Shree Rama Multi-Tech Ltd

BOARD'S REPORT

Dear Members,

Your Directors are pleased to present the 30^th Annual Report on the business and operations of the Company together with Audited Financial Statements for the financial year ended March 31, 2024.

FINANCIAL RESULTS

The Company's financial performance, for the year ended March 31, 2024 is summarized below:

OPERATIONAL REVIEW

Your Company's total revenue from operations during the year under review was Rs. 177.70 Crore as compared to Rs.196.26 Crore of previous year which shows a marginal decrease over the previous year figure. The other income was Rs.1.40 Crore during the year under review. The EBIDTA of the Company during the year was Rs.16.54 Crore. The profit for the Financial Year 2023-24 was Rs.9.96 Crore as compared to profit of Rs.5.04 Crore of the previous year 2022-23. The key factors for the improvement in the profitability is mainly reduction in the price of raw material, Finance cost along with effective management of the available resources with the Company. Further the Company has during the year under review re-paid the entire debts which was funded through successful completion of Rights Issue.

PACKAGING INDUSTRY IN INDIA

The India Packaging Market size is estimated at USD 84.37 billion in 2024, and is expected to reach USD 142.56 billion by 2029, growing at a CAGR of 11.06% during the forecast period (20242029). The demand for packaging in India has expanded drastically, spurred by the rapid growth in consumer markets, especially in processed food, personal care, and pharmaceutical end-user industries. Packaging is India's one of the fastest growing sectors. Over the last few years, the industry has been a key driver of technology and innovation, contributing to various manufacturing sectors, including agriculture and the fast-moving consumer goods (FMCG). The packaging industry is driven by the factors such as rising population, increasing income levels, and changing lifestyles are anticipated to drive consumption across various industries leading to higher demand for packaging product solutions. Moreover, demand from the rural sector for packaged products is fueled by the growing media penetration through the Internet and television.

The India - flexible packaging market size is estimated to grow at a CAGR of 12.69% between 2023 and 2028. The market size is forecast to increase by USD 15.57 billion. The growth of the market depends on several factors, including a shift toward flexible packaging due to high logistics costs in India, the growing retail industry in India, and an increase in demand for digitally printed packaging.

The growing retail industry in India is notably driving the market growth. The retail industry in India is one of the fastest-growing in the world. The retail industry is developing in tier-1 and tier-2 cities, in addition to major cities and metros in the country. Factors such as transforming demographic profiles, rising disposable incomes, growing urbanization, and changing consumer tastes and preferences are driving the growth of the organized retail market in India. The primary factor boosting the growth of the market is the shift of consumers, especially millennials, from traditional retail to online channels.

Dividend

During the year under review, the Board of Directors has considered not to recommend any dividend on equity shares for the Financial Year 2023-24 with a view to conserve the resources for the future growth of the Company and considering the accumulated loss incurred in the earlier years. Consequently no amount has been transferred to reserves for the year under review.

SHARE CAPITAL

During the year under review, your Company had allotted 7,00,00,000 equity shares of Rs.5 each, issued at per share (including premium of per share) for an amount aggregating to Rs.6,300 lakhs to the existing equity shareholders of the Company on a rights basis on July 3, 2023 and these shares were admitted for trading with effect from July 10, 2023 on the stock exchanges viz. NSE and BSE. Consequent to the allotment of shares pursuant to the Rights Issue, the paid up equity share capital of the Company stand increased to Rs.6,673.40 lakhs comprising 133468005 equity shares of the face value of Rs.5 each, fully paid up during the year under review.

Further, during the year under review, the Company has also allotted 7,66,666 Redeemable Preference Shares of face value of Rs.100 each on the same terms and conditions to the existing preference shareholder of the value equivalent to the existing outstanding 6,66,666 unredeemed Preference Shares amounting to Rs.666.66 Lakhs together with unpaid dividend of Rs.100.00 Lakhs thereon pursuant to order of Hon'ble National Company Law Tribunal, Ahmedabad Bench.

