Annual Report 2020

Gujarat Polysol Chemicals Pvt. Ltd.
Regd. Ofrice & Factory: PlotNo. 1734, 3rdPhase, G.l.D.C., VAPI - 396 195, Guiarat. Tel.:+91 99251 00334
CIN : U24231GJ1989PTC012892 of 1989 - 90 . GST No. : 24AAACG8908Q1Zq o pAru'AAACG8908Q
DIRECTORS' REPORT
To
The I'lembers
Gujarat Polysol Chemicals Private Limited
Your Directors have pleasure in presenting their Annual Report on the business and
operations of the Company and the accounts for the Financial Year ended March 31,
2020.
FINANCIAL SUMMARY
(Amount in Rs. )
Particulars 2019-20 2018-19
Total Revenue 396,26,68,894.00 369,72,77 ,195.OO
Profit /(Loss) Before Tax 24,80,64,976.O0 18,t9,32,778.00
Less: Tax Expenses
Current Tax 5,46,36,726,00 4,32,48,724.00
Deferred Tax 15,51,793.00 97 ,34,43t.00
Current Tax relating to prior years 7 ,58,67 4.OO 18,83,013.00
Profit/( Loss) After Taxation t9,tL,L7,783.OO t2,70,67 ,210.00
FINANCIAL HIGHLIGHTS AND OPERATION
The Key highlights pertaining to the business of the company for the year 2Of9-20
and oenod subsequent there to have been given hereunder:
. The Company has reported total revenue of Rs 396,26,68,894.00 in Financial

Year 2019-20 compared to total revenue of Rs 369,72,77,195.00 in previous year.
. The revenue growth also leads to a corresponding improvement in profitability.

The Company witnessed Profit Before Tax at Rs. 24,80,64,976.00 in Financial Year
2019-20 as against Rs. 78,L9,32,77 8.00 in the previous year.
DIVIDEND
With a view to provide a cushion for any financial contingencies in future and to
strengthen the financial position of the Company, your Directors have decided not to
recommend any dividend for the period under review.
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Admln Oflice : 2nd Floor, Plot No. C5/101/4, N. H. No. 48, Beside Supreme Hotel, G.l.D.C., VAPI - 396 195. GUJARAT - INDIA
.
TEL. : (OFF.) +91 99251 00331 Fp; : +91 260 2430487. E-mail : gujaratpolysol@gmail.com
Website : www.guiaratpolysol.com
RESERVES
Your Directors propose to carry Rs. 19,11,17,783.00 being the profit for the current
year to the Balance Sheet (Surplus) during the financial year ended March 31, 2020.
CAPITAL STRUCTU RE
There is no change in the authorised share capital of the company during the year'
The Authorized Share Capital and Paid Share Capital of the Company as on 31"
March, 2020 was as given below:
The Authorised Share Capital of the Company is Rs. 8,25,00,000/- (Rupees Eight
Crore Twenty Five lacs only) divided into 8,15,000 (Eight Lakhs Fifteen thousand)
equity shares of Rs. 100/- each, 7.500 10% Non Cumulative Redeemable Preference
Shares of Rs 100/- each and 2,500 Unclassified Shares of Rs 100/- each.
The Paid up share capital of the Company is Rs. 2,63,90,000/- (Rupees Two crore
Sixty Three lacs Ninety thousand only) divided into 2,63,900 (Two lacs Sixty Three
thousand Nine hundred only) equity shares of Rs. 100/- each.
A) Issue of equity shares with differential rights
The Company has not issued shares with differential rights during the year.
B) Issue of sweat equity shares
The Company has not issued Sweat Equity Shares during the year.
C) Issue of employee stock options
The Company has not issued Employee Stock Options during the year.
D) Provision of money by company for purchase of its own shares by

employees or by trustees for the benefit of employees
The Company has not made any provisions of money for purchase of its own shares
by employees or by trustees for the benefit of employees.
INDUSTRY SCENARIO AND ATE OF COMPANY'S AFFAIRS
Your company is a private company engaged, inter-alia, in the manufacturing activity

of agro chemicals, construction chemicals and leather chemicals and trading of Edible
Oils. The Registered Office of the Company is iituated in Vapi, Gujarat.
During the Financial Year 2019-20, the Company has achieved total revenue of Rs
396,26,68,894.00 as compared to previous y ear's total revenue fRs
369,72,77 ,L95.O0. S OL
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The Profit After Tax of the Company for Financial Year 2019-20 r5 Rs.
19,Lf ,L7,7A3.OO as compared to previous year's Profit After Tax of R5
12,70,67,ZLO.OO.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of the business of the Company during the year
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
Material changes and commitments affecting the financial position of the company,
occurred between the end of the financial year of the company to which the financial
statements relate and the date of this report, are as given below:
1. The Company has received approval of its Members in the Extraordinary General
lvleeting held on 28th May, 2020 at the registered office of the Company to issue
equity shares on Preferential Allotment Basis for the consideration other than cash in
order to acquire business of Partnership firms viz, M/s Polysol Industries and I4/s
Urmi Polymer Industries on a going concern basis. The Company made allotment of
1,39,195 Equity Shares at the rate of Rs 2250.50 (Rupees Two thousand Two
hundred and Fifty and paisa Fifty only) per Share (Including premium of Rs 2150.50
(Rupees Two thousand One hundred and Fifty and paisa Fifty only) per Share for an
aggregate amount of Rs 31.32,58,347.50 (Rupees Thirty One crore Thirty Two lacs
Fifty Eight thousand Three hundred and Forty Seven and Paisa Fifty Only) on 31st
May,2020.
2. POLYSOL SPECIALTY CHEMICALS PRIVATE LINlITED (CIN:

U243O4G)2O2OPI C7f $72) was incorporatedon 03'd )uly, 2O2O as a Wholly Owned
Subsidiary of GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED (CIN:
U24231GJ1989PTCO12892), thereby cUJARAT POLYSOL CHE14ICALS PRIVATE
LIMITED has become Holding Company of the POLYSOL SPECIALTY CHEN4ICALS
PRIVATE LIMITED w.e.f. 03'd )uty, 2020.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE

REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN
STATUS AND COMPANY'S OPERATION IN FUTURE
No significant and material orders were passed by the regulators or courts or

tribunals which affect the going concern status and future operation of the Company.
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DIRECT ORS AND KEY M NAGERIAL PER SONNEL
1. CHANGES IN DIRECTORS
There is no change during the financial year in the composition of the Board of
Oirectors of the company.
2. DECLARATION BY THE INDEPEDNENT DIRECTORS
The Company being a private company, the appointment of independent director as

not mandatory.
3. CHANGES IN KEY MANAGERIAL PERSONNEL
The Company being a private company, the appointment of Key Managerial

Personnel is not mandatory as per Section 203 of the Companies Act, 2013.
MEETINGS OF THE BOARD OF DIRECTORS
The Board of Directors of the Company met 16 times during the year in respect of
which proper notices were given and the proceedings were properly recorded, signed
and maintained in the Minutes book kept by the Company for the purpose. The
intervening gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
AUDIT COMMITTEE
The Company being a Private Company, provisions of Section 177 of the Companies
Act,2013 were not applicable.
DISCLOSURE OF REMUNERATION OF EMPLOYEES COVERED UNDER RULE

5(2) OF THE COMPANIE (A P POI NTM E NT AND REMUNERATION OF
MANAGERIAL PERSONNEL'I RULES, 2014:
None of the employee of your company, who was employed throughout the financial
year, was in receipt of remuneration in aggregate exceeding the limit specified under
Rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014.
NAM E OF THE C OMPANIES WHICH HAV BECOME R CEASED TO BE

SUB DIARIES N D ASSOC ATE COM P NIES
Durlng the financial year under review, the Company did not have an y Subsidiary
Company
DEPOSITS <' E
a
The details relating to deposits, covered under Chapter V of the Act:
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(a) accepted during the year: NA
(b) remained unpaid or unclaimed as at the end of the year: NA
(c) whether there has been any default in repayment of deposits or payment of
interest thereon during the year and if so, number of such cases and the total
amount involved-
(i) at the beginning of the year: NA
(ii) maximum during the year: NA
(iii) at the end of the year: NA
(d) The details of deposits which are not in compliance with the requirements of
Chapter V of the Act: NA
AUDITORS
The Company in its Annual General Meeting (AGM) held on 30th September, 2077
appointed M/s J. V. VASANI & Co. (Firm Registration No 114283W), Chartered
Accountants, Vapi, as Statutory Auditors of the Company to hold office for the period
of 5 consecutive years from the conclusion of this AGM until the conclusion of the
sixth consecutive AGM.
AUDITORS'REPORT
There is no qualification, reservation or adverse remarks or disclaimer made by the

aud itors in their report.
SECRETARIAL AUDIT REPORT
The requirement of obtaining a Secretarial Audit Report from the practicing company
secretary is not applicable to the Company.
CORPORATE SOCIAL RESPONSIBILITY
As per the provisions of Section 135 of the Companies Act, 2013, read with rules
framed there under, the Company falls under the criterja mentioned under sectjon
135(1) of the Companies Act, 2013 for Corporate Social Responsibility. The Company
has formed CSR Committee as required under Section 135(1) of the Companies Act,
2013. The Company has incurred expenditure during 2019-20 in Corporate Social
Responsibility activities as mentioned under schedule vII of the companies Act
2013.
Annual report on CSR activities is enclosed as Annexure ,,A,,to this report o c

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VIGIL MECHANISM
The Company has established a vigil mechanism pursuant to the requirements of

Section 177(9) of the Companies Act, 2013. No personnel have been denied access
to the Director nominated by the Board of the Company for the said purpose to
report genuine concerns.
RISK MANAGEMENT POLICY
Pursuant to section 13a(3)(n) of the Companies Act, 2013, the Company has
developed and implemented Risk Management Policy to identify the elements of risk
that may threaten the existence of the Company and measures to be taken to
mitigate the said risk elements. The Company being a private Limited Company is
not under the purview for constituting Risk management committee under the
provisions of listing agreement.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER

SECTION 1A6 OF THE COMPANIES ACT, 2O13
The particulars of Loans, guarantees or investments made under Section 186 are
furnished hereunder:
Details of Loans:
SL No Date of Details Amou Purpose for Time Date Date of Rate of Securit
ma king of nt which the period oT BR sR (if interes
loa n Borrowe loan is to for reqd) t
r be utilized which
by the it is
recip ient given
NA
Details of f nvestments:-
The Company has not made any lnvestment during the Financial year 2019_20
Details of Guarantee / Security provided:
SL Date of Details Amoun Purpose for Date of Date of Commission

No providing of t which the BR sR (if
security/guara recipie security/guara any)
ntee nt ntee is
proposed to be
utilized by the
recipient
NA
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PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH THE
RELATED PARTIES
Your Company has entered into transactions with the related parties and the details
of the same have been given in Note No: 2.12 attached to the Audited Financial
Statements. The Company has not entered into material Related party Transactions
during the year hence, the details in form AOC-2 are not required to be given.
INTERNAL CONTROL SYSTEMS
The Company's internal control systems are adequate and commensurate with the
nature and size of the Company and it ensures:
. timely and accurate financial reporting in accordance with applicable accounting

sta nda rd s.
. optimum utilization, efficient monitoring, timely maintenance and safety of its
assets.
. compliance with applicable laws, regulations and management policies.
HUMAN RESOURCES AND INDUSTRIAL RELATIONS
The Company is pleased to report that during the year under reporting, the industrial
relations were cordial.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

EXCHANGE EARNINGS AND OUTGO
Information in accordance with the provisions of Section 134 read with the
Companies (Accounts) Rules, 2014 regarding conservation of energy, and technology
absorption apply to the Company are given below:
(A) Conservation of energy-
(i) the steps taken or impact on conservation of energy: NA
(ii) the steps taken by the company for utilising alternate sources of energy: NA
(iii) the capital investment on energy conservation equipments: NA
(B) Technology absorption-
(i) the efforts made towards technology absorption: NA
(ii) the benefits derived like product improvement, cost reduction, product
development or import substitution: NA
(iii) the Company has not imported technology from abroad CH€
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(iv) the expenditure incurred on Research and Development: NA
FOREIGN XCHANGE EARNING & OUTGO
Foreig n Exchange outgo Rs L34,42,79,525.OO
Foreign Exchange Earnings during the year : Rs 4,86,52,303.00
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, it is

hereby confirmed:
a) that in the preparation of the annual accounts, the applicable accounting

standards have been followed along with proper explanation relating to material
depa rtu res;
b) that 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 the profit or loss of the Company for the period ended
31.03.2020;
c) that 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 irregula rities;
d) that the Directors had prepared the annual accounts on a going concern basis
and
e) that 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.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
There was no case filed during the year. under the sexuar 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.
INT RNAL M PLAI NTS CO M MITTE UNDE SEXU LHA SSM E NT OF

