Shri Jagdamba Polymers Limited

Pranl:PlolNo. 101,G.D.C.Estate,OHOLKA382225(Gujarat),Tee.:+91 2714 24A369,24A37O

CIN Lr 7239GJ 1 985P LC007829
M. r9898048360

Date: September 04, 2021

To,
Department of Corporate Services,
BSE Limited,
P. J, Towers,
DataI Street, Fort,
Mumbai - 40000'l

Dear 5ir,

Sub: Submission of Annual ReDort 37th Annual General Meetine of the

companv for the F. Y. 2020-21,

Ref: Scrip Code - 512453

The 37th Annuat Genera[ Meeting of the company scheduted to be hetd on Tuesday,
September 28,2021 at 1 1:00 a.m. l5T through Video Conferencing ("VC") or Other
Audio Visual Means ("OAVM").

Pursuant to Regulation 34(1) of

SEBI (Listing obligations and Disctosure
Requirements) Regutation, 2015, we are submitting herewith the Annuat Report of
the Company for the Financial Year 2020-202'1.

The annual Report is atso uptoaded on the website of the Company

Kindty take note of the same

Thanking You

For, Shri ly mers ltd

Y AHMEDABAO

Kunjal Soni
Compliance Officer

Encl afa

Regd Oii ce r 802, Narfarayan Comp ex, Opp. NavrangpLra Post Offi.e, Navrangpura, Ahmedabad 380 009
Tele +91 7926565792,2643020r.Ema1:[email protected]
Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

OUR Growth Story……

Shri Jagdamba Polymers Limited was established in the year 1985 as a very tiny unit for
manufacture of various plastic products viz HDPE/PP Fabrics & Woven Bags in the
undeveloped and rural area of Ahmedabad, Dholka by Shri Ramakant Bhojnagarwala.

At the time of establishment of the unit in such a remote and undeveloped area, we had to
face many challenges and with difficulty and pains the unit was made operational. The
commercial production of the company was started in February 10, 1987 with one Tap
Extrusion Plant, 10 Looms and 50 Workers. No infrastructural facilities like skilled workers,
communication, transport etc. were available in the village when the unit was established
and with most unfavorable conditions we could start the unit with a meagre production of
50 MTs per month.

At the time of start-up, since there was no skilled workers available in the area, Shri
Ramakant Bhojnagarwala and their family members had trained many of the supervisors
how to operate the machines and managed the production of the unit. During the initial
time i.e. between the years 1987 to 1990 due to the operational difficulties as well as
market situation we were not able to show good numbers, but with the Dedication and
Vision of Shri Ramakant Bhojnagarwala and his team this could make happen.

By the passage of time since then, over the years, the company never looked back and has
grown manifold and now the company has 3 different manufacturing units, each one unit
having installed machineries with the latest technology. Today the company employs 1700
workers and staff and its yearly production is approximately 17500 MTs of finished products.

The major portion of its production is being exported to various countries and only very
limited portion part is sold in the indigenous market. Over the years the company has earned
and established a very good reputation and presence in the Global market which helped the
company to secure more and more export orders.

Presently we are generating a revenue of Rs. 24674.37 lakhs and is expected to maintain
the same trend and even enhance our profit margins, along with good numbers. We are also
focusing on enhancing the Standard of Living & Economical Development of general public.
Towards this direction we have spent Rs. 59.95 lakhs as CSR Expenses to face the challenging
time of COVID out of which Rs. 56 lakhs was spent towards improving the overall health of
general public and the remaining amount of Rs. 3.95 lakh was spent on education front. In
addition to the CSR expenses, an amount of Rs. 51.15 lakhs was spent by the company for
helping its own staff and workers during the pandemic COVID time.

Faith of the stakeholders of the company and combined efforts of the Workers, Supervisor,
Staff and Management Team is the Secret of our Growth.
 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Corporate Information
BOARD OF DIRECTORS:
Mr. Ramakant Bhojnagarwala Chairman cum Managing Director
Mr. Kiranbhai Bhailalbhai Patel Whole-Time Director
Mr. Vikas Srikishan Agarwal Executive Director
Mrs. Mudra Sachin Kansal Independent Director
Mr. Mahesh Gaurishanker Joshi Independent Director
Mr. Shail Akhil Patel Independent Director

CHIEF FINANCIAL OFFICER : COMPANY SECRETARY :

Mr. Anil Parmar Mr. Kunjal Jayantkumar Soni
STATUTORY AUDITORS: SECRETARIAL AUDITORS:
M/s. Jaymin D. Shah & Co. M/s. G. R. Shah & Associates
Chartered Accountants Practicing Company Secretary

BANKERS: PLANT:
Unit I: Plot No. 101, GIDC Estate Dholka – 382225
Kotak Mahindra Bank Limited Dist. Ahmedabad
HDFC Bank Limited Unit II: Plot No.703-710,GIDC Estate Dholka –
HSBC Limited 382225
Dist. Ahmedabad
Unit III: 100 % EOU, New Survey No. 166p/ 167p/
168p/ 170p, Simej Rupgadh Road, Simej,
Dholka-382265, Dist. Ahmedabad
REGISTERED OFFICE:- REGISTRAR & TRANSFER AGENTS:

802, Narnarayan Complex, SKYLINE FINANCIAL SERVICES PRIVATE LIMITED

Opp. Navrangpura Post Office, D-153A , 1st Floor, Okhla Industrial Area, Phase -I,
Navrangpura, Ahmedabad-380009. New Delhi - 110 020
Tel: +79-26565792 Tel: +11-40450193-97
Email: [email protected] Email: [email protected]
Website: www.shrijagdamba.com Website: www.skylinerta.com

ANNUAL GENERAL MEETING: INDEX:

1. Notice ----------------------------------------------4
Date : Tuesday, September 28, 2021. 2. Director Report ----------------------------------15
Time : 11:00 A.M. 3. Independent Auditors Report ------------------39
4. Financial Statements ---------------------------46
5. Notes Forming Part of Financial Statement -50

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Growth at Glance:
Total Revenue
30000
24674.37
(Amount In Lakhs)

25000
18977.23 19800.75
20000 17911.74
15000
10000
5000
0
2017-2018 2018-2019 2019-2020 2020-2021

Net Worth 13278.07

14000
(Amount In Lakhs)

12000
9220.01
10000
8000 6549.57
6000 4383.88
4000
2000
0
2017-2018 2018-2019 2019-2020 2020-2021

EBDIT
7000 6336.85
(Amount In Lakhs)

6000
5000 4145.06
4000 3456.62
2903.78
3000
2000
1000
0
2017-2018 2018-2019 2019-2020 2020-2021

Profit After Tax

4500 4090.64
(Amount In Lakhs)

4000
3500
3000 2733.39
2500 2186.8
2000 1647.21
1500
1000
500
0
2017-2018 2018-2019 2019-2020 2020-2021

3
Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

NOTICE
Notice is hereby given that the 37th Annual General Meeting of the members of Shri Jagdamba
Polymers Limited will be held at 11:00 a.m. on Tuesday, September 28, 2021 through Video
Conferencing (“VC”)/ Other Audio Visual Means (OAVM) to transact the following businesses:

ORDINARY BUSINESS:

1) To receive, Consider and adopt the Audited Financial Statements for the year ended March
31, 2021 and reports of the Directors and the auditors thereon.

2) To declare Dividend on equity shares for the financial year ended on March 31, 2021.

“RESOLVED THAT a dividend at the rate of 40% i.e. Rs. 0.40/- (Forty Paisa only) per equity
share of Rs. 1/- (One rupees) each fully paid-up of the Company be and is hereby declared
for the financial year ended March 31, 2021 and the same be paid as recommended by the
Board of Directors of the Company, out of the profits of the Company for the financial year
ended March 31, 2021.”

3) To appoint a Director in place of Mr. Vikas Srikishan Agarwal (DIN: 03585140) who retires by
rotation and being eligible offers himself for re-appointment as Director of the Company.

Place: Ahmedabad By order of the Board of Directors of

Date: 27/08/2021 Shri Jagdamba polymers Limited

Sd/-
Kunjal Soni
Company Secretary

Registered Office:
802, Narnarayan Complex,
Opp. Navrangpura Post Office,
Navrangpura,
Ahmedabad – 380009

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

NOTES:

As you are aware, in view of the situation arising due to COVID-19 global pandemic, the general meetings of
the Companies shall be conducted as per the guidelines issued by the Ministry of Corporate Affairs (MCA) vide
Circular No. 14/2020 dated April 8, 2020, Circular No.17/2020 dated April 13, 2020 and Circular No. 20/2020
dated May 05, 2020. The forthcoming AGM will thus be held through through video conferencing (VC) or other
audio visual means (OAVM). Without the physical presence of the Members at a common venue. Accordingly,
in compliance with the provisions of the Companies Act, 2013, SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and Circulars issued by the Regulators, the AGM of the Company is being
held through VC/OAVM. Hence, Members can attend and participate in the ensuing AGM through VC/OAVM.
The deemed venue for the AGM shall be the Registered Office of the Company.

The Register of Members and Share Transfer Books of the Company shall remain closed from sat, the
September 18, 2021 to Thursday, the September 28, 2021 (both days inclusive).

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 MCA Circulars 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 Central Depository Services (India) Limited (CDSL) for facilitating voting through electronic means, as
the authorized e-Voting’s agency. The facility of casting votes by a member using remote e-voting as well
as the e-voting system on the date of the AGM will be provided by CDSL.

2. The attendance of the Members attending the AGM through VC/OAVM will be counted for the purpose of
ascertaining the quorum under Section 103 of the Companies Act, 2013.

3. Pursuant to MCA Circular No. 14/2020 dated April 08, 2020, the facility to appoint proxy to attend and cast
vote for the members is not available for this AGM. However, in pursuance of Section 112 and Section 113
of the Companies Act, 2013, representatives of the members such as the President of India or the Governor
of a State or body corporate can attend the AGM through VC/OAVM and cast their votes through e-voting.

4. In line with the Ministry of Corporate Affairs (MCA) Circular No. 17/2020 dated April 13, 2020, the Notice
calling the AGM/ has been uploaded on the website of the Company at www.shrijagdamba.com. The Notice
can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited at www.bseindia.com. The
AGM Notice is also disseminated on the website of CDSL (agency for providing the Remote e-Voting facility
and e-voting system during the AGM) i.e. www.evotingindia.com.

5. The 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 8, 2020 and MCA Circular No. 17/2020 dated April
13, 2020 and MCA Circular No. 20/2020 dated May 05, 2020.

6. In continuation of this Ministry’s General Circular No. 20/2020, dated May 05, 2020 and after due
examination, it has been decided to allow companies whose AGMs were due to be held in the year 2020, or
become due in the year 2021, to conduct their AGMs on or before 31.12.2021, in accordance with the
requirements provided in paragraphs 3 and 4 of the General Circular No. 20/2020 as per MCA circular no.
02/2021 dated January,13,2021.

7. Members as on the cut-off date of September 17, 2021 shall only be entitled for availing the remote E-voting
facility and E-voting facility during the AGM. A person who is not a Member on the cut-off date should
accordingly treat this Notice for information purposes only and attend the AGM through VC/OAVM and shall
not be entitled to any voting rights.

8. Since the AGM is held through VC/OAVM, where physical attendance of members in any case has been
dispensed with, there is no requirement of appointment of proxies. Accordingly, the facility of
appointment of proxies by members will not be available for this meeting and hence requirement of
attaching the Proxy Form and Attendance Slip has been dispensed herewith and not annexed to this
Notice.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

9. Corporate Members intending to send their authorized representative(s) to attend the meeting pursuant
to Section 113 of the Companies Act, 2013 are requested to send to the Company, a Certified True Copy
of the relevant Board Resolution together with their respective specimen signatures authorizing their
representative(s) to attend and vote on their behalf to the scrutinizer by email to
[email protected]. The authorized representative(s) shall enjoy all the rights of a Member for the
purpose of voting through remote e-voting or for participation and voting in the meeting held through
VC /OAVM.

10. A person can be an authorized representative of more than one Body Corporate. In such a case, he is
treated as more than one Member present in person for the purpose of the quorum.

11. In Compliance with MCA Circulars dated April 08, 2020, April 13, 2020 and May 05, 2020 and SEBI Circular
dated May 12, 2020, Members may kindly note that sending of Physical Copies of Annual Report to
Members have been dispensed with and is being sent through electronic mode to those members whose
e-mail addresses are registered with the Company or Depositories. Members may also note that the
th
Notice of the 37 AGM and the Annual Report will be available on the Company’s website
www.shrijagdamba.com and can also be accessed from the website of the Stock Exchange i.e. BSE
Limited at www.bseindia.com and disseminated on the website ofCDSLatwww.evotingindia.com.

12. Pursuant to the MCA Circulars and SEBI Circular, in view of the prevailing situation, owing to the
th
difficulties involved in dispatching of physical copies of the Notice of the 37 AGM and the Annual Report
for the year ended March 31, 2021 including therein the Audited Financial Statements for the Financial
Year 2020- 21, are being sent only by email to the Members. Therefore, those Members, whose email
address is not registered with the Company or with their respective Depository Participant/s, and who
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wish to receive the Notice of the 37 AGM and the Annual Report for the Financial Year 2020-21 and all
other communication sent by the Company, from time to time, can get their email address registered
by following the steps as given below:-

a. For Members holding shares in physical form, please send scan copy of a signed request letter
mentioning your 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 email to Company email id [email protected].

b. For the Members holding shares in demat form, please update your email address through your
respective Depository Participants.

13. In case of joint holder attending the Meeting, only such joint holder who is higher in the order of names
will be entitled to vote.

14. Members holding shares in dematerialised mode are requested to intimate all changes pertaining to
their bank details, NECS, mandates, nominations, power of attorney, change of address/name, PAN
details, etc. to their Depository Participant only and not to the Company’s Registrars and Transfer
Agents. Changes intimated to the Depository Participant will then be automatically reflected in the
records of the Registrars and Transfer Agents which will help the Company and its Registrars and
Transfer Agents to provide efficient and better service to the Members.

15. In accordance with the amendments to Regulation 40 of the Listing Regulations, Securities and Exchange
Board of India (SEBI), decided that requests for effecting transfer of listed securities shall not be
processed unless the securities are held in dematerialized form with a Depository (National Securities
Depository Limited or Central Depository Services (India) Limited). Members holding shares in Physical
Form are requested to consider converting their holding to dematerialized Form in order to eliminate
all risks associated with physical shares. Members can contact the Registrar and Share Transfer Agent
(RTA) in this regard. Members holding shares in electronic form are requested to intimate immediately
any change in their address or bank mandates their Depository Participants with whom they are
maintaining their Demat accounts.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

16. The Securities and Exchange Board of India (SEBI) has mandated the submission of Permanent Account
Number (PAN) by every participant in the securities market. Members holding shares in electronic form
are, therefore, requested to submit the PAN to their Depository Participants with whom they are
maintaining their Demat accounts. Members holding shares in Physical Form can submit their PAN details
to the Company.

17. Additional Information required to be furnished under Regulation 36 (3) of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations 2015 and Secretarial Standards-2 with respect of the
Director(s)/ Manager seeking appointment/re-appointment at the AGM has been furnished and forms a
part of the notice. The director(s)/manager has furnished the requisite consents/declarations for their
appointment/re-appointment.

18. Since the AGM is held through VC/OAVM, the Route Map is not annexed in this Notice.

19. The facility of participation at the AGM through VC/OAVM will be made available to maximum 1000
members on first come first served basis. This will not include large Members (Members holding 2% or
more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the
Chairperson 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.

20. M/s. G. R Shah & Associates, Company Secretary, Ahmedabad has been appointed as the Scrutinizer to
scrutinize the remote e-Voting process and casting vote through the e-Voting system during the meeting
in a fair and transparent manner.

th
21. During the 37 AGM, the Chairman shall, after response to the questions raised by the Members in
th
advance or as a speaker at the 37 AGM, formally propose to the Members participating through
th
VC/OAVM Facility to vote on the resolutions as set out in the Notice of the 37 AGM and announce the
start of the casting of vote through the e-Voting system. After the Members participating through
VC/OAVM Facility, eligible and interested to cast votes, have cast the votes, the e-Voting will be closed
th
with the formal announcement of closure of the 37 AGM.

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22. The Scrutinizer shall after the conclusion of e-Voting at the 37 AGM, first download the votes cast at
the AGM and thereafter unblock the votes cast through remote e-Voting and shall make a consolidated
scrutinizer’s report of the total votes cast in favour or against, invalid votes, if any, and whether the
resolution has been carried or not, and such Report shall then be sent to the Chairman or a person
th
authorized by him, within 48 (forty eight) hours from the conclusion of the 37 AGM, who shall then
countersign and declare the result of the voting forthwith.

23. The Results declared along with the report of the Scrutinizer shall be placed on the website of the
Company at www.shrijagdamba.com and on the website of CDSL at www.evotingindia.com immediately
after the declaration of Results by the Chairman or a person authorized by him. The results shall also
be immediately forwarded to the BSE Limited, Mumbai.
24. The dividend on equity shares, if declared at the AGM, will be paid to those shareholders holding shares and
whose names appear on the Register of Members of the Company on September 18, 2021. In respect of shares
held in electronic form, the dividend will be payable to those who are the beneficial owners of shares as per
details furnished by National Securities Depository Ltd. (NSDL) and Central Depository Services (India) Ltd.
(CDSL). Dividend Warrants/ Demand Drafts will be dispatched to the registered address of the shareholders
who have not updated their bank account details.
a. Members holding shares in electronic form may note that their bank details as may be furnished to
the Company by respective Depositories will only be considered for remittance of dividend through
NECS/ECS or through Dividend Warrants. Beneficial Owners holding Shares in demat form are
requested to get in touch with their Depository Participants (DP) to update / correct their NECS/ ECS
details - Bank Code (9 digits) and Bank Account No. (11 to 16 digits) to avoid any rejections and also
to give instructions regarding change of address, if any, to their DPs. It is requested to attach a
photocopy of a cancelled cheque with your instructions to your DP.
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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

b. The Company has appointed SKYLINE FINANCIAL SERVICES PRIVATE LIMITED as Registrar and Share
Transfer Agent(R&T Agent). Members are requested to send all future correspondence to the SKYLINE
FINANCIAL SERVICES PRIVATE LIMITED at D-153A, 1st Floor, Okhla Industrial Area, Phase -I, New Delhi
- 110020. Members holding shares in physical mode are requested to notify immediately any change
in their addresses, the Bank mandate or Bank details along with photocopy of the cancelled cheque
or bank passbook/statement attested by the bank to the R&T Agent of the Company.

c. Shareholders of the Company holding shares in physical mode are requested to register their E-mail
address with Registrar and Share Transfer Agent (RTA) of the Company. At Pursuant to the Finance
Act, 2020, dividend income is taxable in the hands of shareholders w.e.f. 1stApril, 2020 and Company
is required to deduct tax at source on payment of dividend at the prescribe dates. The Shareholders
are requested to refer the Finance Act, 2020 and amendments thereof for prescribed rates for various
categories of shareholders. Shareholders may submit their forms for non-deduction of tax at source
(TDS) viz. 15G/15H/10F and other relevant documents with RTA of the Company
atwww.skylinerta.com or Shareholders may send such documents through E-mail at
[email protected] latest by September 15, 2021.Pursuant to the provisions of Section 72 of the
Companies Act, 2013, Shareholders are entitled to make nomination in respect of the shares held by
them in physical form. Shareholders desirous of making nominations are requested to send their
requests in Form SH-13.

