedged items including whether the hedging instrument is expected to
offset changes in cash flows of hedged items. The group documents its risk management objective
and strategy for undertaking various hedge transactions at the inception of each hedge relationship.
The full fair value of a hedging derivative is classified as a non-current asset or liability when the
remaining maturity of the hedged item is more than 12 months; it is classified as a current asset or
liability when the remaining maturity of the hedged item is less than 12 months. Trading derivatives are
classified as a current asset or liability.
(i) Cash flow hedges that qualify for hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as
cash flow hedges is recognised in the other comprehensive income in cash flow hedging reserve
within equity, limited to the cumulative change in fair value of the hedged item on a present
value basis from the inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in Statement of profit and loss.
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When forward contracts are used to hedge forecast transactions, the group generally designates
only the change in fair value of the forward contract related to the spot component as the hedging
instrument. Gains or losses relating to the effective portion of the change in the spot component
of the forward contracts are recognised in other comprehensive income in cash flow hedging
reserve within equity.
The change in the forward element of the contract that relates to the hedged item (‘aligned forward
element’) is recognised within other comprehensive income in the costs of hedging reserve within
equity. In some cases, the entity may designate the full change in fair value of the forward contract
(including forward points) as the hedging instrument. In such cases, the gains and losses relating
to the effective portion of the change in fair value of the entire forward contract are recognised in
the cash flow hedging reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged
item affects profit or loss.
When a hedging instrument expires, or is sold or terminated, or when a hedge no longer meets
the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of
hedging in equity at that time remains in equity until the forecast transaction occurs. When the
forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred
costs of hedging that were reported in equity are immediately reclassified to profit or loss within
other gains/(losses).
If the hedge ratio for risk management purposes is no longer optimal but the risk management
objective remains unchanged and the hedge continues to qualify for hedge accounting, the hedge
relationship will be rebalanced by adjusting either the volume of the hedging instrument or the
volume of the hedged item so that the hedge ratio aligns with the ratio used for risk management
purposes. Any hedge ineffectiveness is calculated and accounted for in profit or loss at the time
of the hedge relationship rebalancing. Amounts accumulated in equity are reclassified to profit or
loss in the periods when the hedged item affects profit or loss.
2.8 Assets held for sale
The group classifies current assets as held for sale if their carrying amount will be recovered principally
through a sale rather than through continuing use of the assets and actions required to complete such sale
indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to
sell will be withdrawn. Also, such assets are classified as held for sale only if the management expects to
complete the sale within one year from the date of classification. Assets held for sale are measured at fair
value less cost to sell. Assets held for sale are no longer amortised or depreciated.
2.9 Government Subsidy/Grants
Grants are recognized when there is reasonable assurance that the grant will be received and all attached
conditions will be complied with. When the grant relates to an asset, the cost of the asset is shown at gross
value and grant thereon is treated as a deferred grant which is recognized as income in the Statement of
Profit and Loss over the period and in proportion in which depreciation is charged.
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2.10 Segment Reporting
The Chairman and Managing Director assesses performance of the Company as Chief Operating Decision
Maker (“CODM”). The Company has identified reportable segments, in a manner consistent with internal
reporting provided to the Chief Operating Decision Maker.
2.11 Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation. The expense
relating to a provision is presented in the statement of profit and loss net of any reimbursement.
If the effect of time value of money is material, provisions are discounted using a current pre tax rate that
reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.
2.11.1 Contingent Liabilities
Contingent liabilities are disclosed when there is a possible obligation arising from past events,
the existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the group or a present obligation that arises
from past events where it is either not probable that an outflow of resources will be required to settle
the obligation or a reliable estimate of the amount cannot be made.
2.11.2 Contingent Assets
Contingent assets are not recognised in the financial statements. Contingent assets if any, are
disclosed in the notes to the financial statements.
2.12 Revenue from Operation
Revenue from contracts with customers is recognized on transfer of control of promised goods or services
to a customer at an amount that reflects the consideration to which the Group is expected to be entitled
to in exchange for those goods or services. Revenue towards satisfaction of a performance obligation is
measured at the amount of transaction price (net of variable consideration) allocated to that performance
obligation. The transaction price of goods sold and services rendered is net of variable consideration
on account of various discounts and schemes offered by the group as part of the contract. This variable
consideration is estimated based on the expected value of outflow. Revenue (net of variable consideration)
is recognized only to the extent that it is highly probable that the amount will not be subject to significant
reversal when uncertainty relating to its recognition is resolved. Revenue from sale of products is recognized
when the control on the goods have been transferred to the customer. The performance obligation in case
of sale of product is satisfied at a point in time i.e., when the material is shipped to the customer or on
delivery to the customer, as may be specified in the contract.
2.13 Other Non-Operating Income
2.13.1 Export incentives
Revenue from export incentives are accounted for on export of goods if the entitlements can be
estimated with reasonable assurance and conditions precedent to claim are fulfilled.
2.13.2 Interest Income
Interest income is recognized using the Effective Interest Rate (EIR) method.
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2.13.3 Dividend Income
Dividend income on investments is recognised when the right to receive dividend is established.
2.14 Employee Benefits
Liabilities in respect of employee benefits to employees are provided for as follows:
a) Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of employees’ services up to the end of the reporting period
and are measured at the amounts expected to be incurred when the liabilities are settled. The
liabilities are presented as current employee benefit obligations in the balance sheet.
b) Long Term Employee Benefit Plan
The group has a policy on compensated absences which are both accumulating and non-
accumulating in nature. The expected cost of accumulating compensated absences is determined
by actuarial valuation performed by an independent actuary at each balance sheet date using
projected unit credit method on the additional amount expected to be paid / availed as a result
of the unused entitlement that has accumulated at the balance sheet date. Expense on non-
accumulating compensated absences is recognized in the period in which the absences occur.
c) Post Separation Employee Benefit Plan
i) Defined Benefit Plan
• Post separation benefits of Directors on the basis of actuarial valuation as per IND AS-19.
• Gratuity Liability on the basis of actuarial valuation as per IND AS-19. Liability recognised
in the balance sheet in respect of gratuity is the present value of the defined benefit
obligation at the end of each reporting period less the fair value of plan assets.
The defined benefit obligation is calculated annually by actuaries using the projected
unit credit method. The present value of defined benefit is determined by discounting
the estimated future cash outflows by reference to market yield at the end of each
reporting period on government bonds that have terms approximate to the terms of the
related obligation. The net interest cost is calculated by applying the discount rate to the
net balance of the defined benefit obligation and the fair value of plan assets. This cost is
included in employee benefit expense in the statement of profit and loss.
• Actuarial gain / loss pertaining to above and other components of re-measurement of
net defined benefit liability (asset) are accounted for as OCI. All remaining components
of costs are accounted for in statement of profit & loss.
ii) Defined Contribution Plans:
Defined contribution plans are Employee Provident Fund scheme and Employee State
Insurance scheme for eligible employees. The group’s contribution to defined contribution
plans is recognised as an expense in the Statement of Profit and Loss as they fall due.
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2.15 Taxes
2.15.1 Current Taxes
Current tax comprises the expected tax payable or recoverable on the taxable profit or loss for the
year and any adjustment to the tax payable or recoverable in respect of previous years.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the group and its branch operate
and generate taxable income. Management periodically evaluates positions taken in tax returns with
respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Income tax expense is recognized in the statement of profit and loss except to the extent that it relates
to items recognized directly in equity/OCI, in which case it is recognized in other comprehensive income.
The group offsets current tax assets and current tax liabilities, where it has a legally enforceable right
to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the
asset and settle the liability simultaneously.
Deferred income tax assets and liabilities are recognized for all temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax
assets are recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary timing differences and the carry forward of unused tax credits and unused tax losses
can be utilised. Such assets are reviewed at each reporting date and are reduced to the extent that it is no
longer probable that the related tax benefit will be realized.
Deferred tax assets are not recognised for temporary differences between the carrying amount and
tax bases of investments in subsidiaries where it is not probable that the differences will reverse in the
foreseeable future and taxable profit will not be available against which the temporary difference can be
utilised.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and MAT
credit entitlements only if it is probable that future taxable amounts will be available to utilise those
temporary differences, losses and credit.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax
assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and
deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive
income or directly in equity, respectively.
2.16 Foreign Currency Transaction and Translation
The Group’s functional currency is Indian Rupee (INR) and it is also the presentation currency for the Group.
Foreign currency transactions are translated into the functional currency using the exchange rates at
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies
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at year end exchange rates are generally recognised in profit or loss. All other foreign exchange gains and
losses are presented in the statement of profit and loss on a net basis within other gains/(losses).
On consolidation, the assets and liabilities of foreign operations are translated into INR at the rate of
exchange prevailing at the reporting date and their statements of profit and loss are translated at average
rate during the year. The exchange differences arising on translation for consolidation are recognized in
other comprehensive income.
2.17 Leases
The group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Identification of a lease requires significant judgment. The group uses significant judgement in assessing
the lease term (including anticipated renewals) and the applicable discount rate.
The Group determines the lease term as the non-cancellable period of a lease, together with both periods
covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that
option. In assessing whether the Group is reasonably certain to exercise an option to extend a lease, or not
to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an
economic incentive for the Group to exercise the option to extend the lease, or not to exercise the option
to terminate the lease. The Group revises the lease term if there is a change in the non-cancellable period
of a lease.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated
or for a portfolio of leases with similar characteristics.
2.18 Borrowings costs
Interest and other borrowing costs attributable to qualifying assets are capitalized. Other interest and
borrowing costs are charged to revenue.
2.19 Dividend
The group recognises a liability for any dividend declared but not distributed at the end of the reporting
period, when the distribution is authorised and the distribution is no longer at the discretion of the group on
or before the end of the reporting period. As per Corporate laws in India, a distribution is authorized when it
is approved by the shareholders. A corresponding amount is recognized directly in equity.
2.20 Earnings Per Share
Basic earnings per equity share are computed by dividing the net profit attributable to the equity holders of
the group by the weighted average number of equity shares outstanding during the period.
For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity
shareholders and the weighted average number of shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.
3. Recent Indian Accounting Standards (Ind AS)
Ministry of Corporate Affairs (“MCA”) notifies new standard or amendments to the existing standards. There is
no such notification which would have been applicable from April 1, 2020.
• 185
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186
•
4(a) Property, Plant and Equipment
R Lakhs
Particulars Period Land Right Buildings Leasehold Plant & Furniture & Vehicles Office Office Electrical Laboratory Computers Total
-of- use improvement machinery fixtures equipment premises installation equipment
Freehold Leasehold
ADF FOODS LTD.
Opening gross April 1, 2018 4.18 94.39 - 2,642.86 - 2,438.41 84.90 285.89 22.63 97.77 86.99 7.30 26.24 5,791.56

