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						(` in Lacs)
	2020-21	2019-20	2018-19	2017-18	2016-17	2015-16
Sales and Other Income	57733.49	60587.24	62685.38	56782.12	54526.66	52225.79
Profit before Depreciation, Interest & Tax	7208.21	7006.81	6148.63	5726.28	6516.42	6165.12
Less : Depreciation	1587.29	1705.01	1174.25	1165.15	1071.86	623.50
Finance Cost	301.68	148.22	813.66	761.43	798.37	354.88
Profit before Tax (PBT)	5319.24	5153.58	4160.72	3799.70	4646.19	5186.74
Net Profit after Tax (PAT)	3734.71	3717.54	3116.71	2731.52	3302.62	3767.08
Share Capital	1299.46	1299.46	1299.46	1299.46	649.73	649.73
Reserves	31711.48	26790.25	25570.61	23498.31	21706.95	17776.45
Total shareholders funds	33010.94	28089.71	26870.07	24797.77	22356.68	18426.18
Number of Equity Shares	25989200	25989200	25989200	25989200	12994600	12994600
Face Value of shares (Rs.)	5.00	5.00	5.00	5.00	5.00	5.00
Book Value Per Share (Rs.)	127.01	108.08	103.39	95.42	172.04	141.80
Earning Per Share (EPS) (Rs.)	14.37	14.3	11.99	10.51	12.58	28.99
Dividend Per share (Rs.)	4.00	3.75	2.75	2.50	2.50	7.00

FINANCIAL HIGHLIGHTS

STOCK PERFORMANCE

CORPORATE INFORMATION

BOARD OF DIRECTORS

Shri Satyanarayan G. Kabra (Chairman & Managing Director)

Shri Varun S. Kabra (Vice-Chairman & Managing Director)

Shri Shreevallabh G. Kabra (Director)

Smt Jyoti V. Kabra (Director)

Shri Pushp Raj Singhvi (Independent Director)

Shri Sudarshan K. Parab (Independent Director)

Shri Bajrang Lal Bagra (Independent Director)

Shri Rahul R. Rathi (Independent Director)

Smt Meena S. Agrawal (Independent Director)

REGISTERED OFFICE

th Fortune Terraces, A-Wing, 10 Floor, New Link Road, Opp. Citi Mall, Andheri (West), Mumbai - 400 053 Tel. No. : +91-22-67205200, 26736468/9 Fax : +91-22-26736808 E-mail : [email protected] Website : www.plastiblends.com CIN : L25200MH1991PLC059943

SHARE TRANSFER AGENT

Link Intime India Pvt Ltd. C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083 Tel. : 022-49186000 / 49186270 Fax : 022-49186060 Email : [email protected]

WORKS

Daman Daman Industrial Estate, Kadaiya Village, Daman - 396 210

Palsana Block No. 18-A, 15, Makhinga, Palsana, Surat, Gujarat - 394 315

Roorkee Khasara No. 216, Village Raipur, Pargana : Bhagwanpur, Tehsil : Roorkee, Distt. Haridwar, Uttarkhand - 247 667

CHIEF FINANCIAL OFFICER Shri Anand R. Mundra

COMPANY SECRETARY Shri Himanshu S. Mhatre

AUDITOR Kirtane & Pandit LLP Chartered Accountants, Pune

BANKERS

v CITI Bank
v HDFC Bank Ltd.
v HSBC Ltd.
v Kotak Mahindra Bank Ltd.

CONTENTS Page No.

Corporate Information	01
Notice	02
Director's Report	14
Management Discussion and Analysis	27
Report on Corporate Governance	31
Business Responsibility Report	42
Auditors' Report	51
Balance Sheet	58
Statement of Profit and Loss	59
Cash Flow Statement	60
Notes to Accounts	62

NOTICE

NOTICE is hereby given that the THIRTIETH ANNUAL GENERAL MEETING of the Members of PLASTIBLENDS INDIA th LIMITED will be held on Monday, the 26 day of July, 2021 at 11:00 a.m. through Video Conferencing ("VC") / Other Audio Visual Means ("OAVM"), to transact the following business :

Ordinary Business :

st 1. To consider and adopt the Audited Financial Statements for the year ended 31 March, 2021, the Reports of the Board of Directors and Auditors thereon;
1. To declare dividend for the Financial Year 2020-21;
1. To appoint a Director in place of Shri Varun S. Kabra (DIN: 03376617), a Director, liable to retire by rotation in terms of Section 152(6) of the Companies Act, 2013 and being eligible, offers himself for reappointment;

Special Business :

To consider and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution :

"RESOLVED THAT in accordance with the provisions of Sections 188, 196, 197, 203, Schedule V of the Companies Act, 2013 (Act) and other applicable provisions of the Act read with Companies (Appointment and Qualification of Directors) Rules, 2014 and Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company hereby accords its approval and consent to the re-appointment of Shri Varun Satyanarayan Kabra (DIN : 03376617) as st Vice -Chairman and Managing Director of the Company for a period of 5 (five) years with effect from 1 August, 2021 to st 31 July, 2026 on the terms, conditions and stipulations including remuneration as recommended by the Nomination and Remuneration Committee and approved by the Board which have been detailed in the Explanatory Statement annexed hereto (which shall form part hereof), with a liberty to the Board of Directors of the Company (hereinafter referred to as "the Board" which terms shall be deemed to include Nomination and Remuneration Committee of the Board) to fix, increase, alter or vary from time to time, the terms and conditions of the said appointment and remuneration and/or monetary value of the perquisites as may be agreed upon by the Board of Directors and Shri Varun Satyanarayan Kabra, subject to the same not exceeding at any point of time, the ceiling specified in Schedule V to the said Act, (including any Statutory Modifications or re-enactment thereof for the time being in force) or any amendment and/or modifications that may hereinafter from time to time be made thereto by the Central Government.

RESOLVED FURTHER THAT where in any financial year during the currency of the tenure of said appointee, the Company has no profit or its profits are inadequate, the Company shall pay salary & perquisites as provided under Schedule V to the Companies Act, 2013 as minimum remuneration.

RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, the Board of Directors of the Company, be and is hereby authorized to do all such acts, deeds, matters or things as may be necessary, expedient or desirable in the best interest of the Company."

To consider and if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution :

"RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof, for the time being in force) M/s. Urvashi Kamal Mehta & Co, Cost Accountants (Firm Regn. No. : 001817), appointed by the Board of Directors of the Company to conduct the audit of the Cost Records of the Company for the st Financial Year ending 31 March, 2022 on a remuneration of ` 1,32,000/- (Rupees One Lacs Thirty Two Thousand Only) plus applicable taxes and reimbursement of actual travel and out of pocket expenses incurred by them be and is hereby ratified and confirmed."

By order of the Board For Plastiblends India Ltd.

Place : Mumbai Himanshu S. Mhatre Date : May 20, 2021 Company Secretary

Notes :

1. In view of the massive outbreak of the COVID-19 pandemic, social distancing is a norm to be followed and pursuant to the Circular No. 14/2020 dated April 08, 2020, Circular No.17/2020 dated April 13, 2020 issued by the Ministry of Corporate Affairs followed by Circular No. 20/2020 dated May 05, 2020 and Circular No. 02/2021 dated January 13, 2021 and all other relevant circulars issued from time to time, physical attendance of the Members to the AGM venue is not required and general meeting be held through video conferencing (VC) or other audio visual means (OAVM). Hence, Members can attend and participate in the ensuing AGM through VC/OAVM.
1. Pursuant to the Circular No. 14/2020 dated April 08, 2020, issued by the Ministry of Corporate Affairs, the facility to appoint proxy to attend and cast vote for the members is not available for this AGM. However, the Body Corporates are entitled to appoint authorised representatives to attend the AGM through VC/OAVM and participate there at and cast their votes through e-voting.
1. The Members can join the AGM in the VC/OAVM mode 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice. The facility of participation at the AGM through VC/OAVM will be made available for 1000 members on first come first served basis. This will not include large Shareholders (Shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc. who are allowed to attend the AGM without restriction on account of first come first served basis.
1. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of reckoning the th quorum under Section 103 of the Companies Act, 2013. The deemed venue for the 30 AGM shall be the Registered Office of the Company. Since the AGM will be held through VC / OAVM facility, the Route Map is not annexed in this Report.
1. The Members will be allowed to pose questions as speaker who pre-register themselves and they are requested to send queries in advance at [email protected].
1. Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the Ministry of Corporate Affairs dated April 08, 2020, April 13, 2020 and May 05, 2020 the Company is providing facility of remote e-Voting to its Members in respect of the business to be transacted at the AGM. For this purpose, the Company has entered into an agreement with National Securities Depository Limited (NSDL) for facilitating voting through electronic means, as the authorized agency. The facility of casting votes by a member using remote e-Voting voting on the day of the AGM will be provided by NSDL.
1. In line with the said MCA Circulars and SEBI Circular, the Notice of the AGM and Annual Report for FY2020-21 has been uploaded on the website of the Company at www.plastiblends.com and can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively and also on the website of National Securities Depository Limited ('NSDL') (agency for providing the Remote e-Voting facility) at https://www.evoting.nsdl.com.
1. AGM has been convened through VC/OAVM in compliance with applicable provisions of the Companies Act, 2013 read with MCA Circular No. 14/2020 dated April 08, 2020 and MCA Circular No. 17/2020 dated April 13, 2020, MCA Circular No. 20/2020 dated May 05, 2020 and MCA Circular No. 2/2021 dated January 13, 2021.
1. The Explanatory Statement, pursuant to Section 102(2) of the Companies Act, 2013 are annexed hereto.
1. Corporate Members are requested to send to the Company, at its Registered Office a duly certified copy of the Board Resolution authorising their representative to attend and vote at the Annual General Meeting.
1. Register of Members and the Share Transfer Books of the Company will remain closed from Tuesday, July 20, 2021 to Monday, July 26, 2021 (both days inclusive).
1. On account of threat posed by COVID-19 and in terms of the MCA and SEBI Circulars, the Company would send the Annual Report, Notice of e-AGM and e-Voting instructions only in electronic form to the registered e-mail addresses of the shareholders. Therefore, those shareholders who have not yet registered their e-mail address are requested to get their e-mail addresses registered with their DP or RTA for electronic and physical folios respectively. Members may note that this Annual Report will also be available on the Company's website viz.www.plastiblends.com.
1. Dividend recommended by the Board, if approved by the Members at the Annual General Meeting will be paid to.
- a. those persons whose names appear as Beneficial Owners as at the end of business hours on Monday, July 19, 2021 as per the list to be furnished by the National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd. (CDSL) in respect of shares held in demat form, and
- b. to the members holding shares in physical mode as per Register of Members after giving effect to all valid transfers in respect of which request were lodged with the R & T Agent of the Company on or before Monday, July 19, 2021.
1. (i) Those Members who have not encashed their dividend warrants for the Financial Year 2013-14 or any subsequent Financial Years are requested to return the time barred dividend warrants or forward their claims to the Company for issue of Bankers' Cheque/Demand Draft in lieu thereof.
- st (ii) Pursuant to the Finance Act, 2020, dividend income is taxable in the hands of shareholders with effect from 1 April, 2020 and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates. For the prescribed rates for various categories, the shareholders are requested to refer to the Finance Act, 2020 and amendments thereof. The shareholders are requested to update their PAN with Linkintime India Pvt Limited (in case of shares held in physical mode) and DPs (in case of shares held in demat mode).

A Resident individual shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No. 15G/15H, to avail the benefit of non-deduction of tax at source by e-mail to [email protected] latest by Monday, July 12, 2021. Shareholders are requested to note that in case their PAN is not registered, the tax will be deducted at a higher rate of 20%.

Non-resident shareholders can avail beneficial rates under tax treaty between India and their country of residence, subject to providing necessary documents, i.e. No Permanent Establishment and Beneficial Ownership Declaration, Tax Residency Certificate, Form 10F, any other document which may be required to avail the tax treaty benefits by sending an e-mail to [email protected] latest by Monday, July 12, 2021

(iii) Pursuant to the provisions of Section 124 of the Companies Act, 2013, as amended, dividend for the Financial Year 2013-14 and thereafter which shall remain unclaimed/unpaid for a period of 7 (Seven) years from the date of transfer to the unpaid dividend account is required to be transferred to the Investors Education & Protection Fund (IEPF). Accordingly, during November, 2021, the Company would be transferring such unclaimed or unpaid dividend for the st Financial Year ended 31 March, 2014. Members are therefore requested to make claim thereof, before November, 2021 otherwise no claim shall lie in respect of such amount.
(iv) Pursuant to the said provisions unclaimed/unpaid dividend for the Financial Year upto 2012-13 have been transferred to the Investor Education and Protection Fund (IEPF) established by Central Government. Pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (IEPF Rules) the Company has uploaded the information in respect of the unclaimed dividends of the Financial th Years from 2013, as on date of the 29th Annual General Meeting held on 30 September, 2020 on the website of the Company, www.plastiblends.com and also on website of IEPF Authority, www.iepf.gov.in.
(v) Pursuant to the provisions of Section 124 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, as amended ('IEPF Rules'), all the shares on which dividends remain unpaid or unclaimed for a period of seven consecutive years or more shall be transferred to the demat account of the IEPF Authority as notified by the Ministry of Corporate Affairs. Accordingly, the Company will transfer Equity Shares to the demat account of the IEPF Authority during November, 2021.
(vi) Members whose shares, unclaimed dividend etc. have been transferred to the IEPF Demat Account or the Fund, as the case may be, may claim the shares or apply for refund by making an application to the IEPF Authority in e-Form IEPF- 5 (available on www.iepf.gov.in) along with requisite fee as decided by the IEPF Authority from time to time. No claim shall lie against the Company in respect of the dividend/shares so transferred.
1. SEBI Regulations has mandated Companies to credit Dividend electronically to the Members' bank account. Shareholders holding shares, whether in Physical or Demat form should inform to the Company and the Depository Participant's (DP), as the case may be their Bank Name, A/c No., A/c Type, Branch name, MICR Code along with their Name and Folio Number (DP-ID/Client ID). Those Members who have earlier provided the above information should update the details, as soon as changes take place.
1. In case of Joint Holders attending the meeting, only such joint holder who is higher in the order of names will be entitled to vote.

1. Members holding shares in dematerialized form are requested to intimate all changes pertaining to their bank details, National Electronic Service (NECS), Electronic Clearing Service (ECS), Mandates, Nomination, Power of Attorney, Change of Address, Change of Name, E-mail Address, Contact Numbers etc. to their respective Depository Participant (DP). Changes intimated to the DP will then be automatically reflected in the Company's records which will help the Company and its Transfer Agents to provide efficient and better services. Members holding shares in Physical Form are requested to intimate such changes to Transfer Agents M/s. Link Intime India Pvt Ltd.
1. To prevent fraudulent transactions, Members are advised to exercise due diligence and notify the Company of any change in address or demise of any Member as soon as possible. Members are also advised not to leave their demat account(s) dormant for long. Periodic statement of holdings should be obtained from the concerned Depository Participants and holdings should be verified.
1. Brief profile of the Directors retiring by rotation and being eligible for re-appointment and the Directors proposed to be re-appointed/appointed at this Annual General Meeting has been furnished in this Annual Report.
1. The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189 of the Act, will be available electronically for inspection by the Members during the AGM. All documents referred to in the Notice will also be available for electronic inspection without any fee by the Members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an e-mail to [email protected]. The Board of Directors of the Company at its meeting held on May 20, 2021 considered that special business at Item Nos. 4 to th 5 being considered unavoidable, be transacted at the 30 AGM of the Company.
1. Members desirous of obtaining any information with regard to accounts are requested to write to the Company Secretary through e-mail on [email protected]+ at least 10 days in advance, so as to compile the same.
1. Members desirous of making a nomination in respect of their shareholding in the Company, as permitted under Section 72 of the Companies Act, 2013 are requested to fill up the Form SH-13 and send to the office of the Company's Transfer Agent.
1. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account Number (PAN) by every participant in securities market. Members holding shares in electronic form are, therefore requested to submit the PAN to their Depository Participant with whom they are maintaining their demat accounts. Members holding shares in physical form can submit their PAN details to the Company's Transfer Agent.
1. Securities and Exchange Board of India has mandated that the transfer of securities held in physical form, except in case of transmission or transposition, shall not be processed by the listed entities / Registrars and Share Transfer Agents with st effect from 1 April, 2019. In view of such amendment and in order to eliminate the risks associated with physical holding of shares, Members who are holding shares in physical form are hereby requested to dematerialize their holdings.
1. Mr. S. N. Bhandari, (CP No. 366) or failing him Ms. Manisha Maheshwari, (CP No. 11031), Practicing Company Secretaries from Bhandari & Associates, Company Secretaries have been appointed as the Scrutinizer for conducting the e-voting process in a fair and transparent manner.
1. The Scrutinizer shall, immediately after the conclusion of voting at the general meeting, count the votes cast at the meeting and votes cast through remote e-voting in the presence of at least two witness not in the employment of the Company and make, not later than 48 hrs of conclusion of the meeting, a consolidated Scrutiniser's report of the total votes cast in favour or against, if any, to the Chairman or a person authorized by him in writing who shall countersign the same.
1. The Results declared alongwith the Scrutinizer's Report shall be placed on the Company's website www.plastiblends.com and on the website of NSDL within 48 hrs of conclusion of the General Meeting and communicated to the BSE Limited and National Stock Exchange of India Limited.

28. Voting through electronic means

Pursuant to the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management and Administration) Rules, 2014 (as amended) and Regulation 44 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 (as amended), and the Circulars issued by the MCA dated April 08, 2020, April 13, 2020 and May 05, 2020 the Company is providing facility of remote e-voting to its Members in respect of the business to be transacted at the AGM.

For this purpose, the Company has entered into an agreement with NSDL for facilitating voting through electronic means, as the authorized agency. The Members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again.

The remote e-voting period commences on Friday, July 23, 2021, at 09:00 a.m. IST and ends on Sunday, July 25, 2021 at 5:00 p.m. IST. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e. Monday, July 19, 2021 may cast their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity share capital of the Company as on the cut-off date, being Monday, July 19, 2021.

Once the vote on a resolution is cast by the shareholder, the shareholder shall not be allowed to change it subsequently.

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER :

How do I vote electronically using NSDL e-Voting system?

The way to vote electronically on NSDL e-Voting system consists of "Two Steps" as mentioned below:

Step 1: Access to NSDL e-Voting system

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their demat accounts in order to access e-Voting facility.

Type of shareholders	Login Method
Individual Shareholdersholding securities indemat mode with NSDL.`	1. If you are already registered for NSDL IDeAS facility, please visit the e-Services websiteof NSDL. Open web browser by typing the following URL: https://eservices.nsdl.com/either on a Personal Computer or on a mobile. Once the home page of e-Services islaunched, click on the "Beneficial Owner" icon under "Login" which is available under"IDeAS" section. A new screen will open. You will have to enter your User ID andPassword. After successful authentication, you will be able to see e-Voting services.Click on "Access to e-Voting" under e-Voting services and you will be able to seee-Voting page. Click on options available against Company name or e-Voting serviceprovider - NSDL and you will be re-directed to NSDL e-Voting website for casting yourvote during the remote e-Voting period or joining virtual meeting & voting during themeeting.
	2. If the user is not registered for IDeAS e-Services, option to register is available athttps://eservices.nsdl.com. Select "Register Online for IDeAS" Portal or click athttps://eservices.nsdl.com/SecureWeb/IdeasDirectReg.jsp
	3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL:https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once thehome page of e-Voting system is launched, click on the icon "Login" which is availableunder 'Shareholder/Member' section. A new screen will open. You will have to enter yourUser ID (i.e. your sixteen digit demat account number held with NSDL), Password/OTPand a Verification Code as shown on the screen. After successful authentication, you willbe redirected to NSDL Depository site wherein you can see e-Voting page. Click onoptions available against Company name or e-Voting service provider - NSDL and you willbe redirected to e-Voting website of NSDL for casting your vote during the remote e-Votingperiod or joining virtual meeting & voting during the meeting.

Individual Shareholdersholding securities indemat mode with CDS	1. Existing users who have opted for Easi / Easiest, they can login through their user idand password. Option will be made available to reach e-Voting page without any furtherauthentication. The URL for users to login to Easi / Easiest are https://web.cdslindia.com/myeasi/home/login or www.cdslindia.com and click on New System Myeasi.
	2. After successful login of Easi/Easiest the user will be also able to see the E Voting Menu.The Menu will have links of e-Voting service provider i.e. NSDL. Click on NSDL to castyour vote.
	3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia.com/myeasi/Registration/EasiRegistration
	4. Alternatively, the user can directly access e-Voting page by providing demat AccountNumber and PAN No. from a link in www.cdslindia.com home page. The system willauthenticate the user by sending OTP on registered Mobile & Email as recorded in thedemat Account. After successful authentication, user will be provided links for therespective ESP i.e. NSDL where the e-Voting is in progress.
Individual Shareholders(holding securities indemat mode) loginthrough their depositoryparticipants	You can also login using the login credentials of your demat account through your DepositoryParticipant registered with NSDL/CDSL for e-Voting facility. Once login, you will be able tosee e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL/CDSLDepository site after successful authentication, wherein you can see e-Voting feature. Clickon options available against Company name or e-Voting service provider-NSDL and you willbe redirected to e-Voting website of NSDL for casting your vote during the remote e-Votingperiod or joining virtual meeting & voting during the meeting.

Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget Password option available at abovementioned website.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type	Helpdesk details
Individual Shareholdersholding securities indemat mode with NSDL	Members facing any technical issue in login can contact NSDL helpdesk by sending arequest at [email protected] or call at toll free no.: 1800 1020 990 and 1800 22 44 30
Individual Shareholdersholding securities indemat mode with CDSL	Members facing any technical issue in login can contact CDSL helpdesk by sending arequest at [email protected] or contact at 022- 23058738 or022-23058542-43

B) Login Method for evoting and joining the virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

1. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
1. Once the home page of e-Voting system is launched, click on the icon "Login" which is available under 'Shareholder/Member' section.
1. A new screen will open. You will have to enter your User ID, your Password/OTP and a Verification Code as shown on the screen. Alternatively, if you are registered for NSDL eservices i.e. IDEAS, you can log-in at https://eservices.nsdl.com/ with your existing IDEAS login. Once you log-in to NSDL eservices after using your log-in credentials, click on e-Voting and you can proceed to Step 2 i.e. Cast your vote electronically.

4. Your User ID details are given below :

Sr.	Manner of holding shares i.e. DematNo (NSDL or CDSL) or Physical	Your User ID is:
a)	For Members who hold shares in demataccount with NSDL.	8 Character DP ID followed by 8 Digit Client ID For example ifyour DP ID is IN300* and Client ID is 12** then your userID is IN30012*.
b)	For Members who hold shares in demataccount with CDSL.	16 Digit Beneficiary ID For example if your Beneficiary ID is12************ then your user ID is 12************
c)	For Members holding shares inPhysical Form.	EVEN Number followed by Folio Number registered with theCompany For example if folio number is 001* and EVEN is101456 then user ID is 101456001*

Password details for shareholders other than Individual shareholders are given below:

a. If you are already registered for e-Voting, then you can user your existing password to login and cast your vote.
b. If you are using NSDL e-Voting system for the first time, you will need to retrieve the 'initial password' which was communicated to you. Once you retrieve your 'initial password', you need to enter the 'initial password' and the system will force you to change your password.
c. How to retrieve your 'initial password'?
- (i) If your email ID is registered in your demat account or with the Company, your 'initial password' is communicated to you on your email ID. Trace the email sent to you from NSDL from your mailbox. Open the email and open the attachment i.e. a .pdf file. Open the .pdf file. The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in physical form. The .pdf file contains your 'User ID' and your 'initial password'.
- (ii) If your email ID is not registered, please follow steps mentioned below in process for those shareholders whose email ids are not registered
1. If you are unable to retrieve or have not received the " Initial password" or have forgotten your password:
- a) Click on "Forgot User Details / Password?" (If you are holding shares in your demet account with NSDL or CDSL) option available on www.evoting.nsdl.com
- b) Physical User Reset Password?" (If you are holding shares in physical mode) option available on www.evoting.nsdl.com
- c) If you are still unable to get the password by aforesaid two options, you can send a request at [email protected] mentioning your demat account number / folio number, your PAN, your name and your registered address.
- d) Members can also use the OTP (One Time Password) based login for casting the votes on the e-Voting system of NSDL.
1. After entering your password, tick on Agree to "Terms and Conditions" by selecting on the check box.
1. Now, you will have to click on "Login" button.
1. After you click on the "Login" button, Home page of e-Voting will open.

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

How to cast your vote electronically and join General Meeting on NSDL e-Voting system?

1. After successful login at Step 1, you will be able to see all the companies "EVEN" in which you are holding shares and whose voting cycle and General Meeting is in active status.
1. Select "EVEN" of Company for which you wish to cast your vote during the remote e-Voting period and casting your vote during the General Meeting. For joining virtual meeting, you need to click on "VC/OAVM" link placed under "Join General Meeting".

1. Now you are ready for e-Voting as the Voting page opens.
1. Cast your vote by selecting appropriate options i.e. assent or dissent, verify/modify the number of shares for which you wish to cast your vote and click on "Submit" and also "Confirm" when prompted.
1. Upon confirmation, the message "Vote cast successfully" will be displayed.
1. You can also take the printout of the votes cast by you by clicking on the print option on the confirmation page.
1. Once you confirm your vote on the resolution, you will not be allowed to modify your vote.

General Guidelines for shareholders

1. Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the relevant Board Resolution/ Authority letter etc. with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer by e-mail to [email protected] with a copy marked to [email protected]
1. It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. Login to the e-voting website will be disabled upon five unsuccessful attempts to key in the correct password. In such an event, you will need to go through the "Forgot User Details / Password" or "physical User Reset Password" option available on www.evoting.nsdl.com to reset the password.
1. In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e-voting user manual for Shareholders available at the download section of www.evoting.nsdl.com or call on toll free no.: 1800 1020 990 and 1800 22 44 30 or send request to Pallavi Mhatre at [email protected]

Process for those shareholders whose e-mail ID's are not registered with the depositories for procuring user id and password and registration of e-mail ID's for e-voting for the resolutions set out in this notice:

1. In case shares are held in physical mode please provide Folio No., Name of shareholder, scanned copy of the share certificate (front and back), PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) by e-mail to [email protected].
1. In case shares are held in demat mode, please provide DPID-CLID (16 digit DPID + CLID or 16 digit beneficiary ID),Name, client master or copy of Consolidated Account statement, PAN (self-attested scanned copy of PAN card), AADHAR (self-attested scanned copy of Aadhar Card) to [email protected]. If you are an Individual shareholders holding securities in demat mode, you are requested to refer to the login method explained at step 1 (A) i.e. Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.
1. Alternatively shareholder/members may send a request to [email protected] for procuring user id and password for e-voting by providing above mentioned documents.
1. In terms of SEBI circular dated December 9, 2020 on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in demat mode are allowed to vote through their demat account maintained with Depositories and Depository Participants. Shareholders are required to update their mobile number and email ID correctly in their demat account in order to access e-Voting facility.