THE INTRUCTIONS OF SHAREHOLDERS FOR REMOTE E-VOTING AND E-VOTING DURING AGM AND JOINING
MEETING THROUGH VC/OAVM ARE AS UNDER:

(i) The voting period begins on September 25, 2021 at 09:00 am and ends on September 27, 2021 at 05:00
pm During this period shareholders’ of the Company, holding shares either in physical form or in
dematerialized form, as on the cut-off date (record date) may cast their vote electronically. The e-
voting module shall be disabled by CDSL for voting thereafter.

(ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the
meeting venue.

(iii) Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/CIR/P/2020/242 dated 09.12.2020, under

Regulation 44 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, listed entities are required to provide remote e-voting facility to
its shareholders, in respect of all shareholders’ resolutions.

Currently, there are multiple e-voting service providers (ESPs) providing e-voting facility to listed
entities in India. This necessitates registration on various ESPs and maintenance of multiple user IDs
and passwords by the shareholders.

In order to increase the efficiency of the voting process, pursuant to a public consultation, it has been
decided to enable e-voting to all the demat account holders, by way of a single login credential,
through their demat accounts/ websites of Depositories/ Depository Participants. Demat account
holders would be able to cast their vote without having to register again with the ESPs, thereby, not
only facilitating seamless authentication but also enhancing ease and convenience of participating in
e-voting process.

(iv) In terms of SEBI circular no. SEBI/HO/CFD/CMD/CIR/P/2020/242 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.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Pursuant to above said SEBI Circular, Login method for e-Voting and joining virtual meetings for Individual
shareholders holding securities in Demat mode is given below:

Type of Shareholders Login Method

1) Users who have opted for CDSL Easi / Easiest facility, can login through their
Individual existing user id and password. Option will be made available to reach e-Voting
Shareholders holding page without any further authentication. The URL for users to login to Easi /
securities in Demat Easiest are https://web.cdslindia.com/myeasi/home/login or visit
mode with CDSL www.cdslindia.com and click on Login icon and select New System Myeasi.
2) After successful login the Easi / Easiest user will be able to see the e-Voting
option for eligible companies where the evoting is in progress as per the
information provided by company. On clicking the evoting option, the user will
be able to see e-Voting page of the e-Voting service provider for casting your
vote during the remote e-Voting period or joining virtual meeting & voting
during the meeting. Additionally, there is also links provided to access the
system of all e-Voting Service Providers i.e. CDSL/NSDL/KARVY/LINKINTIME,
so that the user can visit the e-Voting service providers’ website directly.
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
Account Number and PAN No. from a e-Voting link available on
www.cdslindia.com home page. The system will authenticate the user by
sending OTP on registered Mobile & Email as recorded in the Demat Account.
After successful authentication, user will be able to see the e-Voting option
where the evoting is in progress and also able to directly access the system of
all e-Voting Service Providers.
1) If you are already registered for NSDL IDeAS facility, please visit the e-Services
Individual website of NSDL. Open web browser by typing the following URL:
Shareholders holding https://eservices.nsdl.com either on a Personal Computer or on a mobile.
securities in demat Once the home page of e-Services is launched, click on the “Beneficial Owner”
mode with NSDL icon under “Login” which is available under ‘IDeAS’ section. A new screen will
open. You will have to enter your User ID and Password. 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 see e-Voting page.
Click on company name or e-Voting service provider name and you will be re-
directed to e-Voting service provider website for casting your vote during the
remote e-Voting period or joining virtual meeting & voting during the meeting.
2) If the user is not registered for IDeAS e-Services, option to register is available
at https://eservices.nsdl.com. Select “Register Online for IDeAS “Portal or
click at https://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 the home page of e-Voting system is launched, click on the icon
“Login” which is available under ‘Shareholder/Member’ section. A new screen
will open. You will have to enter your User ID (i.e. your sixteen digit demat
account number hold with NSDL), Password/OTP and a Verification Code as
shown on the screen. After successful authentication, you will be redirected
to NSDL Depository site wherein you can see e-Voting page. Click on company
name or e-Voting service provider name and you will be redirected to e-Voting
service provider website for casting your vote during the remote e-Voting
period or joining virtual meeting & voting during the meeting.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Individual You can also login using the login credentials of your demat account through your
Shareholders (holding Depository Participant registered with NSDL/CDSL for e-Voting facility. After
securities in demat Successful login, you will be able to see e-Voting option. Once you click on e-
mode) login through Voting option, you will be redirected to NSDL/CDSL Depository site after
their Depository successful authentication, wherein you can see e-Voting feature. Click on
Participants company name or e-Voting service provider name and you will be redirected to
e-Voting service provider website for casting your vote during the remote e-
Voting period 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 above mentioned website.

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

Login type Helpdesk details

Individual Shareholders holding Members facing any technical issue in login can contact CDSL
securities in Demat mode with CDSL helpdesk by sending a request at [email protected]
or contact at 022- 23058738 and 22-23058542-43.

Individual Shareholders holding Members facing any technical issue in login can contact NSDL
securities in Demat mode with NSDL helpdesk by sending a request at [email protected] or call at toll
free no.: 1800 1020 990 and 1800 22 44 30

(v) Login method for e-Voting and joining virtual meeting for shareholders other than individual
shareholders holding in Demat form & physical shareholders.

1) The shareholders should log on to the e-voting website www.evotingindia.com.

2) Click on “Shareholders” module.
3) Now enter your User ID

a. For CDSL: 16 digits beneficiary ID,

b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Shareholders holding shares in Physical Form should enter Folio Number registered with the
Company.

4) Next enter the Image Verification as displayed and Click on Login.

5) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on
an earlier e-voting of any company, then your existing password is to be used.

6) If you are a first-time user follow the steps given below:

For Shareholders holding shares in Demat Form other than individual and Physical Form
PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for both
demat shareholders as well as physical shareholders)
 Shareholders who have not updated their PAN with the Company/Depository
Participant are requested to use the sequence number sent by Company/RTA or
contact Company/RTA.
Dividend Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your
Bank Details demat account or in the company records in order to login.
OR Date of  If both the details are not recorded with the depository or company, please enter the
Birth (DOB) member id / folio number in the Dividend Bank details field as mentioned in instruction
(v).

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

(vi) After entering these details appropriately, click on “SUBMIT” tab.

(vii) Shareholders holding shares in physical form will then directly reach the Company selection screen.
However, shareholders holding shares in demat form will now reach ‘Password Creation’ menu
wherein they are required to mandatorily enter their login password in the new password field. Kindly
note that this password is to be also used by the demat holders for voting for resolutions of any other
company on which they are eligible to vote, provided that company opts for e-voting through CDSL
platform. It is strongly recommended not to share your password with any other person and take
utmost care to keep your password confidential.

(viii) For shareholders holding shares in physical form, the details can be used only for e-voting on the
resolutions contained in this Notice.

(ix) Click on the EVSN for the relevant Shri Jagdamba Polymers Limited on which you choose to vote.

(x) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option
“YES/NO” for voting. Select the option YES or NO as desired. The option YES implies that you assent
to the Resolution and option NO implies that you dissent to the Resolution.

(xi) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire resolution details.

(xii) After selecting the resolution, you have decided to vote on, click on “SUBMIT”. A confirmation box
will be displayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on
“CANCEL” and accordingly modify your vote.

(xiii) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(xiv) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting
page.

(xv) If a Demat account holder has forgotten the login password then Enter the User ID and the image
verification code and click on Forgot Password & enter the details as prompted by the system.

(xvi) Facility for Non – Individual Shareholders and Custodians –Remote Voting

 Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodians are required
to log on to www.evotingindia.com and register themselves in the “Corporates” module.

 A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed
to [email protected].

 After receiving the login details a Compliance User should be created using the admin login and
password. The Compliance User would be able to link the account(s) for which they wish to vote
on.

 The list of accounts linked in the login should be mailed to [email protected] and
on approval of the accounts they would be able to cast their vote.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

 A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in
favour of the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer
to verify the same.

 Alternatively Non Individual shareholders are required to send the relevant Board Resolution/
Authority letter etc. together with attested specimen signature of the duly authorized signatory
who are authorized to vote, to the Scrutinizer and to the Company at the email address viz;
[email protected] (designated email address by company), if they have voted from
individual tab & not uploaded same in the CDSL e-voting system for the scrutinizer to verify the
same.

INSTRUCTIONS FOR SHAREHOLDERS ATTENDING THE AGM THROUGH VC/OAVM & E-VOTING DURING
MEETING ARE AS UNDER:

1. The procedure for attending meeting & e-Voting on the day of the AGM is same as the instructions
mentioned above for Remote e-voting.

2. The link for VC/OAVM to attend meeting will be available where the EVSN of Company will be
displayed after successful login as per the instructions mentioned above for Remote e-voting.

3. Shareholders who have voted through Remote e-Voting will be eligible to attend the meeting.
However, they will not be eligible to vote at the AGM.

4. Shareholders are encouraged to join the Meeting through Laptops / IPads for better experience.

5. Further shareholders will be required to allow Camera and use Internet with a good speed to avoid
any disturbance during the meeting.

6. 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.

7. Shareholders who would like to express their views/ask questions during the meeting may register
themselves as a speaker by sending their request in advance atleast 2 days prior to meeting
mentioning their name, demat account number/folio number, email id, mobile number at (company
email id). The shareholders who do not wish to speak during the AGM but have queries may send their
queries in advance 2 days prior to meeting mentioning their name, demat account number/folio
number, email id, mobile number at (company email id). These queries will be replied to by the
company suitably by email.

8. Those shareholders who have registered themselves as a speaker will only be allowed to express their
views/ask questions during the meeting.

9. Only those shareholders, who are present in the AGM through VC/OAVM facility and have not casted
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 available during the AGM.

10. If any Votes are cast by the shareholders through the e-voting available during the AGM and if the
same shareholders have not participated in the meeting through VC/OAVM facility, then the votes
cast by such shareholders shall be considered invalid as the facility of e-voting during the meeting is
available only to the shareholders attending the meeting.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

PROCESS FOR THOSE SHAREHOLDERS WHOSE EMAIL/MOBILE NO. ARE NOT REGISTERED WITH THE
COMPANY/DEPOSITORIES.

1. For Physical shareholders- please provide necessary details like 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 email to Company/RTA email id.

2. For Demat shareholders -, Please update your email id & mobile no. with your respective Depository
Participant (DP)

3. For Individual Demat shareholders – Please update your email id & mobile no. with your respective Depository
Participant (DP) which is mandatory while e-Voting & joining virtual meetings through Depository.

4. If you have any queries or issues regarding attending AGM & e-Voting from the CDSL e-Voting System, you
can write an email to [email protected] or contact at 022-23058738 and 022-23058542/43.

All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh
Dalvi, Sr. Manager, (CDSL, ) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Futurex,
Mafatlal Mill Compounds, N M Joshi Marg, Lower Parel (East), Mumbai - 400013 or send an email to
[email protected] or call on 022-23058542/43.

By order of Board of Directors

For, Shri Jagdamba Polymers Limited

Sd/-
Date: 27/08/2021 Kunjal Soni
Place: Ahmedabad Company Secretary

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

The information required to be given for the Directors seeking appointment/ reappointment at the
Annual General Meeting as per regulation 36 (3) of SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015 are as under:

Item No. 3
DIN 03585140
Nationality Indian
Name of the Director Mr. Vikas Srikishan Agrawal
Date of Birth February 16, 1975
Date of Appointment September 14, 2012

Qualification Commerce Literate

Mr. Vikas Srikishan Agarwal has knowledge in the field of

Administration and Marketing of Polymer Products. He is
leading our marketing team, under his great knowledge and
Nature of Expertise & experience
experience in field of polymer we have make our remarkable
position in the polymer industry. He has contributed a lot to
the company.

Directorship held in other listed Company NIL

Chairmanships/Membership of
1. CSR Committee
Committees of the Company

Shareholding of Director 3500

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

DIRECTOR’S REPORT
To,
The Members of
Shri Jagdamba Polymers Limited
Ahmedabad
Your directors are pleased to present Thirty Seven Annual Report along with the Standalone
Audited Financial Statements of the Company for the financial year ended on March 31, 2021.
FINANCIAL RESULTS:
The financial statements of the Company have been prepared in accordance with the Indian
Accounting Standards (Ind AS) notified under section 133 of the Companies Act, 2013 read with
Rule 7 of the (Companies Accounts) Rules, 2014.
The financial performance of the Company, for the financial year ended on 31st March 2021 are
summarized below:-
(Rs. In Lakhs)
Year Ended Year Ended
FINANCIAL RESULTS:
31.03.2021 31.03.2020
Operational Income 23855.83 19647.89
Other Income 818.54 152.85
Profit before Interest, Depreciation & Taxes 6336.85 4145.06
Less:
Finance Cost 266.44 149.03
Depreciation 679.82 373.26
Current Tax Provision 1280.00 925.00
Deferred Tax Provision 19.95 (35.62)
Total 2246.21 1411.67

Net Profit after Tax 4090.64 2733.39

Other Comprehensive income net of tax (10.68) (62.95)
Total Comprehensive Income for the period 4079.96 2670.44

OPERATIONS:
During the year under review, the revenue from operations grew by 24.61 % to Rs. 24674.67 lakhs
from Rs.19800.75 Lakhs in 2019-20. Net profit after tax increased by 49.65 % Y-o-Y to Rs.4090.64
Lakhs from Rs.2733.39 in 2019-20. The Net profit margin as a % (Percentage) to total operating
income during the current year is 16.57%.

RESERVE:
The Board of Directors of your Company have decided not to transfer any amount for the year
under review to the General Reserves. The Profit after tax is transferred to other equity.

DIVIDEND:
During the year under the review, the Directors have recommended a dividend of Rs. 0.40/-
(40%) per equity share on 87,58,000 Equity shares of Rs.1/- each fully paid up for the financial
year ended on March 31, 2021 amounting to Rs. 35.03 lakhs.

The dividend, if declared by the members at the ensuring 37th Annual General Meeting (AGM)
will be paid to those shareholders, whose name stand registered in the Register of Members on
September 17, 2021. In respect of the shares held in dematerialized it will be paid to the
members are furnished by the National Securities Depositories Limited (NSDL) and Central
Depository Services Limited (CDSL) as beneficial owners.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

During the year, the unclaimed dividend pertaining to the dividend for the financial year ended
on March 31, 2013 was transferred to Investor Education and Protection Fund (IEPF).

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL

POSITION:
There is no such material change and commitment affecting the financial position of your
Company which have occurred between the end of the financial year of your Company to which
the financial statements relate and the date of the Report.

CHANGE IN THE NATURE OF BUSINESS:

There is no change in the nature of the business of the Company.

CAPITAL STRUCTURE:
As on date of the Report , the Authorized Capital of the Company was Rs. 10,00,00,000/- (Rupees
Ten Crore only) divided into 10,00,00,000 (Ten Crore) Equity Shares of Rs. 1/- each and the
issued, subscribed and paid-up share capital of the Company was Rs. 87,58, 000 (Rupees Eighty
Seven Lakhs Fifty Eighty Thousand only) divided into 87,58,000 (Eighty Seven Lakhs Fifty Eight
Thousand only) Equity Shares of Rs. 1/- each.

There was no change in the Capital Structure of the Company during the Financial Year under
review.

ANNUAL RETURN:
As required under Section 134(3)(a) of the Companies Act, 2013, the Annual Return for the
Financial Year 2020-2021 is put up on Company’s Website and can be accessed at
www.shrijagdamba.com

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis Report, for the year under review, as stipulated under SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, (“the Listing
Regulations”), The Management Discussion and Analysis Report is attached herewith as
Annexure–“A”.

AUDITORS:
Pursuant to provisions of Section 139 of the Companies Act read with the Companies (Audit &
Auditors) Rules, 2014, M/s Jaymin D. Shah & Co., Chartered Accountants, reappointed as
Statutory Auditors of the Company to hold office from the conclusion of 35th Annual General
Meeting until the conclusion of 40th Annual General Meeting. The Statutory Auditors have
confirmed that they are not disqualified from continuing as Auditors of the Company.

The Report given by M/s Jaymin D. Shah & Co., Chartered Accountants for the Financial Year
2020-2021 forms part of the Annual Report. The Notes on Financial Statements referred to in the
Auditors’ Report are self-explanatory and do not call for any further comments. There are no
audit qualifications, reservations or adverse remarks from the Statutory Auditors during the year
under review.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

SECRETARIAL AUDIT REPORT:

Pursuant to provisions of section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s. G R Shah &
Associates, Practicing Company Secretaries, to undertake Secretarial Audit of the Company for
the financial year ended on March 31, 2021. The Secretarial Audit Report is attached herewith
as Annexure–“B”

CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of corporate governance. The
Company strives to achieve fairness for all stakeholders and to enhance long term Shareholders
value.

Pursuant to Regulations 15 of SEBI (LODR) Regulations, 2015, Corporate Governance provisions

as specified is not applicable to the Company, since the paid up share capital of the Company
and the Net worth is below the threshold limits prescribed under SEBI (LODR).

CORPORATE SOCIAL RESPONSIBILITY:

Pursuant to the provisions of section 135 of the Act and Rules made thereunder, the Board has
constituted a CSR Committee under the Chairmanship of Mr. Ramakant Bhojnagarwala. The other
members of the Committee are Mr. Vikas Agarwal and Mr. Shail Akhil Patel.

A CSR Policy has been framed and placed on the Company’s website www.shrijagdamba.com
Other details of the CSR activities, as required under section 135 of the Act, are given in the CSR
Report as “Annexure–C”.

PARTICULARS OF EMPLOYEES:
The information required under section 197 of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, is given in– “Annexure
D”.

RELATED PARTY TRANSACTION:

All 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.

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
www.shrijagdamba.com.

Disclosures of related party is given in the “Annexure–E” and Disclosures of transactions with
related party are set out in the financial statements.

