GMM Pfaudler Ltd. — Proxy Solicitation & Information Statement 2020

Nov 24, 2020

GMM/SEC/2020-21/43 November 24, 2020

To, BSE Limited NSE Limited 1 Mumbai – 400 001 Mumbai – 400 051

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, st Floor, Dalal Street, Bandra Kurla Complex, Bandra (E)

Scrip Code: 505255 Symbol: GMMPFAUDLR

Dear Sirs,

Sub: Notice of Postal Ballot and E-voting information in newspapers

Enclosed please find a copy of the newspaper notice of Postal Ballot and E-voting information published in English language in Economic Times, Mumbai & Ahmedabad edition and in Gujarati language in Naya Padkar, Anand on November 24, 2020 for your records.

Kindly take the same on record.

Thanking you,

Yours faithfully,

For GMM Pfaudler Limited

Mittal Mehta Company Secretary & Compliance Officer FCS No. 7848

Encl: As above

GMM Pfaudler Limited

Corporate Office: 902, Lodha Excelus, Commercial Tower 1, New Cuffe Parade, Sewri - Chembur Road, Mumbai-400022. • O: +91 22 6650 3900

Registered Office & Works: Vithal Udyognagar, Anand - Sojitra Road, Karamsad - 388 325 • O: +91 2692 661700 • F: +91 2692 661888 • CIN : L29199GJ1962PLC001171

- 9 THE ECONOMIC TIMES | AHMEDABAD | TUESDAY | 24 NOVEMBER 2020 | WWW.ECONOMICTIMES.COM Economy: Macro, Micro & More

in this direction.

"An effective unified single window will be made available so that access to regulators policymakers and facilitators are all available," she said, reiterating words of secretary, department of policy and internal trade that had announced this earlier in the day. She further added that six states were

setting up special manufacturing zo-

nes for pharmaceuticals, medical devices and active pharmaceutical ingredients (APIs) with effective unified single window. The finance minister added that not

just the MNCs, but the entire industry and the economy was facing a reset exercise of doing business.

	IFFCO-TOKIO GENERAL INSURANCE COMPANY LIMITED Regd. Office: IFFCO Sadan, C-1, District Centre, Saket, New Delhi-110017		Registration No. 106 dated 4.12.2000						IFFCC GENERAL Muskur
			KEY HIGHLIGHTS
	$\bar{z}$ 4,295 cr GROSS WRITTEN PREMIUM ₹4,234 cr (30 Sep 2019)	PROFIT BEFORE TAX			₹355 cr (30 Sep 2020) ₹81 cr (30 Sep 2019)		PROFIT AFTER TAX		₹27: (30 Sep ₹59 (30 Sep
	UNAUDITED REVENUE ACCOUNTS FOR THE HALF YEAR ENDED 30 th SEPTEMBER, 2020
					HALF YEAR ENDED 30.09.2020		HALF YEAR ENDED 30.09
S. NO.	PARTICULARS		FIRE	MARINE	MISC	TOTAL	FIRE	MARINE	MISC
1	Premiums Earned (Net)		402,158	352,106	22,159,377	22,913,641	275,765	342,747	21,048,84
$\overline{2}$	Profit / (Loss) on Sale / redemption of Investments		7,198	4,082	359,771	371,051	784	542	39,52
$\overline{\mathbf{3}}$	Others: Transfer & Duplicate Fee				1,534	1,534			1,97
	Exchange Gain / (Loss)			(10)	(169)	(179)			(54)
	Handling Charges		(5, 512)	(395)	(2, 371)	(8, 278)	(360)	12	50
	Contribution from Shareholders Funds towards Excess EoM
4	Interest, Dividend & Rent-Gross TOTAL (A)		53,751 457,595	30,482 386,265	2,686,663 25,204,805	2,770,896 26,048,665	46,203 322,392	31,963 375,264	2,332,13 23,422,43
$\mathbf{1}$	Claims Incurred (Net)		379,219	187,544	18,214,848	18,781,611	205,580	288,207	19,349,84
$\overline{2}$	Commission		(177, 909)	33,594	1,376,636	1,232,321	(231, 150)	(9,071)	1,114,26
3	Operating Expenses Related to Insurance Business		56,865	51,196	3,222,005	3,330,066	38,628	61,401	3,270,39
$\overline{\mathbf{A}}$	Premium Deficiency
	TOTAL (B)		258,175	272,334	22,813,489	23,343,998	13,058	340,537	23,734,49
	Operating Profit / (Loss) from Insurance Business C=(A-B)		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,06)
	APPROPRIATIONS
	Transfer to Shareholders' Account		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,06)
	Transfer to Catastrophe Reserve
	Transfer to Other Reserves
	TOTAL (C)		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,06)
	JNAUDITED PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30" SEPTEMBER, 2020					UNAUDITED BALANCE SHEET AS AT 30 th SEPTEMBER, 20.
			(₹ In '000)
HALF YEAR		HALF YEAR	S. NO.	PARTICULARS				AS AT
5. NO.	PARTICULARS	ENDED	ENDED						30.09.2020
$\mathbf{1}$	30.09.2020 OPERATING PROFIT / (LOSS)		30.09.2019	$\mathbf{1}$	SOURCES OF FUNDS SHARE CAPITAL
	(a) Fire Insurance	199,420	309,334		RESERVES AND SURPLUS				2,742,18 24,562,90
	(b) Marine Insurance	113,931		34,727 FAIR VALUE CHANGE ACCOUNT
	(c) Miscellaneous Insurance	2,391,316	(312,063)		- Shareholders				(4, 265)
		2,704,667	31,998		- Policyholders				(15, 615)
$\overline{2}$	INCOME FROM INVESTMENTS				BORROWINGS

