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Advance Petrochemicals Ltd.

BSE: 506947 Sector: Consumer
NSE: N.A. ISIN Code: INE334N01018
BSE 00:00 | 14 Mar Advance Petrochemicals Ltd
NSE 05:30 | 01 Jan Advance Petrochemicals Ltd
OPEN 41.85
PREVIOUS CLOSE 41.85
VOLUME 100
52-Week high 41.85
52-Week low 38.00
P/E 7.51
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 41.85
CLOSE 41.85
VOLUME 100
52-Week high 41.85
52-Week low 38.00
P/E 7.51
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Advance Petrochemicals Ltd. (ADVANCEPETROCH) - Director Report

Company director report

To

The Members

Your Directors are pleased to present 36thAnnual Report and the company'saudited financial statement for the financial year ended March 31 2021.

FINANCIAL RESULTS:

The company's financial performance for the year ended March 31 2021 is summarizedbelow:

The Break-up of Profit is given as follows 31st March 2021 31st March2020
Total Revenue 175653203 140024389
Total Expenditure 171900406 139275277
Net Profit Before Taxation 3752797 749112
Current Tax 560000 115000
Short / ( Excess ) Provision of Income Tax of earlier years 0 (30745)
Deferred Tax 407487 (74710)
Net Profit After Taxation 2785310 739567

SHARE CAPITAL:

During the year under review there was no change in the Company's issued subscribedand paid- up equity share capital. on 31st March 2021 it stood at Rs.9000000/- divided into 900000 equity Shares of Rs. 10/- each. The Company has neitherissued shares with differential rights as to dividend voting or otherwise nor issuedshares (including sweat equity shares) to the employees or Directors of the Company underany Scheme. No disclosure is required under Section 67(3)(c) of Companies Act 2013 inrespect of voting rights not exercised directly by the employees of the Company as theprovisions of the said Section are not applicable.

TRASNFER TO RESERVE:

The Company propose to carry forward Rs. 2785310 Profit to reserves of the company.

DIVIDEND

In order to conserve the resources your Directors do not recommend any dividend onequity shares of the Company.

BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF COMPANY'S AFFAIRS:

During the year under review your company managed to achieve consolidated revenue ofRs. 17.57 Crores as against Rs. 14.00 Crores which is Increased by 25.44% as compared tolast year. Net profit after tax increased by 276.61% to Rs. 27.85 Lacs as compared to Rs.7.40 Lacs during the last year.

The entire net profit after tax of Rs. 27.85 lacs is proposed to be transferred to theStatement of Profit & Loss in the form of Surplus of the Company.

The final product of the Company is used as raw material in many manufacturingindustries like automobile industries paints refineries and has evergreen demand. TheCompany has continued its effort to tap the export market beside improving the market forits product domestically also and popularizing its use.

Considering all the factors into consideration your directors are hopeful to achievebetter performance and achieve target turn over in the current year.

There is no change in the nature of business of the Company during the year.

IMPACT OF COVID-19 PANDEMIC:

During the current year under review COVID-19 pandemic developed rapidly in the formof second wave which turned into a nation crisis once again forcing governments toenforce partial lockdowns across the Country. Due to the spread of COVID-19 and inaccordance with the various initiatives and directions of both Central and StateGovernment(s) from time to time the Company gradually started its business operationswith minimum workforce combined with work from home policy.

The Company is closely monitoring the situation arising out of COVID-19 and resultantrestrictions imposed by the regulatory authorities. At this point of time it is notpossible either to foresee the duration for which this pandemic will last nor predict itscourse. Hence the Company is not in a position to assess with certainty the future impacton operations.

However due to rapid vaccination drive taking place all across the Country theCompany's approach is optimistic for the future.

MATERIAL CHANGES AND COMMITMENTS:

There are no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the financial year of the company to whichthe financial statements relate and the date of this report.

Further during the year there are no material changes and commitments which have animpact on the going concern status of the Company.

There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and company's operations in future.