carrying amount as at
Additions - - - 108.06 93.14 140.45 3.62 - 4.51 - - 0.19 6.96 356.93
Deductions - - - - - (1.14) (0.42) (163.57) (6.85) - - - (3.34) (175.32)
Other adjustments - - - - - 0.88 0.61 - - - - - 1.57 3.06
Closing gross carrying March 31,2019 4.18 94.39 - 2,750.92 93.14 2,578.60 88.71 122.32 20.29 97.77 86.99 7.49 31.43 5,976.23
amount as at
Opening gross April 1, 2019 4.18 94.39 - 2,750.92 93.14 2,578.60 88.71 122.32 20.29 97.77 86.99 7.49 31.43 5,976.23
carrying amount as at
Additions - - 253.27 10.85 - 1,073.98 - 78.06 7.73 - - 1.17 5.82 1,430.88
Deductions - - - - - (39.30) (0.02) (2.75) (0.08) - - (0.01) (0.02) (42.18)
Closing gross carrying March 31,2020 4.18 94.39 253.27 2,761.77 93.14 3,614.68 89.00 197.63 27.94 97.77 86.99 8.65 37.96 7,367.37
amount as at
Opening a ccumulated April 1, 2018 - 2.02 - 193.51 - 509.99 25.29 100.13 10.22 3.37 17.68 1.97 16.86 881.04
depreciation as at
Charge for the year - 1.01 - 111.24 9.14 255.11 11.17 20.83 4.28 1.68 9.17 0.97 5.01 429.61
Deductions - - - - - 0.17 0.05 (56.79) (2.84) - - - (2.06) (61.47)
Other adjustments - - - - - 0.09 - - - - - - - 0.09
Closing accumulated March 31,2019 - 3.03 - 304.75 9.14 765.36 36.51 64.17 11.66 5.05 26.85 2.94 19.81 1,249.27
depreciation
Opening accumulated April 1, 2019 - 3.03 - 304.75 9.14 765.36 36.51 64.17 11.66 5.05 26.85 2.94 19.81 1,249.27
depreciation as at
Charge for the year - 1.01 99.31 113.73 17.75 264.62 10.74 23.42 4.40 1.69 9.19 0.98 4.66 551.50
Deductions - - - - - (18.01) - (2.24) (0.02) - - - - (20.27)
Closing accumulated March 31,2020 - 4.04 99.31 418.48 26.89 1,013.37 47.56 85.35 16.04 6.74 36.04 3.92 25.16 1,782.90
depreciation
Net carrying amount as at March 31,2019 4.18 91.35 - 2,446.19 84.00 1,813.25 52.20 58.15 8.63 92.72 60.13 4.55 11.62 4,726.96
Net carrying amount as at March 31,2020 4.18 90.35 153.96 2,343.29 66.25 2,601.31 41.44 112.28 11.90 91.03 50.95 4.73 12.80 5,584.47
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4(b) Intangible assets

R Lakhs
Particulars Period Trade marks Software Total
Additions - - -
Deductions - - -
Other adjustments 72.89 - 72.89
Closing gross carrying amount as at March 31,2019 3,400.49 16.05 3,416.54
Additions - 0.50 0.50
Deductions - - -
Closing gross carrying amount as at March 31,2020 3,516.08 16.55 3,532.63
Accumulated amortisation and impairment as at April 1, 2018 243.30 11.30 254.60
Amortisation during the year - 1.58 1.58
Impairment losses 986.62 - 986.62
Deductions - - -
Closing accumulated amortisation and impairment as at March 31,2019 1,233.08 12.88 1,245.96
Opening accumulated amortisation and impairment as at April 1, 2019 1,233.08 12.88 1,245.96
Amortisation during the year - 1.20 1.20
Impairment losses 35.53 - 35.53
Deduction - - -
Closing accumulated amortisation and impairment as at March 31,2020 1,383.24 14.08 1,397.32
Net carrying amount as at March 31,2019 2,167.42 3.17 2,170.58
Net carrying amount as at March 31,2020 2,132.84 2.47 2,135.31
5 Non-current trade receivables

R Lakhs
March 31, 2020 March 31, 2019
Unsecured, Considered good 4.51 4.51
Unsecured Credit impaired 4.51 4.51
9.02 9.02
Less: Allowance for credit impaired (4.51) (4.51)
Total 4.51 4.51
6 Non-current loans
R Lakhs
March 31, 2020 March 31, 2019
Security deposits 137.18 121.72
Loans and advances to employees 3.82 8.11
Total I 141.00 I 129.83 I
7 Other non-current financial assets
R Lakhs
March 31, 2020 March 31, 2019
Export incentive receivable 10.04 35.68
Deposits held as margin for more than 12 months * 7.70 -
Total 17.74 35.68
* Above bank deposits are pledged as margin money.
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8 Income tax assets (net)

R Lakhs
March 31, 2020 March 31, 2019
Advance payment of income tax (Net) 457.91 324.81
Total 457.91 324.81
9 Other non-current non-financial assets

R Lakhs
March 31, 2020 March 31, 2019
Capital Advance
Unsecured, Considered good 92.85 326.55
Total 101.47 336.76
10 Inventories
R Lakhs
March 31, 2020 March 31, 2019
(Valued at lower of cost and net realizable value)
Raw materials 356.18 274.47
Packing materials 650.68 641.69
Work-in-progress 1,303.59 1,495.86
Traded goods - includes goods in transit r Nil 2,753.86 888.94
(March 31, 2019 - r 147.77 lakhs)
Total 5,464.99 3,455.47
11 Current Investments
R Lakhs
March 31, 2020 March 31, 2019
Investments in Mutual Funds (Quoted)
(Measured at FVTPL)
HDFC Overnight - Growth 901.46 -
Kotak Overnight Fund Reg - Growth 901.47 -
Total 1,802.93 -
Aggregate amount of quoted investments at cost 1,802.78 -
Aggregate amount of quoted investments and market value 1,802.93 -
12 Current trade receivables

R Lakhs
March 31, 2020 March 31, 2019
Unsecured, consider good
Others 5,314.34 4,391.21
Unsecured credit impaired - 0.80
5,314.34 4,392.01
Less: Allowance for credit impaired - (0.80)
Total 5,314.34 4,391.21
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13 Cash and cash equivalents

R Lakhs
March 31, 2020 March 31, 2019
Cash on hand 2.12 7.34
Balances with banks
in Current account 1,442.95 277.26
in EEFC account 575.65 971.66
in Fixed deposit account - 181.30
Cheque, drafts on hand - 0.11
Total 2,020.72 1,437.67
14 Bank balances other than above

R Lakhs
March 31, 2020 March 31, 2019
Balance with banks
in Current account * 80.40 76.45
in Fixed deposit account ** 1,150.00 326.86
in Margin deposit account*** 420.35 -
Total 1,650.75 403.31
* Balance with bank in current account is on account of earmark balance for unclaimed dividend.
**Deposit with maturity of less than 12 months.
*** Margin deposits with maturity of less than 12 months.
15 Current loans
R Lakhs
March 31, 2020 March 31, 2019
Loans to employees 10.54 14.24
Others - 0.25
Total 10.54 14.49
16 Other current financial assets

R Lakhs
March 31, 2020 March 31, 2019
Derivative foreign exchange forward contracts - 213.55
Interest accrued on fixed deposits and others 61.67 8.89
Export incentives receivable 652.47 576.63
Other receivables 0.05 104.54
Total 714.19 903.61
17 Other current non-financial assets

