United Polyfab Gujarat Ltd Directors Report.

Dear Shareholders,

The Board of Directors hereby submits the report of the business and operations of United Polyfab Gujarat Limited, along with the audited financial statements, for the financial year ended March 31, 2019.

Financial Highlights

(Amount in Rs.)
Particulars F.Y. 2018-19 F.Y. 2017-18
Income from Operations 1,63,21,31,432 1,04,26,91,653
Other Income 40,14,780 43,42,239
Total Revenue 1,63,61,46,212 1,04,70,33,892
Less: Total Expenses (excluding Depreciation & Interest) 1,41,33,82,650 90,34,86,087
Operating Profits (PBDIT) 22,27,63,562 14,35,47,805
Less: Finance Cost 8,15,49,053 2,92,97,666
Less: Depreciation 11,02,52,922 9,46,66,015
Profit Before Tax 3,09,61,588 1,95,84,124
Less: Taxes 1,19,02,658 62,02,239
Net Profit after Tax 1,90,58,930 1,33,81,885

REVIEW OF BUSINESS OPERATION

Financial performance

During the year there were new developments happened in the company by which the company may reach to a new height soon. During the year under review, Company has earned total income of Rs. 1,63,61,46,212 as against the total income of Rs. 1,04,70,33,892 for previous year. The total income of the company was increased by 56.26% over previous year. Further, Profit before Tax in the financial year 2018-19 stood at Rs. 3,09,61,588 as compared to Rs. 1,95,84,124 of last year and Net Profit after Tax stood at Rs. 1,90,58,930 compared to profit of Rs. 1,33,81,885 for previous year. The Profit before tax and Net profit After Tax was increased by 58.10% and 42.42% respectively over previous year. The increase in revenue from operation led the Company to generate higher profit compared to previous year.

Dividend

With a view to conserve and save the resources for future prospect of the Company, your Directors regret to declare dividend for the financial year 2018-19 (Previous year - Nil).

Net Profit Transfer to General Reserve:

Your Directors do not propose transfer of any amount to the General Reserves. Full amount of net profit are carried to reserve & Surplus account of the Company.

Change in Nature of Business

During the year, your Company has not changed its business or object and continues to be in the same line of business as per main object of the Company.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL Constitution of Board

The Board of the Company comprises four Directors out of which one is Promoter Executive Director, one is Promoter Non-Executive Director and two are Non-Promoter Non-Executive Independent Directors. As on March 31, 2019, the Board comprised following Directors;

No. of Committee^

Name of Director Category Cum Designation Date of Appointment at current Term Total Directorship~ in which Director is Members in which Director is Chairman No. of Shares held as on March 31, 2019
Mr. Gagan Mittal Promoter Chairman and Managing Director January 16, 2016 6 2 - 517550 Equity Shares
Mr. Ritesh Hada Promoter Non-Executive Director January 12, 2016 13 - - 2500 Equity Shares
Ms. Sejalben Parmar Non-Executive Independent Director January 12, 2016 1 1 1
Mr. Sumit Saraf Non-Executive Independent Director August 13, 2018 1 1 1 -

^ Committee includes Audit Committee and Shareholders Grievances Committee across all Public Companies. ~ Excluding Foreign Companies, Section 8 Companies & struck off Companies.

The composition of Board complies with the requirements of the Companies Act, 2013 ("Act"). Further, in pursuance of Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Company is exempted from requirement of having composition of Board as per Regulation 17 of Listing Regulations. None of the Directors of Board is a member of more than ten Committees or Chairman of more than five committees across all the Public companies in which they are Director. The necessary disclosures regarding Committee positions have been made by all the Directors. None of the Director of the Company is serving as a Whole-Time Director in any Listed Company and is holding position of Independent Director in more than 3 Listed Company. Neither any of the Director of the Company is holding position as Director in more than 8 listed entities nor any of the Director of the Company serve as Independent Director in more than 7 listed entities. None of the Directors of the Company is disqualified for being appointed as Director as specified in Section 164 (2) of the Companies Act, 2013.

