Gujarat Petrosynthese Ltd Directors Report.

To

The Members,

Gujarat Petrosynthese Limited

Address: 24, II Main, Doddanekkundi Industrial Area,

Phase 1, Mahadevapura, Bengaluru - 560048

Your directors have pleasure in presenting the 44th Annual Report of the Company together with the Audited Statement of Accounts for the Financial Year ended 31st March, 2021.

1. FINANCIAL STATEMENTS & RESULTS:

a. FINANCIAL RESULTS:

The Companys performance during the year ended 31st March, 2021 as compared to the previous financial year, is summarized below:

(Rs. in ‘000)

Standalone Consolidated
Particulars For the year ended For the year ended
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Revenue from Operations 1,93,439 2,02,054 193,439 2,02,793
Other Income 6,334 4,451 12,264 12,552
Total Income 1,99,773 2,06,505 2,05,703 2,15,345
Total Expenses (2,05,980) (2,15,120) (2,07,465) (2,17,509)
Profit/(Loss) before exceptional items & Tax (6,207) (8,615) (1,762) (2,163)
Profit on exceptional items 55,798 23,186 55,818 23,168
Profit/ (Loss) before tax 49,591 14,571 54,506 21,005
Less: 1. Current Tax 3,497 - 3,497 960
2. Tax adjustment of earlier years (net) - - -
3. Deferred Tax (4,041) (340) (4,041) (341)
Profit/(Loss) for the year 50,135 14,911 54,600 20,385
Other comprehensive income (OCI):
Items that will not be reclassified to profit or loss:
1. Re-measurement gains/(losses) on defined benefit plans - - - -
2. Income tax effect on above - - 4,783 5,600
Total Other Comprehensive Income (OCI) for the year, net of tax expense - - - -
Total Comprehensive Income/(Expense) for the year 50,135 14,911 59,383 25,984
Earnings per equity shares (Face Value of Rs.10/- each) Basic and Diluted earnings per share 8.40 2.50 9.15 3.41

APPROPRIATION

Interim Dividend NIL NIL
Final Dividend NIL NIL
Tax on distribution of dividend NIL NIL
Transfer of General Reserve NIL NIL
Balance carried to Balance sheet 50,135 14,911

b. OPERATIONS:

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

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

c. PERFORMANCE & FUTURE OUTLOOK:

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

d. SUBSIDIARY COMPANY, ASSOCIATES AND JOINT VENTURES:

During the year under review, the Company has filed a Scheme of Merger between Gujarat Polybutenes Private Limited (GPPL) with the Company, which inter-alia aims at synergy in operations, greater financial strength and improvement in the position of the merged entity post completion. The Appointed Date for the Scheme is July 01,2020.

The Company has formulated a policy for determining material subsidiary(ies) and such policy has been disclosed on the Companys website and its weblink is https://www.gpl.in.

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

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

The audited accounts of the wholly owned subsidiary of the company are placed on the Companys website.

Further, the Company does not have any joint venture or associate companies during the year or at any time after the closure of the year and till the date of the report.

e. DIVIDEND:

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

f. UNPAID DIVIDEND & IEPF:

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

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

g. TRANSFER TO RESERVES:

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

h. DEPOSITS:

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

i. CONSOLIDATED FINANCIAL STATEMENTS:

Consolidated Financial Statements are prepared by your Company in accordance with the applicable Indian Accounting Standards (Ind AS) issued by the Ministry of Corporate Affairs and the same together with The Auditors Report thereon form part of the Annual Report. The financial statements have been prepared as per Division II of Schedule III issued by the Ministry of Corporate Affairs vide its Notification dated April 06, 2016.

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

j. RELATED PARTY TRANSACTIONS:

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

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

There were no materially significant transactions with related parties (i.e. transactions exceeding 10% of the annual consolidated turnover) that may have potential conflict with the interests of your Company at large entered into during the year as per the last audited financial statements. Accordingly, the disclosure of transactions entered into with related parties pursuant to the provisions of Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts), Rules 2014 in Form AOC-2 is not applicable.

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

k. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

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

l. PARTICULARS OF INVESTMENTS, LOANS, GUARANTEES AND SECURITIES:

The details of investments made by the Company under Section 186 of the Companies Act, 2013 are given in the Notes to the standalone financial statements for the financial year ended March 31,2021.

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

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

n. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Statutory Auditors of the Company for inefficiency or inadequacy of such controls.

2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL :

a. Board of Directors:

i. Appointment

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

ii. Re-appointment

• Based on the Recommendation of the Nomination & Remuneration Committee of the Company the Board of Directors of the Company at its Meeting held on August 12, 2021 has proposed re-appointment of Mrs. Urmi N. Prasad (DIN: 00319482) as the Joint Managing Director of the Company for a further period of 5 years w.e.f. April 01,2022 to March 31,2027. The Board recommends her re-appointment as the Joint Managing Director for which the approval of the Members is being sought in the Notice convening the Annual General Meeting of the Company.

• Based on the Recommendation of the Nomination & Remuneration Committee of the Company the Board of Directors of the Company at its Meeting held on August 12 2021 has proposed re-appointment Mrs. Charita Thakkar (DIN: 00321561) as the Joint Managing Director of the Company for a further period of 5 years w.e.f. April 01,2022 to March 31,2027. The Board recommends her re-appointment as the Joint Managing Director for which the approval of the Members is being sought in the Notice convening the Annual General Meeting of the Company.

iii. Resignation / cessation

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

iv. Retirement by rotation and subsequent re-appointment

In accordance with the provisions of the Companies Act, 2013 and Articles of association of the Company, none of the Independent Directors is liable to retire by rotation.