During the year under review, the Company has not issued any shares with differential voting rights as to dividend, voting or otherwise nor has granted any stock options or sweat equity. As on March 31,2024, none of the Directors of the Company hold any instruments convertible into Equity shares of the Company.

HOLDING & SUBSIDIARY COMPANIES

During the year under review, the Company has completed the Issue of equity shares on Rights basis pursuant to allotment of equity shares to existing shareholders. The promoter of the Company Viz., Nirma Chemical Works Private Limited (NCWPL) who had applied for Rights

Entitlements including the additional shares in the Rights Issue as per SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2018, its holdings has increased to 56.53% being post issue paid up equity share capital, consequently NCWPL became the holding company of Shree Rama Multi-Tech Limited with effect from July 3, 2023 and the company became the Subsidiary of the promoter company.

Shree Rama (Mauritius) Limited was incorporated as wholly owned subsidiary in Mauritius. The current status of the Company is "Defunct". There are no associate companies or joint venture companies within the meaning of Section 2(6) of the Companies Act 2013.

Deposits

The Company does not have "Deposits" as contemplated under Chapter V of the Companies Act, 2013. Further, the Company has not invited or accepted any such deposits during the year and there is no outstanding balance as on March 31,2024.

CREDIT RATING

The credit facilities of the company are rated by CRISIL Limited ("CRISIL"). During Financial Year 2023-24, the Rating of the company has been reviewed by CRISIL Limited for the bank loan facilities for Rs.80 Cr. as 1) Long-Term Rating - CRISIL BBB-/Stable (Reaffirmed), 2). Long-Term Rating- CRISIL BBB-/Stable (migrated from CRISIL AA (CE)/Stable) and 3. Short Term Rating- CRISIL A3 (Migrated from CRISIL A1 + (CE).

Further, after the closure of Financial year, CRISIL Ratings Limited has withdrawn the ratings assigned to the company's bank facilities of RBL Bank Limited, vide its letter dated April 17, 2024 at the request of the Company pursuant to closure of Banking relation with the RBL Bank Limited.

ANNUAL RETURN

The Annual Return of the Company as on March 31, 2024 in Form MGT - 7 in accordance with Section 92(3) of the Act read with the Companies (Management and Administration) Rules, 2014, is available on the website of the Company at https://srmtl.com

DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Company's Articles of Association, Smt. Vandana C. Patel, Director (DIN: 07010646) retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers herself for re-appointment. The Board recommends her re-appointment for the consideration of the members of the Company at the ensuing Annual General Meeting.

During the year under review, Sh. Pathik C. Shah (DIN: 00076715) is ceased to be Independent Director of the Company with effect from closure of business hours on March 31, 2024, consequent to completion of his tenure (Second term of 5 years) as Independent Director of the Company. The Board placed on its record for the contribution, expert advice and support given to the Board in taking the decisions for the businesses during his tenure.

Further, during the year under review Shri Vijay R. Shah (DIN: 00376570) has been appointed as an Additional Director (Independent) for the term of 5 (Five) years with effect from February 7, 2024, by the Board upon recommendation of Nomination and Remuneration Committee subject to approval by members. The shareholders at the Extra-Ordinary General Meeting held on March 15, 2024 has approved the appointment of Shri Vijay R. Shah as an Independent Director and also approved the continuation of directorship of Shri VijayKumar Ratilal Shah as an Independent

Director of the Company after attaining the age of 75 years till completion of his first term of appointment.

Further, your Company has received declarations from the Independent Directors confirming that they meet with the criteria of Independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 & the Companies (Appointment and Qualification of Directors) Rules, 2014 and under Regulation 25(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and there has been no change in the circumstances which may affect their status as an Independent Director during the year.

None of the Non-Executive Directors of the Company had pecuniary relationship or transactions with the Company (except sitting fees for attending Board Meetings) during the year under review.

Pursuant to Section 203 of the Companies Act, 2013, the whole-time Key Managerial Personnel of the Company as on March 31,2024 are as under:

* Resigned and relieved from his duty as CFO with effect from August 1, 2023

# Appointed as CFO with effect from August 1, 2023

NUMBER OF MEETINGS OF THE BOARD

During the Financial Year ended on March 31, 2024, the Board met Seven times, the details of Board Meetings and attendance of Directors are given in the Corporate Governance Report that forms part of this Annual Report. The intervening gap between any two consecutive meetings of Board was not more than one hundred and twenty days.

