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Polylink Polymers (India) Ltd.

BSE: 531454 Sector: Industrials
NSE: N.A. ISIN Code: INE323D01020
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NSE 05:30 | 01 Jan Polylink Polymers (India) Ltd
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VOLUME 3019
52-Week high 42.55
52-Week low 15.75
P/E 44.30
Mkt Cap.(Rs cr) 56
Buy Price 25.00
Buy Qty 73.00
Sell Price 25.25
Sell Qty 21.00
OPEN 25.30
CLOSE 25.30
VOLUME 3019
52-Week high 42.55
52-Week low 15.75
P/E 44.30
Mkt Cap.(Rs cr) 56
Buy Price 25.00
Buy Qty 73.00
Sell Price 25.25
Sell Qty 21.00

Polylink Polymers (India) Ltd. (POLYLINKPOLY) - Director Report

Company director report

To

Dear Members

The Directors present the 29th Annual Report of Poly link Polymers (India)Limited (the Company) along with the audited financial statements for the financial yearended March 31 2022. The consolidated performance of the Company has been referred towherever required.

1. Financial results

(` lakhs)

Financial Year Financial Year
Particulars 2021-22 2020-21
(FY 2022) (FY 2021)
Revenue from operation 4568.74 3743.16
Other income 44.91 53.31
Total Revenue 4613.65 3796.47
Total Expenses 4473.27 3648.05
Profit before Interest Depreciation & Exception Items 240.89 235.73
Finance Charges 11.98 5.46
Gross Profit 228.91 230.27
Provision for Depreciation 88.53 81.85
Net Profit before tax 140.38 148.42
Provision for tax 50.73 29.12
Net Profit after tax 89.65 119.30
Other Comprehensive income (Net of tax) 1.78 2.40
Total Comprehensive Income 91.43 121.70
Closing Balance of Retained Earnings 1434.01 1344.36

2. COVID-19

The outbreak of the COVID-19 virus and the ensuing lockdown imposed across the countryaffected business operations severely during the 1st half of the financialyear however the economy along with the business operations of the Company saw a bounceback during the second half of the FY 2021-2022. The Company after giving priority to thehealth and safety of its employees and workers was successful in overcoming allunprecedented challenges. The Company is thankful and acknowledges the contribution of itsemployees and workers to make it possible to run the business nearing to normalcy. Therevenue impact of the pandemic played out broadly along the lines that the Company hadanticipated at the start and affected all verticals with varying levels of impact.

3. Dividend

In view of the inadequate profit no dividend has been recommended by the Board for theyear 2021-22.

4. Going Concern Status

During the year under review there were no significant or material orders passed byany regulators or court or tribunal which can impact the going concern status of thecompany and /or its future operations.

5. Share Capital

There was no change in the share Capital of the Company during the year under report.

6. Insurance

Your company has taken all the necessary steps to insure its properties and insurableinterests as deemed appropriate and also as required under the various legislativeenactments.

7. Closing Balance of The Retained Earnings

The closing balance of the retained earnings of the Company for FY 2022 after allappropriation and adjustments was 1434.01 Lakhs.

8. Company's performance

During the year The Company has produced 5140 MT of various Grades of Compounds asagainst the Production of 6370 MT for the year 31st March 2021. Turnover forthe year under review was 4519.09 lakhs as compared to Rs. 3702.38 lakhs for the yearended as on 31st March 2021. Profit from Operating Activites for the year 31stMarch 2022 was Rs. 187.98 Lakhs as compared to Rs. 185.82 Lakhs for the year ended as on31st March 2021.

During the year under review your Company continued its focus on improvements inmargins by allocating optimum recourses through cost reduction at manufacturing level. TheOperational margins however remained under pressure.

Your company continued its efforts to reduce Cost of Working Capital and to utilize thesavings in the best manner.

9. Human resource development

Attracting enabling and retaining talent have been the cornerstone of the HumanResource function and the results underscore the important role that human capital playsin critical strategic activities such as growth.

