BRSR STRATEGIC REVIEW STATUTORY REPORT FINANCIAL STATEMENTS 97 HERITAGE FOODS LTD | 32ND ANNUAL REPORT 2023-24 Sl. No. Material issue identified Indicate whether risk or opportunity (R/O) Rationale for identifying the risk/ opportunity In case of risk, approach to adapt or mitigate Financial implications of the risk or opportunity (Indicate positive or negative implications) 2 Supply Chain Management Opportunity Setting up a resilient supply chain has assisted the Company in ensuring the continuity in adverse times. The supply chain has helped the Company to have competitive pricing and pass on its benefit to the consumers without any business disruptions. The business continuity and risk management plan of the Company has covered all foreseeable risks in its supply chain with measures already underway to address those. Positive + The Company has developed resilient supply chain which has help edit fetch longterm results. 3 Governance Opportunity This has helped the Company to strengthen the organisational strategy for championing success. The Company is led by strong leadership and capable execution teams. Positive + In transforming the business and leveling it up. 4 Human Rights Risk Changing regulations related to human rights may pose a challenge. Adherence on Human impact Assessment under GRI400 deviation are not acceptable. In its policy for Business responsibility , policy no.5 , Human rights policy is now embedded. Company put in substantial efforts to ensure that no human right violations occur in the entire line of Company’s business. Positive + Awareness of GRI , ISO 45001 Occupational Health and Safety GRI 200 adherence and up-liftment of human due diligence process , embedded in the company business policies, above industry standards. 5 Employee Health and Safety Risk This can lead to decreased productivity. ISO14001:2015 (Environmental Management System) has been implemented and rigorously adopted , along with regular EHS trainings for staff and workers during the year . This is now embedded in Policy No.3 Well being of all Employees in the Business Responsibility Policies which is adopted and published in the company website. Link Positive + Any investment in employee health and safety will payoff in the long run. 6 Data Privacy and Security Risk It is critical for the business operations to protect the security of data and the entire value chain, particularly customers. Any data breach may result in the release of critical company data, resulting in fraud, business disruption, and continuity. The Company has implemented a data security mechanism to prevent any possible cyber-attack, data breach or any sabotage attempt to disrupt business processes. The Company has also developed a proper business continuity plan which includes building of redundancy for entire IT infrastructure and network. Negative - The process of identification and quantification of the financial implications of the identified risks and opportunities is currently ongoing.
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