Heritage Foods Limited | 30th Annual Report 2021-22

Financial Statements Company Overview Statutory Reports 175 In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings. Breaches in meeting the financial covenants would permit the lenders to immediately call back the borrowings. There was no breach in the financial covenants of any borrowings during the year ended 31 March 2022 and 31 March 2021. No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2022 and 31 March 2021. 42. Disclosure of Interest in subsidiary, joint venture and associate: Nature of relationship Country of Incorporation Ownership interest (%) 31 March 2022 31 March 2021 Heritage Nutrivet Limited Subsidiary India 100.00% 100.00% SKIL Raigam Power (India) Limited Associate India 43.33% 44.22% Heritage Farmers Welfare Trust Controlled trust India 0.00% 0.00% Heritage Employees Welfare Trust Controlled trust India 0.00% 0.00% Heritage Novandie Foods Private Limited Joint venture India 50.00% 50.00% 43. Related party disclosures (a) Names of the related parties and nature of relationship Names of related parties Nature of relationship Heritage Nutrivet Limited (“HNL”) Subsidiary Company Heritage Novandie Foods Private Limited (“HNFPL”) Joint Venture SKIL Raigam Power (India) Limited Associate Heritage Farmers Welfare Trust (“HFWT”) Controlled Trust Heritage Employees Welfare Trust Heritage Finlease Limited Enterprise over which Vice -Chairperson & Managing Director and Executive Director of the Company exercise significant influence Nirvana Holdings Private Limited NTR Memorial Trust Basavatarakam Indo-American Cancer Hospital Executive Director of the Company is one of the trustee N Bhuvaneswari (Vice Chairperson and Managing Director) Key Managerial Personnel (KMP) N Brahmani (Executive Director) M Sambasiva Rao (President) Srideep Madhavan Nair Kesavan (Chief Executive Officer) (effective from 28 July 2021) A Prabhakara Naidu (Chief Financial Officer) Umakanta Barik (Company Secretary & Compliance Officer) Srivishnu Raju Nandyala Non-Executive Independent Directors Rajesh Thakur Ahuja Aparna Surabhi D. Seetharamaiah (till 1 July 2020) Muthu Raju Paravasa Raju Vijay Kumar (effective from 1 November 2021) Dr. Nagaraja Naidu Vadlamudi Non-Executive Director Summary of the significant accounting policies and other explanatory information (All amounts in ` millions, except share data and where otherwise stated) Standalone