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Gujarat Petrosynthese Ltd.

BSE: 506858 Sector: Industrials
NSE: N.A. ISIN Code: INE636P01011
BSE 00:00 | 29 Nov 43.05 -2.20
(-4.86%)
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NSE 05:30 | 01 Jan Gujarat Petrosynthese Ltd
OPEN 45.25
PREVIOUS CLOSE 45.25
VOLUME 484
52-Week high 82.00
52-Week low 11.69
P/E 39.14
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 45.25
CLOSE 45.25
VOLUME 484
52-Week high 82.00
52-Week low 11.69
P/E 39.14
Mkt Cap.(Rs cr) 26
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gujarat Petrosynthese Ltd. (GUJPETROSYNTH) - Director Report

Company director report

To

The Members

Gujarat Petrosynthese Limited

Address: 24 II Main Doddanekkundi Industrial Area

Phase 1 Mahadevapura Bengaluru - 560048

Your directors have pleasure in presenting the 44th AnnualReport of the Company together with the Audited Statement of Accounts for the FinancialYear ended 31st March 2021.

1. FINANCIAL STATEMENTS & RESULTS:

a. FINANCIAL RESULTS:

The Company's performance during the year ended 31st March 2021 ascompared to the previous financial year is summarized below:

(Rs. in ‘000)

Standalone Consolidated
Particulars For the year ended For the year ended
March 31 2021 March 31 2020 March 31 2021 March 31 2020
Revenue from Operations 193439 202054 193439 202793
Other Income 6334 4451 12264 12552
Total Income 199773 206505 205703 215345
Total Expenses (205980) (215120) (207465) (217509)
Profit/(Loss) before exceptional items & Tax (6207) (8615) (1762) (2163)
Profit on exceptional items 55798 23186 55818 23168
Profit/ (Loss) before tax 49591 14571 54506 21005
Less: 1. Current Tax 3497 - 3497 960
2. Tax adjustment of earlier years (net) - - -
3. Deferred Tax (4041) (340) (4041) (341)
Profit/(Loss) for the year 50135 14911 54600 20385
Other comprehensive income (OCI):
Items that will not be reclassified to profit or loss:
1. Re-measurement gains/(losses) on defined benefit plans - - - -
2. Income tax effect on above - - 4783 5600
Total Other Comprehensive Income (OCI) for the year net of tax expense - - - -
Total Comprehensive Income/(Expense) for the year 50135 14911 59383 25984
Earnings per equity shares (Face Value of Rs.10/- each) Basic and Diluted earnings per share 8.40 2.50 9.15 3.41

APPROPRIATION

Interim Dividend NIL NIL
Final Dividend NIL NIL
Tax on distribution of dividend NIL NIL
Transfer of General Reserve NIL NIL
Balance carried to Balance sheet 50135 14911

b. OPERATIONS:

The Company continues to be engaged in the activities pertaining to theManufacture of polymer alloys and blends.

There was no change in nature of the business of the Company duringthe financial year under review.

c. PERFORMANCE & FUTURE OUTLOOK:

Due to the Covid 19 pandemic lockdown last year the Company was shutfrom March 24 2020 to May 4 2020. Thus during April - June 2020 only 88 MTs of polymeralloys and blends were sold. However the Company was able to ramp up sales in theremaining nine months managing to end the year with sales of 1563 MTs a fall of 9.5%from 1727 MT (2019-2020) and revenue of Rs 19.35 crores down from Rs 20.21 crores(2019-2020). The Company's continued emphasis on developing import substitution andspecialty products to suit the needs of its customers helped in increasing the customerbase. Barring unforeseen circumstances the Company is hopeful of increasing the salesthis year by 20%. During 2020-2021 the company sold its Mumbai office and ended the yearwith a profit of 5.01 crores.

d. SUBSIDIARY COMPANY ASSOCIATES AND JOINT VENTURES:

During the year under review the Company has filed a Scheme of Mergerbetween Gujarat Polybutenes Private Limited (GPPL) with the Company which inter-alia aimsat synergy in operations greater financial strength and improvement in the position ofthe merged entity post completion. The Appointed Date for the Scheme is July 012020.

The Company has formulated a policy for determining materialsubsidiary(ies) and such policy has been disclosed on the Company's website and itsweblink is https://www.gpl.in.