The Company had total 38 employees as on 31st March 2022.

10. Industry Overview and industrial structure and developments:

In the last two years India's polymer demand remained almost flat due to reducedfactory activity intermittent lockdowns and restriction in travel movement.

After clocking a negative growth in 2019-20 the growth in polymer consumption in Indiaremained flat in 2020-21 owing to the nationwide lockdowns and dip in demand. Howevergoing further in 2021-22 the demand bounced back significantly and grow at a rate of 12.3per cent" said a CPMA report.

With a huge surge in new Covid cases in April - May 2021 popularly known as the secondwave consumer demand was badly hit. In 2020-21 the Indian polymer industry (like globalindustry) was dominated by polyolefins (polyethylene or PE and polypropylene or PP)representing about 77 per cent of all commodity resins consumed.

Data compiled by the apex industry body Chemicals & Petrochemical Manufacturers'Association (CPMA) showed India's polymer demand may rise by 12.3 per cent in the currentfinancial year 2021-22 the highest in four years on a phenomenal increase in consumptionof finished products that use polymers as a raw material. The government's unlocking planhas allowed consumers to visit retail stores and purchase the commodity of their choicealmost similar to the way it was being done before the start of the Covid pandemic.

After almost two years of weaknesses India's polymer demand bounce backed with arobust growth in the current financial year 2021-22 due to a sharp recovery in economicactivity on account of a sustained fall in new coronavirus (Covid) cases in the country.

CPMA estimates India's polymer demand at 16.62 million tonnes for the financial year2021-22 compared to 14.80 million tonnes in the previous year. The association furtherestimates India's polymer consumption will witness a growth of 6.4 per cent to 17.69million tonnes in the financial year 2022-23. Meanwhile polymer import dependencywitnessed at dip at 25 per cent in 2021-22 and is expected to remain around same levelover the next year.

However the business environment started improving in the second half of 2021.Consumer demand bounced back again thereafter after a decline in the number of the newCovid cases. In the current year therefore the polymer demand in India may witness anemphatic growth this year.

The increasing consumption of plastic products because of its applications in severalend users and the rapid industrialization is increasing the demand for polymers market inIndia. Also the expanding sectors such as health pharmaceuticals and others is one ofthe factor that is propelling the market. The petrochemical and chemical industry plays avery significant role for the development of economy in a country.

The company is manufacturing various compounds of Power cable Telephone cable andEngineering Plastics. The company has also started production of Black Color Master Batchand pigments.

This year has again been challenging for our suppliers and partners. Initial lockdownsaffecting production and the challenges they had to face affected their cash flow. Borderrestrictions hampered logistics; and new government regulations to protect employees andensure safe working environments demanded new ways of working often at very short notice.Our suppliers looked to us for working capital support.

During the year The Company has produced 5140 MT of various Grades of Compounds duringthe year as against the Production of 6370 MT for the year 31st March 2021.Turnover for the year under review was 4519.09 lakhs as compared to Rs. 3702.38 lakhs forthe year ended as on 31st March 2021. Profit from Operating Activates for theyear for the year 31st March 2022 was Rs. 187.98 Lakhs as compared to Rs.185.82 Lakhs for the year ended as on 31st March 2021.

11. Export House Status:

Your Company enjoys the status of "One Star Export House"

12. Business Outlook/ Future Projects

Your company is making continues endeavour to enter into new area of market. The highstandard and development will ensure cost reduction and cost control which preliminaryaffect the bottom line of the company.

13. Directors' responsibility statement

Pursuant to Section 134(5) of the Act the Board of Directors to the best of itsknowledge and ability confirm that:

i. in the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures;

ii. they have selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company at the end of the financial year and of the profitof the Company for that period;

iii. they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

iv. they have prepared the annual accounts on a going concern basis;

v. they have laid down internal financial controls to be followed by the Company andsuch internal financial controls are adequate and operating effectively;

vi. they have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems are adequate and operating effectively.

Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company the work performed by the internal statutoryand secretarial auditors and external consultants including the audit of internalfinancial controls over financial reporting by the statutory auditors and the reviewsperformed by management and the relevant board committees including the audit committeethe Board is of the opinion that the Company's internal financial controls were adequateand effective during FY 2022.

14. Directors and key managerial personnel

The Board opines that the independent directors so appointed/re-appointed are ofintegrity and possess the requisite expertise and experience (including the proficiency).Necessary details regarding the appointment and reappointment as required under theCompanies Act 2013 and Listing Regulations 2015 are given in the notice of 29thannual general meeting. The aforesaid appointments are subject to approval of shareholdersat the annual general meeting. Each of the Independent Directors have furnished theirdeclarations of independence as required pursuant to the provisions of section 149(6) ofthe Act stating that he\she meet the criteria of independence as provided in section149(6) of the Companies Act 2013.

Mrs Pragya Bhartia Barwale (Din: 02109262) retires by rotation and being eligibleoffers himself for re-appointment. A resolution seeking shareholders' approval for herreappointment forms part of the Notice.

Shri R P Goyal whole time director whose tenure was completed as on 31stJanuary 2022 was again renominated as Whole-time director w.e.f. 09thFebruary 2022 subject to approval of shareholders in the Upcoming Annual general Meeting.A Resolution seeking necessary approval for his reappointment is also forms part of thenotice.

Pursuant to the provisions of Section 149 of the Act the independent directors havesubmitted declarations that each of them meets the criteria of independence as provided inSection 149(6) of the Act along with Rules framed there under and Regulation 16(1)(b) ofthe SEBI Listing Regulations. There has been no change in the circumstances affectingtheir status as independent directors of the Company.

During the year under review the non-executive directors of the Company had nopecuniary relationship or transactions with the Company other than sitting feescommission if any and reimbursement of expenses incurred by them for the purpose ofattending meetings of the Board / Committee of the Company.

Pursuant to the provisions of Section 203 of the Act the Key Managerial Personnel ofthe Company as on March 31 2022 are:

1. Mr. Ravi Prakash Goyal (Whole Time Director)

2. Mr. Manoj Gohil (Chief Financial Officer)

3. Mr. Ankit Vageriya

(Company Secretary and compliance officer) .

15. Profile of The Directors Seeking Appointment / Reappointment:

As required under SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 following Directors are liable to retire by rotation and seeking appointment /reappointment at the ensuing Annual General Meeting is annexed to the notice convening 29thAnnual General Meeting. Following directors are liable to retire/ reappoint in ensuingAnnual General Meeting.

1. Mrs. Pragya Bhartia Barwale

(Non-Executive Non-Independent Director)

2. Shri Ravi Prakash Goyal (Whole Time Director)

15. Number of meetings of the Board

Four meetings of the Board were held during the year under review. For details ofmeetings of the Board please refer to the Corporate Governance Report which is a part ofthis report.

16. Managerial Remuneration:

Disclosures of the ratio of Remuneration of each director to the median employee'sremuneration and other details as require with respect to Section 197(12) of the CompaniesAct 2013 read with Rule 5 (1) of the Companies (Appointment and remuneration ofManagerial Personnel) Rules 2014 are given in the Annexure of the Director Report.

The Detail of remuneration paid to the directors including executive directors of theCompany are given in Form MGT 9 available of the websites of the company atwww.polylinkpolymers.com .

17. Board evaluation

The Board of Directors has carried out an annual evaluation of its own performanceboard committees and individual directors pursuant to the provisions of the Act and SEBIListing Regulations.

The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of criteria such as the board composition and structureeffectiveness of board processes information and functioning etc.

The performance of the committees was evaluated by the board after seeking inputs fromthe committee members on the basis of criteria such as the composition of committeeseffectiveness of committee meetings etc.

The above criteria are broadly based on the Guidance Note on Board Evaluation issued bythe Securities and Exchange Board of India on January 5 2017.