R Lakhs
March 31, 2020 March 31, 2019
Advance to suppliers for services 37.77 16.06
Advance to suppliers for goods 52.93 55.01
Balance with government authorities 575.67 752.94
Prepayments 103.04 41.35
Dividend receivable - 0.19
Total 772.94 869.08
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18 Assets held - for - sale

R Lakhs
March 31, 2020 March 31, 2019
Land - 14.63
Total - 14.63
The Holding Company purchased certain plot of land at Nadiad for the purpose of building storage facility. The holding Company now intends
to dispose off the same as it no longer intends to utilise it for the purpose of its business. The prospective buyer has given an advance of
r 50 Lakhs against the sale of above mentioned land.
19 Equity share capital

R Lakhs
March 31, 2020 March 31, 2019
Authorized shares
2,50,00,000 (March 31, 2019: 2,50,00,000) equity shares of r 10/- each. 2,500.00 2,500.00
Issued, subscribed and fully paid

2,00,22,719 (March 31, 2019: 2,12,01,461) equity shares of r 10/- each 2,002.27 2,120.15
Less: Nil (March 31, 2019: 11,78,742) equity shares of r 10/- each buyback during the year - (117.88)
2,002.27 2,002.27
7,56,600 (March 31, 2019: 7,56,600) equity shares of r 10/- each; amount originally paid up
37.83 37.83
thereon @ r 5 per share
Total 2,040.10 2,040.10
(a) Reconciliation of the shares outstanding at the beginning and at the end of the year
Particulars No. of shares r Lakhs
Equity shares
As at April 1, 2018 21,958,061 2,157.98
Buy-back during the year (1,178,742) (117.88)
As at March 31, 2019 20,779,319 2,040.10
Changes during the year - -
As at March 31, 2020 20,779,319 2,040.10
Of the above 7,56,600 equity shares (r 37.83 lakhs) forfeited in earlier years are not cancelled by the Holding Company.
The Board of Directors of the Holding Company, at its meeting held on June 5, 2018 approved buyback of Equity Shares.
The Holding Company adopted the open market route in accordance with provision contained in SEBI (buyback of security)
Regulation, 1998 and any statutory notification or re-entitlement for the time being in force.
The buyback of Equity Shares opened on July 23, 2018 and closed on September 19, 2018. As on the date of the closure of
Buyback, the Holding Company bought back an aggregate of 11,78,742 Equity Shares, utilizing a total of r 29,99,12,542/-
(excluding Transaction Costs) which represents 99.97% of the Maximum Buy-back size. The Equity Shares were bought back
at an average price of r 254.43 per Equity Share. All the shares bought back have been extinguished . The Holding Company
has adjusted an amount of r 1,17,87,420/- against Retained Earnings and r 28,84,25,043/- against Security premium.
(b) Terms / rights attached to equity shares
The Holding company has one class of equity shares having a par value of r 10 per share. Each shareholders is eligible for one
vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Holding company after distribution of all preferential amounts, in proportion to
their shareholding.
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(c) Details of equity shares held by Shareholders holding more than 5% of the aggregate shares in the Holding company.
March 31, 2020 March 31, 2019
Bimal R Thakkar
No. of Shares 2,278,924 2,278,924
% 11.38 11.38
Mrs. Mahalaxmi R. Thakkar
No. of Shares 1,958,022 1,958,022
% 9.78 9.78
Mrs. Alpana Dangi
No. of Shares 3,173 1,061,551
% 0.01 5.30
Mentore Capital Limited
No. of Shares 8,500 2,779,284
% 0.04 13.88
Authum Investment and Infrastructure Limited
No. of Shares 4,494,052 -
% 22.44 0.00
Total No. of Shares 8,742,671 8,077,781
Total - % 43.65 40.34
(d) Equity shares movement during the five years preceding March 31, 2020
Particulars No. of shares

From 1st April 2015 to From 1st April 2014 to
31st March 2020 31st March 2019
Aggregate no. of equity shares bought back 1,977,281 1,977,281
There are no shares reserved for issue under option and contracts / commitments for the sale of shares / disinvestment
including the terms and amounts.
20 Other equity
R Lakhs
March 31, 2020 March 31, 2019
Capital reserves

Securities premium
Utilized during the year - (2,884.25)
General reserve
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R Lakhs
March 31, 2020 March 31, 2019
Foreign currency translation reserve
Addition during the year (net) 39.62 55.24
Retained earning
Opening balance 11,612.94 9,256.33
Utilised for buy back of equity shares - (117.88)
11,612.94 9,138.45
Add: profit for the year 4,277.48 2,533.46
Re-measurement of defined benefit plans (38.22) (58.97)

Opening balance 206.59 (7.24)
Total Reserves and Surplus 18,402.36 15,142.36
Nature of Reserves
(a) Capital reserve
The Group recognises profit and loss on purchase, sale, issue or cancellation of the group’s own equity
instruments to capital reserve.
(b) Capital redemption reserve
As per Companies Act, 2013, capital redemption reserve is created when group purchases its own shares
out of free reserves or securities premium. A sum equal to the nominal value of the shares so purchased is
transferred to capital redemption reserve.
(c ) Securities Premium
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in
accordance with the provision of the Companies Act, 2013.
(d) Cash flow Hedge reserve
The group uses hedging instruments as part of its management of foreign currency risk associated with its
highly probable forecast sale. For hedging foreign currency risk, the group uses foreign currency forward
contracts which are designated as cash flow hedges. To the extent these hedges are effective; the change
in fair value of the hedging instrument is recognised in the cash flow hedging reserve. Amounts recognised
in the cash flow hedging reserve is reclassified to profit or loss when the hedged item affects profit or
loss.
•
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(e) Foreign currency translation reserve

The exchange differences arising from the translation of financial statements of foreign operations with
functional currency other than Indian rupees is recognised in other comprehensive income, net of taxes
and is presented within equity in the foreign currency translation reserve.
21 Other non-current financial liabilities
R Lakhs
March 31, 2020 March 31, 2019
Total 61.54 -
22 Non-current provisions
R Lakhs
March 31, 2020 March 31, 2019
Total 96.36 120.29
23 Income taxes
a) Tax expense recognised in profit and loss
R Lakhs
March 31, 2020 March 31, 2019
Current tax expense for the year 1,003.45 1,300.58
Tax expense of prior year - -
Net current tax expenses 1,003.45 1,300.58
Deferred Income tax liability / (asset) (net)
Origination and reversal of temporary differences 217.86 (60.78)
Total 1,221.31 1,239.80
b) Tax expense recognised in other comprehensive income

R Lakhs
March 31, 2020 March 31, 2019
Items that will not be reclassified subsequently to profit or loss
Re-measurement of the defined benefit plans 12.85 24.23
Items that will be reclassified subsequently to profit or loss - -
Exchange differences on translating the financial statements of foreign operation (6.92) (87.82)
Net gain / (loss) on cash flow hedges 99.48 (22.69)
Total 105.41 (86.28)
•193
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c) Reconciliation of effective tax rate

R Lakhs
March 31, 2020 March 31, 2019
Profit before tax 5,498.79 3,773.26
Tax using the Holding Company's domestic tax rate 1,383.94 1,098.77
(March 31, 2020 - 25.17 %, March 31, 2019 - 29.12 %)
Tax effect of: -
Expenses not deductible for tax purposes 18.32 70.73
Other exempt income (36.21)
Prior year tax adjustment 15.76 70.30
Differences in tax rate (175.78) -
Others 15.28 -
Total 1,221.31 1,239.80
*The Holding Company has opted for new tax rate of 25.17% under new section 115BBA of Income Tax Act, 1961, as compared
to 29.12% in previous year.
d) Movement in deferred tax balances

Particulars Net balance Recognised in Recognised Net Balance Deferred Deferred
April 1, 2019 profit or loss in OCI March 31, 2020 tax asset tax liability
Property, plant and equipment (941.70) 85.48 - (856.22) 0.65 (856.87)
Cash flow hedge reserve (6.96) - 99.48 92.52 - 92.52
Employee benefits 80.56 (12.22) 12.85 81.19 0.09 81.10
Provision for doubtful advances 1.30 (0.17) - 1.13 - 1.13
Unused tax credit 12.72 - - 12.72 12.72 -
Intangibles 242.77 (293.35) - (50.58) (50.58) -
Net operating loss 718.62 - - 718.62 718.62 -
Foreign currency translation reserves 32.98 - (6.92) 26.06 65.86 (39.80)
Fair market value of mutual fund - - - - - -
Lease Liability - 2.29 - 2.29 - 2.29
Others 23.30 0.11 - 23.41 9.72 13.69
Net Deferred tax assets / (liabilities) 163.59 (217.86) 105.41 51.14 757.08 (705.94)

