INDIA t\b M A X LIMITED N4111111 September 1, 2021 Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers Bandra (East) Dalal Street Mumbai – 400 051 Mumbai – 400 021 Scrip Code: 543223 Scrip Code: MAXIND Sub: Notice of the 2nd Annual General Meeting and Annual Report for the FY 2020-21 Dear Sir/ Madam, Pursuant to the provisions of Regulation 30, 34, 42 and 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and further to our letter dated August 27, 2021 informing about the 2nd Annual General Meeting (“AGM”) of the Company scheduled to be held on Thursday, September 23, 2021 at 12.30 P.M. (IST) through Video Conference (“VC”)/Other Audio Visual Means (“OAVM”) in compliance with circulars issued by the Ministry of Corporate Affairs and SEBI. In this regard, we wish to inform the following: 1. The Annual Report for the financial year 2020-21 and the notice of AGM are being sent through electronic mode to all the members of the Company whose email addresses are registered with the Company/Depository Participant(s). These documents are also available on the Company’s website at www.maxindia.com. 2. The Register of Members and Share Transfer Books of the Company will remain closed from Friday, September 17, 2021 to Thursday, September 23, 2021 (both days inclusive). 3. The Company is providing the facility to vote by electronic means (remote e-voting as well as e-voting at the AGM) on all the resolutions set out in the AGM notice to the members, who are holding shares on the cut-off date i.e. Thursday, September 16, 2021. The remote e-voting will commence from Sunday September 19, 2021, at 0900 hrs. and shall end on Wednesday September 22, 2021at 1700 hrs. 4. The Annual Report for the financial year 2020-21 and the Notice of AGM are enclosed herewith. You are requested to take note of the above. Thanking you, Yours faithfully, For Max India Limited (formerly Advaita Allied Health Services Limited) Pankaj Chawla Company Secretary and Compliance Officer Encl: as above MAX INDIA LIMITED (Formerly "Advaita Allied Health Service Limited" ) CIN: L74999MH2019PLC320039 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 I P: + 91 120 4696000 I www.maxindia.com Regd. Office:167, Floor 1, Plot No. - 167, Ready Money Terrace, Dr. Annie Besant Road, Worli, Mumbai, Maharashtra - 400018, India ANNUAL REPORt 2020-21 Improving Facilities, Enriching lives Scan the QR code for To know more about the Company log on to additional information www.maxindia.com about the Company Forward-looking statements Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. Contents 01 Corporate Review Our Enterprise 04 Measures of Success 06 Our Path 08 Our Values 09 Board of Directors 10 02 Strategic Review Chairman & MD’s Letter 16 Business Review 20 03 Management Discussion and Analysis Max India Limited 24 Antara Senior Living 29 Business Responsibility Review 35 04 Corporate Governance Report 42 05 General Shareholder Information 60 06 Board’s Report 64 07 Standalone Financial Statements 94 08 Consolidated Financial Statements 178 01 In this Section Our Enterprise 04 Measures of Success 06 Our Path 08 Our Values 09 Board of Directors 10 CORPORATE REVIEW CORPORATE MAX INDIA LIMITED ANNUAL REPORt 2020-21 Our Enterprise Antara is a wholly owned subsidiary New Max India Limited (MIL) was of Max India. It is an integrated service formed in June 2020 after Max India provider for all senior care needs. It – the erstwhile arm of the $4-billion operates two main lines of businesses – Max Group – merged its healthcare Residence for Seniors and Assisted Care assets into Max Healthcare and Services. demerged its senior care and other allied businesses in June 2020 into a Antara’s first residential community new wholly owned subsidiary called in Dehradun consists of around 180 apartments spread across 14 acres of Advaita Allied Health Services Limited land. In 2020, Antara launched a new which was later renamed as Max India senior living facility in Noida, Sector-150. Limited. With 340 apartments in its first phase of development, it will be ready for Max India is now the holding possession by 2025. company of Max Group’s Senior Care business Antara, an integrated Antara’s Assisted Care Services include service provider for all senior care ‘Care Homes’ and ‘Care at Home’ and needs. It operates across two lines of MedCare products. They cater to seniors businesses – Assisted Care services, over the age of 55, who need more including Care Homes, Care at Home immersive interventions in their daily lives and MedCare, and independent due to medical or age-related issues. Residences for seniors. Max India investor list includes: IFC, New York Life, Nomura, TVF, Rajasthan Global Securities, Equity Intelligence (Porinju Veliyath). 