Annual Report 2020-21

Himalaya is a socially conscientious company.
We believe in
nourishing the community we work within -through supporting local
farms by ways of contract farming, educating farmers on better farming
practices and providing them with our nitrogen-rich soil from the
Mushroom Houses to fertilize their ﬁelds.
th
30 Annual Report
Year 2020-2021
A WIDE RANGE OF ALL NATURAL PRODUCTS
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CORPORATE INFORMATION
BOARD OF DIRECTORS CORPORATE IDENTIFICATION

MAN MOHAN MALIK NUMBER (CIN)
Chairman & Managing Director L70102DL1992PLC047399
SANGITA MALIK REGISTRAR & SHARE

Whole time Director TRANSFERAGENT
Beetal Financial & Computer Services (P)
SANJIV KUMAR KAKKAR Ltd. Beetal House, 3rd Floor, 99
Executive Director Madangir BH-Local Shopping Complex
Near Dada Harsukhdas Mandir New
SUNIL KUMAR KHERA Delhi -110062
Independent Director
SHARES LISTED AT
SURENDRA KUMAR KAUSHIK Bombay Stock Exchange (BSE)
Independent Director 526899 (Scrip Code)
NEELAM KHANNA RAGISTERD OFFICE

Independent Director Himalaya Food International Limited
118, 1st Floor, 12 Gagandeep Building,
SHAMSHER ALI Rajendra Place, New Delhi-110008
Chief Financial Officer (CFO) www.himalayafoodcompany.com
Tel.: 011-45108609
SURABHI MAHESHWARI
Company Secretary (CS) HEAD OFFICE & PLANT
Village: Shubhkhera, paonta Sahib Distt.
AUDITORS Sirmour, HP-173025,
Sharma Kumar & Associates Tel.: 01704-223494,
Chartered Accountants
GUJARAT PLANT
BANKERS 215/A/1 Vadnagar-Redlaxmipura Road
State Bank of India, Stressed Asset At-Sultanapura, Ta-Vadnagar
Management Branch, New Delhi Mehsana District, Gujarat
Union Bank of India, Stressed Asset India, 384355
Management Branch, Delhi
Exim Bank, Chandigarh
Bank of Baroda, Zonal Stressed
Assets Recovery Branch, Ahmedabad
30th Annual Report Year 2020-2021 Page 1

Dear Shareholders,
I hope you are all well and have been able to cope with this unprecedented and daunting worldwide pandemic. Just like
you, we have steadfastly held on, and proven once again our mettle and resilience.
Our first priority since last year has been the safety of all our staff and employees from Covid. We strictly adhered to the
government safety protocols and had to make concessions like everyone else. We could run our operations
only partially and continued some exports to North America.
However, despite these unprecedented and globally challenging times, we survived, kept our operations live and
maintained our positivity to ultimately bounce back stronger than before. Our spirit and resilience are reflected in the
financial reports of the lockdown period.
In some ways, the pandemic forced us to work smarter, streamline processes and make do with less than before. For
instance; because of the shortage in human resources, we were forced to reduce both labor and energy costs and thus
inadvertently ended up running a more efficient operation. We anticipate that moving forward; we will save 30% on these
two cost factors per unit of production. The incremental effect of such cost savings become even more pronounced as we
utilize our plant’s full –a much higher capacity –once the pandemic has truly subsided.
Most importantly, not only did we streamline processes and cut cost during the pandemic, but we rechanneled our idle
energy to aggressively innovate new and therapeutic products. We innovated ways to utilise the available but unused
capacities of our operations, and achieve the true potential of our company. (See below “New Era of Health & Wellbeing -
Himalaya Innovations”) Overall, the pandemic taught us many lessons, and we feel lucky to have seen silver linings.
OTS & Payments to Banks:
Previously, all four lenders/banks had approved an OTS for Rs. 82.90 Crores against the outstanding amount of Rs. 181.01
Crores. An amount of Rs. 20.44 Crores, about a quarter, has already been paid back. However, due to the massive
disruptions caused by the Covid lockdowns, our lender banks have not yet been able to issue NOC’s for the sale of the
company’s non-core assets. In light of this delay, we have requested the banks extend the period over which the remaining
balance is due. We anticipate that Himalaya will be paying Rs. 30 Crores from the sale of these non-essential assets. The
remaining Rs. 30 Crores of the OTS will be paid through the company’s internal cash accruals.
Singapore Award-JV Dispute:
The 7 years of legal battle with American JV partner got concluded at Singapore Arbitration in March 2020 & we resumed
the possession of the premises along with two potato processing lines at Vadnagar. JV partner defaulted on the Award in
April last year by not returning key components & equipments within the specifically defined period of three weeks. The
matter of compliance to the three point award is pending at Delhi High Court besides our appeal for damages for
abandonment.
Covid-19 & Way Forward:
Businesses worldwide have suffered heavily due to the catastrophic consequences of Covid 19. We hope that with
aggressive vaccination, a heightened awareness of health, nutrition, and welfare, and mindful precautions, we will soon
eliminate this annihilating threat and move forward as a wiser civilization.
Thoughts & Vision Post Covid:
I am pleased to share below Himalaya’s vision and thoughts for the future and the silver linings that we see on the horizon,
despite the gloom and economically crippling events of the last two years. Barring any further unforeseen circumstances,
we are confident to surpass our Pre-Covid March 2020 financials in the current fiscal year. We are reorganizing our
mushroom operations in such a way that we continue to grow Button mushrooms at Pre-Covid levels and still divert 40%
of our plants’ capacity towards the very high valued medicinal mushrooms, such as Reishi, Cordyceps, Lions Maine &
Turkey Tail. All these high valued mushrooms thrive on hard wood & grain based substrates requiring huge infra for super-
heated steam based sterilization process. Fortunately we already have idle capacity and infrastructure that will be re-
channeled to process the substrate for these mushrooms. Our newly developed “Vegan Mushroom Jerky” and “Red Reishi
Super Mushroom Cookies” are further expected to add value to the company’s profit margins. Overall, this restructuring of
mushroom growth will provide for a big boost to the company’s overall profit margins.

With our repossession of the “French-Fry” and “Specialty Potato” lines, after our legal win in the Singapore Court of
Arbitration, we anticipate a sustained period of growth post Covid 19, and plan on reaching an output of around 25,000
tons of frozen french-fries and potato specialty products within the next three years.
We already have ongoing contract with Amul and we plan adding more contract processing for the already established
large frozen food companies in the market.
We plan on re-entering the Indian markets; first through the food service segment and later through the retail segment.
We intend on doing so in a similar fashion as our 2009-2010 launch of Himalaya products in the domestic market. While
we have mandated our marketing team to start its campaign in the Food Service Sector immediately, our launch in Modern
Retail Chains and the online B2C platforms is contemplated to commence in next year.
Pandemic Led New Era of Health & Wellbeing - Himalaya Innovations
The unprecedented and harsh global pandemic has jolted all of humanity irrespective of income, geographic, or other
identity! Covid 19 has ushered in a New ‘Game Changing’ Era and demanded that we urgently build our immune systems
against not only this but any future viruses and truly start thinking of food as medicine.
“Functional Foods” the foods that are not only therapeutic but also nutrition dense, are now in vogue more than ever
before. These foods can provide for a much-needed boost to our innate immune system in an increasingly toxic,
unpredictable, and globally connected world. Himalaya, as a giant mushroom producer and organic food processing plant,
is already equipped to participate in the super food & functional foods segment. We thus expect tremendous growth in the
near future and are positioned to be part of this unprecedented boom for Functional & Immunity boosting Super Foods.
Medicinal Mushrooms:
In particular, certain ancient and revered mushrooms are in the spotlight, post pandemic. The health benefits of these
mushrooms, and their ability to enhance immunity and longevity, extend their appeal beyond the dinner table, and we can
now find these mushrooms on most online health stores & in every supplement aisle in various forms, such as teas,
powders, capsules, and tinctures.
We at Himalaya Food have now redefined our mission after 25 years of growing mushrooms. We worked incessantly
through the pandemic to use our quarter century of mushroom growing experience and reinvent ourselves as the leader in
growing and packaging medicinal mushrooms from India.
To accomplish this over the last year, Himalaya engaged the Directorate Mushroom Research Center (DMR-ICAR) to assist
in the development of high valued functional and medicinal mushrooms using our existing infrastructure for steam
sterilisation and UV protected inoculation. We have imported high quality mother cultures for Red Reishi, Lions Mane &
Cordyceps Militaris Mushrooms from Penn State University, USA. After completing long trials, we are now starting
commercial growing of these mushrooms that shall be dried and sold to larger players in the field of Nutritional
supplements as well as for In-house extraction of their therapeutic compounds for marketing under Himalaya Mushroom
Brand. The Mushrooms selected are based on their ancient reputation to prevent & cure several ailments and their innate
properties to build strong immunity and Anti-Ageing.
For instance; known as the ‘Mushroom for Immortality’ and revered for more than 7,000 years in Asia, Reishi mushrooms
(Ganoderma Lucidum aka Lingh zhi in China) have long been a source of healing and wellness. In Japan, Reishi mushrooms
are used as a health tonic to strengthen the immune system and bring it back into balance. Himalaya is now growing Reishi
mushrooms.
Lion's Mane has a taste and texture similar to lobster or crab; stringy, meaty, and delicate. Lion's mane readily takes on the
flavor of spices and sauces and is called vegetarian lobster. Lion’s Mane is a mainstay of traditional Chinese & Japanese
medicine. It has a long history of both culinary and medicinal use, with traditional medical practitioners prescribing it for
ailments including insomnia, low mood, low immune system function, and memory loss. The known benefits of regular
Lion's Mane Mushroom are enhanced memory retention, improved focus and concentration, reduced stress and anxiety,
better sleep, a strong immune system and improved long-term cognitive function. Lion's Mane is fast becoming one of the
most popular mushroom supplements in the world, and Himalaya is at the forefront of this development.
Cordyceps became viral as an energy booster when Chinese athletes performed astoundingly to break several world
records in 1993 International Games. Natural Cordyceps Sinensis; native to Himalayas has become rare due to exploitation
from times immemorial and have been banned by India and several other nations to protect the fragile Himalayan ecology.
These natural Himalayan mushrooms also called Himalayan Viagra are worth more than gold in international markets.
Cordyceps Militaris (CM) was thus developed, to mitigate this shortage and to save the Himalayan ecology, in controlled

conditions imitating the Himalayan climate and is now cultivated in China, Japan, Malaysia and several other countries.
The key benefits of CM are improved oxygen consumption, improved cardiac and respiratory health, increased vitality and
endurance and better immunity and energy. Himalaya is also growing, processing and distributing CM.
Mushroom Functional Foods:
Innovation has been the hallmark of our team here at Himalaya ever since our inception in 1995. The pandemic has taught
us many lessons, and one of these led us to the path of super mushrooms. Also known as functional foods, these
mushrooms are truly the definition of what Hippocrates was talking about: “Let food be thy medicine, and
let medicine be thy food”. Below is our attempt to live and let live by this mantra.
Portobello Jerky:
We have now developed a nutritionally dense ‘Portobello Vegan Jerky’ in five flavors www.himalayajerky.com.We
developed the process infusing our portobello mushrooms with Vitamin and then marinate these delicious morsels with
therapeutic ayurvedic herbs and spices. We then dry the jerky at extremely low temperatures to not only bring out the
flavors and chewiness but also preserve the nutritional content of the mushrooms and herbs. The drying process shrinks
the portobellos to around 15% of their raw weight, making the final product many times more nutritionally dense than the
raw mushrooms.
After successful cultivation trials on Reishi mushrooms, we have innovated “Red Reishi Super Mushroom Cookies” by
infusing Red Reishi bioactive compounds for a daily dose of all essential immunity boosting enzymes, vitamins and
minerals against all kinds of viruses and diseases. This product is made from Vitamin D infused portobello mushrooms and
Reishi mushroom extract powders with gluten free whole grains and unrefined sweetness from dates.
I thank you for your patience and trust. I am confident in assuring you that Himalaya is bound to enter its best phase of
existence.
For Himalaya Food International
Sd/-
Man Mohan Malik
Chairman

NOTICE
NOTICE is hereby given that the 30th Annual General Meeting of the members of the Company will be held on Thursday,
the 30th Day of September 2021, at 9:30 AM through Video Conferencing (‘VC’) or Other Audio-Visual Means (‘OAVM’) to
transact the following business: -
Ordinary Business:
1. To receive, consider and adopt the Standalone a nd C onso li da ted Audited Financial Statements of the Company
for the year ended 31st March 2021 and the Reports of the Board of Directors and Auditors thereon.
2. To appoint a director in place of Mrs. Sangita Malik (DIN: 02428506), who retires by rotation in terms of Section 152(6)
of the Companies Act, 2013 and being eligible, offers herself for re-appointment.
Special Business:
3. To consider and if thought fit, to pass, with or without modification(s), the following resolution as a Special
Resolution:
“RESOLVED THAT pursuant to Regulation 17 (1A) of Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as amended, approval of the members be and is hereby accorded for
continuation of directorship of Mr. Surendra Kumar Kaushik (DIN: 05286196) who has been a Non- Executive
Independent Director of the Company since January 22, 2018, to continue to act as a Director of the Company in the
category of Non-Executive Independent Director beyond 75 years of age after January 28, 2022.”
4. To consider and if thought fit, to pass, with or without modification(s), the following resolution as a Special
Resolution for transfer of assets under 100% EOU of the Company to another wholly owned subsidiary of the
Company for French Fries to create additional revenue
“RESOLVED THAT pursuant to the provisions of Section 180(1)(a) and all other applicable provisions of the
Companies Act, 2013 (the “Act”) and rules made thereunder (including any statutory modification thereof for the time
being in force and as may be enacted from time to time), the Memorandum and Articles of Association of the Company,
the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and subject to the approval of the Lenders and all such approvals, consents, sanctions and
permissions, as may be necessary from Delhi High Court, consent of the members of the Company be and is hereby
accorded to the Board of Directors (hereinafter referred to as the “Board”, which term shall include any Committee
constituted by the Board or any person(s) authorized by the Board to exercise the powers conferred on the Board by
this Resolution), of the Company (hereinafter referred to as the “Seller”), to sell, dispose, hive-off and/or transfer
“Seven Acre bounded Land under the 100% EOU”, including the all appurtenances thereto together with all machinery,
assets, interests, privileges, titles, resources, debts, liabilities, encumbrances/mortgages and obligations of every nature
related thereto (hereinafter referred to as ‘100% EOU undertakings’) on a going concern basis by way of a slump sale
(as defined in Section 2(42C) of the Income Tax Act, 1961) for a consideration of Rs. 1500 Lakh/- (Rupees Fifteen
Hundred lacs only) to Appetizers and Snacks Foods Limited (hereinafter referred to as the “Buyer”), a wholly owned
subsidiary of the Company and with powers to the Board to agree to and accept such terms and conditions as may be
stipulated by the lenders or any other authorities while according their consent or otherwise, as the Board of the
Company may deem fit and appropriate in the interest of the Company;
“RESOLVED FURTHER THAT for the purpose of giving effect to the above resolution the Board of Directors of the
Company or a duly authorized Committee thereof, be and is hereby authorized to take such actions and to give all such
directions as may be necessary or desirable and also to settle any question or difficulty that may arise in regard to the
sale/transfer of the aforementioned ‘100% EOU Undertaking’ and to do all such acts, deeds, matters and things and to
execute all such deeds, documents and writings as may be necessary, desirable or expedient in connection therewith.”
5. Issue of Equity Shares on Preferential Allotment Basis
To consider and if thought fit to pass with or without modification (s) the following resolution as a Special
Resolution:

“RESOLVED THAT pursuant to the provisions of Section 42 and Section 62(1)(c) of the Companies Act, 2013,
read with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and other applicable provisions, if
any (including any statutory modifications(s) or re-enactment thereof, for the time being in force), and subject to
the provisions of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 (“SEBI (ICDR) Regulations”), Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 as amended up to date (“Listing Regulations”), the Securities and
Exchange Board of India (Substantial Acquisitions of Shares and Takeovers) Regulations, 2011, as amended (the
“Takeover Regulations”) as in force and subject to other applicable rules, regulations and guidelines of Securities
and Exchange Board of India (“SEBI”) and/or the stock exchanges where the shares of the Company are listed
and enabling provisions of the memorandum and articles of association of the Company and subject to requisite
approvals, consents, permissions and/ or sanctions of regulatory and other appropriate authorities, as may be
required and subject to such conditions as may be prescribed by any of them while granting any such approvals,
consents, permissions, and/ or sanctions (including but not limited to approval from the Competition Commission
of India) and which may be agreed to, by the board of directors of the Company (“Board”, which term shall be
deemed to include any committee constituted by the Board to exercise its powers including the powers conferred
hereunder or any person authorised by the Board or its committee for such purpose), and subject to any other
alterations, modifications, corrections, changes and variations that may be decided by the Board in its absolute
discretion, the consent and approval of the members of the Company be and is hereby granted to Board to create,
offer, issue and allot at an appropriate time, in one or more tranches on a preferential basis, 46,64,621 (Forty Six
Lacs Sixty Forty Thousand Six Hundred Twenty One) equity shares of face value Rs. 10/- each (“Equity Shares”) at
a price of Rs. 16.25/- per share at a premium of Rs. 6.25/- per share aggregating to Rs. 7,58,00,091/- (Rupees Seven
Crore Fifty Eight Lacs Ninety One only) to, Promoter and to the operational creditors & other non-secured lenders,
(“Proposed Allottee”), in lieu of overdues as on 31st March 2021 & duly verified & certified by the statutory Auditors
provided that the minimum price of equity shares so issued shall not be less than the price arrived at, in accordance with
Chapter V of the SEBI (ICDR) Regulations for preferential issue on such terms and conditions, as are stipulated in the
explanatory statement attached and as Board may deemed fit in its absolute discretion.”
“RESOLVED FURTHER THAT The “Relevant Date” pursuant to Regulation 161 of the SEBI (ICDR) Regulations in relation
to the above mentioned Preferential Issue of Equity Shares, is 31st August 2021, is a date 30 days prior to the date of
Annual General Meeting.”
“RESOLVED FURTHER THAT the Board be and is hereby authorised to decide and approve other terms and conditions
of the issue of the equity shares and shall also be entitled to vary, modify or alter any of the terms and conditions, as it
may deem fit, subject however to the compliance with the applicable guidelines, notifications, rules and regulations.
“RESOLVED FURTHER THAT the Board be and is hereby authorised to accept the terms, conditions, modifications and
stipulations as the GOI, SEBI or Stock Exchanges or any other regulatory authority may stipulate while granting approval
to the Company for issue of the equity shares as aforesaid.”
“RESOLVED FURTHER THAT the Board is hereby authorised to take necessary steps for listing of the equity shares
allotted on the Stock Exchanges, where the Company’s shares are listed, as per the terms and conditions of the Listing
Agreement, and in accordance with such other guidelines, rules and regulations as may be applicable with regard to such
listing.”
“RESOLVED FURTHER THAT the Equity Shares so issued shall upon allotment have the same rights of voting as the
existing equity shares and be treated for all other purposes pari-passu with the existing equity shares of the Company
and that the equity shares so allotted during the financial year shall be entitled to the dividend, if any, declared including
other corporate benefits, if any, for the financial year in which the allotment has been made and subsequent years.”
“RESOLVED FURTHER THAT the Board, be and is hereby, authorized in its entire discretion to decide and proceed with
the issue of the equity shares, including the size and relative component of the same, and for the purpose of giving effect
to this issue of equity shares, to issue proposed Preferential offer letter to the proposed allottees and take such steps and
to do all such acts, deeds, matters and things as the Board may, in its absolute discretion, deem necessary, expedient,
usual, proper, incidental or desirable and to settle any question, difficulties or doubts that may arise in this regard and in
regard to the issue, allotment of the equity shares and utilization of the issue proceeds, to prescribe the forms of
applications, enter and execute all such deeds, documents, agreements or other instruments, and to take such
actions/directions as they may consider as being necessary or desirable and to obtain any approval, permissions,
sanctions which may be necessary or desirable as they may deem fit, without being required to seek any further consent
or approval of the shareholders.”

“RESOLVED FURTHER THAT the Board be and is hereby authorized on behalf of the Company to do all such acts, deeds,
matters and things as it may at its discretion deem necessary or desirable for such purpose, including without limitation,
appointment of consultants, solicitors, merchant bankers, or any other agency/agencies, to agree and accept all such
condition(s), modification(s) and alteration(s) as may be stipulated by any relevant authorities while according approval
or consent to the issue as may be considered necessary, proper or expedient and give effect to such modification(s) and
to resolve and settle all questions, difficulties or doubts that may arise in this regard to such issue and allotment and to
do all acts, deeds and things in connection therewith and incidental thereto without being required to seek any further
consent or approval of the members of the Company to the intent that the members shall be deemed to have given their
approval thereto expressly by the authority of this resolution.”
6. Issue of Warrants, Convertible into Equity Shares to Promoters of the Company on Preferential Basis:
To consider and if thought fit to pass, with or without modification(s), the following resolution as a Special
Resolution:
“RESOLVED THAT pursuant to Sections 42, 62 and other applicable provisions, if any, of the Companies Act, 2013 read
with the Companies (Prospectus and Allotment of Securities) Rules, 2014 and the Companies (Share Capital and
Debentures) Rules, 2014, each as amended, the provisions of the Securities and Exchange Board of India (Issue of Capital
and Disclosure Requirements) Regulations, 2018, as amended (the “SEBI (ICDR) Regulations”), Securities & Exchange
Board of India (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 (“SEBI Takeover Regulations”),
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended (the “Listing Regulations”) and any other applicable laws, rules and regulations, circulars, notifications,
clarifications, guidelines issued by the Government of India, the Securities and Exchange Board of India (“SEBI”) and the
stock exchanges where the shares of the Company are listed (“Stock Exchanges”), or any other authority / body and
enabling provisions in the Memorandum and Articles of Association of the Company, and subject to necessary approvals,
sanctions, permissions of appropriate statutory / regulatory and / or other authorities and persons, if applicable and
subject to such conditions and modifications as may be prescribed by any of them while granting such approvals /
sanctions / permissions and / or consents, if any, and which may be agreed by the board of directors of the Company
(hereinafter referred to as “Board” which term shall be deemed to include any committee(s), which the Board has
constituted or may constitute to exercise its powers, including the powers conferred on the Board by this resolution),
consent of the members of the Company be and is hereby accorded to the Board, to create, issue, offer and allot, from
time to time, in one or more tranches, upto 18,46,154 (Eighteen Lacs Forty Sixty Thousand One Hundred Fifty Four)
Equity warrants (“Warrants”) at a price of Rs. 16.25/- per warrant with a right to the warrant holders to apply for and be
allotted 1 (One) Equity Share of the face value of Rs. 10/- each of the Company (“Equity Shares”) at a premium of Rs.
6.25/- per share for each Warrant within a period of 18 (Eighteen) months from the date of allotment of the Warrants,
aggregating up to Rs. 3,00,00,002/- (Rupees Three Crores and Two only) to Doon Valley Foods Pvt Ltd, Promoter of the
Company (“proposed allottee”) in lieu of overdues as on 31st March 2021 & duly verified & certified by the statutory
Auditors provided that the minimum price of warrants convertible to equity shares so issued shall not be less than the
price arrived at, in accordance with Chapter V of the SEBI (ICDR) Regulations for preferential issue on such terms and
conditions, as are stipulated in the explanatory statement attached and as Board may deemed fit in its absolute
discretion.”in such form and manner and in accordance with the provisions of SEBI (ICDR) Regulations and SEBI
Takeover Regulations or other applicable laws and on such terms and conditions as the Board may, in its absolute
discretion think fit and without requiring any further approval or consent from the Members.””
“RESOLVED FURTHER THAT in accordance with the provision of Chapter V of the SEBI (ICDR) Regulations the
“Relevant Date” for the purpose of calculating the floor price for the issue of equity shares be and is hereby fixed as
Tuesday, August 31, 2021 being the weekday 30 days prior to the date of Annual General Meeting i.e. Thursday,
September 30, 2021.”
“RESOLVED FURTHER THAT without prejudice to the generality of the above, the issue of Warrants shall be subject to
the following terms and conditions:
(i) The Warrant holders shall, subject to the SEBI (ICDR) Regulations and other applicable rules, regulations and laws,
be entitled to exercise the Warrants in one or more tranches within a period of 18 (Eighteen) months from the date
of allotment of the Warrants by issuing a written notice to the Company specifying the number of Warrants proposed
to be exercised. The Company shall accordingly issue and allot the corresponding number of Equity Shares of face
value of Rs. 10/- each to the Warrant holders.

