Padmanabh Alloys & Polymers Ltd. के निदेशक की रिपोर्ट

Mar 31, 2024

Your directors present Annual report on the business and operations of the company together with Audited Statement
of Accounts of the company for the year ending 31^st March 2024.

The particulars pursuant to sub section 3 of section 134 of the companies act, 2013 are given below.

a) The web address, if any, where annual return referred to in sub-section (3) of section 92 has been placed:

The Annual Return of the company as on 31^st March, 2024 is available on the Company''s website on
www.padmanabh.in

b) Number of meetings of the Board:

During the year 2023-24, 10 meetings of Board of Directors were held.

c) Director''s Responsibility Statements:

The director''s state that:

i) In the preparation of annual accounts for the financial year ended 31^st March 2024, the applicable accounting
standards had been followed along with proper explanation relating to material departures;

ii) The directors had selected such accounting policies 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 31^st March and of the profit/loss of the company for that period;

iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;

iv) The director had prepared the annual accounts on a going concern basis;

v) The director had laid down internal financial controls to be followed by the company and that such internal
financial controls are adequate and were operating effectively.

vi) The director had devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.

ca) Details of frauds reported by auditors under sub-section (12) of section 143 other than those which are
reportable to the central government.

Auditor has not reported any fraud under sub-section (12) of section 143 of The Companies Act, 2013.

d) A Statement on Declaration given by Independent Directors under sub-section (6) of section 149.

The independent Directors have submitted declaration pursuant to Section 149(7) confirming that they meet the
criteria of independence pursuant to section 149(6). The statement has been noted by Board of Directors.

e) If Company covered under sub-section (1) of section 178, company''s policy on directors'' appointment and
remuneration including criteria for determining qualifications, positive attributes, independence of director
and other matter provided under sub-section (3) of section 178.

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy
for selection and appointment of director and key managerial personal and their remuneration. The policy is
disclosed at "Annexure A" in pursuance of provision to section 178(3) of the companies Act 2013.

The Company does not pay any remuneration to the Non-Executive/Independent Directors of the company
other than sitting fees for attending the meeting of the Board/Committee. Remuneration to the Whole Time
Director is governed by the relevant provisions of the Companies Act, 2013.

f) Explanations or comments by the board on every qualification, reservation or adverse remark or disclaimer
made by the auditor in his report / by the company secretary in practice in his secretarial audit report.

The disclosures made by the statutory auditors in the report are self explanatory and no explanation by the
board is required.

The Secretarial Audit Report pursuant to Section 204 of the Companies Act, 2013 in prescribed Form MR-3 is
attached to as "Annexure B" to this report. The Company has taken note of Qualification, Reservation etc in the
Said report and shall make arrangement for necessary compliance in future.

g) Particulars of loans, guarantees or investments under section 186 of Companies act, 2013

Company has not during the year under review (a) given any loan to any person or other body corporate (b)
Given any guarantee or provide security in connection with a loan to any other body corporate or person; and (c)
Acquired by way of subscription, purchase or otherwise, the securities of any other body corporate, Exceeding
sixty per cent of its paid-up share capital, free reserves and securities premium account or one hundred per
cent of its free reserves and securities premium account, whichever is more and hence the particulars are not
required to be included in this report.

h) Particulars of contracts or arrangements with related parties referred to in sub-section (1) of section 188 in
the prescribed form (Form AOC-2)

Company has entered into various transactions referred to in section 188(1) of The Companies Act, 2013 with
related party and particulars in form AOC-2 are as under:-

FORM 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)

I. Details of contract or arrangements or transactions not at arm''s length basis:

There were no contracts or arrangements or transactions entered into during the year ended 31^st March, 2024
which were not at arm''s length basis

II. Details of material contracts or arrangements or transactions at arm''s length basis:

The details of material contracts or arrangements or transactions at arm''s length basis for the year ended 31^st
March, 2024 are as follows.