Particulars Net balance Recognised in Recognised Net Balance Deferred Deferred
April 1, 2019 profit or loss in OCI March 31, 2020 tax asset tax liability
Property, plant and equipment (905.30) (36.40) - (941.70) 0.60 (942.30)
Cash flow hedge reserve 80.86 - (87.82) (6.96) - (6.96)
Employee benefits 76.45 (20.12) 24.23 80.56 0.04 80.52
Provision for doubtful advances 5.82 (4.52) - 1.30 - 1.30
Unused tax credit 12.72 - - 12.72 12.72 -
Impairment of intangible assets 73.51 169.26 - 242.77 242.77 -
Net operating loss 784.00 (65.38) - 718.62 718.62 -
Foreign currency translation reserves 55.67 - (22.69) 32.98 72.51 (39.53)
Others 5.36 17.94 - 23.30 9.92 13.38
Net Deferred tax assets / (liabilities) 189.09 60.78 (86.28) 163.59 1,057.18 (893.59)
•
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24 Current borrowings
R Lakhs
March 31, 2020 March 31, 2019
Unsecured Loan
Loan repayable on demand
From Banks 2,316.42 -
Total 2,316.42 -
**Unsecured loans are repayable on demand and the interest payable on borrowings range from 4.5% to 5% p.a.
25 Current trade payables

R Lakhs
March 31, 2020 March 31, 2019
Total outstanding dues of creditors other than micro enterprises and small enterprises 2,098.71 1,351.43
Total 2,098.71 1,351.43
26 Other Current Financial Liabilities

R Lakhs
March 31, 2020 March 31, 2019
Derivative Foreign exchange forward contracts 199.17 -
Employees related payables 56.47 81.89
Book overdraft - 19.93
Payable for capital goods 56.97 -
Unpaid dividend 80.40 76.45
Other liabilities 609.40 278.49
Total 1,103.92 456.76
27 Other current non-financial liabilities

R Lakhs
March 31, 2020 March 31, 2019
Advances from customer 146.00 51.27
Statutory dues and other dues payable 105.41 57.08
Total 251.41 108.35
28 Current provisions
R Lakhs
March 31, 2020 March 31, 2019
Total 56.42 50.62
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29 Income tax liabilities (net)

R Lakhs
March 31, 2020 March 31, 2019
Other provisions
Provision for taxation (net) 27.83 178.25
Total 27.83 178.25
30 Liabilities classified on assets held for sale

R Lakhs
March 31, 2020 March 31, 2019
Advance for land - 50.00
Total - 50.00
31 Revenue from operations

R Lakhs
March 31, 2020 March 31, 2019
Sale of products 27,282.24 23,143.50
Total 27,282.24 23,143.50
The Chief Operating Decision Maker (CODM) evaluates the performance of the group based on revenue and operating income in
two segments. Revenue disaggregation by industry vertical has been included in segment information (Refer note 48).
32 Other income
R Lakhs
March 31, 2020 March 31, 2019
Interest income from
Bank deposits 89.59 24.56
Others 6.70 27.96
Other Non - Operating Income
Export Incentives 1,238.46 1,263.32
Dividend income
From Mutual Fund 24.68 -
From other investment 0.04 -
Unwinding of discount on security deposit 3.14 1.63
Foreign exchange gain (net) 672.40 -
Liabilities no longer required written back 5.48 12.09
Profit on sale of fixed assets 1.48 -
Profit on sale of mutual funds 3.13 -
Profit on fair value of mutual funds 0.15 -
Miscellaneous income 135.25 75.64
Total 2,180.50 1,405.38
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33 Cost of materials consumed

(a) Raw material consumed
R Lakhs
March 31, 2020 March 31, 2019
6,243.38 6,817.18
Less : Inventories at the end of the year 356.18 274.47
Total 5,887.20 6,542.71
(b) Packing material consumed

R Lakhs
March 31, 2020 March 31, 2019
2,944.33 3,031.53
Less : Inventories at the end of the year 650.68 641.69
Total 2,293.65 2,389.84
Total cost of material consumed 8,180.85 8,932.55
34 Purchase of stock-in-trade
R Lakhs
March 31, 2020 March 31, 2019
Purchases 8,644.83 4,204.63
Total 8,644.83 4,204.63
35 Changes in inventories of finished goods, stock in trade and work-in-progress

R Lakhs
As at As at
Particulars
March 31, 2020 March 31, 2019
Inventories at the beginning of the year
Work-in progress 1,495.86 921.00
Stock-in-trade 888.94 320.51
2,539.31 1,433.91
Less: Inventories at the end of the year
Work-in progress 1,303.59 1,495.86
Traded goods 2,753.86 888.94
4,458.13 2,539.31
Total (1,918.82) (1,105.40)
•197
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36 Employee benefits expenses

R Lakhs
March 31, 2020 March 31, 2019
Salaries and wages 1,634.07 1,444.49
Contribution to provident fund and other funds 71.36 78.14
Staff welfare expenses 59.06 85.42
Total 1,764.49 1,608.05
37 Finance costs
R Lakhs
March 31, 2020 March 31, 2019
Interest expense on
Borrowing from banks 70.61 24.40
In borrowing from financial institution - 0.87
Lease 18.29 -
Others 44.52 61.78
Total 133.42 87.05
38 Depreciation and amortisation expenses

R Lakhs
March 31, 2020 March 31, 2019
Tangible assets 551.51 429.61
Total 552.71 431.19
39 Impairment losses
R Lakhs
March 31, 2020 March 31, 2019
Total 35.53 986.62
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40 Other expenses
R Lakhs
March 31, 2020 March 31, 2019
Freezing and preservation charges 59.07 59.07
Power & fuel 552.87 530.11
Electricity 12.56 9.85
Water charges 14.42 13.59
Rent including lease rent 61.90 209.33
Repairs and maintenance to building 80.48 27.11
Repairs and maintenance to machinery 112.60 88.85
Repairs and maintenance to others 31.33 27.81
Insurance 92.92 86.77
Rates and taxes 61.90 71.19
Communication expenses 48.62 53.17
Travelling and conveyance expenses 408.43 348.99
Motor car expenses 35.10 38.18
Printing and stationery expenses 20.76 15.23
Freight and forwarding expenses 1,458.23 1,636.53
Sales commission and claims 529.12 347.00
Advertisement 934.60 683.58
Sales and marketing expenses 931.93 463.95
Donations - 0.05
Legal and professional fees 535.41 413.45
Payment to auditor 77.80 66.83
CSR expenses 59.79 50.16
Registration and filling fees 8.28 7.42
Directors' sitting fees 23.30 15.30
Bad debts written off 106.31 1.80
Foreign exchange gain/loss 21.63 84.25
Loss on sale of fixed assets / assets scrapped 19.14 55.01
Written back / provision for doubtful trade receivables 7.36 0.42
Miscellaneous expenses 232.57 225.94
Total 6,538.43 5,630.93
41. Contingent Liabilities and Commitments

a. Contingent Liabilities
R Lakhs
Sr. No Particulars As at As at
March 31, 2020 March 31, 2019
1. Claims against the group not acknowledged as debts:
a. Income Tax Matters 289.04 289.04
b. Service Tax Matters 463.54 463.54

c. Legal Cases* 11.05 100.94
2. Guarantees:
Guarantees issued by the banks (net of margin money) 114.35 29.60
*During the previous year the subsidiary received the notice of violation from Centre for Environmental Health (CEH), a non-profit
California Corporation which has filed a law suit against ADF Foods (USA) Ltd. & certain others non-affiliate Companies as defendants
(‘’Defendants’’) with the Superior Court of California, County of Alameda. The plaintiff in its complaint has alleged that the Defendant
and distributors and Importers who have violated California’s Proposition 65, Health & Safety Code § 25249.5, et seq.
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The previous year’s amount of r 100.94 lakhs include r 89.89 lakhs on account of the above case.
Notes:
a. It is not practicable for the group to estimate the timing of cash outflows, if any, in respect of above
pending resolution of the respective proceedings as it is determinable only on receipt of judgments/
decisions pending with various forums/authorities.
b. The group does not expect any reimbursements in respect of the above contingent liabilities.
b. Capital commitments
R Lakhs
March 31, 2020 March 31, 2019
Capital commitments (net of advances) 76.25 338.91
42. Disclosures made in terms of Schedule V of the SEBI (Listing Obligation and Disclosure Requirements)
Regulations, 2015
Deposits paid to related parties
Interest free security deposit of r 9.50 lakhs (2018-19: r 10.00 lakhs), paid for guest house taken on lease from
a Related party.
43. Disclosures in respect of lease