(ii) Minimum amount equivalent to 25% of the Warrant Issue Price shall be adjusted from the outstanding overdue credit
at the time of subscription and allotment of each Warrant and the balance 75% shall be adjusted from the outstanding
overdue credit by the Warrant holder(s) on the exercise of the Warrant(s).
(iii) In the event that, a Warrant holder does not exercise the Warrants within a period of 18 (Eighteen) months from the
date of allotment of such Warrants, the unexercised Warrants shall lapse and the amount paid by the Warrant holders on
such Warrants shall stand forfeited by Company.
(iv) The price determined above and the number of Equity Shares to be allotted on exercise of the Warrants shall be
subject to appropriate adjustments as permitted under the rules, regulations and laws, as applicable from time to time.
(v) Apart from the said right of adjustment mentioned in (iv) above, the Warrants by themselves, until exercise of the
conversion option and allotment of Equity Shares, do not give the Warrant holder thereof any rights akin to that of
shareholder(s) of the Company.
(vi) The Company shall procure the listing and trading approvals for the Equity Shares to be issued and allotted to the
Warrant holders upon exercise of the Warrants from the relevant Stock Exchanges in accordance with the Listing
Regulations and all other applicable laws, rules and regulations.
(vii) The Equity Shares so allotted on exercise of the Warrants shall be in dematerialized form and shall be subject to the
provisions of the Memorandum and Articles of Association of the Company and shall rank paripassu in all respects
including dividend, with the then existing Equity Shares of the Company.
(viii) The Warrants and Equity Shares issued pursuant to the exercise of the Warrants shall be locked-in as prescribed
under the SEBI (ICDR) Regulations from time to time.
“RESOLVED FURTHER THAT the Board be and is hereby authorized to, do all such acts, deeds, matters and things as it
may in its absolute discretion deem necessary or desirable to give effect to the above resolutions, including without
limitation to issue and allot Equity Shares upon exercise of the Warrants, to issue certificates/ clarifications on the issue
and allotment of Warrants and thereafter allotment of Equity Shares further to exercise of the Warrants, effecting any
modifications to the foregoing (including to determine, vary, modify or alter any of the terms and conditions of the
Warrants including deciding the size and timing of any tranche of the Warrants), entering into contracts, arrangements,
agreements, memoranda, documents to give effect to the resolutions above (including for appointment of agencies,
consultants, intermediaries and advisors for managing issuance of Warrants and listing and trading of Equity Shares
issued on exercise of Warrants), including making applications to Stock Exchanges for obtaining of in-principle approval,
filing of requisite documents with the Registrar of Companies, National Securities Depository Limited (NSDL), Central
Depository Services (India) Limited (CDSL) and/ or such other authorities as may be necessary for the purpose, seeking
approvals from lenders (where applicable), to take all such steps as may be necessary for the admission of the Warrants
and Equity Shares (to be issued on exercise of the Warrants) with the depositories, viz. NSDL and CDSL and for the credit
of such Warrants / Shares to the respective dematerialized securities account of the proposed allottees, and to delegate
all or any of the powers conferred by the aforesaid resolutions on it to any committee of directors or any director(s) or
officer(s) of the Company and to revoke and substitute such delegation from time to time, as deemed fit by the Board, to
give effect to the above resolutions and also to initiate all necessary actions for and to settle all questions, difficulties,
disputes or doubts whatsoever that may arise, including without limitation in connection with the issue and utilization of
proceeds thereof, and take all steps and decisions in this regard.”
Place: Delhi By order of the Board of Directors

Date: 14.08.2021 Himalaya Food International Limited
Sd/-
Man Mohan Malik
Managing Director

NOTES:
1. In view of the massive outbreak of the COVID-19 pandemic, social distancing is a norm to be followed and
pursuant to the General Circular No. 20/2020 dated May 05, 2020 read with General Circular No. 14/2020
dated April 08, 2020, Circular No.17/2020 dated April 13, 2020, General Circular No. 02/2021 dated January
13, 2021 issued by the Ministry of Corporate Affairs (‘MCA Circulars’) and Circular No. SEBI/HO/CFD/
CMD1/CIR/P/2020/79 dated 12th May, 2020 and Circular No. SEBI/HO/CFD/CMD2/ CIR/P/2021/11 dated
15th January 2021 issued by the Securities and Exchange Board of India (“SEBI Circular”) and in compliance
with the provisions of the Act and the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 (“Listing Regulations”), physical attendance of the Members to the AGM venue is not permitted and AGM
be convened through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can
attend and participate in the ensuing AGM through VC only.
2. In accordance with the said circulars of MCA, SEBI and applicable provisions of the Companies Act, 2013 (Act)
and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the 30th
AGM of the Company is being conducted through VC. Central Depository Services (India) Limited (CDSL) will
be providing facility for voting through remote e-voting, for participation in the AGM through VC and e-voting
during the AGM. The procedure for voting through remote e-voting, e-voting during AGM and participating in
AGM through VC is explained at Notes below and is also available on the website of the Company at
www.himalayafoodcompany.com.
3. The deemed venue for the 30th AGM shall be the Registered Office of the Company.
4. Statement pursuant to Section 102 of the Companies Act 2013 (Act), setting out the material facts concerning special
businesses set out above is enclosed along with the details under Regulations 36(3) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and clause 1.2.5 of the Secretarial
Standard -2] in respect of directors proposed to be appointed / re-appointed at the Annual General Meeting is
annexed hereto.
5. Pursuant to MCA Circular No. 14/2020 dated April 08, 2020, the facility to appoint proxy to attend and cast vote for
the members is not available for this AGM. However, in pursuance of Section 112 and Section 113 of the Companies
Act, 2013, representatives of the members such as the President of India or the Governor of a State or body corporate
can attend the AGM through VC/OAVM and cast their votes through e- voting. Hence the Proxy Form and Attendance
Slip are not annexed to this Notice.
6. Pursuant to the provisions of Section 91 of the Companies Act 2013, the register of members and share transfer books
of the Company will remain closed from Friday, September 24, 2021 to Thursday, September 30, 2021 (both days
inclusive).
7. Corporate members may refer to “Note for Non – Individual Shareholders and Custodians” appearing at the end of this
notice and follow the instructions mentioned for voting and participation at the AGM.
8. The Register of Directors and Key Managerial Personnel and their Shareholding maintained under Section 170 of the
Act, the Register of Contracts or Arrangements in which Directors are interested under Section 189 of the Act shall be
electronically available for inspection by the Members during the AGM upon login at CDSL e-voting system at
www.evotingindia.com.
9. Dispatch of Annual Report and Notice of AGM through electronic mode:
In accordance with, the above referred circulars, owing to the difficulties involved in dispatching of physical copies of
the Annual Report comprising Financial Statements, Board’s Report, Auditor’s Reports and other documents required
to be attached therewith, the Annual Report for 2020- 21 and the Notice of this AGM are being sent only through
electronic mode to those Members whose e-mail addresses are registered with the Company or the Depository
Participant(s).
10. In case of joint holders attending the Meeting, only such joint holders who are higher in the order of the names will be
entitled to vote.
11. The attendance of the Members attending the 30th AGM through VC/OAVM will be counted for the purpose of
ascertaining the quorum under Section 103 of the Companies Act, 2013.

12. Relevant documents referred in the accompanying Notice and Director’s Report will 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 30th
September 2021. Members seeking to inspect such documents can send an email to [email protected].
13. Members whose e-mail address are not registered are requested to register their e-mail address for receipt of Notice
of 30th AGM, Annual Report and login details for joining the 30th AGM through VC facility including e-voting, by
providing Name, folio number/ DPID & Client ID (CDSL-16 digit beneficiary ID or NSDL-16 digit DPID + CLID), client
master or copy of consolidated Account statement (in case of demat holding) or copy of share certificate (in case of
physical holding), self-attested scanned copy of Aadhar Card or any other document as proof of address to Company:
[email protected] or to/RTA at: [email protected].
14. The Notice of AGM and Annual Report for the financial year 2020-21, is available on the website of the Company at
www.himalayafoodcompany.com and also on the websites of the Stock Exchanges: at www.bseindia.com. Notice of
AGM is also available on the website of CDSL at www.evotingindia.com.
15. As per Regulation 40 of the SEBI Listing Regulations, as amended, securities of listed entities can be transferred only in
dematerialized form with effect from April 1, 2019, except in case of 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. Members can contact BEETAL Financial & Computer Services Pvt Ltd., Registrar and Share
Transfer Agents of the Company (“BEETAL”) or the Company for any assistance in this regard.
16. Members are requested to intimate changes, if any, pertaining to their name, postal address, e-mail address,
telephone/mobile numbers, Permanent Account Number, mandates, nominations, power of attorney, bank details viz.,
name of the bank, branch details, bank account number, MICR Code, IFSC Code etc., to their Depository Participants
(“DPs”) in case the shares are held in electronic form and BEETAL in case the shares are held in physical form.
17. In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and
Administration) Rules, 2014 and Regulation 44 of the SEBI Listing Regulations, the Company has provided a facility to
its members to cast their vote electronically, through the e-voting services provided by Central Depository Services
(India) Limited (“CDSL”) on all the resolutions set forth in this Notice. Members who have cast their votes by remote e-
voting prior to the AGM may also participate in the AGM through VC but shall not be entitled to cast their vote on such
resolutions again. The manner and process of e-voting remotely by members is provided in the instructions for e-
voting which forms part of this Notice.
18. Any person who becomes a member of the Company after sending the Notice and holding shares as on the cut-off date
may obtain the login ID and password by sending a request at [email protected]. However, if a member
is already registered with CDSL for remote e-voting then he/she can use his/her existing User ID and password for
casting the vote.
19. The Board of Directors has appointed Mr. Rahul Sharma (ACS No. 49967, CP No. 18610), Company Secretary in
Practice as the Scrutinizer to scrutinize the remote e-voting process and voting during the AGM, in a fair and
transparent manner.
20. The Scrutinizer shall immediately, after the conclusion of e-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
authorized by him in writing, who shall countersign the same.
21. The results declared along with the Scrutinizer’s Report shall be placed on the website of the Company
www.himalayafoodcompany.com and on the website of CDSL www.evotingindia.com immediately. The results will
also be communicated to National Stock Exchange of India Limited and BSE Limited, where the shares of the Company
are listed.
22. The Members can join the EGM/AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the
commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the
EGM/AGM through VC/OAVM will be made available to atleast 1000 members on first come first served basis. This
will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional
Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and
Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the
EGM/AGM without restriction on account of first come first served basis.

THE INTRUCTIONS OF SHAREHOLDERS FOR REMOTE E-VOTING ARE AS UNDER:
i) The remote e-voting period will commence on Monday, September 27, 2021 (IST 09:00 a.m.) and will end on
Wednesday, September 29, 2021 (IST 05:00 p.m.). During this period, members of the Company, holding shares either
in physical form or in dematerialized form, as on the cutoff date i.e., Thursday, September 23, 2021, may cast their
vote by remote e-voting electronically. The remote e-voting module shall be disabled by CDSL for voting thereafter.
Once the vote on a resolution is cast by the member, the member shall not be allowed to change it subsequently. The
voting rights of members shall be in proportion to their shares in the paid-up equity share capital of the Company as
on the cut-off date i.e., Thursday, September 23, 2021.
ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meeting venue.
iii) In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on e-Voting facility
provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through
their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update
their mobile number and email Id in their demat accounts in order to access e-Voting facility.
Pursuant to abovesaid SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
shareholders holding securities in Demat mode is given below:
Type of Login Method

shareholders
Individual 1) Users who have opted for CDSL Easi / Easiest facility, can login through their existing
Shareholders holding user id and password. Option will be made available to reach e-Voting page without
securities in Demat any further authentication. The URL for users to login to Easi / Easiest are
mode with CDSL https://web.cdslindia.com/myeasi/home/login or visit www.cdslindia.com and click
on Login icon and select New System Myeasi.
2) After successful login the Easi / Easiest user will be able to see the e-Voting option for
eligible companies where the e-voting is in progress as per the information provided
by company. On clicking the e-voting option, the user will be able to see e-Voting page
of the e-Voting service provider for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting. Additionally, there is
also links provided to access the system of all e-Voting Service Providers i.e.
CDSL/NSDL/KARVY/LINKINTIME, so that the user can visit the e-Voting service
providers’ website directly.
3) If the user is not registered for Easi/Easiest, option to register is available at

https://web.cdslindia.com/myeasi/Registration/EasiRegistration
4) Alternatively, the user can directly access e-Voting page by providing Demat Account
Number and PAN No. from a e-Voting link available on www.cdslindia.com home page
or click on https://evoting.cdslindia.com/Evoting/EvotingLogin. The system will
authenticate the user by sending OTP on registered Mobile & Email as recorded in the
Demat Account. After successful authentication, user will be able to see the e-Voting
option where the e-voting is in progress and also able to directly access the system of
all e-Voting Service Providers.

Individual 1) If you are already registered for NSDL IDeAS facility, please visit the e-Services website
Shareholders holding of NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com
securities in demat either on a Personal Computer or on a mobile. Once the home page of e-Services is
mode with NSDL
launched, click on the “Beneficial Owner” icon under “Login” which is available under
‘IDeAS’ section. A new screen will open. You will have to enter your User ID and
Password. After successful authentication, you will be able to see e-Voting services.
Click on “Access to e-Voting” under e-Voting services and you will be able to see e-
Voting page. Click on company name or e-Voting service provider name and you will
be re-directed to e-Voting service provider website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available at
https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or click at
https://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
3) Visit the e-Voting website of NSDL. Open web browser by typing the following URL:
https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once
the home page of e-Voting system is launched, click on the icon “Login” which is
available under ‘Shareholder/Member’ section. A new screen will open. You will have
to enter your User ID (i.e. your sixteen digit demat account number hold with NSDL),
Password/OTP and a Verification Code as shown on the screen. After successful
authentication, you will be redirected to NSDL Depository site wherein you can see e-
Voting page. Click on company name or e-Voting service provider name and you will
be redirected to e-Voting service provider website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
(holding securities in After Successful login, you will be able to see e-Voting option. Once you click on e-Voting
demat mode) login option, you will be redirected to NSDL/CDSL Depository site after successful
through their Depository authentication, wherein you can see e-Voting feature. Click on company name or e-Voting
Participants service provider name and you will be redirected to e-Voting service provider website for
casting your vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting.
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login
through Depository i.e. CDSL and NSDL
Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by
securities in Demat mode with CDSL sending a request at [email protected] contact at 022-
23058738 and 22-23058542-43.
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by
securities in Demat mode with NSDL sending a request at [email protected] or call at toll free no.: 1800 1020
990 and 1800 22 44 30
iv) Login method for e-Voting and joining virtual meetings for Physical shareholders and shareholders other than
individual holding in Demat form.
1) The shareholders should log on to the e-voting website www.evotingindia.com.

2) Click on “Shareholders” module.
3) Now enter your User ID
a) For CDSL: 16 digits beneficiary ID,

b) For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c) Shareholders holding shares in Physical Form should enter Folio Number registered with the Company.
4) Next enter the Image Verification as displayed and Click on Login.

5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier e-
voting of any company, then your existing password is to be used.
6) If you are a first-time user follow the steps given below:
For Physical shareholders and other than individual shareholders holding shares in Demat
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both
demat shareholders as well as physical shareholders)
 Shareholders who have not updated their PAN with the Company/Depository Participant are
requested to use the sequence number sent by Company/RTA or contact Company/RTA.
Dividend Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your
Bank Details demat account or in the company records in order to login.
OR Date of  If both the details are not recorded with the depository or company, please enter the member
Birth (DOB) id / folio number in the Dividend Bank details field as mentioned in instruction (3).
v) After entering these details appropriately, click on “SUBMIT” tab.
vi) Shareholders holding shares in physical form will then directly reach the Company selection screen. However,
shareholders holding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to
mandatorily enter their login password in the new password field. Kindly note that this password is to be also used by
the demat holders for voting for resolutions of any other company on which they are eligible to vote, provided that
company opts for e-voting through CDSL platform. It is strongly recommended not to share your password with any
other person and take utmost care to keep your password confidential.
vii) For shareholders holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.
viii) Click on the EVSN of the Company for which you wish to vote.
ix) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting.
Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NO
implies that you dissent to the Resolution.
x) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
xi) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed. If
you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modify your
vote.
xii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
xiii) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
xiv) If a demat account holder has forgotten the login password then Enter the User ID and the image verification code and
click on Forgot Password & enter the details as prompted by the system.
xv) Facility for Non – Individual Shareholders and Custodians –For Remote Voting
 Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required to log on
to www.evotingindia.com and register themselves in the “Corporates” module.
 A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
[email protected].

 After receiving the login details a Compliance User should be created using the admin login and password.
The Compliance User would be able to link the account(s) for which they wish to vote on.
 The list of accounts linked in the login should be mailed to [email protected] and on approval
of the accounts they would be able to cast their vote.
 A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the
Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
 Alternatively Non Individual shareholders are required to send the relevant Board Resolution/ Authority
letter etc. together with attested specimen signature of the duly authorized signatory who are authorized to
vote, to the Scrutinizer and to the Company at the email address viz; [email protected], if they
have voted from individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify
the same.
INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM & E-VOTING DURING
MEETING ARE AS UNDER:
1. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions mentioned above
for e-voting.
2. The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be displayed after
successful login as per the instructions mentioned above for e-voting.
3. Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting. However, they will not
be eligible to vote at the AGM.
4. Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.
5. Further shareholders will be required to allow Camera and use Internet with a good speed to avoid any disturbance
during the meeting.
6. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile
Hotspot may experience Audio/Video loss due to Fluctuation in their respective network. It is therefore
recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
7. Shareholders who would like to express their views/ask questions during the meeting may register themselves as a
speaker by sending their request in advance atleast 3 (three) days prior to meeting mentioning their name, demat
account number/folio number, email id, mobile number at [email protected]. The shareholders who do
not wish to speak during the AGM but have queries may send their queries in advance 3 (three) days prior to meeting
mentioning their name, demat account number/folio number, email id, mobile number at
[email protected]. These queries will be replied to by the company suitably by email.
8. Those shareholders who have registered themselves as a speaker will only be allowed to express their views/ask
questions during the meeting.
9. Only those shareholders, who are present in the AGM through VC/OAVM 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 system available during the AGM.
10. If any Votes are cast by the shareholders through the e-voting available during the AGM and if the same shareholders
have not participated in the meeting through VC/OAVM facility, then the votes cast by such shareholders shall be
considered invalid as the facility of e-voting during the meeting is available only to the shareholders attending the
meeting.

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE
COMPANY/DEPOSITORIES:
1. For Physical shareholders- please provide necessary details like Folio No., Name of shareholder, scanned copy of the
share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned
copy of Aadhar Card) by email to Company/RTA email id.
2. For Demat shareholders -, Please update your email id & mobile no. with your respective Depository Participant
(DP)
3. For Individual Demat shareholders – Please update your email id & mobile no. with your respective Depository
Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.
If you have any queries or issues regarding attending AGM & e-Voting from the CDSL e-Voting System, you can write
an email to [email protected] or contact at 022- 23058738 and 022-23058542/43.
All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi, Sr.
Manager, (CDSL, ) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex, Mafatlal Mill
Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to
[email protected] or call on 022-23058542/43.

Date: 14/08/2021 Himalaya Food International Limited
Sd/-
Man Mohan Malik
Managing Director

EXPLANATORY STATEMENT IN RESPECT OF THE SPECIAL BUSINESS PURSUANT TO SECTION 102 OF THE
COMPANIES ACT 2013
ITEM No. 3
Mr. Surendra Kumar Kaushik, 74 years, is Non-Executive Independent Director of the Company and is not liable to
retire by rotation.
Mr. Kaushik, have very rich experience of more than 37 years in the Banking field. He retired as Chief GAD at Head
Office PNB, New Delhi, and thereafter has been a Non-Executive Director of the Company. Mr. Kaushik was also have
years of experience in the field of inspection of various industrial units as Chief Inspector General Administration.
Mr. Kaushik would be attaining the age of 75 years on 28 January, 2022. In view of Regulation 17(1A) of the SEBI
(Listing Obligations and Disclosure Requirements), (Amendment) Regulations, 2018, for the continuation of Mr.
Kaushik as a Non-Executive non-Independent Director beyond 28 January, 2022, consent of the Members would be
required by way of a Special Resolution. It is in the interest of the Company to continue to avail his valuable
expertise.
The Board recommends the resolution for the approval of the Members.
Except Mr. Surendra Kumar Kaushik, none of the Directors and Key Managerial Personnel of the Company and /or
their relatives is deemed to be concerned or interested (financially or otherwise) in the resolution.
ITEM No. 4
The Board of Directors of the Company, in its meeting held on 14 th August 2021, approve the transfer “Seven Acre
bounded Land under the 100% EOU”, including the all appurtenances thereto together with all machinery and
assets, of the Company to wholly owned subsidiary of the Company for French Fries to create additional revenue
after seeking due approvals from Government & Judicial authorities.
The project could not be completed due to adverse financial situations since last seven years due to JV failure.
Company has already sought extension of period from GOI to complete the project and proposes to complete after
meeting its OTS and other legal obligations. Board discussed in details and it was estimated that completion of this
project will involve additional Capex of around Rs 30 Crores to complete this line. On completion this line could have
potential to process 100,000 Tons Potatoes per year and could have major effect on top & bottom line of the
Company. Thus proposed that Himalaya Food International Limited, transfer land and assets under 100% EOU to its
100% owned subsidiary ‘Appetizers and Snacks Foods Limited’.
The transfer of 100% EOU to wholly owned subsidiary is also necessary for meeting separate regulations for
existing units in production under DTA (Domestic Tariff Area) and for 100% EOU.
Consent of the members of the Company is being sought, as an enabling authorisation, to authorize the Board of
Directors of the Company, to effect the transfer of land and assets under 100% EOU of the Company to another
wholly owned subsidiary of the Company, in the manner as set out at item no. 4 of this notice. The Board
recommends the Resolution at Item No. 4 of the accompanying Notice, for the approval of the members of the
Company by way of a Special Resolution.
None of the Directors or Key Managerial Persons of the Company or their relatives is in any way concerned or
interested, financially or otherwise, except to the extent of equity shares held by them in the Company, in the
resolution set out at Item No. 4 of this Notice. None of the Directors or KMP hold more than 2% equity capital in the
Company, except Mr. ManMohan Malik founder-promoter and Mr. Sanjiv Kumar Kakkar co-founder-promoter of
Himalaya Group, who alongwith the group entities, collectively hold more than 2% equity capital in the Company.

ITEM No. 5 & 6
The Board explored various options to liquidate debt especially to overdue creditors & unsecured lenders and
proposed to issue shares / warrants against the overdue credit amounts of certain Vendors & unsecured lenders by
way of issue of Equity shares and warrants convertible into equity shares on preferential basis, for the purpose as
detailed below.
The board of directors of the Company (“Board”) in their meeting held on Saturday, May 07, 2021 subject to
necessary approval(s), have approved the proposal for converting overdues of some creditors & unsecured
lenders by way of issue of 46,64,621 (Forty Six Lacs Sixty Forty Thousand Six Hundred Twenty One) Equity shares
having face value of Rs. 10/- each at a price of Rs. 16.25/- per share at a premium of Rs. 6.25/- per share aggregating
to Rs. 7,58,00,091/- (Rupees Seven Crore Fifty Eight Lacs Ninety One only) and upto 18,46,154 (Eighteen Lacs Forty
Sixty Thousand One Hundred Fifty Four) Equity warrants (“Warrants”) at a price of Rs. 16.25/- per warrant with a
right to the warrant holders to apply for and be allotted 1 (One) Equity Share of the face value of Rs. 10/- each of the
Company (“Equity Shares”) at a premium of Rs. 6.25/- per share for each Warrant within a period of 18 (Eighteen)
months from the date of allotment of the Warrants, aggregating up to Rs. 3,00,00,002/- (Rupees Three Crores and
Two only) to Doon Valley Foods Pvt Ltd, Promoter of the Company (“proposed allottee”) in such form and manner
and in accordance with the provisions of SEBI (ICDR) Regulations.
In terms of Section 62(1)(c) read with section 42 of the Companies Act, 2013 and Rules made thereunder (the ‘Act’),
and in accordance with the provisions of Chapter V “Preferential Issue” of the SEBI (ICDR) Regulations as amended,
and on the terms and conditions and formalities as stipulated in the Act and the SEBI (ICDR) Regulations, the
Preferential Issue requires approval of the Members by way of a special resolution. The Board therefore, seeks
approval of the Members as set out in the notice, by way of a special resolution.
The following disclosures for the issue of equity shares and warrants on preferential basis are made in accordance
with the provisions of Section 62 and The Companies (Prospectus and Allotment of Securities) Rules, 2014 and SEBI
(ICDR) Regulations:
1. The objects of the preferential issue: The Company shall reduce the debt and eliminate pressure for payments by
the long overdue operational creditors & unsecured lenders for smooth operations and shall be focussed to clear
OTS payment to secured lenders and to legal dues.
2. The total number of shares or other securities to be issued:
46,64,621 (Forty Six Lacs Sixty Forty Thousand Six Hundred Twenty One) Equity shares having face value of Rs.
10/- each at a price of Rs. 16.25/- per share at a premium of Rs. 6.25/- per share aggregating to 7,58,00,091/-
(Rupees Seven Crore Fifty Eight Lacs Ninety One only) and upto 18,46,154 (Eighteen Lacs Forty Sixty Thousand
One Hundred Fifty Four) Equity warrants (“Warrants”) at a price of Rs. 16.25/- per warrant with a right to the
warrant holders to apply for and be allotted 1 (One) Equity Share of the face value of Rs. 10/- each of the Company
(“Equity Shares”) at a premium of Rs. 6.25/- per share for each Warrant aggregating up to Rs. 3,00,00,002/-
(Rupees Three Crores and Two only).
3. The price or price band at which the allotment is proposed:
The issue price is Rs. 16.25/- per share and Equity warrants provided that the minimum price of equity shares so
issued shall not be less than the price arrived at, in accordance with Chapter V of the SEBI (ICDR) Regulations.
4. Basis on which price has been arrived:
The equity shares of Company are listed on Stock Exchange viz. BSE Limited and National Stock Exchange of India
Limited and are frequently traded in accordance with the SEBI (ICDR) Regulations.
In terms of the applicable provisions of SEBI (ICDR) Regulations the price at which equity shares shall be allotted
shall not be less than higher of the following:
(a) Average of the weekly high and low of the volume weighted average price of the equity shares of the Company
quoted on the Stock Exchange, during the Twenty Six (26) weeks preceding the Relevant Date; or

(b) Average of the weekly high and low of the volume weighted average price of the equity shares of the Company
quoted on the Stock Exchange, during the Two (2) weeks preceding the Relevant Date.
The higher minimum issue price arrived at after calculating in the aforesaid manner has been considered as
minimum issue price for the issue of Equity Shares and warrants.
5. The relevant date on the basis of which price has been arrived at:
The Relevant Date is 31st August 2021 i.e. 30 days prior to the date of Annual General Meeting.
6. Number of persons to whom allotment on preferential basis have already been made during the year, in
terms of number of securities as well as price:
No allotment(s) has been made on a preferential basis from the beginning of the year to the date of issue of this
notice.
7. Identity of the Proposed Allottees, Percentage of post-issue capital in the issuer consequent to the
preferential allotment:
Sr. Pre-Issue No. Of Post Issue of No. Of Post Conversion of

Name Category
No Holding Share Equity Shares Warrants Equity Warrants
No. of % No. of % No. of %
Shares Shares Shares
Man Mohan
1. Promoter 9,54,915 1.65 4,30,770 13, 85,685 2.22 0 13, 85,685 2.15
Malik
Doon valley
Promoter
2. Foods Private 24,93,700 4.31 24,61,539 49,55,239 7.92 18,46,154 68,01,393 10.56
Group
Limited
Pramod Kumar
3. Public 0 0 4,00,000 4,00,000 0.64 0 4,00,000 0.62
Agarawal
Kanha Bio Fuel
4. Public 0 0 24,616 24,616 0.04 0 24,616 0.04
& Minerals
Sunil &
5. Public 0 0 1,10,770 1,10,770 0.18 0 1,10,770 0.17
Company
M. D. Agro
6. Public 0 0 92,308 92,308 0.15 0 92,308 0.14
Waste Co.
7. Sangam Packers Public 0 0 55,385 55,385 0.09 0 55,385 0.09
M/s Ashok
8. Kumar Sandeep Public 0 0 24,616 24,616 0.04 0 24,616 0.04
Kumar
Padmavati
9. Public 0 0 3,07,693 3,07,693 0.49 0 3,07,693 0.48
Packaging
Crayon print 0.04
10. Public 0 0 24,616 24,616 0.04 0 24,616
pack
Prachi 0.14
11. Public 0 0 92,308 92,308 0.15 0 92,308
Enterprises
Saini Bearing & 0.01
12. Public 0 0 6,154 6,154 0.01 0 6,154
Machinery Mart
Ruchira Printing 0.19
13. Public 0 0 1,23,077 1,23,077 0.20 0 1,23,077
& Packaging
NEPZ Pack
14. Industries Public 0 0 1,84,616 1,84,616 0.30 0 1,84,616 0.29
Private Limited
Stable Packaging 0.48
15. Public 0 0 3,07,693 3,07,693 0.49 0 3,07,693
Pvt Ltd
Public
16. Varsha Tiwari 0 0 10,000 10,000 0.02 0 10,000
0.02

Kapil Dev Public 0
17. 0 8,460 8,460 0.01 8,460 0.01
Sharma 0
8. Intention of promoters / directors / key managerial personnel to subscribe to the Preferential Allotment:
Mr. Man Mohan Malik and M/s Doon Valley Foods Pvt. Ltd., Promoter, is intending to participate/subscribe to the
proposed issue and no other directors or key managerial personnel of the Company are subscribing to this offer.
9. Proposed time limit within which the allotment shall be complete:
Under Regulation 170 of the SEBI (ICDR) Regulations, Preferential Allotment of the Equity Shares is required to be
completed within a period of 15 (fifteen) days from the date of passing of the special resolution of the shareholders
of the Company or within the statutory time limits prescribed by the regulatory authorities subject to all the
necessary approvals being in place. If any approval or permissions by any regulatory or statutory authority or the
Central Government for allotment is pending, the period of 15 (fifteen) days shall commence from the date of such
approval or permission being obtained.
10. Identity of the natural persons who are the ultimate beneficial owners of the shares proposed to be allotted
and/ or who ultimately control the proposed allottees, the percentage of post preferential issue capital that
may be held by them
Name & address of Category PAN No. Identity of ultimate beneficial owners
proposed Allottees
Pramod Kumar Agarawal Public BVYPK5215M Mr. Pramod Agarawal
Kanha Bio Fuel & Minerals Public AAMHP0141D Mr. Pramod Kumar Agarawal
Sunil & Company Public AJMPA5284D Mr. Sunil Kumar Agarawal
M. D. Agro Waste Co. Public ARQPD2334R Mrs. Madhu Devi
Sangam Packers Public AAOPD8987D Ms. Bindiya Duggal
M/s Ashok Kumar Sandeep Public EEYPK6413J Mr. Ashok Kumar

Kumar
Padmavati Packaging Public BLXPS1316N Mr. Sanghavi Rupesh Vasantlal
Crayon print pack Public AAIFC4024A Mr. Rameshbhai Karshandas Patel
Prachi Enterprises Public AIDPP2213P Mrs. Poonum Goel
Saini Bearing & Machinery Public AIEPS6855K Mr. Naveen Saini

Mart
Ruchira Printing & Packaging Public AAHFR4515J Mr. Yogi Garg
11. Change in control, if any in the Company that would occur consequent to the preferential offer:
There shall be no change in the management or control of the Company pursuant to the aforesaid issue and
allotment of Equity Shares & Equity Warrants and including the conversion thereof into Equity Shares of the
Company.
12. Lock-In Period:
The Equity Shares issued and Equity Shares being allotted pursuant to exercise of such warrants shall be subject to
a Lock-in for such period as specified under Regulation 167 of the SEBI (ICDR) Regulations.