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM:-

1 The procedure for e-Voting on the day of the AGM is same as the instructions mentioned above for remote e-voting.
2 Only those Members/shareholders, who will be present in the AGM through VC/OAVM facility and have not cast their vote on the Resolutions through remote e-Voting and are otherwise not barred from doing so, shall be eligible to vote through e-Voting system in the AGM.
3 Members who have voted through Remote e-Voting will be eligible to attend the AGM. However, they will not be eligible to vote at the AGM.
4 The details of the person who may be contacted for any grievances connected with the facility for e-Voting on the day of the AGM shall be the same person mentioned for Remote e-voting.

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:

1. Member will be provided with a facility to attend the AGM through VC/OAVM through the NSDL e-Voting system. Members may access by following the steps mentioned above for Access to NSDL e-Voting system. After successful login, you can see link of "VC/OAVM link" placed under "Join General meeting" menu against company name. You are requested to click on VC/OAVM link placed under Join General Meeting menu. The link for VC/OAVM will be available in Shareholder/Member login where the EVEN of Company will be displayed. Please note that the members who do not have the User ID and Password for e-Voting or have forgotten the User ID and Password may retrieve the same by following the remote e-Voting instructions mentioned in the notice to avoid last minute rush.
1. Members are encouraged to join the Meeting through Laptops for better experience.
1. Further Members will be required to allow Camera and use Internet with a good speed to avoid any disturbance during the meeting.
1. Please note that Participants Connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to fluctuation in their respective network. It is therefore recommended to use stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
1. Any person holding shares in physical form and non-individual shareholders, who acquires shares of the Company and becomes member of the Company after the notice is send through e-mail and holding shares as of the cut-off date i.e. Monday, July 19, 2021, may obtain the login ID and password by sending a request at [email protected] or Issuer/RTA. However, if you are already registered with NSDL for remote e-voting, then you can use your existing user ID and password for casting your vote. If you forgot your password, you can reset your password by using "Forgot User Details/Password" or "Physical User Reset Password" option available on www.evoting.nsdl.com or call on toll free no. 1800 1020 990 and 1800 22 44 30 . In case of Individual Shareholders holding securities in demat mode who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date i.e. Monday, July 19, 2021 may follow steps mentioned in the Notice of the AGM under "Access to NSDL e-Voting system".
1. Members who would like to express their views/ask questions as a speaker at the Meeting may pre-register themselves by sending a request from their registered e-mail address mentioning their names, DP ID and Client ID/folio number, PAN and mobile number at [email protected]. Only those Members who have preregistered themselves as a speaker will be allowed to express their views/ask questions during the AGM. The Company reserves the right to restrict the number of speakers depending on the availability of time for the AGM.

By order of the Board For Plastiblends India Ltd.

Place : Mumbai Himanshu S. Mhatre Date : May 20, 2021 Company Secretary

ANNEXURE TO NOTICE

Explanatory Statement under Sec. 102 of the Companies Act, 2013

Item Nos. 4

Pursuant to the recommendation of the Nomination and Remuneration Committee, the Board of Directors at its meeting held on May 20, 2021, approved re-appointment of Shri Varun Satyanarayan Kabra, as Vice-Chairman and Managing Director of st the Company w.e. f. 1 August, 2021.

Shri Varun S. Kabra is a son of Shri Satyanarayan G. Kabra, Chairman & Managing Director of the Company.

th Shri Varun S. Kabra, aged 33 years, joined the Company on 13 February 2015, as Director. He was appointed as Director st th Business Development effective from 21 July 2016. He was re-designated as Managing Director effective from 10 August, th 2018 and elevated to the position of Vice-Chairman on 15 January, 2021. Shri Varun S. Kabra holds B.E. degree in Production Engineering from Mumbai University and M. Sc. in Industrial & Operations Engineering from University of Michigan, Ann Arbor (USA). He has been managing all the affairs of the Company and has steered the Company to its present heights.

His brief resume form part of this Annual Report. This statement, be regarded as disclosure under 36 (3) of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

The Board is of view that Shri Varun S. Kabra's qualification, knowledge and experience will be of immense benefit and value to the Company and therefore recommends his re-appointment to the Members.

Pursuant to Section 188, 196, 197 Schedule V and other applicable provisions of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the appointment of and remuneration payable to Shri Varun S. Kabra is placed before the Members at this Annual General Meeting for their approval.

The Basic Salary is fixed at Rs. 5,00,000/- (Rupees Five Lacs Only) per month, with an annual increment to be decided by the Board at such percentage not exceeding 20% of the basic salary, subject to the same not exceeding at any point of time, the ceiling laid down under the provisions of the Companies Act, 2013 and Schedule thereto.

In addition to the above, he shall be entitled to perquisites restricted to an amount equal to his annual salary as given herein below: -

(i) Accommodation (Furnished or otherwise) or House Rent Allowance in lieu thereof subject to a ceiling of 50% of above Salary.
(ii) Medical Reimbursement : For self, spouse and family subject to a ceiling of one (1) month salary in a year or three (3) months salary in a block of three (3) years.
(iii) Leave Travel Reimbursement : For self, spouse and family once in a year incurred in accordance with the rules specified by Company.
(iv) Club Fees : Subject to a maximum of two clubs. This will not include admission and life membership fees.
(v) Personal Accident Insurance & Medi-Claim Policy : For self, spouse and family as per the rules of the Company. Explanation: 'Family' means spouse, dependent children and dependent parents of the said appointee.
(vi) Provident Fund, Superannuation Fund, Annuity Fund or National Pension System : Company's contribution to Provident Fund, Superannuation Fund, Annuity Fund or National Pension System as per the Schemes of the Company will not be included in the computation of the ceiling on perquisites to the extent these, either singly or put together are not taxable under the Income-Tax Act, 1961.
(vii) Gratuity : As per rules of the Company.
(viii) Encashment of leave : As per rules of the Company.

For the purpose of gratuity & encashment of leave, the period of service of said appointee shall be considered as service with the Company without any break in service & on a continuous basis.

(ix) Provision of car and telephone at residence for use of Company's business will not be considered as perquisites. However, personal long distance telephone calls and use of car for private purpose shall be billed by the Company to him.

General :

(x) The office of said appointees may be terminated by the Company or the concerned Directors by giving the other three (3) months' prior notice in writing.
(xi) They shall be liable to retire by rotation.
(xii) The terms & conditions set out for re-appointment as above & payment of remuneration herein may be altered & varied by the Board as it may, from time to time, deem fit.

The above may be treated as a written memorandum setting out the terms of appointment of Shri Varun S. Kabra under Section 190 of the Act and subject to the relevant provision of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015.

Your Directors recommend passing of the resolution at Item No. 4 of the Notice as a Special Resolutions.

Shri Varun S. Kabra is concerned or interested in the resolution as set out in the Notice at Item No. 4 since it pertains to his appointment and remuneration. His relatives also be deemed to be interested in aforesaid resolutions, to the extent of their respective shareholding interest, if any, held in the Company.

Save and except the above, none of the other Directors, Key Managerial Personnel (KMP) of the Company and their relatives are, in any way, concerned or interested, financially or otherwise in these items of businesses, except to the extent of their respective shareholding interest, if any, held in the Company.

Item No. 5

In pursuance of Section 148 of the Companies Act, 2013 and Rule 14 of Companies (Audit and Auditors) Rules, 2014 the Board shall appoint an individual who is a Cost Accountant in Practice or a firm of Cost Accountants in Practice as Cost Auditor on the recommendations of the Audit Committee, which shall also recommend remuneration for such Cost Auditor.

The remuneration recommended by Audit Committee shall be considered and approved by the Board of Directors and ratified by the Shareholders.

Pursuant to the recommendation of the Audit Committee, the Board of Directors had at its meeting held on May 20, 2021 considered and approved the appointment of the Cost Auditors M/s. Urvashi Kamal Mehta & Co, Cost Accountants (Firm Registration No. : 001817) and remuneration payable to them, as set out in the Resolution.

The resolution at Item No. 5 of the Notice is set out as an Ordinary Resolution for approval and ratification by the Members in terms of above referred statutory provisions.

None of the Directors and/or Key Managerial Personnel of the Company and their relatives is concerned or interested, financially or otherwise in aforesaid resolutions.

The Board commends the Ordinary Resolution for approval by the Members.

By order of the Board For Plastiblends India Ltd.

Place : Mumbai Himanshu S. Mhatre Date : May 20, 2021 Company Secretary

Brief Resume of Directors proposed to be re-appointed :

Name	Shri Varun Satyanarayan Kabra
DIN	03376617
Age	33 years
Date of First Appointment	13/02/2015
Position held	Vice-Chairman & Managing Director
Educational Qualification	B.E. (Production) & M.Sc. (Industrial & Operations Engineering)from Michigan University, Ann Arbor (USA)
Expertise in specificfunctional areas	•Strategic Management•Sales and Marketing.•Management of materials, planning and procurement.•Implementing lean manufacturing system in factory.
Terms and conditions ofappointment or re-appointmentand remuneration	As mentioned in the Explanatory statement attached to the notice ofAnnual General Meeting dated May 20, 2021
Directorship held inother Companies	None
Chairmanship / Membership ofCommittee across	None
No. of meetings of Boardattended during the year	4
Number of Shares held inthe Company as on 31-03-2021	53,60,831
Relationship betweenDirectors inter-se	Related toShri Satyanarayan Gopilal Kabra (Father)Smt Jyoti Varun Kabra (Spouse)

DIRECTORS' REPORT

To The Members of Plastiblends India Limited

Your Directors have pleasure in presenting the THIRTIETH ANNUAL REPORT and the Audited Financial Statements for st the Financial Year ended 31 March, 2021.

1 Financial Highlights (` in Lacs)

PARTICULARS	Year endedst31 March 2021	Year endedst31 March 2020
Revenue from Operations (Net of Tax)	57,733.49	60,587.24
Other Income	350.63	262.13
Total Revenue	58,086.12	60,849.37
Other Expenditure	50,875.91	53,842.56
Earnings before Interest and Depreciation (EBIDTA)	7,208.21	7,006.81
Less : Interest	301.68	148.22
Depreciation	1,587.29	1,705.01
Profit Before Tax (PBT)	5,319.24	5,153.58
Less : Provision for Taxation
Current Tax	1,402.79	1,434.38
Deferred Tax	38.06	53.54
(Excess)/short provision for earlier years	143.69	(51.88)
Profit After Tax (PAT)	3,734.71	3,717.54
Other Comprehensive Income	1,186.52	(461.36)
Total Comprehensive Income for the year	4,921.23	3,256.18

2 Operations

The Board of Directors is pleased to share your Company's continued progress, as reflected in its growth in margins and profitability inspite of challenging situations.

The brief highlights of operations for the Financial Year 2020-21 are as under :-

The revenue from Operations was 57,733 Lacs for FY 2020-21 as against 60,849 Lacs for FY 2019-20.
Earnings before interest, tax, depreciation and amortisation (EBITDA) increased to 7,208 Lacs in FY 2020-21 from 7,007 Lacs in FY 2019-20, an increase of 2.87%.
Profit before tax increased to 5,319 Lacs in FY 2020-21 from 5,154 Lacs in FY 2019-20, an increase of 3.21%.
Profit after tax increased to 3,735 in FY 2020-21 from 3,718 Lacs in FY 2019-20, an increase of 0.46%.
Export Market continued to face severe headwinds and coupled with volatile currency fluctuations impacted export revenue in FY2020-21.

D espite reduction in sales by 5% due to challenging pandemic situation, Company achieved EBITDA of 7,208 Lacs, which is highest ever in the history of Company. EBITDA margin has increased by approx. 100 bps to 12.50%. Similarly PBT of 5319 Lacs is highest ever in the history of Company.

As a part of its cost control measure Company has commissioned two solar power plants at its units situated at Daman and Palsana in September, 2020 which would help the Company in conservation of energy and cost rationalisation.

` During the previous year i.e. FY 2019-20, Company had received interest assistance of 384 Lacs under the "Scheme for Assistance for Plastic Industry" of Gujarat Government towards borrowing for investment in Palsana Plant which was netted off in Finance cost. The remaining assistance of Rs. 116 Lacs which was supposed to be received in FY 2020-21, is not yet received inspite of submission of claim.

Due to lockdown/COVID-19 impact, the eligible export incentive to be received from DGFT by way of advance license/MEIS incentive was reduced by 300 Lacs in FY 2020-21. `

Huge volatility in Polymer prices were experienced during Q3 and most of the part of Q4. Polymer prices hit multiyear high due to shortage issues. Similarly other input prices too escalated. The freight cost in export segment continued to be at all time high. Company in initial phase decided to partially absorb price increase and gradually passed it on to the customers. Due to timely action initiated Company had successfully minimized the impact of aforesaid issues.

However despite all these challenges profitability of the Company is on rise which demonstrate that the strategic steps taken by Company in past several years to have financial strength, to change its product mix and move to more value added products and effective cost rationalisation exercises at all level are yielding positive results. Various product family namely Additive, Black, Colour achieved highest ever sales value in history of Company.

In past several years, Company had adopted technological advancement in timely manner and done digitisation which has helped us overcome the challenges faced during COVID-19.

Due to slowdown in economic activity caused by COVID-19 pandemic large number of manufacturing companies had to cut down on workforce or employees had to face pay cuts or work without pay, which further compounded their difficulties. It is with great pride we would like to mention that despite challenging times, Company not only paid 100% of Salary to all of its employees whether they were working from home or not working at all, but also gave increment to ensure that employees' morale remains high and they are able to take care of themselves and their families. Medical insurance with enhanced amount was extended to cover family members of all the employees and Company took Group Term Life (GTL) Insurance policy for all its employees by which all its employees are covered with sum assured upto 1 time of their respective CTC Salary or 10 lacs whichever is higher. The said Sum Assured is payable on death, which gives financial support to family in case of untimely death. In order to extend support for COVID-19 employees were also covered under "Home Care Treatment Plan". Here it would be noteworthy to point that Shri Satyanarayan G. Kabra, CMD and Shri Varun S. Kabra, VCMD has foregone their increment since last two years and had also relinquished their remuneration for the month of April, 2020 which was indicative of their sensitivity towards issues faced by employees. `

The Company also believes in returning back to society and as a part of its CSR initiative Company had contributed 100 Lacs to "PM CARES FUND" during March, 2020 and in FY 2020-21 has also provided ventilators to state agencies and contributed to the project in which meal was served to affected communities during the difficult period of COVID-19 pandemic. `

Company's outlook is very optimistic considering Indian economy is eyeing "V" Shaped recovery. The "Make In India / Atmanirbhar Bharat" initiative supported by "Production Linked Incentive" will help several sectors to grow substantially to whom Company is serving. Company is confident about its growth trajectory in time to come as it has several products in pipeline, eyeing new geographies /new customers supported by consistent strong financial ratios.

Your Company has significantly grown after each challenges be it demonetization, introduction of GST and E Way bill, Plastic bag ban etc. We are confident that we will further strengthen ourselves as all necessary measures in terms of mitigating the impact of COVID-19 pandemic are taken.

3 Dividend and Dividend Distribution Policy

st The Board of Directors have recommended dividend of 4.00 per share i.e. @ 80 % for the year ended 31 March, 2021. The total outflow amounts to 1,039.57 Lacs (Previous year the Company has paid dividend of 3.75 per share i.e. @ 75 % and the total outflow inclusive of DDT was 1,174.92 Lacs.)

In terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 ("Listing Regulations") the Board of Directors of the Company has formulated and adopted the Dividend Distribution Policy ('DDP'). The Board of Directors while taking decision for recommendation of the dividend will take guidance from this policy and would ensure to maintain a consistent approach to dividend pay-out plans. The Dividend Distribution Policy is available on the Company's website www.plastiblends.com

4 Transfer To Reserves

The Board of Directors have decided to retain the entire amount of profits for FY 2020-21 in the Profit & Loss Account.

5 Transfer to IEPF of Equity Shares and Unclaimed Dividend

n terms of the provisions of Section 125 of the Companies Act, 2013 read with the Companies (Declaration and Payment of Dividend) Rules, 2014, all unclaimed / unpaid dividend up to FY 2012-13 amounting to 7,22,858/- has been transferred to the Investor Education and Protection Fund and unclaimed / un-encashed dividend for the FY 2013-14 is due for transfer to IEPF in November, 2021. In compliance with the applicable Rules and after complying with the requisite formalities, Company will be transferring requisite applicable Equity shares to the designated demat account of IEPF I `

Authority. The details of the shareholders whose shares are liable to be transferred to IEPF can be accessed at Company's website viz., www.plastiblends.com.

6 Directors

During the year under review Shri Shreevallabh G. Kabra, stepped down from the position of Chairman of the Company due to his preoccupation with other responsibilities and continues to be Director of the Company. The Board of Directors place on record their deep sense of gratitude and appreciation for the invaluable contribution rendered Shri Shreevallabh G. Kabra during his role as Chairman of the Company. Shri Satyanarayan G. Kabra was elected as Chairman of the Company. Shri Varun S. Kabra was elevated to the position of Vice-Chairman of the Company.

Shri Varun S. Kabra, Director of the Company will retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

A brief resume of the Directors seeking appointment/re-appointment at the forthcoming AGM and other details as required to be disclosed in terms of Regulation 36(3) of the Listing Regulations and Secretarial Standard on General Meetings (SS-2) forms part of the Notice calling the AGM.

7 Board Independence

Based on the confirmation/disclosures received from the Independent Directors and on evaluation of the relationships disclosed, the following Non-Executive Directors are Independent in terms of Regulation 16 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 149 (6) of the Companies Act, 2013;

Shri Pushp Raj Singhvi 2) Shri Sudarshan K. Parab 3) Shri Bajrang Lal Bagra 4) Shri Rahul R. Rathi 5) Smt Meena S. Agrawal

8 Annual Evaluation By The Board

In compliance with the Companies Act, 2013 and Regulation 19 read with Schedule II of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of Committees. A structured questionnaire was prepared after taking into consideration inputs received from the Nomination and Remuneration Committee members, covering various aspects of the Board's functioning such as adequacy of composition of Board and Committees, Board communication, timeliness and unbiased information of right length and quality of information, Board culture, execution and performance of specific duties, obligations and governance.

A separate exercise was carried out to evaluate the performance of individual Directors including the Chairman of the Board, who were evaluated on parameters such as attendance and participation in the discussion and deliberation at the meeting understanding role and responsibilities as board member, demonstration of knowledge, skill and experience that make him/her a valuable resource for the board.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non-Executive Directors was carried out by the Independent Directors. The Directors expressed their satisfaction with the evaluation process.

9 Familiarisation Programme For Independent Directors

The Company conducted familiarisation programme for Directors during the year. The programme aims to provide insights into the Company's business and familiarise Directors with its various aspects and assist them in performing their role as Independent Director. The Company's policy on conducting the familiarisation program has been disclosed on the website of the Company at http://www.plastiblends.com/Upload/PolicyOtherDoc /PLASTIBLENDS-FAMILIARISATION-PROGRAMME.pdf

10 Number Of Board Meetings

During the year, 4 (four) meetings of the Board of Directors were held. The details of the Meetings are furnished in the Corporate Governance Report which forms part of this Annual Report.

11 Audit Committee

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report which forms part of this report.

12 Directors' Responsibility Statement

Pursuant to Section 134 of the Companies Act, 2013, your Directors hereby confirm that

st (i) in the preparation of annual accounts for the year ended 31 March, 2021, the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

(ii) 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 the true and fair view of the state of affairs of the Company as st at end of the Financial Year ended on 31 March, 2021 and of the profit and loss of the Company for the said Financial Year;
(iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) the Directors had prepared the annual accounts on a "going concern basis";
(v) the Directors had laid down Internal Financial Controls to be followed by the Company and such Internal Financial Controls are adequate and were operating effectively;
(vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively.

13 Credit Ratings

During the year, credit rating agency CRISIL has reaffirmed CRISIL A + / Stable (Long Term Rating) and CRISIL A1 (Short Term Rating) ratings to the Bank loan facilities availed by the Company.

14 Nomination And Remuneration Policy (NRP)

The NRP of the Company for Directors, Key Managerial Personnel (KMP) and Senior Management Personnel is hosted on the website of the Company at the following web link : http://www.plastiblends.com/Upload/PolicyOtherDoc/ PLASTIBLENDS-NRC.pdf

Disclosure pertaining to remuneration and other details as required under section 197 (12) of the act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is enclosed as particulars of employee which forms part of this report.

15 Vigil Mechanism/Whistle Blower Policy

In compliance with the provisions of Section 177(9) the Board of Directors of the Company has framed the "Whistle Blower Policy" as the vigil mechanism for Directors and employees of the Company. The Whistle Blower Policy is disclosed on the website of the Company at http://www.plastiblends.com/Upload/PolicyOtherDoc/PLASTIBLENDS-VIGILMECHANISM.pdf

16 Prevention Of Insider Trading

The insider trading policy of the Company lays down guidelines and procedures to be followed and disclosures to be made while dealing with the shares of the Company. The policy has been formulated to regulate, monitor and ensure reporting of deals by designated person/employees and maintain the highest ethical standards of dealing in Company securities.

17 Internal Financial Controls

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

18 Maintenance of cost records

As specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013, the Company has maintained cost accounts and records.

19 Risk Management

Risk Management Committee has been constituted as per the requirement of Regulation 21 of the Listing Regulations. The details pertaining to its Composition and meetings are set out in the Corporate Governance Report forming part of this Report. The policy on Risk Management Policy which aims at enlarging shareholders value and providing an optimum risk reward trade off, is uploaded on the Company's website www.plastiblends.com.

20 Corporate Governance

As required by Regulation 27 of the Listing Regulation, a Report on Corporate Governance is appended along with a Certificate of Compliance from the Auditors, forming part of this report. The Board of Directors of the Company adopted the Code of Conduct and the same is posted on the Company's website. The Directors and Senior Management personnel have affirmed their compliance with the said code.

21 Related Party Transactions

All contracts/arrangements/transactions entered by the Company during the Financial Year with related parties were in the ordinary course of business and on an arm's length basis. During the year, the Company has not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company's website at the link: http://www.plastiblends.com/Upload/PolicyOtherDoc/PBI-POLICY-ON-RELATED-PARTY-TRANSACTIONS.pdf. Your Directors draw attention of the members to Notes on financial statement which sets out related party disclosures.

22 Auditors

Statutory Auditors

M/s. Kirtane & Pandit LLP, Chartered Accountants, Pune, were appointed as Statutory Auditors for a term of 5 (five) th th rd consecutive years in the 28 AGM held on 27 July. 2019 and hold office upto 33 AGM to be held in the year 2024.

The notes on financial statements referred to in the Auditors Report are self-explanatory and do not call for any further comments. The Auditors' Report does not contain any qualifications, reservation or adverse remark.

Cost Auditor

In terms of section 148 of Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014 and other applicable provisions, if any, of the Companies Act, 2013, the Board of Directors of your Company has appointed M/s. Urvashi Kamal Mehta & Co, Cost Accountants as the Cost Auditor of your Company to conduct audit of Cost Accounting records for Financial Year 2021-22 on the recommendation made by the Audit Committee.

The remuneration proposed to be paid to the Cost Auditors, subject to the ratification by the Members at the ensuing Annual General Meeting would be ` 1,32,000/- (Rupees One Lac Thirty Two Thousand Only) excluding applicable statutory taxes, conveyance and out of pocket expenses, if any.

Secretarial Auditor

A s required under provisions of section 204 of the Companies Act, 2013, the report in respect of the Secretarial Audit carried out by M/s. Bhandari & Associates, Company Secretaries, in Form MR-3 for the FY 2020-21 form part of this report.

As regards the observations mentioned in the Secretarial Audit Report we wish to clarify that Company had contributed ` 100 Lacs to "PM CARES FUND" in FY 2019-20 as a token of our support to combat COVID-19 pandemic in the hour of dire necessity inspite of fulfilling the mandatory CSR obligation of the Company for that financial year which was allowed to be carried forward and setoff against any shortfall in subsequent financial years, accordingly the Company has setoff the excess amount. As regards the registration of independent directors in databank, appropriate steps are being taken to get the registration.

23 Corporate Social Responsibility (CSR)

The Report on CSR activities as required under Companies (Corporate Social Responsibility) Rules, 2014, including a brief outline of the Company's CSR Policy, total amount to be spent under CSR for the Financial Year and amount spent is set out at CSR statement forming part of this Report.

24 Business Responsibility Report (BRR)

Pursuant to Regulation 34(2)(f) of the Listing Regulations, the Business Responsibility Report initiatives taken from an environmental, social and governance perspective in the prescribed format is available as a separate section of this Annual Report.

25 Web link Of Annual Return

P ursuant to the provisions of section 134(3)(a) of the Companies Act, 2013, web link of the Annual Return for the Financial Year ended March 31, 2021 made under the provisions of section 92(3) of the Act is placed at http://www.plastiblends.com/Financial-Results

26 Material Changes

There have been no material changes and commitments, if any, affecting the financial position of the Company which have occurred between the end of the Financial Year of the Company to which the financial statement relate & the date of the report.

27 Particulars Of Loans, Guarantees, Investments

The particulars of loans, guarantees and investments given/made during the Financial Year under review and governed by the provisions of Section 186 of the Companies Act, 2013 have been disclosed in the financial statements.

28 Conservation Of Energy, Technology Absorption And Foreign Exchange Earnings & Outgo

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, forms part of this report.

29 Deposits

During the year under review, your Company did not accept any deposits in terms of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposit) Rules, 2014.

30 Significant & Material Court Orders

No significant and material orders have been passed by any Regulator or Court or Tribunal which can have an impact of the going concern status and the Company's operations in future.

31 Disclosure Under The Sexual Harassment Of Women At Workplace (Prevention, Prohibition And Redressal) Act, 2013

The Company pursuant to the Section 4 of the Sexual Harassment of Women at workplace (Prevention, Prohibition and Redressal) Act, 2013 has constituted an Internal Complaints Committee. During the year, no complaint was lodged with the Internal Complaint Committee.

32 Particulars Of Employee And Related Disclosures

In terms of the provisions of Section 197 (12) of the Act read with Rules 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the details required therein forms part of this report.

The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employee as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and account are being sent to the members excluding aforementioned annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered office of the Company. Any shareholder interested in obtaining a copy of the same may write to the Company Secretary.

33 MD & CFO Certification

Certificate from Managing Director and Chief Financial Officer of the Company, pursuant to the Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, for the Financial Year 2020-21 under review was placed before the Board of Directors of the Company at its meeting held on May 20, 2021.

34 Secretarial Standard

The Company complies with all applicable Secretarial Standards issued by The Institute of Company Secretaries of India and approved by the Central Government under Section 118(10) of the Companies Act, 2013 for the Financial Year ended st 31 March, 2021.