COMMITTEES OF BOARD

The Company has following Committees of the Board as on March 31,2024 pursuant to applicable provisions of the Companies Act, 2013 and rules made there under as well as in compliance with SEBI (LODR) Regulations, 2015:

(i) Audit Committee

(ii) Nomination and Remuneration Committee

(iii) Stakeholders Relationship Committee

(iv) Rights Issue Committee

The details of composition, meetings and attendance of members of committees held during the year are given in the Corporate Governance Report that forms part of this Annual Report.

BOARD EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and as per the corporate governance requirements as prescribed under SEBI (LODR) Regulations, 2015, the Board of Directors had carried out the performance evaluation of working of the Board Committees as well as evaluation of Independent Directors and assessment of their independence criteria and their independence from the management. The Board of Directors also reviewed the criteria for the purpose of evaluation of performance of Independent Directors of the Company as well as Committee of Board of Directors of the Company. The Independent Directors met on March 28, 2024, without the attendance of Non-Independent Directors and members of the Management. The Independent Directors reviewed the performance of non-independent directors, Board as a whole and the performance of the Chairperson of the Company taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. The Nomination and Remuneration Committee of the Company had also carried out performance evaluation of every Director's performance. A structured questionnaire was prepared after taking into consideration the various aspects of evaluation. The Board of Directors expressed its satisfaction with the evaluation process.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3)(c) of the Companies Act, 2013, your Directors to the best of their knowledge and belief and according to the information and explanations obtained by them state that:

a) in the preparation of the annual accounts for the year ended on March 31,2024, the applicable accounting standards have been followed, along with proper explanation relating to material departures;

b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the year ended on March 31,2024 and of the profit of the Company for that period.

c) the Directors had taken proper and sufficient care for the 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 fraud and other irregularities;

d) the Directors had prepared the annual accounts on a going concern basis; and

e) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

f) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

RELATED PARTY TRANSANCTIONS

All transactions entered with related parties for the year under review were on arm's length basis and in the ordinary course of business of the Company and there were no material contracts or arrangement or transactions entered into, in terms of Section 188 of the Companies Act, 2013 and accordingly, the disclosure of related party transactions as per Section 134(3)(h) of the Companies Act 2013 in Form AOC-2 is not provided. Further, the disclosures in compliance with Para A of Schedule V of Regulation 34(3) of SEBI (LODR) Regulations, 2015 is provided in the notes to the accounts. The related party transactions as required to be disclosed under Indian Accounting Standards (Ind-AS 24) are set out in the notes to the financial statements.

The Audit Committee had given prior omnibus approval for the related party transactions which were of repetitive nature and/or entered in the ordinary course of business and on arm's length basis and a statement giving details of all related party transactions were placed before the Audit Committee and the Board for review and noting on a quarterly basis.

The policy on Related Party Transactions duly revised and approved by the Board of Directors has been uploaded on the website of the Company viz. www.srmtl.com. None of the Directors has any pecuniary relationship or transactions vis-a-vis the Company.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY

During the year 2023-24, the Company has not given any loans or provided guarantee or security in connection with a loan to other body corporate or person or made investments as contemplated under the provisions of Section 186 of the Companies Act, 2013, hence the details are not provided.

POLICIES

The updated policies adopted by the Company as per statutory and governance requirements are uploaded on website of the Company at viz. www.srmtl.com.

INTERNAL FINANCIAL CONTROL SYSTEM

The Company's internal control system is commensurate with its size, scale and complexities of its operations. Your Company has an effective internal control and risk-mitigation system which are constantly reviewed, assessed and strengthened with new/ revised standard operating procedures considering the existing system and future planning as envisaged. The internal audit is entrusted to M/s Ramesh C. Sharma & Co., Chartered Accountants and the scope of the internal audit are reviewed and revised as required to assess the risks and business processes, besides benchmarking controls with best practices in the industry.