BOARD MEETINGS:
The Company, in consultation with the Directors, prepares and circulates a tentative annual
calendar for the meetings of the Board and Board Committees in order to facilitate and assist
the Directors to plan their schedules for the meetings. During the year the Board of Directors
met 08 times on May 03, 2020, June 27, 2020, August 20, 2020, September 08,2020, September
25,2020, November 12, 2020,January 25, 2021 and February 05, 2021.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

As per Schedule IV of the Companies Act, 2013, a separate meeting of Independent Directors
without the attendance of Non-Independent Directors was held on August 20, 2020 to discuss the
agenda items as required under the Companies Act, 2013 and Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations 2015. The independent
directors reviewed the performance of non-independent directors and the Board as whole,
reviewed the performance of the chairperson of the company taking into account the views of
executive and non-executive directors and assessed the quality, quantity and timeliness flow of
information between the Company Management and the Board that is necessary for the Board to
effectively and reasonably perform their duties. The Independent Directors expressed their
satisfaction with overall functioning and implementations of their suggestions.

COMMITTEE MEETINGS:

a) Audit Committee

The Audit Committee is comprising of 3 (three) members composed of 2 Independent Directors

and 1 Executive Director viz. Mr. Mahesh Gaurishanker Joshi, Chairman of the committee and
Mrs. Mudra Sachin Kansal and Mr. Ramakant Bhojnagarwala as the Member of the committee.
During the year the audit committee met 4 times on June 27, 2020, September 09, 2020,
November 12, 2020 and January 25, 2021 and all the Members are present in all the meetings.
All the recommendations of the audit Committee were accepted by the Board of Directors.

b) Shareholders Committee

The Shareholders Committee is comprising of 3 (three) members composed of 2 Independent

Directors and 1 Executive Director viz. Mr. Shail Akhil Patel , Mrs. Mudra Sachin Kansal and Mr.
Ramakant Bhojnagarwala as the member of the committee. During the year the Shareholders
committee met on July 09, 2020, October 13, 2020 and January 07, 2021. All the Members are
present in all the meetings. All the recommendations of the Shareholders Committee were
accepted by the Board of Directors.

c) Nomination And Remuneration Committee

The Nomination and Remuneration is comprising of 3 (three) members composed of 3

Independent Directors viz. Mr. Shail Akhil Patel, Mrs. Mudra Sachin Kansal and Mr. Mahesh
Gaurishanker Joshi. During the year the Nomination and Remuneration committee met on
August 14, 2020. All the recommendations of the Nomination and Remuneration Committee were
accepted by the Board of Directors.

d) Corporate social Responsibility Committee:

The Corporate social Responsibility Committee is comprising of 3 (three) members2 Executive

Director and 1 Independent Directors viz. Mr. Ramakant Bhojnagarwala [Chairman], Mr. Vikas
Agarwal and Mr. Shail Akhil Patel as the member of the committee. During the year the corporate
social Responsibility Committee met on September 18, 2020, December 28, 2020 and March 23,
2021. All the recommendations of the Nomination and Remuneration Committee were accepted
by the Board of Directors.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

BOARD OF DIRECTORS:

As on March 31, 2021 strength of the Board of Directors is 6 (Six).

The names and categories of the Directors on the Board, their attendance at Board Meetings held
during the year and the number of Directorships and Committee Chairmanships / Memberships
held by them in other public companies as on March 31, 2021are given herein below:

No. of No. of Committee

Board Directorships Positions held in listed
Attendance
Sr. Name of Meeting in the entities including this
Designation at
No. Directors Attende other listed entity
Last AGM
d public
Chairman Member
Companies
Ramakant Chairman cum 8
1. Yes - 1 2
Bhojnagarwala Managing Director
Kiranbhai 8
2. Whole time Director Yes - - -
Bhailalbhai Patel
Non -Independent
Vikas Srikishan 8
3 and Executive Yes - - 1
Agarwal
Director
Independent and Non 8
4 Shail Akhil Patel Yes - 2 1
–Executive Director
Mudra Sachin Independent and Non 8
5. Yes - - 3
Kansal – Executive Director
Mahesh
Independent and Non
6. Gaurishanker 8 Yes - 1 1
– Executive Director
Joshi

DIRECTORS AND KEY MANAGERIAL PERSONNEL :

a) APPOINTMENT/ RE-APPOINTMENT:
During the year under review, the Company has not appointed any new director on its Board.

b) CESSATION:
During the year under review there is no cessation of director from the Board.

c) RETIREMENT BY ROTATION:
In accordance with the provisions of section 152(6) of the Act, Mr. Vikas Srikishan Agarwal,
Executive Director (DIN–03585140) will retire by rotation at the ensuing Annual General Meeting
and being eligible, offers himself for reappointment. The Board recommends his re-
appointment.

d) DECLARATION OF INDEPENDENCE:
The Company has received declarations of independence as stipulated under section 149(7) of
the Act and regulation 16(b) of the Listing Regulations from the Independent Directors
confirming that they are not disqualified from continuing as the Independent Directors

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

e) PROFILE OF DIRECTORS SEEKING APPOINTMENT / REAPPOINTMENT:

As required under regulation 36(3) of the Listing Regulations, particulars of the Directors
seeking appointment / reappointment at the ensuing Annual General Meeting are annexed to
the notice convening Thirty Seven Annual General Meeting.

f) KEY MANAGERIAL PERSONNEL:

The following persons are the Key Managerial Personnel (KMP):

Mr. Ramakant Bhojnagarwala, Chairman cum Managing Director

Mr. Kiran Bhailalbhai Patel, Whole Time Director
Mr. Anil Parmar, Chief Financial Officer
Mr. Kunjal Soni, Company Secretary

BOARD EVALUATION:

Pursuant to the provisions of the Act and the Rules made thereunder and as provided under
Schedule IV of the Act and the Listing Regulations, the Nomination and Remuneration Committee
/ Board has carried out the annual performance evaluation of itself, the Directors individually as
well as the evaluation of its committees.

NOMINATION AND REMUNERATION POLICY:

The Board has on the recommendations of the Nomination and Remuneration Committee (NRC),
framed a Policy on selection and appointment of Director(s), Senior Management Personnel and
their remuneration. The Remuneration Policy is stated on website of the Company i.e.
www.shrijagdamba.com.

DEPOSIT:

During the year, your Company does not hold/ has not accepted any deposits within the meaning
of Chapter V of the Companies Act, 2013 and the rules made there under.

INSURANCE:

The Company’s plant, properties, equipment and stocks are adequately insured against all major
risks.

LOANS FROM DIRECTOR/ RELATIVE OF DIRECTOR:

The balances of monies accepted by the Company from Directors / relatives of Directors at the
beginning of the year were 9.87 Lakh and at the close of year was Rs. 18.12 Lakh. Declaration
from the directors while taking loan as per section 173 has been taken by the company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

Particulars of investments made, during the year under review are as mentioned in the
Standalone Financial Statement (Please refer Note 3 of Financial Statement).Company has not
advanced any loan, provided any guarantee and security under Section 186 of the Companies
Act, 2013 during the year under review..

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

BUSINESS CONDUCT POLICY:

The Company has framed “Business Conduct Policy”. Every employee is required to review and
sign the policy at the time of joining and an undertaking shall be given for adherence to the
Policy. The objective of the Policy is to conduct the business in an honest, transparent and in an
ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices
by the employees of the Company.

DEMATERIALISATION OF EQUITY SHARES:

As per direction of the SEBI and Bombay Stock Exchange Limited, the shares of the Company are
under compulsory Demat form. The Company has established connectivity with both the
Depositories i.e. National Securities Depository Limited and Central Depository Services (India)
Limited and the Demat activation number allotted to the Company is ISIN: INE564J01026.
Presently shares are held in electronic and physical mode.

INTERNAL AUDITOR:

The Board of Directors has appointed Ms. Anusha Maheshwary Chartered Accountant as an
Internal Auditors of the Company. The Internal Auditor directly report to audit committee. The
Company has in place a mechanism to identify, assess, monitor and mitigate various risks to key
business objectives.

LISTING FEES:

The Company confirms that it has paid the Annual Listing Fees for the year 2021-22 to BSE Limited
where the Company’s Shares are listed.

COST RECORD:
In terms of Section 148 of the Companies Act, 2013, the Company is not required to maintain
cost records.

BUSINESS RESPONSIBILITY REPORT:

Pursuant to Regulation 34(2)(f) of the Listing Regulations as amended from time to time, the
Business Responsibility Report is to be given by listed companies based on market capitalization,
therefore the same is not applicable to the Company as on March 31, 2021.

INSOLVENCY AND BANKRUPTCY CODE:

There is no application made or any proceeding pending under the Insolvency and Bankruptcy
Code, 2016 (31 of 2016) during the year.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR

TRIBUNALS:

There are no significant material orders passed by the Regulators or Courts or Tribunal, which
would impact the going concern status of the Company and its future operation.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS

AND OUTGO:
The information required under section 134 (3) (m) of the Companies Act 2013 read with Rule 8
of the companies (Accounts) Rule, 2015 is given below:
Conservation of energy:
Power & Fuel Consumption: Current Year Previous Year
Electricity: 2020-21 2019-20
i) Purchased:
(a) Units (in Lakhs) 138.62 102.98
(b) Amount ( Rs. in Lakhs) 821.06 462.20
(c) Units/per liter of Diesel Oil N.A. N.A.
(d) Cost per unit ( Rs.) 5.92 4.49
ii) Own Generation:
(a) Units (in Lakhs) 0.23 0.13
(b) Amount ( Rs. in Lakhs) 18.54 3.48
(c) Units/per liter of Diesel Oil 2.91 3.20
(d) Cost per unit ( Rs.) 26.53 21.48
iii) Windmill Turbine:
(a) Units (in Lakhs) 34.30 48.71
(b) Amount ( Rs.in Lakhs) Nil Nil

Steps taken or impact on conservation of energy.

In line with the Company’s commitment towards conservation of energy, all units continue with their
efforts aimed at improving energy efficiency through innovative measures to reduce wastage and
optimize consumption. Some of the measures taken by the Company in this direction at its units
located at areas under:

a. Additional capacitor banks have been installed.

b. We have made optimum use of electrical motors and day light resources at plant.
c. Installation of LEDs at several locations.
d. Captive use through Installation of windmill Turbine.
e. Installation of Solar Power Penal.

The steps taken by the company for utilising alternate sources of energy:
The company had installed windmill Turbine & Solar Power Panel System which reduces cost of power
and fuel, the same is owned by the company.

The Capital investment on energy conservation equipment:

A. Technology absorption:

1. Efforts, in brief, made towards technology absorption, adaptation & innovation:

Efforts are made to improve the various production processes and Company had
Establishment of Virtual simulation and durability testing for new product and process
initiatives.

2. Benefits derived as a result of above efforts:

With the measure adopted by the company, there is substantial saving in energy
consumption thereby reduction in cost of production.

3. Technology imported: NIL

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

4. Expenditure incurred on Research and Development:

During the year under review, Company has not incurred any Expenditure on Research and
Development.

B. Research & development:

The Company has no specific Research & Development Department. However, the Company
has quality control department to check the quality of products manufactured. The
Company holds certification of ISO 9001:2015 which applies quality system with in line and
standards as prescribed.

C. Foreign exchange earnings and expenditure:

The details of foreign exchange earnings and outgo are disclosed under Note 36 of the Notes
to financial statements for the year 2020-21.

INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:

The Company has Internal Control Systems, commensurate with the size, scale and complexity
of its operations. The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control systems in the Company, its compliances with operating systems,
accounting procedures and policies within the Company. Based on the report of internal audit
function, process owner undertake the corrective action in their respective areas and thereby
strengthen the internal controls. Significant observations and corrective actions thereon are
presented to the Audit Committee from time to time

RISK MANAGEMENT POLICY:

The Company has a structured risk management policy. The Risk management process is designed
to safeguard the organisation from various risks through adequate and timely actions. It is
designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the
business. The potential risks are inventoried and integrated with the management process such
that they receive the necessary consideration during decision making. The Risk Management
Policy is also available on the Company`s website i.e. www.shrijagdamba.com.

CODE OF CONDUCT / INSIDER TRADING CODE:

The company has structured a code of conduct to Regulate, Monitor and Report trading by insider
including Specified person and designated person. Insider trading is dealing in securities of a
Company by its Directors, employees or other insiders based on unpublished Price Sensitive
Information not generally available to others. This practice adversely affects the confidence of
the investors about the integrity of the management and promotes unhealthy practices in the
capital market. Hence, the Company has modified and revised the policy as on 31st March 2019
and made effective from 1st April 2019. The Policy is also available on the Company`s website
i.e. www.shrijagdamba.com.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

MANAGING THE RISKS OF FRAUD, CORRUPTION AND UNETHICAL BUSINESS

PRACTICES:

- Reporting of frauds:
There was no instance of fraud during the Financial Year under review, which required the
Statutory Auditors to report to the Audit Committee and / or Board under Section 143(12) of
the Companies Act 2013 and Rules framed thereunder.

- Vigil Mechanism / Whistle Blower Policy:

The Company has established Vigil Mechanism and framed Whistle Blower Policy for Directors
and employees, to report concerns about unethical behaviour, actual or suspected fraud or
violation of the Company’s Code of Conduct or Ethics Policy. Whistle Blower Policy is disclosed
on the website of the Company www.shrijagdamba.com As required under SEBI (Prohibition
of Insider Trading) (Amendment) Regulations, 2018, the Company has amended the Whistle
Blower Policy to enable the employees to report instances of leakage of unpublished price
sensitive information.

- Disclosure as per the Sexual Harassment of Women at Workplace (Prevention,

Prohibition and Redressal) Act, 2013:
The Company has zero tolerance towards sexual harassment at the 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 the Rules thereunder.

The Company always endeavors to create and provide conducive work environment that is
free from discrimination and harassment including sexual harassment. The Company has in
place a robust policy on prevention of sexual harassment at workplace. The policy aims at
prevention of harassment of employees as well as contractors and lays down the guidelines
for identification, reporting and prevention of sexual harassment.

During the Financial Year ended on March 31, 2021, the Company has not received any
complaint of sexual harassment

COMPLIANCE WITH SECRETARIAL STANDARDS:

During the year under review, the Company has complied with the applicable Secretarial
Standards i.e. SS-1 and SS-2, relating to “Meetings of the Board of Directors” and “General
Meetings“, respectively, issued by The Institute of Company Secretaries of India.

DIRECTORS’ RESPONSIBILITY STATEMENT:

In terms of section 134(3) (c) of the Act and to the best of their knowledge and belief, and
according to the information and explanations provided to them, your Directors hereby make the
following statements:

- that in preparation of the Financial Statements, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any,

- that such accounting policies have been selected and applied consistently and judgments and
estimates made that are reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as on March 31, 2021 and of the profit of the Company for the year
ended on that date,

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

- that proper and sufficient care has been taken for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for prevention and detection of fraud and other irregularities,

- that the Financial Statements have been prepared on a going concern basis,

- that proper internal financial controls were in place and that the financial controls were
adequate and operating effectively, and

- that the systems to ensure compliance with the provisions of all applicable laws were in place
and adequate and operating effectively

GENERAL DISCLOSURE:

- Your Directors state that the Company has made disclosures in this report for the items
prescribed in section 134(3) of the Act read with Rule 8(3) of The Companies (Accounts) Rules,
2014 to the extent the transactions took place on those items during the year.

- There are no material changes and commitments affecting the financial position of the
Company between the end of the financial year and the date of this report.

ACKNOWLEDGEMENT:

- Your Directors place on record their sincere appreciation for the continued co-operation and
support extended to the Company by the Banks. Your Directors also thank the Trade and
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. Your
Directors also thank the Company’s vendors, investors, business associates, Stock Exchanges,
Government of India, State Government and various departments and statutory and
government agencies or bodies for their support and co-operation.

By order of the Board of Directors of

Shri Jagdamba Polymers Limited

Sd/-
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 27/08/2021 (Chairman cum Managing Director)

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

“Annexure – A”

MANAGEMENT DISCUSSION AND ANALYSIS

GLOBAL ECONOMY:
Onset of COVID-19 pandemic in the year 2020 and subsequent lockdown imposed across the world
to contain spread of virus led to unprecedented situations worldwide with domestic and global
trade coming to a standstill. Lockdown and border closures across key global markets paralyzed
economic activities including business operations all over the world. This pause in the global
economic activity caused significant contraction of economies in the first half of 2020. Global
trade was impacted by a significant margin in the first half of the year. With the easing of
lockdown starting from June 2020 the world economy rebounded but still, as per IMF estimates,
global economy contracted by 3.5% in 2020. When towards the end of 2020 it looked that world
economy is bouncing back the second wave of pandemic embedded with new mutated variants
emerged and have slowed down the speed of economic recovery.

The global economy, as per IMF is projected to grow at 6% in 2021 reflecting additional fiscal
support in a few large economies and expectations of vaccine powered recovery of economic
activity.

INDIAN ECONOMY:
The outbreak of the COVID-19 pandemic in March 2020 along with the national lockdown in India
disrupted economic activities including demand and supply chain resulting in a significant
slowdown of the Indian economy. This led to a contraction of 23.9% during the first quarter of
2020-21. With the staggered unlocking measures from May/ June 2020 onwards some normalcy
started getting restored. The manufacturing sector witnessed a fast recovery from second
quarter of 2020-21 coupled with a revival of consumer demands during the festive season.
Widespread monsoon with healthy crops and increased rural demand also helped recovery of the
Indian economy in the second half of last financial year. The service sector was more vulnerable
than manufacturing. Indian economy as per the second advance estimates is estimated to have
contracted at (8%) during 2020-21 compared to a growth of 4% in 2019-20.

A sharp surge in the cases during the second wave of Covid-19 since the second week of April
2021 had lead to many state governments announcing strict lockdowns / restrictions on
movement etc. and this is affecting the economic activity especially of Micro, Small and Medium
Enterprises. Economic impact of the second wave could intensify in the next few weeks due to
lower mobility. The overall impact of the second wave on the economy is difficult to assess
presently, but it is likely to negatively affect GDP growth in the first quarter.

With emergence of strong second wave of Covid-19 pandemic, the Indian economy is now
projected to grow at about 10% during financial year 2021-2022.

COVID-19 PANDEMIC & Shri Jagdamba Polymers Limited:

With the announcement of national lockdown, Company shut down its manufacturing lines at his
all plants. After obtaining necessary approvals from the competent authorities, Company
resumed operations initially and ramped up to full production. Company also reached out to the
local villages surrounding our plants to provide ration, sanitization material and medical help
during the lockdown period.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

EMPLOYEE DURING COVID 19 PANDEMIC:

The Company took all necessary steps for safety of plants and its employees including usage of
mask, keeping distances and timely sanitizing all the premises during the period of pandemic.

Company during the period of lockdown, operated its plants with limited manpower as per the
stipulations laid by the authorities. The company has provided the medicines, food grains and
share the information for protecting themselves and their family from COVID 19. In line of the
Government Campaign “दवाईभीऔरकड़ाईभी”the company has provide the Kadha to each employee
at work place containing the ingredients as per guideline issue by the Ministry of AYUSH. The
company has distributed the Nebulizer to each employee. Company have executed a Medical
check-up of each employee in every 15 days and regularly monitoring their Temperature, Pulse
and Oxygen level for ensuring health of Employees. The company also provided the Bus /
Transportation facility with 50% capacity to avoid the infection and brake the chain of the COVID
19 Virus, in addition to that the company has not only paid full wages on time, the annual
increment was given in line with the previous years increment to tide the employees through the
difficult time of pandemic.