35 Acknowledgement

Your Directors would like to express their appreciation for the assistance and co-operation received from the Shareholders, Bankers, Government Authorities, Export Promotion Council, Other Semi Government Authorities, Stock Exchanges, Customers, Dealers, Suppliers and Business Associates at all levels during the year under review. Your Directors also wish to place on record their appreciation for the committed services of the executives, staffs and workers of the Company.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.

A. CONSERVATION OF ENERGY :

(a) Energy Conservation Measures taken: The Company has installed the state-of-the-art technology machines which are energy conservative. The Company has also installed solar power plants at Daman and Palsana unit which will help in conservation of energy.
(b) Additional Investments and proposals, if any, for reduction of consumption of energy : None
(c) Impact of measures at (a) & (b) above: With the sophisticated Plant & Machinery and on account of restructuring of machinery, the energy consumption for manufacturing masterbatches has been reduced.

B. TECHNOLOGY ABSORPTION :

Research and Development

The Company has in-house full-fledged Research & Development Department equipped with a wide range of lab machines, equipments, instruments and testing facilities that enables to deliver a broad spectrum of new & customized solution for tailor made product and formulations like bio-degradable masterbatches and masterbatches for BOPP Films, PP Yarns, Fibres etc. with excellent price benefit ratio. The Company also has technical experts with latest technical know-how & innovative abilities focusing on upgradation of the existing masterbatches and development of new products. The manufacturing units are highly automatic and equipped with sophisticated laboratory facilities to conduct stringent tests.

We are proud to state that the In-house Research and Development facility of the Company has been registered with the Department of Scientific and Industrial Research and this is the first time any Company in masterbatch business that has this achievement.

During the year, the Company has spent 2.28 Lacs on Research & Product Development initiatives (constituting Nil Lacs as revenue expenditure and ` 2.28 Lacs as capital expenditure).

C. FOREIGN EXCHANGE EARNINGS AND OUTGO : (` in Lacs)

Particulars	2020-21	2019-20
Foreign Exchange Earned	13,302.24	12,686.59
Foreign Exchange Used	15,538.94	13,532.20

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY ACTIVITIES

1. Brief outline on CSR Policy of the Company.
- In compliance of Section 135 of the Companies Act, 2013 (Act), Schedule VII to Act, Companies (Corporate Social Responsibility Policy) Rules, 2014, and as recommended by the CSR Committee, the Company adopted policy on undertaking the corporate social responsibility activities.
- The Board of the Company shall ensure that the Company spends, in every Financial Year, at least two percent of the average net profits of the Company made during the three immediately preceding Financial Years and disclose contents of such policy in its report and also place it on the Company's website.
- CSR Corpus would include
  - a. 2% of the average net profits
  - b. Any income arising there from
  - c. Surplus arising out of CSR activities
- Expenditure on CSR activities as mentioned herein below shall not be counted as CSR spending
  - a. CSR activities which are exclusively for the benefit of employees of the Company or their family members
  - b. CSR activities undertaken outside India
  - c. Contribution of any amount directly or indirectly to any political party.
1. Composition of the CSR Committee :-

no.	Sr. Name of Director	Designation /Nature ofDirectorship	Number of meeting(s)of CSR Committeeheld during the year	Number of meeting(s) ofCSR Committee attendedduring the year
1.	Shri Shreevallabh G. Kabra	Chairman	1	1
2.	Shri Satyanarayan G. Kabra	Member	1	1
3.	Shri Sudarshan K. Parab	Member	1	1

1. disclosed on the website of the Company. : http://www.plastiblends.com/Upload/PolicyOtherDoc /PBI-POLICY-ON-CORPORATE-SOCIAL-RESPONSIBILITY.pdf Provide the web-link where Composition of CSR Committee, CSR Policy and CSR projects approved by the board are
1. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social Responsibility Policy) Rules, 2014, if applicable (attach the report) : Not Applicable
1. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the Financial Year, if any. (` in Lacs)

Sr.no.	Financial Year	Amount available for set-off frompreceding Financial Years		Amount required to be setoff forthe Financial Year, if any
1	2019-20	97.1928.53
6.		Average net profit of the Company as per Section 135(5)	:	` 4,356.16 Lacs
7.	` 87.12 Lacs(a) Two percent of average net profit of the Company as per section 135(5):
	(b) Surplus arising out of the CSR projects or programmes or activities ofthe previous Financial Years.:Nil
	` 28.53 Lacs(c) Amount required to be set off for the Financial Year.:
	` 58.59 Lacs(d) Total CSR obligation for the Financial Year (7a + 7b - 7c).:

(a) CSR amount spent or unspent for the Financial Year :


Total Amount Spent		Amount Unspent
for the FinancialYear		Unspent CSR Accountas per section 135(6)	Amount transferred to any fund specified underSchedule VII as per second proviso to section 135(5)
	Amount	Date of transfer	Name of the Fund	Date of transfer
58.59	Nil

(b) Details of CSR amount spent against ongoing projects for the Financial Year :

(` in Lacs)

(1)	(2)	(3)	(4)		(5)	(6)	(7)	(8)	(9)	(10)	(11)	(12)
Sl.No	Nameof theProject	Item fromthe list ofactivitiesin ScheduleVII to the	Localarea(Yes/No).	Location ofthe project		Project	Amountduration allocatedfor theproject	Amountspentin thecurrentFinancial	Amount transfe-rred to UnspentCSR Accountfor the project asper Section	Mode ofImplem-entationDirect(Yes/No)		Mode ofImplementation -ThroughImplementingAgency
		Act		State	District		Nil	Year	135(6)		Name	CSRRegistrationnumber

(` in Lacs)

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Sl.No	Name of theProject	Item from thelist ofactivities in	Localarea(Yes/No)		Location ofthe project		Mode ofImplementationDirect	Mode of Implementation -ThroughImplementing Agency
		Schedule VIIto the Act		State	District		(Yes/No)	Name	CSRnRegstnumber
1.	Satyam Enterprises	Sch VII (i)	Yes	Daman	Daman	0.72	Yes	NA	NA
2.	Getfast Pharmaceuticals Ltd	Sch VII (i)	Yes	Maharashtra	Mumbai	2.79	Yes	NA	NA
3.	Aarti Kirana Store	Sch VII (i)	Yes	Daman	Daman	1.77	Yes	NA	NA
4	Jairamdas AgrawalCharitable Trust	Sch VII (i)	Yes	Daman	Daman	1.70	No	Jairamdas AgrawalCharitable Trust	NA
5	Bhartiya GovanshRakshan Samvar-dhan Parishad	Sch VII (iv)	Yes	Maharashtra	Thane	1.00	No	Bhartiya GovanshRakshan Samvardhan Parishad	NA
6	Sushil KumarShrivastava	Sch VII (i)	Yes	Maharashtra	Mumbai	0.05	Yes	NA	NA
7	Upnagar ShikshanMandal	Sch VII (ii)	Yes	Maharashtra	Mumbai	5.00	No	Upnagar ShikshanMandal	NA
8	Bhartiya SamskritiTrust	Sch VII (v)	No	Tamilnadu	Chennai	11.00	No	Bhartiya SamskritiTrust	NA
9	Cultural Society forTribals	Sch VII (iii)	Yes	Maharashtra	Mumbai	25.00	No	Cultural Society forTribals	NA

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)
Sl.No	Name of theProject	Item from thelist ofactivities in	Localarea(Yes/No)	Location ofthe project				Spentfor theproject	Mode ofImplementationDirect	Mode of Implementation -ThroughImplementing Agency
		Schedule VIIto the Act		State	District		(Yes/No)	Name	CSRnRegstnumber
10	Shri Ram Janma-bhumi Tirthakshetra	Sch VII (v)	No	Uttar Pradesh	Faizabad	7.00	No	Shri Ram Janma-bhumi Tirthakshetra	NA
11	Vaidehi Sanskar Trust	Sch VII (ii)	Yes	Gujarat	Ahmedabad	0.35	No	Vaidehi Sanskar Trust	NA
12	Maheshwari PragatiMandal	Sch VII (ii)	Yes	Maharashtra	Mumbai	2.00	No	MaheshwariPragati Mandal	NA
13	Pandey ShikshaSamiti	Sch VII (ii)	No	MadhyaPradesh	Satna	0.21	No	Pandey ShikshaSamiti	NA
	TOTAL					58.59

(d) Amount spent in Administrative Overheads : Nil
(e) Amount spent on Impact Assessment, if applicable : Not applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e) : ` 58.59 Lacs
(g) Excess amount for set off, if any :

Sr. no.	Particular	Amount
(i)	Two percent of average net profit of the Company as per section 135(5)	87.12
(ii)	Total amount spent for the Financial Year	58.59
(iii)	Excess amount spent for the Financial Year [(ii)-(i)]	Nil
(iv)	Surplus arising out of the CSR projects or programmes or activities of the previousFinancial Years, if any	Nil
(v)	Amount available for set off in succeeding Financial Years [(iii)-(iv)]	Nil

(a) Details of Unspent CSR amount for the preceding three Financial Years :

Sl. Preceding Amount transferred Amount spent Amount transferred to any fund specified under Amount remaining No. Financial Year to Unspent CSR in the reporting Schedule VII as per section 135(6), if any to be spent in Account under Financial Year succeeding section 135 (6) Name of the Amount Date of Financial Year Fund transfer

Nil

(b) Details of CSR amount spent in the Financial Year for ongoing projects of the preceding Financial Year(s) : (` in Lacs)

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Sl.	Project ID	Name of theProject	Financial Yearin which theproject wascommenced	ProjectDuration	Total amountallocatedfor the Project	Amountspent on theproject in thereportingFinancial Year	Cumulativeamount spentat the end ofreportingFinancial Year	Status of theprojectCompleted/Ongoing
	Nil

(` in Lacs)

In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the Financial Year (asset-wise details)

	Satyanarayan G. Kabra		Shreevallabh G. Kabra
	11. Specify the reason(s), if the Company has failed to spend two per centof the average net profit as per section 135(5).	:	Nil
(d)	Provide details of the capital asset(s) created or acquired(including complete address and location of the capital asset).	:	Nil
(c)	Details of the entity or public authority or beneficiary under whosename such capital asset is registered, their address etc.	:	Nil
(b)	Amount of CSR spent for creation or acquisition of capital asset.	:	Nil
(a)	Date of creation or acquisition of the capital asset(s).	:	Nil

Place : Mumbai Date : May 20, 2021 (Chairman and Managing Director) (Chairman - CSR Committee) (DIN : 00015930) (DIN : 00015415)

COMPLIANCE CERTIFICATE

(in terms of Regulation 17(8) of SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors Plastiblends India Limited

We the undersigned, certify to the Board that

(a) We have reviewed the financial statements and the cash flow statement for the year and that to the best of our knowledge and belief -
- (i) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
- (ii) these statements together present a true and fair view of the Company's affairs and are in compliance with the existing accounting standards, applicable laws and regulations.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which are fraudulent, illegal or violative of the Company's code of conduct.
(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we have also disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
(d) We have indicated to the auditors and the Audit Committee
- (i) significant changes in internal control over financial reporting during the year;
- (ii) significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements; and
- (iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management or an employee having a significant role in the Company's internal control system over financial reporting.

For PLASTIBLENDS INDIA LTD.

Place : Mumbai Date : May 20, 2021

Satyanarayan G Kabra Anand R. Mundra Chairman & Managing Director Chief Financial Officer

24 Plastiblends India Limited

PARTICULARS OF EMPLOYEE AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

1. The ratio of the remuneration of each Director to the median remuneration of employees for Financial Year.

Executive Directors	Ratio to median remuneration
Satyanarayan G. Kabra, Chairman & Managing Director	41.00
Varun S. Kabra, Vice-Chairman & Managing Director	16.00

2 Percentage increase in remuneration in the Financial Year of following :-

Satyanarayan G. Kabra, Chairman & Managing Director	Nil
Varun S. Kabra, Vice-Chairman & Managing Director	Nil
Anand R. Mundra, Chief Financial Officer	5.91%
Himanshu Mhatre, Company Secretary	3.00%

3 Percentage increase in median remuneration of employees in the Financial Year : 7.69%

4 Number of permanent employees on the roll of Company : 479

5 Average percentile increase already made in the salaries of employees other than the managerial personnel in the last Financial Year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.

There is no difference between the average percentile increase in remuneration of employees other than managerial personnel and percentile increase in the managerial remuneration which was in the range of 5.91%.

6 Affirmation that the remuneration is as per the remuneration policy of the Company

It is affirmed that the remuneration paid is as per the remuneration policy of the Company.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

DECLARATION ON COMPLIANCE OF THE COMPANY'S CODE OF CONDUCT

T Company pursuant to Regulation 17(5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the all the members of the Board of Directors and Senior Management have affirmed compliance with the code of conduct for the Financial Year 2020-21. he Company has formed a Code of Conduct for the Members of the Board of Directors and Senior Management of the

For Plastiblends India Ltd.

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman and Managing Director (DIN : 00015930)

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

[Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]

To,

The Members of Plastiblends India Limited th Fortune Terraces, 10 Floor, A Wing New Link Road, Opp. Citi Mall Andheri (West) Mumbai - 400053

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Plastiblends th India Limited having CIN: L25200MH1991PLC059943 and having registered office at Fortune Terraces, 10 Floor, A Wing, New Link Road, Opp. Citi Mall, Andheri (West), Mumbai- 400053, Maharashtra (hereinafter referred to as 'the Company'), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, we hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2021 have been debarred or disqualified from being appointed or continuing as Directors of Companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority.

Sr. No.	Name of Director	DIN	Date of Appointment
1.	Mr. Shreevallabh Gopilal Kabra	00015415	January 22, 1991
2.	Mr. Satyanarayan Gopilal Kabra	00015930	January 22, 1991
3.	Mr. Varun Satyanarayan Kabra	03376617	February 13, 2015
4.	Mrs. Jyoti Varun Kabra	07088904	May 11, 2017
5.	Mr. Bajrang Lal Bagra	00090596	November 07, 2014
6.	Mr. Pushp Raj Singhvi*	00255738	April 28, 2006
7.	Mr. Sudarshan Krishnarao Parab*	02331587	October 22, 2008
8.	Mr. Rahul Ramkumar Rathi	00966359	January 30, 2018
9.	Mrs. Meena Shreenarayan Agrawal	00023235	June 29, 2020

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

* In terms of Section 150 of the Companies Act, 2013 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, name of the Independent Director was not registered in the databank of Independent Directors maintained with the Indian Institute of Corporate Affairs as on March 31, 2021.

For Bhandari & Associates Company Secretaries Firm Registration No: P1981MH043700

Place : Mumbai S. N. Bhandari Date : May 20, 2021 Partner FCS No.: 761; C P No.: 366 ICSI UDIN: F000761C000344445

MANAGEMENT DISCUSSION AND ANALYSIS

I. ECONOMIC OVERVIEW

Global economic overview

In the year 2020, lives and livelihoods both faced dire threat due to world wide spread of COVID-19 infections. Economic wheel came to a standstill due to imposition of strict lockdowns in most parts of the world and could resume activity only after some period of total shutdown. Economic activity picked up some pace in second and third quarter, however different mutations of COVID-19 again caused surge in infections as second & third waves resulting in disruption of economic activity. As a result global economy contracted 3.5 per cent in 2020.

With introduction of aggressive vaccination programs and financial stimulus packages by various Governments the global economy is expected to grow at 6 per cent in 2021 and 4.4 per cent in 2022. However global economic prospects continue to remain uncertain.

Indian economic review

India was no exception and national lockdown was announced in March, 2020 leading to disruption of economic activity. The economic activity resumed with a slow pace from second quarter of FY 2020-21 with expected V-shaped recovery. India recorded the real DGP (gross domestic product) growth of 0.4% in the third quarter of FY 2020-21. This was mainly on account of announcement of special economic package by Government of India of ` 21 Lacs Crore to support various sectors of Indian economy. However Indian economy has contracted at 8% during FY 2020-21 as per second advance estimates by NSO (National Statistical Office).

Just when everyone was thinking of return of the economic activity to its pre-covid levels a more severe surge in cases in March 2021 again compelled many State Governments to impose strict lockdown like restrictions thus adversely affecting rebounding economic activity. The economic outlook therefore is difficult to assess, however with the aggressive vaccination of Indian population and with various stimulus packages being announced by Indian Government we are hopeful of significant economic growth in FY 2021-22

II. INDUSTRY STRUCTURE AND DEVELOPMENTS

The COVID-19 pandemic has reemphasized the indispensable role of plastics in our daily life. Plastics in terms of personal protective equipment (PPEs) and other single-use medical equipment along with packaging solutions owing to their inherent properties have emerged as a life-savior for protecting the health and safety of the frontline health workers and the common citizens during the pandemic. This has resulted in plastics industry being affected to a lesser degree as compared to other sectors. Many plastic manufacturing units were operating as essential commodity even in the period of lockdown in various parts of the world supplying utmost important personal protective equipment, face marks, face shields etc. for protection of world population. The World Health Organisation (WHO) estimated requirement of 89 million medical masks, 76 million examination gloves and 1.6 million goggles for COVID-19 response every month. The pandemic has revealed the true potential of plastics. Its importance has grown manifold during the pandemic due to demand for hazmat suits, N-95 masks, gloves, visors, goggles and shoe covers - all of which are made of polypropylene / plastics.

Indian plastic Industry has over 50,000 plastic processing units employing more than 50 Lacs people across the Country. Almost 80% to 90% of the total manufacturing units are in small & medium scale sector. The Industry is very fragmented and majority of the manufacturers are from unorganized sector and very few are from organized sector. Plastic industry consumes around seventy five percent of the petrochemicals production, which is quite significant.

One of the vital components of plastics industry worldwide is masterbatch, which consists of pigments and additives used for imparting required color and characteristics to the end products. It is a concentrated mixture of pigments and additives encapsulated during a heat process into a carrier resin, which is then cooled and cut into a granular shape. It imparts various properties like Ultraviolet light resistance, Flame retardation, Anti-fouling, Anti-static, Lubrication, Anti-slip, Antimicrobial, Anti-oxidant etc to end products. Use of Masterbatches in production process offers many benefits like cost-effectiveness, easy to use, helps achieve the desired color and ensures a dirt-free production environment. Your Company is leader in manufacturing of Masterbatches and has presence in practically all segment of Masterbatch i.e. White / Black / Colour / Additive / Polywhite (filler) unlike most of other competitors who are not present in all segments.

III. FINANCIAL HIGHLIGHTS WITH RESPECT TO OPERATIONAL PERFORMANCE

The revenue from Operations was 57,733 Lacs for FY 2020-21 as against 60,849 Lacs for FY 2019-20. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased from 7,208 Lacs in FY 2020-21 from 7,007 Lacs in FY 2019-20, an increase of 2.87%. Profit before tax increased from 5,319 Lacs in FY 2020-21 from 5,154 Lacs in FY 2019-20, an increase of 3.21%. Profit after tax increased from 3,735 in FY 2020-21 from 3,718 Lacs in FY 2019-20, an increase of 0.46%. Other financial details are as given in the Directors' Report.

IV. SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

Your Company operates in one segment only - masterbatches.

V. BUSINESS OUTLOOK, OPPORTUNITIES AND THREATS

T his year masterbatch market was driven by the increased demand from the e-commerce market. Online shopping, witnessed an increase in the demand for packaging products for the shipment of products sold. It is fostering the demand for plastic, thereby fueling growth in the masterbatch market.

Global masterbatch market is projected to rise to USD 14 to 15 billion by 2025 and Indian masterbatch market is expected to grow at a CAGR of over 11% through 2025, on account of strong growth in the packaging, building construction, agriculture, favorable Government regulations, rapid industrialization and commercialization.

Increasing demand for plastic packaging is one of the major growth divers for masterbatch industry. The current plastics packaging market size is estimated at around $ 240 billion. Which is expected to grow at a CAGR between 3% – 4% and is expected to cross USD 325 billion by 2027. Global e-commerce plastic packaging market is expected to reach $28.6 billion by 2027, growing at a CAGR of 14.6%. Growing internet penetration and considerable investments in the consumer electronics are the major factors propelling the market growth. Asiapacific and Europe are estimated to be dominant in demand growth for masterbatches in coming years.

Global pipes and fittings market is expected to grow upto $20.47 billion by 2027 growing at a CAGR of 7% driven by increasing infrastructure growth and growing demand of plastic pipes in replacement of traditional metal pipes.

Indian plastic consumption remain at 13 kg which is one tenth that of what is consumed by per person in developed Countries and there is huge potential for growth. Various Government initiatives like Atmanirbhar Bharat, Make in India, Pradhan Matri Krishi Sinchayee Yojana, Smart City Project, establishment of plastic parks, Production Linked Incentive are expected to boost demand in plastics Industry. Government has prioritized the sector and import duty on naphtha has been reduced from 4.00 % to 2.5% in order to make Indian exporters more competitive in global market. All these Industry friendly policy measures, tax subvention will promote fresh investments and boost new capacities in the near future.

VI. RISK AND CONCERNS

Risk management is embedded in your Company's operating framework. Your Company believes that managing risks helps in maximizing returns. The Company's approach to addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks. The risk management framework is reviewed periodically by the Board and the Audit Committee.

Pursuant to the Companies Act 2013 and the SEBI Regulations, the Board has authorized the Audit Committee to review the risk management systems of the Company from time to time. Apart from the usual risks and concerns that affect any commercial, manufacturing operational, the key business risks and concern areas identified by the Company are as under:

a. Operational Issues

The Company has long term raw material supply contracts and majority suppliers of the Company are regular in nature.

b. Financial Risks

i) Currency value and interest rate fluctuations

The Company's policy is to actively manage its foreign exchange risk. The Company actively manages the interest rate risk by adopting suitable strategies to minimise the impact of interest rate fluctuations, including maintaining an optimal balance of different loan types and maturities.

ii) Credit Risk

The Company sell their products by extending credit to customers, with the attendant risk of payment delays and defaults. To mitigate the risk appropriate measures like periodic review and rigorous follow-up are put in place for timely collection of dues from the customer. In last 2 years the debtors balance has reduced significantly. Credit availability and exposure is another area of risk. However all exports and domestic sales of the Company are covered under receivable insurance Policy which further mitigate the risk.

iii) Liquidity Risk

The Company realizes that its ability to meet its obligations to its suppliers and others is linked to timely and regular collection of receivables and maintaining a healthy credit rating. Review of working capital constituents like inventory of raw materials, finished goods and receivables are done regularly by the respective Divisions and closely monitored by Corporate Finance.

c. Strategic risks

Emerging businesses, capital expenditure for capacity expansion etc, are normal strategic risks faced by the Company. However, the Company has well-defined processes and procedures for investments in capacity expansions and is focused on its core activity.

d. Regulatory risks

The Company is exposed to risks attached to various statutes, laws and regulations. The Company is mitigating these risks through regular review of legal compliances. The Company has implemented an enterprise-wide compliance management system, capable of effectively tracking and managing regulatory and internal compliance requirements.

e. Cyber risk

The failure of Information Technology (IT) systems due to malicious attacks and / or non-compliance with data privacy laws can potentially lead to financial loss, business disruption and / or damage to the Company's reputation. The Company has in place a data protection policy. It maintains a cyber security infrastructure. The Company uses standardised backup tools, services and procedures to ensure that information and data are stored at two or more diverse locations.

VII. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFORE

Ratio	FY 2020-21	FY 2019-20 % Change		Remarks
Inventory Turnover Ratio (Days)	59	40	49	Primarily due to supply chain constraints/ holding strategic inventory
Interest Coverage Ratio	18.63	38.37	(51)	In previous financial year interest subsidyof ` 385 Lacs received

Financial ratios with significant changes of more than 25% are as below:

VIII.DETAILS OF CHANGES IN RETURN ON NETWORTH :

There has been decrease in return on net worth from 13.08% for FY1920 to 11.96% for FY2021.

IX. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY

Your Company has a system of internal controls which is commensurate with the size and nature of operations. These controls ensure that all the assets are safeguarded and protected against loss from unauthorised use or disposition and that the transactions are authorised, recorded and reported diligently. There are well established policies and procedures in place across your Company.

Internal Audit Team consists of well experienced members, which constantly review various aspects of control systems and conduct audit under well laid down audit programmes to ensure effectiveness of the controls. The said internal audit team continuously review the control system and undertakes audit of special areas in-depth.

X. HUMAN RESOURCE

"I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies." Lawrence Bossidy, American Author

We believe that our manpower is the part of our extended family. We take care of them, the moment they get their offer letters. Starting from an elaborate on-boarding process, handholding and socialization, we ensure that we have a great start for our new family members.

Even in this unprecedented crisis, we ensured that our employees have their salaries and wages and even going ahead with the increments, whatever was humanly possible and our training process did not halt, we organized many training programs like Six Thinking Hats, how to make meetings more effective, cost saving among many others. We had many town hall sessions with our Leaders wherein we renewed our sense of bonding with our team. During these tough times, we did what we could to make the morale of our team high. We had regular one-to-one connection session with our employees where we enquired their wellbeing and offered the support that we could.

At all our locations the measures like regular sanitization, measuring temperature on entry and exit, providing Ayurvedic "Kadha" to boost immunity, providing Homeopathic medicines, issuing regular advisories, taking all the steps that not only helped us comply to the Government norms, but ensuring the safety of the employees who are serving the organization, regularly providing masks among many others. We as an organization ensured that our people were taken care of and were provided the best of everything to work without fear of the pandemic.

And we are happy to tell that even in these trying times, our Organization did not lose focus on the Standards - ISO 9001, ISO 14001 and ISO 45001. Regular trainings pertaining to these standards are being conducted with the adequate social distancing norms. Moreover, we have already taken a giant leap towards our undying commitment towards Quality and Operational Excellence – We are working full throttle on the Six Sigma Project. Our efforts are always directed towards customer delight, exceeding customer satisfaction. No. of people employed on the rolls of the Company was 479.

XI. CAUTIONARY STATEMENT

Estimation and expectation made in the Report may differ from actual performance due to various Economic Conditions, Government Policies and other related factors.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

REPORT ON CORPORATE GOVERNANCE

1. COMPANY'S PHILOSOPHY ON CODE OF GOVERNANCE

Your Company's activities are carried out in accordance with good corporate practices and the Company is constantly striving to better them and adopt best practices that would ensure efficient conduct of the affairs of the Company to achieve its goals and maximize value for all its stakeholders.

2. BOARD OF DIRECTORS

a. Composition of Board of Directors

The present strength of the Board is Nine (9) Directors. The Board comprises of Two (2) Executive and Seven (7) Non-Executive Directors representing the optimum combination of professionalism, knowledge and business experience. The members of the Board are acknowledged as leading industrialist and professionals in their respective Fields. The Board is headed by Shri Satyanarayan G. Kabra, Executive Chairman.

The Independent Directors bring unbiased, equitable judgment in the Board's deliberations and decisions and constitute more than half of the total number of Directors.

b. Board Meeting

th th th Four (4) Board Meetings were held during the Financial Year 2020-21 on 29 June, 2020, 27 July, 2020, 16 October, 2020 th and 15 January, 2021.

