ambitious plastomac company ltd Directors report

To, The Members,

Your directors present herewith 32^nd Annual Report of the Ambitious Plastomac Company Limited (“the Company” or “APCL”) together with the audited financial statements for the financial year ended 31^st March, 2023.

1) FINANCIAL RESULTS:

The financial performance of the Company for the financial year ended 31^st March, 2023 are summarized below: -

Particulars	For the Year Ended 31st March, 2023	For the Year Ended 31st March, 2022
Revenue from Operations	0.00	0.00
Other income	0.00	0.00
Total Income	0.00	0.00
Profit before Depreciation, Finance Costs and Taxation	(48.22)	(12.22)
(Less:) Depreciation	(0.00)	(0.00)
(Less:) Finance Cost	(0.01)	(0.01)
Profit before Taxation	(48.21)	(12.21)
(Less:) Tax Expenses	(0.00)	(0.00)
Profit after Tax	(48.21)	(12.21)
Other Comprehensive Income	0.00	0.00
Total comprehensive income for the year	(48.21)	(12.21)

2) STATE OF THE COMPANY’S AFFAIRS:

During the period under review your Company has made a loss of Rs. 48.21 Lakhs however your directors are confident and optimistic of achieving upward growth and achieving much better results in the coming years.

However, the management will pick the finest accessible solutions for money raising for business activities and new ideas & strategies for new business model. Furthermore, the management is optimistic about launching a new model in this year.

3) TRANSFER TO RESERVE:

In view of losses, the Board of Directors of the Company has decided not to transfer any amount to the Reserves for the year under review.

4) DIVIDEND:

In view of losses, your directors do not recommend any dividend for the year under review.

5) DIVIDEND DISTRIBUTION POLICY:

As on 31^st March, 2023, Company does not fall into top 1,000 listed entities based on market capitalization. Hence, formulation of dividend distribution policy does not applicable to the Company.

6) CONSOLIDATED FINANCIAL STATEMENTS:

As on 31^st March, 2023, the Company has no subsidiary, associate or joint venture company as defined under Act. Hence, provisions of the Section 133 of the Act and Ind AS 110 Consolidated Financial Statement does not applicable to the Company.

7) TRANSFER OF UNCLAIMED DIVIDEND / SHARES TO IEPF:

No dividend was declared by the Board of Directors of the Company for the financial year 2015-2016. Hence, there is no requirement to transfer unclaimed dividend / Shares to IEPF.

8) SHARE CAPITAL STRUCTURE:

The Companys authorised and paid-up share capital has not change, during the year under review.

9) DIRECTORS AND KEY MANAGERIAL PERSONNEL: A. Retire by Rotation of Director:

In accordance with the provisions of Section 152 of the Act and the rules framed there under, Mrs. Rajvi P. Patel, Director of the Company retire by rotation at the ensuing AGM and she being eligible offer herselves for re-appointment. The board recommends her reappointment.

B. Appointment or Resignation by Directors:

During the year under review, there is no fresh appointment / resignation by any director from the Board of the Company.

C. Key Managerial Personnel:

The following have been designated as the Key Managerial Personnel of the Company pursuant to Sections 203 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: -

1.	Mr. Pinkal R. Patel -	Managing Director
2.	Mr. Monark R. Patel -	Chief Financial Officer
3.	Ms. Poorvi Gattani -	Company Secretary

During the year under review, Ms. Bijal Thakkar has resigned from the post of Company Secretary & Compliance Officer of the Company effective from 12^th July, 2022. The Board of Directors has appointed Ms. Poorvi Gattani (Membership Number: A53818) as a Company Secretary & Compliance Officer of the Company w.e.f. 22th July, 2022 who is a Key Managerial Personnel as per Section 203 of the Act. Apart from the said change, there is no other change in the Key Managerial personnel of the Company, during the financial year ended 31^st March, 2023.