A statement containing the salient features of the financial statementof the Company's wholly owned subsidiary under the provisions of section 129(3) of theCompanies Act 2013 read with Rule 5 of the Companies (Accounts) Rules 2014 has beenannexed herewith in prescribed Form AOC - 1 and marked as Annexure-I.

Pursuant to the requirements of Regulation 34 (3) read with Schedule Vof the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 thedetails of Loans/ Advances made to and investments made in the subsidiary have beenfurnished in Notes forming part of the Accounts.

The audited accounts of the wholly owned subsidiary of the company areplaced on the Company's website.

Further the Company does not have any joint venture or associatecompanies during the year or at any time after the closure of the year and till the dateof the report.

e. DIVIDEND:

With a view to conserve resources your directors have thought itprudent not to recommend any dividend for the financial year under review.

f. UNPAID DIVIDEND & IEPF:

Pursuant to the applicable provisions of the Companies Act 2013 readwith the IEPF Authority (Accounting Audit Transfer and Refund) Rules 2016 ("theIEPF Rules") all unpaid or unclaimed dividends are required to be transferred by theCompany to the IEPF; established by the Government of India after completion of sevenyears. Further according to the IEPF Rules the shares on which dividend has not beenpaid or claimed by the shareholders for seven consecutive years or more shall also betransferred to the demat account of the IEPF Authority.

However the transfer of unpaid dividend to Investor Education andProtection Fund (IEPF) is not applicable to the Company for FY 2020-21 and no amount islying in Unpaid Dividend A/c of the Company.

g. TRANSFER TO RESERVES:

The Company has not transferred any amount to the Reserves during theyear.

h. DEPOSITS:

The Company has not accepted or renewed any amount falling within thepurview of provisions of Section 73 of the Companies Act 2013 ("the Act")read with the Companies (Acceptance of Deposit) Rules 2014 during the year under review.Hence the requirement for furnishing of details relating to deposits covered underChapter V of the Act or the details of deposits which are not in compliance with theChapter V of the Act is not applicable.

i. CONSOLIDATED FINANCIAL STATEMENTS:

Consolidated Financial Statements are prepared by your Company inaccordance with the applicable Indian Accounting Standards (Ind AS) issued by the Ministryof Corporate Affairs and the same together with The Auditors' Report thereon form part ofthe Annual Report. The financial statements have been prepared as per Division II ofSchedule III issued by the Ministry of Corporate Affairs vide its Notification dated April06 2016.

The Financial Statements as stated above are also available on thewebsite of the Company and can be accessed at the Web-link https://www.gpl.in/

j. RELATED PARTY TRANSACTIONS:

In accordance with the requirements of the Companies Act 2013 andListing Regulations 2015 your Company has a Policy on Related-Party Transactions whichcan be accessed through weblink - https:// www.gpl.in/

All related-party transactions are placed before the Audit Committeefor review and approval. Prior omnibus approval of the Audit Committee and the Board isobtained for the transactions which are of a foreseen and repetitive nature. A statementgiving details of all related-party transactions is placed before the Audit Committee fortheir noting/approval every quarter.

There were no materially significant transactions with related parties(i.e. transactions exceeding 10% of the annual consolidated turnover) that may havepotential conflict with the interests of your Company at large entered into during theyear as per the last audited financial statements. Accordingly the disclosure oftransactions entered into with related parties pursuant to the provisions of Section188(1) of the Companies Act 2013 and Rule 8(2) of the Companies (Accounts) Rules 2014 inForm AOC-2 is not applicable.

All related party transactions are mentioned in the notes to theaccounts. The Directors draw attention of the members to the Notes to the financialstatements which sets out the disclosure for related party transactions.

k. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO:

The particulars as required under the provisions of Section 134(3)(m)of the Companies Act 2013 read with Rule 8 of the Companies (Accounts) Rules 2014 inrespect of conservation of energy technology absorption foreign exchange earnings andoutgo etc. are furnished in "Annexure III" which forms part of thisReport.

l. PARTICULARS OF INVESTMENTS LOANS GUARANTEES AND SECURITIES:

The details of investments made by the Company under Section 186 of theCompanies Act 2013 are given in the Notes to the standalone financial statements for thefinancial year ended March 312021.

m. DETAILS OF MATERIAL CHANGES FROM END OF THE FINANCIAL YEAR TILL THEDATE OF THIS REPORT:

There have been no material changes and commitments affecting thefinancial position of your Company which have occurred between the end of the FinancialYear to which the Financial Statements relate and the date of this Report.

n. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statementsas designed and implemented by the Company are adequate. During the year under review nomaterial or serious observation has been received from the Statutory Auditors of theCompany for inefficiency or inadequacy of such controls.