13. The Shareholding Pattern of the Company before and after the allotment of securities under the
preferential issue:
Post Issue Capital After Issue Of Post Issue Capital After Issue
Pre Issue Capital
Equity Shares Of Warrants
Sr. No. of
Category % No. of shares held % No. of shares held %
No. shares held
A. Promoters holding
1 Promoters
- Indian
2,43,77,707 42.12 2,72,70,016 43.61 2,91,16,170 45.22
Promoters
- Foreign
48,68,778 8.42 48,68,778 7.79 48,68,778 7.56
Promoters
Persons
2 acting in 0 0 0 0 0 0
concert
Sub – Total 2,92,46,485 50.54 3,21,38,794 51.4 3,39,84,948 52.78
B. Non-Promoters Holding
Instituti
onal
3 - - - - -
Investor
s -
Mutual
a. Funds 0 0.00 - 0.00 0.00
and UTI 0
Banks,
Financial
Institutio
ns,
Insuranc
e
Compani
es
b. (Central 0 0 0 0 0 0
/State
Gov.
Institutio
ns/ Non-
Governm
ent
Institutio
ns)
c. FIIs 0 0 - 0 0 0
Sub – Total 0 0 0 0 0 0
4 Others
Private
a. Corporat 30,80,590 5.32 30,80,590 4.92 3080590 4.78
e Bodies
Indian
b. 2,32,65,147 40.21 2,50,37,459 40.04 2,50,37,459 38.88
Public
c. NRIs/OC 7,99,751 1.38 7,99,751 1.27 799751 1.24

Bs
Any
other
d. (Please 13,62,430 2.35 13,62,430 2.18 13,62,430 2.17
specify)
HUF
e. Trust 0 0.00 0 0.00 0.00 0
Clearing
f. Member 1,18,481 0.2 1,18,481 0.19 118481 0.18
s
Sub – Total 2,86,26,399 49.46 3,03,98,711 48.6 3,03,98,711 47.26
GRAND – TOTAL 5,78,72,884 100 6,25,37,505 100 6,43,83,659 100
14. Requirements as to re-computation of price:

Since the Equity Shares of the Company have been listed on the stock exchanges for a period of more than twenty
six weeks prior to the Relevant Date, the Company is neither required to re-compute the price of the equity shares
nor to submit undertakings specified under relevant provisions of SEBI (ICDR) Regulations.
15. Listing:
The Company will make an application to the Stock Exchanges at which the existing shares are already listed, for
listing of the equity shares being issued and equity shares that will be issued on conversion of Equity Warrants.
Such Equity Shares, once allotted, shall rank pari passu with the existing equity shares of the Company in all
respects, including dividend.
16. Statutory Auditor Certificate:
M/s Sharma Kumar & Associates Chartered Accountants, Delhi, the Statutory Auditors of the Company has certified
that the preferential issue is being made in accordance with the requirements contained in SEBI (ICDR)
Regulations, 2018. A copy of the certificate is kept for inspection at the Registered Office of the Company during the
business hours.
17. Other Disclosures/Undertaking: The Company hereby undertakes that:
i. Neither our Company, nor our Directors or Promoters have been identified as wilful defaulters by any bank
or financial institution or consortium thereof, in accordance with the guidelines on wilful defaulters issued
by the RBI.
ii. The Proposed Allottee has not sold any equity shares during the six months preceding the Relevant Date.
18. Shareholder’s Consent:
The approval of the Members by way of Special Resolution is required in term of the applicable provisions of
Sections 23, 42 and 62 of the Act read with applicable rules thereto and relevant provisions of the SEBI (ICDR)
Regulations and accordingly the approval of the Members of the Company is being sought.
The Board of Directors of the Company believe that the proposed issue is in the best interest of the Company and its
Members and therefore recommends the Special Resolutions as set out Item No. 5 & 6 in the accompanying notice
for your approval.
None of the Directors or any Key Managerial Personnel(s) of the Company or their respective relatives, other than
Mr. Man Mohan Malik, Chairman & Managing Director are concerned or interested financially or otherwise, either
directly or indirectly in passing of the said Resolution, save and except to the extent of their respective interest as
shareholders of the Company.

Date: 14.08.2021 Himalaya Food International Limited
Sd/-
Man Mohan Malik
Managing Director

Annexure – A
Additional information on directors recommended for re-appointment in the forthcoming Annual General Meeting in
pursuance of Regulation 26 (4) and 36 (3) of the SEBI (Listing Obligations and Disclosure requirements) Regulations,
2015 and Secretarial Standard-2 issued by the Institute of Company Secretaries of India as under:
Name of the Director Mrs. Sangita Malik Mr. Surendra Kumar Kaushik
Date of Birth & Age August 01,1959 January 08,1947

62 Years 74 Years
DIN 02428506 05286196
Qualification She is Honors Graduate in Home Science He is Bachelor of Science in Agriculture
Terms and Conditions of Executive Director, liable to retire by Non-Executive Independent Director, not
appointment/reappointment rotation. liable to retire by rotation.
20 years of experience in the field of food Mr. Kaushik, have very rich experience
Experience & Expertise R&D and has overseen process & quality of more than 37 years in the Banking
aspects of Himalaya Food International field. He retired as Chief GAD at Head
Ltd. from last 2 decades. Office PNB, New Delhi, and thereafter
She has attended several Culinary Art & has been a Non-Executive Director of
Food Safety courses. the Company. Mr. Kaushik was also
have years of experience in the field of
inspection of various industrial units as
Chief Inspector General Administration.
Date of first appointment 30/07/2007 22/01/2018

onthe Board
Shareholding in 11,44,900 Equity Shares as on 31st NIL
theCompany March 2021
Relationship with Mr. Man Mohan Malik is husband and NIL
other Directors, Mr. Sanjiv Kumar Kakkar is Brother-in-
Manager and other law of Mrs. Sangita Malik
Key Managerial
Personnel of the company
Number of Board 6 (Six) 6 (Six)
Meetingsattended
during the year
Other Directorships, Currently Mrs. Sangita Malik hold Currently Mr. Surendra Kumar Kaushik
Membership/ Directorship in the following Companies hold Directorship in the following
Chairmanshipof Companies
Committees of other  Appetizers And Snacks Foods
Boards Limited  Financial Inclusion Network
 A.P.J. Laboratories Limited Bizcord
 Himalya Green Apartments
Limited

DIRECTORS’ REPORT
To
The Members,
Himalaya Food International Limited
Your Directors have pleasure in submitting their Annual Report of the Company together with the Audited Financial
Statement for the year ended 31st March, 2021.
1. GENERAL INFORMATION
The Company was incorporated on 30/01/1992. The Company is engaged in the business of Growing of different
type of mushrooms (agriculture Activity) and manufacturing & export of nutrition dense immunity boosting
Mushroom based products, Cheese, Sweets and Appetizers. Company utilized its Covid lockdown period to develop
high valued medicinal Mushrooms like Reishi. We are pursuing to establish Franchisee business spanning three
modules as Distribution Hubs, Exclusive Stores & Quick Service food Vans.
2. FINANCIAL RESULTS
The Company’s financial performance for the year along with previous year’s figures is given hereunder:
(Rs. in Lacs)
Particulars Financial Year ended Financial Year ended
31.03.2021 31.03.2020
Income from Operation 5636 7876

Other Income 188 445
Profit before Finance cost, Depreciation and 1191 2033
Taxes
Finance Cost 23 28
Depreciation 1046 1146
Profit/(Loss) before Exceptional Items and Tax 122 859
Less: Provision for W/o of Claims 0 0
Profit/(Loss) before Tax 122 859
Deferred Tax (Assets)/Liability (130) (133)
Profit/(Loss) for the year 252 992
3. RESULTS OF OPERATIONS AND STATE OF COMPANY’S AFFAIRS
During the year under review, the total income from operation of your Company was Rs. 5636 Lacs as compared to
Rs. 7876 Lacs in the previous year. The net profit of the company for the current financial year is of Rs. 252 Lacs as
compared to profit 992 Lacs in the previous year. The Company tries to extend the business of the Company and
make efforts to achieve a good turnover in future.
4. DIVIDEND
With the view to conserve the resources of company the directors are not recommending any dividend for the
financial year 2020-21.
5. IMPACT OF COVID-19 ON COMPANY
During the month of March 2020, the Coronavirus Disease (Covid-19) pandemic developed rapidly into a global
crisis, forcing the Indian government to enforce a stringent lockdown of all economic and social activities. Our
manufacturing facilities had to also be shut down for a few weeks. After receiving the permission from the District
Magistrate, to partially run the plants, both plants were sanitized, disinfected and all necessary arrangements were
made for maintaining social distancing while commuting and at the work place. The Company has adopted work
from home policies for its employees as required during the year at its registered office, head office and other offices.
Health and safety of our employees is of utmost important, hence all required precautionary measures were taken at
the work place.

The positive momentum which started during the second quarter, continued for the remaining period of the financial
year in spite of the surge in Covid-19 cases and lockdown announced in some parts of the country.
6. TRANSFER TO RESERVE
The Company has not transferred any amount to reserves.
7. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
The Company was not required to transfer any amount to Investor Education and Protection Fund as there was no
amount due for transfer under Section 125(2) of the Companies Act, 2013.
8. COMPOSITION OF BOARD OF DIRECTORS
During the year the Board of Directors consists of as hereunder:
Name Designation DIN Date of Date of

Appointment Resignation
Man Mohan Malik Managing Director & Chairman 00696077 30/01/1992 -
Sangita Malik Whole Time Director 02428506 30/07/2007 -
Sanjiv Kumar Kakkar Executive Director 02434426 28/10/2017 -

Sunil Kumar Khera Non- Executive & Independent 00263581 30/10/2004 -
Director
Ashish Sachdeva Non- Executive & Independent 03069836 30/09/2015 30/09/2020
Director
Surendra Kumar Kaushik Non- Executive & Independent 05286196 22/01/2018 -
Director
Neelam Khanna Additional Non- Executive & 08332836 16/01/2019 -
Independent Director
 Mrs. Sangita Malik (DIN: 02428506), Whole Time Director of the Company shall be retire by rotation at the
ensuing Annual General Meeting and being eligible, offers themselves for re appointment. Your Directors
have recommended his re-appointment. Brief profile of Mrs. Sangita Malik is given in the Annexure –A of AGM
Notice.
 Mr. Ashish Sachdeva was resigned from the post of Non- Executive & Independent Director w.e.f.
30/09/2020.
 Mr. Shamsher Ali was appointed as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) w.e.f.
30/06/2020.
9. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR
The Company had 6 Board meetings during the financial year under review.
S. No. Date of meeting Total No. of Directors on the No. of % of

Date of Meeting Directors Attendance
attended
1 28/05/2020 7 6 85.71
2 30/06/2020 7 4 57.14
3 31/07/2020 7 4 57.14
4 05/09/2020 7 4 57.14
5 11/11/2020 6 4 66.67
6 21/01/2021 6 4 66.67
10. AUDIT COMMITTEE
The Audit Committee during the year consisted of 4 members. Mr. Ashish Sachdeva and Mrs. Sangita Malik were
resigned with effect from 01/10/2020. More details on the committee are given in Corporate Governance Report.

11. NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration Committee during the year consist of 3 members. Mr. Ashish Sachdeva was
resigned with effect from 01/10/2020. More details on the committee are given in Corporate Governance Report.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The details of conservation of energy, technology absorption, foreign exchange earnings and outgo are as
follows:
A. CONSERVATION OF ENERGY:
The information required under the provisions of section 134 (3) (m) of the Companies Act, 2013 read with Rule
8(3) of the Companies (Accounts) Rules, 2014 relating to the conservation of energy and technology absorption. The
Company makes continuous efforts to explore new technologies and techniques to make the infrastructure more
energy efficient. The operations of the Company are not energy intensive. Company use agro waste to fire boilers.
B. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Particulars (Accrual Basis) Amount(In Laks)

Inflow foreign Exchange 3447
Outflow foreign Exchange NIL
13. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN AND SECURITIES PROVIDED
UNDER SECTION 186 OF THE COMPANIES ACT, 2013
There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act,
2013 during the year and hence the said provision is not applicable.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The particulars of contracts or 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 the proviso
thereto have been disclosed in Form No. AOC -2, annexed.
15. AUDITORS AND AUDIT REPORT
a. STATUTORY AUDITORS:
M/s Sharma Kumar & Associates, Chartered Accountants (ICAI Firm Registration Number 030842N), were appointed
as the Statutory Auditors of the Company to hold office for a term of 5 years from the conclusion of the 29th Annual
General Meeting ("AGM") held on 30th September, 2020 until the conclusion of the 34th AGM of the Company to be
held in the year 2025.
Pursuant to the Notification issued by the Ministry of Corporate Affairs on 7th May, 2018, amending Section 139 of
the Companies Act, 2013, the mandatory requirement for ratification of appointment of Auditors by the Members at
every AGM has been omitted and hence your Company has not proposed ratification of appointment of M/s Sharma
Kumar & Associates, Chartered Accountants, at the forthcoming AGM.
b. AUDITORS REPORT:
There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in
their Audit Report that may call for any explanation under section 134(3) (f) of the Companies Act, 2013 from the
Directors. Further, the notes to accounts referred to in the Auditors Report are self-explanatory.
c. SECRETARIAL AUDITOR
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 with the approval of its Board, appointed M/s
Tapasya Gupta & Associates a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the
Company for the financial year ended March 31, 2021. The Secretarial Audit Report is annexed herewith as Annexure.

There are no qualifications, reservation or adverse remark or disclaimer made by the auditor in the report save and
except disclaimer made by them in discharge of their professional obligation.
d. INTERNAL AUDITORS
The Board has appointed Grownumero Advisors Pvt. Ltd., Chartered Accountants Faridabad as Internal Auditors
for a period of one year under Section 138 of the Companies Act, 2013 and he has completed the internal audit as per
the scope defined by the Audit Committee.
16. EXTRACT ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the Companies
(Management and administration) Rules, 2014 is furnished in Form MGT-9 is attached to this Report.(Annexure-1).
Copy of Annual Return can be found on our Website: www.himalayafoodcompany.com
17. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, your Directors, based on representations received from the
Operating Management, and after due enquiry, confirm that:
(a) in the preparation of Annual Accounts for the financial year ended 31st March, 2021, the applicable accounting
standards have been followed;
(b) in the selection of accounting policies, consulted the Statutory Auditors and applied them consistently, and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2021 and of the profit of the Company for the year ended on that date;
(c) 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 irregularities;;
(d) the Annual Accounts have been prepared on a going concern basis;
(e) adequate Internal Financial Controls to be followed by the Company have been laid down and such Internal
Financial Controls were operating effectively during the Financial Year ended 31st March, 2021;
(f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such
systems were adequate and operating effectively throughout the Financial Year ended 31st March, 2021.
18. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has two Subsidiaries Himalya Green Apartments Ltd. and Appetizer and Snacks Foods Ltd. Also have one
Joint Venture with Himalya Simplot Pvt Ltd.
19. DEPOSITS
The Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013, read with
the Companies (Acceptance of Deposits) Rules, 2014.
20. BOARD EVALUATION:
The performance evaluation of the individual Directors including chairman of Board was done in accordance with
the provision of the Company Act, 2013.
21. VIGIL MECHANISM/WHISTLE BLOWER POLICY
The Board has established a vigil mechanism for directors and employees to report genuine concerns to be disclosed,
the detail of which is placed on the website of the company. The Board has also formulated the whistle blower policy;
same has been uploaded on the website of the company
https://cdn.shopify.com/s/files/1/2290/3477/files/Vigil_Mechanism_cum_Whistle-Blower-Policy.pdf

There was no reporting made by any employee for violations of applicable laws and regulations and the Code of
Conduct for the F. Y. 2020-21.
22. CORPORATE SOCIAL RESPONSIBILITY (CSR):
As per Section 135 of the Companies Act, 2013, CSR applied on our Company since last year because the net profit of
the financial year 2019-20 is 9.92 crore (more than five crore) but the amount to be spent by a company on CSR
activities is in negative because Company have net loss of Rs. 6954 Lakhs in FY 2018-19 and Rs. 84.64 Lakhs in FY
2017-18. Therefore no amount spent on CSR activates.
The Companies (Amendment) Act has also inserted a new Sub-section 9 in Section 135 of the Companies Act, which
provides that where the amount to be spent by a company on CSR activities is less than Rs. 5 million, the requirement
with respect to constitution of a CSR committee will not apply and the functions of the CSR committee in such cases
will be discharged by the company's board of directors. So the requirement with respect to constitution of a CSR
committee was not applied and the functions of the CSR committee discharged by the company's board of directors.
The net profit of the financial year 2020-21 is 2.52 crore (less than five crore) therefore the provisions related to
Corporate Social Responsibility is not applicable to the Company this year. Therefore, Company is not liable to
contribute towards Corporate Social Responsibility.
23. MANAGERIAL REMUNERATION
None of the employees of the company was in receipt of the remuneration exceeding the Appointment and
Remuneration of Managerial Personnel of the Companies Act, 2013 limits prescribed u/s 197 (12) read with rule 5,
sub-rule 2 of The Companies during the year under review.
The Company does not have any material information to report in accordance to Rule 5, of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
24. SHARE CAPITAL
The Company has 57872884 Equity Shares of Rs. 10 each amounting to Rs. 578728840, during the year under
review; the Company has not issued any shares or any convertible instruments.
The Company has only one class of Equity Share having a par value of Rs. 10/-each holder of share is entitled to one
vote per share with same rights.
During the Year 2020-21, the company has not made any issue of equity shares with differential voting rights, Sweat
Equity Shares and employee stock option.
25. INTERNAL FINANCIAL CONTROL
The Company has proper place and adequate internal control systems commensurate with the nature of its business,
and size and complexity of its operations. Internal control systems comprising of policies and procedures are
designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic
goals, compliance with policies, procedure, applicable laws and regulations, and all assets and resources are acquired
economically, used efficiently and adequately protected.
The Company periodically conducts physical verification of inventory, fixed assets and cash on hand and matches
them with the books of account. Explanations are sought for any variance noticed from the respective functional
heads.
26. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF
THE COMPANY
Pursuant to Section 134(3)(n) of the Act read with Regulation 17 (9)(b) of the Listing Regulations, the Company has
in place a robust risk management framework which identifies and evaluates business risks and opportunities. The
Company recognizes that these risks need to be managed and mitigated to protect the interest of the shareholders
and stakeholders, to achieve business objectives and enable sustainable growth. The risk management framework is
aimed at effectively mitigating the Company’s various business and operational risks, through strategic actions. Risk
management is embedded in our critical business activities, functions and processes. It also provides control
measures for risk and future action plans. The policy may be accessed under the ‘Policies and Procedures’ section on
the website of the Company at the web link

https://cdn.shopify.com/s/files/1/2290/3477/files/Risk_Management_Policy.pdf?v=1607146251
27. MATERIAL CHANGES AND COMMITMENT
Other than stated elsewhere in this report, there are no material changes and commitments affecting the financial
position of the Company between the end of the financial year and the date of this report.
28. GENERAL INFORMATION PURSUANT TO SECTION 134 (3) (q) READ WITH RULE 8 (5) OF COMPANIES
(ACCOUNTS) RULES, 2014
Your Directors state that except as stated above no disclosure or reporting is required in respect of the following
items as there were no transactions on these items during the year:
1. The change in the nature of business, if any

2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going
concern status and Company’s operations in future.
29. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
The Corporate Governance and Management Discussion & Analysis Report, which forms a part of this Report, are set
out separately together with the Certificate from the Auditors of the Company regarding compliance with the
requirements of Corporate Governance as stipulated in SEBI (LODR) Regulations, 2015.
30. NUMBER OF CASES FILED (IF ANY), AND THEIR DISPOSAL U/S 22 OF THE SEXUAL
HARASSMENTOFWOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance towards any action on the part of any of its official, which may fall under the ambit
of ‘Sexual Harassment’ at workplace, and is fully committed to uphold and maintain the dignity of every women
employee of the Company. The Company’s Sexual Harassment Policy provides for protection against sexual
harassment of Women at workplace and for Prevention and redressal of such complaints. During the financial year
no case of Sexual Harassment were reported.
31. MAINTENANCE OF COST RECORDS
The provisions of section 148 (1) of the Companies Act, 2013 for maintenance of cost records is not applicable to the
Company.
32. ACKNOWLEDGEMENTS
Your Directors wish to express their grateful appreciation to the continued co-operation received from the Banks,
Government Authorities, Customers, Vendors and Shareholders during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the committed service of the Executives, staff and
Workers of the Company.
For and on behalf of the Board of Directors

Sd/-
MAN MOHAN MALIK
Date: 14.08.2021 Chairman cum Managing Director
Place: : Poanta Sahib DIN: 00696077

Form No. MGT- 9
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
EXTRACTOF ANNUAL RETURN

As on the financial year ended on 31/03/2021
I. REGISTRATIONAND OTHER DETAILS:
CIN L70102DL1992PLC047399
Registration Date 30/01/1992
Name of the Company HIMALAYA FOOD INTERNATIONAL LIMITED
Category/Sub-Category of the Company Company Limited by Shares/ Indian Non-Govt.
Company
Address of the Registered office and contact 118, 1st Floor, 12 Gagandeep Building, Rajendra
details Place, New Delhi-110008
Phone No. 0170-4223494
Email ID: [email protected]
Whether Listed Company Yes /No Yes
Name, Address and Contact details of Registrarand Beetal Financial & Computer Services Pvt. Ltd,
Transfer Agent, if any Beetal House, 3rd Floor, 99, Madangir, Behind LSC,
New Delhi - 110062
Ph. 011-29961281
E-mail: [email protected]
II. PRINCIPAL BUSINESS ACTIVITY OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
S. Name and Description of main products / NIC Code of the % to total

No. services Product / service turnover of the
company
1 IQF Appetizer (Zucchini, Fries, Battered 1030
Mushroom, Meatless Balls, Veg Nuggets, Masala
Fry)
2 Canned Mushroom 1050 100
3 IQF Sweets (Milk Cake, Kaju Katli, Motichoor 1071
Ladoo, Mawa and etc.)
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
S. Name and Address of CIN/GLN Holding/ % of shares Applicable

NO. the Company Subsidiary held Section
/Associate
1. Appetizers And Snacks U15490DL2016P Subsidiary 100 2 (87)
Foods Limited LC306438
2. Himalya Green U70109DL2016P Subsidiary 100 2 (87)
Apartments Limited LC306441

IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Share Holding
Category of No. of Shares held at the beginning of No. of Shares held at the end of the %
Shareholder the year 01/04/2020 year 31/03/2021 Change
Demat Physical Total % of Demat Physical Total % of during
Total Total the
Shares Shares year
A. Promoters
(1) Indian
a) Individual/ HUF 19165532 - 19165532 33.12 19165532 - 19165532 33.12 -
b) Central Govt - - - - - - - - -
c) State Govt(s) - - - - -
d) Bodies Corp. 5115975 - 5115975 8.84 4930432 - 5212175 9.01 0.17
e) Banks / FI - - - - -
f) Any other - - - - -
24281507 24281507 41.96 24377707 - 24377707 42.13 0.17
TOTAL A1
(2) Foreign
a) NRI -Individual - - - - -
b) Other-Individual - - - - -
c) Bodies Corp. 4868778 - 4868778 8.41 4868778 - 4868778 8.41 -
d) Banks / FI -
e) Any Others -
TOTAL A2 4868778 - 4868778 8.41 4868778 - 4868778 8.41 -
Total shareholding
29150285 - 29150285 50.37 29246485 - 29246485 50.54 0.17
of Promoter (A1) &
(A2)
B. Public
Shareholding
1. Institutions - - - - - - - - -
a) Mutual Funds - - - - - - - - -
b) Banks / FI 1500 - 1500 0.00 - - - - -
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
Funds
f) Insurance - - - - - - - - -
Companies
g) FIIs - - - - - - - - -
h) Foreign Venture - - - - - - - - -
i) Others (specify) - - - - - - - - -
Sub-total (B)(1):- 1500 - 1500 0.00 - - - - -
2. Non-Institutions
a) Bodies Corp. - - - - - - - -
i) Indian - - - - - - - - -
ii) Overseas - - - - - - - - -
b) Individuals - - - - - - - - -
i) Individual
shareholders

holding nominal 11510896 1098232 12609128 21.79 13171852 1095432 14267284 24.65 2.86
share capital upto
Rs. 2 lakh
ii) Individual 9625594 63000 9688594 16.74 8243675 63000 8306675 14.35 -2.39
shareholders
holding nominal
share capital in
excess of Rs2 lakh
c) Others (specify) - - - - - - - - -
Non Resident Indians 543363 199200 742563 1.29 606889 199200 806089 1.39 0.11
Others Corporate 3329519 1122200 4451719 7.69 2854162 1122200 3976362 6.88 -0.81
Bodies
Others Individual/ 1159923 - 1159923 2.00 1170453 - 1170453 2.02 0.02
HUF
Foreign Nationals - - - - -
Clearing Members 69172 - 69172 0.12 99536 - 99536 0.17 0.05
Trusts - - - - - - - - -
ESOP/ESOS/ESPS - - - - - - - - -
Sub-total (B)(2):- 26238467 2482632 28721099 49.63 26146567 2479832 28626399 49.46 -0.17
- - - -
Total Public
Shareholding 26239967 2482632 28722599 49.63 26146567 2479832 28626399 49.46 -0.17
(B)=(B)(1)+ (B)(2)
C. Shares held by - - - - - - - - -
Custodian for
GDRs & ADRs
Grand Total 55390252 2482632 57872884 100 55393052 2479832 57872884 100 -
(A+B+C)
ii) Shareholding of promoters
Sr. Shareholder’s Shareholding at the beginning of Shareholding at the end of the year %
No. Name the year chang
e in
No. of % of total %of Shares No. of % of total %of shareh
Shares Shares of Pledged / Shares Shares of Shares olding
the encumbere the Pledged / during
company d to total company encumber the
shares ed to total year
shares
1 Anita Kakkar 1871193 3.23 3.23 1871193 3.23 3.23 0
2 Arjun Malik 4915713 8.49 0.00 4915713 8.49 0.00 0
3 Jyoti Malik 1492700 2.58 0.00 1492700 2.58 0.00 0
4 Man Mohan Malik 954915 1.65 1.65 954915 1.65 1.65 0
5 M M Malik (HUF) 240000 0.41 0.41 240000 0.41 0.41 0
6 Purnima Malik 2317300 4.00 0.00 2317300 4.00 0.00 0
7 Ananditta Kakkar 1580000 2.73 0.00 1580000 2.73 0.00 0
8 Sangita Malik 1144900 1.98 1.98 1144900 1.98 1.98 0
9 Sanjiv Kakkar 3016500 5.21 0.17 3016500 5.21 0.17 0
10 Sidarth Kakkar 1632311 2.82 0.00 1632311 2.82 0.00 0