10) DECLARATION GIVEN BY INDEPENDENT DIRECTORS:

The Company has received the necessary declarations from the independent directors of the Company in accordance with Section 149 (7) of the Act and Regulation 16 (1) (b) of the SEBI Listing Regulations confirming that they meet the criteria of independence prescribed under the Act and the SEBI Listing Regulations. All the Independent Directors have also confirmed that in terms of Rule 6 (3) of the Companies (Appointment and Qualification of Directors) Rules, 2014, they have registered themselves with the Independent Director’s database as prescribed under the Act. Further, in terms Rule 6 (4) of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent Directors were exempted from appearing for Online Proficiency Self-Assessment Test as required by IICA.

In the opinion of the board, there has been no change in the circumstances which may affect their status as independent directors and the board is satisfied of the integrity, expertise and experience (including proficiency in terms of Section 150 (1) of the Act and applicable rules thereunder) to all independent directors on the board.

11) PERFORMANCE EVALUATION OF THE BOARD AS WHOLE, COMMITTEE AND

INDIVIDUAL DIRECTORS:

Pursuant to the provisions of the Act, and the SEBI Listing Regulations, the Board has carried out an annual evaluation of its own performance and that of its committees as well as performance of the Directors individually. Feedback was sought by way of a structured questionnaire covering various aspects of the board’s functioning such as adequacy of the composition of the board and its committees, board culture, execution and performance of specific duties, obligations and governance and the evaluation was carried out based on responses received from the directors.

The evaluation is performed by the board, nomination and remuneration committee and independent directors with specific focus on the performance and effective functioning of the Board and individual directors. In line with SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2017/004, dated 5^th January, 2017, the Company adopted the criteria recommended by the SEBI. The performance evaluation of the chairman and non-independent directors was also carried out by the independent directors. The performance of the directors, the board as a whole and committee of the board were found to be satisfactory.

During the financial year ended 31^st March, 2023, the performance evaluation of the Board, Committees and Directors was conducted based on the criteria, framework and questionnaires approved by the Nomination and Remuneration Committee and the Board. The details of the performance evaluation exercise conducted by the Company are set out in the Corporate Governance Report.

12) CHANGE(S) IN THE NATURE OF BUSINESS:

During the financial year ended 31^st March, 2023, there was no change in the nature of the business of the Company.

13) DIRECTORS’ RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134 (5) (c) of the Act and based on the information provided by the management, the Directors state that:

A. in the preparation of the annual accounts for the year ended 31^st March, 2023, 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 on 31^st March, 2023 and of the loss of the Company for the year under review; C. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; D. the annual accounts have been prepared on a going concern basis; E. the directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and F. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

14) NUMBER OF MEETINGS OF THE BOARD:

During the financial year ended 31^st March, 2023, 8 (eight) meetings of the Board of Directors of the Company were held on 30^th May, 2022, 29^th June, 2022, 22^nd July, 2022, 05^th August, 2022, 13^th August, 2022, 30^th August, 2022, 11^th November, 2022 and 13^th February, 2023.

	Date of	Category of	No. of Board	Whether last AGM held on
Name of Directors	Appointment	Directorship Promoter and	Meeting attended	30th September 2022 attended
Pinkal Rajeshbhai Patel	24/04/2013	Executive	8 out 8	Yes
		Director
		Promoter and
		Non-
Rajvi Pinkal Patel	14/08/2015	Executive	8 out 8	Yes
		(Woman)
		Director
		Non-
		Executive
Hardik Kanubhai Patel	01/03/2013		8 out 8	Yes
		Independent
		Director
		Non-
Nimesh Khodabhai		Executive
	05/07/2013		8 out 8	Yes
Patel		Independent
		Director

15) SECRETARIAL STANDARDS:

The Company has followed the applicable secretarial standards issued by the Institute of Company Secretaries of India (ICSI).

16) INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY:

In Pursuant to Section 134 (5) (e) of the Act the Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. The nature of the Company’s business and size and complexity of its operations are in place and have been operating satisfactorily. Internal Control Systems consisting of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected. The code of conduct for senior management and employees of your Company (the Code of Conduct) commits management to financial and accounting policies, systems and processes.