2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL :

a. Board of Directors:

i. Appointment

No appointment of any director was made in the Company during the yearunder review.

ii. Re-appointment

• Based on the Recommendation of the Nomination & RemunerationCommittee of the Company the Board of Directors of the Company at its Meeting held onAugust 12 2021 has proposed re-appointment of Mrs. Urmi N. Prasad (DIN: 00319482) as theJoint Managing Director of the Company for a further period of 5 years w.e.f. April012022 to March 312027. The Board recommends her re-appointment as the Joint ManagingDirector for which the approval of the Members is being sought in the Notice convening theAnnual General Meeting of the Company.

• Based on the Recommendation of the Nomination & RemunerationCommittee of the Company the Board of Directors of the Company at its Meeting held onAugust 12 2021 has proposed re-appointment Mrs. Charita Thakkar (DIN: 00321561) as theJoint Managing Director of the Company for a further period of 5 years w.e.f. April012022 to March 312027. The Board recommends her re-appointment as the Joint ManagingDirector for which the approval of the Members is being sought in the Notice convening theAnnual General Meeting of the Company.

iii. Resignation / cessation

Mr. Rameshchandra Thakkar Chairman and Non-Executive Director of theCompany ceased to be the director of the Company w.e.f. 16th May 2020 due to his saddemise.

iv. Retirement by rotation and subsequent re-appointment

In accordance with the provisions of the Companies Act 2013 andArticles of association of the Company none of the Independent Directors is liable toretire by rotation.

Pursuant to the provisions of Section 152 of the Companies Act 2013Ms. Charita Thakkar is liable to retire by rotation at the ensuing Annual General Meetingof the Company and being eligible offers herself for re-appointment. The said Director isnot disqualified from being re-appointed as a Director of a Company as per the disclosurereceived from her pursuant to Section 164(2) of the Companies Act 2013.

v. Key Managerial Personnel:

i. Appointment

No appointment of any KMP was made in the Company during the year underreview.

ii. Resignation

There has not been any change in the Key Managerial Personnel of theCompany.

vi. Declarations by Independent Directors :

All the Independent Directors have confirmed that they meet thecriteria of independence as laid down under the Act and Listing Regulations. They havedeclared that they do not suffer from any disqualifications specified under the Act. Interms of Regulation 25 (8) of SEBI Listing Regulations they have confirmed that they arenot aware of any circumstance or situation which exist or may be reasonably anticipatedthat could impair or impact their ability to discharge their duties with an objectiveindependent judgment and without any external influence. The Board of directors of theCompany has taken on record the declaration and confirmation submitted by the independentdirectors after undertaking due assessment of the veracity of the same. There has been nochange in the circumstances affecting their status as Independent Directors of theCompany. Also all the Independent Directors are registered on the on-line database ofIndependent Directors by the Indian Institute of Corporate Affairs Manesar("IICA").

vii. Remuneration / Commission Drawn From Holding / Subsidiary Company:

The Company does not have any Holding Company and none of the Directorshave drawn any remuneration/commission from Subsidiary Company.

3. DISCLOSURES RELATED TO BOARD COMMITTEES AND POLICIES

a. Board Meetings:

The Board of Directors met Four (4) times during the financial yearended 31st March 2021 on 30th June 2020 20th August 2020 10th November 2020 and 12thFebruary 2021 in accordance with the provisions of the Companies Act 2013 and rules madethereunder.