SUBSIDIARIES/ JOINT VENTURE/ ASSOCIATE COMPANIES:

Company has no subsidiary/joint ventures/associate companies. As there are nosubsidiaries associates and joint ventures companies no consolidated financialstatements required to be given.

ISO 9001 CERTIFICATION:

Your Directors have pleasure informing you that the company has ISO-9001 certificationfrom the world renowned institution for its Chemical Division. Your Company is enjoyingcoveted and prestigious ISO 9001 Status. Company has successfully met all the stringentand rigorous revaluation and surveillance measures of UKAS Quality Management.

DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors Statement and confirm that:

i) in the preparation of the annual accounts the applicable accounting standards hadbeen followed and there are no material departures from the same;

ii) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of financial year and of theprofit and loss of the company for the year ended on that date.

iii) the directors had taken proper and sufficient care of the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

iv) the directors had prepared the annual accounts on a going concern basis.

v) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and are operatingeffectively.

vi) the directors had devised proper systems to ensures compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

RELATED PARTIES TRANSACTIONS

There is no significant or material contract or arrangement entered into by the Companywith related parties referred to in sub-section (1) of Section 188 of the Companies Act2013. Related party transactions if any are entered in ordinary course of business atarms length. Your Directors draw attention of the members to see Note 46 to the financialstatement which sets out related party disclosures. There is no bad debts of relatedparty.

CORPORATE GOVERNANCE:

Corporate Governance provisions as stipulated in Chapter IV of Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations is notapplicable to the Company and hence nothing to report thereon.

CORPORATE SOCIAL RESPONSIBILITIES:

As the Company's net worth turnover or net profits are below the limit prescribedunder section 135 of the Companies Act 2013 and hence CSR is not applicable to yourCompany.

RISK MANAGEMENT

Your company has Risk Management Framework as approved by the Board of Directors whichprovides mechanism to identify evaluate business risk and opportunities. The riskassociated with the business of the Company its root causes are reviewed and steps aretaken to mitigate the same. The Audit Committee and Board of Directors also reviews thekey risk associated with the business of the Company the procedure adopted to assess therisk efficacy and mitigation measures.

INSIDER TRADING POLICY:

The Policy provides the framework in dealing with securities of the Company. The Policywas revised and adopted effective April 01 2019. The Insider trading policy was amendedin line with SEBI (Prohibition of Insider Trading) (Amendment) Regulations 2018. The Keychanges include inter alia change in definition of Designated Persons Maintenance ofdigital database internal controls and policy and procedure for inquiry in case of leakof UPSI.

INTERNAL FINANCIAL CONTROL:

The Company has a good system of internal controls in all spheres of its activity. Theinternal control system is supplemented by effective internal audit being carried out byan external firm of Chartered Accountants. The Audit committee regularly reviews thefindings of the internal auditors and effective steps to implement the suggestion /observation of the Auditors are taken and monitored regularly. In the opinion of theBoard an effective internal control system adequate to the size of the Company exists.

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

In accordance with the provisions of the Act and the Articles of Association of theCompany Mr. Arvind Goenka (DIN 0093200) will retire by rotation at the ensuing AnnualGeneral Meeting and being eligible have offered himself for re-appointment.

During the year following changes took place amongst directors and key managerialpersonnel

Mr. Shaileshsingh Rajput was appointed as a Director (Non-Executive) w.e.f. 27.03.2021.

Mr. Akshat Shukla was appointed as Independent Director -Non-Executive w.e.f.27.03.2021.

Mr. Mohmmadhanif Sherkhan Nagori was resigned as an Independent Director w.e.f.27.03.2021.

*Mr. Shaileshsingh Rajput was resigned as Director (Non-Executive) w.e.f. 19.07.2021due to death after the end of F.Y. 2020-2021.

**Mrs. Palak Relia was Appointed as a Director (Non-Executive) w.e.f. 19.07.2021 afterthe end of F.Y. 2020-2021.

Mr. Mohit Asawa was appointed as a Company Secretary w.e.f. 07/08/2020.