Your Company’s financial statements are prepared on the basis of the significant accounting policies that are carefully selected by management and approved by the audit committee and the board. These accounting policies are reviewed and updated from time to time. The Board of Directors of the Company are responsible for ensuring that internal financial controls have been laid down in the Company and such controls are adequate and operating effectively. The board has adopted the policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial disclosures etc. During the period under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

17) MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION OF THE COMPANY:

There are no material changes and commitments affecting the financial position of the Company which occurred between the financial year ended 31^st March, 2023 to which the financial statements relates and the date of signing of this report.

18) PUBLIC DEPOSITS:

The Company has not accepted any deposits from the public in terms of Section 73 and 74 and Chapter V of the Act read with the Companies (Acceptance of Deposits) Rules, 2014. Hence, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.

19) PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION

186 OF THE COMPANIES ACT, 2013:

Pursuant to provision of the Section 186 of the Act, Company have not given any guarantee or provided any security during the year under review. The details of loans and investment have been disclosed in notes to the financial statements, if any.

20) SUBSIDIARY COMPANIES:

During the financial year ended 31^st March, 2023, there are no subsidiaries, associates or joint venture companies within the meaning of Section 2 (6) of the Act. No other Company has become or ceased to be subsidiary, joint venture or associate of the Company. Hence, a statement containing the salient features of financial statements of the Company’s subsidiary, associates or joint venture companies in Form No. AOC-1 is not applicable to the Company.

21) INSURANCE:

During the financial year ended 31^st March, 2023, there are no property (land and buildings), plant, equipment and other assets. Hence, not required to take adequate insurance cover by the Company.

22) PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

During the financial year ended 31^st March, 2023, the Company has not entered into transactions with related parties as defined under Section 2 (76) and 188 (1) of the Act read with Companies (Specification of Definitions Details) Rules, 2014, SEBI Listing Regulations and applicable accounting standards. Hence, disclosure in Form AOC-2 is not applicable to the Company.

23) CORPORATE SOCIAL RESPONSIBILITY (CSR):

The Company have not attracted the provision as specified under Section 135 of the Act i.e. Corporate Social Responsibility, Hence, the Company does not constitute CSR Committee and not taken any steps towards Corporate Social Responsibility.

24) POSTAL BALLOT

During the year under review, there are no special resolution was required to be put through postal ballot.

25) HUMAN RESOURCES DEVELOPMENT:

The management believes that competent and committed human resources are vitally important to attain success in the organization. It is always proactive with respect to the human resource development activities. A significant effort has also been undertaken to develop leadership as well as technical / functional capabilities in order to meet future talent requirement.

26) MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION

OF THE COMPANYWHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate and the date of this report.

27) DISCLOSURE OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS

OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY’S OPERATIONS IN FUTURE:

No orders have been passed by any Regulator / Court / Tribunal, impacting on the status of going concern and the Company’s operations in future.

28) PARTICULARS OF EMPLOYEES (DISCLOSURE UNDER RULE 5 OF COMPANIES

(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014):

During the financial year ended 31^st March, 2023, the executive directors and chief financial officer do not avail any benefits from the Company. Further, only Company Secretary has received remuneration as per industry norms. The information required under Section 197 (12) of the Act read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as forms part of this directors’ report (Annexure 1). No employee of the Company was in receipt of the remuneration exceeding the limits prescribed under Rule 5 (2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, hence, not applicable to the Company.

29) ANNUAL RETURN:

As required pursuant to Section 92 (3) of the Act and rule 12 (1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return is a part of this annual report also disclosed on the website www.ambitiousplastomac.com.

30) PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND

FOREIGN EXCHANGE EARNINGS AND OUTGO:

A. CONSERVATION OF ENERGY:

The steps taken or impact on conservation of energy: Company does not have manufacturing unit, therefore, no plant & machinery which consume more electricity. Further, the Company has taken measures to consume minimum power consumption at the registered office of the Company The steps taken by the Company for utilizing alternate sources of energy: The Company have used energy saving / power saver appliances within the organization. Further, the Company endeavors in identify the alternative source of energy so as to save the natural source of energy to an extent as much as possible. The Capital investment on energy conservation equipments: Nil

B. TECHNOLOGY ABSORPTION:

The efforts made towards technology absorption: Company does not have manufacturing unit. Company assures that any needs of heavy machinery in future,