Details of Composition, Status, Attendance at the Board Meetings and the last Annual General Meeting and inter-se relationship:

Sr.	Name of the Director	Position / Status		Attendance at	Inter-se relationship as
			BoardMeeting	Last AGMheld on30/09/2020	per Companies Act, 2013
1.	Shri Shreevallabh G. Kabra(DIN:00015415)	Non-ExecutiveNon-Independent	04	Yes	Brother of Shri SatyanarayanG. Kabra
2.	Shri Satyanarayan G. Kabra(DIN:00015930)	ExecutiveNon-Independent	04	Yes	Brother of Shri ShreevallabhG. Kabra
3.	Shri Varun S. Kabra(DIN:03376617)	ExecutiveNon-Independent	04	Yes	Son of Shri Satyanarayan G.Kabra and spouse ofSmt. Jyoti V. Kabra
4.	Smt Jyoti V. Kabra(DIN:07088904)	Non-ExecutiveNon-Independent	04	Yes	Spouse of Shri Varun S. Kabraand daughter in law ofShri Satyanarayan G. Kabra
5.	Shri Pushp Raj Singhvi(DIN:00255738)	Non-ExecutiveIndependent	04	Yes	None
6.	Shri Bajrang Lal Bagra(DIN:00090596)	Non-ExecutiveIndependent	04	Yes	None
7.	Shri Sudarshan K. Parab(DIN:02331587)	Non-ExecutiveIndependent	04	Yes	None
8.	Shri Rahul R. Rathi(DIN:00966359)	Non-ExecutiveIndependent	04	Yes	None
9.	Smt Meena S. Agrawal(DIN:00023235)	Non-ExecutiveIndependent	04	Yes	None

Details of number of other Directorship and other committee position held are as follows :

	Sr. Name of the Director		stAs on 31 March, 2021		Name of listed entity	Nature of	Shares
		NumberofExternalDirectorshipheld	Number ofMembership/Chairmanship inBoard Committeeacross all theCompany				where Director	Directorship	held
			Member	Chairman
1.	Shri Shreevallabh G.Kabra	06	02	-	Kabra Extrusiontechnik Ltd	ExecutiveDirector	4000
2.	Shri Satyanarayan G.Kabra	02	01	-	Kabra Extrusiontechnik Ltd	Non-ExecutiveDirector	3247127
3.	Shri Varun S. Kabra	-	-	-	--	--	5360831
4.	Smt Jyoti V Kabra	04	-	-	--	--	132130
5.	Shri Pushp RajSinghvi	05	02	01	Wim Plast LtdRaj Packaging Industries Ltd	DirectorIndependentDirector	8944
6.	Shri Bajrang Lal Bagra	02	02	02	Kabra Extrusiontechnik Ltd	IndependentDirector	Nil
7.	Shri Sudarshan K.Parab	-	01	-	--	--	2000
8.	Shri Rahul R. Rathi	04	01	-	Onward Technologies Ltd	IndependentDirector	133600
9.	Smt Meena S. Agrawal	02	-	-	--	--	Nil

c. Key Board Qualifications, Expertise and Attributes:

The Board of Directors comprises of qualified members who bring in the required skills, competence and expertise that allow them to make effective decisions or contributions to the Board, its Committees and the management. The list of core skills / expertise / competency identified by the Board of Directors as required in the context of its business(es) and sector(s) for functioning effectively and those already available with the Board are as follows :

Leadership Leadership / Directorship experience resulting in effective participation in or spearheading various initiatives taken up by the Company. Ability to envision, develop talent, long-term planning and drive changes.
Board Service, Has experience in managing Board Services and Governance resulting in the better understanding Legal and of the Governance process undertaken by the organization and helps to protect the stakeholders Governance interest at large. Has experience in legal processes and is adept at interpreting laws / regulations applicable to the Company so as to enhance the Governance and protect its interest.
Business Experience in developing business strategies which will result in identifying divestiture and Strategy acquisition or alliance opportunities to strengthen the Company's portfolio and capabilities, analyze viability of a project with the business strategy and contribute to growth of the organization (organic and inorganic).
Technology & Ability to develop long term plans to sustain and support the business, anticipating future business Innovation models / changes in a innovative way. Experience in understanding technology its purposes and its suitability for the Company.
Financial Experience in supervising the principal financial officer or person having similar nature of function. Having the ability to read and understand financial statements. Management of financial function of the organization resulting in proficiency in financial management / reporting / processes.

Sales and Experience in driving / heading sales and marketing, resulting in better management of sales, Marketing increase organization reputation and build brand reputation.

Human Experience in people management including but not limited to talent management, dispute Resources resolution, inter-personnel relations, liaison with external stakeholders.

Expertise / Skill / Competence of Directors

Sr.No.	Name of the Director	Skills / expertise / competence
1.	Shri Shreevallabh G. Kabra	Knowledge on Company's businesses, plastic industry prospects, policies and
2	Shri Satyanarayan G. Kabra	culture (incl. Mission, Vision & Values) major risks / threats and potential
3	Shri Varun S. Kabra	opportunities, Business Strategy, Sales & Marketing, Leadership, Technologyand Innovation
4	Smt Jyoti V. Kabra
5	Shri Pushp Raj Singhvi	Knowledge on plastic industry Business Strategy, Sales & Marketing,Leadership, Financial Management.
6	Shri Bajrang Lal Bagra	Corporate Governance, Legal and Board Services, Decision Making, behavioralskills- attributes & competencies to use their knowledge and skills
7	Shri Sudarshan K. Parab	Financial and Management Skills, Board Services
8	Shri Rahul R. Rathi	Forex Management, Strategic Investment and Financial Operational Skills
9	Smt Meena S. Agrawal	Business Governance and Social Welfare

d. Independent Directors confirmation by the Board

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Listing Regulations. In the opinion of the Board, the Independent Directors, fulfil the conditions of independence specified in Section 149(6) of the Companies Act, 2013 and Regulation 16(1) (b) of the Listing Regulations. A formal letter of appointment to Independent Directors as provided in Companies Act, 2013 has been issued and disclosed on website of the Company viz. www.plastiblends.com

e. Independent Directors' Meeting

During the year under review, the Independent Directors met on January 15, 2021, inter alia, to:

Evaluate performance of Non-Independent Directors and the Board of Directors as a whole;
Evaluate performance of the Chairman of the Company, taking into account the views of the Executive and Non-Executive Directors;
Evaluation of the quality, content and timeliness of flow of information between the Management and the Board that is necessary for the Board to effectively and reasonably perform its duties.

All the Independent Directors were present at this Meeting.

3. AUDIT COMMITTEE

a. Committee Composition :

The Committee comprises of four (4) Directors who are eminent professionals having expertise knowledge in the field of Finance, Accounts, Corporate Law and Business Management.

Name of Members	Status	Qualification	Position inCommittee	MeetingsAttended
Shri Pushp Raj Singhvi	Non-Executive Independent	B.Com, L.L.B.	Chairman	04
Shri Bajrang Lal Bagra	Non-Executive Independent	M.Com, F.C.A.	Member	04
Shri Sudarshan K. Parab	Non-Executive Independent	B.Com, CAIIB.	Member	04
Shri Satyanarayan G. Kabra	Executive Director	B. E. (Mechanical)	Member	04

b. Terms of reference :

The terms of reference of the Audi Committee are in line with the requirements of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The Audit Committee inter alia performs the functions of approving Annual Internal Audit Plan, review of financial reporting system, internal controls system, discussion on financial results, interaction with Statutory and Internal Auditors, discussion with Statutory and Internal Auditors, recommendation for the appointment of Statutory, Internal and Cost Auditors and their remuneration, Management Discussions and Analysis, Review of Internal Audit Reports and significant related party transactions.

c. Meeting and Attendance :

th th th The Audit Committee met four time during the Financial Year on 29 June, 2020, 27 July, 2020, 16 October, 2020 th and 15 January, 2021 and all the members attended the meeting. Quorum of the Committee is two (2) Independent Directors as Members.

The Statutory Auditors, Internal Auditor and Chief Financial Officer are permanent invitees at the meeting. The Company Secretary acts as a Secretary to the Committee.

Minutes of each Audit Committee Meeting are placed before and discussed in the Board Meeting held subsequently.

4. NOMINATION AND REMUNERATION COMMITTEE (NRC)

a. Committee composition

The Nomination & Remuneration Committee of the Company is in line with the provisions of Regulation 19 of the SEBI (Listing Obligations & Disclosure Requirement) Regulations, 2015 and section 178 of the Companies Act, 2013 having following composition :

Name of Members	Status	Qualification	Position in Committee
Shri Pushp Raj Singhvi	Non-Executive Independent	B.Com, L.L.B.	Chairman
Shri Bajrang Lal Bagra	Non-Executive Independent	M.Com, F.C.A.	Member
Shri Sudarshan K. Parab	Non-Executive Independent	B.Com, CAIIB.	Member

b. Terms of Reference

The terms of reference of the NRC is identifying persons to be appointed as Directors and senior management positions, recommend to the Board the appointment and removal of Directors, carryout evaluation of Directors, formulate criteria for determining qualification, positive attributes and independence of Directors, recommend policy relating to remuneration of Directors.

c. Meeting and attendance

th The Nomination and remuneration committee met once on 29 June, 2020 and all the members attended the meeting.

d. Performance Evaluation

Guided by the prevailing regulatory environment of the SEBI Listing Regulations, 2015 and the Companies Act, 2013, the framework used to evaluate the performance of Independent and the Executive Directors is based on the expectation that they perform their duties in a manner which creates and continues to build sustainable value for the shareholders and in accordance with the duties and obligations abided on them. The performance evaluation criteria for Independent Directors are determined by the Nomination and Remuneration committee. An indicative list of factors that may be evaluated include participation and contribution by a Director, commitment, effective deployment of knowledge and expertise, effective management of relationship with stakeholders, integrity and maintenance of confidentiality and independence of judgment. The evaluation also assessed the quality, quantity and timeliness of flow of information between the management and the Board that is necessary for it to effectively and reasonably perform its duties.

e. Policy on Nomination & Remuneration

Nomination & Remuneration Policy is designed to create a high-performance culture. It enables the Company to attract, retain and motivate employees to achieve desired results. Company's business model promotes customer centricity and requires employee mobility to address customer needs. The current policy is to have an appropriate

mix of executive and Independent Directors to maintain the independence of the Board. The policy adheres to the prevailing regulatory requirements of the SEBI Listing Regulations, 2015 and the Companies Act, 2013.

The Company pays remuneration by way of Salary, perquisites, allowances to the Executive Directors of the Company, as approved by the shareholders and by the Central Government, when so required.

The Non-Executive Directors are Independent Directors and they are paid sitting fees for attending the meetings of Board and of the Committees.

There has been no change in the Nomination & Remuneration Policy of the Company. It can be viewed at our website at http://www.plastiblends.com/Upload/PolicyOtherDoc/PBI-REMUNERATION-POLICY.pdf

f. Remuneration of Directors

During the year under review, the sitting fees paid to the Independent Directors for attending meetings of the Board & Committees thereof are as follows**:** (` in Lacs)

Sl.no.	Name of the Director	Fee for attending board/ committee meetings	Total Amount
1	Shri Pushp Raj Singhvi	1.80	1.80
2	Shri Sudarshan K. Parab	1.90	1.90
3	Shri Bajrang Lal Bagra	1.90	1.90
4	Shri Rahul R. Rathi	0.90	0.90
5	Smt Meena S. Agrawal	0.70	0.70
	Total	7.20	7.20

There were no pecuniary relationships or transactions of Non- Executive Directors vis â-vis the Company. The criteria for making payments to the Non-Executive Directors is posted onto website of the Company at http://www.plastiblends.com/Upload/PolicyOtherDoc/PBI-CRITERIA%20FOR%20MAKING%20PAYMENT% 20TO%20NON%20EXECUTIVE%20DIRECTORS.pdf

Overall remuneration paid during Financial Year 2020-21 to the Executive Directors: (` in Lacs)

Sl. no.	Name of the Director	Salary	Other perquisites*	Total Amount
1	Shri Satyanarayan G. Kabra	55.00	34.11	89.10
2	Shri Varun S. Kabra	22.00	13.69	35.69
	Total			124.79

* includes HRA and contribution to Provident Fund, Superannuation Fund, medical reimbursement, etc.

The Company has not granted Stock Option Scheme to any of its Directors.

5. STAKEHOLDERS RELATIONSHIP COMMITTEE (SRC)

a. Committee Composition

The Stakeholders Relationship Committee of the Company is in line with the provisions of Regulation 20 of the SEBI (Listing Obligations & Disclosure Requirement) Regulations, 2015 and section 178(5) of the Companies Act, 2013, constituted to look into the mechanism of redressal of grievances of shareholders.:

Name of Members	Status	Qualification	Position inCommittee
Shri Bajrang Lal Bagra	Non-Executive Independent	M.Com, F.C.A.	Chairman
Shri Shreevallabh G. Kabra	Non-Executive Non-Independent	B.A. (Economics)	Member
Shri Satyanarayan G. Kabra	Executive Director	B. E. (Mechanical)	Member

Shri Himanshu Mhatre, being Company Secretary acts as secretary to the Committee.

b. Terms of Reference

The committee periodically reviews the services rendered to the shareholders particularly redressal of complaints of the shareholders like delay in transfer of shares, non-receipt of Annual Report, non-receipt of declared dividends, etc., and also the action taken by the Company on the above matters.

c. Meetings and Attendance

th There were two meetings of the Stakeholders Relationship Committee held during FY 2020-21 on 16 October, 2020 th and 15 January, 2021. All the members attended the meeting.

d. Investor correspondence

Details of Investors' correspondence received and disposed during the Financial Year 2020-21 :

Sr.	Nature of Correspondence	Received	Disposed
1.	Revalidation of Dividend Warrants	49	49
2.	Transfer/Transmission of Shares	05	05
3.	ECS / Bank Mandate	22	22
4.	Change of Address	01	01
5.	Request for Physical Annual Report	03	03
	TOTAL	80	80

6. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (CSR )

a. Composition of Committee

The Committee's composition and terms of reference are in compliance with the provisions of the Companies Act, 2013 :

Name of Members	Status	Qualification	Position inCommittee
Shri Shreevallabh G. Kabra	Non-Executive Non-Independent	B.A. (Economics)	Chairman
Shri Satyanarayan G. Kabra	Executive Director	B. E. (Mechanical)	Member
Shri Sudarshan K. Parab	Non-Executive Independent	B.Com, CAIIB.	Member

The Company Secretary of the Company acts as the Secretary to the committee.

b. Terms of Reference

The Committee's prime responsibility is to assist the Board in discharging its social responsibilities by way of formulating and monitoring implementation of the framework of corporate social responsibility policy, recommend amount of expenditure to be incurred on CSR activities, oversee the implementation of CSR projects/programs undertaken by the Company, suggest remedial measures, where required, and monitor the CSR Policy from time to time.

c. Meetings and Attendance

th There was one meeting of the Corporate Social Responsibility Committee held during FY 2020-21 on 15 January, 2021. All members were present in the meeting.

7. Risk Management Committee

th The Risk Management Committee of the Company is constituted on 20 May, 2021 in line with the provisions of Regulation 21 of the Listing Regulations, hence no meetings were held during last Financial Year.

The Board of the Company has constituted a Risk Management Committee to frame, implement and monitor the Risk Management Plan for the Company. The Committee is responsible for reviewing the Risk Management Plan and ensuring its effectiveness. Major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis

Composition of Committee

The Committee's composition and terms of reference are in compliance with the provisions of the Companies Act, 2013:

Name of Members	Status	Qualification	Position in Committee
Shri Varun S. Kabra	Executive Director	B.E., MSc.	Chairman
Shri Bajrang Lal Bagra	Non-Executive Independent	M.Com, F.C.A.	Member
Shri Rahul R. Rathi	Non-Executive Independent		MemberMember

8. GENERAL BODY MEETINGS

Particulars of last three (3) Annual General Meeting held are as follows :

Financial Year	AGM Date	Venue	Time
2019-20	30-09-2020	Video Conferencing - Deemed Venue-Registered Office of the Company.	5:15 p.m.
2018-19	27-07-2019	Hotel Karl Residency, Andheri (West), Mumbai-58	3:30 p.m.
2017-18	10-08-2018	Hotel Karl Residency, Andheri (West), Mumbai-58	5:00 p.m.

Special Resolutions as detailed below were passed during the last three Annual General Meetings:

30-09-2020	i	To approve re-appointment of Shri Bajrang Lal Bagra as an Independent Director of theCompany for 5 years.
27-07-2019	i	To approve re-appointment of Shri Pushp Raj Singhvi as an Independent Director of theCompany for 5 years.
	ii	To approve re-appointment of Shri Sudarshan K. Parab as an Independent Director of theCompany for 5 years.
	iii	To approve change in the place of keeping register and index of members.
10-08-2018	i	To appoint Shri Satyanarayan G. Kabra as a Vice-Chairman and Managing Director for a periodstthof 5 (five) years with effect from 01 July, 2018 to 30 June, 2023 and fix his remuneration.
	ii	To appoint Shri Varun S. Kabra as Managing Director for remaining period of his presentststappointment with effect from 1 August, 2018 to 31 July, 2021 and fix his remuneration.
	iii	Approval for continuation of Directorship of Shri. Shreevallabh G. Kabra, who had attained agemore than 75 year.
	iv	Approval for continuation of Directorship of Shri. Pushp Raj Singhvi, who was to attain age of75 year in January 2019.

All special resolutions as set out in the notice of Annual General Meeting were passed by the shareholders at respective meeting with requisite majority. No resolution was passed through postal ballot last year nor is any resolution proposed to be passed through postal ballot in the ensuing Annual General Meeting.

9. MEANS OF COMMUNICATION

Financial Results : Quarterly, Half Yearly and Annual Financial Results of the Company are submitted to the Stock Exchange immediately after they have been approved by the Board. Quarterly and Annual Results are published in leading English & Marathi newspapers. The Company also issues press releases from time to time which are submitted NSE & BSE and uploaded on Company's website

Company's Website : The Company's website www.plastiblends.com contains a separate dedicated section "Investors" where shareholders information is available. The full Annual Report is also available on the website. Apart from this official news releases, financial results, shareholding pattern etc are also displayed on the Company's website.

Stock Exchange website : The financial results, shareholding pattern and quarterly report on Corporate Governance are filed electronically through NSE Electronic Application Processing System (NEAPS) portal i.e. https://neaps.nseindia.com and BSE portal i.e. http:// listing.bseindia.com.

37 th 30 Annual Report 2020-2021

Post / e-mail / courier : Shareholder notices, letters, Annual Report containing, inter alia, Directors' Report, Auditors' Report, Audited Annual Accounts and other important information is circulated to Members of the Company through permitted mode of communication.

10. GENERAL SHAREHOLDERS INFORMATION

1	Annual General MeetingDay, Date & Time	:	thMonday, the 26 day of July, 2021 at 11:00 a.m.
	Venue	:	Registered Office of Company through VC/AOVM.
2	Financial Year	:	April to March
3	Dividend payment date	:	thOn or after 30 July, 2021
4	Listing on Stock Exchanges and itsaddress	:	BSE Ltd. (BSE)Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001
			National Stock Exchange of India Ltd. (NSE)Exchange Plaza, Plot No. C/1, G Block,Bandra-Kurla Complex, Bandra (East), Mumbai - 400 051
			Annual Listing Fees for the Financial Year 2021-22 have been paidto the above Stock Exchanges.
5	Stock Code / Symbol on NSE / BSErespectively	:	PLASTIBLEN/523648
6	Demat International SecurityIdentification Number (ISIN)	:	INE083C01022
7	Corporate Identity Number	:	L25200MH1991PLC059943
8	Designated e-mail id for investors	:	[email protected],
9	Address for correspondenceCompany address	:	Secretarial Department, Plastiblends India Limited, Fortune Terraces,thA-Wing, 10 Floor, Opp. Citi Mall, New Link Road, Andheri (West),Mumbai - 400 053.
	Company's Share TransferAgent address	:	Link Intime India Pvt Ltd.C-101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai - 400 083Tel.: 022-49186000 / 49186270, Fax : 022-49186060Email : [email protected]
10	Plant Locations
	Daman	:	Daman Industrial Estate, Kadaiya Village, Daman - 396 210.
	Palsana	:	Block No. 18-A, 15, Makhinga, Palsana, Surat, Gujarat - 394 315
	Roorkee	:	Khasara No. 216, Village Raipur, Pargana : Bhagwanpur,Tehsil : Roorkee, Distt. Haridwar, Uttarakhand - 247 667
11	Share Transfer System	:	Transfers of equity shares in electronic form are affected through thedepositories with no involvement of the Company. Mr. Himanshu MhatreCompany Secretary and Compliance Officer is empowered to approvetransfers, in addition to the powers with the Members of theStakeholders Relationship Committee.

Stock Market Data : Monthly High/Low price of the Equity Shares of the Company during the Financial Year 2020-21 with the volume traded on BSE & NSE.

Month		BSE Ltd		National Stock Exchange of India Ltd
	High (`)	Low (`)	Volume	High (`)	Low (`)	Volume
Apr-2020	158.10	109.05	18508	158.75	110.00	322743
May-2020	170.00	124.75	52948	167.95	123.60	689762
Jun-2020	190.95	151.45	49686	191.00	152.00	625135
Jul-2020	177.55	155.05	25765	179.50	155.30	285958
Aug-2020	194.75	156.20	97933	199.00	157.15	541696
Sep-2020	214.90	175.20	94038	214.45	176.90	471056
Oct-2020	220.00	182.95	67518	220.00	182.00	392807
Nov-2020	270.00	198.50	116422	271.00	198.35	1167103
Dec-2020	280.40	225.25	46993	280.55	220.60	553405
Jan-2021	272.00	234.00	75652	271.85	232.90	547938
Feb-2021	260.00	230.15	23715	252.00	230.00	144857
Mar-2021	263.30	221.10	453334	264.40	221.00	814054

Performance of Share price of your Company in comparison to BSE Sensex for the Financial Year is presented on inside front cover page.

st Distribution of Shareholding as on 31 March, 2021

Number of EquityShares	Number ofShareholders	% ofShareholders	Number ofShares	% of Shares
Upto-100	4153	39.55	167509	0.65
101-200	1165	11.09	206889	0.80
201-500	3379	32.18	1236124	4.76
501-1000	861	8.20	665098	2.56
1001-5000	763	7.27	1638671	6.30
5001-10000	82	0.78	601415	2.30
10001-100000	83	0.79	2580333	9.93
100001 & Above	15	0.14	18893161	72.70
TOTAL	10501	100.00	25989200	100.00

st Category of Shareholders as on 31 March, 2021

Sr.	Category	No. of Shares	% ofShareholding	No. ofShareholders	% ofShareholders

1.	Promoters	16627890	63.98	10	0.09
2.	Banks & Mutual Funds	859	0.00	1	0.01
3.	Private Corporate Bodies	350744	1.35	94	0.90
4.	NRIs & FFI	987477	3.80	179	1.70
5.	Indian Public & Others	8022230	30.87	10,217	97.30
	TOTAL	25989200	100.00	10,501	100.00

Reconciliation of Share Capital Audit Report :

A qualified practicing Company Secretary conducts the Share Capital Reconciliation Audit to reconcile the total admitted capital with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) and the total issued and listed capital. The Share Capital Reconciliation Audit Report confirms that the total issued/paid up capital is in agreement with the total number of shares in physical form and the total number of dematerialized shares held with NSDL and CDSL. The said report is submitted to the BSE Limited and National Stock Exchange of India Limited and is also placed before the Board of Directors on a quarterly basis.

Mode of Holding	No. of Shareholders	% of Shareholders	Number of Shares	% of Shares
Physical	1,170	11.14	11,80,632	4.54
Electronic	9,331	88.86	248,08,568	95.46
TOTAL	10,501	100.00	259,89,200	100.00

11. OTHER DISCLOSURES

a. CEO/CFO Certification : The Managing Director and Chief Financial Officer (CFO) have issued certificate pursuant to the provisions of Regulation 17(8) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 certifying that the financial statements do not contain any materially untrue statement and these statements represent a true and fair view of the Company's affairs. The said certificate is annexed to this Report.
b. Compliance with Corporate Governance Requirements : The Company is fully compliant with the Corporate Governance requirements as specified by Regulation 17 to 27 and clauses (b) to (i) of Sub-Regulation (2) of Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
c. Disclosures regarding Materially Significant Related Party Transactions : All transactions with related parties were in the ordinary course of business and at arm's length. The Company has not entered into any transaction of a material nature with any of the related parties. Particulars of the Related Party Transactions have been disclosed in Note No. 39 of the accounts.
d. Credit Ratings : During the year, credit rating agency CRISIL has reaffirmed CRISIL A + / Stable (Long Term Rating) and CRISIL A1 (Short Term Rating) ratings to the Bank loan facilities availed by the Company.
e. Familiarisation Programme for Independent Directors : The Company has a detailed familiarization programme for Independent Directors the details of which are available on weblink http://www.plastiblends.com/Upload/ PolicyOtherDoc/PLASTIBLENDS-FAMILIARISATION%20PROGRAMME.pdf
f. Policy on Material Subsidiary : The Company has formulated a policy on determination of Material subsidiary and the same is available on weblink http:// www.plastiblends.com / Upload/PolicyOtherDoc / PBI-POLICY-ON-DETERMINING- MATERIAL-SUBSIDIARIES.pdf

g. Disclosure regarding certain Non-Compliances related to Capital Markets :

The details of non-compliances, penalties, strictures imposed during last three years are as under :

Financial year	Authority	Particulars	Amt of fine	Remarks
2018-19	BSE and NSE	Delay in submission ofInvestors grievance report	`18,800/- by BSE and<br>` 8260/- by NSE	Paid by the Company
2020-21	BSE and NSE	Delay in appointment ofwoman independent Director	` 5,25,000 by bothBSE and NSE	Waived by NSE andBSE response awaited
	BSEDelay in redressal ofinvestors grievance		` 2,360	Waiver applied to BSEand response awaited

h. Whistle Blower Policy : The Board of Directors have framed Whistle Blower Policy for the Directors and employees. The policy has been disclosed on the website of the Company.

i. Compliance of mandatory and non-mandatory requirements : Certificate from the auditors of the Company confirming compliance with the mandatory requirements under Schedule V(E) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed to this report.
j. A certificate from a Company Secretary in practice that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as Directors of Companies by the Board/Ministry of Corporate Affairs or any such statutory authority : The Certificate of Company Secretary in practice is annexed herewith as a part of the report.
k. Accounting treatment in preparation of Financial Statements : The Financial Statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 and other relevant provisions of the Act.
l. Confirmation by the Board of Directors regarding acceptance of recommendation of all Committees : In terms of the amendments made to the Listing Regulations, the Board of Directors confirm that during the year, it has accepted all recommendations received from all its Committees.
m. Fees paid to Statutory Auditor : Details of fees paid by the Company for all services to M/s. Kirtane & Pandit LLP, Statutory Auditors are disclosed in note no. 43 to the financial statements.
n. Details of use of Public Funds obtained in last three years : No funds have been raised from public in last three years.
o. Dematerialization of Shares : 95.46 % of the equity shares of the Company have been dematerialized (NSDL 80.96% and CDSL 14.50%) as on March 31, 2021. The Company has entered into agreements with National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby shareholders have an option to dematerialise their shares with either of the Depositories.
p. Outstanding GDRs/ADRs/Warrants or any Convertible : There are no outstanding instruments and hence Instruments, its date of conversion and likely impact on there will be no dilution of the equity.
q. Commodity price risk or foreign exchange risk and hedging activities : The Company purchases a variety of commodities related to raw materials and finished products and the associated commodity price risks is managed through commercial negotiation with customers and suppliers. The Company does not have any exposure hedged through Commodity derivatives.
r. Foreign exchange risk and hedging activities : During the year, the Company has managed foreign exchange risk and hedged to the extent considered necessary. Net open exposures are reviewed regularly and covered through forward contracts. The details of foreign currency exposure are disclosed in Note No. 47 to the Financial Statements.
s. Prevention, Prohibition and Redressal of Sexual Harassment at Workplace : The details of number of complaints filed and disposed of during the year and pending as on March 31, 2021 is given in the Directors' report.
t. Unclaimed Suspense Account : There were no shares in the demat suspense account or unclaimed suspense account during the Financial Year 2020-21.
u. Transfer of Shares to Investor Education and Protection Fund (IEPF) : During the year under review, the Company has transferred requisite applicable Equity shares belonging to those shareholders holding shares both in dematerialized form as well as physical form, who had not encashed their Dividend for a period of consecutive 7 years or more beginning from the Financial Year 2012-13 so as to comply with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and the amendments thereto.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

BUSINESS RESPONSIBILITY REPORT

Section A: General Information about the Company

1	CIN	L25200MH1991PLC059943
2	Name of the Company	Plastiblends India Limited
3	Registered Address	thFortune Terraces, A-Wing, 10 Floor, Opp. Citi Mall,New Link Road, Andheri (West), Mumbai - 400 053.
4	Website	www.plastiblends.com
5	Email	[email protected]
6	Financial Year of Report	2020-21
7	Sectors that the Company is engaged(Industry Activity Code wise)	Chemical NIC Code 20131 - Manufacture of Plasticin Primary forms
8	Key Product and services	Masterbatches
9	Locations where business activities areundertaken by the Company	The Company has plants situated at Daman, Roorkee,Uttarakhand and Palsana Gujarat The R&D Facility is situatedat Daman, Daman and Diu.
10	Markets served by the Company	The Company's products are sold in domestic as well asin International markets

Section B : Financial Details of the Company

1. Paid-up Capital : ` 1,299.46 Lacs
1. Total Turnover : ` 58,084.12 Lacs
1. Total Profit after Taxes : ` 3,734.71 Lacs
1. Total Spending on Corporate Social Responsibility (CSR) as percentage of profit after tax (%) : 1.57%
1. List of activities in which expenditure in 4 above has been incurred :
- (a) Education
- (b) Socio Economic Development of Trial's
- (c) Animal Welfare
- (d) Rural Development Projects

Section C : Other Details

Does the Company have any Subsidiary Company/Companies?