In a separate meeting of independent directors performance of non-independentdirectors the Board as a whole and the Chairman of the Company was evaluated taking intoaccount the views of executive directors and non-executive directors. The Board and theNomination and Remuneration Committee reviewed the performance of individual directors onthe basis of criteria such as the contribution of the individual director to the board andcommittee meetings like preparedness on the issues to be discussed meaningful andconstructive contribution and inputs in meetings etc.

At the board meeting that followed the meeting of the independent directors and meetingof Nomination and Remuneration Committee the performance of the Board its committeesand individual directors was also discussed. Performance evaluation of IndependentDirectors was done by the entire Board excluding the independent director beingevaluated.

18. Policy on directors' appointment and remuneration and other details.

The contents of Nomination and Remuneration Policy of the Company prepared inaccordance with the provisions of Section 178 of the Companies Act 2013 and Regulation 19of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 areprovided in the Corporate Governance Report. The Policy may be referred to at theCompany's website at (www.polylinkpolymers.com).

19. Audit committee

The details pertaining to the composition of the Audit Committee are included in theCorporate Governance Report which is a part of this report.

20. Statutory Auditors

Pursuant to section 139 of Companies Act 2013 read with Rule 6 of Companies (Audit andAuditors) Rules 2014 M/s M.L. Garg & Co. Chartered Accountant New Delhi havingRegistration No. 001604N were appointed by the Shareholders of the Company at their 25thAnnual General Meeting on 29th September 2017 from the Conclusion of thatAnnual General Meeting till the Conclusion of 29th Annual General Meetingsubject to ratification by every year at AGM at Remuneration as to be decided by the Boardof Directors in consultation of the Auditors plus applicable taxes and out of pocketexpenses if any.

As reported earlier in terms of the Companies Amendment Act 2017 read withNotification S.O. 1833(E) dated 7th May 2018 read with The Companies (Audit andAuditors) 2nd Amendment Rules 2018 along with its corrigendum dated 17thMay 2018 delete rules and provisions relating to annual ratification of the appointmentof auditor.

Now during a single term of 5 years there are no requirement for ratification of theappointment of auditor. They will be continuing as statutory auditors of the company tillthe Conclusion of 29th Annual General Meeting to be held in the calendar year2022.

21. Secretarial Auditor

According to the provision of section 204 of the Companies Act 2013 read with Rule 9of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 Mr.Varun Bhomia proprietor of M/s. Bhomia Solanki & Associates Company Secretary inPractice Indore has been appointed by the Board of Directors to conduct the audit of thesecretarial records of the company for the year ended 2021-22.

22. Auditor's report and Secretarial audit report

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments.

1. Secretarial Audit Report

In terms of Section 204 of the Act and Rules made there under Mr. Varun Bhomiaproprietor of M/s. Bhomia Solanki & Associates Company Secretary in Practice Indorehas been appointed Secretarial Auditors of the Company. The report of the SecretarialAuditors is enclosed as Annexure VII to this report. The report is self-explanatory and donot call for any further comments.

2. Secretarial Compliance Report

In terms of SEBI (LODR)2015thecompanyhaveappointed Mr.Varun Bhomia proprietor of M/s.Bhomia Solanki

& Associates Company Secretary in Practice Indore to issue a compliance report inrespect of compliance of various rules notices circulars notification etc. issued byBSE SEBI from time to time.

During the year a company have complied all the circulars notices notification issuedunder various SEBI Act and Regulations which are applicable for the company. The reportis self- explanatory and do not call for any further comments.

3. Internal Audit & Controls

The Company continues to engage M/s K N Gutgutia and Co. Chartered Accountants newDelhi as its Internal Auditor for the Financial year 2021-22. During the year theCompany continued to implement their suggestions and recommendations to improve thecontrol environment. Pursuant to provision of section 138 of the Companies Act 2013.

The Audit Committee of the Board of Directors in consultation with the internal Auditorformulates the scope functioning periodicity and methodologies for conducting theInternal Audit subject to terms and conditions as decided by the Audit Committee.

