To,
The Members G M Polyplast Limited
The Directors present the 22nd Annual Report (5th
Post Listing) of G M Polyplast Limited (Formerly known as G M Polyplast Private Limited)
(the Company) along with the audited financial statements for the
financial year ended March 31, 2025
1. Financial Summary or Highlights:
During the financial year under review, performance of your company
as under:
Amount in 000)
Particulars |
March 31,2025 |
March 31,2024 |
Revenue from Operations |
9,61,555 |
9,20,191 |
Other Income |
834 |
1763 |
Total Revenue |
9,62,389 |
9,21,954 |
Less: Expenses |
|
|
Cost of materials consumed |
7,10,445 |
6,98,761 |
Change in inventories of Finished goods,
work-in-progress and stock-in-trade |
8,327 |
-7354 |
Other Manufacturing expenses |
44,508 |
43,405 |
Employee Benefit Expense |
32,976 |
30,238 |
Other Expenses |
48,263 |
41,614 |
Total Expenses |
8,44,519 |
8,06,664 |
Earnings before exceptional
items, extraordinary items, interest, tax, depreciation & amortization (EBITDA) |
1,17,870 |
1,15,290 |
Finance Costs |
5,340 |
3,747 |
Depreciation |
12,628 |
12,862 |
Profit before exceptional items,
extraordinary items & tax |
99,902 |
98,681 |
Exceptional items and Extraordinary items
Prior Period item |
- |
- |
Profit before Tax |
99,902 |
98,681 |
Current Tax Expenses |
26,563 |
25,910 |
Tax Expense relating to prior years |
93 |
379 |
Deferred Tax Expenses |
-1,198 |
1,527 |
Profit for the year after tax |
74,444 |
70,865 |
Earnings Per Share (of Rs. 10/- each) |
|
|
Basic & Diluted |
5.53 |
5.27 |
The above figures are extracted from the Financial Statements prepared
in accordance with accounting principles generally accepted in India including the
Accounting Standards specified under section 129 and 133 of the Companies Act, 2013
("the Act") read with the
Companies (Accounts) Rules, 2014 and other relevant provisions of the
Act.
The detailed financial statement as stated above are available on the
Company's website at http://www.gmpolyplast.com/
2. State of company's affairs:
For the financial year ending March 31, 2025, the company achieved
gross revenues and other income totalling INR 96.24 crores, as compared to INR 92.02
crores in the previous financial year ending March 31, 2024.
The net profit before tax for the year was INR 9.99 crores, while the
net profit after tax was INR 7.44 crores, compared to a net profit before tax of INR 9.87
crores and a net profit after tax of INR 7.09 crores in the previous financial year.
3. Dividend:
Considering the liquidity and the cash flow position of the Company,
the Board of Directors did not recommend any dividend for the financial year under review.
4. Transfer of unclaimed dividend to Investor Education and
Protection Fund:
During the Financial year 2024-2025, no amount was due to be
transferred to the Investor Education and Protection Fund, as there was no
unpaid/unclaimed Dividend for a period as prescribed in the Companies Act 2013.
5. Transfer to Reserves:
During the Financial year 2024-2025, no amount was transferred to the
Reserves for the year under review.
6. Changes in Capital Structure:
The capital structure of the Company during the financial year.
The authorised share capital of the Company stands at INR 17,00,00,000
(Indian Rupees Seventeen Crores only), divided into 1,70,00,000 (One Crore Seventy Lakhs)
equity shares of INR 10 (Indian Rupees Ten only) each.
The paid-up share capital of the Company during the year was INR
13,45,96,000 (Indian Rupees Thirteen Crores Forty-Five Lakhs Ninety-Six Thousand only),
divided into 1,34,59,600 (One Crore Thirty-Four Lakhs Fifty-Nine Thousand Six Hundred)
equity shares of INR 10 (Indian Rupees Ten only) each.
7. Details of directors or key managerial personnel who were
appointed or have resigned during the year:
The Board of Directors of your Company ("the Board")
comprised of 6 (Six) Directors, constituted as follows: Managing Director - 1; Executive
Women Director 1; Non-Executive Directors - 1; Independent Directors - 3.
Your Directors on the Board possess the requisite expertise,
experience, integrity, competency and proficiency and are renowned in their respective
fields. All Directors are liable to retire by rotation except Independent Directors.
The Board of Directors and the committees are duly constituted in
accordance with the applicable provisions. There were NO changes in the Board during the
year under review.
Retirement by Rotation:
As per the provisions of the Companies Act, 2013, of Mrs. Sarita Dinesh
Sharma (DIN: 00128337) is due to retire by rotation and being eligible, offer herself for
re-appointment at the 22nd (5th Post Listing) Annual General Meeting of the Company. A
detailed profile of,
Mrs. Sarita Dinesh Sharma (DIN: 00128337) seeking
appointment/re-appointment is provided in the Notice of the 22nd (5th Post
Listing) Annual General Meeting of the Company.
In accordance with the provisions of the Companies Act, 2013 and the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of
Directors, at its meeting based on the recommendations of the Nomination and Remuneration
Committee, considered and approved the following appointments and re-appointments, which
are being placed before the members for their approval at the ensuing Annual General
Meeting: The Board has approved the re-appointment of Mrs. Sarita Dinesh Sharma (DIN:
00128337) as Whole-time Director of the Company for a further period of five years
commencing from June 30, 2026 and ending on June 29, 2031, subject to the approval of
members.
Further, the Board has also approved the appointment of Mr. Subramanian
Ramaswamy Vaidya (DIN: 03600249) as Non-Executive
Independent Director of the Company for a second consecutive term of
five years commencing from September 03, 2025 to September 02, 2030, subject to approval
of the members.
Mr. Vaidya has attained the age of 75 years, and therefore, pursuant to
the provisions of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the consent of the members is also being sought for his
continuation as an Independent Director in a non-executive capacity.
Additionally, the Board has considered and approved the appointment and
revision in terms of appointment of Mr. Balbir Singh Bholuram
Sharma (DIN: 00374565) as Non-Executive, Non-Independent Director of
the Company for a term of five years from August 23, 2025 until August 22, 2030. Mr.
Sharma shall also attain the age of 75 years during the tenure, and accordingly, in terms
of Regulation 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the consent of the members is being sought for continuation of his
appointment in the said capacity.
Key Managerial Personnel:
In terms of the provisions of Sections 2 (51) and 203 of the Companies
Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the following employees were holding the position of Key Managerial Personnel
(KMP') of the Company as on March 31, 2025:
Mr. Dinesh Balbirsingh Sharma |
Managing Director and Chief Financial
Officer |
Mrs. Sarita Dinesh Sharma |
Whole Time Director |
Ms. Dimple Amrit Parmar |
Company Secretary and Compliance Officer |
On May 22, 2024, Mr. Dinesh Sharma, the Managing Director (MD) of the
Company, took on the additional role of CFO. Consequently,
Mr. Dinesh Sharma now serves in a dual capacity as both Managing
Director and Chief Financial Officer of the Company.