Company always been making best effort towards technology absorption, adaptation and innovation. The benefits derived like product improvement, cost reduction, product development or import substitution: Nil In case of imported technology (imported during the last three years reckoned from the beginning of the financial year): Nil The expenditure incurred on Research and development (R & D): Nil

C. FOREIGN EXCHANGE EARNINGS & OUT GO:

Foreign Exchange Earning: Nil Foreign Exchange Outgo: Nil

31) AUDITORS AND AUDITORS’ REPORT:

A. Statutory Auditors:

The members of the Company in accordance with Section 139 of the Act have passed a resolution for appointment of M/s. Pankaj K Shah & Associates, (Firm Registration No. 107352W) as Statutory Auditors of the Company for a period of 5 years in the AGM held on 30^th September, 2022 to hold office up to the conclusion of 36^th AGM of the Company to be held in the year 2026-2027.

The auditor has issued auditors’ report with modified opinion i.e. it contain qualification or adverse remark: The Company has not recognised for undisputed income tax liability of Rs. 232.66 Lakhs including penalty in respect of earlier years. The Company has also not provided the interest payable on the said amount of unpaid taxes, the amount of such interest is unascertainable in absence of necessary information. The accounting treatment followed by the company in this regard is not in accordance with Ind AS 12 “Income taxes”. As a result of non-recognition of undisputed tax liability, the balance of other equity and Current tax liability, in the balance sheet are understated to the extent of Rs. 232.66 Lakhs. Further, in the absence of necessary information in respect of interest payable on such income tax liability, its impact on the financial statements including the loss for the year is not quantifiable.

Management’s Response on qualification / adverse remark: The issues before the income tax department are more and less same as decided in earlier year. The Company is in the process of reopening all pending cases before IT authorities. The Company is quite hopeful to resolve pending issues with IT department.

B. Secretarial Auditors

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the board of directors have appointed M/s. Parthkumar & Associates, Practicing Company Secretaries (Certificate of Practice Number: 22741) to undertake the secretarial audit of the Company for the financial year ended 31^st March, 2023. The secretarial auditors report issued by M/s. Parthkumar & Associates, Practicing Company Secretaries in Form MR 3 forms part of this directors’ report (Annexure 2).

The secretarial auditor has issued secretarial audit report with observation / qualification: Regulation 31 (2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which states that hundred percent of promoter(s) and promoter group shareholding should be in dematerialized however the process of dematerialization of hundred percent of shareholding of promoter(s) and promoter group has not been completed.

Management’s Response on observation / qualification: The Board of Directors would like to explain that the promoters have submitted their dematerialization request forms to their respective depository participants (DPs), but due to a technical difficulty with the CDSL system, two promoters have received rejection memos and one promoter has obtained confirmation of his demat of shares. Following the rejection, new dematerialization request forms were submitted and are awaiting responses from the respective DPs as of 31^st March, 2023.

C. Cost Auditors

The Company have not attracted the provision as specified under Section 148 of the Act i.e. Central Government to Specify Audit of Items of Cost in Respect of Certain Companies, Hence, the Company does not appoint cost auditor and not carry out cost audit during the year under review.

32) REPORTING OF FRAUDS BY AUDITORS:

During the year under review, the statutory auditors and secretarial auditor have not reported any instances of frauds committed in the Company by its officers or employees to the audit committee under Section 143 (12) of the Act.

33) MAINTENANCE OF COST RECORDS SPECIFIED BY THE CENTRAL GOVERNMENT

UNDER SECTION 148 OF THE ACT:

The Company is no required to maintain cost records under Section 148 (1) of the Act, read with the Companies (Cost Records and Audit) (Amendment) Rules, 2014. Hence, not applicable to the Company during the year under review.

34) BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT:

Pursuant to the Regulation 34 (2) (f) of the SEBI Listing Regulations, Company is not fall under top thousand listed entities based on market capitalization immediately on preceding financial year, hence, not require to submit the business responsibility report.