N
2013 G $E4.
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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 was no case
filed or registered with the Committee 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 environment for every women
employee at the workplace.
MAINTENANCE OF COST RECORDS
N4aintenance of cost records as specified by the Central Government under sub-

section (1) of section 148 of the Companies Acl,2OL3, is required by the Company
and accordingly such accounts and records are made and maintained by the
Company.
SECRETARIAL STANDARDS
Pursuant to clause 9 of the revised Secretarial Standard - 1, your company has

complied with applicable secretarial standards issued by the Institute of Company
Secretaries of india, during the financial year under review.
EXTRACT OF ANNUAL RETURN
The extract of the annual return in Form MGT-g is annexed as ANNEXURE and
forms part of this report. Further the requirement of uploading of copy of annual
return on the website of the Company will be completed after Annual General
Meeting on website of the Company i.e. www. guja ratpolysol.com as required by
section 134(2)(a) of the Companies act, 2013.
ACKNOWLEDGEMENT
Your Directors' wishes to place on record its sincere thanks to all the Customers,
Suppliers, Bankers and Central and State Government Authorities for extending
support to your Company. The Board also places on record its sincere apprecjation of
the contribution made by all the stakeholders for placing their faith and trust on the
Board.
By Order of the Board of Directors

For, Gujarat Polysol Chemicals Private Limited
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Place: Vapi
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Dale: 2L/O7 /2O2O o
Name : Shailesh Balvantrai Desai
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Des ig na tio n : Chairman r}C
DIN :00266938
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ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
AS PER SECTION I35 OF THE COMPANIES ACT' 2013
GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED
Sr. Particulars Remarks

No.
1 A brief outline of the ComPany's CSR As per CSR Policy, the ComPanY
policy, including overview of projects or contributes in the activities covered in
programs proposed to be undertaken and Schedule VII to the ComPanies Act,
a reference to the web-link to the CSR 2013, as amended from time to time.
policy and project or Programs. The Company has formed a CSR policy in
compliance with the provisions of the
Com anies Act 2013.
2 The Composition of CSR committee Mr Shaileshkumar Balvantrai Desai
Mr Umang Sha ilesh Desai
l"l rs Nilima Shailesh Desai
3 Average Net Profit of the CompanY for the Rs 12,35,97,489.00

last three Financia I Years
4 Prescribed CSR expenditure (Two Percent Rs 24,71,950.00
of the amount as in item 3 above.
5 oefails of CSR spent during the Financia
Year:
a. Total amount to be sPent for the Rs 24,71,950.00
financia I year'
b. Amount unspent, if anY; NIL
c. Manner in which the amount spent
during the Financial Year is details
below:
(1 (2) (3) (4) (s) (6) (7) (8)

)
sl. CSR S ecto r Proj ec Amount outlay Amount Cumulative Amount
No Project in ts or ( budget) spent expend iture spent:
or which progra project or on upto the Direct or
activities the ms (1) prog ra ms wise proj ects reporting th roug h
identifie project Local or period implementi
d is area prog ra ng Agency
covere or ms
d others Sub
(2) heads:
Specif 1.
y the Direct
state expen
and d iture
distric on
t project
where
projec or
ts or progra
prog ra ms
ms 2.
was Overhe
undert ads: t{t ,,.
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ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
AS PER SECTION I35 OF THE COMPANIES ACT,20I3
GUJARAT POLYSOL CHEMICALS PRIVATE LIMITEI)
1 Promotio Health Valsad Rs 4,75,000.00 Direct Rs 4,75,000.00 Rotary

nof Care Expendi Shaikshanik
H ea lth Gujara tu re & Tabibi
Care t Seva
Sahayak
Mandal
2 Promotio Sports Vadod Rs Direct Rs Savli Taluka
nof In stitut a ra, 20,00,000.00 Expendi 20,00,000.00 Rifle
Sports e Gujara ture Association
t
Total RS RS
24,75,OOO.00 24,75,000.00
6. In case the company has failed to spend the two percent of the average net profit of
the last three financial years or any part thereof, the company shall provide the reasons
for not spending the amount in its Board report: Not Applicable
7. A responsibility statement: The cSR committee confirms that the implementation and
monitoring of csR policy, is in compliance with csR objectives and Policy of the
CompanY.
(Chief Executive officer, (Chairman CSR Committee) (Person specified under

Managing Director or clause (d) of sub section
D irector) (1) of section 380 of the
Act)
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CORPORATE SOCIAL RESPONSIBILITY POLICY
Preamble
corporate social Responsibirity (csR) is linked to sustainability. such decisions

are mainry
based on the sociar and environmentar consequences. It is the company,s
intent to make a
positive difference to society.
Focus areas:
The company supports various bodies in carrying out activi es in the areas
of rural
development, education, health care, general semantics and such other areas
covered
under schedule VII of the Companies Act, 2013.
CSR Objectives
To attain its csR objectives in a professionar manner and integrated manner,
the main
objectives are:
(1)To promote, carry out, support activities relating to: Education and Training including
rn
science and rechnorogy, Humanities etc; Hearthcare; werfare of Animars,
chirdren,
women, senior citizens, and Differenfly Abred persons; Emproyment enhancrng
vocationar skils; sanitation; water management; Agricurture; Horticulture; promotion
of
culture; Art & Craft; conservation of Naturar Resources; promotion and deveropment
of
traditaonar Arts & Handicrafts; Emproyment Generation; Environment
sustainabirity;
science & Technorogy; Rurar Deveropmenu Animar werfare; werfare
and deveropment
measures towards reducing inequarities faced by socialy and Economicaly
Backward
groups; and such activities may include establishing, supporting
and / or granting aid to
institutions engaged in any of the activities referred to above.
(2) To promote, carry out, support any activities

covered in schedure vII to the Companies
Acl,2073, as amended from time to time.
Projects or Programs
various activities may be undertaken on the basis of objectives
as set out herein as projects
or programs.
such projects or programs may be undertaken through

a registered trust or regrstered
society or a company estabrished by the company
or uy its hording or subsidaary company
or associate company or through such agencies with
estabrished track record of at reast
three financial years.
Constitution of CSR committee: c

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The Following Directors are presently members of CSR Committee:
1. Mr Shaileshkumar Balvantrai Desai (Chairman)
2. Mr Umang Shailesh Desai
3. Mrs Nilima Shailesh Desai
The committee shall be empowered to select programs in line with the objectives of the
CSR Policy.
Budget
The company proposes to spend 2olo of the Net profit on corporate social Responsibility
(csR). Net Profit shall be calculated as per the provisions of section 199 of companies Act,
2013 or such other legislation as may be applicable from time to time.
CSR expenditure
CSR expenditure shall include all expenditure including contribution to corpus for projects or
programs relating to csR activities approved by the Board on the recommendation of its
CSR Committee.
Surplus arising out of CSR activities
Any surpluses arising out of csR projects or programmes or activities shall not form part of
the business profits of the Company.
Geographical Locations
considering the accelerated social benefit that will be derlved if the company focuses its
activities in one geographical area /location, the company proposes to undertake most of its
Corporate social responsibllity initiatives in the Valsad district area in the state of Gujarat.
This will not just avail the benefits of synergy, it will also avail the extensive groundwork
and momentum of past CSR activities in and around the Valsad district area in the state of
Gujarat.
Process
The CSR Committee shall institute a transparent monitoring mechanism for implementation
of the corporate social Responsibility projects or programs or activlties undertaken by the
Company and slgnificantly higher engagement for the community.
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FORM NO. MGT 9
EXTRACT OF ANNUAL REIURN

As on tinanclal year ended on 31.03.2020
Pursuant to Section 92 (3) of the Companies Act, 20'13 and rule 12(1) ot the Company (Management & Administration) Rules, 2014.
I. REGISTRATION & OTHER DETAILS:

CN
lu24231GJi9B9PTcot 28
T
2 Regislralion Date 18-Ocr1989

3 Name of the Company GUJARAT POLYSOL CHEIVICALS PRIVATE LIIUITED
4 Category/Sub-category ol the Compa0y Company Limited by Shares
lndian Non-Governmenl Company
5 Address of lhe Regislered office & conlact details PLOT NO 1734, THIRD PHASE, G,I.D,C ,VAPI, DIST VALSAD, VAPI.396195 EMA|I id]
jaratpolysol@gmail.mm T el. 0260 2426407
6 Whelher lisled company

lruo
7 Name, Address & contact details ofthe Regislrar & NA
Transfer Agent, if any.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

(All the busi ness activities contributing 10 % or more of the total turnover of the compan y shall be stated)
S, NO Name and Description of main producls / services NIC Code of lhe o/o
to totalturnover of lhe
Product/service company
1 Sale of Chemicals 24231 78 840/a
2 Trading of Crude Palm oil and Soyabeen oit 51225 20 83"/"
. PARTICULARS OF HOLDING, SUBSIOIARY AND ASSOCIATE COMPANIES

SN Name and address ofthe Company CIN/GLN Holding/ Subsidiary/ %ol Applicable
Associale shares Section
held
l NA NA NA NA NA
2
IV. SHARE HOLOING PATTERN

(Equity share capital breakup as percentage of total equity)
(i) Category-wise Share Holding
Calegory of No. ofShares held at the beginning ofthe year No. of Shares held althe end ot the year % Chaoge during
Shareholders [As on 01-April-2o19] lAs on 31-March-20201 the year
Demat Physical Total % of Total Demat Physical Tolal o/o
of Total
Shares Shares
A. Promote6
(1) lndian
a) lndividuau HUF 2,38,900 2,38,900 90.53% 2 38,900 2,38,900 90.53% 0 00%

b) Central Govt 0.00%
c) State Govt(s) 0 00%
= 0 000/. 0.00%
0 00% 0.00v.
d) Bodies Corp. 0.007" 0.00% 0 00%
e)Banks / Fl
0 Any other (LLP) 25,000

0.00%
= 0.00% 0.00%
25 000 I47% 25 000 25,000 9 47% 0 00%
sub Totar (A) (t) 2,63,900 2,63 900 100.00% 2,63,900 2,63,900 100 000/0 0.00"/.
ffil >,\
(2)Foreign
----r----
a)NRl lndividuals
b) other ndividuals
c) Bodies Colp
d)Any other
I
I f- 0.00%
0.00"/,
0.00%
0 00%
0.00%
0 00%
0 00%
0 00"/,
0 00%
0 00%
0.00% 0.00%
sub Totar(A)(2) 0.00% 0.00% 0 00"/,
TOIAL (A)
B, Public Shareholding
=
II
2,63,900
If r-
2,63,900 100.000/0
_r_---t
2,63,900 2,63,900 100 00% 0 00%
1 . lnstitutions
--T_-_- L
I
I
a) i\,,4ulual Funds
b) Banks i Fl
c)CenvalGoVt
d) Stale Govt(s)
_r- 0.00%
0.00,/"
0.00%
0 00%
0 00"/"
0 00"/"
0 00%
0 00%
0.00%
0.000/o 0.00% 0.00%
l
e) Venture Capital 0.00% 0 00% 0 00%
T-
Funds
0 lnsurance Companies 0.00% 0 00%
! t-
0 00"/"
g)Flls 0.00% 0 00% 0 00%
h) Foreign Venture 0.00% 0.00% 0 00%
Capital Funds
i) others (sp€cify) 0.00% 0.00% 0 00%

Sub.total (BX1):' 0.00% 0 00v" 0 00%
2. NonJnstitutions
a) Bodies Corp
l
i)lndian 0.00"/, 0 00% 0 00%
ii)Overseas 0.00%
T--
0.000/. 0 00%
b)lndividuals
f___l
i)lndividual 0 00"/, 0 00% 0.00%
shareholders holding
nominalshare capilal
=
upto Rs. 1 lakh
ii) lndividual 0.00% 0 007" 0 00"/"

shareholders holding
nominalsharecapital in
excess of Rs 1 lakh
c) Others (specify)
Non Resident lodians 0.00./o

I F 0 00% 0 00"/.
0verseas Corporate 0.00% 0 00% 0.00"/"
Bodies
Foreign Nallonals 0.000/o 0.000/o 0 00"/.