Familiarization programme for Independent Director:
The Company ensures that its directors remain well-informed about its
operations, management, and industry trends through a comprehensive Familiarization
Programme designed specifically for Independent Directors. This programme covers the
company's activities, strategic management, and an overview of current industry
challenges and opportunities. Detailed information about the
Familiarization Programme can be accessed on our website at
http://www.gmpolyplast.com/.
8. Annual Performance Evaluation of the Board:
The Board, in collaboration with the Nomination and Remuneration
Committee, has established comprehensive criteria for evaluating the performance of
Independent Directors, the Board and its Committees, as well as individual Directors. This
includes specific criteria for assessing the performance of both Non-Executive and
Executive Directors. These evaluations are conducted in accordance with the guidelines
outlined in the Nomination & Remuneration Policy.
Following the amendment to Section 178 by the Companies (Amendment)
Act, 2017, effective from May 7, 2018, the Nomination and
Remuneration Committee acknowledged the changes and resolved to conduct
a comprehensive performance evaluation of the Board, its Committees, and individual
Directors. Consequently, the Committee carried out these evaluations during its meeting.
The Board of Directors has carried out an annual evaluation of its own
performance, board committees, and individual directors pursuant to the provisions of the
Act and Listing Regulations. The performance of the Board was evaluated after seeking
inputs from all the
Directors based on criteria such as the composition of the Board and
its committee, effectiveness of board processes, information and functioning, etc.
In a separate meeting, the Independent Directors evaluated the
performance of the Non-Independent Directors, the Board as a whole, and the Managing
Director. This assessment incorporated the perspectives of both the Executive Director and
the Non-Executive Directors.
9. Meetings of the Board and its Committee Board
The Board meets at regular intervals to discuss and decide on the
Company's performance and strategies. During the financial year under review, the
Board met 5 (Five) times. The meetings were held on May 22, 2024; July 06,2024, October
15, 2024; November 14,2024 and
February 14, 2025
Sr. No Name of
Director |
Designation |
No of meetings attended |
No of meetings entitled
to attend |
Whether AGM held on
13/08/2024 attended |
1 Mr. Dinesh Balbirsingh Sharma |
Managing Director |
5 |
5 |
Yes |
2 Mr. Balbirsingh Bholuram Sharma |
Non-Executive Director |
5 |
5 |
Yes |
3 Mrs. Sarita Dinesh Sharma |
Whole Time Director |
5 |
5 |
Yes |
4 Mr. Subramanian Ramaswamy Vaidya |
Independent Director |
5 |
5 |
Yes |
5 Dr. Suhas Maruti Rane |
Independent Director |
5 |
5 |
Yes |
6. Mrs. Anjali Patil Sakpal |
Independent Director |
5 |
5 |
Yes |
AUDIT COMMITTEE
Our Company has established an Audit Committee, meticulously structured
to comply with the relevant provisions of the Act and Listing Regulations. The
composition, quorum, powers, roles, and scope of the Committee are all aligned with these
regulatory requirements.
Throughout the financial year under review, the Audit Committee
undertook a comprehensive evaluation of the internal controls implemented to ensure the
accurate maintenance of our Company's accounts. This assessment ensured that all
accounting transactions conformed with the prevailing laws and regulations. During these
reviews, the Committee did not identify any significant discrepancies or weaknesses in our
internal control system.
In addition to this, the Committee conducted a thorough review of the
policies and procedures related to risk assessment and management.
These evaluations confirmed the robustness of our risk management
framework, ensuring that it effectively identifies, assesses, and mitigates potential
risks to our Company.
Scope and functions of the Committee: The Scope and functions of
the Audit Committee are in accordance with Section 177 of the Companies Act 2013 and
Regulations 18 (3) of SEBI Listing Regulation and its terms of reference include the
following:
1. Overseeing the Company's financial reporting process and the
disclosure of its financial information to ensure that the financial statement is correct,
sufficient and credible;
2. Recommending to the Board the appointment, re-appointment and
replacement, remuneration and terms of appointment of statutory auditor of the Company;
3. Reviewing and monitoring the statutory auditor's independence
and performance, and effectiveness of audit process;
4. Approving payments to statutory auditors for any other services
rendered by the statutory auditors of the Company;
5. Reviewing, with the management, the annual financial statements and
auditor's report thereon before submission to the Board for approval, with particular
reference to: (a) Matters required to be included in the Director's Responsibility
Statement to be included in the Board's report in terms of clause (c) of sub-Section
3 of Section 134 of the Companies Act, 2013, as amended; (b) Changes, if any, in
accounting policies and practices and reasons for the same; (c) Major accounting entries
involving estimates based on the exercise of judgment by the management; (d) Significant
adjustments made in the financial statements arising out of audit findings; (e) Compliance
with SEBI Listing Regulations and other legal requirements relating to financial
statements;
(f) Disclosure of any related party transactions; and (g)
Qualifications / modified opinion(s) in the draft audit report.
6. Reviewing, with the management, the quarterly, half-yearly and
annual financial statements before submission to the board for approval;
7. Reviewing, with the management, the statement of uses / application
of funds raised through an issue (public issue, rights issue, preferential issue, etc.),
the statement of funds utilized for purposes other than those stated in the offer document
/ prospectus / notice and the report submitted by the monitoring agency monitoring the
utilization of proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter;
8. Approval or any subsequent modification of transactions of our
Company with related parties and omnibus approval for related party transactions proposed
to be entered into by our Company subject to such conditions as may be prescribed;
9. Formulating a policy on related party transactions, which shall
include materiality of related party transactions; 10. Scrutinizing of inter-corporate
loans and investments;
11. Valuing of undertakings or assets of the Company, wherever it is
necessary; 12. Evaluating of internal financial controls and risk management systems;
13. Establishing a vigil mechanism for directors and employees to
report their genuine concerns or grievances;
14. Reviewing, with the management, performance of statutory and
internal auditors, adequacy of the internal control systems; 15. Reviewing the adequacy of
internal audit function, if any, including the structure of the internal audit department,
staffing and seniority of the official heading the department, reporting structure
coverage and frequency of internal audit;
16. Discussing with internal auditors of any significant findings and
follow up there on;
17. Reviewing the findings of any internal investigations by the
internal auditors into matters where there is suspected fraud or irregularity or a failure
of internal control systems of a material nature and reporting the matter to the Board;
18. Discussing with statutory auditors before the audit commences, about the nature and
scope of audit as well as post-audit discussion to ascertain any area of concern; 19.