STRUCTURE OF THE INDUSTRY AND DEVELOPMENTS AFFECTING THE INDUSTRY:

The global technical textile market is growing at a compound annual growth rate (CAGR) of 4.5%
from 2020 to 2027. Rising awareness regarding the benefits of technical textile is projected to
propel its demand across various end-use industries including agriculture, construction,
aerospace, medical, and packaging. Advancements in biotechnology have led to a rapid change
and evolution in traditional farming methods to a more scientific approach. The implementation
and employment of highly-efficient technologies in the agricultural industry are expected to
increase crop yield, thereby influencing the overall productivity and the demand for technical
textiles.

Global Technical Textile Industry has witnessed remarkable growth in the past few years and
demand for technical textiles is expected to stay steady, due to a broadening application in end—
use industries. This trend is estimated to have a positive impact on the demand for technical
textiles. Technical textile offers immense potential and has been termed as a sunrise industry in
India. With sufficient investments into the technology, the industry would grow exponentially,
to foster research & development in the sector the government has also set up eight Centre for
Excellence units. The sector has undergone significant industrial changes with the increasing
significance of new applications in medical, automobile, sport and leisure, environment and
industrial sectors. Automobile and medical sectors are the fastest growing sectors, continuously
expanding and mounting the demand for technical textiles. These industries have been improving
their existing market share and creating innovative products through new developments, which
in turn enabling the technical textiles market growth.

Currently, India’s technical textile industry is based on producing commodity products that are
not very R&D intensive and therefore unlike conventional textiles, technical textiles is an import
intensive industry. The Indian government, in a response to capture this market, has pushed to
shift the focus from the production of conventional textiles to technical textiles. It has developed
a number of policies that are aimed to promote the development of the domestic technical
textile sector. These programs have been vital to the rapid growth of the domestic technical
textile industry, including:

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021
Reduction in customs duties placed on imported technical textile machinery Investment
promotion programs to assist companies that are developing and manufacturing technical textiles
Market development support for both the domestic and international markets An exemption in
custom duties for raw materials used in the manufacturing of technical textiles Strengthening of
standards for technical textiles Introduction of a program to promote the use of agro-textiles in
the northeast region of India The introduction of the restructured technology upgrade fund

India’s shift to focus on the development and production of technical textiles cannot be done
with just monetary and tax incentives alone. In order to successfully compete globally in
technical textiles, there needs to be investment from the private sector. Entrepreneurs are
reluctant to invest in the development and production of technical textiles due to factors such
as:

Marketing: The marketing of technical textiles is more complex than conventional textiles.

Cost: Manufacturing technical textiles demands specific raw materials, machinery and
equipment that are not readily available in India. Importing those materials is expensive.

Time: The technical textile sector is still in its infancy, and it takes a lot of time to commit to
the research, development and production of a product. It could take a minimum of five
years before entrepreneurs could see a return on their investment.

The market for the global technical textiles industry has seen an upward surge since 2000. The
Asia-Pacific region accounted for around 33.13% of the total market share in terms of value in
2014, followed by the North American and European regions at 29.13% and 24.02 %, respectively.

REVIEW OF OPERATIONS & OUTLOOK:

During the year under review Company earned a net profit of Rs. 4079.96 Lakhs as against Rs.
2670.44 Lakhs in the previous year. Improved demand for Company’s products coupled with
healthy delta between raw material prices and finished products helped achieving this number.
Increased global demand due to sustained growth in infrastructure and agriculture has
established the Company as a strong player in this space. Business is expected to grow by 20% to
25% in the year 2021– 22.

OPPORTUNITIES AND THREATS:

Opportunities:

The wide range of applications of technical textiles, lack of competition, and growing consumer
and industrial demands makes the sector of Technical Textile a big opportunity area. The ‘Make
in India’ efforts by Prime Minister Shri Narendra Modi is going to be a big success and a real
growth driver for the Indian manufacturing sector. The textiles industry would be one of the
front-runners and core segments of the Indian manufacturing industry contributing 14 percent of
total industrial output and employing about 45 million people directly. The textiles industry has
huge contribution in terms of export earnings, industrial output and employment generation and
it’s considered to be a growing sector globally.

Threats:
 International fluctuation in petroleum products may affects prices of raw materials
 No–biodegradable
 Competition from domestic players as well as international players.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

 The reasons for low penetration in this market are several, such as scattered production structure,
inadequate research and development (R&D), lack of skilled personnel. Another major contributing
factor is that there is lack of awareness about the benefits of using technical textile and therefore
leading to low consumption. So, India still has to make its presence felt in the world technical
textiles market, which earns that a highly unexploited market is waiting to be explored.

RISKS AND CONCERNS:

While the demand for the polymers continues to be strong however the polymers are
petrochemical products. The fluctuation in crude prices may increase the cost of polymer
production.

HUMAN RESOURCES AND INDUSTRIAL RELATIONS:

HUMAN RESOURCES / INDUSTRIAL RELATIONS Human Resources are one of the most important
ingredients for growth. Training of employees to maintain high level of motivation is an ongoing
process. Industrial relations at all the units remained cordial during the year. The Company
recognizes human resources as its biggest strength which has resulted in getting
acknowledgement that the Company is the right destination where with the growth of the
organization, value addition of individual employees is assured. The total number of employees
as on March 31, 2021 is 1699.

INTERNAL CONTROL:

The Company has an adequate internal control system for safeguarding the assets and financial
transactions of the Company. The strong internal control systems have been designed in such a
way that, not only it prevent fraud and misuse of the Company`s resources but also protect
shareholders interest.

CAUTIONARY STATEMENT:

Certain statements in the Management Discussion and Analysis describing the Company`s
objectives, projections, estimates, expectations or predictions may be “forward looking
statements” within the meaning of applicable securities laws and regulations. Actual results could
differ from those expressed or implied therein.

By order of the Board of Directors of

Shri Jagdamba Polymers Limited

Sd/-
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 27/08/2021 (Managing Director)

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

“Annexure –B”
Form No. MR-3
Secretarial Audit Report
(For the financial year ended on March 31, 2021)
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014]

To,
The Members,
SHRI JAGDAMBA POLYMERS LIMITED
802, Narnarayan Complex, Nr. Navrangpura
Post Office, Navrangpura,
Ahmedabad - 380009.

I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by SHRI JAGDAMBA POLYMERS LIMITED (CIN: L17239GJ1985PLC007829)
(hereinafter called “the Company”). Secretarial Audit was conducted in a manner that provided me a
reasonable basis for evaluating the corporate conducts/ statutory compliances and expressing my opinion
thereon.

Based on my 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 authorized representatives during the conduct of secretarial audit, I hereby report that in my opinion,
the Company has, during the audit period ended on March 31, 2021 (“Audit Period”), 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:

I have examined the books, papers, minute books, forms and returns filed and other records (as per Annexure
i) maintained by the Company for the period ended on March 31, 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, 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’)to the extent applicable to the Company:
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
b) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Share based Employee Benefits) Regulations, 2014;
d) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018;
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;
h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.
i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

I have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards with regard to Meeting of Board of Directors (‘SS-1’) and General Meetings (‘SS-
2’) issued by the Institute of Company Secretaries of India;

(ii) The Listing Agreements entered into by the Company with BSE Limited.

However, it has been found that there were no instances requiring compliance with the provisions of the laws
indicated at point (c), (d), (e), (g) and (h) of para (V) mentioned hereinabove during the period under review.

I further report that having regard to the Compliance System Prevailing in the Company and on examination
of the relevant documents and records pursuant to them of the Company has generally comply with the
provision of following laws:

 Local taxes as applicable in the state of Gujarat;

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards, etc. mentioned above.

I Further Report that the Board of Directors of the Company is duly constituted with proper balance of
Executive Directors, Non-Executive Directors 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.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
were sent at least seven days in advance, 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.

I have relied on the representations made by the Company and its officers for systems and mechanisms formed
by the Company for compliance under other laws and regulations applicable to the company.

Majority decisions were carried out unanimously and where it was not so, the dissenting members’ views were
captured and recorded as part of the minutes.

I 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.

I further report that the compliance by the company of the direct and indirect tax laws has not been reviewed
during this audit as the same has been subject to review by statutory financial auditor and other designated
professionals.
I further report that during the audit period no events occurred which had bearing on the Company’s affairs
in pursuance of the above referred laws, rules, regulations, guidelines etc.

For G R Shah and Associates

(Company Secretaries)
Date: 12/08/2021
Place: Ahmedabad
Gaurang Shah
Proprietor
Mem No: 38703
COP No: 14446
UDIN:A038703C000775692

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

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Annexure - i

List of documents verified

1. Memorandum and Articles of Association of the Company.

2. Minutes of the meetings of the Board of Directors, Audit Committee, Nomination and Remuneration
Committee, Stakeholders Relationship Committee, CSR committee and Independent Directors Meeting
along with attendance register held during the period under report.

3. Minutes of General Body meetings held during the period under report.

4. Statutory registers records under the Companies Act, 2013 and Rules made there under namely:

 Register of the Directors and the Key Managerial Personnel

 Register of the Directors’ shareholding
 Register of loans, guarantees and security and acquisition made by the Company
 Register of Members.

5. Declarations received from the Directors of the Company in Form MBP-1 pursuant to the provisions of
Section 184 of the Companies Act, 2013.

6. E-Forms filed by the Company, from time-to-time, under applicable provisions of the Companies Act,
2013 and attachments thereof during the period under report.

7. Communications/ Letters issued to and acknowledgements received from the Independent Directors for
their appointment.

8. Various policies framed by the Company from time to time as required under the Companies Act, 2013.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

ANNEXURE TO THE SECRETARIAL AUDIT REPORT

ANNEXURE ii

To,
The Members,
SHRI JAGDAMBA POLYMERS LIMITED
802, Narnarayan Complex, Nr. Navrangpura
Post Office, Navrangpura,
Ahmedabad - 380009.

My Secretarial Audit Report 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. My

responsibility is to express an opinion on these secretarial records based on our audit.

2. I have followed the audit practices and process 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. I believe that the process and practices I
followed provide a reasonable basis for our opinion.

3. I have not verified the correctness and appropriateness of financial records and Books of Accounts of the
Company.

4. Wherever required, I have obtained the Management Representation about the Compliance of laws, rules
and regulations and happening of events etc.

5. The Compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is
the responsibility of management. My examination was limited to the verification of procedure on test
basis.

6. 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 G R Shah and Associates

(Company Secretaries)
Date: 12/08/2021
Place: Ahmedabad
Gaurang Shah
Proprietor
Mem No: 38703
COP No: 14446
UDIN:A038703C000775692

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

“ANNEXURE – iii”

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,
SHRI JAGDAMBA POLYMERS LIMITED
802, Narnarayan Complex, Nr. Navrangpura
Post Office, Navrangpura,
Ahmedabad - 380009.

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
Shri Jagdamba Polymers Limited (CIN: L17239GJ1985PLC007829) and having registered office at 802,
Narnarayan Complex, Opp. Navrangpura Post Office, Navrangpura, Ahmedabad - 380009 (hereinafter referred
to as ‘the Company’), produced before me 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 my opinion and to the best of my 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 me by the Company & its officers, the representation made by the management and considering
the relaxations granted by the Ministry of Corporate Affairs and Securities and Exchange Board of India (SEBI)
warranted due to the spread of COVID-19 pandemic, I hereby certify that none of the Directors on the Board
of the Company as stated below for the Financial Year ending on 31st March, 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 in Company

1 Ramakant Bhojnagarwala 00012733 01/09/2009
2 Kiranbhai Bhailalbhai Patel 00045360 01/08/2013
3 Vikas Srikishan Agarwal 03585140 14/09/2012
4 Mudra Sachin Kansal 06904735 28/06/2014
5 Mahesh Gaurishanker Joshi 07214532 07/07/2016
6 Shail Akhil Patel 08427908 25/04/2019

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.
For G R Shah and Associates
(Company Secretaries)
Date: 12/08/2021
Place: Ahmedabad
Gaurang Shah
Proprietor
Mem No: 38703
COP No: 14446
UDIN:A038703C000775692

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

“Annexure – C”
Annual report on Corporate Social Responsibility Activities
(Pursuant to section 135 of the companies Act, 2013)

1. Brief outline The Company believes in giving back to the society and undertakes CSR initiatives according to the
of the guidelines given in Companies Act 2013.The Company is committed to inclusive and sustainable
Company’s development of its stakeholders through various welfare schemes/activities undertaken under its
CSR policy, CSR programme in an economically, socially and environmentally sustainable manner. Company,
considering the proviso to Section 135(5) of Companies Act, 2013 prefers its social welfare activities
in the local areas around its plants. Company undertakes CSR activities, as per the provisions of
Schedule VII of Companies Act, 2013 and its CSR Policy, majorly benefitting the people of nearby
areas in terms of their Health and Hygiene, Education, Sports, Cultural Activities, Rural Development,
Covid-19 pandemic relief measures inter alia other welfare activities taken up for other deserving
and needy peoples as well. Company also grants donation to Government Schemes at State level in
crucial and testing times like COVID-19 pandemic and also takes support of NGO/Foundation etc. in
fulfilling its CSR objectives
2. Composition of CSR Committee:
Sr. No. Name of Committee Members Status / Designation Chairman / Member
1 Ramakant Bhojnagarwala Managing Director Chairman
2 Vikas Srikishan Agarwal Executive Director Member
3 Shail Akhil Patel Independent Director Member
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR www.shrijagdamba.com
projects approved by the board are disclosed on the website of the Company
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of Not Applicable
sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules,
2014, if applicable (attach the report).
5. 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
Sr. No. Financial Year Amount available for set-off from Amount required to be set-off for
preceding financial years (in Rs.) the financial year, if any (in Rs.)
1 2017-2018 NIL NIL
2 2018-2019 NIL NIL
3 2019-2020 NIL NIL
Total NIL NIL
6. Average net profit of the Company as per section 135(5) (Rs in lakhs) 2996.80
7. a. Two percent of average net profit of the Company as per section 135(5) (Rs. in 59.94
lakhs)
b. Surplus arising out of the CSR projects or programmes or activities of the NIL
previous financial years /CSR amount less spent in F.Y. 2019-20 (Rs. in lakhs).
c. Amount required to be set off for the financial year, if any NIL
d. Total CSR obligation for the financial year (7a+7b- 7c) (Rs. in lakhs) 59.94
8. a. CSR amount spent or unspent for the financial year 2020-2021
Total Amount Unspent (in Rs.)
Amount
Spent for Total Amount transferred to Unspent Amount transferred to any fund specified under Schedule
the Financial CSR Account as per section 135(6) VII as per second proviso to section 135(5)
Year (in RS.)
Amount Date of transfer Name of the Fund Amount Date of
59.95
transfer
Lakhs
NIL NIL NIL NIL NIL

35
 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

b. Details of CSR amount spent against ongoing projects for the financial year 2020-2021
1 2 3 4 5 6 7 8 9 10 11
Sr. Name Item Loca Location Projec Amoun Amount Amount Mode Mode of
No. of the from l of the t t spent in transferred of Implementation
Proje the list area project durati allocat the to Unspent Impl Through
ct of (Yes on ed for current CSR eme Implementing
activiti / the financial Account ntati Agency
es in No) projec Year (in for the on
Schedul t (in Rs.) project as Direc
e VII to Rs.) per Section t
the Act 135(6) (in (Yes
R s.) /No)
Stat Dist Name CSR
e rict Reg. No
NIL
Total NIL
c. Details of CSR amount spent against other than ongoing projects for the financial year 2020-2021
1 2 3 4 5 6 7 8
Mode of
Item from
Amount implementation
the list of Location of the
Local spent for Mode of Through
activities project
Sr. Name of the area the implementati implementing
in
No. Project (Yes/ project on Direct agency
schedule
No) (Rs. in (Yes/No)s CSR
VII to the
State District Lakh) Name Rag.
Act
No.
Dr. Jivraj
Mehta
CSR00
Health 1 Yes Gujarat Ahmedabad 45.00 No Smarak
003117
1 Health
Foundation
Omjagdamba CSR00
Health 1 YES Gujarat Ahmedabad 11.00 NO
Foundation 001008
National
Society for
equal
CSR00
Education 2 Yes Gujarat Ahmedabad 1.10 N0 Opportunitie
002411
s for
2
handicapped
-Gujarat
Education
Omjagdamba CSR00
(Kanya 2 Yes Gujarat N.A 1.00 No
Foundation 001008
kelavni nidhi)
Promotion of
3 1 Yes Gujarat Dholka 1.85 Yes - -
Road Safety
Total 59.95
d. Amount spent in Administrative Overheads (Rs. in lakhs) NIL
e. Amount spent on Impact Assessment, if applicable NIL
f. Total amount spent for the Financial Year (8b+8c+8d+8e) (Rs. in lakhs) 59.95
g. Excess amount for set off, if any
Sr. No Particular Amount (Rs. In Lakh)
I Two percent of average net profit of the Company as per section 135(5) 59.94
ii Total amount spent for the Financial Year 59.95
iii Excess amount spent for the financial year [(ii)-(i)] 0.01
Surplus arising out of the CSR projects or programmes or activities of the previous
IV NIL
financial years, if any
V Amount available for set off in succeeding financial years [(iii)-(iv)] 0.01

36
 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

9. a. Details of Unspent CSR amount for the preceding three financial years: (Rs. in Lakh)
Sr. Preceding Amount transferred to Amount Amount transferred to any fund Amount
No. Financial Unspent CSR Account spent in specified under Schedule VII as per remaining
Year under section 135 (6) the section 135(6), if any to be spent
(Rs. In Lakh) reporting in
Financial succeeding
Year financial
(Rs. In years
Lakh) Name of the Amount Date of
Fund transfer
1 2017-2018 NIL 17.03 NIL NIL NIL NIL
2 2018-2019 NIL 28.36 NIL NIL NIL NIL
3 2019- 2020 NIL 44.90 NIL NIL NIL NIL
Total NIL 90.29 NIL NIL NIL NIL
b. Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
1 2 3 4 5 6 7 8 9
Sr.No. Project Name of Financial Project Total Amount spent Cumulative Status of
ID Project Year in duratio amount on the project amount the
which the n allocated for in the reporting spent at the project
project was the project Financial Year end of Complete
commenced (in Rs.) (in Rs.) reporting d
Financial /Ongoing
Year (in Rs.)
NIL
Total NIL
10. 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
10. a. Date of creation or acquisition of the capital asset(s)
10. b. Amount of CSR spent for creation or acquisition of capital asset.
NIL
10. c. Details of the entity or public authority or beneficiary under whose name such capital asset is
registered, their address etc.
10. d. Provide details of the capital asset(s) created or acquired (including complete address and location
of the capital asset).
11. Specify the reason(s), if the Company has failed to spend two percent of the average net N.A
profit as per section 135(5).