23. Risk management

The Audit Committee has oversight in the area of financial risks and controls. Themajor risks identified by the businesses and functions are systematically addressedthrough mitigating actions on a continuing basis.

Necessary internal control systems are also put in place by the Company on variousactivities across the board to ensure that business operations are directed towardsattaining the stated organizational objectives with optimum utilization of the resources.Apart from these internal control procedures a well-defined and established system ofinternal audit is in operation to independently review and strengthen these controlmeasures which is carried out by a reputed firm of Chartered Accountants. The AuditCommittee of the Company regularly reviews the reports of the internal auditors andrecommends actions for further improvement of the internal controls.

The objective of Risk Management at PPIL is to create and protect shareholder value byminimizing threats or losses and identifying and maximizing opportunities. Anenterprise-wide risk management framework is applied so that effective management of risksis an integral part of every employee's job.

The Company is manufacturing various Compound of Power Cable Telephone Cable andEngineering Plastics. Its presence in these segments exposes it to various risks which areexplained below.

Risk of Competition and Price Pressure

The risk of competition from existing players as well as from new entrants remainshigh. However the Company's strength in the market place coupled with its continuousthrust on improving quality of its products and offering newer products in the MasterBatch segment. The Company supplies Various Compound both on National and InternationalMarket. Both Markets have their own nuances in terms of customer expectations competitionand pricing. However the company is well focused on increasing its share in all segmentsthrough sound marketing strategy and a balanced approach.

Risk of fluctuations in prices of key inputs

Prices of the key ingredients used in the products manufactured and marketed by theCompany remain volatile due to several market factors including changes in governmentpolicies and fluctuations in the foreign exchange rates and the Speculators. However theCompany keeps a close watch on the prices wherever feasible to minimize the risk offluctuations in the input prices.

The Company has established a well-defined process of risk management wherein theidentification analysis and assessment of the various risks measuring of the probableimpact of such risks formulation of risk mitigation strategy and implementation of thesame takes place in a structured manner. Though the various risks associated with thebusiness cannot be eliminated completely all efforts are made to minimize the impact ofsuch risks on the operations of the Company. Necessary internal control systems are alsoput in place by the Company on various activities across the board to ensure that businessoperations are directed towards attaining the stated organizational objectives withoptimum utilization of the resources. Apart from these internal control procedures awell-defined and established system of internal audit is in operation to independentlyreview and strengthen these control measures which is carried out by a reputed firm ofChartered Accountants. The Audit Committee of the Company regularly reviews the reports ofthe internal auditors and recommends actions for further improvement of the internalcontrols The Company has limited currency exposure in case of sales purchases and otherexpenses. It has natural hedge to some extent. However beyond the natural hedge the riskcan be measured through the net open position i.e. the difference between un-hedgedoutstanding receipt and payments. The risk can be controlled by a mechanism of "StopLoss" which means the Company goes for hedging (forward booking) on open positionwhen actual exchange Rate reaches a particular level as compared to transacted rate.

24. Vigil Mechanism

The Company has a Whistle Blower Policy and has established the necessary vigilmechanism for directors and employees in confirmation with Section 177(9) of the Act andRegulation 22 of Listing Regulations to report concerns about unethical behavior.

In staying true to our values of Strength Performance and Passion and the Company iscommitted to the high standards of Corporate Governance and stakeholder responsibility.The Policy ensures that strict confidentiality is maintained whilst dealing with concernsan Experts Committee has been constituted which looks into the complaints raised. TheCommittee reports to the Audit Committee and the Board.

25. Particulars of loans guarantees and investments

During the year under review the Company has not given any loan or provided guaranteesor made any investments as prescribed under Section 186 of the Companies Act 2013.

26. Transactions with related parties

All related party transactions that were entered into during the financial year were onarm's length basis and were in the ordinary course of the business and comply the Policyof the Company. There are no materially significant related party transactions made by thecompany with Promoters Key Managerial Personnel or other designated persons which mayhave potential conflict with interest of the company at large.