'Need for robust mechanism for resolutions of taxation disputes'

FM Assures Global MNCs… PRIVATISATION, DISINVESTMENT OF CABINET-CLEARED PROJECTS TO GO ON 2 Sovereign Wealth Funds keen on National Infrastructure Pipeline Need for real-time mechanism for settling tax disputes Advance pricing agreements (APAs) should be expedited Faceless taxation to be extended to indirect taxes India should become investment hotspot Six states setting up SEZs for making APIs, medical devices

Our Bureau

New Delhi: Finance minister Nirmala Sitharaman said there was a need for a "robust" mechanism for resolutions of taxation disputes on an ongoing basis and expediting advance pricing agreements (APAs), which will provide clarity and ease of compliance for multinational companies in India.

"...We need to have a robust mechanism through which, as we go along, disputes can be .. resolved rather than wait for one day when we announce a scheme," Sithraman said the at the CII National MNCs conference on Monday.

She said there should be simultaneous tracking of disputes and if possible prevent them from becoming disputes or if they are indeed disputes, settle them at earliest through real time kind of mechanism.

"We shall definitely see what we can do," she said.

The government has brought in direct tax Vivad Se Vishwas dispute resolution scheme earlier this year, which stemmed from success of Sabka Vishwas scheme for indirect tax regime introduced last year.

"APAs can be expedited otherwise it defeats the very purpose and five years is definitely not acceptable," she said after the pendency in APA resolution was highlighted at the conference.

Providing further ease of tax compliance, the faceless assessment scheme will be extended to indirect taxes, Sitharaman said, adding that the technological reform in the direct tax regime had removed the element of discretion and will be the only way in which tax assessees will be engaging with authorities.

"Gradually we shall also move towards using faceless technology for indirect taxation as well," she said. Sitharaman added that India should become a major investment hotspot and the government was taking steps

Reform Momentum Will Continue: FM

87.1for the week ended November 22, against 84.4 of the previous week, which was revised downward from 85.3, the firm said. The jump in the weekly tracker of indicators of business activity was mobility-driven, led by a sharp rise in the Apple driving inbility continued to rise as well, Nomura said, reflecting the festive season effect of more holidays and shopping. On the other hand, workplace mobility fell by 13 basis points