Board Meeting

The meetings of the Board are scheduled at regular intervals, at least once in a quarter to decide and discuss on business performance, polices, strategies and other matter of significance. The schedules of meeting are circulated in advance to ensure proper planning and effective participation in meetings. Additional Board meetings are convened, as and when required. During the year under review, Board of Directors of the Company met 10 (Ten) times on May 29, 2018, August 13, 2018, September 01, 2018, September 05, 2018, September 29, 2018, October 13, 2018, November 14, 2018, January 22, 2019, January 25, 2019, and March 26, 2019. The gap between two consecutive meetings was not more than one hundred and twenty days as provided in section 173 of the Act. The details of attendance of each Director at the Board Meeting and Annual General Meeting are given below;

Name of Director Mr. Gagan Mittal Mr. Ritesh Hada Mr. Sumit Saraf~ Mr. Anchit Agrawal^ Ms. Sejalben Parmar
Number of Board Meeting held 10 10 10 10 10
Number of Board Meetings Eligible to attend 10 10 8 1 10
Number of Board Meeting attended 10 10 8 1 10
Presence at the previous AGM Yes Yes Yes Not Applicable Yes

~ w.e.f. August 13, 2018 ^ up to May 29, 2018

During the year, the Board of Directors has also passed certain resolutions through circulation in compliance of Section 175 of the Companies Act, 2013. All such resolutions, passed through circulation, have been noted in subsequent Board Meeting and form part of minutes of such subsequent meetings.

Independent Directors

In terms of Section 149 of the Companies Act, 2013 and rules made there under, the Company has two Non-Promoter Independent Directors in line with the Companies Act, 2013. A separate meeting of Independent Directors was held on March 26, 2019 to review the performance of Non-Independent Directors and Board as whole and performance of Chairperson of the Company including assessment of quality, quantity and timeliness of flow of information between Company management and Board. The terms and conditions of appointment of Independent Directors and Code for Independent Director are incorporated on the website of the Company at www.upgl.in. The Company has received necessary declaration from each independent director under Section 149 (7) of the Companies Act, 2013 that they meet the criteria of independence laid down in Section 149 (6) of the Companies Act, 2013.

Information on Directorate

During the financial year, Mr. Anchit Agrawal has resigned as Independent Director of the Company w.e.f. May 29, 2018. The Board of Directors placed its appreciation to Mr. Anchit Agrawal for rendering his service. The Board of Directors, in their meeting held on August 13, 2018, had appointed Mr. Sumit Saraf as an Additional (Non-Executive Independent) Director whose appointment was regularized by the Members of the Company in their last annual general meeting held on September 28, 2018 and he was appointed as Independent Director of the Company for a period up to August 13, 2023. In accordance with the provisions of the Articles of Association and Section 152 of the Companies Act, 2013, Mr. Ritesh Hada (DIN: 01919749), Non-Executive Director of the Company retires by rotation at the ensuing annual general meeting. He, being eligible, has offered himself for re-appointment as such and seeks re-appointment. The Board of Directors recommends his re-appointment as such on the Board. The relevant details, as required under Regulation 36 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), of the person seeking re-appointment as Director is annexed to the Notice convening the 9th annual general meeting.

Key Managerial Personnel

During the year under review, Mr. Gagan Mittal is acting as Chairman and Managing Director of the Company.

Further, Mr. Girish Solanki who was acting as Chief Financial Officer of the Company, had tendered his resignation from the post w.e.f. March 26, 2019. In his place, the Board appointed Mr. Mahesh Gupta as Chief Financial Officer of the Company w.e.f. April 15, 2019. Ms. Nidhi Aggrawal who was acting as Company Secretary of the Company, had tendered her resignation from the post w.e.f. January 22, 2019. In her place, the Board appointed Ms. Payal Shah as Company Secretary of the Company w.e.f. March 26, 2019.

Performance Evaluation

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 Companies Act, 2013 in the following manners; o The performance of the board was evaluated by the board, after seeking inputs from all the directors, on the basis of the criteria such as the board composition and structure, effectiveness of board processes, information and functioning etc. o The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness of committee meetings, etc. o The board and the nomination and remuneration committee reviewed the performance of the individual directors on the basis of the criteria such as the contribution of the individual director to the board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc. o In addition, the chairman was also evaluated on the key aspects of his role. Separate meeting of independent directors was held to evaluate the performance of non-independent directors, performance of the board as a whole and performance of the chairman, taking into account the views of executive directors and non-executive directors. Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.

Directors Responsibility Statement

Pursuant to section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability, confirm that:

a) In preparation of annual accounts for the year ended March 31, 2019, the applicable accounting standards have been followed and that no material departures have been made from the same;

b) The Directors had 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 or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts for the year ended March 31, 2019 on going concern basis.

e) The Directors had laid down the 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.