Doon Valley Foods
11 (p) Ltd 2397500 4.14 3.79 2493700 4.31 3.79 0.17
Himalya Carbonates
0
12 Pvt Ltd 2718475 4.70 0.00 2718475 4.70 0.00
Himalya 0
13 International Inc. 4868778 8.41 0.00 4868778 8.41 0.00
Total 29150285 50.37 11.23 29246485 50.54 11.23 0.17
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)
S.N. Shareholder’s Shareholding at the Shareholding at the % change in

Name beginning of the year end of the year shareholding
during the
No. of % of total No. of % of total Change in no year
Shares Shares of the Shares Shares of the of Share
company company
1. Doon Valley
Foods (p) Ltd 2397500 4.14 2493700 4.31 96200 0.17
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDR
sand ADRs):
SN For each of the Top10 Shareholding at the beginning of the Cumulative Shareholding during
shareholders year the year
No. of shares % of total No. of shares % of total
shares shares
1 BENNETT, COLEMAN
AND COMPANY
LIMITED
At the beginning of the 2380590 4.11% 0.00%
year
Changes during the - 0.00% - 0.00%
year
At the end of the year 0.00% 2380590 4.11%
2 MUSHROOM
ASSOCIATES
year
year
3 GIRDHARI P ROHIRA
year
year
4 GOODWIN'S
REFRIGERATION
year
year

5 NITIN TANDON
year
Changes during the 0.00% - 0.00%
year
6 KANCHAN TANDON

year
year
7 SHER SINGH

year
Changes during the 0.00% 12247 0.03%
year
8 MANISHA

year
Changes during the 0.00% 45019 0.07%
year
9 JAGDISH AMRITLAL
SHAH
year
year
10 AKASH BAJAJ
year
Changes during the 0.00% -22000 -0.04%
year
(v)Shareholding of Directors and Key Managerial Personnel:
S.N. Shareholding of Shareholding at the beginning of the year Cumulative Shareholding

each Directors and during the year
each Key
Managerial No. of shares % of total No. of shares % of total
Personnel shares shares
1 Man Mohan Malik

At the beginning of 954,915 1.65% 0.00%
the year

year
At the end of the year 0.00% 954,915 1.65%
2 Sangita Malik
At the beginning of 1,144,900 1.98% 0.00%
the year
year
At the end of the year 0.00% 1,144,900 1.98%
3 Sanjiv Kakkar
At the beginning of 3016500 5.21% 0.00%
the year
year
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(Rs. In Lacs)
Indebtedness at the beginning of Secured Loans Unsecured Deposits Total
the financial year excluding Loans Indebtedness
deposits
i) Principal Amount 18101 0 0 18101
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 18101 0 0 18101
Change in Indebtedness during the Secured Loans Unsecured Deposits Total
financial year excluding Loans Indebtedness
deposits
* Addition 0 0 0 0
* Reduction 12661 0 0 12661
Net Change 12661 0 0 12661
Indebtedness at the end of the Secured Loans Unsecured Deposits Total
financial year excluding Loans Indebtedness
deposits
i) Principal Amount 5440 0 0 5440
ii) Interest due but not paid 0 0 0 0
iii) Interest accrued but not due 0 0 0 0
Total (i+ii+iii) 5440 0 0 5440
VI. REMUNERATIONOF DIRECTORSANDKEYMANAGERIAL PERSONNEL
A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
S. No. Particulars of Name of MD/WTD/ Manager Total

Remuneration Amount
Man Mohan Malik Sangita Malik
CMD WTD
1. Gross salary 60,00,000 19,00,000 79,00,000

(a) Salary as per provisions 0 0 0
contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s 0 0 0
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary 0 0 0
under section 17(3) Income-
tax Act, 1961
2. Stock Option 0 0 0
3. Sweat Equity 0 0 0
4. Commission 0 0 0
- as % of profit 0 0 0
- others, specify 0 0 0
5. Others, please specify 0 0 0
Total (A) 60,00,000 19,00,000 79,00,000
Ceiling as per the Act - - -
B. Remuneration to Other Directors:
S. No. Particulars of Name Of Directors Total

Remuneration Amount
Surendra Kumar
Kaushik
1. Independent Directors
Fee for attending board/ 20,000 - - 20,000
committee meetings
Commission - - - -
Others, please specify - - - -
Total (1) - - - -
2. Other Non-Executive
Directors
Fee for attending board - - - -
committee meetings
Commission - - - -
Others, please specify - - - -
(Remuneration)
Total (2) - - - -
Total (B)=(1+2) - - - -
Total Managerial - - - -
Remuneration
Overall Ceiling as per the Act 20,000 - - 20,000
C. Remuneration to Key Managerial Personnel Other than MD/Manager/WTD
S. Particulars of Key Managerial personnel Total

No. Remuneration Amount
Company Secretary CFO
Surabhi Maheshwari Shamsher Ali
1. Grosssalary 4,20,000 4,80,000 9,00,000
(a) Salary as per provisions - - -
contained in section 17(1) of
the Income-tax Act, 1961

(b) Value of perquisites u/s - - -
17(2) Income-tax Act, 1961
(c) Profits in lieu of salary - - -
under section 17(3) Income-
tax Act, 1961
2. Stock Option - - -
3. Sweat Equity - - -
4. Commission
- as % of profit - - -
- others, specify - - -
5. Others, please specify - - -
Total (A) 4,20,000 4,80,000 9,00,000
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES
Type Section of Brief Details of Authority Appeal made, if any (give

the Description Penalty/ (RD / NCLT details)
Companies Punishment/ /Court)
Act Compounding
fee imposed
A. COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding - - - - -
B. DIRECTORS
Penalty - - - - -
C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -

Sd/-
MAN MOHAN MALIK
Date: 14.08.2021 Managing Director

MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report has been prepared in accordance with the provisions of Regulation
34(2)(e) of Listing Regulations, read with Schedule V(B) thereto, with a view to provide an analysis of the business
and Financial Statement of the Company for FY 2020-21 and should be read in conjunction with the respective
Financial Statements and notes thereon.
GLOBAL ECONOMIC OVERVIEW:
Global prospects still remain highly uncertain one year into the pandemic. New virus mutations and the accumulating
human toll raise concerns, even as growing vaccine coverage lifts sentiment. Economic recoveries are diverging
across countries and sectors, reflecting variation in pandemic-induced disruptions and the extent of policy support.
The battle between the virus and vaccines may partly influence the growth of the country, as it also hinges on how
effectively economic policies deployed under high uncertainty can limit lasting damage from this unprecedented
pandemic. During 2021, the overall Global growth is estimated at 6% in 2021, moderating to 4.4% in 2022. The
growth estimates for 2021 and 2022 are stronger than in the October 2020 World Economic Outlook. The upward
revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the
second half of 2021, and continued adaptation of economic activity to subdued mobility. However, high uncertainty
still surrounds this outlook, due to the uncertainty of the path of the second / third wave of pandemic, the
effectiveness of government policies and the efficiency of vaccines.
INDIAN ECONOMIC OVERVIEW:
In its latest edition of World Economic Outlook, International Monetary Fund said it expects India’s GDP to grow
12.5% in FY 2022, the highest among emerging and advanced economies. GDP growth for FY 2023 is pegged at 6.9%.
India is the only country expected to register a double-digit growth this fiscal.
FOOD INDUSTRY:
The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year. In
India, the food sector has emerged as a high-growth and high-profit sector due to its immense potential for value
addition, particularly within the food processing industry.
Accounting for about 32 per cent of the country’s total food market, The Government of India has been instrumental
in the growth and development of the food processing industry. The government through the Ministry of Food
Processing Industries (MoFPI) is making all efforts to encourage investments in the business. It has approved
proposals for joint ventures (JV), foreign collaborations, industrial licenses, and 100 per cent export oriented units.
The Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest
industries in India and is ranked fifth in terms of production, consumption, export and expected growth. It contributes
around 8.80 and 8.39 per cent of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 per cent
of India’s exports and six per cent of total industrial investment. The Indian gourmet food market is currently valued
at US$ 1.3 billion and is growing at a Compound Annual Growth Rate (CAGR) of 20 per cent.
OPERATIONS DURING THE FINANCIAL YEAR 2020-21:
The Company's primary business is Growing of Mushroom (agriculture Activity), & vegetables and manufacture
Cheese, Yogurt, Appetizers, snacks, sweets and French fries etc.
During the year under review, the total income of your Company was Rs. 5636 Lacs as compared to Rs. 7876 Lacs in
the previous year. The net Profit of the company for the current financial year is of Rs. 252 Lacs as compared to profit
of Rs. 922 Lacs in the previous year. Company is now in recovery mode and focusing on export business.
R&D done during last 12 months to develop new, nutrition dense, immunity boosting Mushroom based products;
namely Vegan Portobello Jerky in five flavors and the Reishi Mushroom Cookies. It commended the actions taken to
put the spare equipments & idle capacities to use at minuscule spend on capex. Both the products give boost of
Vitamin D and plant based proteins besides all the concentrated micro nutrients specific to Mushrooms.
OUTLOOK:
The Company expects financial year 2021-22 to be a challenging year in view of the second wave of Covid-19 which
has caused a slowdown in some sectors during the first quarter of the financial year.

Barring any further unforeseen circumstances, Company is confident to surpass its Pre-Covid March 2020 financials
in the current fiscal year. Your Company reorganizing mushroom operations in such a way which continue to grow
Button mushrooms at Pre-Covid levels and still divert 40% of our plants capacity towards the very high valued
medicinal mushrooms, such as Reishi, Cordyceps, Lions Maine & Turkey Tail. All these high valued mushrooms thrive
on hard wood & grain based substrates requiring huge infra for super-heated steam based sterilization process. Your
Company’s newly developed “Vegan Mushroom Jerky” and “Red Reishi Super Mushroom Cookies” are further
expected to add value to the company’s profit margins. Overall, this restructuring of mushroom growth will provide
for a big boost to the company’s overall profit margins.
The Company already have ongoing contract with Amul planning to add more contract processing for the already
established large frozen food companies in the market. The Company will re-enter in the Indian markets; first through
the food service segment and later through the retail segment.
There is a continuous thrust from the management to develop a strong R&D and technical service team to develop
new products, explore new applications and understand better the changing customer needs. With the Company’s
continuous endeavour to introduce new products and improve efficiencies and performance, your Directors view the
prospects for the financial year 2021-22 with cautious optimism.
RISKS AND CONCERNS:
The Company is operating its business in the Growth Oriented environment with innovations, changes by air
conditioning in the hope of lockdown to be opened in a few weeks but lockdown kept on and varying levels of
resources available to food processing industry.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
Broadly the internal controls and systems are broken up into following areas:
1. Financial Systems and Reporting
2. Management Reporting
3. H R Systems and Reporting
4. Sales Systems and Reporting
5. Capital Asset Systems and Reporting
6. Operational Full fillment Systems and Reporting
7. General Administrative Systems and Reporting
8. Knowledge Management Systems
For the size of the business, most of the systems are considered adequate. Due to the severe resource crunch in the
company, it has been unable to implement its plans of automotive systems.
DEVELOPMENT OF HUMAN RESOURCE / INDUSTRIAL RELATIONS:
The Company firmly believes that an able, disciplined, motivated, trained and skilled manpower is the key for sustaining
growth of an organization. The Company organizes and provides requisite training to its employees from time to time.
Periodical appraisal and rewarding systems are in place, Industrial Relations at both the plants. (i.e. Paonta Sahib,
Himachal Pradesh and Vadnagar, Gujarat)
CAUTIONARY STATEMENT:
“Management Discussion and Analysis” report contains forward looking statements, which may be identified by the
use of the words in that direction, or connoting the same. All the statements that address expectations or
projections about the future, including but not limited to statements about the Company's strategy for growth,
product development, market position, expenditure and financial results are forward looking statements.
The Company's actual results, performance or achievements could thus differ materially from those projected in such
forward looking statements. The Company assumes no responsibility to public, to amend, modify or revise any
forward looking statements on the basis of subsequent developments, information or events.

CORPORATE GOVERNANCE REPORT FOR THE YEAR 2020-2021
The Corporate Governance code is a professional system framed for directing and controlling the organization. The
purpose is to ensure compliance of local statutes and ensure safeguard and value addition in long term to the interest
of its members, creditors, customers and employees. The Company has initiated the practice of incorporating the
Corporate Governance Report in the Annual Report in compliance with pursuant to Regulation 34 (3) read with
Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR). A concerted
attempt has been made to bring in transparency and professionalism to ensure ethical standard in business activities
while implementing the Corporate Governance Code. The management places on record that the mandatory
compliances to constitute various committees as required by SEBI (LODR), Regulations 2015, are in place. The
detailed report on Corporate Governance as per the format prescribed by SEBI and incorporated in SEBI (LODR),
Regulations, 2015 as applicable to the Company is set out below:
1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE
The Company is committed to good corporate governance and has implemented the corporate governance norms as
prescribed by SEBI. The Company’s philosophy of corporate governance is based on preserving core values and
ethical business conduct which enhances the efficiency of the Board and inculcates a culture of transparency,
accountability and integrity across the Company.
2. BOARD OF DIRECTORS
The Company is fully compliant with the Corporate Governance Norms in terms of constitution of the Board which is
well blended with a good combination of Executive and Independent Directors. The Board has complete access to any
information within the Company & to any employee of the Company. Pursuant to SEBI (Listing Obligation and
Disclosure Requirements), Regulations 2015, the Board meets at least once in every quarter to review
quarterly/annual results and other items on the agenda and gap between two board meetings is not more than 120
Days. The Board is apprised and informed of all the important information relating to the business of the Company
including those listed in SEBI Listing Obligation and Disclosure Requirements, Regulations 2015.
As on March 31, 2021, strength of the Board of Directors was six, whose composition is given below:
Chairman, Promoter, and Managing Director - 1

Promoter, Non-Independent Director -2Independent Directors -3
During the financial year ended March 31, 2021 Six Board Meetings were held on i) 28th May 2020, ii) 30th June
2020, iii) 31st July 2020, iv) 5th September 2020, v) 11th November 2020 & vi) 21st January 2021.
Attendance of Directors at Board Meetings during the financial year and the last AGM and Number of
Directorships/Committee positions of Directors as on 31st March, 2021, were as under:
Name of the Composition No. of Attendance No. of No. of committee

Directorwith and Board at last AGM Directorship positions heldin
DIN Category Meetings held on in other other Companies
attended September Companies
30th, 2020
Mr. Man MohanMalik Chairman cum

(00696077) Managing 6 Yes 5 Nil
Director
Mrs. Sangita Whole Time
Malik (02428506) Director 6 Yes 3
Nil

Mr. Sanjiv Kumar Non-
Kakkar (02434426) Independent 2 Yes 3 Nil
Director
Mrs. Neelam Independent
Khanna (08332836) Director 1 Yes Nil Nil
Mr. Sunil Kumar Independent

Khera (00263581) Director 5 No 1 Nil
Mr. Ashish Independent

Sachdeva Director NIL No 3 Nil
(03069836)
Mr. Surendra Kumar Independent
Kaushik (05286196) Director 6 Yes 1 Nil
* Mr. Ashish Sachdeva IndependentDirector resigned from Company with effect from30.09.2020.
3. AUDIT COMMITTEE
The terms of reference of this Committee are wide enough to cover the matters specified for Audit Committee under
SEBI (Listing Obligation and Disclosure Requirements), Regulations 2015 as well as Section 177 of the Companies Act,
2013. The primary role of Audit Committee, inter alia, is:
 To oversee the Company’s financial reporting process and disclosure of financial information.
 To review the financial statements, adequacy of internal control systems and periodic audit reports.
 To recommend to the Board the matters relating to the financial management of the Company.
 To recommend appointment/re-appointment of Statutory Auditors and fixation of their remuneration.
 To hold discussions with Statutory Auditors periodically.
 To review the financial statements, in particular, the investments made by unlisted SubsidiaryCompany.
The Statutory Auditors of the Company are invited to attend Audit Committee Meetings, to discuss and review the
quarterly/ half yearly unaudited results, the annual audited accounts, internal audit, matters relating to the
compliance with accounting standards, Auditor’s observations arising from the audit of the Company’s accounts and
other related matters.
The Chairman of the Audit Committee is an Independent Director. During the financial year ended four Board
Meetings were held on i) 30th July 2020, ii) 4th September 2020, iii) 9th November 2020, and iv) 21st January
2021.
The names of the Committee Members and number of Meetings attended during the year are as follows:
Name of the Members Composition and Total Meetings

Category Attended
Mr. Sunil Kumar Khera Independent, Non-Executive 2
(Chairman) Director
Mr. Ashish Sachdeva Independent, Non-Executive 2
(Member) Director
Mr. Surendra Kumar Independent, Non-Executive 4
Kaushik (Member) Director

Mrs. Neelam Khanna Independent, Non-Executive 4
(Member) Director
Mr. Man Mohan Malik Executive Director NIl
(Member)
Mrs. Sangita Malik Executive Director NIl
(Member)
* Mr. Ashish Sachdeva IndependentDirector and Mrs. Sangita Malik Executive Director resigned from Audit Committee
with effect from30.09.2020.
4. NOMINATION AND REMUNERATION COMMITTEE
The term of reference of the Committee is to determine, review and recommend the Company’s policy on specific
remuneration packages. The recommendations of the Committee are put up to the Board of Directors and
Shareholders of the Company.
The Remuneration Committee met twice in the year 2020-2021 on 30th June, 2020 & 4th September 2020.
The names of the Committee Members, their composition are as follows:
Name of the Members Composition and Category Total Meetings

Attended
Mr. Sunil Kumar Khera (Chairman) Independent, Non-Executive NIL
Director
Mr. Ashish Sachdeva (Member) Independent, Non-Executive 2
Director
Mr. Surendra Kumar Kaushik 2
Independent, Non-Executive
(Member)
Director
Mrs. Neelam Khanna (Member) NIL
Independent, Non-Executive
Director
* Mr. Ashish Sachdeva IndependentDirector resigned from Remuneration Committee with effect from30.09.2020.
* Mrs. Neelam Khanna IndependentDirector appointed in Remuneration Committee with effect from30.09.2020.
5. STAKEHOLDERS RELATIONSHIP COMMITTEE
The Committee reviews all matters connected with the physical securities transfer. The Committee also looks into
redressal of shareholders’ complaints relating to transfer of shares/dematerialization, non- receipt of balance sheet,
non-receipt of dividends, and issue of share certificates on account of bonus, split or any other matter related to
securities of the Company.
The Committee oversees the performance of the Registrar and Transfer Agents and recommends measures for overall
improvement in the quality of investor services. The Committee meets as and when required, depending upon
grievances and/ or request for physical transfer of securities received by the Company.
The report received from the Share Transfer Agents as reviewed by the Committee is placed at the Board Meetings
from time to time. During the financial year ended March 31, 2021, One Stakeholders Relationship Committee
Meetings was held on 22nd January, 2021.
The names of the Committee Members and meetings attended during the year are as follows:

Name of the Members Composition and Total Meetings
Category Attended
Mr. Sunil Kumar Khera (Chairman) Independent Director NIL
Mr. Ashish Sachdeva (Member) Independent, Non-Executive NIL

Director
Mrs. Neelam Khanna (Member) Independent, Non-Executive 1
Director
Mr. Man Mohan Malik (Member) Executive Director 1
Mrs. Sangita Malik (Member) Executive Director 1
* Mr. Ashish Sachdeva Independent Director resigned from Stakeholders Relationship Committee with effect from
30.09.2020.
* Mrs. Neelam Khanna Independent Director appointed in Stakeholders Relationship Committee with effect from
30.09.2020.
The Company has attended the investor’s grievances / correspondence promptly. There were no investors’
complaints pending as on March 31, 2021. There were nil outstanding requests for transfer & nil pending requests for
dematerialization of shares as on March 31, 2021.
6. GENERAL BODY MEETINGS
The last three Annual General Meetings of the Company were held as under:
Financial Date Time Venue

Year
2019-20 30th September,2020 4.30 P.M. The meeting was conducted through Video
Conference
2018-19 30th September, 2019 3:00 P.M. Hotel Lalsons Continental” 8/1, East Patel Nagar
New Delhi Metro Pillar No. 171, New Delhi, Delhi
110008
2017-18 29th September,2018 3:00 P.M. Priyanka Party Hall, Adjoining Vandana Imitational
School, Behind Dwarka Court Near Sector-10, Metro
Station, New Delhi-110075
 No extraordinary general meeting was held during the year 2020-2021.

 One Postal ballot was conducted during the year 2020-2021. The Postal Ballot process begins on 2nd June,
2020 and ended on 1st July, 2020.
7. DISCLOSURES
The Company has complied with all the requirements of the Listing Agreement with the BSE Limited as well as the
regulations and guidelines of SEBI.
The Whistle blower policy is put in place to report concerns about unethical behavior. As required, the chairman of
the Audit Committee is accessible if employees and Directors encounter any unethical behavior. The said policy has
been also put up on the website of the Company at the following link wwwhimalayafoodcompany.com.

8. CODE OF CONDUCT
The Company has formulated and implemented a Code of Conduct for all Board Members and Senior Management
of the Company. In compliance with SEBI (Listing Obligations and Disclosures Requirements), Regulations 2015, all
personnel have affirmed to it.
9. MEANS OF COMMUNICATION
The quarterly, half-yearly and yearly financial results of the Company are sent to the BSE Limited immediately after
they are approved by the Board and these are published in The Pioneer-Delhi Edition (English Newspaper) and The
Pioneer - Delhi Edition (Hindi Newspaper).
Company has created a website addressed as wwwhimalayafoodcompany.com

Email address of the Company is [email protected]
10. INTERNATIONAL SECURITIES IDENTIFICATION NUMBER (ISIN)
ISIN is a unique identification number of traded scrip. The number has to be quoted in each transaction relating to
the dematerialized equity shares of the Company. The Company’s ISIN is INE552B01010.
11. SECRETARIAL AUDIT REPORT REGARDING RECONCILIATION OF SHARE CAPITAL
As required by regulation 76A of SEBI (Depositories and Participants) Regulations, 2018, a quarterly audit is
conducted by a Practicing Company Secretary, reconciling the Issued and Listed Share Capital of the Company with
the aggregate of the shares held by the investors in physical form and in demat form in CDSL and NSDL and said
certificates are submitted to the BSE wherein the shares are traded, within the prescribed time limit.
As on March 31st, 2021, there was no difference between the Issued capital and the aggregate of shares held by the
investors in both physical form and in electronic form with depositories.
12. GENERAL SHAREHOLDER INFORMATION
Day, Date and Time Wednesday, the 30th Day of September 2020, at 04:30 PM
Venue The meeting was conducted through Video Conference
□ Financial Year: 01st April, 2020 to 31st March, 2021

□ Date of Book Closure: 24th September, 2021 to 30th September,2021 (both days Inclusive)
□ Listing on Stock Exchange: Shares of the Company are listed on BSE Limited
□ Stock Codes (for shares): 526899
□ Symbol (for shares):HFIL
□ Demat ISIN Number in NSDL : INE552B01010
□ Registrar and Transfer Agents:
BEETAL Financial & Computer Services Pvt Ltd.

BEETAL HOUSE, 3rd Floor,
99, Madangir, behind LSC, New Delhi - 110062
Ph. 011-29961281-283, 26051061,26051064 Fax 011-29961284
 Share Transfer System:
The Company’s shares are traded on BSE mandatorily in demat mode. Physical Shares which are lodged with the

Registrar and Transfer Agents/ or with the Company for transfer are processed and returned to the Shareholders
duly transferred within the time limit stipulated under the Listing Agreement subject to the documents being in
order. Members holding shares in physical form are requested to get them dematerialized for easy transactions on
stock exchange.
 Share Holding Pattern as on March 31, 2021:
Category No. of shares % of

Shareholding
a. Promoter’sholding 2,92,46,485 50.54
b. Bank/FIIs - 0.00
c. Corporate Bodies 39,76,362 6.88
d. Others(public) 2,37,44,412 41.02
e. NRIs / OCBs 8,06,089 1.39
f. Clearing Member 99,536 0.17

g. Any Other (Trust) - -
GRAND TOTAL 57872884 100
 Dematerialization of shares:
95.71% of the Company’s paid up equity share capital has been dematerialized up to March 31, 2021. Trading in
the equity shares of the Company at BSE Limited is permitted only in dematerialized form.
The details of dematerialized shares as on March 31, 2021 are as under:
Depository No. of Shares % of Capital

CDSL 14501665 25.058
NSDL 40891387 70.657
Total 55393052 95.715
Request for dematerialization of shares are processed and confirmation is given to the respective depositories i.e.
National Security Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) within 15
days.
13. ADDRESS FOR CORRESPONDENCE:
All Correspondence relating to the shares of the Company should be forwarded to the below mentioned address.
BEETAL Financial & Computer Services Pvt Ltd.

BEETAL HOUSE, 3rd Floor,
99, Madangir, behind LSC, New Delhi - 110062
Ph. 011-29961281-283, 26051061, 26051064 Fax 011-29961284

14. GREEN INITIATIVE:
The Ministry of Corporate affairs has taken “Green Initiative in Corporate Governance” by allowing paperless
compliances by the Companies and has issued circulars stating that service of Notice/documents including Annual
Report can be sent by email to its members .To Support this Green initiative of the Government in full measure,
members who have not registered their e-mail, so far, are requested to register their email addresses in respect
of their holdings with the Depository throughtheir concerned Depository Participants. Members who hold share
in physical form are requested to contact Ms. Surabhi Maheshwari, Company Secretary and Compliance officer, on
[email protected] or at the registered office of the Company or to M/s BEETAL Financial &
Computer Services Pvt Ltd. on above mentioned contact details.