Google's retail and recreation motion rate dropped further to 39.3%. —Our Bureau

			KEY HIGHLIGHTS						muskurate Kaho
	$\bar{z}$ 4,295 cr GROSS WRITTEN PREMIUM ₹4,234 cr	PROFIT BEFORE TAX			₹355 cr (30 Sep 2020) ₹81 cr		PROFIT AFTER TAX		₹272 cr (30 Sep 2020) ₹59 cr
	(30 Sep 2019)				(30 Sep 2019)				(30 Sep 2019)
		UNAUDITED REVENUE ACCOUNTS FOR THE HALF YEAR ENDED 30th SEPTEMBER, 2020								(₹ In '000)
					HALF YEAR ENDED 30.09.2020				HALF YEAR ENDED 30.09.2019
VО.	PARTICULARS		FIRE	MARINE	MISC	TOTAL	FIRE	MARINE	MISC	TOTAL
	Premiums Earned (Net)		402.158	352,106	22,159,377	22,913,641	275,765	342,747	21,048,842	21,667,354
	Profit / (Loss) on Sale / redemption of Investments		7,198	4,082	359,771	371,051	784	542	39,526	40,852
	Others: Transfer & Duplicate Fee Exchange Gain / (Loss)			(10)	1,534 (169)	1,534 (179)			1,976 (543)	1,976 (543)
	Handling Charges		(5, 512)	(395)	(2, 371)	(8, 278)	(360)	12	500	152
	Contribution from Shareholders Funds towards Excess EoM
	Interest, Dividend & Rent-Gross TOTAL (A)		53,751 457,595	30.482 386,265	2,686,663 25,204,805	2,770,896 26,048,665	46,203 322,392	31,963 375,264	2,332,135 23,422,436	2,410,301 24,120,092
	Claims Incurred (Net)		379,219	187,544	18,214,848	18,781,611	205,580	288,207	19,349,842	19,843,629
	Commission		(177, 909)	33,594	1,376,636	1,232,321	(231, 150)	(9,071)	1,114,267	874,046
	Operating Expenses Related to Insurance Business Premium Deficiency		56,865	51,196	3,222,005	3,330,066	38,628	61,401	3,270,390	3,370,419
	TOTAL (B)		258,175	272,334	22,813,489	23,343,998	13,058	340,537	23,734,499	24,088,094
	Operating Profit / (Loss) from Insurance Business C=(A-B) APPROPRIATIONS		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,063)	31,998
	Transfer to Shareholders' Account		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,063)	31,998
	Transfer to Catastrophe Reserve
	Transfer to Other Reserves TOTAL (C)		199,420	113,931	2,391,316	2,704,667	309,334	34,727	(312,063)	31,998
	AUDITED PROFIT AND LOSS ACCOUNT FOR THE HALF YEAR ENDED 30" SEPTEMBER, 2020					UNAUDITED BALANCE SHEET AS AT 30 th SEPTEMBER, 2020
			(₹ In '000)							(₹ In '000)
١O.	PARTICULARS	HALF YEAR ENDED	HALF YEAR ENDED	S. NO.		PARTICULARS			AS AT 30.09.2020	AS AT 30.09.2019
		30.09.2020	30.09.2019	$\mathbf{1}$	SOURCES OF FUNDS
	OPERATING PROFIT / (LOSS) (a) Fire Insurance	199,420	309,334		SHARE CAPITAL RESERVES AND SURPLUS				2,742,183 24,562,905	2,742,183 20,379,135
	(b) Marine Insurance	113,931	34,727		FAIR VALUE CHANGE ACCOUNT
	(c) Miscellaneous Insurance	2,391,316 2,704,667	(312,063) 31,998		- Shareholders - Policyholders			(4, 265) (15, 615)	(2,584) (10,039)
	INCOME FROM INVESTMENTS				BORROWINGS
	(a) Interest, Dividend & Rent-Gross (b) Profit on Sale of Investments	916,655 122,749	793,397 13,447	2	TOTAL APPLICATION OF FUNDS			27,285,208	23,108,695
	Less: Loss on Sale of Investments				INVESTMENTS
	OTHERS	1,039,404	806,844		Investments-Shareholders Investments-Policyholders				24,083,320 88,164,962	18,851,321 73,232,137
	a) Miscellaneous Income b) Profit on Sale of Fixed Assets	36,386 41	9,526 76		LOANS