Pursuant to the provisions of Section 152 of the Companies Act, 2013, Ms. Charita Thakkar, is liable to retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers herself for re-appointment. The said Director is not disqualified from being re-appointed as a Director of a Company as per the disclosure received from her pursuant to Section 164(2) of the Companies Act, 2013.

v. Key Managerial Personnel:

i. Appointment

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

ii. Resignation

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

vi. Declarations by Independent Directors :

All the Independent Directors have confirmed that they meet the criteria of independence as laid down under the Act and Listing Regulations. They have declared that they do not suffer from any disqualifications specified under the Act. In terms of Regulation 25 (8) of SEBI Listing Regulations they have confirmed that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. The Board of directors of the Company has taken on record the declaration and confirmation submitted by the independent directors after undertaking due assessment of the veracity of the same. There has been no change in the circumstances affecting their status as Independent Directors of the Company. Also, all the Independent Directors are registered on the on-line database of Independent Directors by the Indian Institute of Corporate Affairs, Manesar ("IICA").

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

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

3. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

a. Board Meetings:

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

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

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

b. Audit Committee:

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

c. Nomination and Remuneration Committee:

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

d. Stakeholders Relationship Committee:

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

e. Vigil Mechanism Policy For The Directors And Employees:

The Board of Directors of the Company has, pursuant to the provisions of Section 177(10) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and Regulation 22 of the listing Regulations, framed a "Vigil Mechanism Policy" for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any, financial statements and reports, etc.

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

The employees of the Company have the right/option to report their concern/grievance to the Chairman of the Board of Directors. The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations.

f. Risk Management Policy:

The Board of Directors of the Company has designed The Risk Management Policy and Guidelines to avoid events, situations or circumstances which may lead to negative consequences on the Companys businesses, and define a structured approach to manage uncertainty and to make use of these in their decision making pertaining to all business divisions and corporate functions. Key business risks and their mitigation are considered in the annual/strategic business plans and in periodic management reviews.

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

g. Corporate Social Responsibility Policy:

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

h. Annual Evaluation Of Directors, Committee And Board:

Pursuant to the Section 134(3)(p) of the Companies Act, 2013 as amended from time to time and Regulations 17 and 25 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, The Board has carried out an annual performance evaluation of its own performance, and of the directors individually, as well as the evaluation of all the committees i.e. Audit, Nomination and Remuneration, Stakeholders Relationship Committee.

The Board adopted a formal evaluation mechanism for evaluating its performance and as well as that of its Committees and individual directors, including the Chairman of the Board the exercise was carried out by feedback survey from each director covering the Board functioning such as composition of Board and its Committees, experience and competencies, governance issues etc. Separate Exercise was carried out to evaluate the performance of individual directors including the Chairman of the Board who were evaluated on parameters such as attendance, contribution at the meeting etc.

The various criteria considered for evaluation of Executive Directors included qualification, experience, knowledge, commitment, integrity, leadership, engagement, transparency, analysis, decision making, governance etc. The Board commended the valuable contributions and the guidance provided by each Director in achieving the desired levels of growth. This is in addition to evaluation of Non-Independent Directors and the Board as a whole by the Independent Directors in their separate meeting being held every year.

4. AUDITORS AND REPORTS:

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

a. Observations Of Statutory Auditors on Accounts for The Year Ended 31st March 2021:

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

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

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

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

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

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

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

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

c. Statutory Auditors:

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

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

d. Internal Auditors:

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

Further, the board of directors in their meeting held on August 12, 2021 has proposed to reappoint M/s Krishna & Vishwas LLP, as the Internal Auditor of the Company for the financial year 2021-22. The Company ensures compliance and controls so that the assets and business interests of your Company are adequately safe guarded.

e. Maintenance of Cost Records:

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

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

There were no incidences of reporting of frauds by Statutory Auditors of the Company under Section 143(12) of the Act read with Companies (Accounts) Rules, 2014.

5. CORPORATE GOVERNANCE REPORT:

In compliance with Regulation 34 of the Listing Regulations, a separate report on Corporate Governance along with a certificate from the Auditors on its compliance forms part of this Annual Report.

6. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

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

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

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

8. SECRETARIAL:

a. Share Capital:

Authorised Share Capital

The Authorised Share Capital of the Company is Rs. 8,00,00,000 divided into 80,00,000 Equity Shares of Rs. 10/- each.

Issued, Subscribed and Paid up Share capital

The issued, subscribed and paid-up Share Capital of the Company stood at Rs. 5,96,91,660 as at 31st March, 2021 comprising of 59,69,166 Equity Shares of Rs. 10 each fully paid-up. There was no change in Share Capital during the year under review.

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

The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Meetings of the Board of Directors and General Meetings.

c. ANNUAL RETURN:

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

9. OTHER DISCLOSURES:

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

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

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companys operations in future.

b. Directors Responsibility Statement:

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

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

b. such accounting policies have been selected and applied consistently and the Directors 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 as at 31st March, 2021 and of the profit/loss of the Company for that year;

c. proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

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

e. proper systems have been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively;

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

c. Disclosure Regarding Internal Complaints Committee:

The Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. There has been no complaint received from any of the employees of the Company during the year under review.

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

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

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

The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Section 54(1)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

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

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

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

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

h. Certifications/Recertifications:

Your Company is certified for Standard ISO 9001:2015 & ISO 14001:2015.

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

j. The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

k. Acknowledgements and Appreciation:

Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company.

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