Clearing i,lembers 0.00% 0 00% 0.00%
Trusts 0.00% 0.00% 0 00%
ForeigflBodies,DR 0.00% 0.00% 0 00%
Sub-total{B)(2):. 0.00% 0.00% 0.00%
Total Public (B) 0.00% 0.00% 0 00%
C. Shares held by 0.00% 0.00% 0 00"/"
Custodian for G0Rs &
A0Rs
Grand Total(A+B+C) 2,63,900 2,63,900 100.00% 2,63,900 2,63,900 100 00% 0 00%
icAr s
a
o o
)t
I 7!vr
(ii) Shareholding of Promoter
SN Shareholde.'s Name Shareholding at the beginni0g ofthe year Shareholding al the end ofthe year % change in
sharehold ng
o/o
No of of lotal % of Shares No. ol Shares o/o
of total % ol Shares during the year
Shares Shares ol lhe Pledged/ Shares of Pledged /
company encumb€red to the encumbered
lotalshares company lo tolal
1 Shailesh Balvantrai Desai 1.18,144 67.50% 0 't,80,144 68 26"/. 1 120/a

0
2 Umaog Shailesh Desai 46,078 17 46% 0 46 078 17 460/0 0 00%
0
3 Nilima Shailesh 0esai 11.673 4 42% 0 11,673 4 420/a 0 0 00%
4 Shailesh Balvantrai Desai HUF 5 0 00% 0 5 0 00"/. 0 0 00%
5 Polysol Financial Services LLP 2s,000 I47"/" 0 25,000 9.470/o 0 0.00%
6 Polysollndustries 1,000 0.38% 0 0.00"/. .100 00%
0
7 Urmi Polymer lndustries 1 000 0 3870 0 0.00% 0 .100 00%
8 Apurva lnlernalional 1,000 0 38% 0 1,000 0 38% 0 0 00%
(iii) Change in Promoters' Shareholdin g (please specify, if there is no change)

SN Particulars Date Reason Shareholding althe beginning of lhe year Cumulative Shareholding during the year
No. of shares % of total shares No ol shares % of totalshares
Al the beginning oflhe year 1-Ap.2019 2,63,900 100.00% 0 00%

Changes during the year
No Change
Althe end of lhe year 31.|Va.2020 2,63,900 100.000/o 2 63,900 100 00%
(iv) Shareholding Pattern of top ten Shareholders

(Other than Diectors, Promoterc and Holderc of GDRS and AD Rs.l
SN For each of the Top 10 0ate Reason Shareholding at lhe beginning ofthe year Curnulalive Shareholding during the year
shareholders
No. ofshares % of tolalshares No. ofshares % oftotalshares
1 Name
Al lhe beginning ofthe year
F Changes d!ring the year
At the end oflhe year
NA
2 Name
At ttre beginning of the year
H
Changes d!ring the year
At the end of the year
c lrE
o
l {A9\
r)
(v) Shareholdin of Directors and Managerial Personnel:
SN Shareholding of each Date Reason Shareholding at the beginning ofthe year Cumulalive Shareholding during the year
Dkectorc and each Key
[,4anagerial Personnel
o/o
No. ofshares oftolalshares No. ofshares % ol totalshares
L]
1 Shailesh galvantrai oesai
At lhe beginning ofthe year

I 1.Apr2019 1,78,144
t
67.50% 0 00%
Changes d!ring lhe year 31-i,4aF2020 Transter 2,000 0.76% 1,80,144 68.26%
At the end ofthe year 31-Mac2020 180,144 68 26"/, 1,80,144 68 26"/"
2 Nilima Shailesh oesai ---T_---

II Althe beginning of the year
Changes during lhe year
=
1'Ap.20l9
--T_---l
11,673 4.42%
0.000/o 11,673
0 00"/.
I
424/"
At lhe end oflhe year 31-Mar-2020

I 11,673 4.420/a 11,673 4 42%
3 Umang Shailesh Desai
Al the beginning ofthe year

I 1-Apc201g 46,078 17 464/0 0 00%
Changes during lhe year
t-----T----
ft
0.00% 46,078 17 460/,
At the end of the year 31-Mar'2020 46 078 17.46% 46,078 17 460/a
V. INOEBTEDNESS
lndebtedness of the Company including interest outstanding/accrued but not due for payment.
(Amt Rs )
Parliculars Secured Loans excluding Unsecured Loans Deposils Tolallndebtedness
deposils
lndebtedness at the beginning of the financial year
i) PrincipalAmounl 57,93,34 310 2,82,00,000 60 75,34.310

ii) lnleresl due bul nol paid
iii) lnlerest accrued but noldue
Total(i+ii+iii) 57,93,34,310 2,82,00,000 60,75,34,310
Change in lndebtedness during the financial year
'Addition 6,18,16,90,939 6,18,16 90,939

Red!clron 6.20,79.01.074 1,41,00,000 6.22,20,01.074
Net Change (2,62,10,13s) (1,41,00,000) 12,40,36,92,013
lndebtedness at the end ol the financialyear
i) PrincipalAfiount 55,31,24,175 1 41,00,000 56,72,24175

ii) lnteresldue but nol paid
iii) lntereslaccrued but not due
Toral {iiiiii) 55,31 ,24,175 1,41,00,000 ,72,24,175
o ,cI
VI, REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Man ing 0irector, Whole-time Directors and/or Manager:
SN Particulars of Remuneralion Name of MDMTD/ Manager TolalAmounl
Name (Rs)
Designation
1 Gross salary
(a) Salary as per provisions contained in section 1 7(1 ) of the lncom+
L-----t
tar Act, 1961
(b)Value ofperqlisites u/s 17{2) lncome-tax Acl, 1961

(c) Prolits in lieu of salary under section 17(3) lncome, tax Act, 1961
2 Stock oplion
3 Sweat Equity
Commission
4 - as oi6
of profil
- others, specify
i
5 others please specify
Tolal (A)
Ceiling as per the Acl

tl
B. Remuneration to other Directors
SN Particulars ol Rem!neration Name of Dlreclors TotalAmounl
Shaileshkumar Balvantrai
Umang Shailesh oesai Nilima Shailesh Desai
Desai (Rs)
1 lndependent Drrectors
Fee for anending board committee
Commission
Others, please specify
Tolal(1)
2 0ther Non'Executive Direclors
Fee for attending board committee
Commission
olhers, please specdy 48,00,000 24,00.000 12,00,000 84,00 000

Tolal (2) 48,00,000 24,00,000 12,00 000 84.00 000
Total (B)11+2) 48,00,000 24,00,000 12,00,000 84,00 000
Total l\4anagerial Remuneration
84,00.000
overali Ceiling as per the Act
,{^eif,
=
\
C Remuneration to Key i,4anagerial Personnel other than i/O/l\.4an agerMTD
SN Particulars of Remuneration Name of Key l\4anagerial Persoonel TotalAmo!nt
Name (Rs)
I
Designation cEo cF0
Gross salary
(a) Salary as per provisions conlained in
seclion 17(l ) of the lncome-tax Acl, '1961
(b) Value of perquisiles u/s 17(2) lncome-

(c) Prolits in lieu of salary under section
17(3) lnmme- tax Act, 1961
2 Stock Oplion
3 Sweat Equity
Commission
4 ' as % of profit
- others, specit
5 olhers, please specify
Tota
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type Section Brief Description oetails of Penalty i Authodty IRD / NCLT/ Appeal made, ifany (give
ot the PunishmenU Compounding couRTl Details)
Compani fees imposed
es Act
A. C0tYIPANY
Penally
Punishment
Compounding
B, DIRECTORS
Penally
Punishment
Compounding
C. OIHER OFFICERS IN DEFAULT
Penalty
Punishmenl
Compounding
/-otc"nA\.
co VA Pl
() )
I *
STATUTORY AUDIT T
OF
GUJARAT POLYSOL PRIVATE LIMITED
Fo@
On 37 o20
J. a
Chartered Accountants
Addresses
(H.o) "3rd Floor, Azad Complex , Near Agush HosPital e Ciuil
Court NH4B, VaPi-396 1 95
Emc;ll ID : uapi@juuco.in
(Br.): OJfice,
ll*Teni* qfr'ffi
(
J.VVASAI.II&Co.
r 3rqzi A qlffi r
Independent Auditor's Report
To the Members of GUJARAT POLYSOL CHEMICALS PRMTE LIMITED
Report on the Financial Statements
1. We have audited the accompanying hnancial statements of GUJARAT POLYSOL

CHEMICALS PRTVATE LIMITED("the Company'), which comprise the Balance
Sheet as at 31st March, 2o2o, the Statement of Profit and Loss, the cash Flow
Statement for the year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. Tlne Company,s Board of Directors is responsible for matters stated in Section

134(5) of the companies Act, 2013 ("the Act") with respect to the
preparation of
these financial statements that give a true and fair view of the financial position,
financial performance and cash flows of the company in accordance with
the
accountingprinciplesgenerallyacceptedinlndia,includingtheAccounting
Standards prescribed under Section 133 ofthe Act, as applicable'
records in
This responsibility also includes maintenance of adequate accounting
assets of the
accordance with the provisions of the Act for safeguarding the
Companyandforpreventinganddetectingfraudsandotherirregularities;
making judgments
selection and application of appropriate accounting policies;
and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that
were operating
effectivelyforensuringtheaccuracyandcompletenessoftheaccounting
of the financial statements
cords, relevant to the preparation and presentation
I. No. tgiveatrueandfairviewandarefreefrommaterialmisstatement,whether
aa7t3. e to fraud or error.
I 3rd Floo( Azad Complex, Nr. Ayush Hospital, Beside CivilCourt' NH 48'
Vapi 396 195 8 vapi@wco in \ 02eo-24226711 2432671
Head Ofl. \
Branch$ I 2nd Floo( Sai Baba Appartme;t, Opp Head Post Office' Vabad 396
ool B valsad@iwco'in @632-242671
slpa; H.) E silvassa@iwco.in r. 98795 82671
I 2m, Landmark, Tokarkhada, 396 230 (UT ot D. & N.
In preparing the Financial Statements, management is responsible for
assessing the Company's ability to continue as a going concern, disclosing, as
applicable matters related to going concerrr and using the going concern
basis of accounting unless management either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial
reporting process
Auditor's Responsibility
1. Our responsibility is to express an opinion on these financial statements

based on our audit.
2. We have taken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the
audit report under the provisions of the Act and the Rules made there under.
3. We conducted our audit of the financial statements in accordance with the

standards on Auditing specified under section 143(10) of the Act. Those
Standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
4. An audit involves performing procedures to obtain audit evidence about the

alnounts and the disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of the
risks of materiai misstatement of the linancial statements, whether due to
fraud or error. In making those risk assessments, the auditor considers
intemal financial control relevant to the company's preparation of the
financial statements that give a true and fair view in order to design audit
procedures that are appropriate in the circumstances' but not for
the
purpose of expressing an opinion on whether the Company has in

place an
AN/ d
.\ adequatefinancialcontrolsSystemoverlinancialreportingandtheoperating
\1 evaluating the
., r{. No. effectiveness of such controls' An audit also includes
04795o
appropriateness of the accounting policies used
and the reasonableness of
the accounting estimates made by the Company's Directors, as well as
evaluating the overall presentation of the linancial statements.
5. We beiieve that the audit evidence we have obtained 1S sufficient and

appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the information
required by the Companies Act in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs (financial position) of the Company as at 31st
March, 2020, and its profit (financial performance) and its cash flow for the year
ended on that date.
Basis of Opinion
we conducted our audit of the Financial Statements in accordance with the

Standards on Auditing specified under section 143(10) of the Act (SAs)' Our
responsibilities under those Standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report.
we are independent of the company in accordance with the code of Ethics
issued by the Institute chartered Accountants of India(lcAl) together with
of
the independence requirements that are relevant to our audit of the financia-l
statements under the provisions of the Act and the Rules made there under, and
we have fuIfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence
we have obtained is suffrcient and appropriate to provide a basis for our audit
opinion on the Financial Statements'
.{ t SA
I. N.. t
aa7!ta
Report on Other Legal and Regulatory Requlrements
As required by Section 143(3) ofthe Act, we report that:
a) We have sought and obtained all the information and explanations which to
the best of our knowledge and belief were necessary for the purposes of our
audit.
b) In our opinion, proper books of account as required by law have been kept
by the Company so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss, and the Cash F low
Statement dealt with by this Report are in agreement with the books of
account.
d) In our opinion, the aforesaid financial statements comply with the

Accounting Standards prescribed under Section 133 of the Act, AS
applicable.
e) on the basis of the written representations received from the directors as on

31st March, 2020 taken on record by the Board of Directors, none of the
directors is disqualified as on 3Lst March, 2O2O from being appointed as a
director in terms of Section 164(21 of the Act.
0 with respect to the adequacy of the internal linancial controls over financial
reporting of the Company and the operating effectiveness of such controls,
refer to our separate Report in 'Annexure A'. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the
Company's internal financial controls over hnancial reporting'
g) with respect to the other matters to be included in the Auditor's Report in

accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014,
in our opinion and to tfie best of our information and according to the
explanations given to us:
.\ F SA.!r ,t
\ o
J o
U. lr..
t4r954
rct
i) The Company does not have any pending litigation which would impact
its financial position.
ii) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses.
iii) There has been no delay in transferring amounts, required to be

tran sferred, to the Investor Education and Protection Fund by the
Company.
h) As required by the Companies (Auditor's Report) Order, 2016 ("the Order")

issued by the Central Government in terms of Section 143(11) of the Act, we
give in "Annexure B" a statement on the matters specified in paragraphs 3
and 4 of the Order.
For J. V. Vasani& Co.