Looking into the reasons for substantial defaults in the payment to the depositors,
debenture holders, shareholders (in case of non-payment of declared dividends) and
creditors; 20. Reviewing the functioning of the whistle blower mechanism; 21. Approving
the appointment of the Chief Financial Officer (i.e., the whole-time Finance Director or
any other person heading the finance function or discharging that function) after
assessing the qualifications, experience and background, etc. of the candidate; and
22. Carrying out any other function as is mentioned in the terms of
reference of the Audit Committee and any other terms of reference as may be decided by the
Board and/ or specified/ provided under the Companies Act, 2013 or SEBI Listing
Regulations or by any other regulatory authority." The Composition of Audit Committee
and the attendance of Members at the Meeting during FY 2024- 25 were as under:
Sr. No Name of Member |
Designation |
No of meetings attended |
No of meetings entitled to
attend |
Whether AGM held on
13/08/2024 attended |
1 Mr.Subramanian Vaidya |
Independent Director |
5 |
5 |
Yes |
2 Mr. Suhas Rane |
Independent Director |
5 |
5 |
Yes |
3 Ms. Anjali Sapkal |
Independent Director |
5 |
5 |
Yes |
4. Mr. Dinesh Sharma |
Managing Director |
5 |
5 |
Yes |
The Company boasts a qualified and independent Audit Committee, with
its composition fully compliant with the applicable provisions of Section 177 of the Act
and Regulation 18 of the Listing Regulations. Throughout the financial year under review,
the Committee convened five times. The meetings took place on May 22, 2024; July 06, 2024;
October 15, 2024; and November 14, 2024 and February 14, 2025.
NOMINATION AND REMUNERATION COMMITTEE:
The Company has formed a Nomination and Remuneration Committee,
ensuring its composition, quorum, powers, roles, and scope are in strict accordance with
the relevant provisions of the Act and Listing Regulations.
Scope and functions of the Committee: The Scope and functions of
the Nomination and Remuneration Committee is in accordance with Section 178 of the
Companies Act 2013 and Regulations 19 (4) of SEBI Listing Regulation and its terms of
reference include the following:
1. Formulating the criteria for determining qualifications, positive
attributes and independence of a director and recommend to the Board a policy, relating to
the remuneration of the directors, key managerial personnel and other employees;
2. Formulating of criteria for evaluation of performance of independent
Directors and the Board;
3. Devising a policy on Board diversity;
4. Identifying persons who are qualified to become directors of our
Company and who may be appointed in senior management in accordance with the criteria laid
down and recommend to the Board their appointment and removal. Our Company shall disclose
the remuneration policy and the evaluation criteria in its Annual Report of our Company;
5. Determining whether to extend or continue the term of appointment of
the independent director, on the basis of the report of performance evaluation of
independent directors;
6. Analyzing, monitoring and reviewing various human resource and
compensation matters;
7. Determining our Company's policy on specific remuneration
packages for executive directors including pension rights and any compensation payment,
and determining remuneration packages of such directors;
8. Determining compensation levels payable to the senior management
personnel and other staff(as deemed necessary), usually consisting of a fixed and variable
component;
9. Reviewing and approving compensation strategy from time to time in
the context of the then current Indian market in accordance with applicable laws; 10.
Performing such functions as are required to be performed by the compensation committee
under the SEBI (Share Based Employee
Benefits) Regulations, 2014;
11. Framing suitable policies, procedures and systems to ensure that
there is no violation, by and employee id any applicable laws in India or Overseas,
including: (a) the Securities and Exchange Board of India (Prohibition of Insider Trading)
Regulations, 2015; and (b) the Securities and Exchange Board of India (Prohibition of
Fraudulent and Unfair Trade Practices Relating to the Securities Market) Regulations,
2003, by the trust, our Company and its employees, as applicable." 12. Performing
such other activities as may be delegated by the Board of Directors and/or
specified/provided under the Companies Act, 2013 or SEBI Listing Regulations or by any
other regulatory authority.
The Composition of Nomination and Remuneration Committee and the
attendance of Members at the meeting during FY 2024-25 were as follows:
Sr. No Name of
Member |
Designation |
No of meetings attended |
No of meetings entitled to
attend |
1 Mr. Subramanian Vaidya |
Chairperson |
3 |
3 |
2 Mr. Suhas Rane |
Independent Director |
3 |
3 |
3 Ms. Anjali Sapkal |
Independent Director |
3 |
3 |
4 Mr. Balbirsingh Sharma |
Non-Executive Director |
3 |
3 |
5. Mrs. Sarita Sharma |
Executive Director |
3 |
3 |
The Company has a qualified and independent Nomination &
Remuneration Committee, and its composition is in line with the applicable provisions of
Section 178 of the Act and Regulation 19 of Listing Regulation. During the financial year
under review, the Committee met
3 (Three) times.
The meetings took place on May 22, 2024; July 06, 2024 and February 14,
2025.
The Nomination and Remuneration Committee had formulated a policy on
remuneration under the provisions of Section 178(3) of the Act and the same is attached as
Annexure I to this report.
STAKEHOLDER RELATIONSHIP COMMITTEE:
Your Company has constituted a Stakeholder Relationship Committee with
its composition, quorum, powers, roles and scope in line with the applicable provisions of
the Act and Listing Regulations.
Scope and functions of the Committee: The Scope and functions of
the Stakeholders Relationship Committee is in accordance with Section 178 of the Companies
Act 2013 and Regulations 20 (4) of SEBI Listing Regulation and its terms of reference
include the following:
1. Efficient transfer of shares including review of cases for refusal
of transfer / transmission of shares and debentures;
2. Redressing of shareholders and investor complaints such as
non-receipt of declared dividend, annual report, transfer of Equity Shares and issue of
duplicate/split/consolidated share certificates;
3. Monitoring transfers, transmissions, dematerialization,
re-materialization, splitting and consolidation of Equity Shares and other securities
issued by our Company, including review of cases for refusal of transfer/ transmission of
shares and debentures;
4. Allotment and listing of shares in future;
5. Review of cases for refusal of transfer / transmission of shares and
debentures;
6. Reference to statutory and regulatory authorities regarding investor
grievances;
7. Ensure proper and timely attendance and redressal of investor
queries and grievances; and
8. To do all such acts, things or deeds as may be necessary or
incidental to the exercise of the above powers.