SHARE CAPITAL Authorized Capital

The present Authorized Capital of the Company is Rs. 7,00,00,000/- divided into 70,00,000 Equity Shares of Rs. 10/- each.

Issued, Subscribed & Paid-up Capital

The present Issue, Subscribed & Paid-up Capital of the Company is Rs. 6,98,38,500/- divided into 69,83,850 Equity Shares of Rs. 10/- each. During the year under review, there was no change took place in the authorized share capital of the Company. Further, the Company has allotted 1300000 equity shares at a price of Rs. 100/- per equity share (including premium of Rs. 90/- per equity share) to the holder of Equity Warrants pursuant to conversion of Equity Warrants held by them on September 5, 2018. Further, entire equity share capital of the Company is listed at NSE Emerge Platform.

COMMITTEES OF BOARD

The Board of Directors, in line with the requirement of the act, has formed various committees, details of which are given hereunder.

A. Audit Committee

The Company has formed audit committee in line with the provisions Section 177 of the Companies Act, 2013. Audit Committee meeting is generally held once in quarter and the gap between two meetings did not exceed one hundred and twenty days. Additional meeting is held for the purpose of reviewing the specific item included in terms of reference of the Committee. During the year, the Constitution of the Committee was changed due to resignation of Mr. Anchit Agrawal from Directorship. Mr. Sumit Saraf was appointed as Chairperson of the Committee w.e.f. August 13, 2018. During the year under review, Audit Committee met 6 (Six) times viz. May 29, 2018; September 1, 2018; September 29, 2018, November 11, 2018; January 22, 2019 and March 26, 2019. The composition of the Committee and the details of meetings attended by its members are given below:

Number of meetings during the financial year 2018-19

Name of Members Category Designation in Committee Held Eligible to attend Attended
Mr. Sumit Saraf Independent Director Chairperson~ 6 5 5
Mr. Anchit Agrawal Independent Director Chairperson^ 6 1 1
Ms. Sejal Parmar Independent Director Member 6 6 6
Mr. Gagan Mittal Executive Director Member 6 6 6

~ w.e.f. August 13, 2018 ^ up to May 29, 2018

The Statutory Auditors and Internal Auditors of the Company are invited in the meeting of the Committee wherever requires. Chief Financial Officer of the Company is a regular invitee at the Meeting. Further, the Company Secretary of the Company is acting as Secretary to the Audit Committee. Mr. Sumit Saraf, the Chairperson of the Committee had attended last Annual General Meeting of the Company held on September 28, 2018. Recommendations of Audit Committee, wherever/whenever given, have been accepted by the Board of Directors.

Vigil Mechanism

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Companys Code of Conduct.

Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of the Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time. None of the Whistle blowers has been denied access to the Audit Committee of the Board. The Whistle Blower Policy of the Company is available on the website of the Company at www.upgl.in.

B. Nomination and Remuneration Committee

The Company has formed Nomination and Remuneration committee in line with the provisions of Section 178 of the Companies Act, 2013. Nomination and Remuneration Committee meetings are generally held for identifying the persons who are qualified to become Directors and may be appointed in senior management and recommending their appointments and removal. Further, the committee shall also meet as and when the need arises for review of Managerial Remuneration. During the year, the Constitution of the Committee was changed by inducting Mr. Ritesh Hada as Member of the Committee in place of Mr. Gagan Mittal. Further, due to resignation of Mr. Anchit Agrawal from Directorship. Mr. Sumit Saraf was appointed as Members of the Committee w.e.f. August 13, 2018. During the year under review, Nomination and Remuneration Committee met 3 (Three) times viz. August 13, 2018; September 1, 2018 and March 26, 2019. The composition of the Committee and the details of meetings attended by its members are given below:

Name of Members Category Designation in Committee

Number of meetings during the financial year 2018-19

Held Eligible to attend Attended
Mr. Sumit Saraf Independent Director Chairperson~ 3 2 2
Mr. Anchit Agrawal Independent Director Chairperson^ 3 - -
Ms. Sejal Parmar Independent Director Member 3 3 3
Mr. Gagan Mittal Executive Director Member^ 3 - -
Mr. Ritesh Hada Non-Executive Director Member* 3 3 3

~ w.e.f. August 13, 2018 ^ up to May 29, 2018 * w.e.f. May 29, 2018

Nomination and Remuneration Policy

Nomination and Remuneration Policy in the Company is designed to create a high performance culture. It enables the Company to attract motivated and retained manpower in competitive market, and to harmonize the aspirations of human resources consistent with the goals of the Company. The Company pays remuneration by way of salary, benefits, perquisites and allowances to its Managing Director and the Executive Directors. The Nomination and Remuneration Policy, as adopted by the Board of Directors, is placed on the website of the Company at www.upgl.in and is annexed to this Report as Annexure A.