By order of the Board of Directors of

Shri Jagdamba Polymers Limited

Sd/-
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 27/08/2021 (Managing Director)

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

“Annexure – D“

Disclosure under Section 197 (12) and Rule 5 (1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014

1. Ratio of remuneration of each director to the median remuneration of the employees of the company
for the financial year ended 31st March, 2021

Median
Remuneration per Remuneration
Sr.
Name of the Director annum per annum Ratio
No.
(Amount in Lakhs) (Amount in
Lakhs)
1 Mr. Ramakant Bhojnagarwala 180.00 0.73 246.57
2 Mr. Kiranbhai Bhailalbhai Patel 36.18 0.73 49.56
3 Mr. Vikas Srikishan Agarwal 24.18 0.73 33.12
4 Mr. Mahesh Gaurishanker Joshi - - N.A.
5 Mrs. Mudra Kansal - - N.A.
6 Mr. Shail Akhil Patel - - N.A.

2. The Percentage increase in remuneration of each Director, Chief Financial Officer, Chief
Executive Officer, Company Secretary or Manager if any in the Financial Year 2020-21
compared to 2019 -20 means part of the year.

Cost to
Sr. company % increase in
Name Designation
No. (Amount In remuneration
Lakhs)
1 Ramakant Bhojnagarwala Managing Director 180.00 36.36 %
2 Kiran Bhailalbhai Patel Whole Time Director 36.18 -
3 Vikas Agarwal Director 24.18 -
4 Anil Parmar Chief Financial Officer 7.55 07.40%
5 Kunjal Soni Company Secretary 4.78 38.95%

3. Percentage decrease in median remuneration of employees in the financial year around 28.43%.
4. The number of permanent employees on the rolls of the company as on March 31, 2021 is 1699.

5. Average increase of 7.75 % in the remuneration of employees is in line with the current year’s
performance, market dynamics and as a measure to motivate the employees for better future
performance to achieve organization’s growth expectations.

6. Pursuant to Rule 5(1)(xii) of the Companies (Appointment and Remuneration of Managerial

Personnel) Rules, 2014, it is affirmed that the remuneration paid to the Directors, Key Managerial
Personnel and senior management is as per the Remuneration Policy of your Company.

By order of the Board of Directors of

Shri Jagdamba Polymers Limited

SD/-
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 27/08/2021 (Managing Director)

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021
“Annexure – E”
FORM NO. AOC – 2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
(Accounts) Rules, 2014.)
Form for Disclosure of particulars of contracts/arrangements entered into by the company with related parties
referred to in sub section (1) of section 188 of the Companies Act, 2013 including certain arm’s length
transaction under third proviso thereto.
1. Details of contracts or arrangements or transactions not at Arm’s length basis.
Details of
Sr. No. Particulars
transactions
a) Name(s) of the related party & nature of relationship
b) Nature of contracts/arrangements/transaction
c) Duration of the contracts/arrangements/transaction
Salient terms of the contracts or arrangements or transaction including the No transactions /
d) contracts were
value, if any
entered with related
e) Justification for entering into such contracts or arrangements or transactions’
parties which were
f) Date(s) of approval by the Board not at arm’s length.
g) Amount paid as advances, if any :
Date on which the special resolution was passed in General meeting as
h)
required under first proviso to section 188

2. Details of material contracts or arrangements or transactions at Arm’s length basis.

Sr. No Particulars Details of transactions*

The Company has entered into transaction with
– M/s. Shakti Polyweave Private Limited
(A Private Company in which Mr. Ramakant Bhojnagarwala is interested
directly or indirectly)
Name(s) of the related
– M/s. Shakti Techtex Private Limited
a) party & nature of
(A Private Company in which Mr. Ramakant Bhojnagarwala is interested
relationship
directly or indirectly)
– M/s. Shri Techtex Private Limited
(A Private Company in which Mr. Ramakant Bhojnagarwala and Mr. Kiranbhai
Bhailalbhai Patel Mr. Vikas Agarwal are interested directly or indirectly)
b) Nature of contracts Transaction of purchase and sale/ availing and rendering job work / Rent.
c) Duration of the contracts Not Applicable
Salient terms of the To supply / purchase the goods / fixed assets required on need basis at
contracts or arrangements arm’s length. The price is determined as per the prevailing market rate.
d)
or transaction including The value of the transactions entered with the related parties are provided
the value, if any : in the note no. 36 of the Balance Sheet of the Company.
Shri Techtex Private limited, Shakti Techtex Private Limited and Shakti
Date of approval by the
e) Polyweave Private Limited vide its shareholders’ approval through Postal
Board, if any :
ballot resolutions Dated July 15, 2021
Amount paid as advances,
f) Nil
if any :
By order of the Board of Directors of
Shri Jagdamba Polymers Limited

SD/-
Place: Ahmedabad Ramakant Bhojnagarwala
Date: 27/08/2021 (Managing Director)
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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Independent Auditors’ Report

To
The Members of
SHRI JAGDAMBA POLYMERS LIMITED
Ahmedabad.

Report on the Financial Statements

We have audited the accompanying IND AS Financial Statements of SHRI JAGDAMBA POLYMERS LIMITED
(“the Company”), which comprise the Balance Sheet as at March 31, 2021, the Statement of Profit and
Loss (including Other Comprehensive Income), and the Statement of Changes in Equity and statement of
Cash flows for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
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
(“Ind AS”) prescribed under Section 133 of the act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, and other accounting principles generally accepted in India, of the state of
affairs of the Company as at 31st March 2021, and its 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 ethical requirements that are relevant to our
audit of the financial statements under the provisions of the Act and the Rules 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 judgement, 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, and we do not
provide a separate opinion on these matters. We have determined that there are no key audit matters to
be communicated in our report.

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 information included in the Management Discussion and Analysis Report,
Board’s Report including Annexures to Board’s Report, and Shareholder’s Information, but does not
include the financial statements and our auditor’s report thereon. The above mentioned reports are
expected to be made available to us after the date of this auditor’s report.

Our opinion on the financial statements does not cover the other information and we will 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
identified above when it becomes available and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated.

When we read the above mentioned reports, if we conclude that there is a material misstatement therein, we
are required to communicate the matter to those charged with governance and take appropriate actions as
per the applicable laws and regulations.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these financial statements that give a true and fair view
of the financial position, financial performance including other Comprehensive Income, cash flows and Changes
in Equity of the Company in accordance with the accounting principles generally accepted in India, including
the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act, read with relevant rules issued
thereunder. 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; design, implementation and maintenance of adequate internal
financial controls, that are 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 is responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibility 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.
 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.

41
 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Report on Other Legal and Regulatory Requirements:

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central
Government of India in terms of sub-section(11) of section 143 of the Act, we give in the “Annexure A”, a
statement on the matters specified in paragraphs3 and 4 of the Order, to the extent applicable.

2. As required by section 143(3) of the Act, we further report that:

(i) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit.

(ii) 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.

(iii) The Balance Sheet, Statement of Profit and Loss including other comprehensive income,
Cash Flow Statement and statement of changes in equity dealt with by this Report are in
agreement with the books of account.

(iv) In our opinion, the aforesaid financial statements comply with the Indian Accounting
Standards prescribed under Section 133 of the Act, read with Companies (Indian
Accounting Standard) Rules, 2015, as amended.

(v) On the basis of written representations received from the directors as on March 31, 2021,
and 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.

(vi) With respect to 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 B”,

(vii) 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:

(viii) 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.

(ix) With respect to other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to 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 30 to the financial statements.
ii) The Company did not have any long-term contracts including derivative contracts; as such the
question of commenting on any material foreseeable losses thereon does not arise.
iii) There has been no delay in transferring amounts, required to be transferred, to the Investor
Education and Protection Fund by the Company.

For, Jaymin D. Shah & Co.

Chartered Accountants
(Registration No.147917W)

Jaymin Shah
Place: Ahmedabad Proprietor
Date: 25th May, 2021 Membership No.145169
UDIN: 21145169AAAABP3224
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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Annexure ‘ A’ to the I ndepe nde nt Auditor’ s Rep ort

Referred to in paragraph 1 u n de r t he he ad i ng “ Re po rt o n Ot h er Leg al A n d Re gu l at o r y

Re qui re m en ts” of Our I n d e pe n d e n t A u d i t Report of even date on the Financial Statements of
SHRI JAGDAMBA POLYMERS LIMITED for the year ended 31stMarch,2021.

On the basis of such checks as we considered appropriate and according to the information and
explanations given to us during the course of our audit, were port that In respect of its Property, plant and
Equipments:

(a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of Property, Plant and Equipments.

(b) As explained to us, the management during the year has physically verified the Property, plant and
Equipments in a phased periodical manner, which in our opinion is reasonable, having regard to the size
of the Company and nature of its assets. No material discrepancies were noticed on such physical
verification.

(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 of immovable properties included in Property, plant and
Equipments are held in the name of the Company.

(i) As explained to us, in our opinion, the management has physically verified inventories at
reasonable intervals during the year and there was no material discrepancies noticed on such
physical verification as compared to the book records. Stock lying with third parties at the year-
end have been confirmed.

(ii) The Company has not granted any loans, secured or unsecured, to Companies, Firms or Limited
Liability Partnership or other parties covered in the register maintained under Section 189 of the
Companies Act, 2013 and hence, paragraph 3(iii) of the Order is not applicable to the Company.

(iii) In our opinion and according to the information and explanations given to us, the Company has
not given any loans, investments, guarantees and security in terms of section 185 and 186 of the
Companies Act, 2013.

(iv) The Company has not accepted any deposits from the public covered under Section 73 to 76 of
the Companies Act, 2013.

(v) According to the information and explanations given to us, the Central Government has not
prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies
Act, 2013, in respect of products of the Company. Accordingly, paragraph 3(vi) of the Order is not
applicable

(vi) 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.
(b) 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 31 March, 2021 for a period of more than six months from the
date they become payable.

43
 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

(c) Details of dues of Income Tax, Sales Tax, Service Tax, Goods & Service Tax, Excise Duty and Value
Added Tax which have not been deposited as at 31st March, 2021 on account of dispute are given
below:
Period to
Amount Forum where the
Name of the statue Nature of dues which the
(Rs. in Lakhs) dispute is pending
amount related
3.31 2013-2014 Before Asst.
The Central Excise Act,
Service tax credit. 5.11 2014-2015 Commissioner Central
1944
1.04 2015-2016 Excise.
Central Goods and Central Before Asst.
Excise Duty 11.59 2016-2017
Excise Commissioner CGST.
Principle Commissioner of Advance Authorization Before Supreme Court
635.35 2017-2018
Custom License of India
Principle Commissioner of Advance Authorization Before Supreme Court
225.85 2018-2019
Custom License of India
(vii) 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 financial institutions and banks as at the Balance
Sheet date.
(viii) According to information and the explanations given by the management, the Company has not raised
any money by way of initial public offer or further public offer (including debt instruments). Further,
during the year the Company have availed term loan and the same had been utilized for the purpose
they have been availed.
(ix) During the course of our examination of the books and records of the Company carried out in
accordance with the auditing standards generally accepted in India, we have neither come across any
instance of fraud by the Company or by its officers or employees on it, has been noticed or reported
during the course of our audit nor have we been informed of any such instance by the Management.
(x) According to the information and explanation given to us and based on our examination of the records
of the Company, 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.
(xi) In our opinion and according to information and explanations given to us, the Company is not a Nidhi
Company. Accordingly, paragraph 3(xii) of the Order is not applicable.
(xii) According to information and explanations given to us and based on our examination of the records
of the Company, in our opinion, all the transactions entered with the related parties are in
compliance with sections 177 and 188 of the Act and the details of such transactions have been
disclosed in the Financial Statements as required by the applicable accounting standards.
(xiii) According to the information and explanations given to us and based on our examination of the
records of the Company, the Company has not made any preferential allotment or private placement
of shares or fully or partly paid convertible debentures during the year and hence reporting under
paragraph 3(xiv) of the order is not applicable.
(xiv) According to information and explanations given to us and based on our examination of the records
of the Company, the company has not entered into any non-cash transactions with directors or
persons connected with directors. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xv) According to the information and explanations given to us and the records of the Company examined
by us, the company is not required to be registered under section 45-IA of the Reserve Bank of India
Act, 1934. Accordingly, the reporting requirement under clause 3(xvi) of the Order is not applicable

For, Jaymin D. Shah & Co.

Chartered Accountants
(Registration No.147917W)

Jaymin Shah
Place: Ahmedabad Proprietor
Date: 25th May, 2021 Membership No.145169
UDIN: 21145169AAAABP3224

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Annexure - B to the Independent Auditors’ Report

Referred to in paragraph 2 (F ) u n d er th e h ead i ng “ Re po r t o n O th e r Leg a l A nd R eg u lat o ry

R eq ui r em e nts ” of Our I n d e p e n d e n t A u d i t Report of even date on the Financial Statements of SHRI
JAGDAMBA POLYMERS LIMITED for the year ended 31st March, 2021.

Report on the Internal Financial Controls 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 Shri Jagdamba Polymers Limited
(“the Company”) as of 31 March, 2021 in conjunction with our audit of the Ind As financial statements of
the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is 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 (‘ICAI’). 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 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.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company's internal financial controls over financial
reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of
Internal Financial Controls over Financial Reporting (the “Guidance Note”) and the Standards on Auditing,
as specified under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of
internal financial controls and both issued by the Institute of Chartered Accountants of India. 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 judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the Company’s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

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

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

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 authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting including the
possibility of collusion or improper management override of controls, material misstatements due to 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 31 March 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, Jaymin D. Shah & Co.

Chartered Accountants
(Registration No.147917W)

Jaymin Shah
Place: Ahmedabad Proprietor
Date: 25th May, 2021 Membership No. 145169
UDIN: 21145169AAAABP3224

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Balance Sheet as at March 31, 2021 (Rs. in Lakhs)

Particulars Note No. As At 31.03.2021 As At 31.03.2020

I ASSETS
1 Non-current Assets
a) Property, Plant & Equipment 2 7,604.44 6,681.97
b) Capital Work-in-Progress 14.08 -
c) Financial Assets:
(i) Investments 3 0.49 0.49
(ii) Loans 4 671.09 2.09
d) Other non-current assets
(i) Advance for Capital Goods 5 148.66 310.88
e) Income Tax Asset Net 22.80 20.17
Total Non-Current Assets 8,461.56 7,015.60
2 Current Assets
a) Inventories 6 4,204.53 1,500.41
b) Financial Assets:
(i) Trade Receivables 7 4,086.60 3,352.95
(ii) Cash and cash equivalents 8 1,403.58 1,322.46
(iii) Loans 9 428.96 1,200.40
c) Other Current Asstes 10 569.44 29.36
Total Current Assets 10,693.11 7,405.58
Total Assets ( 1+ 2) 19,154.67 14,421.18
II EQUITY & LIABILITIES
A Equity
a) Equity Share Capital 11 87.58 87.58
b) Other Equity 12 13,190.49 9,132.43
Total Equity 13,278.07 9,220.01
B Liabilities
1 Non -current Liabilities
a) Financial Liabilities:
(i) Borrowings 13 2,193.27 2,154.01
(ii) Trade Payable - -
b) Provisions 14 57.04 35.96
c) Deferred Tax Liabilities ( Net) 15 406.60 386.65
Total Non-Current Liabilities 2,656.91 2,576.62
2 Current Liabilities
a) Financial Liabilities:
(i) Borrowings 16 1,528.27 950.86
(ii) Trade payables 17 683.82 1,088.96
(iii) Other Financial Liabilities 18 579.78 320.25
b) Other Current Liabilities 19 295.82 143.69
c) Provisions 20 132.00 120.79
Total Current Liabilities 3,219.69 2,624.55
Total Liabilities ( 1+2) 5,876.60 5,201.17
Total Equity & Liabilities (A +B) 19,154.67 14,421.18
As per our Report of even date For and on Behalf of the Board
For, Jaymin D. Shah& Co. Shri Jagdamba Polymers Limited
Chartered Accountants

Jaymin D. Shah Ramakant Bhojnagarwala Kiranbhai B. Patel

M. No. 145169 Managing Director Whole Time Director
Firm Reg. No. 147917W (DIN : 00012733) (DIN : 00045360)
UDIN :-21145169AAAABP3224

Anil Parmar Kunjal Soni

Chief Financial Officer Company Secretary

Place: Ahmedabad Place: Ahmedabad

Date: 25-05-2021 Date: 25-05-2021

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Profit and Loss statement for the year ended March 31, 2021 (Rs. in Lakhs)

For the year ended For the year ended

Particulars Note
March 31, 2021 March 31, 2020
I. Revenue from operations 21 23,855.83 19,647.89
II. Other income 22 818.54 152.86
III. Total Revenue (I + II) 24,674.37 19,800.75
IV. Expenditure
Cost of materials consumed 23 11,252.97 9,484.02
Changes in inventories of finished goods & Work In
24 (1,130.27) 44.10
Progress
Traded Goods 1,820.92 1,284.60
Employee benefits expense 25 2,374.85 1,708.35
Finance costs 26 266.44 149.03
Depreciation and amortization expense 679.82 373.26
Other expenses 27 4,019.05 3,134.62
Total expenses 19,283.78 16,177.98
V. Profit before tax (III- IV) 5,390.59 3,622.77
VI. Tax expense:
(1) Current tax 1,280.00 925.00
(2) Deferred tax 19.95 (35.62)
VII. Profit (Loss) for the year (V-VI) 4,090.64 2,733.39
VIII. Other Comprehensive Income
Remeasurement of defined benefit plan (10.68) (62.95)
Income Tax relating to these items - -
Total Comprehensive Income for the Period
(Comprising Profit and Other Comprehensive Income 4,079.96 2,670.44
for the period)
IX. Earnings per equity share: (on Rs. 1/- each) 28
(1) Basic 46.59 30.49
(2) Diluted 46.59 30.49
See accompanying Notes forming part of the Financial Statements
As per our Report of even date For and on Behalf of the Board
For, Jaymin D. Shah & Co. Shri Jagdamba Polymers Limited
Chartered Accountants

Jaymin D. Shah Ramakant Bhojnagarwala Kiranbhai B. Patel

M. No. 145169 Managing Director Whole Time Director
Firm Reg. No. 147917W (DIN : 00012733) (DIN : 00045360)
UDIN :-21145169AAAABP3224

Anil Parmar Kunjal Soni

Chief Financial Officer Company Secretary

Place: Ahmedabad Place: Ahmedabad

Date: 25/05/2021 Date: 25/05/2021

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Statement of changes in Equity for the year ended March 31, 2021

A. Equity Share Capital: (Rs. in Lakhs)

Particulars Amount
At 01 April 2019 87.58
Changes in Equity share Capital -
At 31 March 2020 87.58
Changes in Equity share Capital -
As at 31 March 2021 87.58

B. Other Equity:

For the year ended March 31, 2020 (Rs. in Lakhs)