COMPOSITION OF BOARD OF DIRECTORS AND ITS COMMITTEES:

Composition of Board

The Board of Directors has an optimum combination of Executive and Non-ExecutiveDirectors and Independent directors in accordance with the provisions of the Act. Thecomposition of the Board of Directors of the company as on 31st March 2021 isas under:

Sl. No. Name Designation Executive/ Non Executive
1. Mr. Arvind Goenka Non Independent Non Executive
2. Mr. Pulkit Goenka Managing Director and Chairman Executive
3. Mrs. Aanchal Goenka Non Independent Non Executive
4. Mr. Shailesh singh Rajput* Non Independent Non Executive
5. Mr. Nirish Parikh Independent Director Non Executive
6. Mr. Akshat Shukla* Independent Director Non Executive

*Mr. Mohmmadhanif Sherkhan Nagori was resigned as an Independent Director w.e.f.

27.03.2021.

*Mr. Shaileshsingh Rajput was resigned as Director (Non-Executive) w.e.f. 19.07.2021due to death after the end of F.Y. 2020-2021.

**Mrs. Palak Relia was Appointed as a Director (Non-Executive) w.e.f. 19.07.2021 afterthe end of F.Y. 2020-2021.

12 Board meetings were held during the year in accordance with the provisions of theAct where due quorum were present in each meeting. The Agenda of the board meeting andnotes of the agenda are circulated to the directors well in advance. The members of theboard discussed each and every item of the agendas freely in detail. Dates of BoardMeeting and No. of directors attending meeting are:

Date of meeting No. of Directors present
26/06/2020 5
29/06/2020 5
06/07/2020 5
22/07/2020 5
07/08/2020 5
31/08/2020 5
03/09/2020 5
28/09/2020 5
20/10/2020 5
10/11/2020 5
12/02/2021 5
27/03/2021 5

AUDIT COMMITTEE:

The company has an Audit Committee. The Composition of Committee is as under:

Sl. No. Name of Members Member/Chairman No. of Meeting entitled Number of meeting Attended
01 Mr. Nirish Parikh Chairman 5 5
02 Mr. Mohmmadhanif Sherkhan Nagori Member 5 5
03 Mr. Arvind Goenka Member 5 5

The composition of committee inter alia meets with the requirement of Section 177 ofthe Companies Act 2013. During the year under review the audit committee met on29/06/2020 22/07/2020 31/08/2020 10/11/2020 and 12/02/2021.

FUNCTIONS AND POWERS OF AUDIT COMMITTEE:

The Committee shall have discussions with the auditors periodically about internalcontrol systems the scope of audit including observation of the auditors and review offinancial statement before their submission to the Board and discuss any related issuewith internal and statutory auditors and the management of the company.

In discharging the function of the Audit Committee the committee shall have theauthority to investigate into any matter in relating to any terms specified in Section 177or referred to it by the Board.

RESPONSIBILITY OF THE COMMITTEE:

The Committee may assign any matter of importance nature relating to the accountsfinance taxation inspection and investigation from time to tome and may requiresubmitting a report to the Board on such matters within the stipulated time.

The committee on any matter relating to financial management including audit reportshall submit a report to the Board from time to time.

The Board has accepted all the recommendation made by the Audit Committee.

NOMINATION AND REMUNERATION COMMITTEE:

The Company has Nomination and Remuneration Committee: The Composition of Committee isin accordance with the Companies Act 2013. Members of the Committee are as under:

Sl. No. Name of Members Member/Chairman No. of Meeting entitled Number of meeting Attended
01 Mr. Nirish Parikh Chairman 2 2
02 Mr. Mohmmadhanif Sherkhan Nagori Member 2 2
03 Mr. Arvind Goenka Member 2 2

During the year 2 meetings of the Nomination and Remuneration Committee were heldduring the Financial year 2020-21 on following dates:

07.08.2020 and 27.03.2021

The Committee shall have at least the following basic responsibilities:

• To identify persons who are qualified to become directors and who may beappointed in senior management in accordance with the criteria laid down recommend to theBoard their appointment and removal and shall carry out evaluation of every director'sperformance.

• To formulate and review criteria that must be followed for determiningqualification for determining qualifications positive attributes and independence ofdirector.