No.

Do the Subsidiary Company/Companies participate in the BR initiatives of the parent Company? If yes, then indicate the number of such subsidiary Company(s):

No.

Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with participate on the BR initiatives of the Company? If yes, then indicate the percentage of such entity/entities? [Less than 30%, 30%-60%, More than 60%]:

No.

Section D : Business Responsibility Information

Details of Director/Directors responsible for BR

(a) Details of the Director/Directors responsible for implementation of the BR policy/policies
- 1. DIN Number : 00015930
- 1. Name : Shri Satyanarayan G. Kabra
- 1. Designation : Chairman & Managing Director
(b) Details of the BR head

No. Particulars Details

1. DIN Number : 00015930
1. Name : Shri Satyanarayan G. Kabra
1. Designation : Chairman & Managing Director
1. Telephone number : +91 022-67205200
1. E-mail id : [email protected]

Business Responsibility Policies

At Plastiblends India Ltd, Business Responsibility is guided by India's 'National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business' which articulate nine principles as below :

Principle 1 (P1)	Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
Principle 2 (P2)	Businesses should provide goods and services that are safe and contribute to sustainabilitythroughout their life cycle.
Principle 3 (P3)	Businesses should promote the well-being of all employees.
Principle 4 (P4)	Businesses should respect the interests of and be responsive towards all stakeholders, especiallythose who are disadvantaged, vulnerable and marginalized.
Principle 5 (P5)	Businesses should respect and promote human rights.
Principle 6 (P6)	Businesses should respect, protect, and make efforts to restore the environment
Principle 7 (P7)	Businesses, when engaged in influencing public and regulatory policy, should do so in a responsiblemanner.
Principle 8 (P8)	Businesses should support inclusive growth and equitable development.
Principle 9 (P9)	Businesses should engage with and provide value to their customers and consume.

2. Principle-wise (as per NVGs^) BR policy/policies

(a) Details of compliance (Reply in Y/N)

Sr.No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
i	Do you have a policy/policies for each of the principles	Y	Y	Y	Y	Y	Y	Y	Y	Y
ii	Has the policy being formulated in Consultation with therelevant stakeholders?		The Company has formulated the policies and adoptedbest practices on its own. However, policies have beenformulated keeping in view the interest of the Stakeholders.
iii	Does the policy conform to any National / InternationalStandards? If yes, specify? (50 words)	Y	Y	Y	Y	Y	Y	Y	Y	Y
		The policies are based on the National VoluntaryGuidelines on Social, Environment and Economicresponsibilities of business issued by the Ministry ofCorporate Affairs, Government of India.
iv	Has the policy being approved by the Board? Is yes, hasit been signed by MD / owner/ CEO / appropriate BoardDirector?	Since all the policies are not required to be approved bythe Board, the approval of the Board has been obtained,where it is mandatory.

Sr.No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
v	Does the Company have a specified committee of theBoard/ Director/ Official to oversee the implementationof the policy?	Y	Y	Y	Y	Y	Y	Y	Y	Y
vi	Indicate the link for the policy to be viewed online?				and ii. Whistle Blower Policy etc.)				http://www.plastiblends.com (i. Code of Conduct
vii	Has the policy been formally communicated to allrelevant internal and external stakeholders?	The policies have been communicated to keyinternal stakeholders. External stakeholders arecommunicated to the extent applicable
viii	Does the Company have in-house structure toimplement the policy/ policies.	Y	Y	Y	Y	Y	Y	Y	Y	Y
ix	Does the Company have a grievance redressalmechanism related to the policy/ policies to addressstakeholders' grievances related to the policy/ policies?	Y	Y	Y	Y	Y	Y	Y	Y	Y
x	Has the Company carried out independent audit/evaluation of the working of this policy by an internalor external agency?	N	N	N	N	N	N	N	N	N
xi	National Voluntary Guidelines on Social, Environmental andEconomic Responsibilities of Business issued by theMinistry of Corporate Affairs in July 2011.	Y	Y	Y	Y	Y	Y	Y	Y	Y

(b) If answer to the question at serial number 1 against any principle, is 'No', please explain why: (Tick up to 2 options): Not Applicable

3. Governance related to BR

(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year :

The Board of Directors and its Committees meet quarterly and BR issues (if any) are discussed in respective meetings.

(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published?

This is the second Business Responsibility Report of the Company. This report can also be viewed on the Company's website www.plastiblends.com.

Section E : Principle-wise performance

Principle 1 : Ethics, Transparency and Accountability

1 Does the policy relating to ethics, bribery and corruption cover only the Company? Yes/No. Does it extend to the Group/Joint Ventures / Suppliers / Contractors / NGOs / Others?

The Company does not have a separate policy relating to ethics, bribery and corruption. However, the policy is embedded in the Company's Codes of Conduct (Code of Conduct for Employees, Code of Conduct for Directors and Senior Management and Supplier Code of Conduct), Whistle Blower Policy, HR policies and various HR practices.

How many stakeholder complaints have been received in the past Financial Year and what percentage was satisfactorily resolved by the management? If so, provide details thereof, in about 50 words or so.:

During the Financial Year 2020-21, the Company has not received any complaints related to ethics, bribery, and corruption. Company received 80 queries/complaints from the shareholders of the Company, mainly on account of non-receipt of annual report, non-receipt of dividend, non-receipt of share certificates, etc. during the Financial Year 2020-21, which were resolved during the year. No complaint was pending from previous Financial Year.

Principle 2 : Product Sustainability

List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or opportunities.

We strive to innovate and incorporate social and/or environmental concerns in all our products.

For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of production (optional) :

The Company has constantly putting the efforts towards improving resource efficiency, conservation of energy (electrical & thermal) and water and upkeep of equipment conditions. We are closely monitoring & working on improving/ reducing our raw materials, energy consumption, water consumption, resource efficiency and utilization of waste as fuel and which is reflecting on our footprint.

Does the Company have procedures in place for sustainable sourcing (including transportation)? If yes, what percentage of your inputs was sourced sustainably?

The Company has long standing business relations with regular vendors. The Company continues to receive sustained support from its vendors.

Has the Company taken any steps to procure goods and services from local & small producers, including communities surrounding their place of work? If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

The Company procures goods and avail services from local and small vendors, particularly those located around its manufacturing locations and from within the State. As a result of procurement of goods from local vendors, the Company saves on transportation as also on inventory carrying costs. The Company provides technical support and guidance to vendors in developing products wherever possible.

Does the Company have a mechanism to recycle products and waste? If yes what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%).

Yes. The Company has mechanism for recycling of product, solvents as well as waste. Majority part of total effluent generated is recycled or treated since the Company operates in a zero discharge zone. Domestic Effluent is treated in STPs and its outlet is 100% used for gardening in Company campus to reduce fresh water intake. In addition to inhouse facilities, the Company also works with selected companies which are authorised by regulatory authorities for using such waste as their inputs.

Principle 3 : Employees' Well-Being

1. Please indicate the Total number of employees: 479
1. Please indicate the Total number of employees hired on temporary/contractual/casual basis: 431
1. Please indicate the Number of permanent women employees: 17
1. Please indicate the Number of permanent employees with disabilities: 1
1. Do you have an employee association that is recognized by management: No
1. What percentage of your permanent employees is members of this recognized employee association? Not Applicable
1. Please indicate the Number of complaints related to child labour, forced labour, involuntary labour, sexual harassment in the last Financial Year and pending, as on the end of the Financial Year.

Sr.No.	Category	No of complaints filedduring the Financial Year	No of complaints pending as onend of the Financial Year
1	Child labour/ forced labour/ involuntary labour	Nil	Nil
2	Sexual harassment	Nil	Nil
3	Discriminatory employment	Nil	Nil

1. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
- (a) Permanent Employees : 100 %
- (b) Permanent Women Employees : 100 %
- (c) Casual/Temporary/Contractual Employees : 100 %
- (d) Employees with disabilities : 100 %

Principle 4 : Stakeholders Engagement

1. Has the Company mapped its internal and external stakeholders? Yes.
1. Out of above, has the Company identified the disadvantaged, vulnerable and marginalized stakeholders:

Not Applicable

Are there any special initiatives taken by the Company to engage with the disadvantaged, vulnerable and marginalized stakeholders.

Not Applicable

Principle 5 : Human Rights

Does the policy of the Company on human rights cover only the Company or extend to the Group/Joint Ventures/ Suppliers/Contractors/NGOs/Others?

The Company respects and promotes human rights of all relevant stakeholders and groups within and beyond the workplace, including those of the communities and consumers. The Company is committed to ensuring that people are treated with dignity and respect.

How many stakeholder complaints have been received in the past Financial Year and what percent was satisfactorily resolved by the management?

There were no complaints received regarding breach of human rights during the reporting period.

Principle 6 : Environment

Does the policy related to Principle 6 cover only the Company or extends to the Group/Joint Ventures/Suppliers/ Contractors/NGOs/others.

The Company's policy on environment covers the entire Company.

Does the Company have strategies/ initiatives to address global environmental issues such as climate change, global warming, etc.? Y/N. If yes, please give hyperlink for webpage etc.

Yes, the Company is committed to address environmental issues through energy conservation and efficient natural resource utilisation.

Does the Company identify and assess potential environmental risks?

Yes, the Company has mechanism to identify and assess potential risks in its units and surrounding areas.

Does the Company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50 words or so. Also, if yes, whether any environmental compliance report is filed?

No.

Has the Company undertaken any other initiatives on - clean technology, energy efficiency, renewable energy, etc. Y/N. If yes, please give hyperlink for webpage etc.

The Company has taken various initiatives on conservation of energy and technology absorption as mentioned in energy conservation before forming part of this report. Solar Power is one of the areas where the Company has invested for clean energy. http://www.plastiblends.com

Are the Emissions/Waste generated by the Company within the permissible limits given by CPCB/SPCB for the Financial Year being reported?

Yes.

Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end of Financial Year.

Nil.

Principle 7 : Advocacy

Is your Company a member of any trade and chamber of association? If Yes, Name only those major ones that your business deals with:

The Company is a member of various trade bodies and chamber of associations inter alia:-

(a) Federation of Indian Export Organisation
(b) Indian Chamber of Commerce
(d) PLEXCONCIL
1. Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No; if yes specify the broad areas (drop box: Governance and Administration, Economic Reforms, Inclusive Development Policies, Energy security, Water, Food Security, Sustainable Business Principles, Others)

Yes. The Company has advocated on various areas concerning economic reforms, best practices, new standards or regulatory development pertaining to plastic industry through the associations, from time to time.

Principle 8 : Community Development

Does the Company have specified programmes/initiatives/projects in pursuit of the policy related to Principle 8? If yes details thereof.

Company has been proactively carrying out various community development activities since more than ten years. Company has promoted various Non - Profit Organisations focusing on three major areas - Education, Healthcare and Rural Development. The details are mentioned in annual report on CSR activities forming part of this report.

Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government structures/ any other organization?

The Company undertakes programmes/projects directly/through various Non - Profit Organisations.

1. Have you done any impact assessment of your initiative? Yes.
1. What is your Company's direct contribution to community development projects Amount in INR and the details of the projects undertaken:

The details are mentioned in annual report on CSR activities forming part of this report.

Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please explain in 50 words, or so.

The Company takes feedback from the beneficiaries of CSR activities undertaken.

Principle 9 : Customer Value

1. What percentage of customer complaints/consumer cases are pending as on the end of Financial Year. Nil.
1. Does the Company display product information on the product label, over and above what is mandated as per local laws? Yes/No/N.A./Remarks (additional information):

No. The Company follows all legal statues with respect to product labelling and displaying of product information.

Is there any case filed by any stakeholder against the Company regarding unfair trade practices, irresponsible advertising and/or anti-competitive behaviour during the last five years and pending as on end of Financial Year. If so, provide details thereof, in about 50 words or so.

No.

Did your Company carry out any consumer survey/ consumer satisfaction trends? Yes.

For and on behalf of the Board

Place : Mumbai Satyanarayan G. Kabra Date : May 20, 2021 Chairman & Managing Director (DIN : 00015930)

SECRETARIAL AUDIT REPORT

st FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2021

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members,

PLASTIBLENDS INDIA LIMITED

CIN: L25200MH1991PLC059943

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Plastiblends India Limited (hereinafter called "the Company"). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has, during the audit period covering the Financial Year ended st on 31 March, 2021 complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the st Financial Year ended on 31 March, 2021 according to the provisions of:

I. The Companies Act, 2013 (the Act) and the Rules made thereunder;
ii. The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder;
iii. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
iv. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment. The Company does not have Overseas Direct Investment and External Commercial Borrowings;
v. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):
- a. The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
- b. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
- c. The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018#;
- d. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014#;
- e. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008#;
- f. The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client#;
- g. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009#; and
- h. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018#;
- The Regulations or Guidelines, as the case may be were not applicable for the period under review.

We have also examined compliance with the applicable clauses of:

I. Secretarial Standards issued by The Institute of Company Secretaries of India and
ii. The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above, to the extent applicable. The Company had an obligation to spend 87.12 Lacs towards Corporate st Social Responsibility for the Financial Year ended 31 March, 2021, out of which an unspent amount of 28.53 Lacs was offset st against the excess amount of ` 97.19 Lacs spent during the Financial Year ended 31 March, 2020 towards the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) to combat the emergency situation caused by th st COVID-19 pandemic pursuant to an appeal made by Government of India vide letter dated 30 March, 2020 and e-mail dated 31 March, 2020.

We further report that -

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act. The Company has appointed an Independent Woman Director on

th 29 June, 2020 as required under regulation 17(1) of Listing Regulations. Further, two Independent Directors are yet to register their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Adequate notice was given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance for meetings other than those held at shorter notice and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

During the period under review, decisions were carried through unanimously and no dissenting views were observed, while reviewing the minutes.

We further report that there are adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, there were no events/actions, having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards etc. This report is to be read with our letter of even date which is annexed as Annexure 'A' and forms an integral part of this report.

For Bhandari & Associates Company Secretaries Firm Registration No: P1981MH043700

Place : Mumbai S. N. Bhandari Date : May 20, 2021 Partner FCS No.: 761; C P No.: 366 ICSI UDIN : F000761C000344368

This report is to be read with our letter of even date which is annexed as Annexure 'A' and forms an integral part of this report.

Annexure 'A'

To, The Members, PLASTIBLENDS INDIA LIMITED CIN: L25200MH1991PLC059943

st Our Secretarial Audit Report for the Financial Year ended on 31 March, 2021 of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
1. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in Secretarial records. We believe that the processes and practices, we follow provide a reasonable basis for our opinion.
1. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
1. Wherever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
1. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on test basis.
1. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Bhandari & Associates Company Secretaries Firm Registration No: P1981MH043700

Place : Mumbai S. N. Bhandari Date : May 20, 2021 Partner FCS No.: 761; C P No.: 366 ICSI UDIN : F000761C000344368

Independent Auditor's Certificate on Compliance of conditions of Corporate Governance

To, The Members, Plastiblends India Limited,

1. We have examined the compliance of conditions of corporate governance by Plastiblends India Limited ('the Company') for the year ended March 31, 2021 as stipulated in Regulations 17 to 27 and Clauses (b) to (i) of Regulation 46(2) and Para C, D and E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('the Listing Regulations').
1. The compliance of conditions of Corporate Governance is the responsibility of the Management. This responsibility includes the design, implementation and maintenance of internal control and procedures to ensure compliance with the conditions of the Corporate Governance stipulated in the Listing Regulations.
1. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
1. We have examined the books of account and other relevant records and documents maintained by the Company for the purposes of providing reasonable assurance on the compliance with Corporate Governance requirements by the Company.
1. We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on Certification of Corporate Governance issued by the Institute of the Chartered Accountants of India (the ICAI), the Standards on Auditing specified under Section 143(10) of the Companies Act, 2013, in so far as applicable for the purpose of this certificate and as per the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the ICAI.
1. Based on our examination of the relevant records and according to the best of our information and explanations provided to us, we certify that the Company has complied with the conditions of regulations of Corporate Governance as stipulated in the above-mentioned Listing Regulations.
1. We were informed that due to Covid-19 restrictions the Company was not able to appoint Independent Women Director st th for 89 Days (Starting from 1 April 2020 to 28 June 2020) resulting in Non-compliance with the provisions of Regulation th 17(1) of SEBI (LODR) Regulations, 2015. On 29 June 2020 the Independent Women director was duly appointed in the board meeting held on the same date.
1. We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the Management has conducted the affairs of the Company.
1. The certificate is issued solely for the purpose of complying with the aforesaid SEBI Listing Regulations and may not be suitable for any other purpose.

For Kirtane & Pandit LLP Chartered Accountants Firm Registration No.105215W/W100057

Parag Pansare Partner Place : Pune Membership No.: 117309 Date : May 20, 2021 UDIN : 21117309AAAAIS2300

INDEPENDENT AUDITOR'S REPORT

To The Members of Plastiblends India Limited

Report on the audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Plastiblends India Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information (hereinafter referred to as "the financial statements").

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, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, ("Ind AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2021, the profit and total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. 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 of Chartered Accountants of India (ICAI) together with the independence requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled 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 sufficient and appropriate to provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

	Sr. No. Key Audit Matter	How our audit addressed the key audit matter
1.	Contingent LiabilityThe Company has litigations of duties and taxesthat are pending with various tax authorities.Whether a liability is recognized or disclosed asa contingent liability in the financial statements isinherently judgmental and dependent onassumptions and assessments. We placedspecific focus on the judgements in respect tothese demands against the Company.Determining the amount, if any, to be recognizedor disclosed in the financial statements, isinherently subjective. Therefore, it is consideredto be a key audit matter. (Refer Note 33 tofinancial statements)	Our procedures included, but were not limited to, the following:•Obtained an understanding from the management withrespect to process and controls followed by the Companyfor identification and monitoring of significantdevelopments in relation to the litigations, includingcompleteness thereof.•Obtained the list of litigations from the management andreviewed their assessment of the likelihood of outflow ofeconomic resources being probable, possible or remote inrespect of the litigations.•Assessed management's discussions held with their legalconsultants and understanding precedents in similarcases;

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the other information. The other information comprises the Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Corporate Governance and Business Responsibility Report, but does not include the financial statements and our auditor's report thereon.

Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Corporate Governance and Shareholder's Information is expected to be made available to us after the date of this auditor's report, hence our opinion is based on the Financial Statements only.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

When we read Management Discussion and Analysis, Board's Report including Annexures to Board's Report, Corporate Governance and Business Responsibility Report, If we conclude that there is material misstatement therein, we are required to communicate the matter to those charged with governance.

Management's Responsibility for the Financial Statements

The Company's Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, total comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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 concern 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 Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on

whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by this Report are in agreement with the relevant books of account.
- d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
- e) On the basis of the written representations received from the directors as on March 31, 2021 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2021 from being appointed as a director in terms of Section 164 (2) of the Act.
- f) With respect to the adequacy of the internal financial 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 financial reporting.

With respect to the other matters to be included in the Auditor's Report in accordance with the requirements of section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

1. 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, as amended in our opinion and to the best of our information and according to the explanations given to us:
- i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements Refer Note 35 to the financial statements
- 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 transferred, to the Investor Education and Protection Fund by the Company.
1. 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 Kirtane & Pandit LLP Chartered Accountants Firm Registration No.105215W/W100057

Parag Pansare Partner Place : Pune Membership No.: 117309 Date : May 20, 2021 UDIN : 21117309AAAAIR8498

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under 'Report on Other Legal and Regulatory Requirements' section of our report to the Members of PLASTIBLENDS INDIA LIMITED of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub- section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Plastiblends India Limited ("the Company") as of March 31, 2021 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Management and Board of Directors of the Company are responsible for establishing and maintaining internal financial controls based on the internal control over financial 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 internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to respective company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting with reference to these financial statements 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 financial controls over financial 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 judgement, 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, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting with reference to these financial statements. Meaning of Internal Financial Controls Over Financial Reporting with reference to these financial statements

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company's internal financial control over financial 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 financial 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.

Limitations of Internal Financial Controls Over Financial Reporting with reference to these financial statements

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 error 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 compliance with the policies or procedures may deteriorate.

Opinion

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 financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based on the internal control over financial 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.

For Kirtane & Pandit LLP Chartered Accountants Firm Registration No.105215W/W100057

Parag Pansare

Partner Place : Pune Membership No.: 117309 Date : May 20, 2021 UDIN : 21117309AAAAIR8498

ANNEXURE 'B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 4 under 'Report on Other Legal and Regulatory Requirements' section of our report to the Members of PLASTIBLENDS INDIA LIMITED of even date)

i. In respect of the Company's property, plant and equipment:
- (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
- (b) The Company has a program of verification to cover all the items of fixed assets in a phased manner which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As explained to us, physical verification of Property, Plant and Equipment is completed during the year and Company is in the process of reconciliation. Accordingly, discrepancies, if any, during physical verification will be accounted for after reconciliation process is completed.
- (c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company.

In respect of immovable properties been taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company.

ii. As informed to us, the physical verification of inventory has been conducted by the management at reasonable intervals. The discrepancies noticed on physical verification of Inventory as compared to the book records have been properly dealt with in the Books of Account.
iii. According to the information given to us the Company has not granted any loans, secured or unsecured, to Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act. Accordingly, paragraph 3(iii) of the Order is not applicable.
iv. In our opinion and according to information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect investments made. Further the Company has not granted any loans, given any guarantee or security in connection with a loan to a director or any other person in whom any of the director of the Company is interested.
v. In our opinion and according to the information and explanations given to us, the Company has complied with the directives of the Reserve Bank of India and the provision of Sections 73 to 76 of the Companies Act 2013, and the rules framed there under, wherever applicable. As informed to us, no order has been passed against the Company, by the Company Law Board, the National Company Law Tribunal, RBI, or any court or any tribunal.
vi. The Central Government has specified maintenance of cost records under Sub-Section (1) of Section 148 of the Act and we are of the opinion that prima facie such records are made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. According to the information and explanations given to us, in respect of statutory dues:
- (a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees' State Insurance, Income Tax, Goods and Services Tax, Customs Duty, Cess and other material statutory dues applicable to it with the appropriate authorities.

There were no undisputed amounts payable in respect of Provident Fund, Employees' State Insurance, Income Tax, Goods and Services Tax, Customs Duty, Cess and other material statutory dues in arrears as at March 31, 2021 for a period of more than six months from the date they became payable.