F.R.N: 114283W
.l fl
l.
c]
X. N..
147t3.
NIN^
(Jignesh V. Vasani)
Partner
M.No. O47954
UDIN: 2OO47954AAAADM8567
Date':2L.O7.2O2O
Place: VAPI
Annexure - A
To the Independeat Auditor's Report
(Referred to in paragraph 8 (f) under 'Report on Other Legal and Regulatory

Requirements'of our report of even date)
Report on the Internal Financial Controls Over Financlal Reporting under

Clause (i) of Sub-eection 3 of Sectlon 143 of the Companles Act, 2013 ("the
Act")
We have audited the internal financial controls over financial reporting of

GUJARAT POLYSOL CHEMICALS PRWATE LIMITED, as oI March 3l' 2O2O tn
conjunction with our audit of the financial statements of the Company for the year
ended on that date.
Management's Responslblllty for Internal Financial Controls
The Company's management is responsible for establishing and maintaining

internal financial controls based on the internal control over financia-l reporting
criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting issued by the Institute of Chartered Accountants of India'
These responsibilities include the design, implementation and maintenance of
adequate intemal financial controls that were operating effectively for ensuring the
orderly and efficient conduct of its business, including adherence to 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 linancial information, as required under the companies Act,
2013. sA N
I. No.
a17rr{
ll?.!:..
Auditor's Responsibillty
Our responsibility is to express an opinion on the Company's internal financial
controls over financial reporting based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the 'Guidance Note') issued by the Institute of Chartered
Accountants of India and the Standards on Auditing prescribed under Section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal
financial controls. Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financia-l controls over linancial
reporting was established and maintained and if such controls operated effectively
in all material respects.
Our audit involves performing procedures to obtain audit evidence about the
adequacy of the internal financial controls system over financial reporting and
their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over
financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on
the assessed risk. The procedures selected depend on the auditor's judgment,
including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence
obtained by the intemal auditor in terms of his report, is sufficient and appropriate
to provide a basis for our audit opinion on the Company's internal financial
controls system over financial reporting.
AN, 4
o
Jt l. tlo'
0.793r
Meanlng of Internal Financial Controls Over Finaacial Reporting
A company's internal financial control over frnancial reporting is a process

designed to provide reasonable assurance regarding the reliability of hnancial
reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal
financial control over ltnancial reporting includes those policies and procedures
that (1) pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of hnancial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of
the company; and (3) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of the company's assets
that could have a material effect on the financial statements.
Inherent Llaitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial
reporting, including the possibility of collusion or improper management override
of controls, material misstatements due to erTor or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal
financial control over financial reporting may become inadequate because of
changes in conditions, or that the degree of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate'
Oplnion
On Audit In our opinion, to the best of our information and according to the
explanations given to us, the company has, in all material respects, an adequate
internal linancial controls system over financial reporting and such internal
financial controls over financial reporting were operating effectively as at March 31,
.i D SA,! 4
\
> tX. No.
u7934
2020, based on the internal control over financial reporting criteria established by
the Company considering the essential components of intemal control stated in the
Guidance Note of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.
For J. V. Vasani& Co.

Chartered Accouatante
FRN: 114283trI
f. Xo.
0a7t3a
(Jignesh V. Vasanil
Partner
M. No. 047954
Date:21.O7.2O2O
Place: VAPI
Annexure B
Companies auditor report order (CARO) rules, 2O16
To the Independent Auditor's Report
(Referred to in paragraph 10 under Report on Other Legal and Regulatory

Requirements' section of our report of even date)
(i) FIXED ASSETS:
a) The Company has maintained proper records showing full particulars,

including quantitative details and situation of fixed assets.
b) The lixed assets were physically verified during the year by the
Management in accordance with a regular prograrnme of verification
which, in our opinion, provides for physical verification of all the fixed
assets at reasonable intervals. According to the information and
explanations given to us, no material discrepancies were noticed on such
verification.
c) With respect to immovable properties of acquired land and buildings that

are freehold, according to the information and explanations given to us
and the records examined by us and based on the examination of the
registered sale deed/transfer deed/conveyance deed/court orders
approving schemes of arrangements/amalgamations provided to us, we
report that, the title deeds of such immovable properties are held in the
name of the Company as at the balance sheet date.
UI INVENTORY:
d) The company is maintaining proper records of inventory' As per
information and explanation given to us, no material discrepancies were

noticed on phYsical verification .\ I SAil/ E
\
) M. No.
q 047954
e) Physicat verification of inventory has been conducted at reasonable
interva-ls by the management;
f) In our opinion and according to the information and explanation given to

us, the procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
(k) LOAN GIVEN BY COMPANY:
The Company has not granted any loans, secured or unsecured, to

companies, Iirms, Limited Liability Partnerships or other parties covered in
the Register maintained under Section 189 ol the Companies Act, 2013.
(I) LOAN TO DIRECTOR AND INVESTMENT BY THE COMPANY:
In our opinion and according to the information and explanations given to

us, the Company has not advanced any loan on which provisions of section
185 are applicable and the company has complied with the provisions of
Section 186 of the Companies Act.
(m) DEPOSITS:
According to the information and explanation given to us, the company has
not accepted any deposit and hence reporting under paragraph 3(v) of the
order is not applicable.
(n) COST RECoRDS:
The company is required to maintain cost records as prescribed by the

Central Government under Section 148(1) of the Companies Act, 2013 in
respect of specified products of the Company.
Alv
I
-r'
T, NO.
0a7t5a
(o) STATUTORY DUES:
According to the information and explanations given to us, in respect of

statutory dues:
(a) The Company has been regular in depositing undisputed statutory

dues, Income-tax, and other material statutory dues applicable to it with
the appropriate authorities. There is no undisputed statutory dues
outstanding for more than 6 months.
(b) The company do not have any statutory dues for which disputes are
going on as on 31st March, 2020.
(p) REPAYMENT OF LOAN:
According to information and explanations given to us and records of the

company examined by us, the company has not defaulted in repa5rment of
dues to bank. the company has not borrowed any moneys by issuing of
debentures.
(el UTI LIZATION OF IPO AND FURTHER PUBLIC OFFER:
In our opinion and according to information and explanations given to us,

the term loans have been applied by the company for the purposes for which
the same were obtained. The Company has not raise any money by way of
initial public offer or further public offer (including debt instruments).
(rl REPORTING OF FRAUD:
To the best of our knowledge and according to the information and

explanations given to us, no fraud by the Company and no material fraud on
the Company by its officers or employees has been noticed or reported
during the year. -\ I.SAil/ e
\
J M. NO.
047954
(sI APPROVAL OF MANAGERIAL REMMUNERATION:
The company is a private limited company. Accordingly, the clause (xi) of

paragraph 3 of the order relating to the payment of provision of managerial
remuneration in accordance with the requisite approvals mandated by the
provisions of 197 read with Schedule V to the Act is not applicable to the
company.
(t) NIDHI COMPANY:
The Company is not a Nidhi Company and hence reporting under clause (xii)
of the Order is not applicable.
(u) RELATED PARTY TRANSACTIONS:
In our opinion and according to the information and explanations given to us

the Company is in compliance with Sections 177 and 188 of the Companies
Act, 2013, where applicable, for all transactions with the related parties and
the details of related party transactions have been disclosed in the financial
statements etc., if any, as required by the applicable accounting standards.
(vl PRTVATE PLACEMENT OR PREFERENTIAL ISSUES:
During the year the Company has not made any preferential allotment or
private placement of shares or fully or partly convertible debentures and hence
reporting under clause (xiv) of the Order is not applicable to the Company
(w) NON CASH TRANSACTION:
In our opinion and according to the information and explanations given to

us, during the year the Company has not entered into any non-cash
transactions with its directors or the person connected with them and hence
provisions of Section 192 of the Companies Act, 2013 are not applicable.
Arl
X. Xo.
oa7t3a
(x) REGISTER UNDER RBI ACT:
The Company is not required to be registered under Section 45-lA of the

Reserve Bank of India Act, 1934.
f'or J, V. Vasani & Co.

F.R.N: 114283W AlVl
J M. No.
047954
(Jignesh V. Vasanil
Partner
M. No. 047934
Datez 21.O7.2O2O
Place: VAPI
GUJARAT POLYSOL CHEMICALS PRTVATE LIMITED
Balance Sheet As At 31 March' 2O2O
CIN No. U2423lGJ 1989YrCOL2a92
ItIote As et 31 March, As at 31 March,
Particulars 2019
No. 2020
Aoourt in Rupees Amount in Rupees
A EQUITY AND LIABILITIES
1 Shareholders' funds
(a) Share capital 3 2,63,90,000 2,63,90,000
(b) Surplus I 74,95,O5,882 55,83,88,099
a llon-current liabilities
(a) Long-term borrowings 5 28,47 ,34 ,684 31,55,57,699
(b) Deferred tax liabilities (net) 0 2,91,93,355 2,76,41,562
3 CurreEt liebilitles
(a) Short-term borrowings Z 22,90,63,636 24,43,69,944
(b) Trade payables c 79,75,88,306 76,58,70,852
(c) Other current liabilities 9. 22,64,19,063 35,20,38,010
(d) Short-term Provisions 10 5,46,s6,726 4,32,48,724
TOTAL 2,39,75,3L,653 2,33,35,04,291
B ASSETS
I I{on-current a3aets
(a) Property, Plant and EquiPment 11
(i)Tangible assets 63,23,37,670 53,26,12,668
(b) Non-current investments 12 2,O25 2,025
2 Curreat assets
(a) Inventories 13 32,t0,4t,529 22,82,86,553
(b) Trade receivables 74 1,19,03,59,828 1,05,03,64,839
(c) Cash and cash equivalents 15 4,59,O7,540 4,97,81,004
(d) Short-term loans and advances 16 20,41,74,208 47,O9,03,346
(e) Other current assets 77 37,14,853 15,53,856
TOTAL 2,39,75,31,653 2,33,35,O4,291
In terms of our report attached For and on behalf of the Board of Directors
ForJVVasanl&Co. Gujarat Polysol Chemlcals Prlvate Limited
Chartered Accountants c t\EUt
( Firm's Re gistration No. 1 14283W o
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(J sh V,Vaeanl! Umang Desai Shallesh Desal
a47t34
Partner Director Director
M.No. 047954 DIN No.05161181 DIN No.00266938
UDIN: 2OO47954AAAADMB
Place:Vapi Place : Vapi Place : Vapi
Date . 27.O7.2O2O Date : 21.07 .2O2O Date : 21.07 .2O2O
GUJARAT POLYSOL CHEMICALS PRWATE LIMITED
Statement of Prollt and Logg for the year endcd 3l March, 2O2O
CIN No. U2423lGJ 1989PTCO 12E92
Particulars Note For the year etrded For the year ended
No. 31 March,2O2O 31 March,2O19
Amount in Ra. Amount ln Rs.

A CONTINUING OPERATIONS
1 Revenue from operations (gross) 18 4,50,09,s3,434 4 ,19 ,42 ,59 ,339

Less: GST on Sales 55,49,73,582 51,86,86,131
Revenue from operations (net) 3,94,59 ,79 ,852 3,67,55,73,208
2 Other income 19 1,66,89,042 2,77 ,O3,987
3 Total revenue (1+2) 3,96,26,64,494 3,69,72,77,t9s
4 Expenaes
(a) Cost of materials consumed 20 3,27,14,75,995 3,15,61,98,203
(b) Changes in inventories of finished goods, work- 21 17 ,46,3231
(4,63,79 ,592)
in-proqress and stock-in-trade
(c )Power arrd fuel Consumed t0,71,97 ,6lL 8,40,75,083
(d) Emplovee benefits expense 22 5,27 ,t6,396 6,02,53,358
(e) Finance costs 23 6,53,63,906 6,40,2t,019
(0 Depreciation and amortisation expense 1,98,12,661 I,52,39,254
(g) Other expenses 24 t9,87 ,83,673 18,19,37,088
Total expen8ea 3,71,46,03,91E 3,5r,53,44,417
5 Profit / (LoBs) before tex (3-4) 24,aO,64,976 ta,L9,32,774
6 Tar crp€l3e:
(a) Current tax expense for current Year 5,46,36,726 4 ,32,48,124
(b) (Irss): MAT credit (where applicable)
(c) Current tax expense relating to prior Years 7,58,674 18,83,013
(d) Net current tax expense 5,53,9s,400 4,51,31,137
(e) Deferred tax 15,51,793 97 ,34,43)
5,69,47,L93 5,48,65,568
7 Proltt / (Loesl for the ycar (5-61 19,11,17,783 12,70,67,21O
8 Earalngs per ahare (of Rs. lOO/- eachl:

(el Baslc 724.21 481.50
See accompan5dng notes formlng pert of the Eaanclal
In terms of our report attached For and on behalf of the Board of Directors
ForJVVasaBl&Co. Gujarat Polysol I Private Limited
c
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( gistration No.1 14283W
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Pertner Director Dttector
M.No.047954 DIN No.05161181 DIN No.00266938
UDIN : 2OO47954AAAADM8567
Place : VAPI Place Vapi Place : Vapi
D^te i 21.07 .2Q2O Date 21.07 .2020 Date : 21.07 .2020
CASH TLOW ATATEMENT FOR COMPAI(IES OTHER THAIT FII{ATYCE COMPA'{IES
GUJARAT POLYSOL CHEMICAI,s PRIVATE LIUITED
C..h Flow 8t.tcmctrt for Thc Yc.r Etrdcd 3l March,2O2O
cIn o. U24231GJ1949PTco12892
Prrtlculars For thc y.er .adcd For thcyc., cad.d