04 CORPORATE REVIEW STRATEGIC REVIEW FINANCIAL REVIEW Max Life is the sole operating subsidiary On April 6, 2021, Axis Bank Limited, Max Financial Services Limited (MFSL) of Max Financial Services Limited. Max India’s third-largest private sector is part of India’s leading business Life – a part of the $4-Bn Max group, bank, together with its subsidiaries conglomerate – the Max Group. an Indian multi business corporation – Axis Capital Limited and Axis Securities Focused on Life Insurance, MFSL is India’s largest non-bank private life Limited (collectively referred to as “Axis owns and actively manages an 81.83% insurer and the fourth largest private Entities”) became the co-promoters majority stake in Max Life Insurance, life insurance company. of Max Life. This was after completion India’s largest non-bank, private life of the acquisition of 12.99% stake insurance company. MFSL recorded In FY21, Max Life reported an collectively by the Axis Entities in Max consolidate revenues of Rs 31,288 Cr Embedded Value (EV) of Rs 11,834 Life. Under the deal, the Axis Entities during FY21 and a Profit After Tax of Rs Cr, after allowing for the shareholder have a right to acquire an additional 560 Cr. dividends led by 39% growth in value stake of up to 7% in Max Life, in one or of new business. The Operating Return The Company is listed on the NSE and more tranches, subject to regulatory on EV (RoEV) over stood at 18.5%. BSE. Besides a 15% holding by Analjit approvals. Max Life has 358 branch The New Business Margin (NBM) for Singh and sponsor family, some of units across India as of March 31, 2021. FY2021 was 25.2% (at actual costs), an the other group shareholders include increase of 360 bps and the Value of MSI, Ward ferry, New York Life, Baron, New Business (VNB) was Rs 1,249 Cr (at Vanguard, Jupiter, Blackrock, and the actual costs), an annual growth of 39%. Asset Management Companies of Nippon, HDFC, ICICI Prudential, Motilal Oswal, Aditya Birla Sun Life, Mirae, DSP and Kotak. 05 MAX INDIA LIMITED ANNUAL REPORt 2020-21 Our Enterprise Incorporated in 2015, Max Ventures Established in 2016, Max Estates is the Launched in 1988, Max Speciality & Industries Limited (MaxVIL) real estate arm of the Max Group. It is a Films, a subsidiary of MaxVIL, is an operates across two core businesses wholly owned subsidiary of MaxVIL. Its innovation leader in the Specialty of Real Estate and Specialty vision is to bring the Group’s values of Packaging Films business. It has a Packaging Films through its Excellence, Credibility and ‘Sevabhav’ strategic partnership with Japan’s to the Indian real estate sector. Max subsidiary companies – Max Estates Toppan Inc., a leading global printing Estates is focused on developing Limited, Max Asset Services Limited, company. Max Speciality Films is a top and operating Grade A, build to Max I. Limited and Max Speciality lease office complexes. Through its supplier of specialty packaging, labels, Films Limited. MaxVIL is listed on WorkWell concept, Max Estates offers coating, and thermal lamination films the NSE and BSE. Besides a 49.7% workplaces which provide a blend for the Indian and overseas markets. holding by Analjit Singh sponsor of community building, technology, For FY21, specialty films contributed family, other key shareholders and environment friendly features. 53% to total revenue. The new CPP line include New York Life Insurance and Its commercial projects include Max of capcity 7.2 KTPA has been ordered First State Investments. Towers, on the edge of South Delhi in FY22. MSF remains committed to its that opened in 2019 and houses recent focus of creating value-added films and occupants such as YES Bank, Cyril specialty products through research Amarchand Mangaldas, DBS, among and innovation. others, Max House, Okhla, a Grade-A office campus located in South Delhi. Its upcoming projects include Max Square, in Sector 129, Noida which has equity participation from New York Life Insurance . Max Asset Services Limited (MAS), a Max I.