Share Wealth

The Board of Directors of your Company have pleasure in presenting their report on the
working of the Company for the year ended 31“ March. 2024 together with the Audited
Accounts of the Company.

I. FINANCIAL SUMMARY:

The Company’s financial performance, for the year ended 31" March, 2024 is
summarized as follows:

(In Rinieesi

2. St'MMAKV OF OPERATIONS:

During the year, the net revenue from operations of the Company is Rs.
46.70.58.709,34 - as compared to previous year of Rs. 44,04.11.703.46 -

The Company’s Profit after tax stood at Rs 4.77.54,665.15 - for current year and Rs.
1.59J 1.$35.74 - for the previous year.

3. SI AIK OF AFFAIRS' HIGHLIGHTS:

Then; lias been no change m the business of the Company during the financial year
ended 31“ March, 2024.

4. CHANGE IX DIRECTORSHIP:

There has been no change in the constitution of Board during the year under review i.e.
2023-2024 the structure of the Board remains the same.

5. DIVIDEND:

The Board of Directors of the company, not declared any Dividend for the current
financial year due to conservation of Profits due to loss incurred by the Company due to
insufficient profit.

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTORS EDITA MON AND
PROTECTION FI ND:

The provisions of Section 125(2) of the Companies Act. 2013 do not apply as there was
no dividend declared and paid last year.

7. TRANSFER TO RESERVES:

The Accounting Standards permit that the amounts in else Profit after tax stands are
included m the Reserve & Surplus Schedule: hence the Company has not transferred any
amount to its General Reserves.

8. ISSI K OF EOITTY SHARKS WITH DIFFERENTIA!. RIGHTS, SWEAT
KOI I I V. ESOS ETC .. IF ANY:

The Company has not issued stores with differential voting rights nor granted stock
options nor sweat equity during the period under review

9. AUDITOR:

During the period under review. Araar Parekh. Clianered Accountants, resigned as
Statutory Auditors of the company. In the Extra Ordinary General Meeting held on the
25* February. 2024. M S. V R C A & Associates. Chartered Accountants, Vadodara
were appointed as Statutory Auditors of the Company to conduct the Statutory Audit for
the period ended 31^J March. 2024. M S. VR C A & Associates. Chartered Accountants
hold office until tlie conclusion of the ensuing Annual General Meeting ami are
recommended for appointment for 5 (Five) consecutive years from the date of the 29*
Annual General Meeting (AGMi for a term upto the conclusion of 34* AGM of the
Company in the Calendar year 2029. The company has obtained a certificate from M S.
V RCA & Associates, Chartered Accountants to the effect that then proposed re-
annointmem. if made, would be in accordance and conformity with the specified limits

Necessary resolution for appointment of the said Auditors is included in the Notice ol
Annual General Meeting lor seeking approval of members.

10. BOARD S COMMENT ON THK VI DHORS REPORT

I he observations of the Statutory Auditors, when read together with the relevant notes to
the accounts and accounting policies are self-explanatory and do not calls tor any further
comment

11. MATERIAL CHANGES AND COMMITMENTS:

There have been no material changes and commitments, which affect the financial
position of the company which have occurred between the end of the financial year to
which the financial statements relate and tlie date of this Report.

12. WEB! INK OF ANNUAI. RETURN:

The Company is having website i.e. https, preaiiumplast.in and annual return of
Company has been published on such w ebsite. Link of the same is given.

13. NUMBER OF MEET INCS OF BOARD OF DIRECTORS:

The maximum interval between any two Board Meetings did not exceed 120 (One
hundred and twenty) days. During the Financial Year 2023-2024. 09 Meeting of Board
of Directors of the Company were held.

14. CONTRACTS AND ARRANGEMENTS W11H RELATED PARTIES:

The Company has entered into transaction with related party in the ordinary course of
business and on the arm's length basis. Thus, the provisions of Secuon 1S$< 1) of the
Companies Act. 2013 are applicable. During the period ending 31" March. 2024. the
Company lias entered into contract arrangement transaction of material nature with any
of the related parties which are in conflict with the interest of the Company. Thus,
disclosure in Form AOC-2 is attached as .lnnexure-I.

15. COMPLIANCE V> 11 H SECRETARIAL STANDARDS:

The Company has complied with all the applicable compliances of Secretarial Standards
on meetings of the Board of Directors issued by The Institute of Company Secretaries of
India.

16. PARTIC ll.ARS OF LOANS. Gl VRVMTFS OR INVESTMENTS:

The Company has not made any Investment, given guarantee and securities during the
year under review. There for no need to comply provisions of section 1S6 of Companies
Act. 2013.

17. OK I AIKS OF SK.NinCWI AND MAT ERIAL ORDERS PASSED BY THE
RFC.l l-A TORS, C Ol RTS AM) 1RIBCXALS:

No significant and material order lias been passed by the regulators, courts, tribunals
impacting the going concern status and Company's operations in future

18. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND Ot 1 GO:

Information pursuant to Section 134<3Xm) of the Companies Act, 2013. read with the
Companies (Accounts) Rules. 2014 in respect of conservation of energy, technology
absorption and foreign exchange earnings and outgo

(A) ( mist-i-vailon of Energy:

(C) Foreign exchange Earnings and Ontgo:

During the period under review there was no foreign exchange earnings or out flow.

19. SUBSIDIARIES/ ASSOC LATES OR JOINT VF.N'Tl'RF.S:

During the period under review, no Company has become or ceased to be Subsidiary.
Associates or Joint Venture of the Company.