Sr. No.	Name of the Related Party & Relationship	Nature of Transaction	Duration	Salient Terms	Amount
01	Multiplast INC - Associate Concern	Job Work	Ongoing		3869958/-
02	Bhikhubhai M Desai - Director''s Relative	Salary		On arm''s length basis in	3200000/-
03	Dhwanil Desai - Director''s Relative	Salary		ordinary course of business	1479968/-
04	Kreta D Vashi - Director''s Relative	Salary			1920000/-

i) The state of Company''s Affairs (Amount in Lakhs)

There is no Material change in the state of affairs of the company particularly nature of business being carried out.

Company had a turnover of '' 4146.50 in the year 2022-23 whereas in the year 2023-24 the turnover of the
company is '' 4224.06. The Company had a net profit of '' 22.51 in the year 2022-23 whereas in the year 2023-24
the net profit of the company is '' 48.27

The Company has not issued any shares or Debentures during the year. There is no change in the status of the
company or the accounting year.

j) The amount, if any, which it proposes to carry to any reserves

The Directors do not proposes to carry any amount to reserves.

k) The amount, if any, which it recommends should be paid by way of dividend

The Directors do not recommend any amount to be paid by way of dividend.

l) Material Changes and commitments, if any, Affecting the Financial Position of the Company which have
occurred between the Ends of the financial year of the company to which the financial statements relate and
the date of the report.

There are no material changes and/or commitments affecting financial position of the Company occurred after
end of financial year till date of this report.

m) The Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo in such manner as
may be prescribed.

Information and details pursuant to Rule 8(3) of the companies (Accounts) Rules, 2014 with respect to above
is given below.

(A) CONSERVATION OF ENERGY-

i) The steps taken or impact on conservation of energy: NIL

ii) The steps taken by the company for utilizing alternate sources of energy: NIL

iii) The capital investment on energy conservation equipments: NIL

(B) TECHNOLOGY ABSORPTION-

i) The efforts made towards technology absorption: Not Applicable

ii) The benefits derived like product improvement, cost reduction, product development or import
substitution: Not Applicable

iii) In case of imported technology (imported during the last three years reckoned from the beginning of the
financial year)-

a. The details of technology imported : Not Applicable

b. The year of import: Not Applicable

c. Whether the technology been fully absorbed: Not Applicable

d. If not fully absorbed, areas where absorption has not taken place, and the reasons thereof:
Not Applicable and

iv) The expenditure incurred on Research and Development: NIL

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO-

Foreign Exchange earned (actual inflows during the year): '' NIL
Foreign Exchange outgo (actual outflows): '' NIL

n) A statement including development and implementation of a Risk Management Policy for the company
including identification therein of elements of risk, if any, which in the opinion of the board may threaten the
existence of the company;

The Directors do not foresee any risk that may threaten the existence of the company in normal course. The
Directors proposes to develop and implement specific Risk Management Policy on identification of any risk.

o) The details about the policy developed and implemented by the company on corporate social responsibility
initiatives taken during the year;

Since the net worth of the company is below Five Hundred crores, Turnover of the company is below one
thousand crores, Net Profit of the company is below five crores, the provision of Section 135 of The Companies
Act, 2013 is not applicable to the company and hence the company is not required undertake any corporate
Social Responsibility (CSR) initiatives.

p) In case of a listed company and every other public company having such paid-up share capital as may be
prescribed, a statement indicating the manner in which formal annual evaluation has been made by the Board
of its own performance and that of its committees and individual directors has been made;

Pursuant to provision of the Companies Act, 2013 the board has carried out the annual performance
evaluation of its own performance as well as the evaluation of the Audit Committee and Nomination &
Remuneration Committee.

The chairman of Board of directors and the chairman of Nomination & remuneration Committee met all the
directors individually to get an overview of the functioning of the board and its constituents inter alia on the
following board criteria i.e. attendance and level of participation, independence of judgment exercised by
independent directors, interpersonal relationship etc.

Based on the valuable inputs received, the directors are encouraged for effective role in company''s management.

q) Such other matters as may be prescribed.