<td >Ms. Urmi Prasad
Name of Directors Number of meetings that members were eligible to attend during financial year 2020-21 Board Meetings attended
4 4
Ms. Charita Thakkar 4 4
Mr. V Raghu 4 4
Mr. Rajesh Parikh 4 4
Mr. M. D. Garde 4 4

Your Directors state that applicable Secretarial Standards (‘SS')i.e. SS-1 and SS-2 relating to ‘Meetings of the Board of Directors' and‘General Meetings' respectively issued by the Institute of Company Secretaries ofIndia and notified by the Ministry of Corporate Affairs of India have been duly followedby the Company.

b. Audit Committee:

The details including the composition of the Audit Committee includingattendance at the Meetings and terms of Reference are included in the Corporate GovernanceReport which forms a part of the Annual Report.

c. Nomination and Remuneration Committee:

The details including the composition of the Nomination &Remuneration committee including attendance at the Meetings and terms of Reference areincluded in the Corporate Governance Report which forms a part of the Annual Report.

d. Stakeholders Relationship Committee:

The details including the composition of the Stakeholder relationshipcommittee including attendance at the Meetings and terms of Reference are included in theCorporate Governance Report which forms a part of the Annual Report.

e. Vigil Mechanism Policy For The Directors And Employees:

The Board of Directors of the Company has pursuant to the provisionsof Section 177(10) of the Companies Act 2013 read with Rule 7 of the Companies (Meetingsof Board and its Powers) Rules 2014 and Regulation 22 of the listing Regulations frameda "Vigil Mechanism Policy" for Directors and employees of the Company toprovide a mechanism which ensures adequate safeguards to employees and Directors from anyvictimization on raising of concerns of any violations of legal or regulatoryrequirements incorrect or misrepresentation of any financial statements and reportsetc.

The policy is also uploaded on the website of the Company. The path ofthe same is as follows: https://www.gpl.in/admin/uploads/Vigil%20Mechanism%20Policv.pdf

The employees of the Company have the right/option to report theirconcern/grievance to the Chairman of the Board of Directors. The Company is committed toadhere to the highest standards of ethical moral and legal conduct of businessoperations.

f. Risk Management Policy:

The Board of Directors of the Company has designed The Risk ManagementPolicy and Guidelines to avoid events situations or circumstances which may lead tonegative consequences on the Company's businesses and define a structured approach tomanage uncertainty and to make use of these in their decision making pertaining to allbusiness divisions and corporate functions. Key business risks and their mitigation areconsidered in the annual/strategic business plans and in periodic management reviews.

The policy is also uploaded on the website of the Company. The path ofthe same is as follows: https://www.gpl.in/policy.php

g. Corporate Social Responsibility Policy:

The provisions of Section 135 of the Act read with Companies (CorporateSocial Responsibility Policy) Rules 2014 are not applicable on the Company.

h. Annual Evaluation Of Directors Committee And Board:

Pursuant to the Section 134(3)(p) of the Companies Act 2013 as amendedfrom time to time and Regulations 17 and 25 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 The Board has carried out an annualperformance evaluation of its own performance and of the directors individually as wellas the evaluation of all the committees i.e. Audit Nomination and RemunerationStakeholders Relationship Committee.

The Board adopted a formal evaluation mechanism for evaluating itsperformance and as well as that of its Committees and individual directors including theChairman of the Board the exercise was carried out by feedback survey from each directorcovering the Board functioning such as composition of Board and its Committees experienceand competencies governance issues etc. Separate Exercise was carried out to evaluate theperformance of individual directors including the Chairman of the Board who were evaluatedon parameters such as attendance contribution at the meeting etc.

The various criteria considered for evaluation of Executive Directorsincluded qualification experience knowledge commitment integrity leadershipengagement transparency analysis decision making governance etc. The Board commendedthe valuable contributions and the guidance provided by each Director in achieving thedesired levels of growth. This is in addition to evaluation of Non-Independent Directorsand the Board as a whole by the Independent Directors in their separate meeting being heldevery year.

4. AUDITORS AND REPORTS:

The matters related to Auditors and their Reports are as under:

a. Observations Of Statutory Auditors on Accounts for The Year Ended31st March 2021:

The observations / qualifications / disclaimers made by the StatutoryAuditors in their report for the financial year ended 31st March 2021 read with theexplanatory notes therein are self-explanatory and therefore do not call for any furtherexplanation or comments from the Board under Section 134(3) of the Companies Act 2013.

b. Secretarial Audit Report for The Year Ended 31st March 2021:

Provisions of Section 204 read with Section 134(3) of the CompaniesAct 2013 mandates to obtain Secretarial Audit Report from Practicing Company SecretaryM/s. J.J. Gandhi & Associates Practicing Company Secretaries had been appointed toissue the Secretarial Audit Report for the financial year 202021.