The Composition of Stakeholder Relationship Committee and the
attendance of Members at the meeting during FY 2024-25 were as follows:
Sr. No Name of
Member |
Designation |
No of meetings attended |
No of meetings entitled to
attend |
1 Mr. Subramanian Vaidya |
Chairperson |
4 |
4 |
2 Mr. Suhas Rane |
Independent Director |
4 |
4 |
3 Mr. Balbirsingh Sharma |
Non-Executive Director |
4 |
4 |
4 Ms. Anjali Sapkal |
Independent Director |
4 |
4 |
5 Mrs. Sarita Sharma |
Whole Time Director |
4 |
4 |
The Company has a qualified and independent Stakeholder Relationship
Committee, and its composition is in line with the applicable provisions of Regulation 20
of Listing Regulation The meetings took place on May 22, 2024, July 06, 2025, November 11,
2024 and
February 14, 2025.
CORPORATE SOCIAL RESPONSIBLITY COMMITTEE
The Corporate Social Responsibility Committee is constituted pursuant
to section 135 of the Companies Act 2013. The Corporate Social Responsibility Committee of
the Board consists of the following Directors as Members.
Sr. No Name of
Member |
Designation |
No of meetings attended |
No of meetings entitled to
attend |
1 Mr. Suhas Rane |
Chairperson |
1 |
1 |
2 Mr. Subramanian Vaidya |
Independent Director |
1 |
1 |
3. Mr. Dinesh Sharma |
Managing Director |
1 |
1 |
4. Anjali Sapkal |
Independent Director |
1 |
1 |
During the financial year 2024-25 Corporate Social Responsibility
Committee meeting was held on May 22, 2024.
MANAGEMENT COMMITTEE
Your Company has constituted a Management Committee with Mr. Dinesh B.
Sharma, Mrs. Sarita D. Sharma and Mr. Balbirsingh Sharma as its members in order to carry
out the day-to-day business activities as required for administrative and other general
purposes with ease.
Terms of reference:
Formulate and recommend to the Board, a CSR Policy.
Recommend to the Board CSR activities to be undertaken by the
Company.
Monitor the CSR Policy of the Company from time to time and
ensure its Compliance.
During the financial year 2024 25, no meetings of the Management
Committee were held.
10. Material changes and commitments, if any, affecting the financial
position of the company which have occurred between the end of the financial year of the
company to which the financial statements relate and the date of the report:
There were no occurrences of any Material changes and commitments,
affecting the financial position of the company which have occurred between the end of the
financial year of the company to which the financial statements relate and the date of the
report
11. Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's operations in
future:
There was no significant or material order passed by any regulator or
court or tribunal, which impacts the going concern status of the company or will have
bearing on company's operations in future.
12. Details in respect of frauds reported by auditors under sub-section
(12) of section 143:
During the financial year under review, there were no frauds reported
by the auditors under sub-section (12) of section 143.9
13. Explanations or comments by the Board on every qualification,
reservation or adverse in their report:
There are no qualifications, reservations or adverse remarks or
disclaimer made by the auditor in their report.
14. Particulars of contracts or arrangements with related parties
referred to in sub-section (1) of :
During the financial year under review, the Company has entered into
related party transactions covered u/s. 188 of the Companies Act, 2013. Therefore,
disclosure in Form AOC- 2 for the financial year 2024-25 is annexed with this report asAnnexure
II.
15. Loans from Directors/Relatives of Directors:
The Company has not accepted any loan or advances from the Directors or
relatives of Directors.
16. Auditors:
STATUTORY AUDITOR
Pursuant to Section 139 of Companies Act, 2013 and other applicable
rules there under M/s. Ajmera and Ajmera, Chartered Accountants,
(Firm Registration No 018796C) were appointed as Statutory Auditors of
the Company for 5 consecutive financial from conclusion of 20th Annual General Meeting,
for a single term of 5 (five) years i.e. upto the conclusion of the 25th Annual General
Meeting
Accordingly, M/s. Ajmera and Ajmera, Chartered Accountants, (Firm
Registration No 018796C)., shall continue to be the Statutory
Auditors of the Company. The said Auditors have submitted the
eligibility certificate as per the provisions of the Companies Act 2013. The Statutory
Auditors' Report has expressed unmodified opinion.
INTERNAL AUDITOR
The Board of Directors appointed had M/s. Anay Gogte & Associates,
Chartered Accountants, as internal auditors of the Company for the fiscal year 2024-25.
The internal auditor conducted a comprehensive audit of the
company's functions and operations, reporting their findings to the Audit Committee
and the Board periodically.
COST RECORDS AUDITOR
The Company has mantained cost records however the requirement of cost
audit as prescribed under the provisions of Section 148(1) of the Act, is not applicable
to your Company.
SECRETARIAL AUDITOR
Pursuant to the requirements of Section 204 (1) of the Companies Act,
2013 read with Rule 9 of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, the Company has appointed Pranay D Vaidya & Co., Practicing Company
Secretaries to conduct the secretarial audit for the financial year 24-25 under review.
The Secretarial Audit Report in Form MR-3 for the financial year under review as received
from Pranay D Vaidya & Co., Practicing Company Secretaries is attached as Annexure
III to this report. The Secretarial Audit
Report does not contain any qualifications, reservations or adverse
remarks.
Further, the appointment of M/s. Pranay D. Vaidya and Co., Practicing
Company Secretaries, is proposed for shareholders' approval, pursuant to the
recommendation of the Audit Committee and approval of the Board, for a term of five years
to conduct Secretarial Audit for the financial years commencing from 2025 26 up to and
including 2029 30.
17. Share Transfer System
All share transfer, dematerialization and related work is managed by
Registrar and Share Transfer Agent (RTA). M/s Bigshare Services
Pvt. Ltd., is your Company's RTA. All share transfer requests,
demat/remat requests, correspondence relating to shares i.e. change of address, Power of
Attorney, etc. should be addressed to the registrar and transfer agents.
18. Changes in the nature of business of the company:
During the financial year under review, there was no change in the
nature of business of the company.
19. Particulars of loans, investments, guarantees or securities under
section 186:
During the financial year under review, the company has not provided
any loan; made any investment; has given any guarantee or provided any security in respect
of any loan to any person as mentioned in Section 186 of the Companies Act, 2013.
20. Conservation of energy, technology absorption, foreign exchange
earnings and outgo: a. Conservation of Energy and Technology Absorption
In terms of requirements of Section 134(3)(m) of the Companies Act,
2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 with respect to
conservation of energy, the board of directors wish to inform the members that the company
always takes necessary measures to conserve the energy wherever possible by installing
electronic equipment's which marginally reduce the consumption of electricity, with
reference to the same the Company has installed solar Panels at the Factory site, and by
spreading awareness among the employees of the company about the optimum utilization and
conservation of electricity and water resources of the company. The management always
searches for and takes into consideration new developments in the market and the
technology so as to absorb the new technology in carrying out the business activities of
the company. b. Foreign Exchange Earnings and Outgo
Foreign Exchange Earnings - INR 1,65,60,314.19/- Foreign Exchange Outgo
- INR 9,84,69,662.84/-
21. Annual Return
In compliance with provisions of Section 134(3)(a) of the Companies
Act, 2013, the Annual Return as per Section 92(3) of the Companies Act, 2013, is available
at http://www.gmpolyplast.com
22. Details of performance of subsidiaries, associates and joint
venture companies:
The company does not have any subsidiary company, associate company or
joint venture during the year under review.