(Pursuant to rule 8(5) of The Companies (Accounts) Rules, 2014)
i) The Financial summary or highlights

The summary of financial Results for the year under review is as under:-

Particulars	As on 31/03/2024	As on 31/03/2023
	(Amount in Lakhs)
Turnover and Other Income	4225.71	4149.94
Finance Cost	37.83	38.36
Depreciation and Amortisation Expense	19.88	13.68
Profit /Loss(-) Before Tax for the year	64.82	39.31
Net Profit /Loss(-) After Tax for the year	48.27	22.51

ii) The Change in the nature of business, if any:

There is no Material change in nature of business of the company.

iii) The Details of Directors or key managerial personnel who were appointed or have resigned during the year:

Shri Nileshbhai Amrutlal Desai, ceased to be the independent director of the company with effect from
19/02/2024 and Shri Sanjiv Indravadan Shah, ceased to be Chief Executive Officer of the company with
effect from 31/03/2024.

(iiia) A statement regarding opinion of the Board with regard to integrity, expertise and experience (including
the proficiency) of the independent directors appointed during the year:

No Independent directors were appointed in the company during the year.

iv) The names of companies which have become or ceased to be its Subsidiaries, joint ventures or associate
companies during the year;

No company has become or ceases to be subsidiary, joint venture or associate company.

v) The details relating to deposits, covered under Chapter V of the Act,-

(a) Accepted during the year: NIL

(b) Remained unpaid or unclaimed as at the end of the year: NIL

(c) Whether there has been any default in repayment of deposits or payment of interest thereon during
the year and if so, number of such cases and the total amount involved-

(i) At the beginning of the year: Not Applicable

(ii) Maximum during the year: Not Applicable

(iii) At the end of the year: Not Applicable

vi) The details of deposits which are not in compliance with the requirements of Chapter V of the Act: NIL

vii) The details of significant and material orders passed by the regulators or courts or tribunals impacting
the going concern status and company''s operations in future: NIL

viii) The details in respect of adequacy of internal financial controls with reference to the Financial Statements.

The company has in place adequate internal financial controls with reference to financial statements.
Periodic audits are undertaken on continuous basis covering all major operation. During the year no
Reportable Material weakness in the operation was observed.

ix) A disclosure, as to whether maintenance of cost records as specified by the Central Government under
sub-section (1) of section 148 of the Companies Act, 2013, is required by the Company and accordingly
such accounts and records are made and maintained.

Company has maintained the requisite cost records and has appointed M/s. Bhanwarlal Gurjar & Co., Cost
Accountants (Firm Registration No.: 101540), as Cost Auditors for conducting the cost audit for the year
ended 31/03/2025.

x) A statement that the company has complied with provisions relating to the constitution of Internal
Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013.

The Company has adopted a policy on prevention, prohibition and Redressal of Sexual harassment at
workplace and has duly constituted an Internal Complaints Committee in line with the provisions of the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

xi) the details of application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year along with their status as at the end of the financial year: Nil

xii) the details of difference between amount of the valuation done at the time of one time settlement and
the valuation done while taking loan from the Banks or Financial Institutions along with the reasons
thereof: Not Applicable

Disclosures under Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Sr. No.	Requirement under Rule 5(1)	Details
(i)	The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year.	Chetankumar Mohanbhai Desai : 113.30:1 Hemalkumar Rajeshkumar Desai : 95.41:1 Vijaybhai Dolatrai Vashi : 113.30:1
(ii)	The percentage increase in remuneration of each director, chief financial officer, Chief Executive officer, company secretary or manager in the financial year.	Chetankumar Mohanbhai Desai : 5.55% Vijaybhai Dolatrai Vashi : 5.55% Hemalkumar Rajeshkumar Desai : 6.66% CS: 0.77%
(iii)	The percentage increase in the median remuneration of employees in the financial year	0.50% average increase in median wages of the workmen.
(iv)	Number of permanent employees on the rolls of the company as on 31st March, 2024.	26
(v)	Average percentile increase already made in the salaries of the employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.	0.50% average increase in workmen wages during the year. The salaries are based on performance and availability of talented staff, however no exceptional circumstances exist.
(vi)	Affirmation that the remuneration is as per the remuneration policy of the company.	The company affirms remuneration as per the remuneration policy of the company.

No Employee of the company has been paid Remuneration in excess of limits laid down in rule 5(2) of the
companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 and hence statement showing
details thereof is not applicable.