	TOTAL (A)	3,780,498	848,444		FIXED ASSETS DEFERRED TAX ASSET (NET)				737,900 496,900	644,855 300,300
	PROVISIONS (Other than taxation)				CURRENT ASSETS:
	(a) For Diminution in the value of investments (b) For Doubtful Debts	200,000			Cash and Bank Balances Advances and Other Assets				1,128,827 26,877,845	1,824,591 20,764,222
	(c) For Doubtful Advances				Sub-Total (A)				28,006,672	22,588,813
	OTHER EXPENSES (a) Expenses other than those related to				CURRENT LIABILITIES PROVISIONS				89,528,205 24,676,341	69,542,223 22,966,508
	Insurance business				Sub-Total (B)				114,204,546	92,508,731
	Employees Remuneration Excess (i) transferred from Policyholders' funds				NET CURRENT ASSETS (C) = (A-B) MISCELLANEOUS EXPENDITURE (To the extent				(86, 197, 874)	(69, 919, 918)
	(ii) Expenses on Corporate Social Responsibility (CSR)	26,053	38,500		not written off or adjusted)
	(iii) Fines & penalties			3	TOTAL CONTINGENT LIABILITIES				27,285,208	23,108,695
	(b) Bad Debts/ Advances written off (c) Loss on Sale of Fixed Assets				Partly paid up investments Claims, other than against policies, not
	(d) Contribution to Policyholders' Funds towards				acknowledged as debt by the company
	Excess EoM TOTAL (B)	226,053	38,500		Underwriting commitments outstanding (in respect of shares and securities)
	Profit Before Tax (C) = (A-B)	3,554,445	809,944		Guarantees given by or on behalf of the Company
	Less: Provision for Taxation Current Tax	895,000	139,900		Statutory demands/liabilities in dispute, not				1,797,066	2,084,301
	Deferred Tax	(63, 100)	84,300		provided for Reinsurance obligations to the extent not
	Less: Short / (Excess) provision for taxation for earlier years				provided for in the accounts
	Current Tax				Others Total				1,797,066	2,084,301
	Deferred Tax Profit After Tax	2,722,545	585,744	Notes:
	APPROPRIATIONS				1 The Company has followed the same accounting policies in the preparation of
	(a) Interim dividends paid during the year (b) Proposed Final Dividend				financial results for the half year ended 30th September, 2020 as have been followed in the preparation of financial results for the year ended 31st March, 2020.
	(c) Dividend distribution tax				2 The financial results for the half year ended 30th September, 2020 were approved by the Board of Directors in their meeting held on 11th November, 2020 and have been
	(d) Transfer to any Reserves or Other Accounts				subjected to limited review by the Statutory Auditors. 3 The figures of previous period have been regrouped and reclassified, wherever
	Balance of Profit brought forward from Last Year Balance carried forward to Balance sheet	17,319,373 20,041,918	15,272,404 15,858,148		neccessary, to conform to current period's classification.
	Basic & Diluted Earnings per Share (Equity Shares of Face Value of $\bar{z}$ 10 each)	9.93	2.14		The amount of Rs 84.35 crores is shown as Unallocated premium in Schedule 13, represents Farmer's share in Pradhan Mantri Fasal Bima Yojna against which details