SD/-
Man Mohan Malik

AUDITOR’S CERTIFICATE ON COMPLIANCE OF CORPORATE
GOVERNANCE
To
The Board of Directors
HIMALAYA FOOD INTERNATIONAL LIMITED
We have examined the records with respect to the compliance of Corporate Governance by HIMALAYA FOOD
INTERNATIONAL LIMITED (“the Company”), for the financial year ended on March 31, 2021, as stipulated in
SEBI (LODR) Regulations, 2015 entered into by the Company with the stock exchange(s).
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our
examination was limited to review of the 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 financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and the
representations made by the Directors and the management, we certify that the Company has complied with the
conditions of Corporate Governance as stipulated in SEBI (LODR) Regulations, 2015.
We further state that such compliance is neither an assurance as to future viability of the Company nor the
efficiency with which the management has conducted the affairs of the company.
Place: New Delhi

Date: 12/06/2021
For Sharma Kumar & Associates
FRN: 030842N
SD/-
(Kailash Sharma)
Partner
M. No. 543197

CEO/CFO CERTIFICATION
To
The Board of Directors
We, Man Mohan Malik, Managing Director, and Shamsher Ali , Chief Financial Officer of the company hereby certify to
the Board that-
A) We have reviewed the financial statements and the cash flow statement for the year ended March 31, 2021 and that
to the best of our knowledge and belief
b) These statements do not contain any material untrue statement or omit any material fact or contain statements
that might be misleading;
c) 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.
d) 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 violation of the Company’s Code of Conduct.
e) We accept responsibility for establishing and maintaining internal controls for financial reporting and have
evaluated the effectiveness of internal control system 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, if
any, of which We are aware and the steps I have taken or propose to take to rectify these deficiencies.
f) We have indicated to the Auditors and the Audit Committee that:
There has not been any significant change in internal control over financial reporting during the year underreference
There has not been any significant change in accounting policies during the year requiring disclosure in the notes to
the financial statements; and
There has not been any instance during the year of significant fraud of which We had 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.
Date: 12/06/2021
Place: Paonta Sahib
SD/-
Mr. Man Mohan Malik
(Managing Director)
SD/-
Mr. Shamsher Ali
(Chief Financial Officer)

DECLARATION BY THE CEO UNDER REGULATION 17 (5) OF THE SEBI LODR
REGARDING ADHERENCE TO THE CODE OF CONDUCT
a) This is to confirm that the company has adopted a code of conduct for its Board of Directors and Senior Management
Personnel. This Code is available at the Company’s Registered Office.
b) I confirm that Board of Directors and Senior Management Personnel of the company have, in respect of the financial
year ended March 31, 2021, affirmed compliance with the Code of Conduct as applicable to them.
c) For the purposes of this declaration, Senior Management Personnel means the Personnel who are members of the
core management team, including persons in the cadre of functional heads and above but excluding Board of
Directors as on March 31, 2021.
Date: 12.06.2021
Place: Paonta Sahib
SD/-
(Mr. Man Mohan Malik)
Chairman & Managing Director

STANDALONE
FINANCIAL
STATEMENTS

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
Report on the Audit of Standalone Financial Statements
Opinion
We have audited the accompanying standalone Financial Statements of Himalaya Food International Limited (“the
Company) which comprise the Balance sheet as at 31 March 2021, the Statement of Profit and Loss, the Cash flow
statement and the Statement of changes in Equity 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
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 Indian Accounting Standards prescribed under section 133 of the
Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting
principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified
under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s
Responsibilities for the Audit of the Standalone 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 (ICAI) together
with the independence requirements that are relevant to our audit of the standalone financial statements under the
provisions of the Act and the Rules made there under, 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 audit opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone 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.
Sr. No. Key Audit Matter Auditor’s Response
1 COVID – 19 Impact on Inventory Principal Audit Procedures

Measurement Ind AS 2, Impairment of We assessed the Company’s process to identify and implement
Non-Financial Assets Ind AS 36, the impact of COVID-19
Impairment of Financial Instrument Ind Our audit approach consisted testing of the design and
AS 109 operating effectiveness of the internal controls and
substantive testing as follows:
Due to COVID – 19 all businesses are
affected. • Evaluated the design of internal controls relating to
Net realisable value of the inventories was implementation of guidance note and accounting standards.
to be checked. • Selected a sample of inventory, and tested the operating
effectiveness of the internal control, relating to
Net realisable value refers to the net identification of the distinct performance obligations and
amount that an entry expects to realise determination of COVID-19 impact. We carried out a
from the sale of inventory in the ordinary combination of procedures involving enquiry and
course of business. Due to COVID-19, observation, reperformance and inspection of evidence in
there might be temporary ceasing of respect of operation of these aspects.
operations or an immediate decline in • Tested the relevant information technology systems’
demand or prices resulting in lowering of access and change management controls relating to COVID-
revenues and profitability and reduced 19 and related information used in recording and disclosing
economic activity. Financial Instruments revenue in accordance with the new revenue accounting
within the scope of Ind AS 109 such as standard.
Loans, Trade Receivables, Other • Selected a sample of continuing and new Non-Financial
Receivables, Investment in Debt Assets and Impairment of financial instruments and
instruments, Financial Guarantees and performed the following procedures:
Loan Commitments not measured at fair • Read, analysed and identified the distinct performance
value through profit or loss, Contract obligations in these assets.
Assets and Lease Receivables are subject • Compared these performance obligations with that
to impairment loss recognition and identified and recorded by the Company.
measurement based on an approach • Considered the terms of the contracts to determine the
called Expected Credit Loss (ECL). transaction price including any variable consideration to
verify the transaction price used to compute revenue and to
test the basis of estimation of the variable consideration.
• Samples in respect of revenue recorded for time and
material contracts were tested using a combination of
approved time sheets including customer acceptances,
subsequent invoicing and historical trend of collections and
disputes.
• In respect of samples relating to fixed price contracts,
progress towards satisfaction of performance obligation
used to compute recorded revenue was verified with actual
and estimated efforts from the time recording and
budgeting systems. We also tested the access and change
management controls relating to these systems.
• Sample of revenues disaggregated by type and service
offerings was tested with the performance obligations
specified in the underlying contracts.
• Performed analytical procedures for reasonableness of
revenues disclosed by type and service offerings.
• We reviewed the collation of information and the logic of
the report generated from the budgeting system used to
prepare the disclosure relating to the periods over which
the remaining performance obligations will be satisfied
subsequent to the balance sheet date.
2 Accuracy of revenues and onerous Principal Audit Procedures

obligations in respect of fixed price Our audit approach was a combination of test of internal
contracts involves critical estimates controls and substantive procedures which included the
following:
Estimated effort is a critical estimate to
determine revenues and liability for • Evaluated the design of internal controls relating to recording
onerous obligations. This estimate has a of efforts incurred and estimation of efforts required to
high inherent uncertainty as it requires complete the performance obligations.
consideration of progress of the contract, • Tested the access and application controls pertaining to time
efforts incurred till date and efforts recording, allocation and budgeting systems which prevents
required to complete the remaining unauthorised changes to recording of efforts incurred.
contract performance obligations. • Selected a sample of contracts and through inspection of
evidence of performance of these controls tested the operating
effectiveness of the internal controls relating to efforts incurred
and estimated.
• Selected a sample of contracts and performed a retrospective
review of efforts incurred with estimated efforts to identify
significant variations and verify whether those variations have
been considered in estimating the remaining efforts to

complete the contract.
• Reviewed a sample of contracts with unbilled revenues to
identify possible delays in achieving milestones, which require
change in estimated efforts to complete the remaining
performance obligations.
• Performed analytical procedures and test of details for
reasonableness of incurred and estimated efforts.
3 Evaluation of uncertain tax positions Principal Audit Procedures

The Company has material uncertain tax Obtained details of completed tax assessments and demands
positions including matters under dispute for the year ended March 31, 2021 from management. We
which involves significant judgment to involved our internal experts to challenge the management’s
determine the possible outcome of these underlying assumptions in estimating the tax provision and the
disputes. possible outcome of the disputes. Our internal experts also
considered legal precedence and other rulings in evaluating
management’s position on these uncertain tax positions.
Additionally, we considered the effect of new information in
respect of uncertain tax positions as at April 1, 2018 to evaluate
whether any change was required to management’s position on
these uncertainties.
Information Other than the Standalone Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexure to
Board’s Report, Business Responsibility Report, Corporate Governance and Shareholder’s Information, but does not
include the standalone financial statements and our auditor’s report thereon.
Our opinion on the standalone 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 financial statements, our responsibility is to read the other information
and, in doing so, consider whether the other information is materially inconsistent with the standalone financial
statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is no material misstatement of this other information;
we are required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Standalone 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 financial statements that give a true and fair view of the financial position, financial
performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind
AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting 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 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 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.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone 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 financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
Identify and assess the risks of material misstatement of the standalone 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.
Obtain an understanding of internal financial controls 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 in place and the operating
effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
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 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.
Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone 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 a reasonably knowledgeable user 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 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 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
1. As required by Section 143(3) of the Act, based on our audit 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 Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in
Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS 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 as on March 31, 2021 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2021 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 over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over
financial reporting.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid
by the Company to its directors during the year is 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, as amended 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 financial position in its standalone financial
statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which required to be transferred, to the Investor Education and Protection Fund by the
Company.
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3 and 4
of the Order.

Firm Registration No.030842N
SD/-
Kailash Sharma
(Partner)
Membership No. 543197
UDIN: 21543197AAAAMD4104
Place: Delhi
Dated: 12.06.2021

ANNEXURE ‘A’
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to
the Members of Himalaya Foods International Limited of even date)
i. a) The company has generally maintained proper records showing full particulars, including quantitative details
and situation of fixed assets.
b) According to information and explanation given to us there is a regular programme of physical verification of
these fixed assets by the management which in our opinion is reasonable having regard to size of the company
and nature of its assets. As informed to us no material discrepancies were noticed on such verification.
c) As informed to us and as verified by us during the course of our audit the title deeds on immovable properties
are held in name of company as at the balance sheet date.
In respect of immovable properties of land and building that have been taken on lease and disclosed as fixed
assets in the standalone financial statements, the lease agreements are in the name of the Company.
ii. As informed to us the inventories were physical verified during the year by the management at reasonable
intervals and no material discrepancies were noticed on physical verification.
iii. As informed to us the company has granted unsecured loans to companies covered in the register maintained
under section 189 of the Companies Act, 2013. In respect of such loans:
(Rs in Lacs)
Name of the company Nature of loan Balance as on Maximum
31.03.2021 Amount Due
APJ Laboratories Ltd. Advance against purchase 567 568
a.) As informed to us and as verified by us the terms and condition of grant to such loans are not prejudicial to
the interest of the company.
b.) Repayment of the principle amount and payment of interest on such loans has not been stipulated, as it is in
the nature of “Advance against purchases”
c.) Not Applicable
iv. According to the information and explanation given to us, the company has complied with the provision of
section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing
guarantees and securities, as applicable during the year.
v. The company has not accepted any deposits during the year and does not have any unclaimed deposits as at
March 31, 2021 and therefore, the provisions of clause 3(v) of the Order are not applicable to the Company.
vi. Reporting under clause 3(vi) of the order is not applicable as the company’s business activities are not covered
by the companies (Cost Record and Audits) Rules, 2014.
vii. a) According to records of the company and information and explanation given to us the company has generally
been regular in depositing undisputed statutory dues including provident fund, employees` state insurance,
income-tax, goods and service tax, duty of customs, cess and any other statutory dues with the appropriate
authorities.
b) According to information and explanation given to us there are outstanding statutory dues as referred above
as at the last day of the financial year under audit for a period of more than six months from the date they
become payable as below:
Particulars of dues Amount Rs.’ Lacs

PF 42
ESI 15
TDS 2

c) As certified by the management on which we have relied upon the dues of sale tax or service tax or duty of
custom or duty of excise or value added tax or cess which have not been deposited on account of dispute and the
forum where the dispute is pending are given bellow:
Particulars of dues Amount Financial Year to which Forum where

Rs.’ Lacs amount relates dispute is pending
Excise Duty 3.78 1999-2000 Tribunal
Income Tax 7.29 2011-12 HC
Sales Tax .50 2013-14 AETC
viii. Based on our audit procedure and in accordance with the information and explanation given to us by the
company that Bank accounts are NPA. Loan account from banks has been shown at the full value as on the date of
NPA. The OTS settled by banks is Rs. 8,290 Lakhs out of which Rs. 2,044 Lakhs have been paid till 31.03.2021.
ix. The company has not raised any money during the year by way of initial public offer or further public offer
(including debts instrument) or term loans and hence reporting under clause 3(ix) of the Order is not applicable.
x. According to the information and explanation given to us there has been no fraud noticed or reported during the
year by the company or on the company by its officers or employees.
xi. In our opinion the managerial remuneration paid/provided during the year is in accordance with requisite
approvals mandated by the provisions of section 197 read with Schedule V of Companies Act 2013.
xii. The company is not a Nidhi company and hence reporting under clause 3(xii) of the Order is not applicable.
xiii. According to the information and explanation given to us and on the basis of examination of the records, the
Company is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the
related parties and details of related party transactions have been disclosed in the financial statements as
required by the applicable accounting standards.
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year under review.
xv. As informed to us, during the year the company has not entered into any non-cash transactions with any of its
directors or persons connected with the directors.
xvi. The Company is not required to get registered under section 45-IA of Reserve Bank of India Act 1934.

SD/-
Kailash Sharma
(Partner)
Place: Delhi
Dated: 12.06.2021

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 3(f) to “Report on Other legal and regulatory requirement” of the independent Auditors`
Report of even date to the members of Himalaya Food International Limited on standalone Ind AS financial statement
for the year ended March 31, 2021.
Report on the Internal Financial Controls under clause (i) of Sub Section 3 of Section 143 of the Companies Act,
2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Himalaya Food International Limited (“the
Company”) as of March 31, 2021 in conjunction with our audit of the standalone financial statement 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 base 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 on India. 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 Companies Act, 2013.
Auditors` Responsibility
Our responsibility is to express an opinion on the Company`s internal financial controls over financial reporting base on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed
under section 143(10) of the Companies Act, 2013, to the extent applicable on an audit of internal financial controls,
both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of
India. 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 over financial reporting
was established and maintained and if such controls operated effectively in all material respect. Our audit involves
performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over
financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial
controls over financial reporting, 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 I/we have obtained is sufficient and
appropriate to provide a basis for out audit opinion on the Company`s internal financial controls system over financial
reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company`s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company`s internal financial control over financial
reporting 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 financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorization 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 financial statement.

Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting 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, the Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021,
based on the internal control over financial reporting criteria established by the company considering the essential
components of internal controls stated in Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India.

SD/-
Kailash Sharma
(Partner)
Place: Delhi
Dated: 12.06.2021

The accompanying notes form an integral part of the standalone financial statements.
Himalaya Food International Ltd.
Balance sheet as at March 31, 2021
(All amounts in Rs in lacs unless otherwise stated)
Particulars Note As at As at
31-Mar-2021 31-Mar-2020
ASSETS
Non-current assets
Property, plant and equipment 3 12832 13554
Capital work-in-progress 3 5491 5491
Financial assets
i Investments 4a 10 10
ii Loans 4b 567 568
iii Other financial assets 4c 587 587
Other non-current assets 5 1460 1291
Total non-current assets 20947 21501
Current assets
Inventories 6 1491 1538
Financial assets
i Trade receivables 4d 2639 2644
ii Cash and cash equivalents 4e 3 59
iii Bank balance other than (ii) above 4f 105 102
Other current assets 7 2048 1233
Total current assets 6286 5576
Total assets 27233 27077
EQUITY AND LIABILITIES
Equity
Equity share capital 8a 5787 5787
Other equity 8b 424 172
6211 5959
Liabilities
Non-current liabilities
Financial liabilities
i Borrowings 9a 18101 18101
ii Other financial liabilities 9c 335 335
Provision 11a 185 185
Deferred tax liabilities (net) 455 585
Other non-current liabilities 11b 80 109
Total non-current liabilities 19156 19315
Current liabilities
i Borrowing 9b 0 0
ii Trade payables 9d 1554 1482
iii Other financial liabilities 9c 1 13
Provision for employee benefit obligations 11b 2 19
Other current liabilities 10 309 289
Total current liabilities 1866 1803
Total equity and liabilities 27233 27077
As per our report of even date
For Sharma Kumar & Associates For and on behalf of the Board
Firm Registration No. 030842N SD/- SD/-
SD/- Chairman & Managing Director Director
(Kailash Sharma) DIN:00696077 DIN:02428506
Partner
Membership no. 543197
UDIN: 21543197AAAAMD4104 SD/- SD/-
Dated: 12.06.2021 Shamsher Ali Surabhi Maheshwari
Place : Delhi CFO Company Secretary

Statement of profit and loss account for the year ended March 31, 2021
(All amounts in Rs in lacs
unless otherwise stated)
Particulars Note Year ended Year ended
31-Mar-2021 31-Mar-2020
Continuing operations
Revenue from operations 12 5636 7876
Other income 13 188 445
Total income 5824 8321
Expenses
Cost of material consumed 14 2443 3612
Changes in inventory of work-in-progress & 15 -20 -158
finished goods
Employee benefits expense 16 366 825
Finance costs 19 23 28
Depreciation and amortisation expense 17 1046 1146
Other expenses 18 1844 2009
Total expenses 5702 7462
Profit before exceptional items and tax 122 859
Exceptional items
i write-off of claims 0 0
Profit / loss before tax from continuing operations 122 859
Tax expense
i Current tax 0 0
ii Deferred tax -130 -133
Profit / (Loss) from continuing operations 252 992
Profit / (Loss) from discontinued operations - -
Other comprehensive income - -
Earnings per equity share (for continuing
operations)
i Basic earnings per share 0.44 1.71
ii Diluted earnings per share 0.44 1.71
Partner

Statement of changes in equity for the
year ended 31, 2021
A. Equity Share Capital
Particulars Note Amount
Balance at the beginning of the reporting period 8 5787
Changes in equity share capital during the year 8 0
Balance at the end of the reporting period 8 5787

B.Other Equity
Particulars
Equity Reserve and Surplus Debt Equity Other items
Share Exchange
component Instrument Instrument Effective of Other Money
application difference on
of through through portion of Revaluation Comprehen received
Note on money Other translating the Total
compound Securities other Other Cash Flow Surplus sive Income against share
pending Capital Reserve Retained financial
financial Premium Comprehen Comprehen Hedges (Specify capital
allotment Reserve (Specify Earning statement
instrument Reserve sive Income sive Income nature)
nature)
Balance at the 0 1322 3378 0 -4528 0 0 0 0 0 0 0 172
beginning of the 8
reporting period
Changes in 0 0 0 0 0 0 0 0 0 0 0 0
accounting policy
or prior period
errors
Restated balance 0 0 0 0 0 0 0 0 0 0 0 0
at the begining of
reporting period
Total 0 1322 3378 0 -4528 0 0 0 0 0 0 0 172
comprehensive
Income for the 0 0 0 0 252 0 0 0 0 0 0 0 252
year
Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
Transfer to 0 0 0 0 0 0 0 0 0 0 0 0 0
retained
earnings
Any other change 0 0 0 0 0 0 0 0 0 0 0 0 0
(to be specified)
Balance at the 0 1322 3378 0 -4276 0 0 0 0 0 0 0 424
end of the 8
reporting period

Statement of cash flows for the period ended March 31, 2021

31-Mar-2021 31-Mar-2020
Loss before Income Tax from
Continuing Operations 252 992
Adjustment for:
Depreciation and amortisation expenses 1046 1146
Deferred Tax -130 -133
Finance costs 23 28
Operating profit before working capital changes 939 1041
Adjustment for:
(Increase)/decrease in trade receivables 5 50
(Increase)/decrease in inventories 47 -287
Increase/(Decrease) in Trade payables 72 10
(Increase)/Decrease in other financial assets 0 -41
(Increase)/decrease in other non-current assets (169) -108
(Increase)/decrease in other current assets (815) -1229
Increase in employee benefit obligations and provisions (17) 5
Increase/(Decrease) in other Current Liabilities 8 3788
Increase/(Decrease) in other non-Current Liabilities (29) -3465
Cash ganerated from operations (898) (1277)
Income tax paid 0 0
Net cash inflow from operating activities 293 756
Cash flows from investing activities
Payments/Sale of property, plant and equipment 151 151
Investment in Subsidary 0 0
Loans to employees and related parties 0 0
Net cash outflow from investing activities 151 151
Cash flows from financing activities
Proceeds from issue of shares (278) -278
Proceeds/(Payment) from borrowings 0 -238
Finance lease payments/Increase 0 0
Finance Expenses 23 28
Net cash used in financing activities (301) -544
Net increase (decrease) in cash and cash equivalents (159) 61
Cash and cash equivalents at the beginning of the financial year 161 100
Cash and cash equivalents at end of the year 108 161
Firm Registration No. 030842N SD/-
Man Mohan Malik
SD/- Chairman & Managing Director
(Kailash Sharma) DIN:00696077
Partner
Dated: 12.06.2021
Place : Delhi

Notes to the standalone financial statements for the year ended March 31, 2021
1. Company Information
Himalaya Food International Ltd., incorporated in New Delhi, India with UIN L51909DL1992PLC047399, is a food
processing company engaged in growing & processing of mushrooms and manufacturing IQF ready to eat items-which is
classified as one segment. It is exporting its products to USA and also selling them domestically. The Company is listed on
the Bombay Stock Exchange (BSE).
2. Statement of Significant Accounting Policies

2.1 Basis of Preparation and Measurement
(a) Basis of preparation
These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter referred
to as the ‘Ind AS’) as prescribed under section 133 of the Companies Act, 2013 read with Companies (Indian Accounting
Standards) Rules, as amended from time to time.
The financial statements have been prepared on accrual and going concern basis. The accounting policies are applied
consistently to all the periods presented in the financial statements. All assets and liabilities have been classified as current
or non current as per the Company’s normal operating cycle and other criteria as set out in the Division II of Schedule III
to the Companies Act, 2013.
Based on the nature of products and the time between acquisition of assets for processing and their realisation in cash and
cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current
classification of assets and liabilities.
The financial statements are presented in INR, the functional currency of the Company. Items included in the financial
statements of the Company are recorded using the currency of the primary economic environment in which the Company
operates (the ‘functional currency’).
Transactions and balances with values below the rounding off norm adopted by the Company have been reflected as “0” in
the relevant notes in these financial statements.
The financial statements of the Company for the year ended 31st March, 2021 were approved for issue in accordance with
the resolution of the Board of Directors on 12th June, 2021.
(b) Basis of measurement

These financial statements are prepared under the historical cost convention unless otherwise indicated.
2.2 Key Accounting Estimates and Judgments

The preparation of these financial statements in conformity with the recognition and measurement principles of Ind AS
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.
2.3 Recent Accounting Development

Recent Indian Accounting Standards (Ind AS)
Ministry of Corporate Affairs ("MCA"), through Companies (Indian Accounting Standards) Amendment Rules, 2019 and
Companies (Indian Accounting Standards) Second Amendment Rules, has notified the following new and amendments to
Ind ASs which the Company has not applied as they are effective from April 1, 2019:
Ind AS 116 – Leases

Ind AS 116 has replaced the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the
recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single on-
balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the
underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains
enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting
requirements in Ind AS 17.

Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over
income tax treatments)
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity
originally recognised those past transactions or events. The Company does not expect any impact from this
pronouncement. It is relevant to note that the amendment does not amend situations where the entity pays a tax on
dividend which is effectively a portion of dividends paid to taxation authorities on behalf of shareholders. Such amount
paid or payable to taxation authorities continues to be charged to equity as part of dividend, in accordance with Ind AS
12.
Ind AS 109 – Prepayment Features with Negative Compensation

The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow
measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive income)
even in the case of negative compensation payments. The Company does not expect this amendment to have any impact on
its financial statements.
Ind AS 19 – Plan Amendment, Curtailment or Settlement

The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current
service cost and the net interest for the period after the re-measurement are determined using the assumptions used for
the re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment or
settlement on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any
significant impact on its financial statements.
Ind AS 23 – Borrowing Costs

The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended
use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation
rate on general borrowings. The Company does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures

The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or
joint venture that form part of the net investment in the associate or joint venture but to which the equity method
is not applied. The Company does not expect any impact from this amendment.
Ind AS 103 – Business Combinations and Ind AS 111 – Joint Arrangements

The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that is
a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that
when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held
interests in that business. The Company will apply the pronouncement if and when it obtains control / joint control of a
business that is a joint operation.
2.4 Significant Accounting Policies
Revenue recognition
The Company earns revenue primarily from growing and processing of mushrooms and manufacturing IQF ready to eat
items.
Effective April 1, 2018, the Company has applied Ind AS 115 which establishes a comprehensive framework for
determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue and Ind AS
11 Construction Contracts. The Company has adopted Ind AS 115 using the cumulative effect method. The effect of initially
applying this standard is recognised at the date of initial application (i.e. April 1, 2018). The standard is applied
retrospectively only to contracts that are not completed as at the date of initial application and the comparative
information in the statement of profit and loss is not restated – i.e. the comparative information continues to be reported
under Ind AS 18 and Ind AS 11.
Refer Significant accounting policies – Revenue recognition in the Annual report of the Company for the year ended March
31, 2018, for the revenue recognition policy as per Ind AS 18 and Ind AS 11. The impact of the adoption of the standard on
the financial statements of the Company is insignificant.
(a) Property, Plant and Equipment:

Property, plant and equipment is stated at acquisition cost net of accumulated depreciation and accumulated impairment

losses, if any. Property, plant and equipment acquired in a business combination are recognised at fair value at the
acquisition date.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when
it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can
be measured reliably. All other repairs and maintenance cost are charged to the Statement of Profit and Loss during the
period in which they are Gains or losses arising on retirement or disposal of property, plant and equipment are recognised
in the Statement of Profit and Loss.
Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as
“Capital work- in-progress”.
Depreciation is provided on a written down value method based on estimated useful life prescribed under Schedule II to
the Companies Act, 2013 with the exception of the following:
Property, Plant and Equipment is depreciated over 3 to 30 years based on the technical evaluation of useful life done by
the management Assets costing ` 5,000 or less are fully depreciated in the year of purchase.
Freehold & Leasehold 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.
(b) Intangible Assets:

Separately purchased intangible assets are initially measured at cost. Intangible assets acquired in a business combination
are recognised at fair value at the acquisition date. Subsequently, intangible assets are carried at cost less any accumulated
amortisation and accumulated impairment losses, if any.
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 follow –
Design-10 years
Know-how - 10 years
Computer software - 5 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.
For indefinite life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it
continues, if not, it is impaired or changed prospectively basis revised estimates.
(c) Investments in Subsidiaries, Associates and Joint Ventures:

Investments in subsidiaries, associates and joint ventures 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, associates and joint venture, the
difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and Loss.
(d) Inventories:
Inventories are valued at the lower of cost and net realisable value. Cost is computed on a weighted average basis. Cost of
finished goods and work-in-progress include all costs of purchases, conversion costs and other costs incurred in bringing
the inventories to their present location and condition. The net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of completion and estimated costs necessary to make the sale.
(e) Cash and Cash Equivalents:

Cash and cash equivalents are short-term (three months or less from the date of acquisition), highly liquid investments
that are readily convertible into cash and which are subject to an insignificant risk of changes in value.
(f) Assets Held for Sale:

Non-current assets or disposal groups comprising of assets and liabilities are classified as ‘held for sale’ when all of the
following criterias are met: (i) decision has been made to sell. (ii) the assets are available for immediate sale in its present
condition. (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be concluded within
12 months of the Balance Sheet date.
Subsequently, such non-current assets and disposal groups classified as ‘held for sale’ are measured at the lower of its
carrying value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised.

(g) Financial Instruments:
Financial Assets:
Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument. On
initial recognition, a financial asset is recognised at fair value. In case of financial assets which are recognised at fair value
through profit and loss (FVTPL), its transaction cost is recognised in the statement of profit and loss. In other cases, the
transaction cost is attributed to the acquisition value of the financial asset.
Financial assets are subsequently classified and measured at

- amortised cost
-fair value through profit and loss (FVTPL)
-fair value through other comprehensive income (FVOCI)
Financial assets are not reclassified subsequent to their recognition, except if and in the period the Company changes its
business model for managing financial assets.
Trade Receivables and Loans:
Trade receivables are initially recognised at fair value. Subsequently, these assets are held at amortised cost, using the
effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts estimated future
cash income through the expected life of financial instrument.
Debt Instruments:
Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (‘FVOCI’) or fair
value through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the Company’s business model for managing the
financial assets and (ii) the contractual cash flow characteristics of the financial asset.
(i) Measured at amortised cost:
Financial assets that are held within a business model, whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest, 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
(ii) Measured at fair value through other comprehensive income:
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and
collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair
value through other comprehensive income. 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
(iii) Measured at fair value through profit or loss:
A financial asset not classified as either amortised cost or FVOCI, is classified as 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.
Equity Instruments:
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. Fair value changes 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.
Derivative Financial Instruments:

The Company uses derivative financial instruments, such as forward currency contracts to hedge its foreign currency risk.
Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value. Any changes therein are recognised in the statement of profit
and loss account. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when
the fair value is negative.

Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire,
or it transfers the contractual rights to receive the cash flows from the asset.
Impairment of Financial Asset

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the
following:
i. Trade receivables
ii. Financial assets measured at amortized cost (other than trade receivables)
iii. Financial assets measured at fair value through other comprehensive income (FVTOCI)
In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is
measured and recognized as loss allowance.
In case of other assets (listed as ii and iii above), the Company determines if there has been a significant increase in credit
risk of the financial asset since initial recognition. If the credit risk of such assets has not increased significantly, an amount
equal to 12-month ECL is measured and recognized as loss allowance. However, if credit risk has increased significantly,
an amount equal to lifetime ECL is measured and recognized as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in credit
risk since initial recognition, the Company reverts to recognizing impairment loss allowance based on 12-month ECL.
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 Company expects to receive (i.e., all cash shortfalls), discounted at the original effective
interest rate.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a financial
asset. 12- month ECL are a portion of the lifetime ECL which result from default events that are possible within 12 months
from the reporting date.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of
outcomes, taking into account the time value of money and other reasonable information available as a result of past
events, current conditions and forecasts of future economic conditions.
As a practical expedient, the Company uses a provision matrix to measure lifetime ECL on its portfolio of trade receivables.
The provision matrix is prepared based on historically observed default rates over the expected life of trade receivables
and is adjusted for forward-looking estimates. At each reporting date, the historically observed default rates and changes
in the forward-looking estimates are updated.
ECL impairment loss allowance (or reversal) recognized during the period is recognised as income/ expense in the
Statement of Profit and Loss under the head ‘Other expenses’.
Financial Liabilities:
Initial recognition and measurement
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are classified as fair value
through profit and loss. In case of trade payables, they are initially recognised at fair value and subsequently, these
liabilities are held at amortised cost, using the effective interest rate method.
Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried at fair
value through profit or losses are measured at fair value with all changes in fair value recognised in the Statement of Profit
and Loss.
Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
(h) Provisions and Contingent Liabilities:

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. Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at the Balance Sheet date.
If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current
pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation.
When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

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.
(i) Revenue Recognition:

Revenue from sale of goods is recognised when all the significant risks and rewards of ownership in the goods are
transferred to the buyer as per the terms of the contract, there is no continuing managerial involvement with the goods
and the amount of revenue can be measured reliably. The Company retains no effective control of the goods transferred to
a degree usually associated with ownership and no significant uncertainty exists regarding the amount of the
consideration that will be derived from the sale of goods. Revenue is measured at fair value of the consideration received
or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the
government which are levied on sales such as sales tax, value added tax, goods and services tax, etc.,
Income from export incentives such as duty drawback and premium on sale of import licenses and lease license fee are
recognised on accrual basis.
Income from services rendered is recognised based on agreements/ arrangements with the customers as the service is
performed in proportion to the stage of completion of the transaction at the reporting date and the amount of revenue can
be measured reliably.
Interest income is recognized using the effective interest rate (EIR) method.
Dividend income on investments is recognised when the right to receive dividend is established.
(j) Government Grant:

The Company was entitled to ‘MEIS Scheme’ under export incentive till Jnauary 2021. Now, Company is entlied to 'RoDTEP
Scheme under new export incentive scheme. Such incentive are measured at amount receivable from the government and
are recognised as other operating revenue. The Company will comply with all necessary conditions attached to incentives.
(k) Expenditure:
Expenses are accounted on accrual basis.
(l) Employee Benefits:

Defined contribution plans
Contributions to defined contribution schemes such as employee’s state insurance are charged as an expense based on the
amount of contribution required to be made as and when services are rendered by the employees. Company’s provident
fund contribution, in respect of certain employees, is made to a government administered fund and charged as an expense
to the Statement of Profit and Loss.
Retirement and other employee benefits

(i) Retirement benefit in the form of Provident Fund is a defined contribution scheme and the contributions are charged
to the Profit and Loss Account of the year when the contributions to the respective funds are due. There are no
other obligations other than the contribution payable to the respective funds.
(ii) Gratuity liability is a defined benefit obligations and are provided for on the basis of valuation made at the end of
each
(iii) No provision is made for unencashable short term compensated absences.
(m) 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 loss as an expense in the Statement of Profit and Loss. The impairment

loss is allocated first to reduce the carrying amount of any 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. Recoverable amount is
higher of an asset’s or cash generating unit’s fair value less cost of disposal and its value in use. Value in use is the present
value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and
from its disposal at the end of its useful life. Assessment is also done at each Balance Sheet date as to whether there is any
indication that an impairment loss recognised for an asset in prior accounting periods may no longer exist or may have
decreased, basis the assessment a reversal of an impairment loss for an asset other than goodwill is recognised in the
Statement of Profit and Loss account.
(n) Income Taxes:

Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the Statement of Profit and
Loss except to the extent it relates to a business combination or to an item which is recognised directly in equity or in
other comprehensive
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates at the
Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any,
related to income tax are included in finance cost and other expenses respectively. Interest Income, if any, related to
Income tax is included in current tax expenses.
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes.
A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred tax
assets are recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised
amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax
liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities; and
the deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority.
(o) Leases:
Leases in which a substantial portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments and receipts under such leases are recognised to the Statement of Profit and Loss on a straight-
line basis over the term of the lease unless the lease payments to the lessor are structured to increase in line with expected
general inflation to compensate for the lessor’s expected inflationary cost increases, in which case the same are recognised
as an expense in line with contractual term.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards
incidental to ownership to the lessee.
(p) Foreign Currencies:

Foreign currency transactions are translated into the functional currency using exchange rates at the date of the
transaction. Foreign exchange gains and losses from settlement of these transactions and from translation of monetary
assets and liabilities at the reporting date exchange rates are recognised in the Statement of Profit and Loss.
(q) Earnings Per Share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of
the Company by the weighted average number of equity shares outstanding during the period. The weighted average
number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as
bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares
outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable 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.

Note 3: Property, plant and equipment
Freehold Leasehol Freehold Leasehold Furniture, Plant and Capital Work
Particulars land d land Building building fittings machinery Vehicle Total In
and progress
Year ended 31 March 2020

Gross carrying amount
Deemed cost as at 1 April 1483 81 7189 418 135 15979 616 25901 5491
2019
Additions 0 0 0 0 0 0 0 0
Disposals 0 0 0
Closing gross carrying 1483 81 7189 418 135 15979 616 25900 5491
amounts
Accumulated depreciation 0 1770 176 107 8658 490 11201 0
Depreciation Charged during 0 232 7 9 851 47 1146 0
the year
Closing Accumulated 0 0 2002 183 115 9509 537 12346 0
depreciation
Net Carrying Amount 1483 81 5187 235 20 6470 79 13554 5491
Opening gross carrying 1483 81 7189 418 135 15979 616 25900 5491
amount
Additions ** 0 0 0 0 322 4 326 0
Assets classified as held for 0 0 0 0 0 0 0 0
sale
Disposals 0 0 0 0 0 0 2 2
Transfers 0 0 0 0 0 0 0 0
Closing gross carrying amounts 1483 81 7189 418 135 16301 618 26224 5491
Accumulated depreciation
and impairment
Opening accumulated 0 0 2002 183 115 9509 537 12346 0
depreciation
Depreciation Charged During 0 0 253 11 5 752 25 1046 0
the Year
Impaiment loss 0 0 0 0 0 0 0 0 0
Disposals 0 0 0 0 0 0 0 0 0
Exchange differences 0 0 0 0 0 0 0 0 0
Assets classified as held for 0 0 0 0 0 0 0 0 0
sale
Closing accumulated 0 0 2255 194 120 10261 562 13392 0
depreciation and impairment
Net carrying amounts 1483 81 4934 224 14 6040 56 12832 5491

31.03.2021
Note:
Capital work in progress as at 31st March, 2021 is ` 5491 lacs (31st March, 2020: ` 5491 lacs)
* The company has incurred necessary capex as under:

1)The mushroom houses racks that were torn out have been portionally replace.


Note Particulars No of Shares Amount
8 Equity Share Capital and Other Equity

(a) Equity Share Capital
Authorised Equity Share Capital As at 7,50,00,000 7,50,000

31.03.2020
Increase during the year 0 0
As at 31.03.2021 7,50,00,000 7,50,000
Particulars No of Shares Equity share

capital par value
Movement in equity share capital As at
31.03.2020 57872900 5787.29
Less: Application money forfieted 0 0
As at 31.03.2021 57872900 5787.29
Terms and rights attached to equity shares
Equity shares have par value of INR 10. They entitle the holder to participate in dividends, and to share in the
proceeds of winding up the company in proportion to the number of and amounts paid on the shares held.
Every holder of equity shares present at a meeting in person or proxy is entitled to one vote, and upon a poll each
share is entitled to one vote.
(b)
(b) Reserves and surplus
Particulars As at March 31, 2021 As at March 31, 2020
Capital reserve 1322 1322

Securities premium reserve 3378 3378
Retained earnings -4276 -4528

Total 424 172
1322 1322
(i) Capital Reserve Opening balance
Closing balance 1322 1322
(ii) Securities premium reserve Opening
balance 3378 3378
(ii) Retained earnings Opening balance -4528 -5520
Profit for the year 252 992
Closing balance -4276 -4528
B. Nature and purpose of reserves
(a) Capital Reserve: Capital Subsidies received by the company is treated as capital reserve.
(b)Securities Premium Reserve: The amount received in excess of face value of the equity shares is
recognised in Securities Premium Reserve.

(c)General Reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Companies Act, 2013.
(d) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any
transfers to general reserve, dividends or other distributions paid to shareholders.
C. Capital Management
Equity share capital and other equity are considered for the purpose of Company’s capital management.
The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise
returns to shareholders. The capital structure of the Company is based on management’s judgment of its
strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market
confidence.
The management and the board of directors monitors the return on capital as well as the level of dividends to
shareholders. The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital
structure.

Rate of
Terms of As at March As at March
Note Particulars Maturity Interest
repayment 31, 2021 31, 2020
Date %
9 Financial liabilities
(a) Non-current borrowings
Secured
Term Loans
From Banks
Rupee Loan 30.06.2024 Quarterly 11.30 12418 12418
Long term maturities of finance lease obligations
Obligations under finance leases 31.03.2021 Monthly 11.00 1 13
Rupee Loan Payable on demand 11.30 5440 5440
Total Non-Current Borrowing 18102 18114
Less Current maturities on long term debt (OTS Amount) 0 0

Less Current maturities on loan from other Parties 1 13
Total Non-Current Borrowings (As per Balance Sheet) 18101 18101
(b) Current borrowings

From Banks
Total Current Borrowing 0 0
1. Secured borrowings and assets pledged as security:

a. Term Loans are secured by First pari passu charge over the entire fixed assets of the company at Paonta sahib
(H.P.) and Mehsana (Gujarat), with Joint Lending Forum comprising SBI,Corporation Bank, Bank of Baroda and
Exim Bank, alongwith personal guarantees of the Directors and Promoters.
b. All working capital limits are secured by first pari passu charge over the entire current assets of the company, along
with personal guarantees of promoters.
2. The company Bank accounts are NPA since March 2018, hence no Interest has been charged during the year.
3. Loan Account from Banks have been shown at the full value as on the date of NPA. The OTS settled by banks is Rs.
8,290 Lakhs out of which Rs. 2,044 Lakhs have been paid till 31.03.2021. The effect of waiver by the banks will be
reflected after full repayment of OTS amount.

Note Particulars As at March 31, As at March 31,

2021 2020
9(c) Other Financial liabilities

Non-Current (Other)
Advances and deposits from customers 335 335
Total Other Non-current Financial liabilities 335 335
Current
Current maturities of long-term debt 0 0
Current maturities on finance lease obligations 1 13
Total Other current Financial liabilities 1 13
9(d) Trade payables

Current
Trade payables 1554 1482
Total 1554 1482
10 Other Current Liabilities

Other payables
Expense payable 248 194
Security from Customer 2 7
TDS payable (tax deducted at source) 2 40
Employees State Insurance payable 15 18
Employees Provident Fund payable 42 30
Total 309 289
Contingent Liabilities not provided for

Particulars As at March 31, As at March
2021 31, 2020
Guarantees and Counter guarantees given by the Company 48 57
Letter of credit 0 0
Excise duty on Domestic Tariff Areas sales pending in 4 4
Delhi Tribunal
Corporate Guarantee given 1 1
Income Tax AY 2012-13 Appeal Pending before 729 729
HC
Sales Tax 5 5
Liability in the Dispute with JV Partner Simplot at SIAC 2970 2970
(Detail Given at Point j in Notes to accounts)

Notes to the standalone financial statements for the year ended March 31,
2021
Note Particulars 31-Mar-21 31-Mar-20
11
(a) Provisions Current Non- Total Current Non-
current current Total
Provision for tax 0 185 185 0 185 185
Total 0 185 185 0 185 185
Deferred Payment Liabilities 2021 2020

Particulars
Deferred Current Assets (Liabilities) as per Balance Sheet -584 -717
Deferred Tax Liability
Depreciation as per Companies Act 1046 1146
Depreciation as per Income Tax Act 521 601
Difference -525 -545
Deferred Tax Liability -146 -146
Deferred Tax Assets on 43B Items
PF (Employers Share) not deposited as on 31.03.2021 42 30

ESI (Employers Share) not deposited as on 31.03.2021 15 18
Total 57 48
Deferred Tax Asset 16 13
130 133
Net Deferred Tax Liability -454 -584
Particulars March 31,2021 March 31,2020
(b) Employee Benefit obligation Current Non- Total Current Non- Total
current current
Provision for employee benefits
Provision for gratuity 2 80 82 13 80 93
Provision for leave 0 0 0 6 29 35
encashment
Total 2 80 82 19 109 128
Brief Description: A general description of the defined benefit plans is given below:-
(a) Earned Leave Benefit (EL)

Accrual-1 leave per 20 working days
Accumulation up to 30 days allowed
EL accumulated in excess of 30 days is lapsed
(b) Sick Leave (SL)

Accrual-7 days per year
Encashment while in service is not allowed
Encashment on retirement is permitted as per Company policy.
(c) Gratuity:
Gratuity provison has been made according to the prescribed law.

( d) Post-Retirement Medical Benefits
There is no post-retirement medical benefit in the company
(e) Retirement Benefits

At the time of superannuation, employees are entitled for reimbursement of expenses towards travel, transportation of
personal effects from their place of retirement to the new location up to certain limits depending on the designation of
the employee at the time and one month's salary as settling allowance.
The following contributions to Defined Contributions plans are treated as expense

during the year :
Defined Contribution Plan Expenses Contribution for key

recognised management
during personnel
Employer's contribution to provident fund 11 0.22

(Previous year) 24 0.22
Employer's Contribution to Employee State 2 0.00
Insurance
The amount recognised in the balance sheet for post-employment benefit plans are as
under :
Particulars Gratuity Post- Other Retirement

(Unfunded) Retirement Benefits
Medical
Benefit
Present value of unfunded 82 0 0
obligation
(Previous year) 93 0 0


Note Particulars As at March As at March
31, 2021 31, 2020
4(a): Non-current investments

Unquoted
Investment carried at cost
Investment in equity instruments of subsidiaries
Himalya Green Apartments Limited 5 5
50,000 (50,000) shares of Rs. 10 each fully paid up
Appetizer and Snacks Foods 5 5
Limited
50,000 (50,000) shares of Rs. 10 each fully paid up
Total non-current investments 10 10
Information about subsidiaries and joint ventures

Name of the company Country of Principal Proportion (%) of equity interest
incorporation activities
As at March As at March 31,
31, 2021 2020
Subsidiaries
Himalya Green Apartments Ltd India Real estate 100 100
Company
Appetizer and Snacks Foods Ltd India Manufacturing 100 100
Joint Venture
Himalya Simplot Pvt Ltd. India FMCG business 50 50
Note Particulars As at March As at March

31, 2021 31, 2020
4(b) Loans
Unsecured, considered good
Advance to associates
- APJ Laboratories Ltd 567 568
567 568
4(c) Other Financial Assets

Deposits to others 51 51
Subsidy and Other Receivables
Capital Subsidy 319 319
Other loans and advances
Advance tax and tax deducted at 217 217
source
Total 587 587
4(d) Trade Receivables

Trade Receivable 2639 2644
Total Receivable 2639 2644
Current Portion 859 1164

Non- Current Portion 1780 1480
4(e) Cash and Cash Equivalents

Balances with banks:
On current accounts with scheduled banks 2 58
On EEFC accounts 0 0
Cash on hand 1 1
Total 3 59
4(f) Other bank balances

Fixed deposits with Banks 105 102
Total 105 102
5 Other Non-Current Assets

Advances to suppliers 147 146
TDS / GST receivable 289 216
Subsidy and incentive receivable 928 833
MAT Credit entitlements 96 96
Total 1460 1291
6 Inventories
Raw Materials 233 229
Work-in-Progress 386 424
Finished Goods 774 716
Store & Spares 98 169
Total 1491 1538
7 Other Current Assets

Prepaid Insurance 4 1
Deposited in OTS Scheme 2044 1232
Total 2048 1233
12 Revenue from Operations

Sale of goods
Sales- Export 3447 2791
Sales- Domestic 2189 5085
Total 5636 7876
13 Other Income
Interest income 6 6
Duty draw back 2 3
Other Income 60 1
Profit on Sale of Machinery 0 0
Income from Forfieted of Share Application Money 0 278
Export Incentives 120 157
Total 188 445
14 Raw Material & Consumables Consumed

Raw material at the beginning of the year 398 269
Add:
Purchases 2333 3643

Freight inward 14 37
Packing Expenses& other 29 61
Less: Raw material at the end of the year 331 398
Total 2443 3612
15 Changes in inventories of finished goods and work-in-progress

Opening Stock
Goods in process 424 421
Finished goods 716 561
1140 982
Closing Stock
1160 1140
(Increase)/Decrease in inventories -20 -158
16 Employee benefit expense

Salaries, wages and bonus 346 763
Contribution to
Provident Fund 11 24
Employees' State Incorporation Fund 2 4
Gratuity 2 29
Staff welfare expenses 6 5
Total 366 825
Directors’ remuneration
(included under employee benefit expense)
Salaries to Managing Director 60 60
Salaries to Whole Time Director 19 19
Contribution to provident fund 0 0
79 79
17 Depreciation and amortisation expense

Depreciation of property, plant and 1046 1146
equipment
Total 1046 1146
18 Other expenses
Power and fuel 541 827
Rent:
- Offices and Godowns 4 4
Rates and taxes 12 19
Insurance 8 11
Repairs and maintenance:
- Plant and machinery 17 11
- Building 0 0
- Others 0 0
Advertisement and sales 1 1
promotion
Postage and courier 1 1
Travelling and conveyance 38 42
Printing and stationery 1 3
Communication 3 3
Legal and professional 35 25

Payment to Auditors 3 6
Selling Expenses 892 845
Misc exp. 6 12
Freight Outward 191 36
Other expenses 90 163
Total 1844 2009
Auditor's Remuneration
Professional Fee
-Audit Fees 3 6
-Tax Audit Fees 0 0
Reimbursement of Expenses 0 0
3 6
19 Finance cost
Interest and finance charges on financial liabilities not at fair 23 28
value through profit or loss
Total 23 28
Assets Taken on Operating Lease

a The compay has taken various residential, office, warehouse and plot under operating lease agreements.
The lease agreements generally have an escalation clause and there are no subleases. These leases are
generally not non-cancellable and are renewable by mutual concent on mutually agreed terms. There are
no restriction imposed by lease agreement.
b The aggregate lease rentals payables are charged as 'Rent ' in note 18.
c The year wise breakup of future lease payments in respect of leased premises are as under:
Particulars Year ended Year ended

March 31, 2021 March 31, 2020
Minimum lease payments:
Not later than 1 year 5 5
Later than 1 year but not later than 5 years 0 0
Later than 5 years 0 0


20 Disclosures pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Section 186 of the Companies Act, 2013
a Loans and advances in the nature of loans given to the subsidiaries, associates and others and investment in shares
of the company, by such companies:
Year Year ended
ended
31-Mar- 31-Mar-
2021 2020
(i) Loans and advances
APJ Laboratories Ltd 567 568
(ii) Sundry Creditors
Doon Valley Foods Pvt Ltd. 391 363
(iii) Investment in shares of subsidary companies:
Himalya Green Apartments Ltd (100% Subsidiary) 5 5
(50000 shares of Rs. 10 each fully paid up)
Appetizer and Snacks Foods Ltd (100% Subsidiary) 5 5
b Related party disclosures

Name of related parties
Key Management Personnel and their relatives Mr. M.M. Malik
Mrs. Sangita Malik
Enterprises over which key management personnel / shareholders and their Himalya Carbonates Pvt. Ltd.
relatives have significant influence Doon Valley Foods Pvt. Ltd.
APJ Laboratories Ltd
Himalya Simplot Pvt Ltd.
Subsidiary companies Himalya Green Apartments
Ltd (100% Subsidiary)
Appetizer and Snacks Foods
Nature of transaction Year ended Year ended

31-Mar-2021 31-Mar-
2020
(i) Managerial remuneration
Mr. M.M. Malik 60 60
Mrs. Sangita Malik 19 19
(ii) Loans and advances
(iii) Sundry Creditors
Purchase Value 385 361
(iv) Investment in shares of subsidary companies:
c Details of dues to Micro and Small Enterprise s as per MSMED Act, 2006

The classification of the suppliers under MSMED Act, 2006 is made on the basis of information made available to
the Company. The Company has neither paid any interest in the terms of section 16 of the above said act nor any
interest remains unpaid and no payments were made beyond the "appointed date" to such enterprises during the
year ended 31.03.2021. Amount outstanding to these enterprises to the year ended 31.03.2020 is Rs. Nil
(previous year Rs. Nil).
d Segment
Disclosure
Primary Segment
We have to segment Agriculture and Processed foods. In Agriculture we produced fresh Mushroom, sale as fresh,
chilled. And in process food we sell canned Mushroom, Frozen Appetizers, we maintained both segments books
separately Profit & loss accounts of both are as under:
Particular Agri Div. Mfg Div. Total

By Sales
By Sales 584 5052 5636
By Other Income 0 188 188
By Transfer to process 540 0 540
Div
Total 1124 5240 6364
By Closing Stock
- Raw Material 60 271 331
- Work in Progress 386 0 386
- Fineshed Goods 23 751 774
To Opening Stock
Increase/decrease in 9 -56 -47
Stock
Total Income 1133 5184 6317
To Purchases Raw- 0 1808 1808

Material
To Purchase of Fresh 0 540 540
Mushroom
To Agriculture 525 0 525
Expenses Raw -Mat
To Growing Expenses 213 0 213
To Manufacturing Exp. 0 371 371
To Repair 7 2 9
To Financial Exp. 0 23 23
To Depreciation 167 879 1046
To Employee Salary 89 277 366
To Freight Out Ward 22 133 155
To Selling Exp. 11 957 968
To Admin Exp. 26 145 171
Total Expenses 1060 5135 6195
To Net Earnings 73 49 122

Information about the Secondary Segments
Revenue and sundry debtors as per geographical markets
Particulars Revenue Sundry debtors

2021 2020 2021 2020
India 2189 5085 355 373
Outside India 3447 2791 2284 2271
Total 5636 7876 2639 2644
The Company has common fixed assets for producing goods for domestic Market and Overseas Market. Hence,
separate figures for fixed assets / additions to fixed assets cannot be furnished.
e Earning per shares (E.P.S.) Year ended Year ended 31-

31-Mär-2021 Mär-2020
Basic E.P.S. 0.44 1.71
Diluted E.P.S. 0.44 1.71
Calculation of basic E.P.S.
a) Net profit for the year attributable to equity shareholders 252 992
b) Weighted average number of equity shares 57872604 57872604
c) Basic earnings per share (a/b) 0.44 1.71
d) Nominal value per share Rs. -10/- Rs. 10/-
Calculation of diluted shares
Weighted average number of equity shares 57872604 57872604
Number of shares in respect of shares warrants
Total: 57872604 57872604
f Disclosure of the Company's interest In jointly controlled assets:

The Company has interest in the following jointly controlled
entity:
Name Of the company Company's interest Amount of Investment Partners and their participating
(In Lakhs) interest
Himalya Simplot Private Ltd. 50% 114936 Simplot India LLC 50%
The Company had invested in 50% shareholding of Himalya Simplot Private Limited (the "joint venture") which was
managed by the JV partner, Simplot India LLC.
The Company has access to the audited accounts of the joint venture for the financial year ended 31 March 2014.
Audited financial statements for subsequent years have not been made available to the Company. Based on
information available with the Company that the operations of the joint venture have ceased, the Management, as a
measure of abundant prudence, made a provision for diminution in the value of the investment made in the entity in
the financial year ended 31 March 2014.
Consequently accounts of jointly held entity are not consolidated with the company's accounts.
The Company as well Simplot India LLC have preferred counter claims against each other.
a. Simplot India LLC has invoked arbitration at Singapore which the Company has challenged on grounds of
jurisdiction. The Company has been legally advised that the claim of Simplot India LLC is untenable and liable
to be rejected or substantially diluted, and accordingly, no provision is considered necessary.
b. The Company has filed case against Simplot India LLC before the Hon'ble Delhi High Court, which has been
directed to Delhi High Court arbitration center.
g There are no material prior year items included in the Statement of Profit and Loss, except to the extent
disclosed at the appropriate place in the Notes.

h During the year there is no liability to pay MAT as there is carried forward business loss.
i Transfer pricing
The Company is of the opinion that its domestic transactions with related parties is at arm's length and in
compliance with the transfer pricing legislation. The management believes that the aforesaid legislation will not have
any impact on the financial statements, particularly on its tax expense and liability.
j Explanatory Note: In the dispute that arose with Erstwhile JV partner Simplot USA in 2013, the Singapore
International Arbitration Center (SIAC) awarded US $ 3.96 mm with further interest @ 5.33% till the date of
payment from the date of award to be payable by the Company and in turn the sale of French Fry line and Specialty
Potato Lines stands cancelled and has been reverted back to the Company. The Tribunal has directed Simplot to
return the Pieces and Penals removed from French Fry & Potato Specialty Lines. Company Proposes to file an appeal
in Singapore Highcourt to Challenge the amount awarded. However company has shown the amount in contingent
liability and on conclusion of appeal will pass the necessary entries to add the value of the French Fry & Potato
Specialty Lines into assets.
k COVID-19 has had an impact on the business operations of the company, as on the signing date.
The operations of growing Mushroom have been affected which results decline in turnover. This however does not
affect the concept of "Going Concern" for the company.
Further there has been no impairment in the value of Inventories or Financial assets and Non-financial instruments
for the company.
l Previous Year Comparatives

Previous year’s figures have been regrouped / rearranged where necessary to conform to current year's presentation.
Signatures to Notes 1 to 20
Partner

Himalaya Food International Annexure
Ltd. -1
Financial Year 2020-21
DETAILS OF DEPRECIATION AS Amount
PER IT ACT Rs.
PARTICULARS RATE WDV as on MORE LESS THAN Sale of TOTAL Depreciati Depreciat total WDV Closing
01.04.2020 THAN 180 DAYS Assets on upto ion after depreciati as on
180 30th Sept 30th Sept on 31.03.2021
DAYS
Land 156362410 0 0 0 156362410 0 0 0 156362410

Building (Process) 10% 170978350 0 0 170978350 17097835 0 17097835 153880515
Building (Agri) 10% 158220435 158220435 0 0 158220435
Plant & Machinery( Process) 15% 225765389 0 0 0 225765389 33864808 0 33864808 191900581
Plant & Machinery(Agri) 15% 76267395 0 32342736 170000 108440131 0 0 108440131
Furniture & Fixture 10% 11264746 0 0 0 11264746 1126475 0 1126475 10138271
Computers 40% 13522 0 0 0 13522 5409 0 5409 8113
Total 798872247 0 32342736 170000 831044983 52094527 0 52094527 778950456

CONSOLIDATED
FINANCIAL
STATEMENTS

INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the accompanying consolidated financial statements of Himalaya Food International Limited (hereinafter
referred to as “the Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as
“the Group”), comprise the Consolidated balance sheet as at 31st March 2021, and the Consolidated statement of Profit and
Loss and Consolidated of cash flows for the year then ended, and notes to the Consolidated 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 Consolidated
Financial Statements give the information required by 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 of the Company as at March 31,
2021, and loss, 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. 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 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 Consolidated Financial Statements under the provisions of the Companies Act, 2013 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.
Information other than the Consolidated Financial Statements and Auditor’s report thereon
The Company’s board of directors is responsible for the preparation of the other information. The other information
comprises the information included in the Board’s Report including Annexures to Board’s Report, Business Responsibility
Report but does not include the Consolidated 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 during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there no material misstatement of this other information, we are
required to report that fact. We have nothing to report in this regard.
Management’s Responsibility for the Consolidated Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these Consolidated Financial Statements that give a true and fair view of the
financial position, financial performance and Consolidated cash flows of the Company in accordance with the accounting
principles generally accepted in India, including the 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 financial
statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the Consolidated 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 Consolidated 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:
 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
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.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s internal control.
 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
 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 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
Company to cease to continue as a going concern.
 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.
Materiality is the magnitude of misstatements in the consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user 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 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 the mall 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.