Reserves and Surplus
Particulars
General Reserve Retained Earning Capital Reserve Total Other Equity
As at 01 April 2019 1,158.75 5,302.69 0.55 6,461.99
Profit for the year - 2,670.44 - 2,670.44
Transfer to General Reserve - - - -
Dividend to shareholders - - - 0.00
At 31 March 2020 1,158.75 7,973.13 0.55 9,132.43

For the year ended March 31, 2021 (Rs. in Lakhs)

Reserves and Surplus
Particulars
General Reserve Retained Earning Capital Reserve Total Other Equity
As at 01 April 2020 1,158.75 7973.13 0.55 9132.43
Profit for the year - 4079.96 - 4079.96
Transfer to General Reserve - - - -
Dividend to shareholders - (21.90) - (21.90)
At 31 March 2021 1,158.75 12031.19 0.55 13190.49

As per our Report of even date For and on Behalf of the Board
For, Jaymin D. Shah & Co. Shri Jagdamba Polymers Limited
Chartered Accountants

Jaymin D. Shah Ramakant Bhojnagarwala Kiranbhai B. Patel

M. No. 145169 Managing Director Whole Time Director
Firm Reg. No. 147917W (DIN : 00012733) (DIN : 00045360)
UDIN :-21145169AAAABP3224
Anil Parmar Kunjal Soni
Chief Financial Officer Company Secretary
Place: Ahmedabad Place: Ahmedabad
Date: 25/05/2021 Date: 25/05/2021

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Cash Flow statement for the year ended March 31, 2021 (Rs. in Lakhs)

Particulars 31/03/2021 31/03/2020

A. CASH FLOW FROM OPERATING ACTIVITIES
Profit Before Tax 5,390.59 3622.77
Adjustment For :
Depreciation of property, plant & equipment 679.82 373.26
Finance Cost 266.44 149.03
Interest Income classified as Investing Cash Flows (141.47) (144.37)
Other Comprehensive Expense (10.68) (62.95)
(Profit) / Loss on sale of property, plant & equipment (1.52) (0.10)
Operating Profit before working capital changes 6,183.18 3937.64
Adjustment For :
(a) (Increase)/Decrease in Inventories (2,704.12) (130.78)
(b) (Increase)/Decrease in Trade Receivables (733.68) (817.85)
(c) (Increase)/Decrease in Non-Current Financial Assets-Loans (668.99) (1.32)
(d) (Increase)/Decrease in Non-Current Assets 162.24 (310.90)
(e) (Increase)/Decrease in Other Current Assets (540.08) (5.26)
(f) (Increase)/Decrease in Income Tax Assets ( Net) (2.63) 12.51
(g) (Increase)/Decrease in Current Financial Assets 771.44 (771.74)
(h) Increase /(Decrease) in Provisions 32.29 (92.94)
(i) Increase /(Decrease) in Other Current Liabilities 152.14 (15.97)
(j) Increase /(Decrease) in Other Financial Liabilities 259.53 147.50
(k) Increase /(Decrease) in Trade Payable (405.12) (93.80)
CASH GENERATED FROM OPERATIONS 2,506.20 1857.09
Less :(a) Income Tax Paid (1,280.00) (925.00)
NET CASH INFLOW FROM OPERATING ACTIVITIES (A) 1226.20 932.09
B. CASH FLOW FROM INVESTING ACTIVITIES
(a) Purchase of Fixed Assets (1617.46) (3695.53)
(b) Sale of Fixed Assets 2.59 1.75
(c) Investment - (0.49)
(d) Interest Income 141.47 144.37
NET CASH INFLOW / ( OUTFLOW) FROM INVESTING ACTIVITIES (B) (1473.40) (3549.90)
C. CASH FLOW FROM FINANCING ACTIVITIES
(a) Proceeds/( Repayment) from Borrowings 616.66 2935.22
(c) Interest Paid (266.44) (149.03)
(d) Dividend & tax paid thereon (21.90) 0.00
NET CASH INFLOW/ (OUTFLOW) IN FINANCING ACTIVITIES (C) 328.32 2786.19
NET INCREASE IN CASH & CASH EQUIVALENTS (A+B+C) 81.12 168.38
OPENING BALANCE – CASH & CASH EQUIVALENT 1322.46 1154.08
CLOSING BALANCE - CASH & CASH EQUIVALENT 1403.58 1322.46
As per our Report of even date For and on Behalf of the Board
For, Jaymin D. Shah & Co. Shri Jagdamba Polymers Limited
Chartered Accountants

Ramakant
Kiranbhai B. Patel
Bhojnagarwala
Jaymin D. Shah Managing Director Whole Time Director
M. No. 145169 (DIN : 00012733) (DIN : 00045360)
Firm Reg. No. 147917W
UDIN :-21145169AAAABP3224
Anil Parmar Kunjal Soni
Chief Financial Officer Company Secretary
Place: Ahmedabad Place: Ahmedabad
Date: 25/05/2021 Date: 25/05/2021

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

NOTES ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH, 2021

COMPANY INFORMATION / OVERVIEW:

Shri Jagdamba Polymers Limited (“the Company”) is a public limited Company established in the year
1985 and is listed on BSE Limited. The registered office of the Company is situated at 802, Narnarayan
Complex, Opp. Navrangpura Post Office, Navrangpura, Ahmedabad – 380009, Gujarat. The Company is
engaged in the business of technical textile, geo textile and other allied products i.e. manufacturing of
PP/ HDPE woven and non-woven fabrics and bags.

The financial statements were authorised for issue in accordance with a resolution of the directors on
May 25, 2021.

1. SIGNIFICANT ACCOUNTING POLICES:

This note provides a list of the significant accounting policies adopted in the preparation of these financial
statements. These policies have been consistently applied to all the years presented, unless otherwise stated.

BASIS OF PREPARATION OF FINANCIAL STATEMENTS:

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under the
historical cost convention on the accrual basis except for certain financial instruments which are measured
at fair values. The Ind AS are prescribed under Section133 of the Companies Act, 2013 (“the Act”) read with
Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 as amended.

Accounting policies have been consistently applied except where a newly issued accounting standard is
initially adopted or a revision to an existing accounting standard require a change in accounting policy hitherto
in use. These Financial Statements are presented in Indian Rupees ( ), which is also the Company’s functional
currency and all amounts disclosed in financial statements and notes have been rounded off to the nearest
lakhs as per the requirement of Schedule III, unless otherwise stated

The Company follows the mercantile system of accounting and recognizes incomes and expenditures on
accrual basis. The accounts are prepared on historical cost basis, as a going concern, and are consistent with
accounting principles generally accepted in India.
All the assets and liabilities have been classified as current or non-current as per the Company's normal
operating cycle. Based on the nature of the products and the time between the acquisition of assets for
processing and their realization in cash and cash equivalents, the Company has ascertained its operating cycle
as 12 months for the purpose of current / non-current classification of assets and liabilities

 CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Company presents assets and liabilities in the balance sheet based on current/ non-current
classification. An asset is treated as current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle
- Held primarily for the purpose of sale/lease
- Expected to be realised within twelve months after the reporting period, or
- Cash or cash equivalent unless 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.

A liability is current when:

- It is expected to be settled in normal operating cycle
- It is held primarily for the purpose of sale/lease
- It is due to be settled within twelve months after the reporting period, or
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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

- There is no unconditional right to defer the settlement of the liability for at least twelve months
after the reporting period

The Company classifies all other liabilities as non-current

The operating cycle is the time between the acquisition of assets for processing and their realisation in
cash and cash equivalents. The Company has identified twelve months as its operating cycle.”

LEASES:

Ind AS 116 supersedes Ind AS 17 Leases and Appendix C to Ind AS 17 determining whether an Arrangement
contains a Lease. The standard sets out the principles for the recognition, measurement, presentation and
disclosure of leases.

Lessor accounting under Ind AS 116 is substantially unchanged from Ind AS 17. Lessors will continue to classify
leases as either operating or finance leases using similar principles as in Ind AS 17. Therefore, Ind AS 116 did
not have an impact for leases where the Company is the lessor.

The Company as a lessee

In the Comparative period, a lease is classified at the inception date as a finance lease or an operating lease.
A lease that transfers substantially all the risks and rewards incidental to ownership to the Company is
classified as a finance lease.

Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased
property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned
between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on
the remaining balance of the liability. Finance charges are recognised in finance costs in the statement of
profit and loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in
accordance with the Company’s general policy on the borrowing costs. Contingent rentals are recognised as
expenses in the periods in which they are incurred.

A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty
that the Company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter
of the estimated useful life of the asset and the lease term.

Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line
basis over the lease term.

The Company as a lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset
are classified as operating leases. Rental income from operating lease is recognised on a straight-line basis
over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating
lease are added to the carrying amount of the leased asset and recognised over the lease term on the same
basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.

Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer
from the Company to the lessee. Amounts due from lessees under finance leases are recorded as receivables
at the Company’s net investment in the leases. Finance lease income is allocated to accounting periods so as
to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.”

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

ROUNDING OF AMOUNTS:

All amounts disclosed in financial statements and notes have been rounded off to the nearest lakhs, unless
otherwise stated.

USE OF ESTIMATES:

The preparation of the financial statements in conformity with Ind AS requires the management to make
estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application
of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets
and liabilities at the date of the financial statements and reported amounts of revenues and expenses during
the period. The application of accounting policies that require critical accounting estimates involving complex
and subjective judgments and the use of assumptions in these financial statements have been disclosed below.
Actual results could differ from those estimates. Appropriate changes in estimates are made as management
becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in
the financial statements in the period in which changes are made and, if material, their effects are disclosed
in the notes to the financial statements.

REVENUE RECOGNITION:

Revenue is recognized when control of the goods or services are transferred to the customer at an amount
that reflects the consideration to which the Company expects to be entitled in exchange for those goods or
services, regardless of when the payment is being made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defined terms of payment. The
Company is the principal in all of its revenue arrangements since itis the primary obligor in all the revenue
arrangements as it has pricing latitude and is also exposed to inventory and credit risks. However, Goods and
Services tax (GST) are not received by the Company on its own account. Rather, it is tax collected on value
added to the commodity by the seller on behalf of the government. Accordingly, it is excluded from revenue.

Sale of Goods:
Revenue from sales is recognized when the substantial risks and rewards of ownership of goods are
transferred to the buyer and the collection of the resulting receivables is reasonably expected. This
usually occurs upon dispatch, after the price has been determined and collection of the receivable is
reasonably certain. Revenue from the sale of goods is measured at the fair value of the consideration
received or receivable, net of returns and allowances, trade discounts and volume rebates.

Sale of Services:
The Company recognizes revenue when the significant terms of the arrangement are enforceable,
services have been delivered and the collectability is reasonably assured.

OTHER INCOME:
Interest:
For all debt instruments measured either at amortized cost or at fair value through other comprehensive
income, interest income is recorded using the effective interest rate (EIR). EIR is the rate that exactly
discounts the estimated future cash payments or receipts over the expected life of the financial
instrument or a shorter period, where appropriate, to the gross carrying amount of the financial asset or
to the amortized cost of a financial liability. When calculating the effective interest rate, the company
estimates the expected cash flows by considering all the contractual terms of the financial instrument
(for example, prepayment, extension, call and similar options) but does not consider the expected credit
losses. Interest income is included in finance income in the statement of profit and loss.

PROPERTY, PLANT & EQUIPMENT:

Freehold land is carried at historical cost. All other items of property, plant and equipment are stated at
historical cost less depreciation and impairment, if any. Historical cost includes expenditure that is directly
attributable to the acquisition of the items. The cost of property, plant and equipment comprises its purchase
price net of any trade discounts and rebates, any import duties and other taxes (other than those subsequently
recoverable from the tax authorities), any directly attributable expenditure on making the asset ready for its
intended use, including relevant borrowing costs for qualifying assets and any expected costs of

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

decommissioning. Expenditure incurred after the property, plant and equipment have been put into operation,
such as repairs and maintenance, are charged to the Statement of Profit and Loss in the period in which the
costs are incurred. Major shut-down and overhaul expenditure is capitalized as the activities undertaken
improves the economic benefits expected to arise from the asset.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits
are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement
of an item of property, plant and equipment is determined as the difference between the sales proceeds and
the carrying amount of the asset and is recognized in Statement of Profit and Loss.

Advances paid towards the acquisition of Property, Plant & Equipment outstanding at each reporting date is
classified as Capital advances under Other Non –Current Assets and assets which are not ready for intended
use as on the date of Balance sheet are disclosed as “Capital Work in Progress.”

DEPRECIATION/ AMORTISATION:

Depreciation on Property, Plant & Equipment is charged on Straight Line Method. Depreciations are charged
over the estimated useful lives of the assets as specified in Schedule II of the Companies Act, 2013.
Depreciation in respect of additions to/and deletion from assets has been charged on pro-rata basis from/till
the date they are put to commercial use.

The residual values, useful lives and methods of depreciation of property, plant and equipment are
reviewed at regular intervals and adjusted prospectively, if appropriate.
Depreciation on additions/deletions to Property plant and equipment during the year is provided
for on a pro-rata basis with reference to the date of additions/deletions.
Depreciation on subsequent expenditure on Property plant and equipment arising on account of
capital improvement or other factors is provided for prospectively over the remaining useful life.
Depreciation on refurbished/revamped Property plant and equipment which are capitalized
separately is provide for over the reassessed useful life

IMPAIRMENT OF ASSESTS:

Property, Plant & Equipment are reviewed 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 the asset's fair value less cost of disposal and value in use.

BORROWING COST:

Borrowing costs that are attributable to the acquisition or construction of qualifying assets (assets which
require substantial period of time to get ready for its intended use) are capitalized as part of the cost of that
asset. All other borrowing costs are charged to the Statement of Profit and Loss for the period for which they
are incurred.

INVENTORIES:

Inventories are valued at the lower of cost and net realizable value. Cost incurred in bringing
each products to its present location and condition are accounted for as follows:-
Raw Materials:
Cost includes cost of purchase and other costs incurred in bringing the inventories to their present
location and condition. Cost is determined on first in, first out basis.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021
Finished goods and Work In Progress:
Cost includes cost of direct materials and labour and a proportion of manufacturing overheads based
on the normal operating capacity. Cost in determined on first in, first out basis.

Traded Goods:
Cost includes cost of purchase and other costs incurred in bringing the inventories to their present
location and condition. Cost is determined on first in, first out basis.
Net realizable values is the estimated selling price in the ordinary course of business, less estimated
costs of completion and the estimated costs necessary to make the sale.
Stores and spares which do not meet the definition of property, plant and equipment are accounted as
inventories.

TAXATION:

The income tax expense or credit for the period is the tax payable on the current period’s taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets
and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted
at the end of the reporting period in the countries where the Company operates and generates taxable
income. Management periodically evaluates positions taken in tax returns with respect to situations in
which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on
the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising
between the tax base of assets and liabilities and their carrying amounts in the financial statements.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in
a transaction other than a business combination that at the time of the transaction affects neither
accounting profit nor taxable profit (tax loss). Deferred income tax is determined using tax rates (and
laws) that have been enacted or substantially enacted by the end of the reporting period and are expected
to apply when the related deferred income tax asset is realized or the deferred income tax liability is
settled.

Deferred tax assets are recognized for all deductible temporary differences and unused tax losses only if
it is probable that future taxable amounts will be available to utilize those temporary differences and
losses.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax
assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current
tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends
either to settle on a net basis or to realize the asset and settle the liability simultaneously.

Current and deferred tax is recognized in Profit or Loss, except to the extent that it relates to items
recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in
other comprehensive income or directly in equity, respectively.

CASH AND CASH EQUIVALENTS:

Cash and cash equivalents for the purpose of Cash Flow Statement comprise cash and cheques in hand, bank
balances, demand deposits with banks (other than deposits pledged with government authorities and margin
money deposits) with an original maturity of three months or less.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

CASH FLOW STATEMENT:

Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax
is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future
cash receipts or payments. The cash flows from operating, investing and financing activities of the Company
are segregated based on the available information.

PROVISION, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions:
Provisions are recognized when there is a present obligation as result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and there is
a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at the Balance Sheet date and are not discounted to
its present value.

Contingent Liabilities:
Contingent liabilities are not provided for in the books but are disclosed by way of notes in the financial
statements 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 or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or a reliable estimate of the amount
cannot be made.

Contingent Assets:
Contingent Assets are neither recognized nor disclosed in the financial statements.

EARNINGS PER SHARE (EPS):

The earnings considered in ascertaining the Company’s earnings per share comprise the net profit after tax
(and include post tax effect of any extraordinary items.) The number of shares used in computing basic
earnings per share is the weighted average number of shares outstanding during the period. The number of
shares used in computing diluted earnings per share comprises of the weighted average number of shares
outstanding during the period. The number of shares used in computing diluted earnings per share comprises
of the weighted average shares considered for deriving basic earning per share, and also the weighted average
number of equity shares which could have been issued on conversion of all dilutive potential equity shares.

RELATED PARTY TRANSACTIONS:

Related party transactions are transfer of resources or obligations between related parties, regardless of
whether a price is charged. Parties are considered to be related, if one party has the ability, directly or
indirectly, to control the other party of exercise significant influence over the other party in making financial
or operating decisions. Parties are considered to be related if they are subject to common control or common
significant influence.

SEGMENT REPORTING:

Operating segments are reported in a manner consistent with the internal reporting provided by Chief
Financial Officer and Director of the Company jointly and responsible for allocating resources, assess the
financial performance of the Company and make strategic decisions.

The Company has identified one reportable segment “manufacturing of technical textile” based on
information reviewed by them.

DIVIDEND:

Dividend declared is provided in books of account when the same is approved by shareholders.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

EMPLOYEE BENEFITS:

Short-term Obligations:
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled
wholly within 12 months after the end of the period in which the employees render the related
service are recognised in respect of employees’ services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled. The liabilities
are presented as current employee benefit obligations in the balance sheet.

Post Employee Obligations:

The Company operates the following post-employment schemes:
 defined benefit plan such as gratuity in which the fund contributions is made to a trust as
well as Employee Group Gratuity Scheme.
 defined contribution plans such as provident fund.

Gratuity obligations:
The Company had an obligation towards gratuity – a defined benefit retirement plan covering
eligible employees. The plan provides a lump sum payment to vested employees at retirement,
death while in employment or on termination of an employment of an amount equivalent to 15
days salary payable for each completed years of service or part thereof in excess of six months.
Vesting occurs upon completion of five years of service and is payable thereafter on occurrence of
any of above events. The Company has obtained an insurance policy with Life Insurance
Corporation of India (LIC) and makes an annual contribution to LIC for an amounts notified by LIC
and also by Company Employee Group Gratuity Scheme.

The cost providing benefit under the defined benefit plan is determined using the projected unit
credit method with actuarial valuation being carried out at each Balance Sheet date, which is
recognized in each period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to built up the final obligation.