(b) Details of dues of Income Tax, Sales Tax, Service Tax, Excise Duty and Value Added Tax which have not been deposited as at March 31, 2021 on account of dispute are given below:

	Sr No. Name of theStatute	Nature of theDues	Amount(` in Lakhs)*	Period(s) to which theamount relates(Variousyear covering the period)	Forum where suchdispute is pending
1	Finance Act 1994	Service TaxCredit Disallowance	12.82	2012-13 to 2015-16	AdditionalCommissioner, Vapi
2	Finance Act 1994	Service TaxCredit Disallowance	145.83	2008-09 to 2014-15	Joint Commissioner,Vapi

	Sr No. Name of theStatute	Nature of theDues	Amount(` in Lakhs)*	Period(s) to which theamount relates(Variousyear covering the period)	Forum where suchdispute is pending
3	Finance Act 1994	Service TaxCredit Disallowance	1147.15	2004-05 to 2015-16	Commissioner, Vapi
4	Finance Act 1994Credit Disallowance	Service Tax	3.13	2013-14	Deputy Commissioner, Daman
5	Finance Act 1994	Service TaxCredit Disallowance	3.63	2015-16	Superintendent,Daman
6	Finance Act 1994	Service TaxCredit Disallowance	5.14	2010-11 to 2012-13	Tribunal, Ahmedabad
7	Central SalesTax Act, 1956	CST Liability	28.49	2016-17 to 2017-18	Asst. CommissionerSales Tax, Surat
8	Central SalesTax Act, 1956	VAT CreditDisallowance	1.55	2017-18	Asst. CommissionerSales Tax, Surat
9	Central ExciseAct,1944	Excise CreditDisallowance	18.87	2013-14	Asst. Commissioner,Roorkee

viii. In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks, financial institutions. Further the Company did not have any outstanding loans or borrowings from government and there are no dues to debenture holders during the year.

ix. In our opinion and according to the information and explanations given to us, the term loans taken by the Company have been applied for the purpose for which they were raised. The Company had not raised money by way of further public offer (including debt instruments) during the year.
x. According to the information and explanations given to us, no fraud by the Company or on the Company by its officers or employees has been noticed or reported during the year.
xi. In our opinion and according to the information and explanations given to us, the Company has paid/provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.
xii. The Company is not a Nidhi Company and hence reporting under paragraph 3 (xii) of the Order is not applicable to the Company.
xiii. In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 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 as required by the applicable Indian accounting standards.
xiv. 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 paragraph 3(xiv) of the Order is not applicable to the Company.
xv. 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 persons connected with him. Accordingly, paragraph 3(xv) of the Order is not applicable.
xvi. According to the information given to us the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

For Kirtane & Pandit LLP Chartered Accountants Firm Registration No.105215W/W100057

Parag Pansare Partner Place : Pune Membership No.: 117309 Date : May 20, 2021 UDIN : 21117309AAAAIR8498

ST BALANCE SHEET AS AT 31 , 2021 MARCH

(` in Lacs)

Particulars	Note	As atst 31March, 2021	As atst 31 March, 2020
ASSETS
Non Current Assets
Property Plant and Equipment	2	17,709.10	17,796.09
Investment Properties	2(a)	211.17	214.92
Capital Work in Progress	2	900.34	263.34
Intangible Assets	2	15.57	13.34
Financial Assets
Investments (Non Current)	3	1,495.97	389.80
Loans	4	6.30	1.50
Other Non Current Financial Assets	5	347.09	352.76
Total Non Current Assets		20,685.54	19,031.75
Current Assets
Inventories	6	12,397.82	9,858.84
Financial Assets
Current Investments	7	700.00	-
Trade Receivables	8	9,538.45	10,112.35
Cash and Cash Equivalents	9	194.94	50.17
Bank Balances other than Cash and Cash Equivalents	10	94.79	72.59
Loans	11	41.71	37.11
Other Current Financial Assets	12	65.29	31.68
Other Current Assets	13	1,561.19	1,217.72
Current Tax Assets (Net)	14	-	476.78
Total Current Assets		24,594.21	21,857.24
TOTAL		45,279.75	40,889.00
EQUITY AND LIABILITIES
EQUITY
Equity Share Capital	15	1,299.46	1,299.46
Other Equity	16	31,711.48	26,790.25
Total Equity		33,010.94	28,089.71
LIABILITIES
Non-Current Liabilities
Financial Liabilities
Borrowings	17	-	925.00
Other Non Current Financial Liabilities	18	1,596.80	1,785.79
Provisions	19	290.59	224.51
Deferred Tax Liabilites (Net)	20	1,210.70	1,148.69
Other Non-Current Liabilities	21	38.29	42.54
Total Non Current Liabilities		3,136.38	4,126.53
Current Liabilities
Financial Liabilities
Borrowings	22	3,190.73	3,111.16
Trade Payable	23	2,557.15	1,979.42
Other Current Financial Liabilities	24	330.37	1,083.06
Other Current Liabilities	25	2,963.42	2,353.27
Provisions	26	37.93	145.84
Current Tax Liabilities (Net)	27	52.83	-
Total Current Liabilities		9,132.44	8,672.75
TOTAL		45,279.75	40,889.00

Significant Accounting Policies 1

The accompanying Notes referred form an integral part of the Financial Statements.

Parag Pansare Partner M.No. 117309

Regn No. 105215W / W100057 Smt Jyoti V. Kabra Shri. Pushp Raj Singhvi Shri Sudarshan K. Parab (Director) (Independent Director) (Independent Director) Shri Bajrang Lal Bagra Shri Rahul R. Rathi Meena S. Agrawal

For Kirtane & Pandit LLP. Shri Shreevallabh G. Kabra Shri Satyanarayan G. Kabra Shri Varun S. Kabra Chartered Accountants (Director) (Chairman & Managing Director) (Vice-Chairman & Managing Director)

(Independent Director) (Independent Director) (Independent Director)

Date : May 20, 2021 Date : May 20, 2021 (Chief Financial Officer) (Company Secretary)

In terms of our report attached For and on behalf of the Board

Place: Pune Place : Mumbai Shri Anand R. Mundra Shri Himanshu S. Mhatre

58 Plastiblends India Limited

			(` in Lacs)
Particulars	Note	Year endedst 31 March, 2021	Year endedst31 March, 2020
INCOME
Revenue from Operations	28	57,733.49	60,587.24
Other Income	29	350.63	262.13
Total Revenue		58,084.12	60,849.37
EXPENSES
Cost of Raw Material consumed	30	38,864.42	43,489.95
Purchase of Stock In Trade		4.62	44.20
Changes in Inventories of FG & WIP	31	887.52	(840.31)
Employee Benefit Expenses	32	3,133.49	3,072.91
Finance Cost	33	301.68	148.22
Depreciation and Amortisation	2 & 2(a)	1,587.29	1,705.01
Other Expenses	34	7,985.86	8,075.82
Total Expenses		52,764.88	55,695.79
Profit/(Loss) before Tax		5,319.24	5,153.58
Less: Tax Expenses
Current Tax		1,402.79	1,434.38
Deferred Tax		38.06	53.54
Income tax adjustment for earlier years		143.69	(51.88)
Profit/(Loss) after Tax for the year		3,734.71	3,717.54
Other Comprehensive Income
A(i) Items that will not be reclassified to profit & Loss
- Remeasurement of defined benefit plan		95.18	(137.23)
- Net loss or gain FVTOCI assets		1,115.30	(358.67)
(ii) Income Tax Relating to Items that will not be reclassified toProfit & Loss		(23.95)	34.54
Total Other Comprehensive Income for the year		1,186.52	(461.36)
Total Comprehensive Income for the year		4,921.23	3,256.18
Earning Per Equity Share (Face value of `5 each) (in`)	42	14.37	14.30

STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED ST 31 MARCH, 2021

Significant Accounting Policies 1

The accompanying Notes referred form an integral part of the Financial Statements.

For Kirtane & Pandit LLP. Shri Shreevallabh G. Kabra Shri Satyanarayan G. Kabra Shri Varun S. Kabra Chartered Accountants (Director) (Chairman & Managing Director) (Vice-Chairman & Managing Director)

Parag Pansare Partner M.No. 117309

Regn No. 105215W / W100057 Smt Jyoti V. Kabra Shri. Pushp Raj Singhvi Shri Sudarshan K. Parab

(Director) (Independent Director) (Independent Director)

(Independent Director) (Independent Director) (Independent Director)

Place: Pune Place : Mumbai Shri Anand R. Mundra Shri Himanshu S. Mhatre Date : May 20, 2021 Date : May 20, 2021 (Chief Financial Officer) (Company Secretary)

In terms of our report attached For and on behalf of the Board

Shri Bajrang Lal Bagra Shri Rahul R. Rathi Meena S. Agrawal

CASH FLOW STATEMENT FOR THE YEAR ENDED ST 31 MARCH, 2021

(` in Lacs)

Particulars	Year ended	Year ended
	st 31 March, 2021	st31 March, 2020
A. CASH FLOW FROM OPERATING ACTIVITIES
Net Profit / (Loss) before extraordinary items and tax	5,319.24	5,153.58
Adjustments for:
Depreciation and amortisation	1,587.29	1,705.01

Exchange rate (gain)/loss	(241.79)	-
Interest income	(23.96)	(14.02)
Rent received	(50.73)	(16.37)
Provision for doubtful trade and other receivables	70.53	135.00
Other provisions written back	(5.30)	-
(Gain) / Loss on Sale of Fixed Assets	(2.77)	-
Finance cost	301.68	148.22
Loss / (Gain) on sale of investment	(2.87)
Dividend Income	-	(12.41)
Provision for inventories	181.85	-
(Gain)/Loss on Fair Valuation of Investments	9.12	(3.68)
	1,823.05	1,941.74
Operating profit / (loss) before working capital changes	7,142.29	7,095.32
Changes in working capital:
(Increase) / Decrease in inventories	(2,538.99)	(1,819.03)

(Increase) / Decrease in trade receivables	573.90	2,999.07
(Increase) / Decrease in current loans	(4.60)	0.69
(Increase) / Decrease in other current financial asset	(33.61)	55.66
(Increase) / Decrease in other current assets	(343.48)	(346.99)
(Increase) / Decrease in non-current loans	(4.80)	(1.50)
(Increase) / Decrease in other non-current financial assets	5.67	36.76
Increase / (Decrease) in trade payables	577.74	409.95
Increase / (Decrease) in other current liabilities	610.15	532.55
Increase / (Decrease) in other non-current financial liabilities	(145.00)	(175.33)
Increase / (Decrease)in short-term provision	(107.91)	(41.04)
Increase / (Decrease)in other non current liabilities	(4.25)	(4.27)
Increase / (Decrease)in long-term provision	66.09	92.02
Cash generated from operations	(1,349.09)	1,738.52
Net income tax (paid) / refunds	(978.81)	(1,394.91)
Net cash flow from / (used in) operating activities	4,814.40	7,438.94

B. CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditure on property plant and equipment	(2,101.29)	(2,065.67)
Gain / (Loss) on sale of assets	2.77	-
Gain / (Loss) on sale of investments	2.87	-
Increase in currrent investments	(700.00)	-
Interest received	23.96	14.02
Rent received	50.73	16.37
Dividend Received	-	12.41
Deferment of Government Subsidy	4.25	-
Increase/(Decrease)in non current investments	(9.12)	-
Net cash flow from / (used in) investing activities	(2,725.83)	(2,022.87)
C. CASH FLOW FROM FINANCING ACTIVITIES
Finance costs (including interest portion of lease liability as per Ind AS 116)	(301.68)	(148.22)
Decrease in Current Maturity of Long Term Borrowing	(800.00)	(800.00)
Increase / Decrease in long term borrowings	(925.00)	-

Borrowings / (Repayment) (Net) short term	79.56	(2,142.54)
Principal portion of lease liability	(18.88)	(343.33)
Dividends including dividend distribution tax	22.20	(2,033.02)
Net cash flow from / (used in) financing activities	(1,943.79)	(5,467.09)
Net increase / (decrease) in Cash and cash equivalents	144.78	(51.03)
Cash and cash equivalents at the beginning of the year	50.17	101.21
Cash and cash equivalents at the end of the year	194.94	50.17
Components of cash and cash equivalents
Cash on hand	1.20	2.05
Balances with banks in current accounts	193.75	48.12
	194.94	50.17

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED ST 31 MARCH, 2021

A. Equity Share Capital

For the year ended March 31, 2021		(` in Lacs)
Balance as at April 01, 2020	Changes in Equity Share Capitalduring the year	Balance as at March 31, 2021
1,299.46	-	1,299.46
For the year ended March 31, 2020		(` in Lacs)
Balance as at April 01, 2019	Changes in Equity Share Capitalduring the year	Balance as at March 31, 2020
1,299.46	-	1,299.46

B. Other Equity

For the year ended March 31, 2020 (` in Lacs)

Particulars			Reserves & Surplus		Total
	CapitalReserve	GeneralReserve	RetainedEarnings	OCI EquityInstrument	Equity
Balance as at April 01, 2019	30.23	3,656.22	21,205.81	678.35	25,570.61
Profit for the year	-	-	3,717.54	-	3,717.54
Transfer (to) / from Retained Earnings	-	-	-	-	-
Remeasurement gain/(loss) on Defined Benefit Plan (Net of Tax)	-	-	(102.69)	-	(102.69)
Other Comprehensive Income/(Loss) for the year	-	-	-	(358.67)	(358.67)
Dividends (Including Dividend Distribution Tax)	-	-	(2,036.54)	-	(2,036.54)
Issue of Bonus Shares	-	-	-	-	-
Balance as at March 31, 2020	30.23	3,656.22	22,784.12	319.68	26,790.25

For the year ended March 31, 2021 (` in Lacs)

Particulars			Reserves & Surplus		Total
	CapitalReserve	GeneralReserve	RetainedEarnings	OCI EquityInstrument	Equity
Balance as at April 01, 2020	30.23	3,656.22	22,784.12	319.68	26,790.25
Profit for the year	-	-	3,734.71	-	3,734.71
Transfer (to) / from Retained Earnings	-	-	-	-	-
Remeasurement gain/(loss) on Defined Benefit Plan (Net of Tax)	-	-	71.22	-	71.22
Other Comprehensive Income/(Loss) for the year	-	-	-	1,115.30	1,115.30
Dividends (Including Dividend Distribution Tax)	-	-	-	-	-
Issue of Bonus Shares	-	-	-	-	-
Balance as at Mar 31, 2021	30.23	3,656.22	26,590.05	1,434.98	31,711.48

The description of the nature and purpose of each reserve within equity is as follows :

a. Capital Reserve:

Comprise of Central Capital Investment Subsidy received for setting up manufacturing plant at Roorkee.

b. General Reserve:

The Company has earlier transferred a portion of the net profit of the Company before declaring the dividend to General Reserve pursuant to the earlier provisions of the Companies Act, 1956. Mandatory transfer to General Reserve is not required under the Act.

Significant Accounting Policies 1

The accompanying Notes referred form an integral part of the Financial Statements.

In terms of our report attached For and on behalf of the Board For Kirtane & Pandit LLP. Shri Shreevallabh G. Kabra Shri Satyanarayan G. Kabra Shri Varun S. Kabra Chartered Accountants (Director) (Chairman & Managing Director) (Vice-Chairman & Managing Director) Regn No. 105215W / W100057 Smt Jyoti V. Kabra Shri. Pushp Raj Singhvi Shri Sudarshan K. Parab (Director) (Independent Director) (Independent Director) Shri Bajrang Lal Bagra Shri Rahul R. Rathi Meena S. Agrawal (Independent Director) (Independent Director) (Independent Director) Place: Pune Place : Mumbai Shri Anand R. Mundra Shri Himanshu S. Mhatre Date : May 20, 2021 Date : May 20, 2021 (Chief Financial Officer) (Company Secretary) Parag Pansare Partner M.No. 117309

NOTES FORMING PART OF THE STANDALONE FINANCIAL STATEMENTS

Note 1 (A): Company Overview and Significant Accounting Policies

Company Overview :

Plastiblends India Limited (hereinafter referred to as "the Company") is a Public Limited Company incorporated under the Companies Act, 1956, having its registered office at Mumbai, India. The Company has manufacturing facilities at Daman (UT), Roorkee (Uttarakhand) and Palsana (Surat-Gujrat). The Company is engaged into manufacturing of Masterbatches.

Significant Accounting Policies :

a) Statement of Compliance :

These financial statements are prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time, the relevant provisions of the Companies Act, 2013 (the Act) and guidelines issued by the Securities and Exchange Board of India (SEBI), as applicable.

The financial statements were authorized for issue by the Board of Directors of the Company at their meeting held on th 20 May, 2021.

b) Basis of preparation of Accounts :

Basis of Preparation :

The financial statements have been prepared on a historical cost basis, except for the following assets and liabilities:

i. Certain financial assets and liabilities measured at fair value and classified as fair value through other comprehensive income or fair value through profit or loss ; and
ii. Employee's Defined Benefit Plan as per Actuarial Valuation.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions, regardless of whether that price is directly observable or estimated using another valuation technique. In determining the fair market value of an asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement data.

Functional and Presentation Currency :

The financial statements are presented in Indian Rupees, which is the functional currency of the Company and the currency of the primary economic environment in which the Company operates. All amounts have been rounded off to the nearest Lakh except share data, unless otherwise indicated.

Classification of Assets and Liabilities into Current/Non-Current :

The Company has ascertained its operating cycle as twelve months for the purpose of Current/ Non-Current classification of its Assets and Liabilities.

For the purpose of Balance Sheet, an asset is classified as current if:

i. It is expected to be realised, or is intended to be sold or consumed, in the normal operating cycle; or
ii. It is held primarily for the purpose of trading; or
iii. It is expected to realise the asset within twelve months after the reporting period; or
iv. The asset is a cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period.

All other assets are classified as non-current.

Similarly, a liability is classified as current if :

i. It is expected to be settled in the normal operating cycle; or
ii. It is held primarily for the purpose of trading; or
iii. It is due to be settled within twelve months after the reporting period; or
iv. The Company does not have an unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. Terms of a liability that could result in its settlement by the issue of equity instruments at the option of the counterparty does not affect this classification.

All other liabilities are classified as non-current.

c) Investment property :

Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment properties are stated at cost less accumulated depreciation and accumulated impairment losses, if any. The cost includes the cost of replacing parts and borrowing costs for long term construction projects if the recognition criteria are met. When significant parts of the property are required to be replaced at intervals, the Company deprecates them separately based on their specific useful lives.

Subsequent expenditure is capitalized to the assets carrying amount only when it is certain that the future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance and other costs are expensed when incurred.

Investment properties are de-recognized either when they have been disposed off or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in the statement of profit and loss in the period of derecognition

d) Property, Plant and Equipment (PPE) :

PPE is stated at cost less accumulated depreciation. The initial cost of PPE comprises of its purchase price, including import duties and non-refundable purchase taxes and any directly attributable costs of bringing an asset to working condition and location for its intended use, including relevant borrowing costs and any expected costs of decommissioning,

Subsequent expenditure relating to PPE are capitalised only when it is probable that future economic associated with these will flow to the Company and cost of the item can be measured realibly. Repairs and maintenance cost are charged to the Statement of Profit and Loss in the period in which the costs are incurred.

Material items such as spare parts, stand-by equipment and service equipment are classified as PPE when they meet the definition of PPE as specified in Ind AS 16 - Property, Plant and Equipment.

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognised.

e) Capital Work in Progress :

Advances paid towards acquisition of PPE outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and cost of the assets not put to use before such date are disclosed under Capital Work in Progress.

f) Depreciation :

Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values over their estimated useful lives using the straight-line method and is generally recognized in the Statement of Profit and Loss. Freehold land is not depreciated.

The estimated useful life of items of property, plant and equipment are as follows: (work under process)

Asset Category	Useful Life
Building	30 to 60 Years
Plant and Equipment	05 to 15 Years
Solar Power Generation System	25 Years
Office Equipment	05 Years
Furniture and Fixture	10 Years
Computer & Data Processing Units	03 to 06 Years
Vehicles	08 to 10 Years

Depreciation on additions (disposals) is provided on a pro-rata basis i.e. from (up to) the date/month on which asset is ready for use (disposed of).

g) Reclassification to investment property :

When the use of a property changes from owner-occupies to investment property, the property is reclassified as investment property at its carrying amount on the date of reclassification.

h) Intangible Assets and Amortization :

Intangible assets with finite useful life that are acquired separately are stated at acquisition cost less accumulated amortisation and impairment losses, if any. The Company determines the useful life as the period over which the future economic benefits will flow to the Company after taking into account all relevant facts and circumstances.

The Company has determined useful life of software as 3 years.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the net carrying amount of the asset and are recognised in the statement of profit and loss when the asset is derecognised.

Research and development costs

Expenditure pertaining to research is expensed as incurred. Expenditure incurred on development is capitalised if such expenditure leads to creation of an asset, otherwise such expenditure is charged to the Statement of Profit and Loss.

i) Impairment of Non-Financial Assets :

Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less cost of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cashgenerating units).

j) Inventories :

Inventories are valued as follows:

Inventories are valued at Lower of Weighted Average cost or estimated net realisable value & are net of Goods and Service Tax (GST). Cost includes cost of conversion and other costs incurred in bringing the inventories at their present location and condition. Cost of conversion for the purpose of valuation of WIP and finished goods includes fixed and variable production overheads incurred in converting the material into their present condition and location.

Inventory of machinery spares and maintenance materials not being material are expensed in the year of purchase. However, machinery spares that meets the definition of property, plant and equipment are capitalized in the financial statements.

k) Borrowing Costs :

Borrowing cost includes interest, amortization of ancillary costs incurred in connection with the arrangement of borrowings. Borrowing costs directly attributable to the acquisition, construction or development of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the respective asset. All other borrowing costs are expensed in the year they occur.

l) Provisions, Contingent Liabilities and Contingent Assets :

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects current market assessment of time value of money and where appropriate, the risks specific to the liability. Unwinding of the discount is recognized in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.

Contingent liabilities are also disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company.

Claims against the Company where the possibility of any outflow of resources in settlement is remote, are not disclosed as contingent liabilities.

Contingent assets are not recognized in financial statements since this may result in the recognition of income that may never be realized. However, when the realization of income is virtually certain, then the related asset is not a contingent asset and is recognized.

m) Revenue Recognition :

Revenue from contract with customers

Revenue is recognized on the basis of approved contracts regarding the transfer of goods or services to a customer for an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

Revenue is measured at the fair value of consideration received or receivable for the goods supplied and services rendered, net of returns, discount to dealers and customers. Revenue excludes amount collected on behalf of third parties viz. Goods and Service Tax (GST). Any amount receivable from the customers are recognized as revenue after the control over the goods are transferred to the customer which is generally on dispatch of goods.

Variable consideration includes discounts provided to the dealers and customers. Accumulated experience is used to estimate and provide for the discounts and revenue is only recognized to the extent that it is highly probable that significant reversal will not occur.

The Company does not expect to have any contracts where the period between the transfer of goods and payment by customer exceeds one year. Hence, the Company does not adjust revenue for the time value of money.

Dividend Income

Dividends are recognised in the Statement of Profit and Loss only when the right to receive payment is established, it is probable that the economic benefits associated with the dividend will flow to the Company and the amount of the dividend can be measured reliably.

Interest Income

Interest Income is recognized using Effective Interest Method.

n) Lease :

Accounting policy applicable from April 1, 2019

The Company has applied Ind AS 116 Leases from the accounting periods beginning from April 1, 2019 using the modified retrospective approach.

At inception of a contract, the Company assesses whether a contract is or contains a lease. A contract is or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether:

1. the contract involves the use of an identified asset this may be specified explicitly or implicitly and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.
1. the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use; and
1. the Company has the right to direct the use of the asset. The Company has this right when it has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where the decision about how and for what purpose the asset is used is predetermined, the Company has the right to direct the use of the asset if either:
- a the Company has the right to operate the asset; or
- b the Company designed the asset in a way that predetermines how and for what purpose it will be used.

This policy is applied to contracts entered into or modified, on or after April 1, 2019. At inception or on reassessment of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

Company as a lessee

The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of use asset or the end of the lease term. The estimated useful lives of rightof-use assets are determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any and adjusted for certain remeasurements of the lease liability.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The lease liability is measured at amortized cost using the effective interest method.

Short-term leases and leases of low-value assets

The Company has elected not to recognize right-of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognizes the lease payments associated with these leases as an expense on a straight-line basis over the lease term.

Policy applicable before 1 April 2019

For contracts entered into before 1 April 2019, the Company determined whether the arrangement was or contained a lease based on the assessment of whether:

fulfilment of the arrangement was dependent on the use of a specific asset or assets;
the arrangement had conveyed a right to use the asset.

o) Government Grant :

Government grants are recognized where there is reasonable assurance that the grant will be received and all attached conditions will be complied with.
When the grant relates to an expense item, it is recognized in Statement of Profit and Loss on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.
When the grant relates to property, plant and equipment, the cost of property, plant and equipment is shown at gross value and grant thereon is recognized as deferred income and are credited to statement of profit and loss on a systematic basis over the useful life of the asset.

p) Employee Benefit Expense :

Defined benefit plan :

The Company pays gratuity to the employees whoever has completed five years of service with the Company at the time of resignation/superannuation. The gratuity liability amount is contributed to the approved gratuity fund formed exclusively for gratuity payment to the employees.

The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the period during which the benefit is expected to be derived from employees' services.

Re-measurement of defined benefit plans in respect of post-employment are charged to the Other Comprehensive Income. Re-measurement recognised in OCI is reflected immediately in retained earnings and will not be reclassified to Statement of Profit and Loss.

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on Government bonds.

The defined benefit obligation recognised in the Balance Sheet represents the actual deficit or surplus in the Company's defined benefit plans. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.

Defined contribution plan :

Payments to defined contribution plans are recognised as an expense when employees have rendered service entitling them to the contributions.

The eligible employees of the Company are entitled to receive benefits in respect of provident fund, for which both the employees and the Company make monthly contributions at a specified percentage of the covered employees' salary. The contributions as specified under the law are made to the Government Provident Fund monthly.

Short-term employee benefits :

A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave in the period the related service is rendered. Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the benefits expected to be paid in exchange for the related service.

q) Income Taxes :

The tax expense for the period comprises current and deferred tax. Tax is recognized in Statement of Profit and Loss, except to the extent that it relates to items recognized in the comprehensive income or in equity. In which case, the tax is also recognized in other comprehensive income or equity.

Current Tax :

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at the Balance sheet date.

Deferred Tax :

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The carrying amount of Deferred Tax Liabilities and assets are reviewed at the end of each reporting period date and are reduced to the extent that it is no longer probable.

r) Foreign Currency Transactions :

Foreign currency transactions are recorded at exchange rate prevailing on the date of the transaction. Foreign currency denominated monetary assets and liabilities are restated into the functional currency using exchange rates prevailing on the Balance sheet date. Gains and losses arising on settlement and restatement of foreign currency denominated monetary assets and liabilities are recognised in the statement of profit and loss, Non- monetary assets and liabilities that are measured in terms of historical cost of foreign currencies are not translated.

s) Earnings Per Share :

The basic Earnings Per Share ("EPS") is computed by dividing the net profit / (loss) after tax for the year attributable to the equity shareholders by the weighted average number of equity shares outstanding during the year.

For the purpose of calculating diluted earnings per share, net profit/(loss) after tax for the year attributable to the equity shareholders and the weighted average number of equity shares outstanding during the year are adjusted for the effects of all dilutive potential equity shares.

t) Financial Instruments :

Financial Assets & Financial Liabilities are recognized when the Company becomes party to contractual provisions of the relevant instrument.

Initial Recognition and Measurement :

All financial assets and liabilities are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are adjusted to the fair value on initial recognition. Transaction costs directly attributable to acquisition or issue of financial assets or financial liabilities at fair value through profit or loss at recognized immediately in the Statement of Profit and Loss.

Classification and Subsequent Measurement : Financial Assets

Financial assets carried at Amortised Cost :

A financial asset is measured at amortised cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through Other Comprehensive Income (FVTOCI) :

A financial asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at fair value through profit or loss (FVTPL) :

A financial asset which is not classified in any of the above categories are measured at FVTPL.