20. DF.FOSITS:

The Company has not accepted any deposits within the meaning of Section 73( 11 of the
Companies Act. 2013 and the Rules made thereunder.

21. INTERNAL FINANCIAL CONTROL:

The Company lias in place adequate internal financial controls with reference to financial
statements. During the financial year, such controls were tested and no reportable
material weakness in the design or operation was observed.

22. FORMAL ANM AI, EVA1.I ATION OF 1I1F PERFORMANCE OF 1 Hi
BOARD, ITS C OMM1TTFFS & OF INDIVID! Al- DIRECTORS;

The Board of Directors have evaluated the performance of all Independent Directors.
Non-Independent Directors and its Committees. The Board deliberated on various

evaluation attributes for all director* and after due deliberations made an objective
assessment and evaluated tliat all the directors in the Board have adequate expertise
drawn from diverse industries and business and bring specific competencies relevant to
the Company's business and operations. The Board found that the performance of all the
Directors was quite satisfactory.

The Board also noted that the term of reference and composition of die Committees was
clearly defined. The Committee performed their duties diligently and contributed
effectively to the decisions of the Board

W

The functioning of the Board and its comnuttees were quite effective. The Board
evaluated its performance as a whole and was satisfied with its performance and
composition of Independent and Non-Independent Directors.

23. DIRF.CTOR’S RFSPONS1B1L1 IV STATEMENT:

The Directors would like to inform the Members that the Audited Accounts for the
financial war ended March 31*'. 2024. are in full conformity with the requirements of the
Companies Act. 2013. The Financial Accounts are audited by the Statutory Auditors.
Ms. V R C' A & Associates (FRN: I04727W) The Directors further confirm that

a) In the preparation of the annual accounts for the financial year ended March
31*. 2024. tire applicable accounting standards, read with the requirements set
out under Schedule 111 to the Acl have been followed, and there are no material
departures from the same.

b) The Directors lia\e selected such accounting policies, apphed them consistently,
and made judgements and estimates tliat are reasonable and prudent so as to
give a true and fair view of the state of affairs of the company for the financial
year ended March 31*\ 2024.

c> The Directors have taken proper and sufficient care for tl»e maintenance of
adequate accounting records in accordance with the provisions of tire Act for
safeguarding the assets of the Company and preventing and detecting fraud and
other irregularities.

dt The Directors haw prepared the annual accounts on a ’going concern’ basis.

e) The Company being unlisted, sub-clause <e> of Section 134(31 of the Companies
Act. 2013. pertaining to laying down internal financial controls, is not
applicable to the Company.

fl 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.

24. REVIEW OF BUSINESS OPERATIONS AND H'llRF PROSPKCIS:

Your Directors wish to present the details of Business operations done during the year
under review:

a) Production and Profitability

b) Sales

c) Marketing and Market environment

d) Future Prospects including constraints affecting due to Government policies

25. COST RECORDS:

The Central Government has not prescribed maintenance of cost records for the
Company under Section 14S( 1) of the Companies Act. 2013.

26. RISK MANAGEMENT POLIO':

The Company lias developed and implemented a nsk management policy which
identifies major risks which may threaten the existence of the Company. The same lias
also been adopted by vour Board and is also subject to its review from time to tune. Risk
mitigation process and measures have been also formulated and clearly spelled out m die
said policy.

27. PET All A OF ESI ABUSIIMEM QE VIGIL MECHANISM. IF ANY:

The threshold limit provided under Section 177(9) read with Rule 7 of the Companies
< Meeting of Board and its Power) Rule. 2014 is not applicable on the Company

28. PARTICULARS OF EMPLOYEES:

The company does not have any employee who has drawn the remuneration exceeding
the limits prescribed under Rule 5(2) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules. 2014.

29. PREVENTION OF SEXUAL HARASSMENT AT WORK PI. A< E:

Pursuant to provisions of Sexual Harassment of women at work place (Prosecution,
prohibition and redressal) Act. 2013 and rules made die re under and as the Company is
under the prescribed criteria, die Board of Directors has adopted policy named as Policy
on Sexual Harassment of Women at Work Place.

30. FRAl'DS REPORTED BY Al Ull ORS I N PER SECTION 143(12), OTHER
THAN HIOSE WHICH AKK REPORTABLE TO HIE CF1NTRA1.
GOVERNMENT:

The Statutory Auditors have not reported any incident of fraud to the Board of Directors
of the Company.

31. DETAILS OF APPLICATION / AW PROCEEDING PENDING I~\DER MIL
INSOLVENCY AND BANKRUPTCY CODE, 2016:

Neither any application was made nor any proceeding pending under the Insolvency and
Bankruptcy Code. 2016 (31 of 2016) during the financial year.

32. DEI AILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALI'ATION
DONE AT THE TIME OF ONE I IMF. SETTLEMENT AM) THE VALIDATION
DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL
INS 1I ILTIONS ALONG WITH 1HE REASONS THEREOF:

As Company has not done any one-tune settlement during the year under review lienee
no disclosure is required

33. ACKNOVM .EDGKMKN'T:

Your directors place on records then appreciation of the contributions made by
employees and consultants at all levels, who. with their competence, diligence, solidarity,
co-operation, and support have enabled the company to achieve the desired results.

The boaid of directors gratefully acknowledges the assistance and cooperation received
from the central and state government departments, shareholders, and stakeholders.

For aud on behalf of Board of Directors.

Premium Plast Limited__

/"*) «V*SAI

Chelan Nagendra

Chairman and Managing Director

DIN: 01284748

Date: 09 09 2024
Place: Mumbai