Remuneration of Directors

The details of remuneration/sitting fees paid during the financial year 2018-19 to Executive Directors/Directors of the Company is provided in Form MGT-9 which is the part of this report.

C. Stakeholders Grievance & Relationship Committee

The Company has constituted Stakeholders Grievance & Relationship Committee mainly to focus on the redressal of Shareholders / Investors Grievances, if any, like Transfer / Transmission / Demat of Shares; Loss of Share Certificates; Non-receipt of Annual Report; Dividend Warrants; etc. During the year, the Constitution of the Committee was changed due to resignation of Mr. Anchit Agrawal from Directorship. Mr. Sumit Saraf was appointed as Chairperson of the Committee w.e.f. August 13, 2018.

During the year under review, Stakeholders Grievance & Relationship Committee met 4 (Four) times viz. May 29, 2018, August 13, 2018, November 14, 2018 and January 22, 2019. The composition of the Committee and the details of meetings attended by its members are given below:

Name of Members Category Designation in Committee

Number of meetings during the financial year 2018-19

Held Eligible to attend Attended
Ms. Sejal Parmar Independent Director Chairperson 4 4 4
Mr. Sumit Saraf Independent Director Member ~ 4 2 2
Mr. Anchit Agrawal Independent Director Member ^ 4 1 1
Mr. Gagan Mittal Executive Director Member 4 4 4

~ w.e.f. August 13, 2018 ^ up to May 29, 2018

Company Secretary and Compliance officer of the Company provides secretarial support to the Committee.

Complaints

During the year, the Company had not received any complaints from the Shareholders. There was no complaint pending as on March 31, 2019.

PUBLIC DEPOSIT

The company has not accepted any deposits from the public. Hence, the directives issued by the Reserve Bank of India & the Provision of Section 73 to 76 of the Company Act, 2013 or any other relevant provisions of the Act and the Rules there under are not applicable.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement for the year ended on March 31, 2019.

EXTRACT OF ANNUAL RETURN

As provided under section 92(3) of the Companies Act, 2013, the details forming part of the extract of the Annual Return in Form MGT-9 is annexed to this Report as Annexure B.

TRANSACTIONS WITH RELATED PARTIES

Particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in the prescribed Form AOC-2 is annexed to this Report as Annexure C.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The details on Internal Financial Control and their adequacy are provided in Management Discussion and Analysis Report.

MATERIAL CHANGES AND COMMITMENT

There are no material changes and commitments, affecting the financial position of the Company, have occurred between the ends of financial year of the Company i.e. March 31, 2019 to the date of this Report.

PARTICULAR OF EMPLOYEES

The ratio of the remuneration of each whole-time director to the median of employees remuneration as per Section 197(12) of the Companies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is annexed to this Report as Annexure D.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:

To foster a positive workplace environment, free from harassment of any nature, we have adopted policy on prevention, prohibition and Redressal of Sexual harassment at workplace and has duly constituted an Internal Complaints Committee in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules thereunder. During the year under review, there were no incidences of sexual harassment reported.

RISK MANAGEMENT

A well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process is in place. The objective of the mechanism is to minimize the impact of risks identified and taking advance actions to mitigate it. The mechanism works on the principles of probability of occurrence and impact, if triggered. A detailed exercise is being carried out to identify, evaluate, monitor and manage both business and non-business risks.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under section 134(3)(m) of the Act read with the Companies (Accounts) Rules, 2014, are provided as an Annexure E.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated under Schedule V of the Listing Regulations, is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE

Your Company strives to incorporate the appropriate standards for corporate governance. However, pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company is not required to mandatorily comply with the provisions of certain regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and therefore the Company has not provided a separate report on Corporate Governance, although few of the information are provided in this report under relevant heading. However, Company is complying with few of the exempted regulations voluntarily and details of same are provided in this report under the respective heading.

ENVIROMENTAL PROTECTION & POLLUTION CONTROL

Your company regards preservation of the environment as one of its primary social responsibility. Accordingly the company places great emphasis on compliance with pollution control norms.