23. Statement indicating development and implementation of a risk
management policy for the company including identification therein of elements of risk, if
any, which in the opinion of the Board may threaten the existence of the company:
Your company understands that risk evaluation and risk mitigation is a
function of the board of directors of the company. The Board is fully committed to
developing a sound system for identification and mitigation of applicable risks-viz.,
systemic and non-systemic-on a continuous basis. The board is of the opinion that at
present, there are no material risks that may threaten the very existence and functioning
of your company.
24. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements: a) Your directors hereby report that, your
company has maintained adequate internal controls commensurate with its size and its
nature of the operation. There are suitable monitoring procedures in place to provide
reasonable assurance for accuracy and timely reporting of the financial information and
compliance with the statutory requirements. There are proper policies, guidelines and
delegation of powers issued for the compliance of the same across the company. b) For the
purpose of ensuring accuracy in the preparation of the financials, your company has
implemented various checks and balances like periodic reconciliation of major sections. c)
Review of accounts, obtaining confirmation of various balances and proper approval
mechanism. d) Your company has documented all major processes in the area of expenses,
bank transactions, payments, statutory compliances and putting period end financial its
efforts to align the processes and controls with the best practices in the industry.
25. Public Deposits:
During the year under review, the Company has not accepted or renewed
any deposits within the meaning of Section 73 and 76 of the Companies Act, 2013 read with
Companies (Acceptance of Deposits) Rules, 2014.
26. Company's policy on directors' appointment and
remuneration including qualifications, positive criteria for determining attributes,
independence of a director and other matters provided under sub-section (3) of section
178:
The Committee has formulated the Nomination and Remuneration Policy
which broadly laid down the various principles of remuneration including criteria for
determining qualifications, positive attributes, independence of a director and other
matters provided under subsection
(3) of section 178 and covers the procedure for selection, appointment
and compensation structure of Board members, Key Managerial Personnel (KMPs) and Senior
Management Personnel (SMPs) of your Company.
27. Safeguard at workplace:
The management takes due care of employees with respect to safeguard at
workplace. Further, no complaints are reported by any employee pertaining to sexual
harassment and hence no complaint is outstanding as on 31.03.2025 for redressal. There was
no case filled during the year, under the sexual harassment of women at workplace
(Prevention, Prohibition & Redressal) Act, 2013. Further Company ensures that there is
a healthy and safe atmosphere for every women employee at the workplace and made the
necessary policies for safe and secure environment for women employee. bankrupt Complaints
as on 01.04.2024: NIL
Complaints filed during the Financial Year: NIL
Complaints as on 31.03.2025: NIL
28. Vigil Mechanism/Whistle Blower Policy
The Company has formulated a Whistle Blower Policy to establish a vigil
mechanism for Directors and employees of the Company to report concerns about unethical
behavior, actual or suspected fraud or violation of the company's code of conduct or
ethics policy. The Whistle Blower Policy is available on the website of the Company at
http://www.gmpolyplast.com/
29. Disclosure Of Employees Remuneration
The disclosure as per Rule 5 of The Companies (Appointment and
Remuneration of the Managerial Personnel) Rule 2014 is annexed as Annexure IV to
this Board Report.
30. Details of policy developed and implemented by the company on its
Corporate Social Responsibility initiatives:
Pursuant to the provisions of section 135 of the Companies Act,
2013 and the rules made thereunder and pursuant to the recommendation of the CSR
Committee, the Board has approved a Corporate Social Responsibility ("CSR")
policy. The CSR policy of Company is also available on the website of the company. CSR
policy contains the CSR activities carried out by the Company, governance structure,
implementation process etc. The Company would also undertake other need based initiatives
in compliance with Schedule VII to the Act. The same is depicted in Annexure V
31. Corporate Governance:
The company is SME Company and listed on SME exchange of BSE Limited
therefore, pursuant to Regulation 15(2) of SEBI (Listing
Obligations and Disclosure Requirements) Regulation, 2015, the
compliance with corporate governance as specified in regulation 17 to
27 and clauses (b) to (i) of sub regulation 2 of regulation 46 and Para
C, D and E of Schedule V shall apply to the extent that it does not violate their
respective statutes and guidelines or directives issued by the relevant authorities. Hence
your company is exempted to comply with aforesaid provisions of the SEBI (LODR)
Regulation, 2015. Hence corporate Governance does not form part of this Board's
Report.
32. Directors' Responsibility Statement:
Your directors, to the best of their knowledge and belief and according
to the information and explanations obtained by them and as prescribed under Section
134(5) of the Companies Act, 2013 state that: a. in the preparation of the annual
accounts, the applicable accounting standards have been followed along with proper
explanation relating to material departures, if any; b. the directors have selected such
accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit and loss of the company for
that period; c. the directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance of this Act for safeguarding the assets of the
company and for preventing and detecting fraud and other irregularities; d. the directors
have prepared the annual accounts on a going concern basis; and e. the directors have laid
down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and were operating effectively. f. the directors have
devised proper systems to ensure compliance with the provisions of all applicable laws and
such systems were adequate and operating effectively.
33. Compliances of applicable Secretarial Standards:
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the
Institute of Company Secretaries of India and such systems are adequate
and operating effectively. During the year under review, the
Company was in compliance with the Secretarial Standards (SS) i.e.,
SS-1 and SS- 2, relating to "Meetings of the Board of Directors" and
"General Meetings", respectively.
34. Management Discussion and Analysis Report
The Management Discussion and Analysis Report as required under
Schedule V of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015
forms part of this report and is attached as Annexure VI.
35. Insider Trading
The Board of Directors has adopted the Inside Trading Policy in
accordance with the requirement of the Securities & Exchange Board of India
(Prohibition of Insider Trading) Regulations, 2015. The Inside Trading Policy of the
company lays down guidelines and procedure to be followed, and disclosure to be made while
dealing with shares of the company as well as consequences of violation. The policy has
been formulated to regulate, monitor and ensure reporting of deals by employees and to
maintain the highest ethical standards of dealing in the company's shares. The
Company had in place a Code of Conduct for Prevention of Insider Trading and Corporate
Disclosure Practices, in accordance with the SEBI (Prohibition of Insider Trading)
Regulations, 2015.