Investment in Equity Instruments designated to be classified as FVTOCI :

The Company carries certain equity instruments which are not held for trading. The Company has elected the FVTOCI irrevocable option for these instruments. Movements in fair value of these investments are recognized in other comprehensive income and the gain or loss is not reclassified to statement of profit and loss on disposal of these investments. Dividends from these investments are recognized in statement of profit and loss when the Company's right to receive dividends is established.

Classification and Subsequent Measurement: Financial Liabilities

Financial liabilities are carried at amortized cost using the effective interest method. For trade and other payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

Impairment of financial assets :

In accordance with Ind AS 109, the Company uses 'Expected Credit Loss' (ECL) model, for evaluating impairment of financial assets other than those measured at fair value through profit and loss (FVTPL).

For trade receivables Company applies 'simplified approach' which requires expected lifetime losses to be recognised from initial recognition of the receivables. The application of simplified approach does not require the Company to track changes in credit risk. The Company calculates the expected credit losses on trade receivables using a provision matrix on the basis of its historical credit loss experience.

For other assets, the Company uses 12 month ECL to provide for impairment loss where there is no significant increase in credit risk. If there is significant increase in credit risk full lifetime ECL is used.

Derecognition of Financial Instruments :

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109.

A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

u) Cash and cash equivalent :

Cash and cash equivalents in the Balance Sheet comprise cash at bank and in hand that are readily convertible into cash which are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments.

v) Derivative Financial Instruments :

The Company enters into derivative financial instruments viz. foreign exchange forward contracts to manage its exposure foreign exchange rate risks. The Company does not hold derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. The resulting gain or loss is recognised in profit or loss immediately.

w) Segment Reporting - Identification of Segments :

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Company's management to make decisions for which discrete financial information is available.

Based on the management approach as defined in Ind AS 108, the management evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments and geographic segments.

x) Cash Dividend:

The Company recognizes a liability to make cash distributions to equity holders when the distribution is authorized and approved by the shareholders. A corresponding amount is recognized directly in equity.

Note 1(B): Use of Estimates and Judgements

The preparation of the financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. In particular, information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the financial statements are included in the following notes:

a) Useful Lives of Property, Plant & Equipment :

The Company uses its technical expertise along with historical and industry trends for determining the economic life of an asset/component of an asset. The useful lives are reviewed by management periodically and revised, if appropriate. In case of a revision, the unamortised depreciable amount is charged over the remaining useful life of the assets.

b) Defined Benefit Plans and Compensated Absences :

The cost of the defined benefit plans, compensated absences and the present value of the defined benefit obligation are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, attrition rate, future salary increases and mortality rates.

Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

c) Expected Credit Losses on Financial Assets :

The impairment provisions of financial assets are based on assumptions about risk of default and expected timing of collection. The Company uses judgment in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, customer's creditworthiness, existing market conditions as well as forward looking estimates at the end of each reporting period.

d) Fair Value measurement of financial instruments :

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques including the Discounted Cash Flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Judgements include considerations of inputs such as liquidity risk, credit risk and volatility

e) Contingent Liability :

The Company has received various orders and notices from tax authorities in respect of direct taxes and indirect taxes. The outcome of these matters may have a material effect on the financial position, results of operations or cash flows. Management regularly analyses current information about these matters and discloses the information of related contingent liability.in making the decision regarding the need of creating loss provision, management considers the degree of probability of an unfavorable outcome and the ability to make a sufficiently reliable estimate of the amount of loss. The filing of a suit or formal assertion of a claim against the Company or the disclosure of any such suit or assertions, does not automatically indicate that a provision of a loss may be appropriate.

Note 2 : Property, Plant and Equip			ment including Intangible Assets						(` in Lacs)
Description of Assets			Gross Block				Depreciation		Net Block
	As atApril, 20st1	Additions	Deductions/Adjustments	As atMar, 21st31	As atApril, 20st1	For the	Deductions/Adjustments	As atMar, 21st31	As atMar, 21st31
mentProperty, Plant & Equip						year
Land	3,999.70	-	-	3,999.70	-	-	-	-	3,999.70
Building	5,520.68	78.26	-	5,598.94	603.97	193.36	-	797.33	4,801.61
Right of Use Assets	486.04	271.54	-	757.57	233.75	279.49	-	513.24	244.34
Road	225.16	-	-	225.16	49.17	21.39	-	70.56	154.60
Plant & Equipments	10,044.88	1,059.40	(16.31)	11,087.97	3,083.76	869.97	(12.61)	3,941.12	7,146.85
R & D equipments	743.61	2.28	-	745.89	149.24	49.63	-	198.87	547.01
Furniture & Fixture	663.53	5.27	(0.36)	668.45	256.03	62.52	(0.01)	318.54	349.91
Vehicles	207.34	0.85	(6.42)	201.76	77.50	27.61	(6.06)	99.05	102.71
Electrical Installatiion & Fittings	457.58	68.95	(16.63)	509.90	177.91	43.77	(15.80)	205.88	304.03
Office Equipments (General)	175.31	3.08	-	178.39	115.93	28.15	-	144.08	34.30
Office Equipments (Computer)	76.24	9.85	-	86.09	56.74	5.31	-	62.05	24.04
Total Tangible Assets (A)	22,600.09	1,499.46	(39.72)	24,059.84	4,804.00	1,581.21	(34.48)	6,350.73	17,709.10
Other Intangible Assets
Softwares	65.43	4.55	-	69.98	52.09	2.33	-	54.41	15.57
Total Intangible Assets (B)	65.43	4.55	-	69.98	52.09	2.33	-	54.41	15.57
Capital work In Progress (C)	263.34	1,869.48	(1,232.48)	900.34	-	-	-	-	900.34
Total Assets (A+B+C)	22,928.86	3,373.49	(1,272.20)	25,030.16	4,856.09	1,583.53	(34.48)	6,405.15	18,625.01

Note 2(a) : Investment Property Changes in the carrying amount of Investment property

Particulars Land Building Total st Gross carrying amount as at 1 April 2020 - 226.95 226.95 Additions - - - Disposal/retirements/derecognition - - st Gross carrying amount as at 31 March 2021 - 226.95 226.95 st Accumulated depreciation as at 1 April 2020 - 12.02 12.02 Depreciation - 3.76 3.76 Disposal/retirements/derecognition - - st Accumulated depreciation as at 31 March 2021 - 15.78 15.78 st Carrying amount as at 1 April 2020 - 214.92 214.92 st Carrying amount as at 31 March 2021 - 211.17 211.17

The Company obtains independent valuations for its investment property at least annually. The best evidence of fair value is current prices in an active market for similar properties.

These valuations are based on valuations performed by property valuer, an accredited independent valuer. The valuer is a specialist in valuing these types of properties. All resulting fair value estimates for investment properties are included in Level 3.

The rent received from the investment property is 50.73 lacs (Previous year : 12.59 lacs).

The Company investment properly fair value as on 31.3.2021 was ` 518.50 lacs

Note 3 : Non Current Investments (` in Lacs)

Particulars	stAs at 31	stMarch, 2021As at		31 March, 2020
	Nos.	Amount	Nos.	Amount
Quoted :
Investment measured at Fair Value through OCI:
Equity Instruments :
Face Value of ` 5/- each fully paid up :
Kabra Extrusiontechnik Ltd.	8,27,372	1,465.69	8,27,372	350.39
Unquoted:
Investment measured at Fair Value through P&L :
Investment in Units of Urban Infrastructure Opportunity Fund #	324.00	30.28	324.00	39.41
Total Non Current Investments		1,495.97		389.80
Aggregate amount of Quoted Investment		1,465.69		350.39
Market Value of Quoted Investment		1,465.69		350.39
Aggregate amount of Unquoted Investment		30.28		39.41

based on financial report received from Urban Infrastructure Opportunity Fund the figures are determined.

Note 4 : Loans		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Unsecured, Considered Good Loan to Employees (Long Term)	6.30	1.50
Total	6.30	1.50

Note 5: Other Non Current Financial Assets (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Security Deposit - Office Premises	21.60	89.70
Security Deposits Others	325.49	263.06
Total	347.09	352.76

Note 6 : Inventories (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Raw materials	6,040.34	4,275.19
Packing materials	141.58	92.69
Work-in-process	232.48	242.96
Finished goods #	3,312.14	4,189.17
Stores & Spares	474.32	512.77
Stock-in-Trade	2.45	6.19
Stock in Transit	2,194.51	539.86
Total	12,397.82	9,858.84

Finished goods value includes value of provision for the year ` 181.35 lacs (March 31, 2020 is NIL)

Note 7 : Current Investment (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Current Investments	700.00	-
Total	700.00	-

500 units of Liquid Gold series - 2 Nov 2020 & 200 units of Liquid Gold series 4 @ ` 1 Lac per unit

Note 8 : Trade Receivables (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Unsecured Considered Good	9,538.45	10,112.35
Trade Receivables which have significant increase in Credit Risk	387.13	518.96
Total Gross Debtors	9,925.58	10,631.31
Less: Allowances for Credit Losses	(387.13)	(518.96)
Total	9,538.45	10,112.35

Note 9 : Cash & Cash Equivalents (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Balances With Banks (Current Accounts)	193.75	48.12
Cash on Hand	1.20	2.05
Total	194.94	50.17

Note 10 : Bank Balances Other Than Cash & Cash Equivalents		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Unpaid Dividend Account	94.79	72.59
Total	94.79	72.59

Note 11 : Loans - Current (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Loan to Employees	41.71	37.11
Total	41.71	37.11

Note 12 : Other Current Financial Assets (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Other Receivables	65.29	31.68
Total	65.29	31.68

Note 13 : Other Current Assets		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Prepaid expenses	100.76	119.69
Balance with Government Authorities	528.13	195.30
Advances to Suppliers Domestic	752.50	368.00
Capital Advances to Suppliers	134.64	506.38
Advances Recoverable In Cash or in kind	3.97	11.21
Other Current Assets	41.20	17.14
Total	1,561.19	1,217.72

Note 14 : Current Tax Assets (Net) (` in Lacs)

Particulars	As at	As at
	st 31March, 2021	st 31 March, 2020
Advance Tax (Net of Provision for tax)	0.00	476.78
Total	0.00	476.78

Note 15 : Equity Share Capital (` in Lacs)

Particulars	stAs at 31March, 2021		stAs at31 March, 2020
	Nos.Amount		Nos.	Amount
Authorised Share Capital
Equity Shares of ` 5/- each	5,00,00,000	2,500.00	5,00,00,000	2,500.00
Total	5,00,00,000	2,500.00	5,00,00,000	2,500.00
Issued, Subscirbed and Paid Up:
Equity Shares of ` 5/- each fully paid up	2,59,89,200	1,299.46	2,59,89,200	1,299.46
Total	2,59,89,200	1,299.46	2,59,89,200	1,299.46

15(a) : List of shareholders holding more than 5% of Paid Up Equity Share Capital

Sr.	Particulars	stAs at 31	March, 2021		st 31 March, 2020
no.		Nos.	% Holding	Nos.	% Holding
1.	Varun Satyanarayan Kabra	53,60,831	20.63%	53,35,638	20.53%
2.	Satyanarayan G. Kabra	32,47,127	12.49%	32,02,356	12.32%
3.	Kolsite Corporation LLP	31,18,848	12.00%	31,18,848	12.00%
4.	Saritadevi Satyanarayan Kabra	29,06,392	11.18%	29,06,392	11.18%
5.	Kabra Extrusiontechnik Ltd.	18,46,562	7.11%	18,46,562	7.11%

The reconciliation of the number of shares outstanding is set out below:

Particulars	As atst 31March, 2021	As atst 31 March, 2020
	Nos.	Nos.
Equity Shares at the beginning of the year	2,59,89,200	2,59,89,200
Add: Shares issued during the year	-	-
Equity Shares at the end of the year	2,59,89,200	2,59,89,200

Terms/Right attached to Equity Shares :

The Company has only one class of equity shares having a par value of ` 5/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders at the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note 16: Other Equity

				(` in Lacs)
Particulars	stAs at 31	March, 2021		31 March, 2020
Capital Reserve
As per last Balance Sheet	30.23		30.23
Transfer from Retained Earnings	-		-
Less: Issue of Bonus Shares	-	30.23	-	30.23
General Reserve
As per last Balance Sheet	3,656.22		3,656.22
Transfer from Retained Earnings	-		-
Less: Issue of Bonus Shares	-	3,656.22	-	3,656.22
Retained Earnings
As per last Balance Sheet	22,784.12		21,205.81
Add: Profit/(Loss) for the year	3,734.71		3,717.54
Add: Remeasurement gain/(loss) on DefinedBenefit Plan (Net of Tax)	71.22		(102.69)
Less:
Dividend (Includes Dividend Distribution Tax)	-		2,036.54
Other adjustments	-
Transfer to General Reserve	-	26,590.05	-	22,784.12
Other Comprehensive Income (OCI)
As per last Balance Sheet	319.68		678.35
Add: Movement in OCI (Net) during the year	1,115.30	1,434.98	(358.67)	319.68
Total		31,711.48		26,790.25

Note 17 : Non Current Borrowings (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Secured
Term Loans	0.00	925.00
Total	0.00	925.00

First Charge by way of mortgage on immovable fixed Assets (Industrial Land & Building) at Palsana (In Gujarat) and First Charge by way of Hypothecation of movable fixed assets at Palsana (In Gujarat).There is no default, continuing or otherwise as at the Balance Sheet Date, in repayment of any of the above borrowings. Term Loan Charge is satisfied in current year on date 17-03-21.

Note 18 : Other Non Current Financial Liability (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Security Deposits From Dealers	1,593.30	1,736.49
Retention Money	3.49	5.31
Lease Liabilities	-	43.99
Total	1,596.80	1,785.79

Note 19 : Non Current Provisions (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Provision for Employee Benefits	290.60	224.51
Total	290.60	224.51

Note 20 : Deferred Tax Liabilities (Net)

		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Deferred Tax Liabilities
Property, Plant and Equipments	1,430.86	1,372.51
Deferred Tax Assets
Expenses allowed on payment basis	97.43	130.61
Others	122.73	93.21
Total	1,210.70	1,148.69

Note 21 : Other Non Current Liabilities (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Government Subsidy	38.29	42.54
Total	38.29	42.54

Note 22 : Current Borrowings (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Secured
Working Capital Facilities from Banks ( Secured )	3,190.73	3,111.16
Unsecured
Other Parties
Total	3,190.73	3,111.16

First Pari Passu charge on Company's Entire Stock & Book Debts present and future & First Pari Passu charge on all Plant & Machinery of the Company located at 74/1,2, 75/3 at Daman Industrial Estate. There is no default, continuing or Otherwise as at the Balance Sheet Date, in repayment of any of the above borrowings.

Note 23 : Trade Payables		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Trade Payables
Total Outstanding Due to Medium, Micro and Small Enterprises (Refer Note 52)	25.10	-
Total outstanding dues of Vendors other than above :
Creditors for Raw Material	1,217.96	600.49
Sundry Creditors - Import RM	1,174.91	1,099.18
Creditors for Engineering & Others	139.18	279.75
Total	2,557.15	1,979.42

Note 24 : Other Current Financial Liabilities

		(` in Lacs)
Particulars	As atst 31March, 2021	As atst 31 March, 2020
Unclaimed Dividend	94.79	72.59
Lease Liabilities	235.58	210.47
Current Maturities of Long Term Borrowing	-	800.00
Total	330.37	1,083.06

Note 25 : Other Current Liabilities (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Advance from Customers	489.10	160.25
Statutory Dues	79.19	108.30
Dues to employees	87.02	77.64
Payable to Dealers	1,430.20	1,112.93
Other Contractual Liabilities	820.35	819.38
Others Payables	57.56	74.77
Total	2,963.42	2,353.27

Note 26 : Provisions (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Provision for Employee Benefits	37.93	145.84
Total	37.93	145.84

Note 27 : Current Tax Liabilities (Net) (` in Lacs)

Particulars	As atst 31March, 2021	As atst 31 March, 2020
Provision for tax(Net of Advance Tax)	52.83	-
Total	52.83	-

Note 28 : Revenue from Operations	(` in Lacs)
Particulars	Year endedYear endedst 31 March, 2021st31 March, 2020
Revenue from contract with customer
Sales of Products
- Finished	57,420.53	59,788.86
-Trading	5.56	48.76
Other Operating Revenues	307.40	749.63
Total	57,733.49	60,587.24

Note 29 : Other Income

		(` in Lacs)
Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Dividend Income	-	12.41
Net Gain / ( Loss ) on sale of Investments	2.87	-
Rent Received	50.73	16.37
Exchange Fluctuation Gain	241.79	180.46
Profit on Sale of fix assets	2.91	-
Other	35.88	33.03
Interest Income Other	23.96	14.02
Fair Value Gain / Loss on Investment	(7.50)	5.84
Total	350.63	262.13

Note 30 : Cost of Raw Material Consumed (` in Lacs)

Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Raw Material Consumed	38,455.64	43,043.34
Packing Material Consumed	408.77	446.61
Total	38,864.42	43,489.95

Note 31 : Changes in Inventories of FG & WIP

Note 31 : Changes in Inventories of FG & WIP		(` in Lacs)
Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Stock at Close
Finished Goods	3,312.14	4,189.17
Work in Progress	232.48	242.96
Stock at Beginning
Finished Goods	4,189.17	3,323.28
Work in Progress	242.96	268.55
Total	887.52	(840.31)

Note 32 : Employee Benefit Expenses

		(` in Lacs)
Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Salaries and Wages	2,730.21	2,659.07
Contribution to Provident and Other Funds	256.58	242.55
Staff Welfare Expenses	146.70	171.28
Total	3,133.49	3,072.91

Note 33 : Finance Cost

Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Interest on:
Borrowings	153.74	(47.29)
Security Deposit	132.07	164.61
Others	15.87	30.89
Total	301.68	148.22

(` in Lacs)

Note 34 : Other Expenses

(` in Lacs)

Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Stores & Spares Consumed	460.55	496.76
Power & Fuel Consumed	1,613.62	1,583.97
Commission and Discount on Sales	2,211.42	1,924.34
Repairs:
Plant & Machinery	77.45	104.21
Building	17.36	28.67
Others	95.13	78.91
Insurance	213.11	207.42
Rent	0.29	38.32
Contractor Labour Charges	732.89	743.67
Loading Unloadning and Shifting	30.24	44.06
Security Service Charges	55.34	49.13
Travelling Expenses:
Directors	2.89	13.53
Others	89.17	228.28
Postage,Telephone etc.	34.41	45.83
Carraige Outward	1,149.22	1,074.74
Payments To Auditors (Refer Note 43)	10.84	9.87
Rates & Taxes	7.36	22.10
Loss on sales of Assets	0.13	-
Advertisements	5.45	20.83
Legal & Professional Charges	363.73	344.98
Factory expenses	16.81	83.13
Clearing charges on export	227.63	189.19
Donations	0.69	1.05
Corporate Social Responsibility (CSR)	58.59	181.42
Provision for Doubtful Debts	70.53	135.00
Provision Old Inventories as per NRV	181.85	-
Miscellaneous expenses	259.15	426.40
Total	7,985.86	8,075.82

Note 35 : Contingent Liabilities (Ind AS 37)

a. Claims against the Company not acknowledged as debts :

(` in Lacs)

Sr.	Particulars	Brief description of the matter	As atst 31 March, 2021	As atst 31 March, 2020
1	Disputed Income TaxDemand/TDS	Related to Income tax and TDS demand	Nil	2.47
2	matter under dispute	Excise Tax and Service Tax Related to Show cause notice for CHA andC & F agents, Cenvat or Service tax onSales commission, Service tax credit takenon sales commission for export sales, etc.	1,337.21	1,336.56
3	Sales Tax Matter underDispute	Related to Show Cause Notice for Sales TaxAssessment Form Liablity	30.04	-
4	Payment of Bonus Act	Bonus arising out of retrospective amendmentto the payment of Bonus Act and stay grantedby various courts on such payments againstcase filled by various entities	27.47	27.47
5	Others	Claims against Company non acknowledgedas debts	26.00	26.00
	Total		1,420.72	1,392.50

The Company's pending litigations comprise of proceedings pending with Income Tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results.

b. Letter of Credit & Bills of Exchange as at March 31, 2021 is 87.44 Lacs (March 31, 2020 is 49.44 Lacs)
c. Guarantees issued by the Banks on behalf of the Company as at March 31, 2021 is 179.18 Lacs (March 31, 2020 is 157.73 Lacs)
d. The Company did not have any long-term contracts for which there were any material foreseeable losses.

Note 36 : Capital & Other Commitments

	(` in Lacs)
Sr.	Particulars	As atst 31 March, 2021	As atst 31 March, 2020
1	Estimated Amount of Contracts remaining to be executed on capital account& not provided. Out of which ` 134.64 has been paid as advances.	211.21	1,414.27

Note 37 : Employee Benefits (Ind AS 19) :

a. Defined Benefit Plans :

Gratuity :

In accordance with the Payment of Gratuity Act, 1972, applicable for Indian Companies, the Company provides for a lump sum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and years of employment with the Company. The gratuity fund is managed by certain third-party fund managers. The Company's obligation in respect of the gratuity plan, which is a defined benefit plan, is provided for based on actuarial valuation using the projected unit credit method. The Company recognizes actuarial gains and losses immediately in other comprehensive income, net of taxes.

Inherent Risk:

The plan is defined in nature which is sponsored by the Company and hence it underwrites all the risks pertaining to the plan. In particular, this exposes the Company to actuarial risk such as Salary Risk, Interest Rate Risk, Investment Risk, changes in demographic experience. This may result in an increase in cost of providing these benefits to the employees in future. Since the benefits are lump-sum in nature, the plan is not subject to any longevity risk.

(` in Lacs) Statement of Assets and Liabilities for Defined Benefit Obligation as on April 1, 2020 :

Particulars	Gratuity (Funded)
Defined Benefit Obligation	536.24
Fair Value of Assets	412.22

(` in Lacs)
Particulars	Gratuity Funded
	As atst 31March, 2021	As atst 31 March, 2020
Change in Present value of Obligations:
Opening Defined Benefit Obligation	536.24	452.56
Current Service Cost	49.78	38.52
Past Service Cost	-	-
Interest Cost	36.79	35.25
Actuarial (Gain)/Loss recognized in Other Comprehensive Income:
- Change in Financial Assumptions	1.89	38.33
- Change in Demographic Assumptions	8.64	(4.25)
- Experience Changes	37.92	33.86
Benefits Paid	(26.91)	(58.05)
Closing Defined Benefit Obligations	644.34	536.24
Change in Fair Value of Plan Assets:
Opening Fair Value of the Plan Assets	412.22	451.08
Interest Income	28.28	35.14
Expected Return on Plan Assets	143.62	(69.29)
Actuarial Gain/(Loss)
Contribution by the Employer	77.44	53.34
Benefits Paid	(26.91)	(58.05)
Closing Fair Value of the Plan Assets	634.65	412.22
Net (Liability)/Asset in the Balance Sheet
Present value of the funded defined benefit obligation at the end of the period	(644.34)	(536.24)
Fair Value of Plan	634.65	412.22
Net (Liability)/Asset in the Balance Sheet	(9.69)	(124.02)
Expenses recognized in the Statement of Profit & Loss Account
Current Service Cost	49.78	38.53
Interest Cost	8.51	0.12
Past Service Cost	-	-
Total amount recognized in Statement of Profit and Loss	58.29	38.64
Re-measurements recognized in Other Comprehensive Income(OCI):
Actuarial (Gains)/Losses on Obligation For the Period	48.44	67.94
Expected Return on Plan Assets Excluding Interest Income	(143.62)	69.29

(` in Lacs)

Particulars	Gratuity Funded
	As atst 31March, 2021	As atst 31 March, 2020
Net Actuarial (Gain)/Loss recognized during the period
Amount recognized in Other Comprehensive Income(OCI)	(95.18)	137.23
Investment Details of Plan Assets:
Insurer Managed Fund	100%	100%
Sensitivity analysis for significant assumptions:*
Increase/(Decrease) on present value of defined benefits obligation atthe end of the year
Projected Benefit Obligation on Current Assumptions	644.34	536.24
1% increase in discount rate	(44.26)	(41.03)
1% decrease in discount rate	50.69	47.25
1% increase in salary escalation rate	47.56	44.92
1% decrease in salary escalation rate	(42.39)	(39.67)
1% increase in employee turnover rate	6.32	5.86
1% decrease in employee turnover rate	(7.11)	(6.65)
Actuarial Assumptions:
Discount Rate (p.a.)	6.86%	7.79%
Expected Return on Plan Assets (p.a.)	6.86%	7.79%
Turnover Rate	1.00%	1.00%
Mortality Tables	Indian Assured Lives Mortality(2006-08)
Salary Escalation Rate (p.a.)	5.00%	5.00%
Retirement age :
- Management
- Non-Management	58 Years	58 Years
Weighted Average duration of Defined Benefit Obligation	10	10

*These Sensitivities have been calculated to show the movement in defined benefit obligation in isolation and assuming there are no other changes in market conditions at the accounting date. There have been no changes from the previous periods in the methods and assumptions used in preparing the sensitivity analyses.

Basis of Estimation of Assumption :

The expected return on plan assets is based on expectation of the average long-term rate of return expected on investments of the fund during the estimated term of the obligations.

The discount rate is based on the prevailing market yields of Indian Government securities for the estimated term of the obligations.

The estimates of future salary increase considered takes into account the inflation, seniority, promotion and other relevant factors.

Attrition rate considered is the management's estimate, based on previous years' employee turnover of the Company.

Asset and Liability matching strategy :

The money contributed by the Company to the Gratuity Fund to finance the liability of the plan has to be invested. The Company has invested the plan assets in the insurer managed funds. The expected rate of return on plan assets is based on

expectation of the average long-term rate of return expected on investments of the fund during the estimated term of the obligation.

There is no compulsion on the part of the Company to fully refund the liability of the Plan. The Company's philosophy is to fund these benefits based on its own liquidity.

The expected future contribution and estimated future benefit payments from the fund are as follows :

	(` in Lacs)
Estimated benefit payments from thefund for the year ending March 31	Amount
2022	67.52
2023	28.72
2024	35.25
2025	84.64
2026	75.17
Thereafter	918.83

Expected contribution to the fund during the year ending March 31, 2022 is ` 9.69 Lacs.

b. Defined Contribution Plans :

Amount recognized as an expense and included in Note 30 under the head "Contribution to Provident and other Funds" of Statement of Profit & Loss 192.85 Lacs (March 31, 2020 193.83 Lacs)

c. Superannuation Benefits :

Superannuation Benefits is contributed by the Company to Life Insurance Corporation of India (LIC) with respect to certain employees.

Contribution to Superannuation Fund charged to Statement of Profit & Loss in Notes 30 under the head "Contribution to Provident and other Funds" is 55.66 Lacs (March 31, 2020 11.93 Lacs)

Note 38 : Segment Reporting (Ind AS 108)

The Company is exclusively engaged in the manufacturing of Masterbatches in India. As per Ind AS -108, "Operating Segments" specified under Section133 of the Companies Act 2013, there are no reportable operating or geographical segments applicable to the Company.