27. Corporate Social Responsibility

Corporate Social Responsibility spending not to be applicable to the Company as theturnover/net worth is below the threshold limit.

28. Extract of annual return

The extract of Annual Return in Form MGT 9 as required under Section 92 (2) of the act(as amended) read with Rule12 of the Companies (Management and Administration) Rules 2014(as amended) is available at the website of the Company at www.polylinkpolymers.com

29. Particulars of employees

Pursuant to Section 197 of Companies act 2013 read with the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 as amended Remuneration paid to all theKey Managerial Personnel was in accordance with remuneration Policy adopted by theCompany.

Particulars of Employee of the company who are covered by the provisions contained inRule 5(2) and Rule 5 (3) of Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are as under: Employee throughout the Year: Nil Employee for partof the year: Nil

30. Material changes and commitments affecting the financial position of the Company:

Due to outbreak of second wave of COVID-19 pandemic and consequent lockdown imposed bythe various states to curb its wide spread an economic disruption has been witnessed inIndia. There was an impact on the Company's business. The management is closely analyzingand monitoring the situation and getting adequately prepared to emerge stronger in thelonger term.

For the rest there have been no material changes and commitments if any affectingthe financial position of the Company which have occurred between the end of thefinancial year of the Company to which the financial statements relate and the date of thereport.

31. Prevention Of Insider Trading:

In terms of SEBI (Prohibition of Insider Trading) Regulation 2018 The Company hasrevised its Code of Conduct for Prevention of Insider Trading along with adoption ofPolicy for Legitimate purpose with a view to regulate trading insecurities by theDirectors and designated employees of the Company. The Code requires pre-clearance fordealing in the Company's shares and prohibits the purchase or sale of Company shares bythe Directors and the designated employees while in possession of unpublished pricesensitive information in relation to the Company and during the period when the TradingWindow is closed. The Board is responsible for implementation of the Code. All BoardDirectors and the designated employees have confirmed compliance with the Code.

32. Subsidiary Companies:

The Company does not have any subsidiary Company.

33. Deposits from public

The Company has not accepted any deposits from public and as such no amount on accountof principal or interest on deposits from public was outstanding as on the date of thebalance sheet.

34. Independent Directors' Meeting and Familiarization Programme:

In terms of SEBI Regulation 2015 a meeting of Independent Directors was held inabsence of Non-Independent Directors and members of the Management. The Meeting was heldinter-alia with a view to review the performance of non-independent directors and theBoard as a whole review the performance of the Chairperson of the company taking intoaccount the views of executive directors and non-executive directors; and to assess thequality quantity and timeliness of flow of information between the company management andthe Board. The details of Independent Directors' Meeting and familiarization program arestated in the Corporate Governance Report.

35. Adequacy Of Internal Financial Control

The Company has in place adequate internal financial control with reference tofinancial statements. Periodic audit is undertaken on continuous basis covering all themajor operations. Reports of the Internal Auditors are reviewed by the management fromtime to time and desired actions are initiated to strengthen the control and effectivenessof the system. During the year such control was tested and no reportable materialweaknesses were observed in the design or operation. The Internal financial control withreference to financial statement as designed and implemented by the company are adequate.During the year under review no material or serious observation has been received fromthe Internal Auditors of the company for inefficiency of such control.

36. Internal Control System And Their Adequacy

The Internal Control System provides for well documented policies/guidelinesauthorization and approval procedures. Considering the nature of its business and size ofoperation your company through its internal auditor carried out periodic audit based onthe plan approved by the audit committee. The Summary of the Internal Audit observationand the status of the implementation are submitted to the Audit Committee. The status ofimplementation of the recommendation is reviewed by the Audit Committee on a regular basisand desired action are initiated to strengthen the control and effectiveness of thesystem. Concerns if any reported to the board.

37. Policies As Per SEBI (Listing Obligations and Disclosure Requirements) Regulations2015

Pursuant to requirements of provisions of SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015the Company has adopted the following policiescurrently which are available on the portal of the company (www. polylinkpolymers.com).