Accordingly, the Board approved and adopted: a) Code of Practices and
Procedures for Fair Disclosure of Unpublished Price Sensitive Information; and b) Code for
Fair Disclosures and Conduct The codes referred above is placed on the Company's
website http://www.gmpolyplast.com/
36. Material changes during the financial year
There are no material changes during the financial year.
37. Resolutions Passed as special business
The Company has passed the following Resolutions in Special Business in
the previous Annual/ Extra ordinary General Meetings or Postal ballots, post Listing:
Date |
Annual/ Extra ordinary
General Meetings or Postal ballots |
Special Resolution |
September 30, 2022 |
Annual General Meeting |
Increase In Authorized Share
Capital of the Company Alteration Of Memorandum Of Association of the Company To
regularize and ratify the appointment of Mr. Suhas Rane (DIN: 03126514) as an independent
director of the Company |
December 23, 2022 |
Extra ordinary General
Meeting |
Issue of fully paid up bonus
shares to the existing shareholders of the Company by way of capitalisation of reserves /
Securities premium |
May 16, 2023 |
Postal ballot |
Migration Of Listing/Trading
Of Equity Shares Of The Company from BSE SME Platform To Main Board Of BSE Limited &
National Stock Exchange Of India Limited |
August 29, 2023 August 29,
2023 |
Annual General Meeting Annual
General Meeting |
Appointment of Statutory
Auditor to fill casual vacancy Appointment of Statutory Auditors |
Date |
Annual/ Extra ordinary
General Meetings or Postal ballots |
Special Resolution |
August 29, 2023 |
Annual General Meeting |
To appoint Ms. Anjali Patil
Sapkal (DIN: 02136528), as an Independent Director of the company, not liable to retire by
rotation and to hold office for a term of 5 (five) consecutive years on the board of the
company with effectfrom May 30, 2023 up to May 29, 2028 |
August 13, 2024 |
Annual General Meeting |
Re-Appointment of Mr. Dinesh
Balbeer Sharma (DIN 00418667) as Managing Dirctor of the Company Continuation of
appointment of Mr. Balbir Singh Bholuram Sharma (DIN 00374565) as Non-Executive
Non-Independent Director. Continuation of appointment of Mr. Subramanian Ramaswamy Vaidya
(DIN 03600249) As Independent Director of the Company being 75 Years Of Age. |
|
|
To increase the Authorised
Share Capital of the Company Alteration in the Capital Clause of Memorandum of Association
Further Public Offering of Equity Shares of The Company |
38. Details Of Application Made or Proceeding Pending Under Insolvency
and Bankruptcy Code, 2016:
During the year under review there were no application made or any
proceedings were pending under insolvency and Bankruptcy Code, 2016.
39. Details Of Difference Between Valuation Amount on One-Time
Settlement and Valuation While Availing Loan from Banks and Financial Institutions:
During the year under review there were no instances of One-Time
Settlements.
40. Sexual Harassment at Workplace:
Our Company is committed to maintaining a safe, respectful, and
inclusive workplace, free from any form of sexual harassment. In compliance with the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
(POSH Act) the company has implemented all laws, provisions and policies for the time
being in force.
During the year under review, 0 (No) case of sexual harassment was
reported in line with POSH guidelines
41. Maternity Benefit Compliance
During the year under review, the company complied with the provisions
of the Maternity Benefit Act 1961 along with all the applicable amendments & undertook
necessary measures to ensure compliance for all eligible employees.
42. General
Your directors state that no disclosure or reporting is required in
respect of the following matters as there were no transactions on these items during the
year under review: a. Issue of equity shares with differential rights as to dividend,
voting or otherwise; b. The Company does not have any scheme of provision of money for the
purchase of its own shares by employees or by trustees for the benefit of employees; c. No
fraud has been reported by the Auditors to the Audit Committee or the Board. d. There are
no shares lying in demat suspense account/unclaimed suspense account. Hence no disclosure
is required to be given for the same.
43. Acknowledgement:
Your directors wish to thank the stakeholders of the company for their
continued support and co-operation and employees for their dedication and the excellence
they have displayed in conducting the business operations of the company.
Annexure I
Remuneration Policy
The Remuneration Policy of G M Polyplast Limited (the
"Company") is designed to attract the services of competent and appropriate
personnel in different lines of activities of the Company and to retain them by offering
growth opportunities and a healthy remuneration in lines with what is available in a
competitive scenario. It is also designed to attract and retain quality talent that gives
the Company a unique competitive advantage
Guiding principles:
While inducting directors on the Board, the guiding principle is to
attract prominent members of the society who are conversant with certain key aspects of
Plastic Industry wherein their expertise and guidance would benefit the Company. When
determining the remuneration policy and arrangements for Managing Directors, Executive
Directors and the Whole time Directors the Remuneration Committee considers the
suitability of the persons and then aligns the remuneration package and employment terms
with reference to the competition, market condition, cost of living etc. as appropriate.
Directors:
When considering the appointment and remuneration of the Managing
Director, Executive Director and the Whole Time Directors the Nomination &
Remuneration Committee (NRC) considers pay and employment conditions in the industry,
merit and seniority of the person. Their remuneration comprises a fixed salary, bonus (if
any) and retirement benefit as per statute. The Independent Directors are paid
remuneration in the form of sitting fees and/or conveyance for attending Board and
Committee meetings as fixed by the Board of Directors from time to time, subject to
statutory provisions.
The Policy:
The policy ensures that the remuneration is as particularly based on
the merits of the candidate. The policy ensures remuneration is market led.
This policy shall act as an effective instrument to enhance the
performance and potential of an work life and personal life balance. This policy shall
ensure to enforce the values and culture of the company and comply with the regulatory
norms and provisions.
Reward principles and objectives:
The Company's Remuneration Policy is guided by a reward framework
and set of principles and objectives as envisaged under section 178 of the Companies Act
2013, inter alia principles pertaining to determining qualifications, positive attributes,
integrity, independence etc.
Remuneration of Managing Director, Executive Director, the Whole Time
Director, Key managerial Personnel and the Senior Management:
1. The Managing Director, Executive Director, the Whole Time Director
shall be recommended by the Nomination and Remuneration Committee and appointed by the
Board subject to the approval of the shareholders, if required.
2. Remuneration of Managing Director, Executive Director, the Whole
Time Director, Key managerial Personnel and the Senior Management is determined and
recommended by the Nomination and remuneration Committee and approved by the Board of
Directors of the Company. Further remuneration of the Managing Director, Executive
Director and the Whole Time Director are also subject to the approval of the shareholders
3. Remuneration is reviewed and revised as per the provisions of the
applicable laws or when such revision is warranted by the Nomination and Remuneration
committee and the Board of Directors. The revision may also be subject to the market
conditions and the business environment.