Re-measurements, comprising of actuarial gain or losses, the effect of the asset ceiling, excluding
amount included in the net interest on the net defined liability and the return of the plan assets
(excluding amount included in the net interest on the net defined benefit liability) are recognized
immediately in the Balance Sheet with corresponding debit or credit to retained earning through
Other Comprehensive Income in the period in which they occur. Re-imbursements are not
reclassified to the Statement of Profit and Loss in subsequent period. Past service cost is
recognized in the Statement of Profit and Loss in the period of plan amendment.

Net interest is calculated by applying the discount rate to the net defined benefit liability. The
Company recognises the following changes in the net defined benefit obligation as an expense in the
statement of profit and loss:
 Service costs comprising current service costs, past-service costs, gains and losses on curtailments
and non-routine settlements; and
 Net interest expense

Defined contribution plans:

Retirement benefit in the form of provident fund is a defined contribution scheme. The company has
no obligation, other than the contribution payable to the provident fund. The company recognizes
contribution payable to the provident fund scheme as an expense, when an employee renders the
related service. If the contribution payable to the scheme for service received before the balance
sheet date exceeds the contribution already paid, the deficit payable to the scheme is recognized as
a liability after deducting the contribution already paid.

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021
Other long-term employee benefit obligations:
The liabilities for earned leave and sick leave are not expected to be settled wholly within 12
months after the end of the period in which the employees render the related service. They are
therefore measured as the present value of expected future payments to be made in respect of
services provided by employees up to the end of the reporting period. The obligations are
presented as current liabilities in the balance sheet if the entity does not have an unconditional
right to defer settlement for at least twelve months after the reporting period, regardless of when
the actual settlement is expected to occur.

FOREIGN CURRENCY TRANSACTIONS:

Initial Recognition:
On initial recognition, all foreign currency transactions are recorded by applying to the foreign
currency amount the exchange rate between the functional currency and the foreign currency at the
date of the transaction.
Subsequent Recognition:
As at the reporting date, non-monetary items which are carried in terms of historical cost
denominated in a foreign currency are reported using the exchange rate at the date of the transaction.
All non-monetary items which are carried at fair value or other similar valuation denominated in a
foreign currency are reported using the exchange rates that existed when the values were determined.
All monetary assets and liabilities in foreign currency are reinstated at the end of accounting period.
Exchange differences on reinstatement of all monetary items are recognised in the Statement of Profit
and Loss.
FINANCIAL INSTRUMENTS:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability
or equity instrument of another entity.
FINANCIAL ASSETS:
Initial recognition and measurement
All financial assets are initially recognised when the Company becomes a party to the contractual
provisions of the instrument. All financial assets are initially measured at fair value plus, in the case
of financial assets not recorded at fair value through profit or loss, transaction costs that are
attributable to the acquisition of the financial asset.
Subsequent measurement
 Classification:
For the purpose of subsequent measurement, the Company classifies financial assets in following
categories:
Financial assets at amortised cost:
Financial assets at amortized cost are subsequently measured at amortized cost using the effective
interest method. The amortized cost is reduced by impairment losses, if any. Interest income and
impairment are recognized in the Statement of Profit and Loss.
Financial assets at fair value through other comprehensive income (FVTOCI):
These assets are subsequently measured at fair value through other comprehensive income (OCI).
Changes in fair values are recognized in OCI and on derecognition, cumulative gain or loss
previously recognized in OCI is reclassified to the Statement of Profit and Loss. Interest income
calculated using EIR and impairment loss, if any, are recognized in the Statement of Profit and
Loss.
Financial assets at fair value through profit or loss (FVTPL):
These assets are subsequently measured at fair value. Net gains and losses, including any interest
income, are recognized in the Statement of Profit and Loss.

Financial assets are not reclassified subsequent to their recognition except if and in the period the
Company changes its business model for managing for financial assets.
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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

 De-recognition:

The Company derecognises a financial asset when the contractual rights to the cash flows from the
financial asset expire, or it transfers the rights to receive the contractual cash flows in a
transaction in which substantially all of the risks and rewards of ownership of the financial asset
are transferred or in which the
Company neither transfers nor retains substantially all of the risks and rewards of ownership and
it does not retain control of the financial asset.
If the Company enters into transactions whereby it transfers assets recognised on its balance sheet,
but retains either all or substantially all of the risks and rewards of the transferred assets, the
transferred assets are not derecognised.
Any gain or loss on de-recognition is recognised in the Statement of Profit and Loss.
Impairment of financial assets:
The Company applies the expected credit loss model for recognizing impairment loss on financial
assets measured at amortized cost, lease receivable, trade receivable other contractual rights to
receive cash or other financial assets. For trade receivable, the Company measures the loss allowance
at an amount equal to life time expected credit losses. Further, for the measuring life time expected
credit losses allowance for trade receivable the Company has used a practical expedient as permitted
under Indian AS 109. This expected credit loss allowance is computed based on provisions, matrix
which takes into account historical credit loss experience and adjusted for forward looking
information.
FINANCIAL LIABILITIES:
Initial recognition and measurement:
All financial liabilities are initially recognised when the Company becomes a party to the contractual
provisions of the instrument. All financial liabilities are initially measured at amortized cost unless at
initial recognition, they are classified as fair value through profit or loss. In case of trade payables
they are initially recognize at fair value and subsequently, these liabilities are held at amortized cost,
using the Effective interest method.

Classification and subsequent measurement:

Financial liabilities are classified as measured at amortised cost or FVTPL.

A financial liability is classified as FVTPL if it is classified as held-for-trading, or it is a derivative or it

is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
and net gains and losses, including any interest expense, are recognised in the Statement of Profit
and Loss.

Financial liabilities other than classified as FVTPL, are subsequently measured at amortized cost using
the effective interest method. Interest expense is recognised in Statement of Profit and Loss. Any
gain or loss on de-recognition is also recognised in the Statement of Profit and Loss.
De-recognition:
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
subsequently different terms, or the terms of an existing liability are subsequently modified, such an
exchange or modification is treated as the de-recognition of the original liability and the recognition
of the new liability. The difference in the respective carrying amount is recognize in the Statement
of Profit & Loss.
Offsetting of financial instruments:
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet
when, and only when, the Company currently has a legally enforceable right to set off the amounts
and it intends either to settle them on a net basis or to realise the assets and settle the liabilities
simultaneously.
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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

(Rs. in Lakhs)
2. Property Plant & Equipment
Gross Block Accumulated Depreciation Net Block
Balance as Balance Balance as Balance as Balance as
Balance as at Depreciatio
Sr. Fixed Assets at as at On at at at
01 April Additions Disposals n charge
No. 31 March 01 April Disposals 31 March 31 March 31 March
2020 for the year
2021 2020 2021 2021 2020
I. Tangible Assets
Freehold / Owe use:
a) Land (Rupgadh) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
b) Land 185.24 0.00 0.00 185.24 0.00 0.00 0.00 0.00 185.24 185.24
c) Buildings 2,393.86 406.53 0.00 2,800.39 283.41 79.20 0.00 362.61 2,437.78 2,110.45
d) Plant and Equipment 5,067.47 963.04 21.46 6,009.05 2,392.65 420.05 20.39 2,792.31 3,216.75 2,673.83
e) Furniture and Fixtures 24.19 11.81 0.00 36.00 13.31 1.43 0.00 14.74 21.26 10.88
f) Vehicles 112.10 0.00 0.00 112.10 43.06 10.62 0.00 53.68 58.42 69.04
g) Office equipment 25.67 14.49 0.00 40.16 14.61 3.30 0.00 17.91 22.25 12.06
h) Air Conditioners 12.26 4.21 0.00 16.47 6.77 0.98 0.00 7.75 8.72 5.48
i) Computers 29.45 13.13 0.00 42.58 26.10 3.18 0.00 29.28 13.29 3.35
j) Fax Machine 0.20 0.00 0.00 0.20 0.20 - 0.00 0.20 - -
Waste Water 9.97 31.74 0.00 41.71 2.65 1.56 0.00 4.21 37.50 7.32
k)
Treatment Plant
Windmill Power Plant 1,116.63 0.00 0.00 1,116.63 446.06 70.68 0.00 516.74 599.89 670.57
l)
(Chotila)
Windmill Power Plant 877.41 0.00 0.00 877.41 210.27 55.54 0.00 265.81 611.60 667.14
m)
(Savli)
n) Solar Plant 310.94 158.43 0.00 469.37 44.43 33.28 0.00 77.71 391.66 266.53
o) Wireless 1.56 0.00 0.00 1.56 1.48 - 0.00 1.48 0.08 0.08
Total Tangible Assets 10,166.95 1,603.38 21.46 11,748.87 3,485.00 679.82 20.39 4,144.43 7,604.44 6,681.97
Previous Year 6,343.78 3,854.78 31.61 10,166.95 3,141.69 373.26 29.96 3,484.99 6,681.95 3,202.08
Capital Work In
II.
Progress
0.00 14.08 0.00 14.08 0.00 0.00 0.00 0.00 14.08 0.00
Total 0.00 14.08 0.00 14.08 0.00 0.00 0.00 0.00 14.08 0.00
Previous Year 159.25 0.00 159.25 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total 10,166.95 1,617.45 21.46 11,762.96 3,485.00 679.82 20.39 4,144.42 7,618.52 6,681.97
Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

3. Non-Current Financial Assets –Investments:

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
a. Investment in Equity Shares
49000(Nil) Equity Shares of Omjagdamba Foundation 0.49 0.49
Total 0.49 0.49

4. Non-Current Financial Assets – Loans:

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
a. Security Deposits
Unsecured, considered good 35.99 2.09
b. Advance Recoverable in cash or in kind or for
value to be received
Unsecured, considered good 635.10 -
Total 671.09 2.09

5. Non-current assets:
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Advance for Capital Goods 148.66 310.88
Total 148.66 310.88

6. Inventories
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Raw Materials and components 2,409.59 868.71
Work-in-progress 378.70 148.91
Finished goods 1,254.50 354.84
Stores and spares 154.33 121.36
Waste 7.41 6.59
Total 4,204.53 1,500.41
Note: Details of inventory of work-in-progress

Job Work in Process 11.20 14.44

Semi-Finished Goods 367.50 134.47
Total 378.70 148.91

7. Trade Receivables
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Trade receivables outstanding for a period less than
six months from the date they are due for payment:
Unsecured, considered good 4,086.60 3,352.95
4,086.60 3,352.95
Trade receivables outstanding for a period
exceeding six months from the date they are due
for payment:
Unsecured, considered good - -
Total 4,086.60 3,352.95

Trade Receivable stated above include debts due by:

Private Company in which director is a member 314.52 283.81
Total 314.52 283.81

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

8. Cash and Cash Equivalents

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
a. Balances with banks 40.08 128.78
b. Cash on hand 5.54 4.76
C. Bank EEFC Accounts 58.12 1.68
d. Fixed Deposits With Banks 1,299.84 1,187.24
Total 1,403.58 1,322.46

9. Loans
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
(a) Loans and advances to employees
Unsecured, considered good 3.57 2.49
(b) Balances with government authorities
Unsecured, considered good
(i) VAT/GST credit receivable 292.71 387.71
(c) Advance Recoverable in cash or in kind or for
value to be received
Unsecured, considered good 40.47 810.20
(d) Forward Contract Receivable 92.21 0.00
Total 428.96 1,200.40

10. Other Current Assets

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
(a) Prepaid expenses - Unsecured, considered good 36.63 18.17
(b) Advance to Suppliers 532.81 11.19
569.44 29.36

11. Equity Share Capital

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Authorised
1,000.00 1,000.00
10,00,00,000 ( PY 10,00,00,000) equity shares of Rs.
1/- (Rs.1/-) each
Issued
89,79,000 ( PY 89,79,000) equity shares of Rs.1/- (Rs.
1/-) each 89.79 89.79
Subscribed & Paid up
87,58,000 ( PY 87,58,000) equity shares of Rs. 1/-
(Rs. 1/-) each 87.58 87.58
Total 87.58 87.58

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

a) Reconciliation of shares outstanding at the beginning and at the end of the reporting year

Particulars No. of shares Rs. In Lakhs

As at April 01, 2019 ( Face Value of Rs. 1/- each) 8758000 87.58
Changes during the year - -
As at March 31, 2020 ( Face value of Rs 1/- each) 8758000 87.58
Changes during the year - -
As at March 31, 2021 ( Face value of Rs 1/- each) 8758000 87.58

b) Terms/ Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs. 1/- each. Each holder of equity shares
is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend
proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring 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.

c) Details of shareholders holding more than 5 % shares in the Company:

As at 31 March 2021 As at 31st March 2020

Name of Shareholder No. of Shares % of Holding No. of Shares % of Holding
held held
Ramakant Jhabarmal Bhojnagarwala 2158000 24.64 2868000 32.75
Radhadevi R. Agrawal 1948000 22.24 1948000 22.22
Surendra Kumar 1164000 13.29 1164000 13.29
Hanskumar Ramakant Agrawal 1048000 11.97 1048000 11.97
Anjali Ashutosh Taparia 710000 8.11 0 0
Shradha Hanskumar Agarwal 393675 4.50 543675 6.21

12. Other Equity

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
a. General Reserve Account 1,158.75 1,158.75
b. Retained Earning 12,031.19 7,973.13
c. Capital Reserve Account 0.55 0.55
Total 13,190.49 9,132.43

Nature and purpose of Reserves

a. General Reserve Account: This represents appropriation of profit by the Company.

b. Retained Earnings: Retained earnings comprises of undistributed earnings net of amounts transferred to
General Reserve.

c. Capital Reserve Account: Any profit or loss on purchase, sale. Issue or cancellation of the Company's own
equity instrument is transferred to capital reserve.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

13. Non-Current Financial Liabilities – Borrowings.

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
A. Secured
(a) Rupees Term Loan - From Bank 2,175.15 2,144.14
Total Secured Long Term Borrowings 2,175.15 2,144.14
B. Unsecured
(a) Loans from Directors and Body Corporates
from directors & Shareholders 18.12 9.87
from body corporates - -
18.12 9.87
Total 2,193.27 2,154.01

13.1 Term Loan- Secured referred above taken from banks are secured against first charge of entire
fixed assets and second charges on current assets of the company. The said Term Loan is further secured
by Personal Guarantee of one directors of Company and others.

13.2 Maturity Profile and Rate of Interest of Term Loan are as set out below:-
Maturity Profile
Rate of Interest
F.Y. 2022-23 F.Y. 2023-24 FY 2024-25 FY 2025-26 FY 2026-27 FY 2027-28
7.00% to 9.00 % 592.12 600.93 600.93 340.62 21.15 19.39

14. Non-Current Liabilities - Provision

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Provision for employee benefits:
Leave Encashment 57.04 35.96
Total 57.04 35.96

15. Deferred Tax Liabilities

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Deferred Tax Liability 444.87 422.27
Related to Fixed Assets
Deferred Tax Assets
On Expenditure deffered in the Books but allowable
for Tax Purposes (38.27) (35.62)
Closing Balance 406.60 386.65

16. Current Financial Liabilities- Borrowings

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Secured :
Working Capital Loans:
(I) From Banks : Cash Credit
Foreign Currency Loans - 868.86
Rupee Loans - -
(II) Export Packing Credit 1,528.27 82.00
Total 1,528.27 950.86

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021
Note:
Terms of Repayment: Repayable on Demand
Nature of Security
a) Primary Security: First pari passu charge by way of hypothecation over the Company's entire stocks
of inventory and receivables along with other working capital banks under consortium.
b) Collateral: Second pari passu charge on the entire fixed assets of the Company and personal
guarantee of one directors and others.
17. Trade Payable
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Micro, Small and Medium Enterprises 46.16 58.48
Others 637.66 1,030.48
Total 683.82 1,088.96
18. Other Current Financial Liabilities
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Current maturities of long term borrowings 579.78 213.17
Forward Contract Payable - 107.08
Total 579.78 320.25
19. Other Current Liabilities
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
(a) Statutory Dues & Other Liabilities 293.17 140.45
(b) Advance from Customers 2.65 3.24
Total 295.82 143.69
20. Provisions
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
(a) Provision for employee benefits
Bonus 130.88 99.13
(b) Others
Provision for Income Tax (Net of Advance Tax) 1.12 21.66
Total 132.00 120.79
21. Revenue from Operations
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Sale of products 23,800.49 19,561.11
Other operating revenues 55.34 86.78
Total 23,855.83 19,647.89
Sale of products comprises:
(A) Manufactured goods
Domestic Sales 504.06 1,185.00
Export Sales 20,200.40 15,957.89
Job Charges 1,105.43 773.68
Total -(A) 21,809.89 17,916.57
(B) Traded goods
Traded Goods 1,871.21 1,281.60
Total -(B) 1,871.21 1,281.60
(C) Sale of MEIS Licence
MEIS Licence/Utilisation 119.39 362.94
Total -(C) 119.39 362.94
Total - (A) +(B)+( C) 23,800.49 19,561.11
Other operating revenues comprise:
Sale of scrap - Waste Sales 55.34 86.78
Total - Other operating revenues 55.34 86.78

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

22. Other Income

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Interest Income ( Refer Note No. 1) 141.47 144.37
Excess Provision written back 60.21 6.07
Freight Export Income ( Net) 39.64 -
Foreign Exchange Fluctuation 262.25 -
Rent Income 18.00 -
Mark to market on FPC Income 199.29 -
Other Misc Income 96.16 2.27
Profit on sale of Asstes 1.52 0.15
Total 818.54 152.86

Note No. i
Interest income comprises:
i. Interest from banks on deposits 76.11 67.65
ii. Interest on loans and advances 65.36 67.88
iii. Interest from Statutory Authorities - 8.84
Total - Interest income 141.47 144.37

23. Cost of Material Consumed

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Inventory at the beginning of the year 868.71 709.19
Add: Purchases during the year 12,793.85 9,643.54
13,662.56 10,352.73
Less: Inventory at the end of the year 2,409.59 868.71
Cost of material consumed 11,252.97 9,484.02

24. Changes in inventories of finished goods & Work-in-progress

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Inventories at the end of the year:
Finished goods 1,254.50 354.84
Work-in-progress 378.70 148.91
Waste 7.41 6.59
Total 1,640.61 510.34
Inventories at the beginning of the year:
Finished goods 354.84 387.94
Work-in-progress 148.91 160.80
Waste 6.59 5.69
Total 510.34 554.43
Net (increase) / decrease (1,130.27) 44.10