35) PROHIBITION OF INSIDER TRADING:

In terms of the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, as amended (“SEBI PIT Regulations”), the Company has adopted the revised “Code of Conduct to Regulate, Monitor and Report Trading by Insiders” (“the Code”). The Code is applicable to promoters, all directors, designated persons and connected persons and their immediate relatives, who are expected to have access to unpublished price sensitive information relating to the Company. The Company has also formulated a ‘Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI)’ in compliance with the PIT Regulations.

36) COMMITTEES OF THE BOARD:

The Board Committees are set up under the formal approval of the Board to carry out clearly defined roles under which are considered to be performed by members of the Board. The Board supervises the execution of its responsibilities by the Committees and is responsible for their action.

A. AUDIT COMMITTEE:

The role and terms of Audit Committee articulates the roles, responsibilities and powers of the Audit Committees as specified under Regulation 18 (3) read with Schedule II (Part C) of the SEBI Listing Regulations and Section 177 of the Act. Further, all the recommendations made by the audit committee were accepted by the Board.

During the financial year ended 31^st March, 2023, the audit committee met four times on 30^th May, 2022, 13^th August 2022, 11^th November, 2022 and 13^th February, 2023. The composition and details of attendance of members of the Committee are given as under:

Name of the Member	Position	Category	No. of Meetings attended
Mr. Nimesh K.	Chairman	Non-Executive	4 out 4
Patel		Independent Director Non-Executive
Mr. Hardik K. Patel	Member	Independent Director	4 out 4
Mr. Pinkal R. Patel	Member	Executive Director (Promoter)	4 out 4

The constitution of the committee is in accordance with the applicable provisions of the Act and SEBI Listing Regulations, as amended. The committee invites the representatives of the statutory and internal auditor(s) as when required. The Company Secretary acts as a secretary to the audit committee. The Chairman of audit committee was present at the last AGM held on 30^th September, 2022.

B. NOMINATION AND REMUNERATION COMMITTEE:

The role and terms of the Nomination and Remuneration Committee are in line with Regulation 19 read with Part D of Schedule II of the SEBI Listing Regulations and Section 178 (1) of the Act and formulated the policy setting out the criteria for determining qualifications, positive attributes, independence of a Director and policy relating to remuneration for Directors, Key Managerial Personnel and other employees. The said policy is available on the website of the Company at www.ambitiousplastomac.com.

During the financial year ended 31^st March, 2023, nomination and remuneration committee met one time on 22^th July, 2022. The company secretary acts as the secretary to the Committee. The composition and details of attendance of members of the Committee are given as under. The composition of the committee is in compliance of the provisions of the Act and SEBI Listing Regulations as amended.

Name of the Member	Position	Category	No. of Meetings attended
Mr. Nimesh K. Patel	Chairman	Non-Executive Independent	1 out 1
Mr. Hardik K. Patel	Member	Director Non-Executive Independent	1 out 1
Mrs. Rajvi P. Patel	Member	Director Non-Executive Director	1 out 1
		(Promoter)

C. STAKEHOLDERS RELATIONSHIP COMMITTEE:

The role and terms of the Stakeholders Relationship Committee are as per Section 178 (5) of the Act and Regulation 20 read with Part D of Schedule II of SEBI Listing Regulations, the Company has in place, a Stakeholders’ Relationship Committee (“SRC”), During the financial year ended 31^st March, 2023, stakeholder’s relationship committee met four times. The composition of the Committee is in compliance of the provisions of the Act and SEBI Listing Regulations as amended and details of attendance of members of the Committee at the meetings are given as under:

Name of the Member	Position	Category	No. of Meetings attended
Mr. Nimesh K. Patel	Chairman	Non-Executive Independent	4 out 4
Mr. Hardik K. Patel	Member	Director Non-Executive Independent	4 out 4
Mr. Pinkal R. Patel	Member	Director Executive Director (Promoter)	4 out 4

D. INDEPENDENT DIRECTORS’ MEETING:

During the financial year ended 31^st March, 2023, Independent Directors of the Company met on 13^th February, 2023 without the attendance of Non Independent Directors and members of the Board. The Independent Directors reviewed the performance of the Non-Independent Directors and the Board as whole. The performance of the Chairman taking into account the views of executive Directors and Non-Executive Directors and assessed the quality, quantity and timeline of flow of information between Company management and Board.

37) VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Board of Directors on the recommendations of the Audit Committee has approved and adopted a vigil mechanism / whistle blower policy in line with the provisions of Section 177 (9) and Section 177 (10) of the Act, read with Rule 7 of The Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of SEBI Listing Regulations, that provides a formal mechanism for directors, employees or business associates for reporting the unethical behavior, malpractices, wrongful conduct, frauds, violations of the Company’s code etc. to approach the chairman of the audit committee. Your Company is committed to highest standards of ethical, moral and legal business conduct of business operations.

The employees of the Company have the right / option to report their concern / grievance to the Chairman of the Audit Committee. No person has been denied access to the chairman of the Audit Committee.

38) DETAILS OF INVESTOR’S GRIEVANCES / COMPLAINTS:

1. No. of investors complaints received by the RTA / Company during the year: Nil

2. No. of complaints not resolved of shareholders / investors during the year: Nil

3. No. of complaints pending as at the end of the year: Nil

39) COMPLIANCE OFFICER:

Ms. Poorvi Gattani, Company Secretary and Compliance Officer, Ambitious Plastomac Company Limited,

Regd. Office: 405, Royal Square, Nr. JBR Arcade, Science City Road, Sola, Ahmedabad- 380060. Ph. No.: +91-79844 20674, E-Mail: ambitiousplasto@gmail.com.

40) RISK MANAGEMENT POLICY:

The Board of Directors of the Company has monitored risk management and has a defined framework which monitors the risk mitigation plan for the Company. It identifies key risk areas, periodically reviews the risk management plan and ensures its effectiveness. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. The audit committee is also looking after the area of financial risks and controls. At present, in the opinion of the Board there is no identification of Risk element that may threaten the existence of the Company.

41) TENTATIVE SCHEDULE FOR CONSIDERING FINANCIAL RESULTS:

1. For the quarter ending 30^th June 30, 2023: On or before August 14, 2023;

2. For the quarter ending 30^th September, 2023: On or before November 14, 2023;

3. For the quarter ending 31^st December, 2023: On or before February 14, 2024;

4. For the quarter ending 31^st March, 2024: On or before May 30, 2024.

42) CORPOTRATE GOVERNANCE:

In terms of Regulation 15 (2) of SEBI Listing Regulations, Company does not have paid up equity share capital exceeding ten crore rupees and net worth exceeding twenty-five crore rupees, as on the immediate financial year i.e. 31^st March, 2023 of the Company. Hence, the requirements of compliance with the provisions corporate governance as specified in shall not apply to the Company and hence, not provided by the Board.

43) DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

In accordance with the requirements of the sexual harassment of women at workplace (prevention, prohibition & redressal) Act, 2013 (“POSH Act”) and Rules made thereunder, the Company has formulated and implemented a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace.

During the financial year ended 31^st March, 2023, the Company has not received any complaint under the policy. The Company has systems and processes to ensure professional ethics and harmonious working environment. The policy aims the protection of the women employees at work place and providing the safe working environment where women feel secure. Awareness programs are conducted to create sensitivity towards ensuring respectable workplace.

44) THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE

INSOLVENCY AND BANKRUPTCY CODE, 2016:

During the financial year ended on 31^st March, 2023, there is no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) against the Company.

45) THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT

THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF:

Not applicable during the year under review.

46) CAUTIONARY STATEMENT:

The annual report including those which relate to the directors’ report, management discussion and analysis report may contain certain statements on the Company’s intent expectations or forecasts that appear to be forward-looking within the meaning of applicable securities laws and regulations while actual outcomes may differ materially from what is expressed herein.

47) ACKNOWLEDGEMENTS:

The Board of Directors acknowledges and places on record their sincere appreciation of all the stakeholders and authorities for their continued co-operation and for the excellent support received from them.

	For and on behalf of the Board of Directors of
	For, Ambitious Plastomac Company Limited
	Pinkal R. Patel
	Chairman & Managing Director
Ahmedabad, 29th May, 2023	DIN: 06512030