4. Apart for the remuneration and perquisites the Managing Director,
Executive Director, the Whole Time Director Key managerial Personnel and the Senior
Management are also eligible to the bonus linked to their individual performance and the
overall performance of the company. They are also eligible for the Employee Stock options
or such other equivalent schemes.
5. Pursuant to the provisions of the Companies act the Managing
Director; Executive Directors and the Whole Time Directors are also eligible for sitting
fees and conveyance for attending the Board and committee meetings as may be determined by
the Board of Directors.
Remuneration to the Non-Executive Directors and Independent Directors.
Remuneration to The Non Executive Directors are subject to the
provisions of the Companies Act 2013 read with Rules and Schedules made there under and
the provisions of the Listing Obligation and Disclosure requirements and other applicable
laws. Pursuant to the provisions of the Companies act the Non Executive Directors are also
eligible for sitting fees and conveyance for attending the Board and committee meetings as
may be determined by the Board of Directors.
The Independent Directors are eligible for sitting fees and conveyance
for attending the Board and committee meetings as may be determined by the Board of
Directors subject to the provisions of applicable laws.
Disclosure of Information
Information on the total remuneration of members of the Company's
Board of Directors and senior management may be disclosed in the Company's annual
financial statements, as per statutory requirements.
Approval of the Remuneration Policy
This Remuneration Policy shall apply to all future members of
Company's Board of Directors and Key Managerial Persons. Any departure from the
policy shall be recorded and reasoned in the Board's minutes.
Dissemination The Company's Remuneration Policy shall be published
on its website.
Annexure -II
Form No. AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act
and Rule 8(2) of the Companies (Accounts) Rules, 2014) Form for disclosure of particulars
of contracts/arrangements entered into by the company with related parties referred to in
sub section (1) of section 188 of the Companies Act, 2013 including certain arm's
length transaction under third proviso thereto.
1. Details of contracts or arrangements or transactions not at
Arm's length basis: Nil Not Applicable
2. Details of contracts or arrangements or transactions at Arm's
length basis:
Sr. No Particulars |
Details |
A Name (s) of the related party & nature
of relationship |
Dinesh Sharma |
|
Managing Director of the Company |
B Nature of
contracts/arrangements/transaction |
Rent Agreement |
C Duration of the
contracts/arrangements/transaction |
-- |
D Salient terms of the
contracts or arrangements or transaction including the value, if any |
Deposit and Rent paid as
mutually agreed by the parties pursuant to the agreement |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Sarita Sharma |
|
Whole Time Director of the Company |
b Nature of
contracts/arrangements/transaction |
Rent Agreement |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the
contracts or arrangements or transaction including the value, if any |
Deposit and Rent paid as
mutually agreed by the parties pur- suant to the agreement |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Dinesh Sharma, Managing Director |
b Nature of
contracts/arrangements/transaction |
Salary. |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the contracts or
arrangements or transaction |
Salary paid as Director of the Company |
including the value, if any |
|
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Sarita Sharma, Whole Time Director |
b Nature of
contracts/arrangements/transaction |
Salary. |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the
contracts or arrangements or transaction including the value, if any |
Salary paid as Director of
the Company |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Aditya Sharma |
|
Relative of Directors of the Company |
b Nature of
contracts/arrangements/transaction |
Stipend |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the
contracts or arrangements or transaction including the value, if any |
Stipends |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Jyoti Sharma |
|
Relative of Directors of the Company |
b Nature of
contracts/arrangements/transaction |
Stipend |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the
contracts or arrangements or transaction including the value, if any |
Stipends |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
a Name (s) of the related party & nature
of relationship |
Dimple Amrit Parmar |
|
Key Managerial personnel |
b Nature of
contracts/arrangements/transaction |
Salary |
c Duration of the
contracts/arrangements/transaction |
-- |
d Salient terms of the
contracts or arrangements or transaction including the value, if any |
Salary |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
A Name (s) of the related party & nature
of relationship |
Dinesh Sharma |
|
Managing Director of the Company |
B Nature of
contracts/arrangements/transaction |
Reimbursement of Expenses |
C Duration of the
contracts/arrangements/transaction |
-- |
D Salient terms of the
contracts or arrangements or transaction including the value, if any |
As per the expenses carried
out on behalf of the company |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Sr. No Particulars |
Details |
A Name (s) of the related party & nature
of relationship |
ACE Extrusion Private Limited |
|
Company in which Directors are interested |
B Nature of
contracts/arrangements/transaction |
Sale of Goods |
C Duration of the
contracts/arrangements/transaction |
-- |
D Salient terms of the
contracts or arrangements or transaction including the value, if any |
Sale of goods as per terms of
contract and at arm's length |
e Date of approval by the Board |
May 22, 2024 |
F Amount paid as advances, if any |
NA |
Annexure IV
Information pursuant to Section 197 of the Companies Act, 2013 read
with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014
1. Ratio of the remuneration of each Director to the median
remuneration of all the employees of the Company for the Financial Year 2024-25:
Sr. No. Name of the Director |
Designation |
Ratio |
1 Dinesh Balbirsingh Sharma |
Managing Director |
5.32 |
2 Sarita Dinesh Sharma |
Executive Director |
5.32 |
3 Balbirsingh Bholuram Sharma |
Non-executive Director |
NA |
Note: None of the other Directors of the Company were in receipt of any
remuneration other than sitting fees during the Financial Year 2024-25.
2. The percentage increase in remuneration of each Director, Chief
Financial Officer, Company Secretary or Chief Executive
Manager, if any, in the Financial Year 2024-25:
The percentage increase in the remuneration of Directors and Key
Managerial Personnel(s) receiving remuneration during the Financial Year 2024-25 was as
stated hereunder:
Sr. No. Name of the
Director/KMP |
Remuneration during FY
2023-24 (in ) |
Remuneration during FY
2024-25 (in ) |
% change in remuneration
in FY 2024-25 Increase/(Decrease) |
1 Dinesh Balbirsingh Sharma |
12,00,000 |
12,00,000 |
0 |
2 Sarita Dinesh Sharma |
12,00,000 |
12,00,000 |
0 |
3 Balbirsingh Bholuram Sharma |
0 |
0 |
NA |
4 Dimple Amrit Parmar |
2,76,000 |
2,76,000 |
0 |
Mr. Dinesh B. Sharma also serves as the Chief Financial Officer that
capacity.
3. The percentage increase/(decrease) in the median remuneration of
employees in the Financial Year 2024-25 was 125.8%.
4. The number of permanent employees on the rolls of Company as on
March 31, 2023 was 154.