The group has adopted Ind AS 116 ‘Leases’ with the date of initial application being April 1, 2019. Ind AS 116
replaces Ind AS 17 – Leases and related interpretation and guidance. The group has applied Ind AS 116 using
the modified retrospective approach, under which the cumulative effect of initial application is recognised in
retained earnings at April 1, 2019. As a result, the comparative information has not been restated. In adopting
Ind AS 116, the group has applied the below practical expedients:
The group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics
The group has treated the leases with remaining lease term of less than 12 months as if they were “short term
leases”
The group has not applied the requirement of Ind AS 116 for leases of low value assets.
The group has excluded the initial direct costs from measurement of the right-of-use asset at the date of
transition
The group has used hindsight, in determining the lease term if the contract contains options to extend or
terminate the lease
On transition to Ind AS 116, the group recognised right-of-use assets amounting to Rs 253.27 Lakhs, related
accumulated depreciation amounting to Rs 99.31 Lakhs, lease liabilities amounting to Rs 253.27 Lakhs as at
April 1, 2019. The group has discounted lease payments using the applicable incremental borrowing rate as at
April 1, 2019, which is 8.95% for measuring the lease liability.
Movement of right-of-use assets and depreciation is given in Note no. 4(a) and Interest on account of Ind AS
116 is given in Note no. 37
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The difference between the future minimum lease rental commitments towards non-cancellable operating
leases reported as at March 31, 2019 compared to the lease liability as accounted as at April 1, 2019 is primarily
due to inclusion of present value of the lease payments for the cancellable term of the leases, reduction due to
discounting of the lease liabilities as per the requirement of Ind AS 116 and exclusion of the commitments for
the leases to which the Company has chosen to apply the practical expedient as per the standard.
R Lakhs
Impact of adoption of Ind AS 116 As at April 1, 2019
Right-of-use assets 253.27
Lease Liability (253.27)
The group has entered into operating leases on its office buildings. These leases have terms of between 3 and
99 years. All leases include a clause to enable upward revision of the rental charge on an annual basis according
to prevailing market conditions. Future minimum contractual rentals payable under non-cancellable operating
leases as at March 31, 2020 are, as follows:
R Lakhs
March 31, 2020 March 31, 2019
i) Not later than one year 111.65 108.50
ii) Later than one year and not later than five years 59.15 170.30
iii) Later than five years 40.33 40.83
Short term lease payment recognised in the Statement of Profit and Loss for the year ended March 31, 2020 is
r 40.00 lakhs.
44. Related party disclosures
List of related parties as required by Ind AS – 24, “Related Party Disclosure” are given below
Sr. No: Related party relationship Name of the Related Parties
Mr. Bimal R. Thakkar – Chairman (w.e.f. June 5, 2019) & Managing Director and
Chief Executive Officer
1 Key managerial personnel
Mr. Devang Gandhi – Chief Operating Officer (w.e.f. August 10, 2019)
Mr. Anish S. Jhaveri – Chief Financial Officer
Mrs. Mahalaxmi R. Thakkar (Relative of Director)
2 Relative of key managerial personnel
Mr. Shivaan B. Thakkar (Relative of Director) Manager Business & Strategy
Mr. Jay M. Mehta
Ms. Anjali Seth (upto March 9,2020)
Mr. Naresh L. Kothari
3 Key managerial personnel – Non Executive Mr. Ravindra Kumar Jain
Mr. Viren A. Merchant
Mr. Chandir Gidwani (w.e.f. February 7, 2020)
Ms. Deepa Harris (w.e.f. March 25, 2020)
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The following transactions were carried out with the related parties in the ordinary course of business:
R Lakhs
Particulars Financial Year Key Managerial Relatives of Key Total
Personnel Managerial Personnel
Managerial Remuneration 2019-20 440.76 - 440.76
2018-19 281.83 - 281.83
Salary 2019-20 108.84 13.75 122.59
2018-19 23.96 14.73 38.69
2019-20 23.30 - 23.30
Independent Director’s Sitting fees
2018-19 15.30 - 15.30
Sale of Fixed Assets 2019-20 - - -
2018-19 - 57.50 57.50
2019-20 - 0.50 0.50
Rent
2018-19 - 0.50 0.50
Balances outstanding at the end of the year:

R Lakhs
Particulars Financial Year Key Managerial Relatives of Key Total
Personnel managerial personnel
2019-20 - 9.50 9.50
Non-Current loans (Security Deposit)
2018-19 - 10.00 10.00
Material related party transactions as under:

R Lakhs
March 31, 2020 March 31, 2019
Mr. Ashok H. Thakkar* - 91.13
Managerial Remuneration Mr. Bimal R. Thakkar** 440.76 99.57
Mr. Bhavesh R. Thakkar* - 91.13
Mr. Shivaan R. Thakkar 13.75 1.69
Salary
Mr. Devang Gandhi 46.19 -
Mr. Anish S. Jhaveri 62.65 23.96
Mr. Jay M. Mehta 3.50 1.20
Ms. Anjali Seth 4.20 2.55
Non-Executive Directors Sitting Fees Mr. Naresh L. Kothari 3.30 2.70
Mr. Ravindra Kumar Jain 6.50 4.05
Mr. Viren A. Merchant 5.80 4.80
Mr. Ashok H. Thakkar - 15.00
Sale of vehicles Mr. Bhavesh R. Thakkar - 18.00
Rent Mrs. Mahalaxmi R. Thakkar 0.50 0.50
Non-Current loans (Security Deposit) Mrs. Mahalaxmi R. Thakkar 9.50 10.00
*Salary paid to the related parties Mr. Ashok H. Thakkar & Mr. Bhavesh R. Thakkar includes full & final settlement amount comprising of the
salary components related to prior years of service. Related parties Mr. Ashok H. Thakkar & Mr. Bhavesh R. Thakkar have resigned from May
29, 2018. Salary amount of above related parties includes post-retirement benefits settlement amount paid on resignation.
**Due to changes in terms of remuneration of Mr. Bimal R Thakkar, Salary component includes r 125.43 lakhs for gratuity and other allowances
related to prior years of service and also includes r 120.00 lakhs for annual performance based incentive paid for the year 2018-19.
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Compensation to Key Managerial Personnel is as follows:
R Lakhs
March 31, 2020 March 31, 2019
Short term employee benefits 3.66 0.40
Post-retirement benefits 2.23 96.41
Share based payment transactions - -
45. Financial and derivative instruments – Hedge Accounting

i) Impact of hedging activities
a. Disclosure of effects of hedge accounting on financial position:
Types of Nominal value Carrying amount of Maturity date Hedge Changes in Change in the
hedge and hedging instrument ratio* fair value value of hedged
risks of hedging item used as
Assets Liabilities Assets Liabilities instrument the basis for
recognising hedge
effectiveness
Cash flow
hedge foreign
exchange April 2020 to
risk foreign 8,792.95 - - 199.17 1:1 (395.24) 395.24
exchange March 2021
forward
contracts
Types of Nominal value Carrying amount of Maturity date Hedge Changes in Change in the
hedge and hedging instrument ratio* fair value value of hedged
risks of hedging item used as
Assets Liabilities Assets Liabilities instrument the basis for
recognising
hedge
effectiveness
Cash flow
hedge foreign
exchange April 2019 to
risk foreign 8,420.12 - 213.55 - 1:1 301.65 (301.65)
exchange March 2020
forward
contracts
* The foreign exchange forward contracts are denominated in the same currency as the highly probable sale therefore the hedge ratio is 1:1
•203
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b. Disclosure of effects of hedge accounting on financial performance

Cash flow hedge foreign (395.24) (17.48) - Other Income
exchange risk

Cash flow hedge foreign 301.65 - - -
exchange risk
The group’s hedging policy only allows for effective hedge relationships to be established. Hedge effectiveness
is determined at the inception of the hedge relationship and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument.
The group enters into hedge relationships where the critical terms of the hedging instrument match exactly
with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes
in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with
the critical terms of the hedging instrument, the group uses the hypothetical derivative method to assess
effectiveness.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the designated component
value of the hedging instrument exceeds on an absolute basis the change in value of the hedged item attributable
to the hedged risk. In hedges of foreign currency forecast sale may arise if:
- The critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the
forecast transaction, interest resets changes from what was originally estimated), or
- Differences arise between the credit risk inherent within the hedged item and the hedging instrument.
Refer Note - 20 for the details related to movement in cash flow hedging reserve.
46. Employee Benefits
a. Defined contribution plans
Amount of r 65.44 lakhs (2018-19: r 66.05 lakhs) representing contribution to provident fund is recognised
as an expense and is included in “Employee benefits expenses” in the Statement of Profit and Loss.
Amount of r 5.73 lakhs (2018-19: r 11.90 lakhs) representing contribution to Employee State Insurance
scheme is recognised as an expense and is included in “Employee benefits expenses” in the Statement of
Profit and Loss.
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b. Defined benefit plan