Note 39 : Related Party Disclosures (Ind AS 24)

Names of Related Parties and Description of Relationship:

a. Promoters and Key Management Personnel (KMPs)

Sr. No.	Name of Related Parties	Relationship
1	Kolsite Corporation LLP	Promoter
2	Kabra Extrusiontechnik Ltd.	Promoter
3	Shreevallabh Gopilal Kabra	Director
4	Satyanarayan Gopilal Kabra	Chairman & Managing Director
5	Varun Satyanarayan Kabra	Vice-Chairman & Managing Director
6	Jyoti Varun Kabra	Director
7	Saritadevi Satyanarayan Kabra	Relative of KMP (Wife of Mr. Satyanarayan Kabra)
8	Veenadevi Shreevallabh Kabra	Relative of KMP (Wife of Mr. Shreevallabh Kabra)
9	Push Raj Singhvi	Independent Director
10	Sudarshan K. Parab	Independent Director

Sr. No.	Name of Related Parties	Relationship
11	Bajrang Lal Bagra	Independent Director
12	Rahul R. Rathi	Independent Director
13	Meena S. Agrawal	Independent Director
14	Anand Mundra	Chief Financial Officer
15	Himanshu Mhatre	Company Secretary

b. Other Related Parties :

Sr. No.	Entities Controlled or Jointly Controlled by the Related Parties
1	Kabra Extrusiontechnik Ltd.
2	Maharashtra Plastic & Industries
3	Maharastra Plastic Industries
4	Kolsite Corporation LLP
5	Shima Polymers
6	Smartech Global Solutions Ltd.
7	Bombay Swadeshi Stores Limited

c. Related Party Transaction : (` in Lacs)

Year ended st 31 March, 2021 Year ended st 31 March, 2021 Year ended 31 March, 2020 st Year ended 31 March, 2020 st Sale of Goods 322.33 497.03 - - Purchase of Goods and service 61.48 190.12 - - Purchase of Assets 63.89 1,485.33 - - Dividend Paid - 369.36 - - Dividend Received - 12.41 - - Commission Paid 94.86 81.87 - - Rent Paid 226.79 364.32 - Rent Received 51.49 17.45 Reimbursement of Expenses 18.83 25.63 Interest Paid 1.37 4.93 Nature of Transactions Entities Controlled by Directors Key Management Personnel

As the post-employment benefits is provided on the actuarial basis for the Company as a whole, the amount pertaining to key management personnel is not ascertainable and therefore not included above.

d. Outstanding Balances (` in Lacs)

Balances at the year end	Entities Controlled by Directors		Key Management Personnel
	Year endedst 31 March, 2021	Year endedst31 March, 2020	Year endedst 31 March, 2021	Year endedst31 March, 2020
Trade Receivables	15.25	60.17	-	-
Deposits given	88.97	88.97	-	-
Loans taken/ Security Deposit	42.87	34.64	-	-
Trade Payables	4.68	20.14	-	-

e. Compensation to key management personnel :

Particulars	March stYear ended31, 2021	stYear ended 31 March, 2020
Short term employee benefits	203.49	217.87
Sitting Fees	7.20	7.30
Total Compensation to key management personnel	210.69	225.17

Note : A pertaining to key management personnel is not ascertainable and therefore not included above. s the post-employment benefits is provided on an actuarial basis for the Company as a whole, the amount

Terms and Conditions of transactions with Related Parties :

The sales to and purchases from related parties are made in the normal course of business and on terms equivalent to those that prevail in arm's length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.

For the year ended March 31, 2021, the Company has not recorded any impairment of receivables relating to amounts owed by related parties. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.

Note 40 : Revenue Recognition (Ind AS 115)

The Company is primarily in the Business of manufacture and sale of Masterbatches . All sales are made at a point in time and revenue from contract with customer are recognised when goods are dispatched and the control over the goods sold are transferred to customers. The Company does not expect to have any contracts where the period between the transfer of goods and payment by customer exceeds one year. Hence, the Company does not adjust revenue for the time value of money.

In compliance with Ind AS 115, certain discounts are treated as variable components of consideration and have been recognised as deductions from revenue instead of other expenses.

Revenue recognised from Contract Liability (Advances from Customers)

(` in Lacs)

Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Closing Contract Liability	489.10	160.25

The Contract liability outstanding at the beginning of the year has been recognised as revenue during the year ended March 31, 2021.

Reconciliation of revenue as per contract price and as recognised in statement of profit and loss:

(` in Lacs)
Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Revenue as per Contract price	58,251.80	61,109.52
Less: Discounts	512.31	522.28
Revenue as per statement of profit and loss	57,733.49	60,587.24

Note 41 : Income Taxes (Ind AS 12)

Tax Expenses	As atst 31 March, 2021	As atst31 March, 2020
Current Tax	1,402.79	1,434.38
Deferred Tax	38.06	53.54
Income tax adjustment for earlier years	143.69	(51.88)
Total Tax Expense	1,584.54	1,436.04
Remeasurement gains / losses on post employment beneftis	(23.95)	34.54
Income tax expenses reported in the statement of other comprehensive income	(23.95)	34.54

Deferred Tax

Item wise movement in deffered tax expense recogonised in profit & loss / OCI :-

Particulars	FY 2020-21	FY 2019-20
Excess of depreciation / ammortization on fixed assets provided in accountsover depreciation / ammortization under income tax law.	57.00	75.29
Fair value of current assets	(46.00)	-
Provision for doubtful debts and advances	34.00	7.81
Provision for leave encashment	(18.00)	1.13
Provision for bonus	(18.00)	-
Provision for gratuity	29.00	(30.69)
Remeasurement of defined benefit obligations	24.00	(34.54)
Total Expense	62.00	19.00
Recoginized in Profit & Loss	38.06	53.54
Recoginized in Other Comprehensive Income	23.95	(34.54)
	62.01	19.00

st The gross movement in the deferred tax for the year ended 31 March 2021 and 31 March 2020 is as follows:

Particulars	FY 2020-21	FY 2019-20
Net deferred tax liability at the beginning	(1,148.70)	(1,129.69)
Credits / (charge) relating to temporary differences	(38.06)	(53.54)
Temporary difference due to other comprehensive income	(23.95)	34.54
Net deferred tax liability at the end	(1,210.71)	(1,148.70)

Reconciliation of Effective Tax Rate:		(In %)
Particulars	Year endedst 31 March, 2020	Year endedst31 March, 2020
Applicable Tax Rate	25.17	25.17
Effect of Non Taxable Income	-	(0.07)
Effect of Non-Deductible Expenses	10.30	11.15
Effect of Allowance for tax purpose	(8.38)	(8.40)
Effects of Previous Year Adjustments	2.70	(1.01)
Others	-	1.04
Effective Tax Rate	29.79	27.88

th The Government of India has introduced the Taxation (Amendment) Ordinance 2019 on the 20 of September 2019 wherein new section - Section 115BAA has been inserted in the Income Tax Act,1961 (the act) to give the benefit of a reduced corporate tax rate for the domestic companies. Section 115BAA of the Act states that domestic Companies have the option to pay tax at a rate of 22% from the FY 2019-20 (AY 2020-21) onwards. The Company has adopted the new Section 115BAA of the Act. Upon adoption of section 115BAA of the Act, the benefit under section 35(2AB) of the act has been forgone.

Note 42 : Earning Per Share (Ind AS 33)

(In %) Year ended st 31 March, 2021 Year ended 31 March, 2020 Particulars st Basic EPS: (i) Net Profit attributable to Equity Shareholders (` in Lacs) 3,734.71 3,717.54 (ii) Weighted average number of Equity Shares outstanding (Nos.) 2,59,89,200 2,59,89,200 Basic EPS (i)/(ii) 14.37 14.30 Diluted EPS: (i) Net Profit attributable to Equity Shareholders(Rs. in Lacs) 3,734.71 3,717.54 (ii) Weighted average number of Equity Shares outstanding (Nos.) 2,59,89,200 2,59,89,200 (iii) Weighted average number of Equity Shares outstanding for calculation of dilutive EPS (ii+iii) 2,59,89,200 2,59,89,200 Diluted EPS (i)/(iv) 14.37 14.30

Note 43: Auditors' Remuneration (excluding taxes) and Expenses

		(` in Lacs)
Particulars	Year endedst 31 March, 2021	Year endedst31 March, 2020
Statutory Auditors:
Audit Fees	6.50	6.50
Tax Audit Fees	2.00	2.00
Certification fees	2.30	0.50
Other Expenses reimbursed	0.04	0.87
Total	10.84	9.87

Note 44 : Classification of Financial Assets and Liabilities (Ind AS 107) : (` in Lacs)

As at st 31 March, 2021 As at 31 March, 2020 Particulars st Financial assets at Amortized cost : * Trade Receivables 9,538.45 10,112.35 Cash and Cash Equivalents 194.94 50.17 Other Bank Balances 94.79 72.59 Loans (Non Current) 6.30 1.50 Loans (Current) 41.71 37.11 Other Non-Current Financial Assets 347.09 352.75 Other Current Financial Assets 65.29 31.68 Financial assets at Fair Value through P & L : Investments 30.28 39.41

(` in Lacs)

Particulars	As atst 31 March, 2021	As atst31 March, 2020
Financial assets at Fair Value through OCI (Designated upon initialrecognition)
Investments	1,465.69	350.39
Total	11,784.54	11,047.95
Financial liabilities at Amortized cost : *
Borrowings (Non-Current)	-	925.00
Borrowings (Current)	3,190.73	3,111.16
Other Non-Current Financial Liability	1,596.80	1,785.79
Trade Payables	2,557.15	1,979.42
Other Current Financial Liability	330.37	1,083.06
Total	7,675.05	8,884.43

*Considering Financial Asset & Financial Liabilities fair value is approximately equal to Amortised Cost.

Note 45 : Investments in equity instruments designated at Fair Value through Other Comprehensive Income

The Company has investments in Equity Shares of Kabra Extrusiontechnik Limited and units of Urban Infra Opportunity Fund. The Company has opted to designate the investment in Kabra Extrusiontechnik Limited at Fair Value through Other Comprehensive Income since these investments are not held for trading purpose.

The fair value of each of the investment is as below :

The fair value of each of the investment is as below :		(` in Lacs)
Particulars	As atst 31 March, 2021	As atst31 March, 2020
Financial assets at Fair Value through OCI :
Shares in Kabra Extrusiontechnik Limited (8,27,372 Shares having face valueof ` 5/- each)	1,465.69	350.39

Dividend from Kabra Extrusiontechnik Limited (Refer Note 29) : (FY 2020-21 NIL Lacs) (FY 2019-20 : 12.41 Lacs)

Note 46 : Fair Value Measurement (Ind AS 113)

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The Company has established the following fair value hierarchy that categorizes the values into 3 levels. The inputs to valuation techniques used to measure fair value of financial instruments are:

Level 1 : This hierarchy uses quoted (unadjusted) prices in active markets for identical assets or liabilities. Kabra Extrusiontechnik Limited is listed on stock exchange and the investment by the Company is being valued using the closing exchange price at the reporting date.

Level 2 : The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on Company specific estimates. The Venture Capital Fund (Urban Infrastructure Fund) & Gold PTC (Liquid Gold series - 2 Nov 2020 & Liquid Gold series 4) are valued using the closing Net Asset Value. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.

Level 3 : If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. There are no instruments which are to be considered in Level 3.

(` in Lacs)

Particulars	Level 1	Level 2	Level 3
As at March 31, 2021
Investments measured at
Fair Value through OCI	1,465.69	-	-
Fair Value through P&L	-	30.28	-
As at March 31, 2020
Investments measured at
Fair Value through OCI	350.39	-	-
Fair Value through P&L	-	39.41	-
As at March 31, 2019
Investments measured at
Fair Value through OCI	709.06	-	-
Fair Value through P&L	-	42.21	-

The management assessed that cash and bank balances, trade receivables, loans, trade payables, cash credits, commercial papers and other financial assets and liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

The following methods and assumptions were used to estimate the fair values:

(a) The fair values of the quoted investments are based on market price at the reporting date.
(b) The fair values of the unquoted investments are based on net asset value at the reporting date
(c) The fair values of remaining financial instruments is determined using discounted cash flow analysis or based on the contractual terms.

The discount rates used is based on management estimates.

Note 47 : Financial Risk Management Objectives and Policies (Ind AS 107)

The Company's principal financial liabilities comprise borrowings and other payables. The main purpose of these financial liabilities is to finance and support the Company's operations. The Company's principal financial assets include Investments, Loans and Other receivables, Cash and Cash Equivalents, Other Bank Balances.

The Company is exposed to Market Risk, Credit Risk and Liquidity Risk. The Company's senior management oversees the management of these risks. The Company's senior management ensures that the Company's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Company's policies and risk objectives.

Financial Risk Management

The Company has exposure to the following risks arising from financial instruments:

a. Market Risk
b. Currency Risk
c. Credit Risk
d. Liquidity Risk

a. Market Risk

Market risk arises from the Company's use of interest bearing financial instruments. It is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in interest rates (interest rate risk) or other market factors. Financial instruments affected by market risk include borrowings.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The management is responsible for the monitoring of the Company's interest rate position. Different variables are considered by the management in structuring the Company's borrowings to achieve a reasonable, competitive, cost of funding.

			(` in Lacs)
Particulars	Floating RateBorrowings	Fixed RateBorrowings	TotalBorrowing
INR	3,190.73		3,190.73
Foreign Currency	-		-
Total as at March 31, 2021	3,190.73		3,190.73
INR	3,863.90		3,863.90
Foreign Currency	972.26		972.26
Total as at March 31, 2020	4,836.16		4,836.16

Interest rate sensitivities for unhedged exposure (impact on increase in 100 bps):

(` in Lacs)

Particulars	As atst 31 March, 2021	As atst31 March, 2020
INR	31.91	38.64
Foreign Currency	--	9.72

Note: If the rate is decreased by 100 bps, profit will increase by an equal amount

Interest rate sensitivity has been calculated assuming the borrowings outstanding at the reporting date have been outstanding for the entire reporting period. Further, the calculations for the unhedged floating rate borrowing have been done on the notional value of the foreign currency (excluding the revaluation).

b. Foreign Currency Risk

Foreign currency risk is the risk of impact related to fair value or future cash flows of an exposure in foreign currency, which fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to the import of raw materials and spare parts, capital expenditure, exports of finished products.

When a derivative is entered into for the purpose of being a hedge, the Company negotiates the terms of those derivatives to match the terms of the hedged exposure. The Company evaluates exchange rate exposure arising from foreign currency transactions. The Company follows established risk management policies and standard operating procedures.

Outstanding foreign currency exposure as at	As atst 31 March, 2021	As atst31 March, 2020
Trade receivables (INR)
USD	3,660.01	2,930.91
Euro	-	-
Trade Payables
USD	1,081.45	919.01
Euro	98.37	12.24
Foreign Currency Borrowing	-	972.26

Foreign currency sensitivity on unhedged exposure:

1% increase in foreign exchange rates will have the following impact on profit before tax.

(` in Lacs)

Particulars	As atst 31 March, 2021	As atst31 March, 2020
USD	26.70	11.22
Euro	(0.98)	(0.12)

Note: If the rate is decreased by 100 bps profit will increase by an equal amount

Forward Contracts:

Derivatives for hedging currencies, outstanding are as under:

Particulars	Purpose	Currency	As atst 31 March, 2021	As atst31 March, 2020	CrossCurrency
Forward Contracts	Exports	USD	-	-	Rupees

c. Credit risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities, investing and financing activities including security deposits, deposits with banks, investment in equity shares, venture capital fund investments, foreign exchange transactions etc.

Trade receivables:

Trade receivables are consisting of a large number of customers. The Company has credit evaluation policy for each customer and based on the evaluation credit limit of each customer is defined. Wherever the Company assesses the credit risk as high the exposure is backed by either bank guarantee / letter of credit or security deposits.

Net Trade receivable as on March 31, 2021 9,538.45 Lacs (March 31, 2020 is 10,112.35 Lacs)

As per simplified approach, the Company makes provision of expected credit losses on trade receivables using a provision matrix to mitigate the risk of default payments and makes appropriate provision at each reporting date wherever outstanding is for longer period and involves higher risk.

	(` in Lacs)

Particulars	As atst 31 March, 2021	As atst31 March, 2020
Opening Provision	518.96	396.13
Add: Provision during the year	70.53	135.00
Less: Utilised during the year	(202.36)	(12.17)
Closing provision	387.13	518.96

Other Financial Instrument and Cash Deposits

With respect to credit risk arising from the other financial assets of the Company, which comprise bank balances, cash, security deposits with respect to lease agreements, etc. the Company's exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these assets.

Credit risk from balances with banks is managed with the Company's policy. The Company limits its exposure to credit risk by only placing balances with local banks. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations. With respect to other financial instruments, the Company assess the risk of recoverability on periodic basis and makes required provision whenever necessary.

d. Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company monitors its risk by considering the maturity of its financial assets (e.g. trade receivables, other financial assets) and projected cash flows from operations.

The cash flows, funding requirements and liquidity of the Company is monitored under the control of the management. The objective is to optimize the efficiency and effectiveness of the management of the Company's capital resources. The Company manages liquidity risk by maintaining adequate reserves and borrowing facilities, by continuously monitoring forecasted and actual cash flows and matching the maturity profiles of financial assets and liabilities.

The Company currently has sufficient cash on demand to meet expected operational expenses.

The table below summarizes the maturity profile of the Company's financial liabilities based on contractual undiscounted payments.

(` in Lacs)

Particulars	Less than 1 Year	1 to 5 years	More than 5 years	Total
As at March 31, 2021
Borrowings	3,190.73	-	-	3,190.73
Trade Payables	2,557.15	-	-	2,557.15
Other Financial Liabilities	330.37	1,887.40	-	2,217.77
As at March 31, 2020
Borrowings	3,111.16	925.00	-	4,036.16
Trade Payables	1,979.42	-	-	1,979.42
Other Financial Liabilities	1,083.06	2,010.30	-	3,093.36

Note 48 : Distribution made and proposed (Ind AS 1) : (` in Lacs)

Year ended st 31 March, 2021 Year ended 31 March, 2020 Particulars st Cash Dividends on equity shares declared and paid: Final dividend for the year ended on March 31, 2020: NIL per share -- 714.70 (Dividend-31st March, 2019 : 2.75 per share) DDT on Dividend -- 146.90 Total Dividend Paid -- 861.60 Interim Dividends on Equity shares: Interim dividend for the year ended on March 31, 2021: NIL per share -- 974.60 (Interim Dividend-March 31, 2020 : 3.75 Per Share) DDT on Interim Dividend -- 200.33 Total Interim Dividend Paid -- 1,174.93

The Board of Director has recomended dividend of ` 4/- per share i.e. 80% for the F.Y. 2020-21 in the Board meeting held on 20.05.2021.

Note 49 : Capital Management (Ind AS 1)

For the purpose of Company's capital management, capital includes issued capital and other equity reserves attributable to the equity shareholders of the Company. The primary objective of the Company's Capital Management is to maximize shareholders value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirement of financial covenants. The Company monitors capital using a gearing ratio, which is net debt divided by total equity.

(` in Lacs)

Particulars	As atst 31 March, 2021	As atst31 March, 2020
Long Term Borrowings	-	925.00
Short Term Borrowings	3,190.73	3,111.16
Current Maturity of Long Term Borrowings	-	800.00
Net Debt	3,190.73	4,836.16
Total Equity	33,010.94	28,089.71
Total Debt / Equity Ratio	0.10	0.17

Note 50 : Operating Leases(Ind AS 116)

a. Company as Lessee

The Company applied Ind AS 116 for the Lease Property and the Impact is given in financial is as below.

The Company applied the following method for Ind As 116 :-

1. Applied the exemption not to recognize Right-of-use assets and liabilities for leases with less than 12 months of lease term.
1. While determining the lease term option to extend or terminate the lease has been considered.

Lease liabilities included in the Balance sheet	March stAs at31, 2021
Current	191.59
Non-Current	43.99
Total	235.58

Amount Recognized in the statement of Profit & Loss	March stAs at31, 2021
Deprication on Right-of-use assets	279.49
Interest on lease liabilities	15.87
Total	295.36

Contractual Cash flow-lease liabilities	March stAs at31, 2021
- Not later than One Year	38.34
- Later than One year and not later than five years	73.04
- Later than five years	-
Total	111.48

b. Company as lessor

The Company has provided facilities and office premises on lease. These lease arrangements range for a period between 1 to 3 years. Some of these leases are renewable for further period on mutually agreeable terms and also include escalation clauses.

The lease income for these facilities are as under:-

Particulars	As atst 31 March, 2021	As atst31 March, 2020
Lease income credited to statement of Profit & Loss (Net of GST,as applicable)	50.73	16.37

Note 51 : Corporate Social Responsibility

Expenditure incurred in cash on Corporate Social Responsibility activities in the Statement of Profit and Loss is 58.59 Lacs (March 31, 2020 181.42 Lacs)

The amount required to be spent under Section 135 of the Companies Act, 2013 for the year ended March 31, 2021 is 87.12 Lacs (March 31, 2020 84.23 Lacs)

Note 52 : Information as per the requirement of Section 22 of The Micro, Small and Medium Enterprises Development Act, 2006

The Company has sought inviting information from its vendors for their status under "The Small, Medium and Micro Enterprises Development Act 2006", Disclosure will be made once Company have identified the vendors & trade payable treated as MSME trade payable separately. Principal amount of 25.10 Lacs is due out of which 3.54 Lacs has not been paid due to terms and conditions not complied.

Note 53 : Research & Development

Revenue expenditure on Research and Development included in different heads of expenses in the Statement of Profit and Loss is 212.27 Lacs and Capital Expenditure in Fixed Assets is 2.28 Lacs. (March 31, 2020, in Statement of Profit & Loss:- 222.33 Lacs and Capital Expenditure:- 1.25 Lacs).

Note 54: Government Grants (Ind AS 20)

During FY 2018-19 the Company has received 64 as grant against capital investments under Scheme for Assistance to Industrial Units Purchasing Plant and Machinery during the exhibition - "PlastIndia 2015". Grant is recognized in statement of profit and loss on systematic basis over period in which the Company recognizes depreciation of related assets. Other income includes grant under this scheme of 4.28 Lacs Lacs.

Note 55:

Previous year figures have been regrouped / reclassified wherever necessary to correspond with current year classification / disclosure.

For Kirtane & Pandit LLP. Shri Shreevallabh G. Kabra Shri Satyanarayan G. Kabra Shri Varun S. Kabra Chartered Accountants (Director) (Chairman & Managing Director) (Vice-Chairman & Managing Director)

Parag Pansare Partner M.No. 117309

Shri Bajrang Lal Bagra Shri Rahul R. Rathi Meena S. Agrawal

(Director) (Independent Director) (Independent Director)

(Independent Director) (Independent Director) (Independent Director)

Date : May 20, 2021 Date : May 20, 2021 (Chief Financial Officer) (Company Secretary)

In terms of our report attached For and on behalf of the Board

Regn No. 105215W / W100057 Smt Jyoti V. Kabra Shri. Pushp Raj Singhvi Shri Sudarshan K. Parab

Place: Pune Place : Mumbai Shri Anand R. Mundra Shri Himanshu S. Mhatre

NOTES

CSR ACTIVITY

Registered Office :

th Fortune Terraces, 'A' Wing, 10 Floor, New Link Road, Opp. Citi Mall, Andheri (West), Mumbai - 400 053 Tel. No. : +91-22-67205200, 26736468/9 Fax : +91-22-26736808 E-mail : [email protected] Website : www.plastiblends.com

Daman : Daman Industrial Estate, Kadaiya Village, Daman - 396 210 Roorkee : Khasara No. 216, Village Raipur, Pargana : Bhagwanpur, Tehsil : Roorkee, Distt. Haridwar, Uttarkhand - 247 667 Palsana : Block No. 18-A, 15, Makhinga, Palsana, Surat, Gujarat - 394 315

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Plastiblends India Ltd. — Annual Report 2021

59391_rns_2021-07-02_75f783a4-c639-4ca2-96a5-931eb2087b6f.pdf

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FINANCIAL HIGHLIGHTS

CORPORATE INFORMATION

BOARD OF DIRECTORS

REGISTERED OFFICE

SHARE TRANSFER AGENT

WORKS

BANKERS

CONTENTS Page No.

NOTICE

Ordinary Business :

Special Business :

Notes :

28. Voting through electronic means

THE INSTRUCTIONS FOR MEMBERS FOR REMOTE E-VOTING ARE AS UNDER :

How do I vote electronically using NSDL e-Voting system?

A) Login method for e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

B) Login Method for evoting and joining the virtual meeting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.

How to Log-in to NSDL e-Voting website?

4. Your User ID details are given below :

Step 2: Cast your vote electronically and join General Meeting on NSDL e-Voting system.

General Guidelines for shareholders

Process for those shareholders whose e-mail ID's are not registered with the depositories for procuring user id and password and registration of e-mail ID's for e-voting for the resolutions set out in this notice:

THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING ON THE DAY OF THE AGM:-

INSTRUCTIONS FOR MEMBERS FOR ATTENDING THE AGM THROUGH VC/OAVM ARE AS UNDER:

ANNEXURE TO NOTICE

Explanatory Statement under Sec. 102 of the Companies Act, 2013

Item Nos. 4

General :

Item No. 5

Brief Resume of Directors proposed to be re-appointed :

DIRECTORS' REPORT

To The Members of Plastiblends India Limited

1 Financial Highlights (` in Lacs)

2 Operations

3 Dividend and Dividend Distribution Policy

4 Transfer To Reserves

5 Transfer to IEPF of Equity Shares and Unclaimed Dividend

6 Directors

7 Board Independence

8 Annual Evaluation By The Board

9 Familiarisation Programme For Independent Directors

10 Number Of Board Meetings

11 Audit Committee

12 Directors' Responsibility Statement

13 Credit Ratings

14 Nomination And Remuneration Policy (NRP)

15 Vigil Mechanism/Whistle Blower Policy

16 Prevention Of Insider Trading

17 Internal Financial Controls

18 Maintenance of cost records

19 Risk Management

20 Corporate Governance

21 Related Party Transactions

22 Auditors

Statutory Auditors

Cost Auditor

Secretarial Auditor

23 Corporate Social Responsibility (CSR)

24 Business Responsibility Report (BRR)

25 Web link Of Annual Return

26 Material Changes

27 Particulars Of Loans, Guarantees, Investments

28 Conservation Of Energy, Technology Absorption And Foreign Exchange Earnings & Outgo

29 Deposits

30 Significant & Material Court Orders

31 Disclosure Under The Sexual Harassment Of Women At Workplace (Prevention, Prohibition And Redressal) Act, 2013

32 Particulars Of Employee And Related Disclosures

33 MD & CFO Certification

34 Secretarial Standard

35 Acknowledgement

DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO.

A. CONSERVATION OF ENERGY :

B. TECHNOLOGY ABSORPTION :

Research and Development

Plastiblends India Ltd. Annual Report 2021

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