31 Urtch, 2O2O 3l Mrrch, 2019
AmouEt ln R3. Amourt h R3. Amount ln Rr. Amourt in R!
A. Crah llorr froD opcr.tlnt .ctlvltlcr
Net Prolit / (Loss) before extraordinary items and tax 24 ,aO ,64 ,976 ta,19,32,774
Adi.stmc4t for:
Depreciation and amortisation 1,98,12,661 1,52,39,258
Short Term Capital Gain-MF-Debt 141,r77lI
Finance costs 6,53,63,906 6,40,21,O19
Interest income i.29,72,4381 127,t2,0421
Dividend income t252]' (3ls)
Net unrealiscd exchange (gain) / loss 3 14 I9 491 3.52.55.478
36 16 47 t67 29,37,36,t76
Operating profit / (loss) before workinS capital changes
Chanqes in
ll^credsd / decreds. l^ oo
Inventories 19 ,27 ,54 ,97 6) 2,92,4t,O23
Trade receivables (13,99,95,003) 4,12,70,834
Short-term loans and advances 27 ,87 ,64,937 138,2 r,4r,613)
Other curent assets 12t,60,997 j 2,21,722
Adlustnents l,.credse / ldecre.rsel I

tl.,blllt,.r:
Trade payables 3,17 ,17,454 r,89,s1,674
Other current Iiabilitics (13,16,35,9631 | | ,52 ,42 ,OlO
Short-term borrowings 194,87,1201 7,17,99,495
6 55 47 69 10,53,74,855
29,60,99,494 r 8,83,61,320
Cash generated from opcrations
5 48 751 5 02 78,350
Net income tox (paid) / refunds
Nct cash llow fiom / (u.Gd ttrl oPctating rctivitlca lA) 24,O2,50,747 13,aO,a2,970
B. Carh Ilo* froro iavcttlng .ctivitlct

Capita.l expcnditure on frxed assets, including capital (11,95,31,663) 129,47,40,210)
Purchase of investment (2,80,00.000)
Sale of investment 2,80,41,t77
Investment in Shale 21,08,00,001
Interest aeceivcd 29,?2,434 27,12,O42
Dividend reccived 3r5
t[.t crrb trot ftoE / (u.Gd lnl hv..tlnt rcttvltic. (Bl 111,6s,17,796) F,12,27,Ss2l
c. Ca.h Oo- froE flEr[clnt .ctlvltlca

Proceeds fromlrng-term borrowings (3,08,23,01s) 4,40,54,221
Finance cost a) 53 63 906 16 ,40 ,2 | ,0191
Ifct cr.h llo, &oE / lurcd lttl Alrscht .ctivltl.. (Cl (9,61,85,92r) lt ,99 ,62,797!.
Ifct lacr..rG / (dcct..t.) ln c..h r[d crtb cqulv.lcnt. 2,75,45p29 3,64,92,32O

lA+B+Cl
Cash and cesh equivalents at the beginning of the year 4,97,41,OO4 4,81,44,t62
EfIect of cxchange differenccs on lestatement of foreisD 3 l4 19 491 3 52,55,478
crrh .[d cr.h cqu.lvrlcatt rt ttc and ol thc yc.t 59 541 4 97 1 oo4
Crah rtrd cr.b cqutyrlcata .t thc cld of thc ycrr '
'Comprises:
(a) Cash on hand 5,65,807 6,03,939
(cl Balances with banks
(i) In current accounts 3,71,838 10,2r,959
(dl Fixed Deposits 4 49 69 895 4.8r,55,106
4 59 541 4,97 81 oo4
In terms of our rePort attached For and on behalf of the Board of Directors
ForJVvr.anltco. Gularrt Potysol c tc Llmttcd
lFrrnis Rqistration
L/
No. 1 14283w /(fl\ ;o o \ :.i:be
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M.No.047954
UDlr: 2OO47954A.|AADM856?
xE:$z DIN No.05161r81 DIN No.00266938
Place :vapi Place : Vapi

Place : VAPI
Date | 21.07 .2O2O Date : 21.07 .2O2O
D^te : 21.07 .2020
I{otes formlng part of the flnanclel statemente
CIN I{o. U24231GJ1989YICOL2A92
Note 3 Share capital
Partlculars As at 31 March, 2O2O As at 31 March, 2O19
Number of Amount ln Number of Amount in
shares R8. shares Rs.
Authorised
(a)
Equity shares of Rs. 100 each 8,15,000 8,15,00,000 8,15,000 8,15,00,000
7,500 10% Non Cumulative Redeemable

Preference Shares of INR 100/- each 7,500 7,50,000 7,500 7,50,000
2,500 Unclassified Shares oflNR 100/- 2,500 2,50,000 2,500 2,50,000

each
Total Authorised Capital 8,25,000 8,25,00,000 8,25,000 8,25,00,000
(b) Issued, Subscribed and fully paid up

Equity shares of Rs. 100 each 2,63,900 2,63,90,000 2,63,900 2,63,90,000
Total Issued, Subscribed and fully paid up 2,63,900 2,63,90,000 2,63,900 2,63,90,000
a| Reconclllation of the oumber of shares aad aoount outstandlug at the begiaulng aud at the
end of the re riod:
Partlculars As at 31 March, 2O2O As at 3l
March, 2019
umber of Amouut in l{umber of Amount in
shares Rs. shares Rs,
(a) Equity Shares
At the beginning of the period 2,63,900 2,63,90,000 2,63,900 2,63,90,000
Issued during the Year
Outstanding at the end of the period 2,63,900 2,63,90,000 2,63,900 2,63,90,000
bl Terms/ Rlghts attached to equity shares
Th e C o m pan v h S o n e cla s S o f equ 1 ty S hare S havi n a p al u e o f Rs 1 00 per S har e Ea C h H o I d er of

qu Ity S h AI e I S e n ti t1 ed to 1 vo t e per share In the even t of share will be en ti tl e d to re c e1v e re m1 n I n c AS SE ts
o f th e co m p an v a-ft r di S trii b u tio n o f all p re fe re n CI al Li qu Id a ti o n o f th e c o
m p an v th e h oI d e rS o f e qu I ty
arn ou n ts. T h e di S tri b u tatr o n will b e 1n p r o p o rti o n to th e nu m b er of e qul ty sh are s h e
ld bv th e
shareholders.
c) Detalls of shares held by each shareholder holdlng more than 57o shares:
Particulars As at 31 March 2020 As at 31 March 2019

Amoutrt % holding Amount 7o holding
1,80, 14,400 6A.26 1,78,13,400 67.50
Shaileshbhai B. De sa-l
25,00,000 9.47 25,00,000 9.47
Pol 1 Financial Services LLP
46,07,800 t7.46 46,07,800 77.46
Uman S. Desai
J H. NO. t
or7!34
Notes formlng part of the Ilnancial statements
CIN No. U24231GJ1989PTCO 12a92
Note 4 Sutplus
Particulars As at 31 ![srch, As at 31 March, 2O19

2020
Amount Amount ln Ra.
(a) Securities premium

Opening balance 18,58,63,000 18,58,63,000
Add : Premium on shares issued during the year
Less : Utilised during the year for:
Closlng balence 18,58,63,OO0
(b) General reserve

Opening balance 38,40,7 L7 39,44,779
Add: Transferred from surplus in Statement of Profit an
Less: Utilised / transferred during the year for TBPL I o4 o62
Closing balance 3A,4O,717 38,40,717
(c) Capital Redemption Reserve

Opening balance 15,00,000
Add: Transferred from surplus in Statement of Profit
Add: Transferred from on Amalgamation with TBPL 15,00,000
Irss: Utilised / transferred during the year for:
15,OO,OOO
Closing balance
(d) Surplus in Statement of Profit and Loss

Opening balance 36,7 t,84,342 24,O1,a5,O1,7
(67 ,8451
Less: Balance Transfer from TBPL
Add: Profit / (l.oss) for the Year 19 1 7 783 12 70 67 210
Cloelag balance 55,83,02, 36,7t,A4342
Total 55 83 o99
Note 5 term
ParticularE As at 31 March, As at 3t March, 2019
ir Rs, Arnount ln Rs.

e) Bushess loen (refer note 5.1)
From baaLr
6,35,89,173 a,27,A6,a73
Secured
From Others
20,68,35,132 23,OO,49,625
Secured
bl vehlcle Loen (refer note 5.1)

From banks
1,43,10,379 27 ,21,201
Secured
Total 31 55 57 699
AN/
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\
Jt il. No.
047934
SECURITY:
Faclllty Detalls of Securlty Type of Charge. Value
Hypothecation of all the chargeable Hl.pothecation First 151 . 14

current assets
cc, Lc,Bc, First Charge Over the entire present & future First Charge 63.23
BG, CEL,
fixed assets ofthe company by way of
SLC,TL etc.
Equitable Mortgage.(i.e. Land, Building,
Plants & Machineries, etc.)
Notes 5.1!
Particulars Descri Se
Business loan of Rs.33,41,076(80,58,563) taken from HDFC bank
l.Business limited and Repayable in 60 monthly instalments of Rs.4,42,639 Respective of plant &
Per
loan machinery
months
Business loan of Rs.88,24,001(93,57,333) taken from Aditya Birla Personal Property of
2.Business
Finance Limited and Repayable in 120 monthly instalments. Director
loan
Business loan of Rs.4,13,62,5oo(4,38,62,500) taken from Aditya
3.Business Birla Finance Limited and Repayable in 120 monthly instalments. Personal Property of
loan Director
Vehicle loan of Rs.4,90,551(7,50,306) taken from HDFC Bank Ltd

4.Vehicle and Repayable in 60 monthly instalments of Rs.26,586 per months Respective vehicle
Loan
Business loan of Rs.13,45,83,325(15,15,83,329) taken from Aditya

5.Business Bilra Finance Limited and Repayable
in 120 monthly instalments Against Property of
loan Company
Business loan of Rs. 1,58,6 1,972(2,05,31,963) taken from HD FC

6.Business Bank Ltd and Repayable in 61 monthly instalments of Rs.5'44'439 Respective plant &
loan machinery
per months
Business loan of Rs.4,52,39,818(4,60,86,442) taken from HD FC Ltd
T.Business and Repayable in 240 monthly instalments of Rs.4,13,952 per Against Guest House
loart months
Business loan of Rs. 1,57,50,000(2,25,00,000) taken from YES Bank
8.Business Ltd and Repayable in 60 monthty instalments of Rs.3,75,000 Per Respective plant &
loan machinery
months
Business loan of Rs.4,78,00,998(5,98,02,322) taken from YES Bank
9.Business Ltd and Repayable in 60 monthly instalments of Rs.9,95,854 per Respective plant &
loan machinery
months
Business loan of Rs.97,48,750(-) taken from YES Bank Ltd and
l0.Business Repayable in 60 monthly insttaments of Rs.1,62,479 Per months Respective plant &
loan machinery
Vehicle loan of Rs.22,30,666(27,12,846) taken from HDFC Bank Ltd

l l.vehicle and Repayable in 60 monthly instalments of Rs 58,274 per months Respective vehicle
lran
Vehicle loan of Rs'79,00,000(-) taken from HDFC Bank Ltd and
l2.Vehicle Repayable in 60 monthly instalments of Rs 1,61,510 per months Respective vehicle
Loan
Vehicle loan of Rs.71,80,000(-) taken from HDFC Bank Ltd and

l3.vehicle Repayable in 60 monthly instalments of Rs'1,46,791 per months Respective vehicle
Loan
A,V
BusinessloanamountingtoRs.5,0l,38,38614,66,44,gTllandvehicleloanamountingto
has been classified under Short t rf.YGF
ir,eZ,aZ,+lO1Z,+1,951) been repayable in one year and
per Note 9 Maturities of l,ng-term borrowings
0a7,|
year
Note: Pigures in bracket relates to the previous
NoteE fonDl[g Part of the flnancial stateEenta
CIN No. U24231GJ19E9PTCO 12892
Note 6 Deferted tax llabllltles
Partlculars Ar at 31 Marcb, As at 31 March, 2O19

2020
Amount ln Rupeea Amoult ln Rupees
Tsx effect of ltems conrtitutiu deferred tex lisbilltY 2,7 6,41,,562 1,79,O7,131
On difference between book balance and tax balance of 15,51,793 97,34,431
Tax effect of items constituting deferred tax liability 2,91,93,355 2,76,41,562
Net deferred tax llabtltty 2,91,93,355 2,76,4L,562
Note 7 Short-term
Particula!8 Ar et 31 Uatch, AE at 31 March, 2019
2020
Amourt ln Rupcea Anount ln Rupeea
a) Loans repayable on demand (Secured)
Cash Credit & bills discount From banks 17.76.23.780 18,63,18,854