The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control systems and suggests improvements to strengthen the same. The Company has a robust Management Information System, which is an integral part of the control mechanism.

The Audit Committee, Statutory Auditors and the business heads are quarterly apprised of the internal audit findings and the corrective actions taken. Audit plays a key role in providing assurance to the Board of Directors. The significant audit observations and corrective actions taken by the management are presented to the Audit Committee of the Board. In order to maintain its objectivity and independence, the Internal Auditor reports to the Chairman of the Audit Committee.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

The statement showing particulars with respect to the conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 as amended from time to time is annexed herewith as "Annexure A" as a part to this Report.

PARTICULARS OF EMPLOYEES

The Company has continued to maintain harmonious and cordial relations with its officers, supervisors and workers enabling the Company to maintain the pace of growth. Training is imparted to employees at all levels and covers both technical and behavioral aspects.

The details of Managerial Remuneration 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 is annexed herewith as "Annexure B" as a part to this Report. There was no employee drawing an annual salary of Rs.102 lakhs or more where employed for full year or monthly salary of Rs.8.50 Lakhs or more where employed for part of the year and therefore, no information pursuant to the provisions of Rule 5(2) & 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is required to be given.

NOMINATION AND REMUNERATION POLICY

The Board of Directors has, on recommendation of the Nomination and Remuneration Committee, framed a Nomination and Remuneration Policy pursuant to the provisions of Section 178 of the Companies Act, 2013 read with the Rules made thereunder as well as SEBI (LODR) Regulations, 2015. The policy has been placed on the website of the Company viz. www.srmtl.com. The salient features of the said policy are stated in the Corporate Governance Report that forms part of this report.

AUDITORS & AUDITORS' REPORT

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the rules framed thereunder, M/s. Mahendra N. Shah & Co. (FRN: 105775W), Chartered Accountants, Ahmedabad were appointed as Statutory Auditors of the Company for the period of five years from the conclusion of the Twenty-Eight AGM of the Company till the conclusion of the Thirty Third AGM.

The Company has received a letter from M/s. Mahendra N. Shah & Co. Chartered Accounts, to the effect that their appointment is within the prescribed limits under Section 141 of the Companies Act, 2013 read with rules made thereunder and that they are not disqualified for such appointment.

During the year under review, there are no instances of frauds as reported by the auditors under Section 143(12) the Companies Act, 2013 and its rules made thereunder.

The Statutory Auditors of the Company has made certain observations in the audit report and qualified the report during the year under review. In this regard, the Board clarifies the same as under:

Boards' Comments on Auditors Emphasis:

1. Regarding Non consolidation of accounts of Shree Rama Mauritius Limited (WOS):

In respect of the investment made in Shree Rama (Mauritius) Limited, its Wholly-Owned Subsidiary (WOS), the resident directors & key managerial personnel of the said WOS had resigned in the year 2005-06 and audited accounts for the year ended 30^th September 2003 and onwards could not be prepared and provided. Its present status is shown as ‘defunct' under respective laws. The Company has accordingly provided for diminution in the value of investments in the earlier years.

In view of the above, it was not possible to prepare consolidated financial statements as required by Ind AS 110 issued by ICAI and other provisions of the Companies Act, 2013.

SECRETARIAL AUDIT

Pursuant to provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s Chirag Shah & Associates, Practicing Company Secretaries to undertake the Secretarial Audit of the Company for the Financial Year 2023-24. The Secretarial Audit Report is annexed herewith as "Annexure C" as a part to this Report.

There are some observations made by the Secretarial Auditor in their report for which the Board of Directors hereby give its comments/ explanation as under:

(i) Regarding Non-consolidation of accounts of Shree Rama (Mauritius) Limited (WOS):

In respect of the investment made in Shree Rama (Mauritius) Limited, its Wholly-Owned Subsidiary (WOS), the resident directors & key managerial personnel of the said WOS had resigned in the year 2005-06 and audited accounts for the year ended September 30, 2003 and onwards could not be prepared and provided. Its present status is shown as ‘defunct' under respective laws. The Company has accordingly provided for diminution in the value of investments in the earlier years.