Audit Committee

An Audit Committee is in existence in accordance with the provisions of Section 177 of the Companies Act, 2013.
The Audit committee comprises of 3 directors namely Shri Nilesh Morarji Desai, Shri Dipakbhai Manubhai Patel
and Shri Chetankumar Mohanbhai Desai. Shri Nilesh Morarji Desai is the Chairman of the Audit Committee. During
the year there was no instance where the board had not accepted the Recommendation of Audit Committee.

Vigil Mechanism / Whistle Blower Policy

Pursuant to section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and
its Power) Rules, 2014, the Board of Director has adopted vigil mechanism in the form of Whistle Blower Policy
through which, its Directors, Employees and Stakeholders can report their genuine concerns about unethical
behaviors, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy.

It is the Company''s Policy to ensure that no employee is victimised or harassed for bringing such incidents to
the attention of the Company. The practice of the Whistleblower Policy is overseen by the Audit Committee of
the Board and no employee has been denied access to the Committee. The said policy provides for adequate
safeguards against victimization and also direct access to the higher levels of supervisors.

Shri Nilesh Morarji Desai, the Chairman of the Audit Committee can be contacted to report any suspected /
confirmed incident of fraud/misconduct. Details of Vigil mechanism is also placed on the website of the Company.

Your Company hereby affirms that no director/employee has been denied access to the Chairman of the Audit
Committee and that no complaints were received during the year.

The Board of Directors place on records the services of all stakeholders and associates who have co-operated in
the working of the Company

By Order of the Board
For Padmanabh Alloys & Polymers Limited

Sd/-

Chetankumar Mohanbhai Desai

Place: Surat Chairman and Whole time director

Date: 02/09/2024 (DIN: 00051541)

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Mar 31, 2011

The Directors have pleasure to present 16th Annual Report of the company together with Accounts for the year ended 31st March, 2011.

Financial Statements: (Rs. In lacs) Year Ended

Particulars 31/03/2011 31/03/2010 Sales including other Income 1123.24 820.59 Profit/(loss) before Interest & Depreciation 113.70 108.98

Add/Less: Interest 22.04 27.28

Depreciation 16.60 16.81

Income Tax (FBT) 0.00 0.00

Net Profit / Loss) 75.06 64.88

Balance brought forward (367.95) (432.83)

Balance/Loss) Carried Forward (292.89) (367.95)

DIVIDEND: In order of conserve resources, your Directors do not recommend any dividend for the year.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information required as per the Companies (Disclosure of particulars in the Report of the Board of.. Directors) Rules. 1988, is given in the Annexure-A to this Report.

Fixed Deposit: The Company has not accepted any deposits during the year under review:

Directors' responsibility statement:

Pursuant to section 217(2AA) of the Companies Act, the Directors confirm that.

a) In the preparation of the annual accounts, the applicable accounting standards have been followed;

b) Appropriate accounting policies have been selected and applied consistently and judgment and estimates made that are reasonable and prudent so as to give a true and fair view of the State of affairs of the Company at the end of the financial year ended 31st March, 2011 and the Profit and Loss account for that year,

c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding assets of the Company and preventing and detecting fraud and other irregularities;

d) The annual accounts have been prepared on a going concern basis.

Corporate Governance:

Being a listed company, necessary measures are taken to comply with the listing agreements with Stock Exchanges. A report on Corporate Governance along with a certificate of compliance from Auditors as per Annexure B form part of this report.

DIRECTORS: Dr. Hiler K Desai & Mr. Pravin G Desai retire by rotation At the ensuing Annual General Meeting and being eligible offer themselves for reappointment. Auditors and Auditor's Report:

M/s Niikanth Desai & Associates, Chartered Accountants, Auditors of the Company retire and are eligible for reappointment. The Company has received a certificate from the Auditor to the effect that their reappointment, if made, will be within the prescribed limits under section 224(1-B) of the Companies Act, 1956.

The notes on accounts referred to in the Auditors Report are self explanatory and therefore do not call for any further comments.

Acknowledgement

The Directors would like to place on record their appreciation for the support and co-operation extended by Canara Bank and Central and State Government Authorities and employees of the Company.

Place: Palsana/Surat For and on behalf of the Board

Date:05/09/2011 Jijay D Vashi Bhikhubhai M.Desai

Whole time Director Chairman & whole time Director