• To recommend the Board a policy relating to the remuneration for the directorskey managerial personnel and other employees and to ensure compliance with theremuneration policy set forth by the Company.

• To propose to the Board the members that must form part of the Committee.

• To report on the systems and on the amount of the annual remuneration ofdirectors and senior management.

STAKEHOLDERS RELATIONSHIP COMMITTEE

The Committee has Investor Grievance Committee as Stakeholders Relationship Committee.The composition of the Committee is in accordance with the Companies Act 2013. TheComposition of the Committee is as under:

Sl. No. Name of Members Member/Chairman No. of Meeting entitled Number of meeting Attended
01 Mr. Arvind Goenka Chairman 2 2
02 Mr. Mohmmadhanif Sherkhan Nagori Member 2 2
03 Mr. Nirish Parikh Member 2 2

During the Financial year 2 (Two) meeting of the Stakeholder Relationship Committeewere held i.e. on 31st August 2020 & 12th February 2021.Requisite quorum was present during the meetings.

Basic Responsibilities of the Committee:

• Considering and resolving the grievance of shareholders of the Company withrespect to transfer of shares non receipt of annual report etc.

• Ensuring expeditious share transfer process in line with the proceedings of theShare Transfer Committee.

• Evaluating performance and service standards of the Registrar & ShareTransfer Agent of the Company.

• Providing guidance and making recommendation to improve service levels forinvestors.

Details of the Meeting and its attendance are given as under:

Board Meeting Audit Committee Nomination & Remuneration Committee Stakeholders Relationship Committee
No. of Meetings held 12 5 3 2
Attendance
Mr. Nirish J. Parikh 12 5 3 2
Mr. Pulkit Goenka 12 - - -
Mr. ArvindGoenka 12 5 3 2
Ms. AanchalGoenka 12 - - -
Mr. Mohmmadhanif Sherkhan Nagori 12 5 3 2

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anannual performance evaluation of its own performance the directors individually as wellas the evaluation of the working of its Audit Nomination & Remuneration andStakeholders Relationship Committee.

Various aspects of the Board's functioning were evaluated such as adequacy of thecomposition of the Board and its Committees Board culture execution and performance ofspecific duties obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directorsincluding the Chairman of the Board who were evaluated on parameters such as level ofengagement and contribution Independence of judgment safeguarding the interest of theCompany and its minority shareholders etc. The performance evaluation of the IndependentDirectors was carried out by the entire Board. The performance evaluation of the Chairmanand the Non-Independent Directors was carried out by the Independent Directors. TheDirectors expressed their satisfaction with the evaluation process.

DECLARATION BY INDEPENDENT DIRECTORS:

The following Directors are independent in terms of Section 149(6) of the CompaniesAct 2013 and the SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015:

(a) Mr. Nirish Jagabhai Parikh

(b) Mr. Mohmmadhanif Sherkhan Nagori (upto. 27.03.2021)

(c) Mr. Akshat Shukla (w.e.f. 27.03.2021)

The Company has received requisite declarations/ confirmations from all the aboveDirectors confirming their independence.

Your Board confirms that in their opinion the independent directors fulfill theconditions of the independence as prescribed under the SEBI (LODR) 2015 and they areindependent of the management. Further in the opinion of the Board the independentdirectors possess requisite expertise experience and integrity.

Note: All Independent Directors of the company are yet to be registered with the IndianInstitute of Corporate Affairs Manesar Gurgaon as notified by the Central Governmentunder Section 150(1) of the Companies Act 2013and as applicable shall undergo onlineproficiency selfassessment test within the time prescribed by the IICA.

DISCLOSURE UNDER SECTION 164(2) OF THE COMPANIES ACT 2013:

The Company has received the disclosure in Form DIR - 8 from its Directors beingappointed or re-appointed and has noted that none of the Directors are disqualified underSection 164(2) of the Companies Act 2013 read with Rule 14(1) of Companies (Appointmentand Qualification of Directors) Rules 2014.