17.76.23.780 18,63, 18,854
b) Inter- corporate Deposits repayable on demand

(unsecured)
From Corporates' 1,41,00,000 2,82,00,000
C) Buyer Credit 3,73,39,856 2,98,51,090
Total 22.90.63.636 24,43,69,944
"Note : The above loans do not hold any lxed repayment schedule, hence the same is considered as short
term
.\ Af
.)
tl. No.
0a7954
Notes forming part of the flnanclal atatements
CIIY l{o. U24231GJ 1989YtCOL2a92
Note 8 Trade payables
Ar at 31 March, 3l March,
As at
Partlculars 2020 20L9
Amount ln Rs, Amount in Rs,
(A) total outstanding dues of micro enterprises and small
enterprises: (refer note 8.1 for details of dues to micro and
small enterprises) and
(B) total outstanding dues of creditors other than micro 79,75,88,306 76,58,70,852
enterprises and small enterprises
Total 79,75,88,3O6 76,5a,7O,852
I{OTE- 8.1
Mlcro, small and Medlum Enterprises under the Micro, small end Medium Enterprises
Development Act, 2OO6 have been determlned based on the lnformatlon avallable wlth
the com and the re uired dlsclosures are ven below:
Particulars As at 31 March, As at 31 March,
2020 20t9
Amount la Rs. Amount in Rs,
a) Principal amount remaining unpaid as at period / year

end
b) Interest due thereon as at period / year end
Total
Note 9 Other current liabilities
Ae at 31 March, Ae at 31 March,
Particulars 2020 20L9
Amount in Rs. Amount in Rs.
Current Maturities of long term borrowings (refer 5,34,25,856 4,76,06,669

note 5. 1)
Advance received from customers 16,37,37,s39 28,85,58,021
(i) Statutory remittances (Contributions to PF and ESIC, 36,72,t73 t,o4,17,497
(ii) Others Current liabilites & provisions s5,83,695 54,55,823
Total 22,54,19,063 35,20,38,O1O
Note 10 Short term Provisions
As at 31 March, As at 31 March,
Partlculars 20.20 2019
Amoutrt ln Ra, Amount in Rs.
Provision - Otherg
Provision for Taxation lL.y. 2O2O-271 5,46,36,726
Provision for Taxation A.Y.2019-20 432,44,t24
Total 5,46,36,726 4,32,48,L24
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l{otes formlng part of the liuaaciel stateEe,lts
CIN No. U24231GJ 1989PTCO 12892
Note l2 Noa-currert lnvestEeltg

Ar at 3l March, As at 31 March,
Perticulars 2020 20L9
Amouat in R8. Arnount iu Rs.
Investments (At cost):
A.Non Trade
(i) SBPP Co- operative Limited 2,O25 2,O25
Total 2,O25 2,O25
Note 13 Inventorlee
As at 31 March' As at 31 March,
Partlculars 2020 20t9
Ar[oult ln RB. AEount ltr Rs.
(a) Raw materials 79,33,60,426 10,35,89,795
(b) Work-in-progress 7,28,40,814 8,76,79,383
(c) Finished goods (other than t}ose acquired for trading) 4,47,53,632 2,A5,68,739
(d) Others - Packing Material 1,06,86,658 84,48,634
Total 32,tO,4L,529 22,A2,A6,553

Note 14 Trade recelvables
Particulars 3l March,
Ar at Ag at 31 Marcb,
202(} 20L9
Amouat la Rs. Amount in Rs.
Trade receivables outstanding for a period exceeding six
months from the date they were due for payment (refer note
14.1 & 14.2 belowl
Unsecured, considered good 2,76,76,859 t ,7 0 ,05,247
Other Trade receivables

Unsecured, considered good 7,t6,26,42,969 1,03,33,59,591
Total 1,r9,03,59,828 1,05,O3,64,839
Note: 14.l(Debt due from:) As at 31 March, As at 31 March,

2020 20L9
Amount ia Rs. Amount in Rs.
Firms in which any director is a partner (give details per firm)
Urmi Polymer Industries 84,960

Polysol Industires 1,40,825
Apurva International 1,95,00,000
Total 1,9s,OO,OO0 2,25,745
Note 14.2
As per revised schedule III separate disclosure o Tra e receivables outstanding for a period exc e e n c S lx
months from the date they were due fo ent However It it is not possible to define credit period for each
and every debtor separately hence le out standing for more than six months is considered from
bill date
I. xo.
oa?!!r
GUJARAT POLYSOL CHEMICALS PRWATE LIMITED
Notes formlng part of the flnanclal stateDenta
CIB No. V 2423LGJ L9 AgYICO L2A9 2
}{ote 15 Cash aad cash equivalents

Particulars As at 31 March, As at 31 March,
2020 20L9
Anount ilr Rs. Amount in Rs.
(a) Cash on hand 5,65,807 6,03,939
(b) Balances with banks
(i) In current accounts 3,71,838 1.O,2r,959
- Balances held as margin money or 4,49,69,895 4,81,55, 106
security against borrowings, guarantees
and other mmitments
Total 4,59rO7,540 4,97,8L,OO4
!{ote 16 Short-term loans and advances

Partlculars As at 31 March, As at 31 March'
2020 20t9
Amount ln Rs. Amount in Rs.
(a) SecuriW deposits

Unsecured, considered good 93,58,010 98,t4,799
(b) Loans and advances to emploYees

Unsecured, considered good 19,39,140 19,4a,o97
(c) Prepaid expenses - Unsecured, considered 20,14,842 9, 1 1,205

good (For e.g. Insurance premium etc.)
(d) BaJances with government authorities

Unsecured, considered good
[i) GST credit receivable 73,89,40t
(ii) VAT credit receivable 9,7A,t60 11,20,160
(iiil GST refund receivable 3,78,669 9,96,29r
(iv) Custom Dutv paid in advance 58,33,296 42,52,O18
(v) Duty Draw Back Receivable 17,64,444 12,56,674
(vi) Incentive to Industries of GST Receivable 2,23,23,OOO 1,1 1,61,500
(e) Others Loan & Advances

Advance Income Tax 5,58,48,751 4,00,94,100
Advances To Others 79,440 23,745
(f) Advance to Suppliers
Advances To Related Parties 8,90,36,914 73,27,36,727
Advances To Others 72,37,701 26,65,88,631
Total 20,4!,74,2O8 47,O9,03,346
Note 17 Other current assets
Particulars As at 31 Match, As at 31 March,
.\ ts.S A 2020 20L9
&
\ Amount la Rs. Amount ln Rs.
(a) Others M. No.
(i) DEPB Licences 047954
)iI 37,14,853 15,53,856
9N--<S/ rotal 37,14,853 15,53,856
Notes formlng part of the Ilaancial statemcnts
CIN t{o. v 2423 LGJ L9 A9Yt CO t2492
Note 18 Reveaue froo operatious

For the year euded For the year ended
Particulars 31 March, 2O2O 31 March, 2O19
Arnount in Rs, Amount in Rs.
(a) Sale of products & Services (Refer Note 18.1 to18.3
below) 4,50,09,53,434 4,t9,42,59,339
Less:
(b) GST on Sales 55,49,73,582 51,86,86, 131
Total 3,94,59,79,85.2 3,67,ss,73,208
For the year ended For the year ended

Note Particulars 31 March, 2O2O 31 March, 2O19
Amouat in Rs. Amouat in Rs.
18. r Sale of products comprises
Manufactured eoods
Disp.Agent HM Liquid 3r,05,32,802 30,88,24,189
Guj Plast PCF 500 -A t9,28,75,577 27,53,24,123
Disp.Agent BX Powder 12,38,24,540 10,08,16,805
Gujplast PCA 510 Liquid 3,16,82,005 6,74,94,924
Disp.Agent MS Powder 7,30,73,992 6,72,92,769
POLYCRYL 7647 3,78,73,773 5,8A,54,762
Gujplast PCF 800 (L) 4,68,89,805 3,77,2t,312
Disp.Agent HM Powder 14,41,O9,492 8,63,03,840
Polymol DN Liquid 9,47,l9,OO2 i5,32,95,350
Disp.Agent NKS Powder 8,91,35,800 4,50,70,996
Gujplast PCT 135 (L) t9,o7,67,O43 19,20,59,681
Gujplast PCF 700 (L) 19,37,24,059 26,06,26,751
Pc Admixer 30,62,84,O28 12,88,96,958
Disp.Agent DN Powder 15,23,68,520 10,96,16,900
Gujplast PCF 400 7,83,20,105 6,25,56,r12
Gujplast PCT-125 (L) 5,82,42,220 51,33,160
Others 98,64,t5,962 93,64,37,OO9
Total - Sale of manufactured oods 3,11,O8,42,665 2,Aa,97,25,64L
ta.2 Sa-le of Services comprises

Rent Income 1,3t,92,187 91,46,067
Totql - Sale of Servlces L,9L,92,187 9L,46,067

18.3 Traded soods
Crude Palm Oil & Soyabeen Oil 82,19,45,000 77,67,07,500
Total - Sale of traded goods 82,19,45,OOO 77,67,OL,5o0

Total - Sale of products & Services 3,94,59,79,A5.2 3,67,55,73,204
. No.
q 047954
A
!{otes formlng part of the flnancial statements
CIN No. U2423 lGJ1989PTCO12892
Note 19 Other lucome
Particulars For the y€ar ended For the year ended

31March,2O2O 31 March, 2019
ADourt in Rs. AEount in Rs.
(a) Other operating income (net of expenses directly attributable 29,72,690 49,47 ,286
to such income) (Refer Note 19.1 below)
(b) Other non-operating income (net of expenses directly 1,37 ,16,352 I,67 ,56,70r
attributable to such income) (Refer Note 19.2 below)
Total L,66,49,O42 2,t7,O3,947
Note Particulars For the year ended

For the yeat ended
31 March, 2O2O 31 March' 2Ol9
19.1 Aaount h Rs. AEount iB Rs.
(a) Interest income (Refer Note 19.1(a) below) 29,72,434 27 ,t2,042
252 315
(b) Dividend income
22 J.+ 929
(c) Ba-lance Written Back and Discount
Total 29,72,690 49,47,246
Note Particulars For the yeat euded For the year ended
31 March, 2O2O 3l March, 2Ol9
19.1 a AEourt ln R6. Arnount in Rg.
Ilrtere8t incoae conPrlsea:
27,44,024 25,O9,587
(a) lnterest from banks on deposits
(b) Interest on Security Deposit - DGVCL 2,10,554 2,02,455
(c) lnterest on income tax refund 17,860
Total 29,72,434 27,L2,O42
Note Particulars For the yeas erded For the year ended
3l March, 2O2O 3l March, 2O19
L9.2 Anount ln R5. AEount h Rs.
(a) Duty Drawback Received 21,94,550 26,08,672
(b) lncentive to Industreis under GST scheme 1,1 1,61,500 1,11,61,500
(c) Insurance Claim Received 3,14,645 29,81,515
(d) Mis.Income 4,480 5,0 i4
(h) Short Term Ca ital Gain-MF-Debt 4t,177
Total r,37,16,352 L,67,56,70L
.l TSAt, t
t L X..
l,.Tl3.
IYotes formlng part of the financlal stateacnta
CIII lvo. V2423 LGJ 19 89YI CO L2492
Note 2O Cost of Materlal Consumed

(a) Cost of Raw Materlals Consumed
Particulars For the year ended For the year ended

31 March, 2O2O 31 March, 2019

Opening stock 11,20,38,430 18,76,99,O45
Add: Purchases 2,54,49,97,342 2,3t,O4,2r,6s2
2,65,7O,35,772 2,49,A1,2O,677
Less: Closing stock 20,40,47,O84 1r,20,38,430
Cost of material consumed 2,45,29,88,688 2,38,60,82,247
Material consumed comprises:

Naphthalene t7,L2,23,284 18,06,00,506
Phenol 37,33,82,732 27,O7,24,O58
VPEG.24OO 69,59,O1,446 73,ta,o4,ao4
Formaldehyde 6,80,47,741 8,t6,99,352
Caustic Soda Lye 70,47,32,815 1 I ,46,30,091
Sodium Ligno Sulphonate 5,49,69,819 4,60,83,306
Butyl Acrylate Monomer 3,98,64,676 4,15,08,083
Styrene 4,A7,96,773 8,a8,24,668
Sodium Gluconate a,44,94,14O 6,42,46,542
Acrylic Acid 9,92,85,516 tr,52,89,272
Liquide Naphthalene 9,99,92,271 t2,9t,59,892
TPEG 6,8 13,039
1 ,
Acid Slurry 96% 6,85,43,506 3,96,64,560

Others 48,35,97,490 48,24,47,713
Total (al 2,45,29,88,688 2,38,60,82,247
IYote 20 (b) Purchase of traded goods

31 March, 2O2O 31 March, 2O19
Amount ln Rs, Amount in Rs.

Crude PaIm Oil & Soyabeen Oil 87,84,87,307 77,Ot,t5,956
Total (b) 81,84,87,3O7 77,O1,L5,956
Total(a+b) 3,27,14,75,995 3,15,61,98,2O3
.\ A'U
4
tr: L Ho.
0a7t5a
Note 21 Changes in inventories of llnished goods, work-in-Progress and stock-in-trade

Amouat ln Rs. Amount ln Rs.