In view of the above, it was not possible to prepare consolidated financial statements as required by Ind AS 110 issued by ICAI and other provisions of the Companies Act, 2013.

M/s Chirag Shah & Associates, Practicing Company Secretaries has undertaken the Annual Secretarial Compliance Audit for the Financial Year 2023-24 pursuant to Regulation 24A of SEBI (LODR) Reg., 2015. There were no observations for the period under review.

COST AUDITOR

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such accounts are made and records have been maintained relating to the product group ‘Plastics and Polymers' during the year under review. The Board of Directors, on the recommendation of Audit Committee, has re-appointed M/s Maulin Shah & Associates, Cost Accountants, (Firm Registration Number 101527) as Cost Auditor to audit the cost records of the Company for the Financial Year 2024-25. As required under the Act, a resolution seeking member's approval for the remuneration payable to the Cost Auditor forms part of the Notice convening the Annual General Meeting for their ratification.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

Your Company falls under the criteria of Section 135 of the Companies Act, 2013 read with the rules made thereunder hence is required to constitute CSR Committee and comply the requirements thereunder as prescribed. As per the aforesaid section, the Company is required to spend Rs.3,70,677.42 towards CSR activities as per CSR Policy during the FY 2023-24. Since the amount to be spent is less than Rs.50 lakhs, the Company is not required to constitute CSR Committee and the functions of such committee shall be discharged by the Board of Directors of the Company. The CSR policy is available on the website of your Company at www.srmtl.com

The relevant information required to be given under Section 135 of the Companies Act 2013 is attached in form of Annual Report on CSR activities as "Annexure D" to this report.

Further, the Chief Financial Officer of your Company has certified that CSR spends of your Company for the FY 2023-24 have been utilized for the purpose and in the manner approved by the Board of Directors of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report on operations of the Company as required under Regulation 34(3) read with Para B of Schedule V of SEBI (LODR) Regulations, 2015, is provided in a separate section and forms an integral part of this Annual Report.

CORPORATE GOVERNANCE REPORT

The Report on Corporate Governance as stipulated under Regulation 34(3) read with Para B of Schedule V of SEBI (LODR) Regulations, 2015 forms an integral part of this Report. The requisite certificate from the Practicing Company Secretary of the Company confirming compliance with the conditions of corporate governance is attached to this report on Corporate Governance.

INSURANCE

The assets of the Company are adequately insured to take care of any unforeseen circumstances.

MATERIAL CHANGES AND COMMITMENT AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There are no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

RISK MANAGEMENT

The risk is the part and partial of every business and the risk management is embedded in your Company's operating framework. Even though it is not possible to completely eliminate various risks associated with the business of the Company, the efforts are made to minimize the impact of such risks on the operations of the Company. The Company has established a well-defined process of risk management which includes identification, analysis and assessment of various risks, measurement of probable impact of such risks, formulation of the risk mitigation strategies and implementation of the same so as to minimize the impact of such risks on the operations of the Company. The Company has put in place various internal controls for different activities so as to minimize the impact of various risks. The Company's approach to addressing the business risk 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 of Directors for its effectiveness and compliances.

The discussion on risks and concerns are covered in the Management Discussion and Analysis Report, which forms part of this Report.

VIGIL MECHANISM

Your Company has framed a Vigil Mechanism to report genuine concerns or grievances of all directors and employees. It provides for adequate safeguards against victimization of persons who use such mechanism. The Vigil Mechanism Policy has been hosted on the website of the Company i.e. www.srmtl.com.

CODE OF CONDUCT

The Board of Directors has adopted the Code of Conduct for the Directors and Senior Management and the same has been placed on the Company's website. All the Board members and the senior management have affirmed compliance with the Code of conduct for the year under review.

COMPLIANCE WITH SECRETARIAL STANDARDS

The Company has complied with all the applicable provisions of Secretarial Standard on Meetings of Board of Directors (SS-1), Revised Secretarial Standard on General Meetings (SS-2), Secretarial Standard on Dividend (SS-3) Secretarial Standard on Report of the Board of Directors (SS-4) respectively issued by Institute of Company Secretaries of India.