Compensated absence
Provision for compensated absences is made for outstanding leave balance at the year end at basic salary
cost which can be utilized in future and are en-cashable. Amount of Rs 74.58 lakhs (2018-19: r 34.75 lakhs)
has been recognised in balance sheet of which Rs 66.39 lakhs (2018-19: r 32.39 lakhs) shown under long
term provision and balance Rs 8.19 lakhs (2018-19: r 2.36 lakhs) is shown under short term provision as
Compensated sick leave
Provision for compensated absences is made for outstanding sick leave balance at the year end at gross
salary which can be utilized in future and are non en-cashable. Amount of r 14.01 lakhs (2018-19: r 11.10
lakhs) has been recognised in balance sheet of which r 12.24 lakhs (2018-19: r 9.66 lakhs) shown under
long term provision and balance r 1.77 lakhs (2018-19: r 1.44 lakhs) is shown under short term provision as
Gratuity
Funded
The group has offered its employees defined benefit plan in the form of Group Gratuity Scheme. Gratuity
Scheme covers all qualifying employees as statutorily required under the Payment of Gratuity Act, 1972.
The group has made irrevocable contribution of funds to LIC of India.
Unfunded
Amount of r 0.56 lakhs (2018-19: r 125.05 lakhs) has been recognised in balance sheet of which Rs 0.55
lakhs (2018-19: r 78.24 lakhs) shown under long term provision and balance r 0.01 lakh (2018-19: r 46.81)
is shown under short term provision as given in the Actuarial report as on March 31, 2020.
R Lakhs
2019-20 2018-19
I Present value of obligation
Liability at the beginning of the year 293.10 333.49
Benefit paid (170.91) (164.01)
Benefit payable by the Company - -
Actuarial (gain) / loss on obligations - Due to change in financial 19.38 (8.35)
assumptions
Actuarial (gain) / loss on obligations – Due to experience adjustment 31.21 89.82
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R Lakhs
2019-20 2018-19
II Change in Plan Assets
Fair value of plan assets at the beginning of the year 168.05 161.95
Interest Income 13.09 12.15
Employer’s Contributions 23.47 17.41
Benefit paid (51.59) (21.74)
Gratuity due but not paid - -
Re-measurement – return on assets (0.49) (1.72)
III Amount recognised in the balance sheet
Net (Liability) / Asset Recognized in the Balanecesheet 64.20 125.05
IV Expenses recognised in the Statement of Profit and Loss
Actual return on plan assets -
Net actuarial (gain) / loss to be recognized -
Expense recognised in Statement of Profit and Loss 30.84 30.01
V Amount recognized in Other Comprehensive Income
Actuarial (Gains)/Losses on Obligation For the Period 50.59 81.48
Return on Plan Assets, Excluding Interest Income 0.49 1.72
Net (Income)/Expense For the Period Recognized in OCI 51.08 83.20
VI Actuarial assumptions :
Discount rate 6.84% 7.79%
Rate of return on plan assets 6.84% 7.79%
Salary escalation 6.00% 6.00%
Mortality Indian Assured lives Mortality (2006-08)
Ultimate
Maturity Analysis of the Benefit Payments: From the Fund

R Lakhs
Projected Benefits Payable in Future Years From the Date of Reporting
1st Following Year 21.58 10.80
2nd Following Year 4.04 30.91
3rd Following Year 5.85 7.39
Sum of Years 6 to 10 79.37 101.22
Sum of Years 11 and above 368.78 537.82
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Sensitivity Analysis
R Lakhs
Projected Benefit Obligation on Current Assumptions 2019-20 2018-19
Projected Benefit Obligation on Current Assumptions 216.73 293.10
Delta effect on + 1% Change in Rate of Discounting (20.31) (26.29)
Delta effect on - 1% Change in Rate of Discounting 23.70 30.33
Delta effect on + 1% Change in Rate of Salary Increase 23.66 30.57
Delta effect on - 1% Change in Rate of Salary Increase (20.64) (26.94)
Delta effect on + 1% Change in Rate of Employee Turnover 1.22 3.99
Delta effect on - 1% Change in Rate of Employee Turnover (1.40) (4.43)
47. Computation of earnings per share

Profit after tax 4,277.48 2,533.46
Weighted average number of equity shares outstanding at the end of the year 2,00,22,719 2,05,31,233
Earnings per share
Basic 21.36 12.34
Diluted 21.36 12.34
Nominal value of shares 10.00 10.00
48. Segment Reporting

Operating Segment:
The Operating Segment is the level at which discrete financial information is available. Business segments are
identified considering:
a) the nature of products and services
b) the differing risks and returns
c) the internal organisation and management structure, and
d) the internal financial reporting systems.
Revenue and expenses directly attributable to segments are reported under each reportable segment.
Exceptional items and other expenses which are not attributable or allocable to segments are separately
disclosed. Assets and liabilities that are directly attributable or allocable to segments are disclosed under
each reportable segment. All other assets and liabilities are disclosed as unallocable assets and liabilities.
The Company has identified following 2 reportable segments, in a manner consistent with internal reporting
provided to the Chief Operating Decision Maker:
1. Process and Preserved food
2. Agency Distribution Business
•207
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Primary Segment Disclosure – Business segment for the year ended March 31, 2020
R Lakhs
Particulars Financial Year Process and Agency Distribution Total
Preserved foods Business
A Segment Revenue from operations
External Revenue 2019-20 24,060.94 3,221.30 27,282.24
2018-19 23,143.50 - 23,143.50
Less: Intersegment Revenue 2019-20 - - -

2018-19 - - -
Total segment revenue 2019-20 24,060.94 3,221.30 27,282.24

2018-19 23,143.50 - 23,143.50
B Segment results 2019-20 5,930.15 794.95 6,725.10

2018-19 4,742.58 - 4,742.58
Add/(Less):
Finance Cost 2019-20 - - (133.41)
2018-19 - - (87.05)
Other Unallocable income /(expenditure) 2019-20 - - (1,060.39)

2018-19 - - (882.27)
Profit before Exceptional Items and Tax 2019-20 - - 5,531.30

2018-19 - - 3,773.26
Exceptional Items 2019-20 - - (32.51)

2018-19 - - -
C Profit before tax for the year 2019-20 - - 5,498.79

2018-19 - - 3,773.26
D Segment Assets 2019-20 18,131.98 3,695.40 21,827.38

2018-19 17,888.86 - 17,888.86
Add: Unallocable corporate assets 2019-20 - - 5,361.21

2018-19 - - 2,534.64
Total Assets 2019-20 - - 27,188.59

2018-19 - - 20,423.50
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R Lakhs
Particulars Financial Year Process and Agency Distribution Total
Preserved foods Business
E Segment Liabilities 2019-20 4,679.58 853.41 5,532.99
2018-19 2,063.91 - 2,063.91
Add: Unallocable corporate liabilities 2019-20 - - 1,213.14

2018-19 - - 1,177.13
Total Liabilities 2019-20 - - 6,746.13

2018-19 - - 3,241.04
F Capital Employed (Assets – Liabilities) 2019-20 13,452.40 2,841.99 16,294.39

2018-19 15,824.94 - 15,824.94
Add: Unallocable Capital Employed 2019-20 - - 4,148.07

2018-19 - - 1,357.52
Total Capital Employed 2019-20 - - 20,442.46

2018-19 - - 17,182.46
49. The Holding Company held majority shareholding in Power Brands (Foods) Private Limited (‘PBFPL’). It presently
holds 2,08,85,992 fully paid Equity Shares of r 10/- each (including 20,75,992 Equity shares acquired at r 330.08
lakhs in Financial Year 2012-13). PBFPL is presently under voluntary liquidation process.
Pursuant to a special resolution passed on November 5, 2012 by its members, PBFPL went into the members’
voluntary liquidation. In the course of liquidation process, the voluntary liquidator, with the prior approval of the
members vide their special resolution dated March 8, 2013, distributed PBFPL’s intangible asset - Ashoka brand
and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in PBFPL
while retaining certain other fixed and current assets to meet its contingent and other liabilities.
By virtue of the above distribution, the group received Ashoka brand in the financial year 2012-13 (valued at
r 2,935.99 lakhs by an independent valuer) in lieu of its investment in PBFPL’s equity shares of r 2,211.08 lakhs.
Accordingly, the group capitalised the said brand in its books at r 2,935.99 lakhs in the said financial year after
adjusting the same against the investment value of r 2,211.08 lakhs and carried the balance of r 724.91 lakhs to
the credit of the Statement of Profit and Loss as an exceptional item in that year.
During the Financial Year 2012-13, the voluntary liquidator, with the prior approval of the members vide their
special resolution dated 10th November 2014, distributed PBFPL’s immovable property situated at Sewree,
Mumbai and part of cash and bank balance to its Shareholders in proportion to their respective shareholding in
PBFPL while retaining certain other current assets to meet with its contingent and other liabilities. The excess
value of assets so received over the investment value in Equity Shares of PBFPL was accounted for in the group’s
Statement of Profit & Loss under the head exceptional item.
Consequently, the investment in Equity Shares of PBFPL stand fully realised. However, pending completion of
liquidation process, the group has not surrendered the said shares to the Voluntary liquidator and they have
been shown under the head “Investment” at nil value.
•209
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50. Financial instruments – Fair values and risk management

Accounting classification and fair values
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial assets and
financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
R Lakhs
Fair value Fair value through Amortised Total Level 1 Level 2 Level 3 Total
through profit other comprehensive Cost
and loss income
Financial Assets
Non-Current
Trade Receivables - - 4.51 4.51 - - - -
Loans 41.13 - 99.87 141.00 - 41.13 - 41.13
Current
Investments 1,802.93 - - 1,802.93 1,802.93 - - 1,802.93
Trade Receivables - - 5,314.34 5,314.34 - - - -
Cash and cash - - 2,020.72 2,020.72 - - - -
equivalents
Bank balances other - - 1,650.75 1,650.75 - - - -
than above
Loans - - 10.54 10.54 - - - -
Total 1,844.06 - 9,832.66 11,676.72 1,802.93 41.13 - 1,844.06
Non-Current
Other financial - - 61.54 61.54 - - - -
liabilities
Current
Borrowings - - 2,316.42 2,316.42 - - - -
Trade payables - - 2,126.29 2,126.29 - - - -
Other current financial - 199.17 904.75 1,103.92 - 199.17 - 199.17
liabilities
Total - 199.17 5,409.00 5,608.17 - 199.17 199.17
R Lakhs
and loss income
Financial Assets
Non-Current
Trade receivable - - 4.51 4.51 - - - -
Loans 37.99 - 91.84 129.83 - 37.99 - 37.99
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R Lakhs
and loss income
Current
Trade receivable - - 4,391.21 4,391.21 - - - -
Cash and cash - - 1,437.67 1,437.67 - - - -
equivalents
Bank balances other - - 403.31 403.31 - - - -
than above
Loans - - 14.49 14.49 - - - -
Other financial assets - 213.55 690.06 903.61 - 213.55 - 213.55
Assets held for sale 14.63 - - 14.63 - 14.63 - 14.63
Total 52.62 213.55 7,068.77 7,334.94 - 266.17 - 266.17
Current
Trade payables - - 1,383.18 1,383.18 - - - -
Other Current - - 456.76 456.76 - - - -
Liabilities classified as 50.00 - - 50.00 - 50.00 - 50.00
held for sale
Total 50.00 - 1,839.94 1,889.94 - 50.00 - 50.00
Fair Value Hierarchy