REMUNERATION TO DIRECTORS:

The remuneration paid to Directors Non Executive Directors and Independent Directorsare disclosed in the Extract to the Annual Return i.e. MGT — 9 as available on thewebsite of the company at www.advancepetro.com.

VIGIL MECHANISM

Company has vigil mechanism in force to deal with instances of fraud and mismanagementif any. The mechanism ensures that strict confidentiality is maintained whilst dealingwith the concern and also that no discrimination will be meted to any person for agenuinely raised concern. The Chairman of the Audit Committee may also be contacted byemployees to report any suspected or concerned incident of fraud / misconduct.

EMPLOYEE STOCK OPTION ETC:

During the year there are no issue of equity shares with differential rights no issueof sweat equity shares no issue of employee stock options and no provision of money bycompany for purchase of its own shares by employees or by trustees for the benefit of theemployees the details required to be given under various rules issued under the CompaniesAct 2013 is NIL.

SECRETARIAL AUDITOR:

The Board has appointed Sourabh Patawari Practicing Company Secretary to conductSecretarial Audit for the financial year 2020-2021. The secretarial Audit Report for thefinancial year March 31 2021 is annexed herewith as Annexure B to the Report. Withrespect to the observation of the Secretarial Auditor the Board replies hereunder:-

1. The Company has not appointed a Member of the Institute of Company Secretaries ofIndia as Company Secretary and Compliance officer of the Company forfull year as requiredunder listing agreement with stock exchange.

Reply : The Company has appointed Company Secretary and Compliance Officer but afterthe lapse of more than 6 months as per the provisions of section 203 of the companies act2013.

2. Towards the SEBI circular on 100% ofpromoters holding in demat form the company hasonly 6.70% of promoter's holding in dematform.

Reply : Your directors submit that some of the promoters are in active promoter and oneor two are death case. For others promoters are in touch with the R & T of theCompany for issue of consolidated / duplicate share certificate. The shares of the companyare being demat on the receipt of the consolidated Share Certificate basis and the same isunder process.

AUDITORS AND AUDITORS REPORT:

At the Annual General Meeting of the Company for the year ended on 31stMarch 2020 M/s. Suresh R. Shah & Associates Chartered Accountants (Firm RegistrationNo.110691W) were appointed as Statutory Auditors of the Company for a period of Fiveyears. In terms of MCA notification ratification is not required at each annual generalmeeting.

There is no qualification or adverse remarks made by the auditors in their report.

No fraud has been reported by the auditors in their report.

INTERNAL AUDITORS:

The Board of Directors has appointed Tibrewal Bhagat & Associates CharteredAccountants (M.No.: 125173) as Internal Auditors of the Company. The Audit Committee ofthe Board of Directors in consultation with the Internal Auditors formulate the scopefunctioning periodicity and methodology for conducting the internal audit.

COST RECORDS AND COST AUDITORS:

The provisions of Cost Audit and Records as prescribed under Section 148 of the Actare not applicable to the Company.

COMPLIANCE WITH THE SECRETARIAL STANDARD:

The Company has complied with all the provisions of Secretarial Standards on BoardMeetings and General Meetings issued by the Institute of Company Secretaries of India.

REPORTING OF FRAUD:

During the year under review there was no instance of any fraud which has been reportedby any Auditor to the Audit Committee or the Board.

DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITIONAND REDRESSAL) ACT 2013

The Company has zero tolerance towards sexual harassment at the workplace and hasadopted a policy on prevention prohibition and redressal of sexual harassment atworkplace in line with the provisions of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 and the Rules thereunder.

The Company always endeavours to create and provide an environment that is free fromdiscrimination and harassment including sexual harassment. The Company has in place arobust policy on prevention of sexual harassment at workplace. The policy aims atprevention of harassment of employees as well as contractors and lays down the guidelinesfor identification reporting and prevention of sexual harassment.

During the Financial Year 2020-2021 the Company has not received any complaint ofsexual harassment.