? ?Policy for Preservation of Documents.

• Whistle Blower Policy.

• Policy on Performance Evaluation.

• Policy on Risk Management.

• Policy for Determination and Disclosure of Material Events.

• Policy on Remuneration of Directors and Key Managerial personal.

• Policy on Archival of Documents.

• Policy on Material Related Party Transactions.

• Internal financial control policy

• Terms and condition of appointment of Independent Directors

• Policy on Sexual harassment of Women at Workplace.

• Code of Insider Trading.

38. Green Initiative

Your Directors would like to draw your attention to section 20 of the Companies act2013 read with the Companies (Management and administration) Rules 2014 as may be amendedfrom time to time which permit the paperless compliances and also service ofnotice/documents (including annual report) through electronic mode to its shareholders.Your Directors hereby once again appeal to all those members who have not registered theire mail address so far are requested to register their email address in respect ofelectronic holding with their concerned Depository participants and /or with the Company.

39. Health Safety and Environment

Your company recognizes the protection and management of environments as one of thehighest priorities and every effort is made to conserve and protect the environment.During the year your company continued its focus in creating as aesthetic environmentfriendly Industrial habitant in its factory unit mobilizing support generating interestamong staff and labors for maintaining hygienic and green surroundings. The Companyobtained the necessary approval/Licenses from concerned Government Department/PollutionControl Board and related environment clearance safety clearance. The company continues tofocus on maintenance and performance improvement of related pollution control facility atits manufacturing locations.

40. Business Responsibility Report

The business responsibility reporting as required by regulation 34(2) (f) of the SEBI(listing obligations and disclosure requirements) regulations 2015 is not applicable toyour company for the financial year ending March 31 2022.

41. Management Discussion And Analysis Report

The management discussion and analysis report on the operations of the Company asrequired under the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 has been given separately in this report.

42. Code Of Conduct:

The Board of Directors has approved a Code of Conduct which is applicable to theMembers of the Board and all employees in the course of day-to-day business operations ofthe company. The Company believes in "Zero Tolerance" against briberycorruption and unethical dealings / behaviors of any form and the Board has laid down thedirectives to counter such acts. The code laid down by the Board is known as "code ofbusiness conduct" which forms an Appendix to the Code. The Code has been posted onthe Company's website www. polylinkpolymers.com. The Code lays down the standard procedureof business conduct which is expected to be followed by the Directors and the designatedemployees in their business dealings and in particular on matters relating to integrity inthe work place in business practices and in dealing with stakeholders.

The Code gives guidance through examples on the expected behavior from an employee in agiven situation and the reporting structure. All the Board Members and the SeniorManagement personnel have confirmed compliance with the

Code. All Management Staff were given appropriate training in this regard.

43. General

Your directors state that no disclosure or reporting is required in respect of thefollowing items as there were no transaction on these items during the year under review:

1. No issue of equity shares with differential right as to dividend voting orotherwise.

2. There is no Employees' Stock Option Scheme (ESOS).

3. No significant or material orders were passed by the Regulation or Courts orTribunals which impact the going concern status and Company's operations in future.

4. The Company has not issued any Sweat Equity Shares.

44. Acknowledgements

The Directors thank the Company's employees customers vendors investors and academicpartners for their continuous support.

The Directors also thank the Government of India Governments of various states inIndia Governments of various countries and concerned Government departments and agenciesfor their co-operation.

The Directors appreciate and value the contribution made by every member of theCompany.

By Order of the Board of Directors

For Polylink Polymers (India) Limited

Ravi Prakash Goyal

Whole Time Director

Place: Ahmedabad Date : 10th May 2022

Reg. Office :

Block No. : 229-230 Village: Valthera

Taluka: Dholka Distt. Ahmedabad Gujarat -382225 CIN No. L17299GJ1993PLC032905 Tel. Fax: +91 2714 247 454 Mail Id : companysecretary@polylinkpolymers.com website :www.polylinkpolymers.com

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