Report on other Legal and Regulatory Requirements
1. 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 Consolidated balance sheet, the Consolidated statement of Profit and Loss and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read
with Rule 7 of the Companies (Indian Accounting Standards) Rules, 2015;
e) on the basis of written representations received from the directors as on 31st March, 2021 taken on record by the
Board of Directors, none of the directors is disqualified as on 31st March, 2021 from being appointed as a director in
terms of Section 164(2) of the Act; and
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure B”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over
financial reporting.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is 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, as amended 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 financial position in its consolidated financial
statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which required to be transferred, to the Investor Education and Protection Fund by the
Company
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure A” a statement on the matters specified in paragraphs 3
and 4 of the Order.

F.R.No.030842N
SD/-
Kailash Sharma
Partner
M.No. 543197
UDIN: 21543197AAAANM5296
Place: Delhi
Date: 12/06/2020

ANNEXURE ‘A’
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the
Members of Himalaya Foods International Limited of even date)
(i) a) The company has generally maintained proper records showing full particulars, including quantitative details and
situation of fixed assets.
b) According to information and explanation given to us there is a regular programme of physical verification of these
fixed assets by the management which in our opinion is reasonable having regard to size of the company and nature
of its assets. As informed to us no material discrepancies were noticed on such verification.
c) As informed to us and as verified by us during the course of our audit the title deeds on immovable properties are
held in name of company as at the balance sheet date.
In respect of immovable properties of land and building that have been taken on lease and disclosed as fixed assets
in the consolidated financial statements, the lease agreements are in the name of the Company.
(ii) As informed to us the inventories were physical verified during the year by the management at reasonable intervals
and no material discrepancies were noticed on physical verification.
(iii) As informed to us the company has granted unsecured loans to companies covered in the register maintained under
section 189 of the Companies Act, 2013. In respect of such loans:
(Rs in Lacs)
Name of the company Nature of loan Balance as on Maximum
31.03.2021 Amount Due
APJ Laboratories Ltd. Advance against purchase 567 568
a) As informed to us and as verified by us the terms and condition of grant to such loans are not prejudicial to the
interest of the company.
b) Repayment of the principle amount and payment of interest on such loans has not been stipulated, as it is in the
nature of “Advance against purchases”
c) Not Applicable
(iv) According to the information and explanation given to us, the company has complied with the provision of section
185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees
and securities, as applicable during the year.
(v) The company has not accepted any deposits during the year and does not have any unclaimed deposits as at March
31, 2021 and therefore, the provisions of clause 3(v) of the Order are not applicable to the Company.
(vi) Reporting under clause 3(vi) of the order is not applicable as the company’s business activities are not covered by the
companies (Cost Record and Audits) Rules, 2014.
(vii) a) According to records of the company and information and explanation given to us the company has generally been
regular in depositing undisputed statutory dues including provident fund, employees` state insurance, income-tax,
goods and service tax, duty of customs, cess and any other statutory dues with the appropriate authorities.
b) According to information and explanation given to us there are outstanding statutory dues as referred above as at
the last day of the financial year under audit for a period of more than six months from the date they become payable
as below:
Particulars of dues Amount Rs.’ Lacs

PF 42
ESI 15
TDS 2
c) As certified by the management on which we have relied upon the dues of sale tax or service tax or duty of
custom or duty of excise or value added tax or cess which have not been deposited on account of dispute and the
forum where the dispute is pending are given bellow:

Particulars of dues Amount Financial Year to Forum where
Rs.’ Lacs which amount dispute is pending
relates
Excise Duty 3.78 1999-2000 Tribunal
Income Tax 7.29 2011-12 HC
Sales Tax .50 2013-14 AETC
(viii) Based on our audit procedure and in accordance with the information and explanation given to us by the company
that Bank accounts are NPA. Loan account from banks have been shown at the full value as on the date of NPA. The
OTS settled by banks is Rs. 8,290 Lakhs out of which Rs. 2,044 Lakhs have been paid till 31.03.2021.
(ix) The company has not raised any money during the year by way of initial public offer or further public offer (including
debts instrument) or term loans and hence reporting under clause 3(ix) of the Order is not applicable.
(x) According to the information and explanation given to us there has been no fraud noticed or reported during the year
by the company or on the company by its officers or employees.
(xi) In our opinion the managerial remuneration paid/provided during the year is in accordance with requisite approvals
mandated by the provisions of section 197 read with Schedule V of Companies Act 2013.
(xii) The company is not a Nidhi company and hence reporting under clause 3(xii) of the Order is not applicable.
(xiii) According to the information and explanation given to us and on the basis of examination of the records, the Company
is in compliance with Section 177 and 188 of the Act, where applicable, for all transactions with the related parties
and details of related party transactions have been disclosed in the financial statements as required by the applicable
accounting standards.
(xiv) The Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the year under review.
(xv) As informed to us, during the year the company has not entered into any non-cash transactions with any of its
directors or persons connected with the directors.
(xvi) The Company is not required to get registered under section 45-IA of Reserve Bank of India Act 1934.

SD/-
Kailash Sharma
(Partner)
Place: Delhi
Dated: 12.06.2021

ANNEXURE ‘B’ TO THE INDEPENDENT AUDITORS’ REPORT
Referred to in paragraph 3(f) to “Report on Other legal and regulatory requirement” of the independent Auditors` Report of
even date to the members of Himalaya Food International Limited on consolidated Ind AS financial statement for the year
ended March 31, 2021.
Report on the Internal Financial Controls under clause (i) of Sub Section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have audited the internal financial controls over financial reporting of Himalaya Food International Limited (“the
Company”) as of March 31, 2021 in conjunction with our audit of the consolidated financial statement 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 base 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 on India. 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 Companies Act, 2013.
Auditors` Responsibility
Our responsibility is to express an opinion on the Company`s internal financial controls over financial reporting base on our
audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent applicable on an audit of internal financial controls, both applicable to an
audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. 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 over financial reporting was established and maintained and if
such controls operated effectively in all material respect. Our audit involves performing procedures to obtain audit evidence
about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial
controls over financial reporting, 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 I/we have obtained is sufficient and appropriate to
provide a basis for out audit opinion on the Company`s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company`s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company`s internal financial control over financial reporting
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 financial statements
in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorization 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 financial statement.

Inherent Limitations of Internal Financial Controls over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, 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 over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting 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, the Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based
on the internal control over financial reporting criteria established by the company considering the essential components of
internal controls stated in Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the
Institute of Chartered Accountants of India.

SD/-
Kailash Sharma
(Partner)
Place: Delhi
Dated: 12.06.2021

Himalaya food International Ltd.
Consolidated Balance sheet as at March 31, 2021
Particulars Note As at As at
31-Mar-2021 31-Mar-2020
ASSETS
Non-current assets
Property, plant and equipment 3 12832 13554
Capital work-in-progress 3 5491 5491
Financial assets
i Loans 4a 567 568
ii Other financial assets 4b 587 587
Other non-current assets 5 1460 1291
Total non-current assets 20937 21491
Current assets
Inventories 6 1491 1538
Financial assets
i Trade receivables 4c 2639 2644
ii Cash and cash equivalents 4d 3 59
iii Bank balance other than (ii) above 4e 105 102
Other current assets 7 2048 1233
Total current assets 6286 5576
Total assets 27223 27067
EQUITY AND LIABILITIES
Equity
Equity share capital 8a 5787 5787
Other equity 414 162
6201 5949
Liabilities
Non-current liabilities
i Borrowings 9a 18101 18101
ii Other financial liabilities 9c 335 335
Provision 11a 185 185
Deferred tax liabilities (net) 455 585
Other non-current liabilities 11b 80 109
Total non-current liabilities 19156 19315
Current liabilities
i Borrowing 9b 0 0
ii Trade payables 9d 1554 1482
iii Other financial liabilities 9c 1 13
Provision for employee benefit obligations 11b 2 19
Other current liabilities 10 309 289
Total current liabilities 1866 1803
Total equity and liabilities 27223 27067
The accompanying notes form an integral part of the Consolidated financial statements.
Partner
UDIN: 21543197AAAANM5296 SD/- SD/-

Statement of Consolidated profit and loss account for the year ended March 31, 2021
31-Mar-2021 31-Mar-2020
Continuing operations
Revenue from operations 12 5636 7876
Other income 13 188 445
Total income 5824 8321
Expenses
Cost of material consumed 14 2443 3612
Changes in inventory of work-in-progress & 15 -20 -158
finished goods
Employee benefits expense 16 366 825
Finance costs 19 23 28
Depreciation and amortisation expense 17 1046 1146
Other expenses 18 1844 2009
Total expenses 5702 7462
Profit before exceptional items and tax 122 859
Exceptional items
i write-off of claims 0 0
Profit / loss before tax from continuing operations 122 859
Tax expense
i Current tax 0 0
ii Deferred tax -130 -133
Profit / (Loss) from continuing operations 252 992
Profit / (Loss) from discontinued operations - -
Other comprehensive income - -
Earnings per equity share (for continuing
operations)
i Basic earnings per share 0.44 1.71
ii Diluted earnings per share 0.44 1.71
Partner

Statement of changes in equity for the year
ended 31, 2021
(All amounts in Rs in lacs unless
otherwise stated)
A. Equity Share Capital
Particulars Note Amount
Balance at the beginning of the reporting period 8 5787
Changes in equity share capital during the year 8 0
Balance at the end of the reporting period 8 5787

B.Other Equity
Particulars
Equity Reserve and Surplus Debt Equity Other items
Share Exchange Money
component Instrument Instrument Effective of Other
application difference on received
of through through portion of Revaluation Comprehen
Note on money Other translating the against Total
compound Securities other Other Cash Flow Surplus sive Income
pending Capital Reserve Retained financial share
financial Premium Comprehen Comprehen Hedges (Specify
allotment Reserve (Specify Earning statement capital
instrument Reserve sive Income sive Income nature)
nature)
Balance at the 0 1321.69 3377.89 0 -4538 0 0 0 0 0 0 0 161.92
beginning of the 8
reporting period
Changes in 0 0 0 0 0 0 0 0 0 0 0 0
accounting policy
or prior period
errors
Restated balance 0 0 0 0 0 0 0 0 0 0 0 0
at the begining of
reporting period
Total 0 1321.69 3377.89 0 -4538 0 0 0 0 0 0 0 161.92
comprehensive
Income for the 0 0 0 0 252 0 0 0 0 0 0 0 252
year
Dividends 0 0 0 0 0 0 0 0 0 0 0 0 0
Transfer to 0 0 0 0 0 0 0 0 0 0 0 0 0
retained
earnings
Any other change 0 0 0 0 0 0 0 0 0 0 0 0 0
(to be specified)
Balance at the 0 1321.69 3377.89 0 -4286 0 0 0 0 0 0 0 414
end of the 8
reporting period

Statement of cash flows for the period ended March 31, 2021

31-Mar-2021 31-Mar-2020
Loss before Income Tax from
Continuing Operations 252 992
Adjustment for:
Depreciation and amortisation expenses 1046 1146
Deferred Tax -130 -133
Finance costs 23 28
Operating profit before working capital changes 939 1041
Adjustment for:
(Increase)/decrease in trade receivables 5 50
(Increase)/decrease in inventories 47 -287
Increase/(Decrease) in Trade payables 72 10
(Increase)/Decrease in other financial assets 0 -41
(Increase)/decrease in other non-current assets (169) -108
(Increase)/decrease in other current assets (815) -1229
Increase in employee benefit obligations and provisions (17) 5
Increase/(Decrease) in other Current Liabilities 8 3788
Increase/(Decrease) in other non-Current Liabilities (29) -3465
Cash ganerated from operations (898) (1277)
Income tax paid 0 0
Net cash inflow from operating activities 293 756
Cash flows from investing activities
Payments/Sale of property, plant and equipment 151 151
Investment in Subsidary 0 0
Loans to employees and related parties 0 0
Net cash outflow from investing activities 151 151
Cash flows from financing activities
Proceeds from issue of shares (278) -278
Proceeds/(Payment) from borrowings 0 -238
Finance lease payments/Increase 0 0
Finance Expenses 23 28
Net cash used in financing activities (301) -544
Net increase (decrease) in cash and cash equivalents (159) 61
Cash and cash equivalents at the beginning of the financial year 161 100
Cash and cash equivalents at end of the year 108 161
Firm Registration No. 030842N SD/-
Man Mohan Malik
SD/- Chairman & Managing Director
(Kailash Sharma) DIN:00696077
Partner
Dated: 12.06.2021
Place : Delhi

Notes to the consolidated financial statements for the year ended March 31, 2021
1. Company Information
Himalaya Food International Ltd., incorporated in New Delhi, India with UIN L51909DL1992PLC047399, is a food
processing company engaged in growing & processing of mushrooms and manufacturing IQF ready to eat items-which is
classified as one segment. It is exporting its products to USA and also selling them domestically. The Company is listed on
the Bombay Stock Exchange (BSE).
2. Statement of Significant Accounting Policies

2.1 Basis of Preparation and Measurement
(a) Basis of preparation
These consolidated financial statements have been prepared in accordance with the Indian Accounting Standards
(hereinafter referred to as the ‘Ind AS’) as prescribed under section 133 of the Companies Act, 2013 read with
Companies (Indian Accounting Standards) Rules, as amended from time to time.
The consolidated financial statements have been prepared on accrual and going concern basis. The accounting policies
are applied consistently to all the periods presented in the consolidated financial statements. All assets and liabilities
have been classified as current or non-current as per the Company’s normal operating cycle and other criteria as set
out in the Division II of Schedule III to t h e Companies Act, 2013. Based on the nature of products and the time between
acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its
operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.
The consolidated financial statements are presented in INR, the functional currency of the Company. Items included in
the financial statements of the Company are recorded using the currency of the primary economic environment in
which the Company operates (the ‘functional currency’).
Transactions and balances with values below the rounding off norm adopted by the Company have been reflected as “0”
in the relevant notes in these financial statements.
The consolidated financial statements of the Company for the year ended 31st March, 2021 were approved for issue in
accordance with the resolution of the Board of Directors on 12th June 2021.
(b) Principal of Consolidation
The consolidation financial statements relate to Himalaya Food International Limited ("the Holding Company") and its
subsidiary companies (collectively referred to as "the Group"). The financial statements of the subsidiary companies
used in the consolidation are drawn upto the same reporting date as of the Holding Company. The consolidated
financial statements have been prepared on the following basis:
b.1 The financial statements of the Holding Company and its subsidiary companies are combined on a line-by-line basis
by adding together the book values of like items of assets, liabilities, income and expenses, after fully eliminating intra-
group balances and intra- group transactions in accordance with Ind AS - 110 “Consolidated Financial Statements”.
b.2 As far as possible, the consolidated financial statements are prepared using uniform accounting policies for like
transactions and other events in similar circumstances and are presented in the same manner as the Holding
Company’s separate financial statements by regrouping, recasting or rearranging figures, wherever considered
necessary.
2.2 Key Accounting Estimates and Judgments
The preparation of these consolidated financial statements in conformity with the recognition and measurement
principles of Ind AS 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.

2.3 Recent Accounting Development
Recent Indian Accounting Standards (Ind AS)

Ministry of Corporate Affairs ("MCA"), through Companies (Indian Accounting Standards) Amendment Rules, 2019 and
Companies (Indian Accounting Standards) Second Amendment Rules, has notified the following new and amendments to
Ind ASs which the Company has not applied as they are effective from April 1, 2019:
Ind AS 116 – Leases

Ind AS 116 will replace the existing leases standard, Ind AS 17 Leases. Ind AS 116 sets out the principles for the
recognition, measurement, presentation and disclosure of leases for both lessees and lessors. It introduces a single on-
balance sheet lessee accounting model for lessees. A lessee recognises right-of-use asset representing its right to use the
underlying asset and a lease liability representing its obligation to make lease payments. The standard also contains
enhanced disclosure requirements for lessees. Ind AS 116 substantially carries forward the lessor accounting
requirements in Ind AS 17.
Ind AS 12 – Income taxes (amendments relating to income tax consequences of dividend and uncertainty over income
tax treatments)
The amendment relating to income tax consequences of dividend clarify that an entity shall recognise the income tax
consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity
originally recognised those past transactions or events. The Company does not expect any impact from this
pronouncement. It is relevant to note that the amendment does not amend situations where the entity pays a tax on
dividend which is effectively a portion of dividends paid to taxation authorities on behalf of shareholders. Such amount
paid or payable to taxation authorities continues to be charged to equity as part of dividend, in accordance with Ind AS
12.
Ind AS 109 – Prepayment Features with Negative Compensation

The amendments relate to the existing requirements in Ind AS 109 regarding termination rights in order to allow
measurement at amortised cost (or, depending on the business model, at fair value through other comprehensive
income) even in the case of negative compensation payments. The Company does not expect this amendment to have any
impact on its financial statements.
Ind AS 19 – Plan Amendment, Curtailment or Settlement

The amendments clarify that if a plan amendment, curtailment or settlement occurs, it is mandatory that the current
service cost and the net interest for the period after the re-measurement are determined using the assumptions used for
the re-measurement. In addition, amendments have been included to clarify the effect of a plan amendment, curtailment
or settlement on the requirements regarding the asset ceiling. The Company does not expect this amendment to have any
significant impact on its financial statements.
Ind AS 23 – Borrowing Costs

The amendments clarify that if any specific borrowing remains outstanding after the related asset is ready for its
intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the
capitalisation rate on general borrowings. The Company does not expect any impact from this amendment.
Ind AS 28 – Long-term Interests in Associates and Joint Ventures

The amendments clarify that an entity applies Ind AS 109 Financial Instruments, to long-term interests in an associate or
joint venture that form part of the net investment in the associate or joint venture but to which the equity method
is not applied. The Company does not expect any impact from this amendment.
Ind AS 103 – Business Combinations and Ind AS 111 – Joint Arrangements

The amendments to Ind AS 103 relating to re-measurement clarify that when an entity obtains control of a business that
is a joint operation, it re-measures previously held interests in that business. The amendments to Ind AS 111 clarify that
when an entity obtains joint control of a business that is a joint operation, the entity does not re-measure previously held
interests in that business. The Company will apply the pronouncement if and when it obtains control / joint control of a
business that is a joint operation.

2.4 Significant Accounting Policies
Revenue recognition
The Company earns revenue primarily from growing and processing of mushrooms and manufacturing IQF ready to eat
items.
Effective April 1, 2018, the Company has applied Ind AS 115 which establishes a comprehensive framework for
determining whether, how much and when revenue is to be recognised. Ind AS 115 replaces Ind AS 18 Revenue and Ind
AS 11 Construction Contracts. The Company has adopted Ind AS 115 using the cumulative effect method. The effect of
initially applying this standard is recognised at the date of initial application (i.e. April 1, 2018). The standard is applied
retrospectively only to contracts that are not completed as at the date of initial application and the comparative
information in the statement of profit and loss is not restated – i.e. the comparative information continues to be reported
under Ind AS 18 and Ind AS 11. Refer Significant accounting policies – Revenue recognition in the Annual report of the
Company for the year ended March 31, 2018, for the revenue recognition policy as per Ind AS 18 and Ind AS 11. The
impact of the adoption of the standard on the financial statements of the Company is insignificant.
(a) Property, Plant and Equipment:

Property, plant and equipment are stated at acquisition cost net of accumulated depreciation and accumulated
impairment losses, if any. Property, plant and equipment acquired in a business combination are recognised at fair value
at the acquisition date.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the
item can be measured reliably. All other repairs and maintenance cost are charged to the Statement of Profit and Loss
during the period in which they are incurred.
Gains or losses arising on retirement or disposal of property, plant and equipment are recognised in the Statement of
Profit and Loss.
Property, plant and equipment which are not ready for intended use as on the date of Balance Sheet are disclosed as
“Capital work- in-progress”.
Depreciation is provided on a writeen down value method based on estimated useful life prescribed under Schedule II to
the Companies Act, 2013 with the exception of the following:
Property, Plant and Equipment is depreciated over 3 to 30 years based on the technical evaluation of useful life done by
the managem Assets costing ` 5,000 or less are fully depreciated in the year of purchase.
Freehold & Leasehold 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.
(b) Intangible Assets:
Separately purchased intangible assets are initially measured at cost. Intangible assets acquired in a business
combination are recognised at fair value at the acquisition date. Subsequently, intangible assets are carried at cost less
any accumulated amortization and accumulated impairment losses, if any.
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:
Design - 10 years
Know-how - 10 years
Computer software - 5 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.
For indefinite life intangible assets, the assessment of indefinite life is reviewed annually to determine whether it
continues, if not, it is impaired or changed prospectively basis revised estimates.

(c) Investments in Subsidiaries, Associates and Joint Ventures:
Investments in subsidiaries, associates and joint ventures 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, associates and joint venture, the
difference between net disposal proceeds and the carrying amounts are recognized in the Statement of Profit and
Loss.
(d) Inventories:
Inventories are valued at the lower of cost and net realisable value. Cost is computed on a weighted average basis.
Cost of finished goods and work-in-progress include all costs of purchases, conversion costs and other costs
incurred in bringing the inventories to their present location and condition. The net realisable value is the estimated
selling price in the ordinary course of business less the estimated costs of completion and estimated costs necessary
to make the sale.
(e) Cash and Cash Equivalents:

Cash and cash equivalents are short-term (three months or less from the date of acquisition), highly liquid
investments that are readily convertible into cash and which are subject to an insignificant risk of changes in value.
(f) Assets Held for Sale:

Non-current assets or disposal groups comprising of assets and liabilities are classified as ‘held for sale’ when all of
the following criterias are met: (i) decision has been made to sell. (ii) the assets are available for immediate sale in
its present condition. (iii) the assets are being actively marketed and (iv) sale has been agreed or is expected to be
concluded within 12 months of the Balance Sheet date.
Subsequently, such non-current assets and disposal groups classified as ‘held for sale’ are measured at the lower of
its carrying value and fair value less costs to sell. Non-current assets held for sale are not depreciated or amortised.
(g) Financial Instruments:

Financial Assets:
Financial assets are recognised when the Company becomes a party to the contractual provisions of the instrument.
On initial recognition, a financial asset is recognised at fair value. In case of financial assets which are recognised at
fair value through profit and loss (FVTPL), its transaction cost are recognised in the statement of profit and loss. In
other cases, the transaction costs are attributed to the acquisition value of the financial asset.
Financial assets are subsequently classified and measured at

- amortised cost
- fair value through profit and loss (FVTPL)
- fair value through other comprehensive income (FVOCI).
Financial assets are not reclassified subsequent to their recognition, except if and in the period the Company
changes its business model for managing financial assets.
Trade Receivables and Loans:

Trade receivables are initially recognised at fair value. Subsequently, these assets are held at amortised cost, using
the effective interest rate (EIR) method net of any expected credit losses. The EIR is the rate that discounts
estimated future cash income through the expected life of financial instrument.
Debt Instruments:
Debt instruments are initially measured at amortised cost, fair value through other comprehensive income (‘FVOCI’)
or fair value through profit or loss (‘FVTPL’) till derecognition on the basis of (i) the Company’s business model for
managing the financial assets and (ii) the contractual cash flow characteristics of the financial asset.
(i) Measured at amortised cost:

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect
contractual cash flows that are solely payments of principal and interest, 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.

(ii) Measured at fair value through other comprehensive income:
Financial assets that are held within a business model whose objective is achieved by both, selling financial assets
and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured
at fair value through other comprehensive income. 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.
(iii) Measured at fair value through profit or loss:

A financial asset not classified as either amortised cost or FVOCI, is classified as 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.
Equity Instruments:
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.
Derivative Financial Instruments:

The Company uses derivative financial instruments, such as forward currency contracts to hedge its foreign
currency risk. Such derivative financial instruments are initially recognised at fair value on the date on which a
derivative contract is entered into and are subsequently re-measured at fair value. Any changes therein are
recognised in the statement of profit and loss account. Derivatives are carried as financial assets when the fair value
is positive and as financial liabilities when the fair value is negative.
Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or it transfers the contractual rights to receive the cash flows from the asset.
Impairment of Financial Asset

The Company applies expected credit losses (ECL) model for measurement and recognition of loss allowance on the
following:
i. Trade receivables
ii. Financial assets measured at amortized cost (other than trade receivables)
iii. Financial assets measured at fair value through other comprehensive income (FVTOCI)
In case of trade receivables, the Company follows a simplified approach wherein an amount equal to lifetime ECL is
measured and recognized as loss allowance.
In case of other assets (listed as ii and iii above), the Company determines if there has been a significant increase in
credit risk of the financial asset since initial recognition. If the credit risk of such assets has not increased
significantly, an amount equal to 12-month ECL is measured and recognized as loss allowance. However, if credit
risk has increased significantly, an amount equal to lifetime ECL is measured and recognized as loss allowance.
Subsequently, if the credit quality of the financial asset improves such that there is no longer a significant increase in
credit risk since initial recognition, the Company reverts to recognizing impairment loss allowance based on 12-
month ECL.
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 Company expects to receive (i.e., all cash shortfalls), discounted at the
original effective interest rate.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial asset. 12- month ECL is a portion of the lifetime ECL which results from default events that are possible
within 12 months from the reporting date.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range
of outcomes, taking into account the time value of money and other reasonable information available as a result of
past events, current conditions and forecasts of future economic conditions.
As a practical expedient, the Company uses a provision matrix to measure lifetime ECL on its portfolio of trade
receivables. The provision matrix is prepared based on historically observed default rates over the expected life of
trade receivables and is adjusted for forward-looking estimates. At each reporting date, the historically observed
default rates and changes in the forward-looking estimates are updated.
ECL impairment loss allowance (or reversal) recognized during the period is recognised as income/ expense in the
Statement of Profit and Loss under the head ‘Other expenses’.
Financial Liabilities:
Initial recognition and measurement
Financial liabilities are recognised when the Company becomes a party to the contractual provisions of the
instrument. Financial liabilities are initially measured at the amortised cost unless at initial recognition, they are
classified as fair value through profit and loss. In case of trade payables, they are initially recognised at fair value
and subsequently, these liabilities are held at amortised cost, using the effective interest rate method.
Subsequent measurement
Financial liabilities are subsequently measured at amortised cost using the EIR method. Financial liabilities carried
at fair value through profit or losses are measured at fair value with all changes in fair value recognised in the
Statement of Profit and Loss.
Derecognition
A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expires.
(h) Provisions and Contingent Liabilities:

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. Provisions are measured at the best
estimate of the expenditure required to settle the present obligation at the Balance Sheet date.
If the effect of the time value of money is material, provisions are discounted to reflect its present value using a
current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to
the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a
finance cost.
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.
(i) Revenue Recognition:

Revenue from sale of goods is recognised when all the significant risks and rewards of ownership in the goods are
transferred to the buyer as per the terms of the contract, there is no continuing managerial involvement with the
goods and the amount of revenue can be measured reliably. The Company retains no effective control of the goods
transferred to a degree usually associated with ownership and no significant uncertainty exists regarding the
amount of the consideration that will be derived from the sale of goods. Revenue is measured at fair value of the
consideration received or receivable, after deduction of any trade discounts, volume rebates and any taxes or duties
collected on behalf of the government which are levied on sales such as sales tax, value added tax, goods and
services tax, etc.
Income from export incentives such as duty drawback and premium on sale of import licenses and lease license fee
are recognised on accrual basis.
Income from services rendered is recognised based on agreements/ arrangements with the customers as the service
is performed in proportion to the stage of completion of the transaction at the reporting date and the amount of
revenue can be measured reliably.
Interest income is recognized using the effective interest rate (EIR) method.
Dividend income on investments is recognised when the right to receive dividend is established.