The fair value of financial instruments as referred to in note above have been classified into three categories
depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices
in active markets for identical assets or liabilities (Level 1 measurements) and lowest priority to unobservable
inputs (Level 3 measurements).
The categories used are as follows:
• Level 1: Quoted prices for identical instruments in an active market;
• Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
• Level 3: Inputs which are not based on observable market data.
Calculation of Fair Values
The fair values of the financial assets and liabilities are defined as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. Methods and assumptions used to estimate the fair values are consistent with prior years.
Financial assets and liabilities measured at fair value as at Balance Sheet date:
1. The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the
issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents
the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem
such units from the investors.
2. The fair values of the derivative financial instruments have been determined using valuation techniques
with market observable inputs. The models incorporate various inputs including the credit quality of
counter-parties and foreign exchange forward rates.
•
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• ADF FOODS LTD.
3. Loans – Security Deposits have fair values that approximate to their carrying amounts as it is based on the
net present value of the anticipated future cash flows using rates currently available for debt on similar
terms, credit risk and remaining maturities.
51. Financial Risk Management
The group’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The group’s
primary focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse
effects on its financial performance. The primary market risk to the group is foreign exchange risk. The group
uses derivative financial instruments - foreign currency forward contracts to mitigate foreign exchange related
risk exposures. The group’s exposure to credit risk, excluding receivables from related parties, is influenced
mainly by the individual characteristic of each customer
(i) Credit Risk
Credit risk arises from trade receivables, cash and cash equivalents and deposits with banks and financial
institutions.
Credit risk refers to the risk of default on its obligation by the counter party resulting in a financial loss.
Credit risk is managed on a financial asset basis. For banks and financial institutions, only high rated banks/
institutions are accepted.
Group’s maximum exposure to credit risk for each class of financial asset is the carrying amount of the
financial assets recognised in the statement of financial position.
The group considers the probability of default upon initial recognition of asset and whether there has
been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess
whether there is a significant increase in credit risk the group compares the risk of a default occurring
on the asset as at the reporting date with the risk of default at the date of initial recognition. It considers
available reasonable and supportive forwarding-looking information. Especially the following indicators are
incorporated:
a. Historical trend default in case of applicable financial asset
b. actual or expected significant adverse changes in business, financial or economic conditions that are
expected to cause a significant change to the counter party’s ability to meet its obligations
c. Other applicable macroeconomic information such as regulatory changes
A default on a financial asset is when the counter party fails to make contractual payments within agreed credit
terms from the date when they fall due. This definition of default is determined by considering the business
environment in which entity operates and other macro-economic factors.
The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting
to r 4.51 lakhs (March 31, 2019: r 4.51 lakhs) shown as non-current and r 5,314.34 lakhs (March 31, 2019 – r
4,391.21 lakhs) shown as current as at reporting date. Trade receivables are typically unsecured. Credit risk is
managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness
of customers to which the group grants credit terms in the normal course of business. The group expects
that estimate of expected credit loss for impairment is immaterial based on historical trend and the nature of
business. No provision is considered necessary as at reporting date other than disclosed in Note 5 and 12 and
Management continuously assesses the requirement for provision on ongoing basis. During the period, the
group made no write-offs of trade receivables except for those disclosed in Note 40.
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(ii) Liquidity Risk

Liquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with
its financial liabilities that are settled by delivering cash or another financial asset. The group’s approach
to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities
when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
risking damage to the group’s reputation.
The Management regularly monitors rolling forecasts of the group’s liquidity position on the basis of
expected cash flows to ensure it has sufficient cash to meet ongoing operational fund requirements.
R Lakhs
Carrying Within 12 More than 5
Total 1-2 years 2-5 years
Amount months years
Non-Current
Other financial liabilities 61.54 61.54 - 57.65 2.00 39.83
Current
Borrowings 2,316.42 2,316.42 2,316.42 - - -
Trade payables
a) Total outstanding dues of Micro
27.58 27.58 27.58 - - -
b)Total outstanding dues of
creditors other than Micro 2,098.71 2,098.71 2,098.71 - - -
Other Financial Liabilities 1,103.92 1,103.92 1,103.92 - - -
Total 5,608.17 5,608.17 5,546.63 57.65 2.00 39.83
R Lakhs
Amount months years
Current
Trade payables
a) Total outstanding dues of Micro
31.75 31.75 31.75 - - -
b)Total outstanding dues of creditors
other than Micro Enterprises and 1,351.43 1,351.43 1,351.43 - - -
Small Enterprises
Liabilities classified as held for sale 50.00 50.00 50.00 - - -
Total 1,889.94 1,889.94 1,889.94 - - -
(iii) Currency Risk

The group operates internationally and is exposed to foreign exchange risk arising from foreign currency
transactions, primarily with respect to the USD & GBP. Foreign exchange risk arises from future commercial
transactions and recognised assets and liabilities denominated in a currency that is not the group’s
functional currency. The risk is measured through a forecast of highly probable foreign currency cash flows.
The objective of the hedges is to minimize the volatility of the INR cash flows of highly probable forecast
transactions.
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• ADF FOODS LTD.
The group’s risk management policy is to hedge 100% of forecasted net exposures for period of 1 to 3
months of export sales and 70% of forecasted net exposures for 4 to 12 months of export sales.
In accordance with its risk management policies and procedures, the group uses foreign currency forward
contracts to hedge its risks associated with foreign currency fluctuations relating to highly probable
forecasted transactions. When derivative is entered into for the purpose of being a hedge, the group
negotiates the terms of those derivatives to match the terms of the hedge exposure and assesses the
effectiveness of the hedged item and hedging relationship based on economic relationship.
The carrying amount of the group’s exposure to foreign currency at the end of the reporting period
expressed in INR, are as follows:
a) Trade and other receivables
R Lakhs
Foreign currency Amount (in Amount Amount (in original Amount
original currency) currency)
USD 59.45 4,485.54 55.46 3,834.18
GBP 8.62 800.93 7.72 697.89
b) Trade payable
R Lakhs
Foreign currency Amount (in Amount Amount (in original Amount
original currency) currency)
USD 12.21 920.99 7.11 491.39
GBP 4.63 430.34 2.06 186.28
CAD 0.12 6.38 0.11 5.89
c) EEFC balance
R Lakhs
Foreign currency Amount (in Amount Amount (in Amount
original currency) original currency)
USD 6.58 496.77 6.90 476.95
GBP 0.85 78.88 5.47 494.71
The following significant exchange rates have been applied during the year:
Particulars Year- end spot rate as at
USD / INR 75.4500 69.1450
GBP / INR 92.9200 90.3700
CAD/ INR 53.1900 51.4800
•
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Sensitivity for above exposures

A fluctuation in the exchange rates of 5% with other conditions remaining unchanged would have the
following effect on group’s profit or loss after taxes as at March 31, 2020 and March 31, 2019:
Particulars Impact on profit after tax
For the Year ended March 31, 2020 For the Year ended March 31, 2019
USD / INR increase by 5% 133.37 118.47
USD / INR decrease by 5% (133.37) (118.47)

GBP / INR increase by 5% 13.87 18.13
GBP / INR decrease by 5% (13.87) (18.13)

CAD / INR increase by 5% (0.24) (0.21)
CAD / INR decrease by 5% 0.24 0.21
52. Disclosures of additional information pertaining to the parent company and subsidiaries, as required under
schedule III to the Companies Act, 2013
Name of the Company Net Assets (Total assets Share in Profit / (Loss) Share in Other Share in Total
minus Total liabilities) account Comprehensive Income Comprehensive Income
(OCI) (TCI)
As % of Net Assets As % of Profit/ As % of OCI As % of TCI
Consolidated Consolidated Consolidated Consolidated
net assets profits (Loss) OCI TCI
Parent Company
ADF Foods Limited 113.16 23,133.40 73.57 3,147.15 106.58 (333.98) 70.97 2,813.17
Indian Subsidiary
ADF Foods (India) (0.08) (16.63) (0.24) (10.07) 0.00 (0.01) (0.25) (10.08)
Limited
Foreign Subsidiaries
Direct Subsidiary
ADF Foods UK Limited 34.49 7,051.21 0.40 17.08 (0.07) 0.23 0.44 17.31
Step down Subsidiary
ADF Holdings (USA) 21.05 4,302.76 25.15 1,075.63 (6.51) 20.41 27.65 1,096.04
Limited
Elimination (68.62) (14,028.27) 1.12 47.69 - - 1.19 47.69
Total 100.00 20,442.46 100.00 4,277.48 100.00 (313.35) 100.00 3,964.13
•215
• ADF FOODS LTD.