PREVENTION OF SEXUAL HARASSMENT AT WORK PLACE

The Company has zero tolerance for sexual harassment at workplace and has adopted a Policy on Prevention, Prohibition and Redressal of sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and rules framed thereunder. Internal Complaints Committee (ICC) is in place to redress complaints received regarding sexual harassment. During FY 2023-24, the Company has not received any complaint on sexual harassment of women at work place.

OTHER DISCLOSURES

1) No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

2) Shifting of Registered Office of the Company:

During the year, the Registered Office of the Company was shifted from 18, Corporate House, Opp. Dinesh Hall, Navrangpura, Ahmedabad-380009 to Block No.1557, Village-Moti-Bhoyan, Kalol-Khatraj Road, Taluka-Kalol, Gandhi Nagar, Gujarat, 382721, Gujarat, India due to administrative convenience.

3) Withdrawal of Composite Scheme of Compromise and Arrangement:

During the year under review, the Company has withdrawn the Review Application of Original Jurisdiction Miscellaneous Civil Application filed with Hon'ble High Court of Gujarat in the matter of Composite Scheme of Compromise and Arrangement u/s 78 and 100 read with section 391 of the then Companies Act, 1956.

4) Rights Issue of Equity Shares & Utilization of its Proceeds

During the year under review, the Company had raised the funds by way of Rights issue of equity shares by issue of 7,00,00,000 equity shares of Rs.5 each, at issue price of Rs.9 per share (including premium of Rs.4 per share) for an amount aggregating to Rs.6,300 lakhs. The funds raised through Rights Issue have been utilized as per objects of the Issue. The details of utilization of Funds of Rights Issue is as under:

5) During the year under review the Company has received the order of Hon'ble National Company Law Tribunal, Ahmedabad Bench under section 55(3) of the Companies Act, 2013 to issue and allot 7,66,666 redeemable preference shares efface value of Rs.100 each on the same terms and conditions to the existing preference shareholder of the value equivalent to the existing outstanding 6,66,666 unredeemed preference shares amounting to Rs.666.66 Lakhs together with unpaid dividend of Rs.100.00 Lakhs thereon under Company Petition filed by the Company and accordingly, the Company has allotted 7,66,666 Redeemable Preference Shares of face value of Rs.100 each on the same terms and conditions to the existing preference shareholder on September 11,2023.

6) During the year under review your Company has repaid its entire long outstanding debts of Rs.61.72 Crore, being the principal amount of Term Loan of Rs.25 Crore, Redeemable NonConvertible Debentures of Rs.36.72 crore out of the proceeds of the Rights Issue as per the objects of the issue.

7) During the year under review, the Board of Directors of the Company in its meeting held on 07/02/2024 has cancelled 87550 equity shares of Rs 5 each issued out of Authorized Share Capital of the Company, which were forfeited by the Company on 31/08/2004 which have neither been re issued nor have been taken up or agreed to be taken up by any person subject to the approval by members. The members in its Extra-Ordinary General Meeting held on March 15, 2024 approved the same, consequently the Issued, Subscribed and Paid up Share Capital is reduced accordingly

8) The Company had decided earlier for the investment in form of CAPEX for approx. Rs.17 Crores for purchase of Multi-Layer film plant and accordingly purchased the Multi-Layer Film Plant from Reifenhauser, Germany which has been arrived at the plant during the year under review. The installation of the plant is under process as per its standard norms and quality parameters as of date of this report. The Company expect to start its commercial production in the month June, 2024.

APPRECIATION

Your Directors place on record their sincere appreciation for the continued co-operation and support extended to the Company by various Banks. Your Directors also thank the Consumers for their patronage to the Company's products. Your Directors also place on record sincere appreciation of the continued hard work put in by the employees at all levels. The Directors also thank the Company's vendors, investors, business associates, Stock Exchanges, Government of India, State Government and various departments and agencies for their support and co-operation.