PARTICULARS OF LOANS INVESTMENT GUARANTEE AND SECURITIES:

Particulars of Loans and investment if any are stated in the notes to the financialstatements. The Company has not provided any guarantee or security for the loans availedby others.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTIONS AND FOREIGN EXCHANGE EARNINGS AND OUTGOARE AS FOLLOWS:

Our industry is not heavy consumer of energy further during the year under review thecompany made efforts to conserve energy through reduction consumption the company willcontinue to endeavor of conserve energy and use it more efficiently. Particulars of Energyconservation and its use is given below:

Particulars 2020 - 2021 2019 - 2020
Electricity Purchase- Unit 515629 371932
Total Amount (Rs.) 4449251.47 3271672
Rate per unit (Rs.) 8.63 8.80

Company is having it's own research & development facilities. The process ofdevelopment is a continuous process resulting in development of new & importsubstitute products. Company is taking all appropriate measures to absolve the technologyin its area of operation.

Particulars of Foreign exchange earnings and outgo is provided in the notes to theaccounts. Members are requested to refer the same.

EXTRACT OF ANNUAL RETURN:

Pursuant to provision of Section 92 (3) of provision of the Companies Act 2013 and ofRule 12 of Companies (Management and Administration) Rules 2014 the extract of the annualreturn in form MGT-9 for the Financial Year ended on 31st March 2021 isavailable on the website of the company at www.advancepetro.com.

PARTICULARS OF EMPLOYEES AND OTHER RELATED DISCLOSURES:

The Company has no employee drawing the remuneration of One Crore and two Lakh rupeesor more or if employed for the part of the financial year was in receipt of remunerationof Eight lakh fifty thousand Rupees or more per month.

However the information required pursuant to Section 197read with Rule 5(1) of TheCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect ofemployees of the Company is provided in Annexure C to the report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required by SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015with the Stock Exchange the Management Discussion and Analysis report form part of theAnnual Report and is annexed herewith as Annexure D.

REMUNERATION POLICY

The company's policy relating to appointment of directors payment of managerialremuneration directors' qualifications positive attributes independence of directorsand other related matters as provided under Section 178(3) of the Companies Act 2013 isfurnished in Annexure — E and is attached to this report.

DEPOSITS:

Your Company has not accepted any deposits which fall under Chapter V and Section 73 toSection 76 of the Companies Act 2013.

TRANSFER TO THE INVESTOR EDUCATION AND PROTECTION FUND:

During the year under review the provisions of Section 125(2) of the Companies Act2013 do not apply as there was no dividend declared and paid in last seven years so theCompany was not required to transfer any amount to the Investor Education and ProtectionFund (IEPF) established by the Central Government pursuant to the provision of Section 125(e) of the Companies Act 2013 as there is no amount unclaimed for a period of 7 yearsfrom the date it became due for repayment.

GENERAL SHAREHOLDER INFORMATION

36th Annual General Meeting
Venue 36 Kothari Market Kankaria Road Ahmedabad - 380 022.
Date September 30 2021
Time 02:00 P.M.
Book Closure From24/09/2021 to 30/09/2021 (both days inclusive)

LISTING OF SHARES:

Your Company is currently listed with BSE Ltd. The company is in process of payinglisting fees for the year 2020-2021.

ISIN of the Company: INE334N01018

REGISTRAR AND SHARE TRANSFER AGENTS: (R & T) & SHARE TRANSFER SYSTEM

The company has appointed M/s. Bigshare Services Private Limited1st FloorBharat Tin Works Building Opp. Vasant Oasis Makwana Road Marol Andheri East Mumbai:-400059.as Registrar and Transfer Agents for electronics shares. The average time taken intransfer of shares is 15 days provided documents are correct and valid in all respect. Thedepositories directly transfer the dematerialized shares to the beneficiaries.

ACKNOWLEDGMENT:

Your Directors wish to place on record their deep sense of gratitude to Banks for theircontinued support and cooperation. Our sincere thanks are also due to our esteemedcustomers suppliers and finally to employees of the Company for their untiring effortsand commitment to their duties.

By Order of the Board of Directors
ADVANCE PETROCHEMICALS LIMITED
Date: 13.08.2021 PULKIT GOENKA
Place: Ahmedabad Chairman & Managing Director DIN No. 00177230

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