(j) Government Grant:
The Company was entitled to ‘MEIS Scheme’ under export incentive till Jnauary 2021. Now, Company is entlied to 'RoDTEP
Scheme under new export incentive scheme. Such incentives are measured at amount receivable from the government and
are recognised as other operating revenue. The Company will comply with all necessary conditions attached to incentives.
(k) Expenditure:
Expenses are accounted on accrual basis.
(l) Employee Benefits:

Defined contribution plans
Contributions to defined contribution schemes such as employee’s state insurance are charged as an expense based on the
amount of contribution required to be made as and when services are rendered by the employees. Company’s provident
fund contribution, in respect of certain employees, is made to a government administered fund and charged as an expense
to the Statement of Profit and Loss.
Retirement and other employee benefits
(i) Retirement benefit in the form of Provident Fund is a defined contribution scheme and the contributions are charged
to the Profit and Loss Account of the year when the contributions to the respective funds are due. There are no other
obligations other than the contribution payable to the respective funds.
(ii) Gratuity liability is a defined benefit obligations and are provided for on the basis of valuation made at the end of
each financial year.
(iii) No provision is made for unencashable short term compensated absences.
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 loss as an expense in the Statement of Profit and Loss. The impairment
loss is allocated first to reduce the carrying amount of any 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. Recoverable amount is
higher of an asset’s or cash generating unit’s fair value less cost of disposal and its value in use. Value in use is the present
value of estimated future cash flows expected to arise from the continuing use of an asset or cash generating unit and from
its disposal at the end of its useful life. Assessment is also done at each Balance Sheet date as to whether there is any
indication that an impairment loss recognised for an asset in prior accounting periods may no longer exist or may have
decreased, basis the assessment a reversal of an impairment loss for an asset other than goodwill is recognised in the
Statement of Profit and Loss account.
Income Taxes:
Income tax expense for the year comprises of current tax and deferred tax. It is recognised in the Statement of Profit and
Loss except to the extent it relates to a business combination or to an item which is recognised directly in equity or in other
comprehensive income.
Current tax is the expected tax payable/receivable on the taxable income/loss for the year using applicable tax rates at the
Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest expenses and penalties, if any, related
to income tax are included in finance cost and other expenses respectively. Interest Income, if any, related to Income tax is
included in current tax expenses.
Deferred tax is recognised in respect of temporary differences between the carrying amount of assets and liabilities for
financial reporting purposes and the corresponding amounts used for taxation purposes.
A deferred tax liability is recognised based on the expected manner of realisation or settlement of the carrying amount of
assets and liabilities, using tax rates enacted, or substantively enacted, by the end of the reporting period. Deferred tax
assets are recognised only to the extent that it is probable that future taxable profits will be available against which the
asset can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer
probable that the related tax benefit will be realised.

Current tax assets and current tax liabilities are offset when there is a legally enforceable right to set off the recognised
amounts and there is an intention to settle the asset and the liability on a net basis. Deferred tax assets and deferred tax
liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities; and the
deferred tax assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority.
Leases:
Leases in which a substantial portion of the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments and receipts under such leases are recognised to the Statement of Profit and Loss on a straight-
line basis over the term of the lease unless the lease payments to the lessor are structured to increase in line with expected
general inflation to compensate for the lessor’s expected inflationary cost increases, in which case the same are recognised as
an expense in line with the contractual term.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards
incidental to ownership to the lessee.
Foreign Currencies:
Foreign currency transactions are translated into the functional currency using exchange rates at the date of the transaction.
Foreign exchange gains and losses from settlement of these transactions and from translation of monetary assets and
liabilities at the reporting date exchange rates are recognised in the Statement of Profit and Loss.
Earnings Per Share:

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the
Company by the weighted average number of equity shares outstanding during the period. The weighted average number of
equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other
than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a
corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable 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.

Note 3: Property, plant and equipment
Freehold Leasehol Freehold Leasehold Furniture, Plant and Capital Work
Particulars land d land Building building fittings machinery Vehicle Total In
and progress
Deemed cost as at 1 April 1483 81 7189 418 135 15979 616 25901 5491
2019
Additions 0 0 0 0 0 0 0 0
Disposals 0 0 0
Closing gross carrying 1483 81 7189 418 135 15979 616 25900 5491
amounts
Accumulated depreciation 0 1770 176 107 8658 490 11201 0
Depreciation Charged during 0 232 7 9 851 47 1146 0
the year
Closing Accumulated 0 0 2002 183 115 9509 537 12346 0
depreciation
Net Carrying Amount 1483 81 5187 235 20 6470 79 13554 5491
Opening gross carrying 1483 81 7189 418 135 15979 616 25900 5491
amount
Additions ** 0 0 0 0 322 4 326 0
Assets classified as held for 0 0 0 0 0 0 0 0
sale
Disposals 0 0 0 0 0 0 2 2
Transfers 0 0 0 0 0 0 0 0
Closing gross carrying amounts 1483 81 7189 418 135 16301 618 26224 5491
Accumulated depreciation
and impairment
Opening accumulated 0 0 2002 183 115 9509 537 12346 0
depreciation
Depreciation Charged During 0 0 253 11 5 752 25 1046 0
the Year
Impaiment loss 0 0 0 0 0 0 0 0 0
Disposals 0 0 0 0 0 0 0 0 0
Exchange differences 0 0 0 0 0 0 0 0 0
Assets classified as held for 0 0 0 0 0 0 0 0 0
sale
Closing accumulated 0 0 2255 194 120 10261 562 13392 0
depreciation and impairment
Net carrying amounts 1483 81 4934 224 14 6040 56 12832 5491

31.03.2021
Note:
Capital work in progress as at 31st March, 2021 is ` 5491 lacs (31st March, 2020: ` 5491 lacs)
* The company has incurred necessary capex as under:

1)The mushroom houses racks that were torn out have been portionally replace.

Note Particulars No of Shares Amount
8 Equity Share Capital and Other Equity

Equity Share Capital
Authorised Equity Share Capital As at 7,50,00,000 7,50,000

31.03.2020
Increase during the year 0 0
As at 31.03.2021 7,50,00,000 7,50,000
Particulars No of Shares Equity share

capital par value
Movement in equity share capital As at
31.03.2020 57872900 5787.29
Less: Application money forfieted 0 0
As at 31.03.2021 57872900 5787.29
Terms and rights attached to equity shares

Equity shares have par value of INR 10. They entitle the holder to participate in dividends, and to share in the
proceeds of winding up the company in proportion to the number of and amounts paid on the shares held.
Every holder of equity shares present at a meeting in person or proxy is entitled to one vote, and upon a poll each
share is entitled to one vote.
(b)
(c) Reserves and surplus
Particulars As at March 31, 2021 As at March 31, 2020
Capital reserve 1322 1322

Securities premium reserve 3378 3378
Retained earnings -4286 -4528

Total 414 172
1322 1322
(i) Capital Reserve Opening balance

(ii) Securities premium reserve Opening
balance 3378 3378
(ii) Retained earnings Opening balance -4538 -5530
Profit for the year 252 992
Closing balance -4286 -4538
B. Nature and purpose of reserves
(a) Capital Reserve: Capital Subsidies received by the company is treated as capital reserve.
(b) Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in
Securities Premium Reserve.
(c) General Reserve: The Company has transferred a portion of the net profit of the Company before declaring
dividend to general reserve pursuant to the earlier provisions of Companies Act, 1956. Mandatory transfer to
general reserve is not required under the Companies Act, 2013.
(d) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to
general reserve, dividends or other distributions paid to shareholders.
C. Capital Management

Equity share capital and other equity are considered for the purpose of Company’s capital management.
The Company manages its capital so as to safeguard its ability to continue as a going concern and to optimise
returns to shareholders. The capital structure of the Company is based on management’s judgment of its
strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market
confidence.
The management and the board of directors monitor the return on capital as well as the level of dividends to
shareholders. The Company may take appropriate steps in order to maintain, or if necessary adjust, its capital
structure.
Rate of
Terms of As at March As at March
a Note Particulars Maturity Interest
repayment 31, 2021 31, 2020
Date %
9 Financial liabilities
(a) Non-current borrowings
Secured
Term Loans
From Banks
Long term maturities of finance lease obligations
Obligations under finance leases 31.03.2021 Monthly 11.00 1 13
Total Non-Current Borrowing 18102 18114
Less Current maturities on long term debt (OTS Amount) 0 0

Less Current maturities on loan from other Parties 1 13
Total Non-Current Borrowings (As per Balance Sheet) 18101 18101
(b) Current borrowings

From Banks
Total Current Borrowing 0 0
1. Secured borrowings and assets pledged as security:

a. Term Loans are secured by First pari passu charge over the entire fixed assets of the company at Paonta sahib
(H.P.) and Mehsana (Gujarat), with Joint Lending Forum comprising SBI,Corporation Bank, Bank of Baroda and
Exim Bank, alongwith personal guarantees of the Directors and Promoters.
b. All working capital limits are secured by first pari passu charge over the entire current assets of the company, along
with personal guarantees of promoters.
c. All vehicle loans are secured against the vehicle and personal guarantee of the CMD, Mr. Man Mohan Malik,
taken from Mahindra Finance.
2. The company Bank accounts are NPA since March 2018, hence no Interest has been charged during the year.
3. Loan Account from Banks have been shown at the full value as on the date of NPA. The OTS settled by banks is Rs.
8,290 Lakhs out of which Rs. 2,044 Lakhs have been paid till 31.03.2021. The effect of waiver by the banks will be
reflected after full repayment of OTS amount.

Note Particulars As at March 31, As at March 31,

2021 2020
9(c) Other Financial liabilities

Non-Current (Other)
Advances and deposits from customers 335 335
Total Other Non-current Financial liabilities 335 335
Current
Current maturities of long-term debt 0 0
Current maturities on finance lease obligations 1 13
Total Other current Financial liabilities 1 13
9(d) Trade payables

Current
Trade payables 1554 1482
Total 1554 1482
10 Other Current Liabilities

Other payables
Expense payable 248 194
Security from Customer 2 7
TDS payable (tax deducted at source) 2 40
Employees State Insurance payable 15 18
Employees Provident Fund payable 42 30
Total 309 289
Contingent Liabilities not provided for

Particulars As at March 31, As at March
2021 31, 2020
Guarantees and Counter guarantees given by the Company 48 57
Letter of credit 0 0
Excise duty on Domestic Tariff Areas sales pending in 4 4
Delhi Tribunal
Corporate Guarantee given 1 1
Income Tax AY 2012-13 Appeal Pending before 729 729
HC
Sales Tax 5 5
Liability in the Dispute with JV Partner Simplot at SIAC 2970 2970
(Detail Given at Point j in Notes to accounts)

Note Particulars 31-Mar-21 31-Mar-20
11
(a) Provisions Current Non- Total Current Non-
current current Total
Provision for tax 0 185 185 0 185 185
Total 0 185 185 0 185 185
Deferred Payment Liabilities 2021 2020

Particulars
Deferred Current Assets (Liabilities) as per Balance Sheet -584 -717
Deferred Tax Liability
Depreciation as per Companies Act 1046 1146
Depreciation as per Income Tax Act 521 601
Difference -525 -545
Deferred Tax Liability -146 -146
Deferred Tax Assets on 43B Items
PF (Employers Share) not deposited as on 31.03.2021 42 30

ESI (Employers Share) not deposited as on 31.03.2021 15 18
Total 57 48
Deferred Tax Asset 16 13
130 133
Net Deferred Tax Liability -454 -584
Particulars March 31,2021 March 31,2020
(b) Employee Benefit obligation Current Non- Total Current Non- Total
current current
Provision for employee benefits
Provision for gratuity 2 80 82 13 80 93
Provision for leave 0 0 0 6 29 35
encashment
Total 2 80 82 19 109 128
Brief Description: A general description of the defined benefit plans is given below:-
(a) Earned Leave Benefit (EL)

Accrual-1 leave per 20 working days
Accumulation up to 30 days allowed
EL accumulated in excess of 30 days is lapsed
(b) Sick Leave (SL)

Accrual-7 days per year
Encashment while in service is not allowed
Encashment on retirement is permitted as per Company policy.
(c) Gratuity:
Gratuity provision has been made according to the prescribed law.
( d) Post-Retirement Medical Benefits

There is no post-retirement medical benefit in the company

(e) Retirement Benefits
At the time of superannuation, employees are entitled for reimbursement of expenses towards travel, transportation of
personal effects from their place of retirement to the new location up to certain limits depending on the designation of
the employee at the time and one month's salary as settling allowance.
The following contributions to Defined Contributions plans are treated as expense

during the year :
Defined Contribution Plan Expenses Contribution for key

recognised management
during personnel
Employer's contribution to provident fund 11 0.22

Employer's Contribution to Employee State 2 0.00
Insurance
The amount recognised in the balance sheet for post-employment benefit plans are as
under :
Particulars Gratuity Post- Other Retirement

(Unfunded) Retirement Benefits
Medical
Benefit
Present value of unfunded 82 0 0
obligation
(Previous year) 93 0 0

Notes to the Consolidated financial statements for the year ended March 31, 2021
Note Particulars As at March 31, As at March

2021 31, 2020
4(a) Loans
Advance to associates
- APJ Laboratories Ltd 567 568
567 568
4(b) Other Financial Assets

Deposits to others 51 51
Subsidy and Other Receivables
Capital Subsidy 319 319
Other loans and advances
Advance tax and tax deducted at 217 217
source
Total 587 587
4(c) Trade Receivables

Trade Receivable 2639 2644
Total Receivable 2639 2644
Current Portion 859 1164
Non- Current Portion 1780 1480
4(d) Cash and Cash Equivalents

Balances with banks:
On current accounts with scheduled banks 2 58
On EEFC accounts 0 0
Cash on hand 1 1
Total 3 59
4(e) Other bank balances

Fixed deposits with Banks 105 102
Total 105 102
5 Other Non-Current Assets

Advances to suppliers 147 146
TDS / GST receivable 289 216
Subsidy and incentive receivable 928 833
MAT Credit entitlements 96 96
Total 1460 1291
6 Inventories
Raw Materials 233 229
Work-in-Progress 386 424

Finished Goods 774 716
Store & Spares 98 169
Total 1491 1538
7 Other Current Assets

Prepaid Insurance 4 1
Deposited in OTS Scheme 2044 1232
Total 2048 1233
12 Revenue from Operations
Sale of goods
Sales- Export 3447 2791
Sales- Domestic 2189 5085
Total 5636 7876
13 Other Income
Interest income 6 6
Duty draw back 2 3
Other Income 60 1
Profit on Sale of Machinery 0 0
Income from Forfieted of Share Application 0 278
Money
Export Incentives 120 157
Total 188 445
14 Raw Material & Consumables Consumed

Raw material at the beginning of the year 398 269
Add:
Purchases 2333 3643
Freight inward 14 37
Packing Expenses& other 29 61
Less: Raw material at the end of the year 331 398
Total 2443 3612
15 Changes in inventories of finished goods and work-in-progress

Opening Stock
1140 982
Closing Stock
1160 1140
(Increase)/Decrease in inventories -20 -158
16 Employee benefit expense

Salaries, wages and bonus 346 763
Contribution to
Provident Fund 11 24
Employees' State Incorporation Fund 2 4
Gratuity 2 29
Staff welfare expenses 6 5
Total 366 825

Directors’ remuneration
(included under employee benefit
expense)
Salaries to Managing Director 60 60
Salaries to Whole Time Director 19 19
Contribution to provident fund 0 0
79 79
17 Depreciation and amortisation

expense
Depreciation of property, plant and 1046 1146
equipment
Total 1046 1146
18 Other expenses
Power and fuel 541 827
Rent:
- Offices and Godowns 4 4
Rates and taxes 12 19
Insurance 8 11
Repairs and maintenance:
- Plant and machinery 17 11
- Building 0 0
- Others 0 0
Advertisement and sales 1 1
promotion
Postage and courier 1 1
Travelling and conveyance 38 42
Printing and stationery 1 3
Communication 3 3
Legal and professional 35 25
Payment to Auditors 3 6
Selling Expenses 892 845
Misc exp. 6 12
Freight Outward 191 36
Other expenses 90 163
Total 1844 200
9
Auditor's Remuneration
Professional Fee
-Audit Fees 3 6
-Tax Audit Fees 0 0
Reimbursement of Expenses 0 0
3 6
19 Finance cost
Interest and finance charges on financial liabilities not at fair value through profit 23 28
or loss
Total 23 28


20 Disclosures pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 and Section 186 of the Companies Act, 2013
a Loans and advances in the nature of loans given to the subsidiaries, associates and others and investment in shares
of the company, by such companies:
Year Year ended
ended
31-Mar- 31-Mar-
2021 2020
(i) Loans and advances
(ii) Sundry Creditors
(iii) Investment in shares of subsidary companies:
b Related party disclosures

Name of related parties
Key Management Personnel and their relatives Mr. M.M. Malik
Mrs. Sangita Malik
Enterprises over which key management personnel / shareholders and their Himalya Carbonates Pvt. Ltd.
relatives have significant influence Doon Valley Foods Pvt. Ltd.
APJ Laboratories Ltd
Himalya Simplot Pvt Ltd.
Subsidiary companies Himalya Green Apartments
Appetizer and Snacks Foods
Nature of transaction Year ended Year ended

31-Mar-2021 31-Mar-
2020
(i) Managerial remuneration
Mr. M.M. Malik 60 60
Mrs. Sangita Malik 19 19
(ii) Loans and advances
(iii) Sundry Creditors
Purchase Value 385 361
(iv) Investment in shares of subsidary companies:

c Details of dues to Micro and Small Enterprise s as per MSMED Act, 2006
The classification of the suppliers under MSMED Act, 2006 is made on the basis of information made available to
the Company. The Company has neither paid any interest in the terms of section 16 of the above said act nor any
interest remains unpaid and no payments were made beyond the "appointed date" to such enterprises during the
year ended 31.03.2021. Amount outstanding to these enterprises to the year ended 31.03.2020 is Rs. Nil
(previous year Rs. Nil).
d Segment
Disclosure
Primary Segment
We have to segment Agriculture and Processed foods. In Agriculture we produced fresh Mushroom, sale as fresh,
chilled. And in process food we sell canned Mushroom, Frozen Appetizers, we maintained both segments books
separately Profit & loss accounts of both are as under:
Particular Agri Div. Mfg Div. Total

By Sales
By Sales 584 5052 5636
By Other Income 0 188 188
By Transfer to process 540 0 540
Div
Total 1124 5240 6364
By Closing Stock
To Opening Stock
Increase/decrease in 9 -56 -47
Stock
Total Income 1133 5184 6317
To Purchases Raw- 0 1808 1808

Material
To Purchase of Fresh 0 540 540
Mushroom
To Agriculture 525 0 525
Expenses Raw -Mat
To Growing Expenses 213 0 213
To Manufacturing Exp. 0 371 371
To Repair 7 2 9
To Financial Exp. 0 23 23
To Depreciation 167 879 1046
To Employee Salary 89 277 366
To Freight Out Ward 22 133 155
To Selling Exp. 11 957 968
To Admin Exp. 26 145 171
Total Expenses 1060 5135 6195
To Net Earnings 73 49 122

Information about the Secondary Segments
Revenue and sundry debtors as per geographical markets
Particulars Revenue Sundry debtors

2021 2020 2021 2020
India 2189 5085 355 373
Outside India 3447 2791 2284 2271
Total 5636 7876 2639 2644
The Company has common fixed assets for producing goods for domestic Market and Overseas Market. Hence,
separate figures for fixed assets / additions to fixed assets cannot be furnished.
e Earning per shares (E.P.S.) Year ended Year ended 31-

31-Mär-2021 Mär-2020
Basic E.P.S. 0.44 1.22
Diluted E.P.S. 0.44 1.22
Calculation of basic E.P.S.
a) Net profit for the year attributable to equity shareholders 252 992
b) Weighted average number of equity shares 57872604 57872604
c) Basic earnings per share (a/b) 0.44 1.71
d) Nominal value per share Rs. -10/- Rs. 10/-
Calculation of diluted shares
Weighted average number of equity shares 57872604 57872604
Number of shares in respect of shares warrants 3500000
Total: 57872604 57872604
f Disclosure of the Company's interest In jointly controlled assets:

The Company has interest in the following jointly controlled
entity:
Name Of the company Company's interest Amount of Investment Partners and their
(In Lakhs) participating interest
Himalya Simplot Private Ltd. 50% 114936 Simplot India LLC 50%
The Company had invested in 50% shareholding of Himalya Simplot Private Limited (the "joint venture")
which was managed by the JV partner, Simplot India LLC.
The Company has access to the audited accounts of the joint venture for the financial year ended 31 March
2014. Audited financial statements for subsequent years have not been made available to the Company.
Based on information available with the Company that the operations of the joint venture have ceased, the
Management, as a measure of abundant prudence, made a provision for diminution in the value of the
investment made in the entity in the financial year ended 31 March 2014.
Consequently accounts of jointly held entity are not consolidated with the company's accounts.
The Company as well Simplot India LLC have preferred counter claims against each other.
c. Simplot India LLC has invoked arbitration at Singapore which the Company has challenged on
grounds of jurisdiction. The Company has been legally advised that the claim of Simplot India LLC is
untenable and liable to be rejected or substantially diluted, and accordingly, no provision is
considered necessary.
d. The Company has filed case against Simplot India LLC before the Hon'ble Delhi High Court, which has
been directed to Delhi High Court arbitration center.
g. There are no material prior year items included in the Statement of Profit and Loss, except to the
extent disclosed at the appropriate place in the Notes.
h. During the year there is no liability to pay MAT as there is carried forward business loss.

i. Transfer pricing
The Company is of the opinion that its domestic transactions with related parties is at arm's length and in
compliance with the transfer pricing legislation. The management believes that the aforesaid legislation will
not have any impact on the financial statements, particularly on its tax expense and liability.
j. Explanatory Note: In the dispute that arose with Erstwhile JV partner Simplot USA in 2013, the Singapore
International Arbitration Center (SIAC) awarded US $ 3.96 mm with further interest @ 5.33% till the date
of payment from the date of award to be payable by the Company and in turn the sale of French Fry line
and Specialty Potato Lines stands cancelled and has been reverted back to the Company. The Tribunal has
directed Simplot to return the Pieces and Penals removed from French Fry & Potato Specialty Lines.
Company Proposes to file an appeal in Singapore Highcourt to Challenge the amount awarded. However
company has shown the amount in contingent liability and on conclusion of appeal will pass the necessary
entries to add the value of the French Fry & Potato Specialty Lines into assets.
k. COVID-19 has had an impact on the business operations of the company, as on the signing date.
The operations of growing Mushroom have been affected which results decline in turnover. This however
does not affect the concept of "Going Concern" for the company.
Further there has been no impairment in the value of Inventories or Financial assets and Non-financial
instruments for the company.
l. Previous Year Comparatives

Previous year’s figures have been regrouped / rearranged where necessary to conform to current year's
presentation.
Signatures to Notes 1 to 20
Partner

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.
Details of contracts or arrangements or transactions not at arm’s length basis:

The Company has not entered in any contract or arrangement or transactions with its related parties which is not
at arm’s length during the Financial Year 2020-21.
Details of material contracts or arrangement or transactions at arm’s length basis:

In accordance with the requirements of IND AS 24, name of the related party, related party relationship,
outstanding balances including commitments where control exits and with whom transactions have taken place
during reported periods, are reported as under:
(i) Related party name and relationship:
Particulars Designation
Mr. M.M. Malik Managing Director
Mrs. Sangita Malik Whole Time Director
(ii) Enterprises over which key management personnel / shareholders and their relatives have
significant influence (With whom transactions have taken place):
Particulars Designation
Doon Valley Foods Pvt. Ltd. Managing Directors
(iii) Transactions carried out with Related Parties referred in point (i) & (ii) above in ordinary course of
Business
(Rs. in Lakhs)
As at 31st March, 2020 As at 31st March, 2021
Nature of Transactions
M.M. Malik ( Managing Director) 60 60
Remuneration paid
Sangita Malik 19 19
Remuneration paid
Doon Valley Foods Pvt. Ltd.
Purchases of Raw Material 361 385

Sd/-
Man Mohan Malik

BOOK-POST
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If undelivered Please return to:-
WORK : HIMALAYA INTERNATIONAL LTD
VILLAGE SUBHKHERA, POANTA SAHIB (H.P)-173025

DISTT. SIRMOUR (HIMACHAL PRADESH
REGD. OFF: 118, 1ST FLOOR, 12 GAGANDEEP BUILDING,

RAJENDRA PLACE, NEW DELHI-110008

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BOARD OF DIRECTORS CORPORATE IDENTIFICATION

SANGITA MALIK REGISTRAR & SHARE

NEELAM KHANNA RAGISTERD OFFICE

30th Annual Report Year 2020-2021 Page 1

OTS & Payments to Banks:

Singapore Award-JV Dispute:

Covid-19 & Way Forward:

Thoughts & Vision Post Covid:

30th Annual Report Year 2020-2021 Page 2

Pandemic Led New Era of Health & Wellbeing - Himalaya Innovations

30th Annual Report Year 2020-2021 Page 3

Mushroom Functional Foods:

For Himalaya Food International

30th Annual Report Year 2020-2021 Page 4

5. Issue of Equity Shares on Preferential Allotment Basis

30th Annual Report Year 2020-2021 Page 5

30th Annual Report Year 2020-2021 Page 6

30th Annual Report Year 2020-2021 Page 7

Place: Delhi By order of the Board of Directors

30th Annual Report Year 2020-2021 Page 8

9. Dispatch of Annual Report and Notice of AGM through electronic mode:

30th Annual Report Year 2020-2021 Page 9

30th Annual Report Year 2020-2021 Page 10

Type of Login Method

3) If the user is not registered for Easi/Easiest, option to register is available at

30th Annual Report Year 2020-2021 Page 11

Login type Helpdesk details

1) The shareholders should log on to the e-voting website www.evotingindia.com.

30th Annual Report Year 2020-2021 Page 12

4) Next enter the Image Verification as displayed and Click on Login.

v) After entering these details appropriately, click on “SUBMIT” tab.

30th Annual Report Year 2020-2021 Page 13

30th Annual Report Year 2020-2021 Page 14

Place: Delhi By order of the Board of Directors

30th Annual Report Year 2020-2021 Page 15

30th Annual Report Year 2020-2021 Page 16

30th Annual Report Year 2020-2021 Page 17

Sr. Pre-Issue No. Of Post Issue of No. Of Post Conversion of

30th Annual Report Year 2020-2021 Page 18

Sunil & Company Public AJMPA5284D Mr. Sunil Kumar Agarawal

M. D. Agro Waste Co. Public ARQPD2334R Mrs. Madhu Devi

Sangam Packers Public AAOPD8987D Ms. Bindiya Duggal

M/s Ashok Kumar Sandeep Public EEYPK6413J Mr. Ashok Kumar

Crayon print pack Public AAIFC4024A Mr. Rameshbhai Karshandas Patel

Prachi Enterprises Public AIDPP2213P Mrs. Poonum Goel

Saini Bearing & Machinery Public AIEPS6855K Mr. Naveen Saini

30th Annual Report Year 2020-2021 Page 19

30th Annual Report Year 2020-2021 Page 20

14. Requirements as to re-computation of price:

Place: Delhi By order of the Board of Directors

30th Annual Report Year 2020-2021 Page 21

Date of Birth & Age August 01,1959 January 08,1947

Qualification She is Honors Graduate in Home Science He is Bachelor of Science in Agriculture

Date of first appointment 30/07/2007 22/01/2018

30th Annual Report Year 2020-2021 Page 22

Income from Operation 5636 7876