5. Average percentile increases already made in the salaries of
employees other than the managerial personnel in the last Financial Year and its
comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the
managerial remuneration: Average increase in salary of Company's employees other than
the managerial personnel was 0.22% in the last Financial Year. However, there was no
increase in Managerial Remuneration withdrawn by the Managing Director, Whole Time
Director and the non-Executive Director. The comparison pertaining to increase of
employees to the managerial personnel cannot be done.
6. Remuneration paid to Directors, Key Managerial Personnel and other
Employees during the Financial Year 2024-25 was as per the Nomination and Remuneration
policy of the Company.
Annexure V
CORPORATE SOCIAL RESPONSIBILITY
(Pursuant to clause (o) of sub-section 3 of Section 134 of the
Companies Act, 2013 and Rule 9 of the Company (Corporate Social Responsibility) Rules,
2014)
1. A brief outline of the Company's CSR Policy:
The Company has evolved guidelines for social welfare of Community and
for development of the Society and also environment in general.
2. Composition of the CSR Committee: The Committee comprises of
the following Directors:
Sr. No. Name of the
Director |
Designation/Nature of
Directorship |
Number of Meetings of CSR
Committee held during the year |
Number of Meetings of CSR
Committee attended during the year |
1 Mr. Suhas Rane |
Chairman of the Committee (Independent
Director) |
1 |
1 |
2 Mr. Subramanian Vaidya |
Member of the Committee (Independent
Director) |
1 |
1 |
3 Mr. Dinesh Sharma |
Member of the Committee (Managing Director) |
1 |
1 |
3. Web links where composition of CSR committee, CSR Policy and
CSR projects approved by the board are disclosed on the website of the company:
The composition of the CSR committee is available on our website at
www.gmpolyplast.com
4. Details of impact assessment of CSR projects carried out in
pursuance of sub-rule (3) of Rule 8 of the Companies (Corporate Social Responsibility
Policy) Rules, 2014, if applicable:Not Applicable.
5. Details of the amount available for set-off in pursuance of
sub-rule (3) of Rule 7 of the Companies (Corporate Social
Responsibility Policy) Rules, 2014 and amount required for set-off for
the financial year, if any:
Sr. No. Financial
Year |
Amount available for
set-off from preceding financial years (in Lakhs) |
Amount required to be
set-off for the financial year, if any (in Lakhs) |
1 2023-24 |
NIL |
NIL |
2 2022-23 |
Nil |
Nil |
3 2021-22 |
Nil |
Nil |
6. Average Net Profit of the Company for last three years: INR. 21,79,32,670/-
7. a. Two percent of average net profit of the Company as per section
135(5): INR.14,52,884.46/-b. Surplus arising out of the CSR Projects or programmes
or activities of the previous financial years: Nil c. Amount required to be set off for
the financial year, if any: NIL d. Total CSR obligation for the financial year: INR.
INR.14,52,884.46/-8. a. CSR amount spent or unspent for the financial year:
Total Amount spent for the |
|
Amount Unspent (In Lakhs) |
|
financial year |
Total Amount
transferred to Unspent CSR Account as per Section 135(6) |
Amount
transferred to any fund specified under Schedule VII as per second proviso to Section
135(5) |
|
Amount |
Date of transfer |
Name of the fund |
Amount |
Date of transfer |
INR. 15,00,000/- |
|
Not Applicable |
|
Not Applicable |
b. Details of CSR amount spent against ongoing projects for the
financial year:
Sr. No. Name of the
Project |
Item from the list of
activities in Schedule VII to the Act |
Local area (Yes/No) |
Location of
the Project |
Amount spent for the
project |
Mode of Implementation -
Direct (Yes/No) |
Mode of
Implementation- through implementing agency |
|
|
|
State |
District |
|
|
Name |
CSR Registration No. |
c. Details of CSR amount spent against other than ongoing
projects for the financial year:
(1) (2) |
(3) |
(4) |
(5) |
(6) |
(7) |
|
(8) |
Sr. No. Name of the Project |
Item from the list of
activities in Schedule VII to the Act |
Local area (Yes/No) |
Location of the
Project |
Amount spent for the project
(In Lakhs) |
Mode of Implementation
Direct (Yes/No) |
Mode of
Implementation- through implementing agency |
|
|
|
State |
District |
|
|
Name |
CSR Registration No. |
1. YUVA SHAKTI FOUNDATION |
Nutrition food School
disabled equipment Environment Medical camps for surgery |
No |
Dadra & Nagar Haveli |
Dadra & Nagar Haveli |
12.00 lacs |
Yes |
NA |
CSR00043496 |
2 PUNAH AALAY |
Nutrition food School
disabled equipment Environment Medical camps for surgery |
No |
M a h a- rashtra |
Palghar |
3.00 lacs |
Yes |
NA |
CSR00058308 |
d. Amount spent in Administrative Overheads: NIL e. Amount
spent on Impact Assessment, if applicable: Not Applicable f. Total amount spent for
the Financial Year (8b+8c+8d+8e): INR. 15,00,000/-g. Excess amount for set off, if any
Sr. No. Particular |
Amount (in Rs.) |
i Two percent of average net profit of the
company as per section 135(5) |
NIL |
ii Total amount spent for the Financial Year |
NIL |
iii Excess amount spent for the financial
year [(ii)-(i)] |
NIL |
iv Surplus arising out of the CSR projects or
programmes or activities of the previous financial years, if any |
NIL |
v Amount available for set off in succeeding
financial years [(iii)-(iv)] |
NIL |
9. a. Details of Unspent CSR amount for the preceding three financial
years:
Sr. No. Preceding
Financial |
Amount transferred to
Unspent CSR Account under section 135 (6) |
Amount spent in the
reporting Financial Year |
Amount
transferred to any fund specified under Schedule VII as per section 135(6), if any. |
Amount remaining to be
spent in succeeding |
Year. |
(in Rs.) |
(in Rs.). |
Name of the fund |
Amt (in Rs.) |
Date of transfer |
financial years. (in Rs.) |
1 2023-24 |
NA |
NA |
NA |
NA |
NA |
NA |
2 2022-23 |
NA |
NA |
NA |
NA |
NA |
NA |
3 2021-22 |
NA |
NA |
NA |
NA |
NA |
NA |
b. Details of CSR amount spent in the financial year for ongoing
projects of the preceding financial year(s):Not Applicable
10. In case of creation or acquisition of capital asset, furnish the
details relating to the asset so created or acquired through CSR spent in the financial
year : Not Applicable
(a) Date of creation or acquisition of the capital asset(s):
(b) Amount of CSR spent for creation or acquisition of capital asset:
(c) Details of the entity or public authority or beneficiary under
whose name such capital asset is registered, their address etc:
(d) Provide details of the capital asset(s) created or acquired
(including complete address and location of the capital asset): 11. Specify the reason(s),
if the company has failed to spend two per cent of the average net profit as per section
135(5): Not Applicable