Secretarial Audit Report issued by M/s. J.J. Gandhi & AssociatesPracticing Company Secretaries in Form MR-3 for the financial year 2020-21 and is annexedhereto and marked as "Annexure-II-A". The report does not contain anyobservation or qualification requiring explanation or comments from the Board underSection 134(3) of the Companies Act 2013 except as mentioned below:

"As per the requirements of Regulation 31(2) of the SEBI (LODR)Regulations 2015 the 100% shareholding of the promoters have not been maintained in dematform."

The management hereby gives explanation to the above mentionedqualification that the two promoters who are holding shares in physical form are deceasedand hence Company was not able to maintain all the shareholding of promoter in dematform. However The Company is identifying various measures to do the same.

Further the Board of Directors has re-appointed M/s. J.J. Gandhi& Associates Practicing Company Secretaries to conduct the Secretarial Audit for theFinancial Year 2021-22 in accordance with Section 204 of the Companies Act 2013.

Further Gujarat Polybutenes Private Limited is wholly owned materialsubsidiary company of the Company and as per Regulation 24A of the SEBI (ListingObligations and Disclosure Requirements) 2015 Secretarial Audit report issued by M/s.J.J. Gandhi & Associates Practicing Company Secretaries is annexed hereto and markedas "Annexure-II-B".

c. Statutory Auditors:

Pursuant to the provisions of Section 139 of the Companies Act 2013and the Companies (Audit and Auditors) Rules 2014 M/s. Dayal & Lohia CharteredAccountants were appointed as Statutory Auditors of the Company at the 40th AGM held onSeptember 22 2017 for a term of five financial years and they continue to be theStatutory Auditors of the Company till the till the conclusion of the ensuing 45th AGM.

They have confirmed their eligibility under Section 141 of theCompanies Act 2013 and the Rules framed thereunder for re-appointment as Auditors of theCompany. As required under Regulation 33(1) (d) of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the Auditors have also confirmed that theyhold a valid certificate issued by the Peer Review Board of the Institute of CharteredAccountants of India. The amended provision of Section 139(1) of the Companies Act 2013has dispensed with the ratification of appointment of Statutory Auditors each year by theMembers.

d. Internal Auditors:

The Company has adopted an internal control system commensurate withits size. The Company had appointed M/s. Krishna & Vishwas LLP as the internalauditors of the Company for FY 2020-21 to complete the internal audit.

Further the board of directors in their meeting held on August 122021 has proposed to reappoint M/s Krishna & Vishwas LLP as the Internal Auditor ofthe Company for the financial year 2021-22. The Company ensures compliance and controls sothat the assets and business interests of your Company are adequately safe guarded.

e. Maintenance of Cost Records:

Pursuant to the provisions of Section 148 of the Companies Act 2013read with the Companies (Cost Records and Audit) Rules 2014 as amended from time totime the Company is not required to maintain Cost Records under said Rules.

f. Reporting Of Frauds By Statutory Auditors Under Section 143(12):

There were no incidences of reporting of frauds by Statutory Auditorsof the Company under Section 143(12) of the Act read with Companies (Accounts) Rules2014.

5. CORPORATE GOVERNANCE REPORT:

In compliance with Regulation 34 of the Listing Regulations a separatereport on Corporate Governance along with a certificate from the Auditors on itscompliance forms part of this Annual Report.

6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

Pursuant to Regulation 34 read with Schedule V(B) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 the Management Discussion andAnalysis report is annexed hereto and marked as "Annexure - IV".

7. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT 2013 ANDOTHER DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES 2014:

The information required under section 197 of the Companies Act 2013read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)Amendment Rules 2016 in respect of employees of the Company is provided in "Annexure-V".

8. SECRETARIAL:

a. Share Capital:

Authorised Share Capital

The Authorised Share Capital of the Company is Rs. 80000000 dividedinto 8000000 Equity Shares of Rs. 10/- each.