STATUTORY COMPLIANCES

To the best of our knowledge your company has complied with all the rules and regulations which are stipulated on corporate sector from time to time by various statutory Authorities.

COST & MANAGEMENT AUDITOR

In terms of Section 148 of the Companies Act, 2013 read with Companies (Cost records and audits) Rules, 2014, the Company is required to get its cost records audited by the Practicing Cost Accountant. Accordingly, the Board of Directors at their meeting held on September 29, 2018, appointed M/s. M.I. Prajapati & Associates, Cost & Management Accountants, Ahmedabad, as Cost Auditors for auditing the cost records of your Company for the year ended March 31, 2019. Further, they are also appointed as Cost Auditors for auditing the cost records of your Company for the year ended March 31, 2020 by the Board of Directors at their meeting held on September 4, 2019.

STATUTORY AUDITOR AND THEIR REPORT

M/s Nahta Jain & Associates, Chartered Accountants (Firm Registration No. 106801W) were appointed as Statutory Auditors of your Company at the Annual General Meeting held in the calendar year 2014, for a term of five consecutive years, subject to ratification of appointment at every subsequent annual general meeting to be held after that Annual General Meeting. The present term of M/s Nahta Jain & Associates, Chartered Accountants (Firm Registration No. 106801W) is expiring at the ensuing Annual General Meeting. In terms of Rule 6 of the Companies (Audit and Auditors) Rules, 2014 as amended from time to time and Section 139(2) of the Companies Act, 2013, M/s Nahta Jain & Associates, Chartered Accountants (Firm Registration No. 106801W) are eligible for appointment as Statutory Auditor from the conclusion of ensuing Annual General Meeting till the conclusion of next annual general meeting to be held in the calendar year 2020. The Company has received the consent and eligibility certificate from M/s Nahta Jain & Associates, Chartered Accountants (Firm Registration No. 106801W) and the audit committee and board recommends their appointment as Statutory Auditor from the conclusion of ensuing Annual General Meeting till the conclusion of next annual general meeting to be held in the calendar year 2020. The Report given by the Auditors on the financial statement of the Company is part of this Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

REPORTING OF FRAUD

The Auditors of the Company have not reported any fraud as specified under Section 143(12) of the Companies Act, 2013.

SECRETARIAL AUDITOR AND THIEIR REPORT

The Company has appointed Ms. Payal Dhamecha, Practicing Company Secretary, to conduct the secretarial audit of the Company for the financial year 2018-19, as required under Section 204 of the Companies Act, 2013 and Rules thereunder. The Secretarial Audit Report for the financial year 2018-19 is annexed to this report as an Annexure F.

The Secretarial Audit Report contain the annotation for delayed filing of Form CRA-2 with respect to appointment of Cost Auditor. Your Director states that, in terms of section 148, and other applicable provisions, the Company had appointed the Cost Auditor but due to clerical mistake and unintentional overlooked, the Form CRA-2 could not be filed within statutory time limit and the same has been filed on September 4, 2019.

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in this report for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules, 2014 and other applicable provisions of the act and listing regulations, to the extent the transactions took place on those items during the year. Your Directors further state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review or they are not applicable to the Company;

(i) Details relating to deposits covered under Chapter V of the Act;

(ii) Issue of Equity Shares with differential rights as to dividend, voting or otherwise;

(iii) Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and ESOS;

(iv) Annual Report and other compliances on Corporate Social Responsibility;

(v) There is no revision in the Board Report or Financial Statement;

(vi) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companys operations in future;

(vii) Information on subsidiary, associate and joint venture companies.

APPRECIATIONS AND ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for significant contributions made by the employees at all levels through their dedication, hard work and commitment during the year under review. The Board places on record its appreciation for the support and co-operation your Company has been receiving from its suppliers, distributors, retailers, business partners and others associated with it as its trading partners. Your Company looks upon them as partners in its progress and has shared with them the rewards of growth. It will be your Companys endeavour to build and nurture strong links with the trade based on mutuality of benefits, respect for and co-operation with each other, consistent with consumer interests. Your Directors also take this opportunity to thank all Shareholders, Clients, Vendors, Banks, Government and Regulatory Authorities and Stock Exchanges, for their continued support.

For and on behalf of Board of Directors,
United Polyfab Gujarat Limited
Gagan Mittal
Place: Ahmedabad Chairman and Managing Director
Date: September 4, 2019 DIN 00593377