Inventories at the end of the vear:
Finished goods 4,41,53,632 2,85,68,739
Work-in-progress 7 ,24,40,Al4 a,76,79,383
r1.69.94.446 1.t,62,48,123
Inventories at the besinning of the vear:

Finished goods 2,A5,6a,739 88,85,237
Work-in-progress 8.76,79,383 6,O9,a3,294
1t.62.44.123 6,98,68,531
Net (lncrease| / 499!9e!9 17,46,3231 ('4,63,79,5921
.l ).SArY 4
\
f,!. No.
u7954
Itotes formlng part of the flnancial statementa
CIN No. U2423 1GJ 1989YtCOL2a92
Note 22 Employee benefits expenae

Amount ln Rs. Amount in Rs.
Salaries and wages 4,15,66,974 3,56,43,633
Director Remuneration 84,00,000 2,01,50,000
Contributions to provident and other funds 16,63,599 t2,18,o44
Gratuity Insurance paid 2,37,458 27,10,t57
StaJf welfare expenses 8,48,365 5,31,524
Total 5,27, 6,02,53,358
I{ote 23 Finance coets

Amount lu Rs. Amount in Rs.
(af Bank Charges
-Others Charges 91,O9,672 r,06,95,241
(b) Iaterest exPeEse on:

-Cash Credit Interest 7,O1,82,1O2 1,08,89,544
-Buyers Credit Interest 19,22,766 3,36,481
- Interest on Bill Discounting 76,15,350 93,10,093
-Interest - Others 6,870 5,24,767
-lnterest on Vehicle Loans 3,81,318 I,43,071
-lnterest on Term Loans 3,67,46,424 3,21,22,421.
Total 6,53,63,9O6 6,4O,21,OL9
tv
\
I. X..
0a7!3a
GUJARAT POLYSOL CHEMICAIS PRTVATE LIMITED
Notes formlng part of the financlal statements
CIN No. U2423LCJ L989PTCO 12892
Note 24 Other expenses

Particulars 31 March, 2O2O 31 March, 2019
Balance Written Off 10,67,351 34,56,196
Business Promotion Expenses 23,49,462 4,83,965
Carriage Outwards 7,20,36,5t7 6,16,63,O32
Commission on Sales 40,42,767 42,78,234
Commission on Purchase 7,84,OOO
Computer Expenses 3,78,833
Consumption of stores and spare parts 19,30,391 10,60,632
CSR Expenses and Donation 24,77,250 75,33,252
Drainage Charges 48,656 78,408
Effluent Treatment Charges t7,67,569 tt,27,470
Freight and forwarding 24,74,a77 tl,a6,295
General Office expenses 2,O9,99t 2,52,1OO
Insurance Expenses 22,58,828 12,75,255
Laboratory Expenses 8,55,586 7,76,745
Loading & unloading Charges 4,39,819 2,63,870
Legal and Professional 1,53,35,396 1,53,46,126
Membership & SubscriPtion 62,295 44,O90
Miscellaneous expenses 2,632 L,592
Net loss on foreign currency transactions and 3,r4,19,49t 3,52,55,478
translation (other than considered as finance
cost)
Notified Area Charges t6,60,o72 6,60,842
Payments to auditors (Refer Note 24.1 below) 1,50,000 1,50,000
Postage and Courier Expenses 3,72,446
Printing and stationery 7,86,129 11,56,307
Rates arrd taxes 29,09,5t2 36,59,644
Rent Expenses 1,78,75, 1 18 t,76,04,7L4
Repairs & Service Charges 42,34,753 48,61,254
Repairs and maintenance - Machinery 2,26,86,L18 I,37 ,21 ,l5l
Repairs and naintenance - Building & Others 40,26,797 52,70,833
Security Charges 7,26,587 10,28,739
Telephone Expenses 1,31,258 4,63,441
Travelling and conveyance 23,O8,477 31,57,0s3
Vehicle Expenses 12,41,058 7,4t,457
Water Charges 5,17,637 5,94,513
Total 19,87,83,673 18,19,37,O88
.l 1,.SA/ 4
\
5 T. NO.
047954
rCC
GUJARAT POLYSOL CHEMICAI,S PRTVATE LIMITED
Notes formlng part of the flnanclal statementa
CIN No. u24231GJ L989PTCO 1 2892
Note 24. 1
Particulars 31 March, 2O2O 31 March,2Ol9
Amount ia Rs. Amount in Rs.
(i) Payments to the auditors comprises (net of
service tax inout credit. where applicable):
As auditors - statutory audit 90,000 90,000
For taxation matters 45,000 45,000
For Others Matters 15,000 15,000
Total 1,50,000 1,50,000
Note 25 Earnin Share

31 March,2O2O 31 March,2O19
Amount in Rs. Amount in Rs,
Net P;ofit as per Profit and Loss Account (Rs.) 19,71,17,783 t2,70,67,210
After Tax
Weighted average number of Equity Shares for 2,63,900 2,63,900
basic earning per share (Nos.)
Nominal value of equity shares (Rs.) 100 100
Earnlngs Per Share - Baslc 724.2L 481.50
NI
d
t) I. No.
a.7t3.
Notes forl,llng part of the flnancial statcmerts
CII{ No. U2423 1Cr., 1989PTCO 12892
Note 26 Additlonal laformatlon to the financlal statcmcrta

25.1 Continsent llabilltics ard commltneEt3
For the year ended For the year €nded
Partlculars
Amount ln Rs, AEount ir Rs.
Contingetrt liabllltlea and coamitments (to the
cxtetrt not provldcd for|
(a) Guarantees 32,10,000 27,60,OOO
(b) Letter of Credit not acce ted till date tt,77,66,r7t 5,12,25,\20
Total t2,o9,76,171 5,39,85,120
26.2 Dctall3 ou utrhedged forelga currency exPoBures

The year-end forelgn curreacy expolures that have trot been hedged by a derivatlvc lnstrumeat
or otherslse arc glven below:
Recelvable/ Recelvable / (Payablel heceivable/ (Payable)

lPayabl e & advancesl ln Foreign cutrency h Forelgn currencl
For thc ycar ended For the year eaded
Supplier (35,28,10,047) (22,32,68,0961
Advances 7,4t,549
Customers 70,83,763 5r,46,902
Total 134,57,26,2A4l. 121,73,79,6451
26.3 Value of lm rts calculated on CIF basls

31 March, 2O2O 31 Merch, 2O19
Particularg
AEouBt ln Rupces Amount ln Rupees

Raw Materials 1,30,04, 15,066 |,34,93,27 ,192
Import of Services 54,795
Total 1,30,O4,69,861 1,34,93,27,t92
26.4 E,arn g ln fore e

For the year ended For thc year eaded
31 March, 202O 31 March, 2019
Partlculars
AEouot in Rupees Amount ln Rupees
Export of goods calculated on FOB basis 5,21,53,7 t8 3,77 ,2t ,789
Total 5,21,53,718 3,77,2L,749

ts 4
-\
il. No.
047954 5
GUJARAT POLYSOL CHEMICAIS; PRI1IATE LIMITED
Notes formlng part of the flnanclal statements
CIN No. U2423 1G., 1989fiCO L2492
Note 2. 12 Related party transactions
Note Details of related partles

2.r2.r Descriptlon of relatlonshlp Names of related partles
Key Management Personnel 1 Shailesh. B.Desai

.
(KMP) 2.Umang S.Desai

3.Nilima. S.Desai
Other related Parties LApurva Chemicals
2.Apurva Internationa-l
3.Polysol Industries
4.Urmi Polymer Industries
5.Polysol Financia-l services LLP
6.Menumate India Prt.ltd.
T.Abhideep Chemicals R/t.Ltd.
8.Bhavisha Industries
9.Bhavisha Desai
10. Arma Tela Opus Private Limited
Note Detalls of related party transactlons durlng the year e nded 31 March, 2O2O and,
2.L2.2 balances outstanding as at 31 March' 2O2O:
KMP Wholly Owned Other related

Subsidlary Parties
Purchase of goods
Polysol Industries 13,85, 16,843

(14,73,21,4861
Urmi Polymer Industries 5,78, 15,O00

(s,91,25,000)
I
Apurva Intemational 8,81 ,25,000
(s,38,20,000)
Purchise of Plant &
Mechinery
I Bhavisha Industries 2 o4 I 5 00 6
Job trIork Charges Pald

Polysol Industries 3,83,500
(70,71,0s 1)
Urtni Polymer Industries 5,35,63,798

14,39,71,4rs1,
I
Bhavisha Industries 1,36,81,678

L No. t (18,72,O22)
Sale of goods
Apurva Chemicals 5,09,75,296
(r9,02,o42)
Polysol Industries 4,32,03,390

(2O,O3,76,3471
Urmi Polymer Industries 20,56,58,100

(20,75,7O,t6O)
Apurva International 14,60,75,000

(1,86,s0,000)
Menumate India Brt.Ltd. 1,48,50,000
Bhavisha Industries 15,96,806
Rent Income
Apurva International 30,73,033
lr2,44,9OOl
Rent Expenses
Ms.Bhavisha Desai t,62,98,160
(1 .62.98. 160)
Dlrector Remuneratlon
Mr. Shailesh Desai 48,00,o00

(1,04,0o,000)
Mr.Umang Desai 24,00,000

(61,50,000)
Mrs. Nilima Desai 12,00,000

(36,00,000)
Salary Expenses
Ms.Bhavisha Desai 3,60,000
(24,00,000)
A
.\ 4
\
) tl. No.
047954
Note Advance Received Against Sel€s
2.12.3
Dlrector Openhg balance Amount Amount glven Closlng balance
Recelved Durlng Dutlng the Year
the Year
Polysol Industries 3,63,2s,000 rQ,o7,2L,7A7 3,63,94,2r5 10,06,52,573
(1,s2,00,000) (3,63,2s,000) (1,s2,00,000) (3,63,2s,000)
Apurva International 1,79,90,000 1,62,50,000 3,42,40,OOO (0)

142,77,88O) (1,82,11,4471 (a4,99,327) (1,79,90,OO0)
Menumate India Plt.ltd. 82,50,000 82,50,000

(82,s0,000) (82,50,000)
Urmi Polysol [ndustries 5,14,38,000 9,06,94,440 8,16,63,000 6,O4,69,440

(7,06,00,000) (5,14,38,000) (7,06,00,000) (5,14,38,000)
Advance glven agalnst purchase

Other related Parties Opening balance Amount Glven Amount Recelved cloBing balance
Durirg the Year Dutlng the Year
Polysol Industries 2,45,00,000 46,a4,548 2,45,00,000 46,44,544

(2,45,00,000) (2,45,00,000)
Apurva Intemational 2,26,00,000 2,77 ,87 ,OOO 5,03,87,000

(2,26,00,000) (2,26,00,000)
Bhavisha Industries 1,99,38,813 1 1,95,766 t,87,43,047
Urmi Polysol Industries 8,52,90,000 7 ,58,47,OO0 9,55,27 ,680 6,56,09,320

(8,52,90,000) (8,s2,90,000)
.l N
I. Xo.
0.l7t5a
Note Balances outstanding at Wholly Owned KMP Other related
2.12.4 the end of the year Subsldlary Partles
Trade payable
Urmi Polymer Industrie s
12,o3,28,154)
Polysol Industries
(6,23,509)
Apurva lntematinational 23,08,000

(8,70,000)
Bhavisha Industries
(13,91,666)
Trade Receivable
Polysol tndustries
(1,40,82s)
Urmi Pol),rner Industries

(84,960)
Apurva Chemicals |,64,92,543

(4,42,5OO1
Apurva Intemational 1,95,00,000

(-)
Adva[ce Recelved .gelntt

Mctcrlal
Polysol Industries 10,06,52,573
(3,63,25,000)
Apurva Intemational
(1,79,90,0OO)
Menumate India Pvt.ltd

(82,s0,000)
Urmi Polysol lndustries 6,04,69,440

(5,14,38,000)
Advsnce glven ageinst

Materlal
Polysol Industries 46,84,548

(2,45,00,000)
Apurva International
(2,26,00,000)
Bhavisha Industries I,87 ,43,047
6,s6,09,320
Urmi Polysol Industries
(8,52,90,000)
N ote 1 Flgures in bra cke t rela te8 t o the previ ous v ear .I A S A
N ot e 2 s M en tio ne d ab ove r e la te d t o Ex enae s and I n come are incl uSlve
of GS T \ 4
M. No.
047154
Note 2.12.5 Corporate Social Responsibility
As per Section 135 of the Companies Act, 2013, a company, meeting the
applicability threshold,,needs to spend at least 2o/o of its average net profit for the
immediately preceding' three financial years on corporate social responsibility
(CSR) activities. The areas for CSR activities are eradication of hunger and
malnutrition, promoting education, art arrd culture, healthcare, destitute care
and rehabilitation, environment sustainability, disaster relief, COVID-19
relief and rural development projects.
If, a cSR committee has been formed by the company as per the Act. The funds
were primarily allocated to a corpus and utilized through the year on these
activities which are specified in schedule vu of the companies Act, 2O I 3.
a) Gross amount required to be spent by the company during the year is

Rs. 24,7 1,95O I - .
b) Amount Spent during the Year on'

Particular In Cash/ Yet to be Paid Total
Bank in Cash/Bank
1. Construction / 20,00,000 20,00,000
Acquition of any asset
2. On Purpose Other than 4,75,OOO 4,75,000
(1) above
Total 24,75,OOO 24,75,O0O
.\ A
.\ 4
J M. No.
g 047954
SIGNIFICAITT ACCOUNTING POLICITS & NOTES TO ACCOUNTS
1. COMPANYOVERVIEW
'M/s. Gujarat Polysol Chemicals Private Limited is a Large enterprise and

located in notified industrial estate, GIDC Vapi, District Valsad, Guj arat,
INDIA having total plot area is 9696 sq. mt. doing manufacturing activity of
agro chemicals, construction chemicals & leather chemicals etc.
2. SIGNIEICANT ACCOUNTING POLICIES
2.L BASIS OF ACCOUNTING AND PREPARATION OF FINANCIAL