Name of the Net Assets (Total assets Share in Profit / (Loss) Share in Other Share in Total
Company minus Total liabilities) account Comprehensive Income Comprehensive Income
(OCI) (TCI)
As % of Net Assets As % of Profit/ As % of OCI As % of TCI

Consolidated Consolidated (Loss) Consolidated Consolidated
net assets profits OCI TCI
Parent Company
ADF Foods Limited 122.46 21,043.20 120.30 3,047.73 73.69 154.83 116.73 3,202.56
Indian Subsidiary
ADF Foods (India) (0.03) (6.55) (1.00) (25.27) 0.02 0.03 (0.92) (25.24)
Limited
Foreign Subsidiaries
Direct Subsidiary
ADF Foods UK 34.06 5,853.30 (0.36) (9.17) (0.05) (0.10) (0.34) (9.27)
Limited
Step down
Subsidiary
ADF Holdings (USA) 11.69 2,008.09 (18.31) (463.79) 26.34 55.34 (14.89) (408.45)
Limited
Elimination (68.18) (11,715.58) (0.63) (16.04) - - (0.58) (16.04)
Total 100.00 17,182.46 100.00 2,533.46 100.00 210.10 100.00 2,743.56
53. Details of subsidiaries

The companies considered in the consolidated financial statements are:
Name of the Company Country of % of holding held by the group % of holding
incorporation As at Non-controlling Interest (NCI)
As at
March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019
ADF Foods (India) Limited India 100% 100% 0% 0%
ADF Foods UK Limited UK 100% 100% 0% 0%
ADF Holdings (USA) Limited USA 100% 100% 0% 0%
Power Brands (Foods) Private
India 99.99% 99.99% 0.01% 0.01%
Limited *
* Under member’s voluntary liquidation vide special resolution passed by the members on November 5, 2012.
54. (a) Exceptional items represent r 35.37 Lakhs profit on sale of plots of land which the company had purchased
with the intention to build storage facility but no longer intends to use it for the purpose of the business.
It also includes expense aggregating to USD 95,000 equivalent to r 67.88 Lakhs. The same is towards
litigation settlement amount and legal fees in respect of a lawsuit filed in US.
•
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(b) Movement in borrowing:
Long term borrowings - - - -
Short term borrowings - 2,316.42 - 2,316.42
Total borrowings - 2,316.42 - 2,316.42
Long term borrowings 2.54 (2.54) - -
Short term borrowings 137.46 (137.46) - -
Total borrowings 140.00 (140.00) - -
55. Previous year’s figures have been regrouped / restated wherever necessary to confirm to current year’s
classification. All figures have been rounded off to the nearest lakhs.
For and on behalf of the Board

DIN: 00087404
Shalaka Ovalekar
Company Secretary
Membership No: A15274
Place: Mumbai
Date: May 11, 2020
• 217
• ADF FOODS LTD.
FORM AOC - 1
(Pursuant to first proviso to sub-section (3) of section 129 read with Rule 5 of the Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries
Sr. Name of subsidiary ADF Foods (India) ADF Foods UK Limited - ADF Holdings (USA) Limited
No. Limited - Wholly owned Wholly owned subsidiary and its’ subsidiary - step
subsidiary down subsidiary
1 The date since when subsidiary was 7th December, 2009 6th September, 2002 22nd September, 2010
acquired
2 Reporting period for the subsidiary 1st April, 2019 1st April, 2019 1st April, 2019
concerned, if different from the to to to
holding company’s reporting period 31st March, 2020 31st March, 2020 31st March, 2020
3 Reporting currency and exchange Rupees £ = INR 92.92 $ = INR 75.45

rate as on the last date of the relevant
financial year in the case of foreign
subsidiary
R / lakhs £ R / lakhs $ R / lakhs
4 Share Capital 5.00 7,191,715 6,609.04 10,665,133 6,710.06
5 Reserves & Surplus (21.64) 396,516 442.17 (5,793,949) (2,407.31)
6 Total assets 51.13 7,690,271 7,185.84 7,319,400 5,395.47
7 Total liabilities 67.77 102,040 134.63 1,438,217 1,092.70
8 Investments - - - - -
9 Turnover 81.56 152,370 137.22 12,570,622 8,932.92
10 Profit before taxation (10.16) 18,592 17.08 1,701,357 1,390.51
11 Provision for tax (0.09) - - 417,320 314.86
12 Profit after tax (10.07) 18,592 17.08 1,284,037 1,075.65
13 Proposed dividend - (46) (0.04) (67) (0.05)
14 % of share holding 100% 100% 100% 100% 100%
Power Brands (Foods) Pvt. Ltd. (PBFPL), 99.99% subsidiary of Company, has gone for voluntary liquidation vide Special Resolution passed by its’
Members’ on 5th November, 2012.
DIN: 00087404
Date: May 11, 2020 Date: May 11, 2020
•
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ADF FOODS LIMITED

CIN: L15400GJ1990PLC014265
Regd. Office: 83/86, G.I.D.C. Industrial Estate, Nadiad - 387 001, Gujarat
Corp. Office: Marathon Innova, B2, G01, Ground Floor, G. K. Road, Lower Parel, Mumbai - 400 013
Tel.: 022 6141 5555; Fax: 022 6141 5577; Email id: [email protected]
Website: www.adf-foods.com
E-mail Registration-Cum-Consent Form
To,
The Company Secretary
ADF Foods Limited
I/ We, the Members of the Company do hereby request you to kindly register/ update my e-mail address with the
Company. I/ We, do hereby agree and authorize the Company to send me/ us all the communications in electronic
mode at the e-mail address mentioned below. Please register the below mentioned e-mail address/ mobile number
for sending communication through e-mail/ mobile.
Folio No.: …………................…………………….. DP ID: …..……….........………………….. Client ID: ……..…….....………………………….
Name of the Registered Holder (1st): ..………………………………………………………….............................………………………………
Name of the Joint Holder(s) (2nd): …………….…….........................…………………. (3rd): ….……….........…………………………………
Registered Address: ………………………………………...........................…………………………………………………………………………….
…………………………………………………………………....................……………………………………………….. Pin: …….……........…………….
Mobile Nos. (to be registered): …………………………….…..............................………………………………………………………………….
Email-id (to be registered): …………………….............................……….…………………………………………………………………………..
____________________________
Signature of the Shareholder(s)*
*Signature of all the shareholders is required in case of joint holding.
• 219

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F O ODS LTD.

7eedi119 lite wodd ..

Scrip Code: 519183 Symbol: ADFFOODS

Dear Sir/ Madam,

We request you to take the above information on record.

OVALEKAR Date: 2020.07.08

Thanks & Regards,

Other Product Offerings

Delhi Dal Makhani

Annual Report 2019-2020

STAY SAFE, STAY HEALTHY

Plant Operations with Safety Measures

• Strict adherence to Social Distancing norms at the

• Regular cleaning and disinfection of factory premises

• Personal Protection Equipment (masks, gloves,

Initiatives across the Globe

• Distributed Badamazza milk drink to frontline policemen

• Distributed Ashoka Badamazaa drink and cooked meals

• Collaborated with UK's - 'Inspired by HOPE' team, a

Consolidated Financial Performance

FY17 FY18 FY19 FY20 FY17 FY18 FYl 9 FY20

Cash Flow from EBITDA Margin (%) PAT Margin (%)

FY17 FY18 FY19 FY20 FY17 FY18 FY19 FY20

New Product launches in FY 2020

I hope you and your family are safe and well.

30th Annual General Meeting

Annual Report 2019-20

NOTICE OF THE 30TH ANNUAL GENERAL MEETING

Annual Report 2019-20

Annual Report 2019-20

22. Voting through electronic means:

5. Your Password details are given below:

For Shareholders holding shares in Demat Form or Physical Form

Annual Report 2019-20

4. Cast your vote by selecting appropriate option i.e. “Favour/Against” as desired.

Annual Report 2019-20

Mumbai, May 11, 2020 By order of the Board

EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013

Item No. 4: Appointment of Mr. Chandir G. Gidwani as a Non-Executive Independent Director

Annual Report 2019-20

ANNEXURE TO ITEM NOS. 4 AND 5 OF THE NOTICE OF THE AGM

Annual Report 2019-20

Particulars Mr. Chandir Gidwani Ms. Deepa Misra Harris

Previous year’s fi gures have been re-grouped wherever necessary.

Annual Report 2019-20

Name of Director Position held Date of Resignation/ Appointment

Annual Report 2019-20

o Meetings of Board of Directors

Annual Report 2019-20

J. CASH FLOW STATEMENT:

o Internal Financial Controls

Annual Report 2019-20

Annual Report 2019-20

Sr. No. Observation Company’s explanation

Sr. No. Observation Company’s explanation

Annual Report 2019-20

Y. ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

For and on Behalf of the Board of Directors

Annual Report 2019-20