Issued Subscribed and Paid up Share capital

The issued subscribed and paid-up Share Capital of the Company stoodat Rs. 59691660 as at 31st March 2021 comprising of 5969166 Equity Shares of Rs. 10each fully paid-up. There was no change in Share Capital during the year under review.

b. Compliance with the provisions of Secretarial Standard 1 andSecretarial Standard 2:

The Company has complied with Secretarial Standards issued by theInstitute of Company Secretaries of India on Meetings of the Board of Directors andGeneral Meetings.

c. ANNUAL RETURN:

As provided under Section 92(3) and 134(3)(a) of the Act read withRule 12 of Chapter VII Rules of the Companies (Management and Administration) AmendmentRules 2020 the Annual Return of your Company in form MGT-7 for the Financial Year2020-21 shall be hosted on the website of your Company and the web-link of the same is asmentioned below i.e. https://www.gpl.in

9. OTHER DISCLOSURES:

Other disclosures as per provisions of Section 134 of the Act read withCompanies (Accounts) Rules 2014 are furnished as under:

a. Disclosure of Orders Passed by Regulators or Courts or Tribunal:

No orders have been passed by any Regulator or Court or Tribunal whichcan have impact on the going concern status and the Company's operations in future.

b. Director's Responsibility Statement:

To the best of their knowledge and belief and according to theinformation and explanations obtained by them your Directors make the followingstatements in terms of Section 134 (3)(c) of the Companies Act 2013:

a. in the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to material departures;

b. such accounting policies have been selected and applied consistentlyand the Directors made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company as at 31st March 2021and of the profit/loss of the Company for that year;

c. proper and sufficient care was taken for 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;

d. the annual accounts of the Company have been prepared on a goingconcern basis;

e. proper systems have been devised to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively;

f. the internal financial controls are followed by the Company and suchinternal financial controls are adequate and were operating effectively.

c. Disclosure Regarding Internal Complaints Committee:

The Company has complied with the provisions relating to theconstitution of Internal Complaints Committee under the Sexual Harassment of Women atWorkplace (Prevention Prohibition and Redressal) Act 2013. There has been no complaintreceived from any of the employees of the Company during the year under review.

d. Disclosure Under Section 43(a)(ii) of the Companies Act 2013:

The Company has not issued any shares with differential rights andhence no information as per provisions of Section 43(a) (ii) of the Act read with Rule4(4) of the Companies (Share Capital and Debenture) Rules 2014 is furnished.

e. Disclosure Under Section 54(1)(D) Of The Companies Act 2013:

The Company has not issued any sweat equity shares during the yearunder review and hence no information as per provisions of Section 54(1)(d) of the Actread with Rule 8(13) of the Companies (Share Capital and Debenture) Rules 2014 isfurnished.

f. Disclosure Under Section 62(1)(B) Of The Companies Act 2013:

The Company has not issued any equity shares under Employees StockOption Scheme during the year under review and hence no information as per provisions ofSection 62(1)(b) of the Act read with Rule 12(9) of the Companies (Share Capital andDebenture) Rules 2014 is furnished.

g. Disclosure Under Section 67(3) Of The Companies Act 2013:

During the year under review there were no instances of non-exercisingof voting rights in respect of shares purchased directly by employees under a schemepursuant to Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital andDebentures) Rules 2014 is furnished.

h. Certifications/Recertifications:

Your Company is certified for Standard ISO 9001:2015 & ISO14001:2015.

i. No application has been made under the Insolvency and BankruptcyCode; hence the requirement to disclose the details of application made or any proceedingpending under the Insolvency and Bankruptcy Code 2016 (31 of 2016) during the year alongwith their status as at the end of the financial year is not applicable;

j. The requirement to disclose the details of difference betweenamount of the valuation done at the time of onetime settlement and the valuation donewhile taking loan from the Banks or Financial Institutions along with the reasons thereofis not applicable.

k. Acknowledgements and Appreciation:

Your Directors take this opportunity to thank the customersshareholders suppliers bankers business partners/associates financial institutions andCentral and State Governments for their consistent support and encouragement to theCompany.

For and on behalf of the Board
Gujarat Petrosynthese Limited
Ms. Urmi N. Prasad Ms. Charita Thakkar
Jt. Managing Director Jt. Managing Director
DIN : 00319482 DIN : 00321561
Date: 12th August 2021 Place : Hyderabad. Place : San Francisco

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