STATEMENTS
The financial statements of the company have been prepared in accordance

with Generally Accepted Accounting Principles (GAAP) in India, under the
historical cost convention on the accrual basis' GAAP comprises of
mandatory accounting standards as prescribed under section 133 of the
Companies Act 2013, read together with paragraph 7 of the Companies
(Accounts) Rules 2014.
The Balance Sheet and the Statement of Profit and Loss are prepared and
presented in the format as prescribed in the Schedule III to the Companies
Act, 20 13 ("the Act'). The Cash Flow Statement has been prepared and
presented as per the requirements of Accounting Standard (AS) 3 on "Cash
Flow Statements" as specified under section 133 of the Companies Act 2013,
read together with paragraph 7 of the Companies (Accounts) Rules 2014'
The disclosure requirements with respect to items in the Balance Sheet and
statement of Profit and Loss, as prescribed in the schedule III to the Act, are
presented by way of notes forming part of accounts along with the other
notes required to be disclosed under the notilied Accounting Standards.
.\ I The accounting policies adopted in the preparation of financial statements
J consistent with those of previous years unless otherwise specified herein

t I. HO.
0.7tlvl ow
GUJARAT POLYSOL CHEMICALSI PRTVATE LIMITED
SIGNIFICAI{T ACCOIINTING POLICIES & NOTES TO ACCOUNTS
2.2 AccountingAssumptions
The financial statements have been prepared under historical cost convention
on an accrLlal basis and in accordance with the generally accepted accounting
principles and the applicable accounting standards as notified under
Companies (Accounting Standard) Rules, 2006, and referred to in Section
211(3C) of the Companies Act, 1956, unless otherwise specilically stated
2,3 Use of Estimatee
The Preparation of Financial Statement Requires the Management to Make

Estimates and Assumptions that Affects the Reported Balances of Assets,
Liabilities, And Disclosure of Contingent Liabilities as on the Reported Date,
and Expenses and Incomes during the Reported Period. Examples include
provisions for doubtful debts, provision for employee benelits, provision for
taxation, useful lives of depreciable assets, provision for impairment, provision
for contingencies, provision for warranties / discounts etc. The management
believes that the estimates used in preparation of the financial statements are
prudent and reasonable. Such Differences of Estimated Amount as Compared
to the Actual Amount Get Quantified in the Period in which the same is settled'
2.4 Property Plant and Equipmeut and Capital work in Progress
Property Plant and Equipment are Stated At Cost Which includes Prices and
Any Directly Attributable Cost of Bringing the Assets to Its Working Condition
for the Intended Use as Reduced by Any Part of the Cost Reimbursed by
Government or Otherwise by Way of Any Concession, Credits, Cenvat
Reduction In Price, Discount Etc. or Otherwise, At the Time of Purchase or
Otherwise Subsequently Less Accumulated Depreciation.
he cost and the accumulated depreciation for hxed assets sold, retired or
M. Nc. erwise disposed off are removed from the stated values and the resulting
0r.7934
s and losses are recognised in the Statement of Profit and [oss.
SIGNIFICANT ACCOTTNTING POLICIF^S & NOTES TO ACCOUNTS
Asset under installation or under construction as at Balance sheet date are

shown as Capital Work in Progress (CWIP).
Intangible assets are recorded at the consideration paid for acquisition of such
assets and are carried at cost less accumulated amortisation and impairment.
However, there are no intangible assets recognised during the year under
consideration.
2.5 ReveuueRecognltion
A) Revenue from Sa.le of Goods is Recogrrised net of retums and discounts

When the Risks and Rewards of Ownership are transferred to the Buyer'
B) Sales are recorded excluding taxes on which credit is available'
C) Interest Income Is Recognised on a Time Proportion Basis, Taking Into

Account the Amount Outstanding and the Rate Applicable.
2.6 Provisions/Cootingencies
A Provision is Recognised When the Company has a Present lrgal or

Constructive Obligation as a Result of Past Event and it is Probable that an
Outflow of Resources Will Be Required to Settle the Obligation, in Respect of
Which Reliable Estimate can be Made. Provisions are Not Discounted to Its
Present Value and are Determined Based on Best Estimate Required to Settle
the Obligation at the Balance Sheet Date.
No Provision has Been Made for Liabilities which are Contingent in Nature but
If Material; these are disclosed by Way of Note.
I. H.. t
o.7t3a
GUJARAT POLYSOL CHEMICAI,S PRIVATE LIMITED
SIGNIFICANT ACCOTINTING POLICITS & NOTES TO ACCOUNTS
2.7 Depreciation
The company provides depreciation based on remaining useful life of assets as

per Schedule II to the Companies Act 2013. Depreciation on tangible assets has
been provided on written Down Value Method on useful life prescribed in
Schedule II of the Companies Act, 2013, except in respect of Leasehold Land,
which are amortised over the lease period. Depreciation/ Amortisation are
charged on pro-rata basis for the assets purchased/sold during the year.
Type ofAssets Useful life

Factory Building 30 Years
Plant & Equipment 20 Years
Computer 3 Years
Furniture & fixture 10 Years
Electric Installation 10 Years
Office equipment 1 5 Years
2,A Valuation of Inventories
Raw Materials, are Valued at Cost Price which includes all charges tn
bringing the goods to the production process, includes octroi and other
levies.
Work-In-Process Is Valued At Cost of Material.
Finished Goods is valued at cost or Market value whichever is lower.
2,9 Employee Benefits
Employee Benelits include provident fund, superannuation fund, gratuity

fund, compensated absences, long service awards and post-employment
medical benefit.
.\ FsAf/ c
\
\ il. No.
047954
GUJARAT POLYSOL CHEMICALS PRTVATI LIMITED
SIGNIFICANT ACCOI'NTING POLICIES & NOTES TO ACCOUNTS
A) Employer's Contribution to Employee Provident Fund and superannuation

fund are Charged to Statement of Profit & Loss during the Year as they fall
due base on the amount of contribution required to be made.
B) For Defined benefit plans in the form of Gratuity, Leave Encashment and
post-employment medical benefits which can be carried forward, the cost of
providing such benelits is not determined by the company'
2.lO Investments:
Long Term Investments (excluding investment properties) are carried
individually at cost less provision for diminution, other than temporary in the
value of such investments.
2,lL Taxes on Income
Current income tax expense comprises of taxes on income from operations in

India. Income tax payable in India is determined in accordance with the
applicable tax rates and the provisions of the Income Tax Act, 1961. A
provision is made for income tax annually, based on tax liability computed,
after considering tax allowances and exemptions. Tax expense for a year
comprises of current tax and deferred tax.
MAT credit Minimum Alternate Tax (MAT) credit is recognised as an asset only
when and to the extent there is convincing evidence that the Company wiil
pay normal income tax during the specihed period. In the year in which the
MAT credit becomes eligible to be recognised as an asset, in accordance with
the provisions contained in the Guidance Note on Accounting for Credit
Available under Minimum Alternate Tax, issued by the ICAI, the said asset is
created by way of a credit to the Statement of Profit and Loss and shown as
'MAT Credit Entitlement'. The Company reviews the same at each Balance
Sheet date and writes down the carrying amount of MAT Credit Entitlement to
the extent there is no longer convincing evidence to the effect t at the
Company will pay normal income tax during the specified p eriod. .t
X. ll..
aa7t3a
GUJARAT POLYSOL CHEMICAI,S PRIVATE LIMITED
SIGNIFICANT ACCOT'NTING POLICIES & NOTES TO ACCOUNTS
Deferred Tax Is Recognised, Subject to the Consideration of Prudence, on

Timing Difference Being the Difference between Taxable Incomes and
Accounting Income that Originate in One Period and is Capable of Reversal in
One or More Subsequent Period.
Deferred Tax Assets are Recognised Only When There Is Virtual Certainty
That Sufficient Future Taxable Income Will Be Available Against Which Such
Deferred Tax Assets Can Be Realised.
Deferred Tax Calculation as at year ending March 3L,2O2O

(Amount
in Rs.)
Opening Deferred Tax Asset/ (Liability) as on

01.04.2019 (2,76,4t,563)
I (a)
DTA/DTL originating during the year
Due to difference in depreciation
:
Closing Value As per Companies Act 43,63,7 t,420

WDV As per Income Tax Act 32,O3,86,696
tr,59,84,724
Deferred Tax Liability (2,91,93,3ss)
(15,51,7921
Closing Deferred Tax Asset/ (Liability) as on
31.O3.2020 (2,91,93,3ss)
2.13 Borrowing Cost :
A) Borrowing Costs Incurred on Working Capital Is Charged Off to Profit &

Loss Account, AN
.t
I. 1,1..
0a7954
SIGNIFICA.IVT ACCOIINTING POLICIES & NOTES TO ACCOUNTS
B) Borrowing costs on Term Loans that afe Attributable to Tangible Fixed

Assets are capitalised till the Date of Substantial Completion of the
Activities Necessary to Prepare the Relevant Assets for Its Intended Use.
2.14 Earninge Per Share (EPS)
Basic earnings per share is computed by dividing the profit / (loss) after tax
(including the post-tax effect of extraordinary items, if any) by the weighted
average number of equity shares outstanding during the year. Diluted
earnings per share is computed by dividing the profit / (loss) after tax
(including the post-tax effect of any extra ordinary items, if any).
THE ACCOMPANYING NOTFS ARE AN INTEGRAL PART OF THE FINANCIAL

STATEMENTS.
AS PER MY REPORT OF EVEN DATE

ATTACHED For and on behalfofthe Board
Gujarat Polysol Chemicals Private

For,JVVasani&Co. Limited
CIIARTERED ACCOUNTANT c E
Firm's Registration No. 114283W {

-t
A/$l J
\.
t\ ANr
M. NO.
d
\& * @
047954
(JIGNESH V VASANII (UMANG DESNI (SHNLESH DESAII
Partner Director Director
M. No. 047954 DIN:OS161181 DIN:OO266938
Place: Vapi Place : Vapi
Date: 2Ll07l2O2O Date: 2llO7 l2O2O
UDIN: 20047954AAAADM8567

Annual Report 2020

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Gujarat Polysol Chemicals Pvt. Ltd.

FINANCIAL HIGHLIGHTS AND OPERATION

. The Company has reported total revenue of Rs 396,26,68,894.00 in Financial

. The revenue growth also leads to a corresponding improvement in profitability.

A) Issue of equity shares with differential rights

B) Issue of sweat equity shares

C) Issue of employee stock options

D) Provision of money by company for purchase of its own shares by

INDUSTRY SCENARIO AND ATE OF COMPANY'S AFFAIRS

Your company is a private company engaged, inter-alia, in the manufacturing activity

CHANGE IN THE NATURE OF BUSINESS

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL

2. POLYSOL SPECIALTY CHEMICALS PRIVATE LINlITED (CIN:

DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE

No significant and material orders were passed by the regulators or courts or

2. DECLARATION BY THE INDEPEDNENT DIRECTORS

The Company being a private company, the appointment of independent director as

3. CHANGES IN KEY MANAGERIAL PERSONNEL

The Company being a private company, the appointment of Key Managerial

MEETINGS OF THE BOARD OF DIRECTORS

DISCLOSURE OF REMUNERATION OF EMPLOYEES COVERED UNDER RULE

NAM E OF THE C OMPANIES WHICH HAV BECOME R CEASED TO BE

(b) remained unpaid or unclaimed as at the end of the year: NA

(i) at the beginning of the year: NA

(ii) maximum during the year: NA

(iii) at the end of the year: NA

There is no qualification, reservation or adverse remarks or disclaimer made by the

SECRETARIAL AUDIT REPORT

CORPORATE SOCIAL RESPONSIBILITY

Annual report on CSR activities is enclosed as Annexure ,,A,,to this report o c

The Company has established a vigil mechanism pursuant to the requirements of

RISK MANAGEMENT POLICY

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER

Details of Guarantee / Security provided:

SL Date of Details Amoun Purpose for Date of Date of Commission

INTERNAL CONTROL SYSTEMS

. timely and accurate financial reporting in accordance with applicable accounting

HUMAN RESOURCES AND INDUSTRIAL RELATIONS

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN

(A) Conservation of energy-

(i) the steps taken or impact on conservation of energy: NA

(iii) the capital investment on energy conservation equipments: NA

(B) Technology absorption-

(i) the efforts made towards technology absorption: NA

FOREIGN XCHANGE EARNING & OUTGO

Foreig n Exchange outgo Rs L34,42,79,525.OO

Foreign Exchange Earnings during the year : Rs 4,86,52,303.00

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements of Section 134(5) of the Companies Act, 2013, it is

a) that in the preparation of the annual accounts, the applicable accounting

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

INT RNAL M PLAI NTS CO M MITTE UNDE SEXU LHA SSM E NT OF

MAINTENANCE OF COST RECORDS

N4aintenance of cost records as specified by the Central Government under sub-

Pursuant to clause 9 of the revised Secretarial Standard - 1, your company has

EXTRACT OF ANNUAL RETURN

By Order of the Board of Directors

GUJARAT POLYSOL CHEMICALS PRIVATE LIMITED

Sr. Particulars Remarks

3 Average Net Profit of the CompanY for the Rs 12,35,97,489.00