By the order ●f the Board
For GMM Pfaudler Limited

Place : Mumbai
Date: November 23, 2020

S. NO.	PARTICULARS	HALF YEAR ENDED	HALF YEAR ENDED	S. NO.	PARTICULARS	HALF YEAR ENDED	HALF YEAR ENDED
		30.09.2020	30.09.2019			30.09.2020	30.09.2019
$\mathbf{1}$	Gross Direct Premium Growth Rate	1.14%	20.19%		Motor OD	17.06%	15.66%
	Fire	56.28%	67.27%		Motor TP	1.35%	1.36%
	Marine Total	$-24.74%$	14.50%		Motor Total	7.97%	6.96%
	Miscellaneous Total	$-2.96%$	17.48%		Engineering	25.26%	19.30%
	Marine Cargo	$-26.83%$	14.90%		Aviation	1618.46%	6.22%
	Marine Hull	45.09%	2.54%		Workmen Compensation	18.80%	20.14%
	Motor OD	$-10.28%$	11.11%		Personal Accident	10.72%	10.09%
	Motor TP	$-8.11%$	20.99%		Public / Product Liability	25.49%	29.16%
	Motor Total	$-9.16%$	15.98%		Health	4.60%	4.53%
	Engineering	$-1.05%$	23.06%		Crop	$-16.80%$	$-12.90%$
	Aviation	$-47.21%$	30.33%		Other Miscellaneous	11.72%	5.64%
	Workmen Compensation	8.88%	12.46%	6	Expense of Management to Gross Direct	14.97%	14.61%
	Personal Accident	12.78%	$-38.94%$		Premium Ratio
	Public / Product Liability Health	28.37% 28.52%	15.75% 96.15%	$\overline{7}$	Expense of Management to Net Written	24.45%	25.18%
	Crop	$-18.36%$	$-4.24%$		Premium Ratio
	Other Miscellaneous	3.04%	16.17%	8 9	Net Incurred Claims to Net Earned Premium Combined Ratio	81.97% 99.59%	91.58% 109.09%
$\overline{2}$	Gross Direct Premium to Net Worth Ratio			10	Technical Reserves to Net Premium ratio
	(In Times)	1.55	1.81		(In Times)	3.28	2.93
3	Growth rate of Net Worth	18.09%	7.11%	11	Underwriting balance ratio	$-1.88%$	$-11.17%$
4	Net Retention Ratio	60.27%	57.28%		FIRE	35.80%	95.26%
	Fire Marine Total	7.83% 54.31%	7.48% 45.37%		MARINE	22.66%	0.64%
	Miscellaneous Total	68.49%	62.50%		MISCELLANEOUS	$-2.95%$	$-12.76%$
	Marine Cargo	55.99%	45.65%	12	Operating Profit Ratio	11.83%	0.14%
	Marine Hull	25.62%	35.71%	13 14	Liquid Assets to liabilities ratio (In Times) Net Earning ratio	0.24 10.52%	0.27 2.42%
	Motor OD	74.98%	64.62%	15	Return on Net Worth ratio	9.97%	2.53%
	Motor TP	94.80%	94.78%	16	Available Solvency Margin (ASM) to
	Motor Total	85.30%			Required Solvency Margin (RSM) Ratio	1.74	1.59
	Engineering	17.24%	17.06%	17	NPA Ratio
	Aviation	0.07%	24.98%		Gross NPA Ratio	1.99%	NIL
	Workmen Compensation	95.00%	95.00%		Net NPA Ratio	1.07%	NIL
	Personal Accident	88.91%	88.37%		Equity Holding Pattern for Non-Life Insurers
	Public / Product Liability	66.15%	63.96%	$\mathbf{1}$	No. of shares	274,218,300 274,218,300
	Health Crop	89.32% 20.45%	85.07% 21.24%	$\overline{2}$	Percentage of shareholding (Indian / Foreign)	51/49	51 / 49
	Other Miscellaneous	40.13%	37.05%	$\overline{3}$	Basic and diluted EPS before extraordinary	9.93	2.14
5	Net Commission Ratio	4.76%	3.60%		items (net of tax expense) for the year (₹)
	Fire	$-40.23%$	$-83.15%$	$\overline{4}$	Basic and diluted EPS after extraordinary items	9.93	2.14
	Marine Total	8.43%	$-2.05%$	5	(net of tax expense) for the year (₹)	99.57
	Miscellaneous Total	5.50%	4.74%		Book value per share (₹)		84.32
	Marine Cargo	8.59%	$-2.08%$		# All ratios are related to Indian operations as Company does not have any foreign
	Marine Hull 2.77% $-1.02%$ operations.
	兽 Our Products: e Motor Insurance	Health Insurance					For and on behalf of the Board, Anamika Roy Rashtrawar Managing Director & CEO
	合 Travel Insurance ╋	Home Insurance			IRDAI Regd. No.: 106 CIN No.: U74899DL2000PLC107621
	For full range of products, visit: www.iffcotokio.co.in				Insurance is the subject matter of solicitation.
Corporate Office: IFFCO Tower-II, Plot No. - 3, Sector - 29, Gurugram - 122001 I Ph: +91-124-2850100 Fax: +91-124-2577923 / 24

over the week, it said. In a worrying trend, the firm noted that India's labour participa-

dex, the note said. The Nomura India Business Resumption Index (NIBRI) touched

Recovery Hits Post-Lockdown High,Again

New Delhi: Business activity in India rose to another post-lockdown high over the past week after plateauing the week earlier, but the revival of the pandemic threat posed a key risk post festive season, according to brokerage firm Nomura.

Month

Oct 4 Nov 22

Week Ending 87.1

81.6

Aug Oct

82.4

73.6

The Uptrend

Our Bureau

New Delhi: In-

dia must increase its expenditure on research and development, enhance innovation and strengthen its intellectual property rights (IPR) regime to ensure highend manufacturing becomes a reality, said NI-TI Aayog CEO Amitabh Kant. Addressing the virtual National MNCs Conference 2020, hosted by the Confederation of Indian Industry, on Monday, Kant said "the economic and governance reforms undertaken by the government have been quite unprecedented and they will usher in a new era of growth and prosperity". India attracted foreign direct investment of \$35 billion between April and August this year, 13% more than \$31.6 billion it received a year ago. India has initiated reforms in key sectors including agriculture, labour and mining, said Kant. "The labour reforms will help in making India a manufacturing hub," he said. Noting that infrastructure will be a key driver of growth, Kant said through the National Infrastructure Pipeline (NIP), which envisages \$1.5 lakh crore of investments, 21% of those will come from the private sector. The NITI Aayog CEO said the project pipeline has a high degree of readiness and 40% projects are already under implementation. Speaking on asset monetisation, Kant said it will bring in robust long-term investment opportunities.

Kant: Must Raise Spending on R&D