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

25. Employee Benefit Expenses

(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Salaries and wages 2,015.46 1,446.53
Bonus & Ex-Gratia Expenses 138.32 102.62
Leave With Wages Expenses 41.74 11.09
Contributions to provident and other funds 97.08 78.74
Staff welfare expenses 82.25 69.37
Total 2,374.85 1,708.35
26. Finance Cost
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
Interest expense
Borrowings
- On Term Loans 214.76 57.26
-On Foreign Bill Purchase, EPC and Working Capital 0.06 0.93
- On PCFC 10.40 11.62
- On Buyers Credit - -
- To Others 2.28 1.54
Other borrowing costs - Bank Charges 38.94 61.26
Net loss on foreign currency transactions & translation - 16.42
Total 266.44 149.03
27. Other Expenses
(Rs. in Lakhs)
Particulars As at 31 March 2021 As at 31 March 2020
A. Manufacturing Expenses
Consumption of stores and spare parts 527.51 384.39
Consumption of packing materials 635.29 446.68
Electric Power, Fuel & Water 863.84 401.81
Job contract Expenses 234.39 274.60
Other Manufacturing Exps.
Cutting /Stitching, Slitting & Bag Making Exps. 12.63 31.49
Colour Master Batch Process Charges 94.95 49.43
Rewinding Charges 60.96 57.19
Non-Woven Fabrics Processing Charges 542.21 375.74
Labour charges (Packing) 43.65 35.03
Granules Reprocess Job Charges 131.51 71.55
Purchase Commission 9.18 55.87
Freight & Forwarding 220.16 108.66
Subtotal (A) 3,376.28 2,292.44
C. B. Administrative expenses.
Rates and Taxes 99.00 34.28
Repairs and maintenance - Buildings 19.22 206.98
Repairs and maintenance - Machinery 13.69 12.12
Repairs and maintenance - Others 7.00 4.00
Communication 4.32 5.27
Travelling and conveyance 16.45 72.64
Printing and stationery 6.25 4.84
Insurance 26.41 31.93
Donations and contributions 12.24 1.29
CSR Expenditure (Note (ii) below) 2.00 2.00
Legal and professional 59.95 44.90
Payments to auditors (Note (i) below) 78.54 94.93
ECGC Premium Expenses 18.09 0.49

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

Mark to market on FPC Expenses 12.63 5.52

Net loss on disposal of Property, plant & equipment 0.00 107.08
Short /Excess Provision 0.00 0.05
Office Electric Expenses 1.06 2.16
Subtotal (B) 376.85 630.48
D. Selling & Distribution Expenses
Sales commission 0.00 1.18
Business promotion 3.39 0.99
Freight & Container Expenses 259.80 207.40
Miscellaneous expenses 2.73 2.13
Subtotal (C) 265.92 211.70
Total ( A + B + C) 4,019.05 3,134.62

Notes:
(i) Payments to the auditors comprises
- Statutory Audit 1.00 1.00
- Tax Audit 1.00 1.00
Total 2.00 2.00
(ii) Expenditure on Corporate Social Responsibility
Gross Amt. required to be spent by the Company
59.94 43.50
during the year
Amount spent in cash during the year 59.95 44.90

28. Earning Per Equity Share

Particulars 31st March 2020 31st March 2019

Before Exceptional Items
1. Net Profit/(Loss) after tax as per Statement of
Profit and Loss attributable to Equity Shareholders 4,079.96 2,670.44
(Rs. in Lakhs)
2. Weighted Average number of equity shares used as
8758000 8758000
denominator for calculating EPS
3. Basic and Diluted Earning per Share 46.59 30.49
4. Face Value per equity share ( in Rs) 1 1

29. Segment Information:

Operating segments are reported in a manner consistent with the internal reporting provided to the
Chief Operating Decision Maker (CODM). The CODM is considered to be the Board of Directors who makes
strategic decisions and is responsible for allocating resources and assessing performance of the operating
segments.

Technical Textile is the Company's only business segment, hence the disclosure of segment wise
information as required by IND AS 108 on "Segment Reporting" is not applicable.

30. Contingent Liabilities and Commitment: NIL

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

31. Tax Expenses and Reconciliation of Tax Expenses

a) Income tax related to items charged or credited directly to profit or loss during the year:

(Rs. in Lakhs)
Particulars 2020- 2021 2019- 2020
Current Income Tax 1280.00 925.00
Relating to earlier year Assessment (excess)/ Short
0 0
provision (Net)

b) Reconciliation of effective tax rate

For The Year ended on For The Year ended

Particulars
March 31, 2021 on March 31, 2020
Profit After Tax - Rs. in Lakhs 5,390.59 3,622.77
Applicable tax rate % 25.17% 25.17%
Income tax expenses - Rs. in Lakhs 1,356.81 911.85
Effect of Income as that is exempt from taxation 0 0
Effect of expenses as that is non- deductible in
59.95 11.30
determining taxable profit - Rs. in Lakhs
Temporary changes in recognised deductible
(136.70) 1.85
differences/ other adjustment - Rs. in Lakhs
1,280.06 925.00

32. Financial Instruments

(Rs. in Lakhs)
Particular Carrying Value Fair Value
March March March March
Financial Assets
31,2021 31,2020 31,2021 31,2020
Amortized cost
Trade receivables 4,086.60 3,352.95 4,086.60 3,352.95
Cash and cash equivalents 1,403.58 1,322.46 1,403.58 1,322.46
Loans and Advances ( Current ) 428.96 1,200.40 428.96 1,200.40
Loans and Advances ( Non Current ) 671.09 2.09 671.09 2.09
FVTOCI
Investment in equity instruments - - - -
FVTPL
Investment in equity instruments (Unquoted) 0.49 0.49 0.49 0.49
Total Assets 6,590.23 5,878.39 6,590.23 5878.39
Financial Liabilities
Amortized cost
Long Term Borrowings 2,193.27 2,154.01 2,193.27 2,154.01
Trade payables 683.82 1,088.96 683.82 1,088.96
Other Financial Liabilities 579.78 320.25 579.78 320.25
Short Term Borrowings 1,528.27 950.86 1,528.27 950.86
Total Liabilities 4,985.14 4,514.08 4,985.14 4,514.08

The management assessed that fair value of cash and short-term deposits, trade receivables, trade
payables, and other current financial assets and liabilities approximate their carrying amounts largely
due to the short-term maturities of these instruments.

The fair value of the financial assets and liabilities is 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.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

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

i) Long-term fixed-rate receivables/borrowings are evaluated by the Company based on

parameters such as interest rates, specific country risk factors, individual creditworthiness
of the customer and the risk characteristics of the financed project. Based on this
evaluation, allowances are taken into account for the expected losses of these receivables.

ii) Fair values of the Company’s interest-bearing borrowings and loans are determined by using
DCF method using discount rate that reflects the issuer’s borrowing rate as at the end of
the reporting period. The own non- performance risk as at March 31, 2021 was assessed to
be insignificant.

iii) The fair values of the unquoted equity shares, if any have been estimated using a discounted
cash flow model. The valuation requires management to make certain assumptions about
the model inputs, including forecast cash flows, discount rate, credit risk and volatility, the
probabilities of the various estimates within the range can be reasonably assessed and are
used in management's estimate of fair value for these unquoted equity investments.

33. Financial Risk Management

The Company’s principal financial liabilities, comprise loans and borrowings, trade and other payables.
The main purpose of these financial liabilities is to finance the Company’s operations and to provide
guarantees to support its operations. The Company’s principal financial assets include loans, trade and
other receivables, and cash and short-term deposits that derive directly from its operations.

The Company's activities expose it to a variety of financial risks: credit risk, liquidity risk, foreign
currency risk and interest rate risk. The Company's primary focus is to foresee the unpredictability of
financial markets and seek to minimize potential adverse effects on its financial performance. The
primary market risk to the Company is foreign exchange risk. The Company uses foreign currency
borrowings to mitigate foreign exchange related risk exposures.

The Board of Directors reviews and agrees policies for managing each of these risks, which are
summarised below:

- Credit Risk: Credit risk is the risk of financial loss to the Company if a customer or counter party to
a financial instrument fails to meet its contractual obligations, and arises principally from the
Company’s receivables from customers and investment securities. Credit risk arises from cash held
with banks and financial institutions, as well as credit exposure to clients, including outstanding
accounts receivable. The maximum exposure to credit risk is equal to the carrying value of the
financial assets. The objective of managing counterparty credit risk is to prevent losses in financial
assets. The Company assesses the credit quality of the counter parties, taking into account their
financial position, past experience and other factors.

- Trade and other receivables: The Company's exposure to credit risk is influenced mainly by the
individual characteristics of each customer. The demographics of the customer, including the default
risk of the industry and country in which the customer operates, also has an influence on credit risk
assessment. In addition, receivable balances are monitored on an ongoing basis with the result that
the Company's exposure to Bad debt is not significant. Also the Company does not enter into sales
transaction with customers having credit loss history. There are no significant Credit risk with related
parties of the Company. The Company's is exposed to Credit risk in the event of non-payment of
customers. Credit risk concentration with respect to Trade Receivables is mitigated by the Company's
large customer base. Adequate expected credit losses are recognised as per the assessment.

The history of Trade receivables shows an allowance for bad and doubtful debts of Rs Nil (Nil as at
March 31, 2020). The Company has made allowance of Rs Nil (Nil as at March 31, 2020) against Trade
receivable of Rs. 4086.60 Lakhs (Rs. 3352.95 Lakhs as at March 31, 2020).

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

- Bank Deposits: The Company maintains its cash and cash equivalents and bank deposits with reputed
and highly rated bank. Hence, there is no significant credit risk on such deposits.

- Investments: The Company limits its exposure to credit risk by generally investing in liquid securities
and only with counterparties that have a good credit rating. The company does not expect any losses
from non- performance by these counter-parties, and does not have any significant concentration of
exposures to specific industry sectors.

- Liquidity risk: Liquidity risk is the risk that the Company will not be able to meet its financial
obligations as they become due. The Company manages its liquidity risk through credit limits with
banks.

The Company’s corporate treasury department is responsible for liquidity, funding as well as
settlement management. In addition, processes and policies related to such risks are overseen by
senior management.
The working capital position of the Company is given below:
(Rs. in Lakhs)
For the year ended For the year ended
Particulars
March 31, 2021 March 31, 2020
Cash and Cash equivalents 1,403.58 1,322.46
Total 1,403.58 1,322.46

The table below provides details regarding the contractual maturities of significant financial
liabilities as at March 31, 2021 and March 31, 2020.

Particulars As at Less than 1 year 1-2 years More than 2 years

Borrowings March 31,2021 1,528.27 592.12 1,583.02
March 31,2020 950.86 471.46 1,682.55
Trade Payables March 31,2021 683.82 0.00 0.00
March 31,2020 1,088.96 0.00 0.00
Other Financial Liabilities March 31,2021 579.78 0.00 0.00
March 31,2020 320.25 0.00 0.00

34. Foreign Currency risk:

The Company’s exchange risk arises from its foreign operations, foreign currency revenues and expenses,
(primarily in U.S. dollars and British pound sterling) and foreign currency borrowings (primarily in U.S.
dollars). A significant portion of the Company’s revenues and cost are in these foreign currencies, while
balance portion of costs are in Indian rupees. As a result, if the value of the Indian rupee appreciates
relative to these foreign currencies, the Company’s revenues measured in rupees may decrease. The
exchange rate between the Indian rupee and these foreign currencies has changed substantially in recent
periods and may continue to fluctuate substantially in the future. The Company's management meets
on a periodic basis to formulate the strategy for foreign currency risk management.

Consequently, the Company management believes that the borrowings in foreign currency and its assets
in foreign currency shall mitigate the foreign currency risk mutually to some extent.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

The following table presents foreign currency risk from non-derivative financial instruments as of March
31, 2021 and March 31, 2020;

31-03-2021 31-03-2020
Particulars
Foreign Currency Rs in Lakhs Foreign Currency Rs in Lakhs
Assets
Trade Receivables
USD 5050791.30 3637.93 4009614.00 2862.18
GBP 55800.00 55.66 88998.00 82.04
Other Foreign Currency 0.00 0.00 0.00 0.00
Cash and cash equivalents
USD 80254.52 58.52 2767.00 2.08
GBP 0.00 0.00 0.00 0.00
Other Foreign Currency 35.00 0.02 35.00 0.02
Liabilities
Trade Payables
USD 196800.00 141.70 341200.00 247.00
GBP 0.00 0.00 0.00 0.00
Other Foreign Currency 0.00 0.00 0.00 0.00
Borrowings
USD 2109109.29 1528.27 1176470.00 868.86
GBP 0.00 0.00 0.00 0.00
Other Foreign Currency 0.00 0.00 0.00 0.00
Net Assets/(Liabilities)
USD 2825136.53 2026.48 2494711.00 1748.40
GBP 55800.00 55.66 88998.00 82.04
Other Foreign Currency 35.00 0.02 35.00 0.02

- Foreign currency sensitivity analysis: The Company is mainly exposed to the currency USD on
account of outstanding trade receivables and trade payables in USD.

The following table details the Company's sensitivity to a 2% increase and decrease in INR against
the USD 2% is the sensitivity rate used when reporting foreign currency risk internally to key
management personnel and represents management's assessment of the reasonably possible change
in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency
denominated monetary items and adjusts their translation at the period end for a 2% change in
foreign currency rates. A positive number below indicates an increase in profit or equity where the
INR strengthens 2% against the relevant currency. For a 2% weakening of the INR against the relevant
currency, there would be a comparable impact on the profit or equity, and the balances below
would be negative.

(Rs. in Lakhs)
For the year ended For the year ended
Particulars
March 31, 2021 March 31, 2020
Impact on Profit/(loss) for the year 40.53 34.97

For a 2% weakening of the INR against the relevant currency, there would be equivalent amount of
impact on the profit as mentioned in the above table.
- 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 Company’s exposure to
the risk of changes in market interest rates relates primarily to the Company’s debt obligations
with floating interest rates and investments.

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

- Interest rate sensitivity analysis: If interest rates had been 1% higher and all other variables were
held constant, the company's profit for the year ended would have impacted in the following
manner

(Rs. in Lakhs)
For the year ended For the year ended
Particulars
March 31, 2021 March 31, 2020
Increase / (decrease) in the Profit for the year 2.25 0.91

If interest rates were 1% lower, the company's profit would have increased by the equivalent
amount as shown in the above table.

35. Capital management:

The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. The Company monitors the return on
capital. The Company’s objective when managing capital is to maintain an optimal structure so as to
maximize shareholder value.
The capital structure is as follows: (Rs. in Lakhs)
Particulars March 31, 2021 March 31, 2020
Total equity attributable to the equity shareholders of 13,278.07 9,220.01
the company
As percentage of total capital 75.53% 72.91%
Current borrowings 2,108.05 1,271.11
Non-current borrowings 2,193.27 2,154.01
Total borrowings 4,301.32 3,425.12
As a percentage of total capital 24.47% 27.09%
Total capital (borrowings and equity) 17,579.39 12,645.13

The Company is predominantly debt financed which is evident from the capital structure table.

36. Additional Information to the Financial Statements:-

(Rs. in Lakhs)
Particulars 2020-21 2019-20
1. CIF Value of Imports
Raw Material 3,644.15 4,021.89
Traded Goods 1,284.60
1,820.92
Capital Goods/ Stores & Spare Parts 0 10.82
2. Expenditure in Foreign Currency
- In respect of Bank Charges/Interest on Foreign
19.04 25.68
Currency Loan./Buyers Credit
- In respect of Foreign Travelling. 0 46.04
- Container Freight 1,149.13 763.14
- In respect of Foreign Commission Nil Nil
3. Earnings in Foreign Currency
Exports 20,200.40 15,957.89

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Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

37. Related Party Transactions:

List of Related Parties and Relationships:

1. Relative Parties where significant interest exists:
(i) M/s. Shakti Polyweave Private Limited
(ii) M/s. Shakti Techtex Private Limited
(iii) M/s Shri Techtex Private Limited

2. Key Management Personnel & Relatives:

Mr. Ramakant Bhojnagarwala Chairman Cum Managing Director
Mr. Kiranbhai Bhailalbhai Patel Whole Time Director
Mr. Vikas Agrawal Executive Director
Mr. Hanskumar Agarwal Relative of Managing Director
Mrs. Radhadevi Agarwal Relative of Managing Director
Mrs. Shradha Agarwal Relative of Managing Director

3. Transactions during the year:

(Rs. in Lakhs)
Key
Relatives
Particulars Associates Management Total
Personnel (KMP) of KMP
1,871.21 Nil Nil 1,871.21
(i) Sales (H.Seas)
(922.31) Nil Nil (922.31)
850.19 Nil Nil 850.19
(ii) Job Charges (Credit)
(774.04) (Nil) (Nil) (774.04)
1105.43 Nil Nil 1105.43
(iii) Job Charge (Debit)
(818.88) (Nil) (Nil) (818.88)
369.57 Nil Nil 369.57
(iv) Purchase (H.Seas)
(795.29) (Nil) (Nil) (795.29)
Nil 1.35 Nil 1.35
(v) Interest Paid
(Nil) (0.49) (Nil) (0.49)
37.94 (Nil) Nil 37.94
(vi) Interest Received
(29.04) (Nil) (Nil) (29.04)
30.96 Nil Nil 30.96
(vii) Sales
(77.07) (Nil) (Nil) (77.07)
Nil Nil Nil Nil
(viii) Sales of Fixed Assets
(Nil) (Nil) (Nil) (Nil)
Nil 240.00 Nil 240.00
(ix) Directors Remuneration
(Nil) (192.00) (Nil) (192.00)
Nil 0.36 Nil 0.36
(x) Bonus Paid to Director
(Nil) (0.36) (Nil) (0.36)
Nil 0.22 Nil 0.22
(xi) Director’s PF
(Nil) (0.22) (Nil) (0.22)
Nil 7.17 8.85 16.02
(xii) Dividend Paid
(Nil) (5.74) (7.08) (12.82)
Nil Nil 21.00 21.00
(xiii) Salary Paid
(Nil) (Nil) (21.00) (21.00)
Nil Nil 63.47 63.47
(xiv) Rent Paid
(0.19) (Nil) (0.20) (0.39)
2.99 Nil Nil 2.99
(xv) Reimbursement of Expense
(Nil) (Nil) (Nil) (Nil)
0.73 Nil Nil 0.73
(xvi) Reimbursement of Income
(Nil) (Nil) (Nil) (Nil)
(xvii) Outstanding Balances:
749.62 Nil Nil 749.62
1. Amount due at year end of the year - Debit
(709.96) (Nil) (Nil) (709.96)
48.06 18.12 6.29 72.47
2. Amount due at year end of the year - Credit
(431.56) (9.87) (Nil) (441.43)

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 Shri Jagdamba Polymers Limited 37thAnnual Report 2020-2021

38. Trade Payable to MSME

According to the information available with the Management, on the basis of intimation received from
suppliers regarding status of Micro, Small And Medium Enterprise Development Act, 2006, the Company
has amount due to Micro and Small enterprise under the said Act as on 31.03.2021 is as under:-
(Rs. in Lakhs)
Particulars 2020-21 2019-20
Principal Amount Due 46.16 58.48
Interest Due on above - -
Amount of interest paid in terms of Section 16 of MSME Act,
- -
2006
Amount of interest due and payable for the period of delay - -
Amount of interest accrued and remaining unpaid as at year
- -
end
Amount of further interest remaining due and payable in the
- -
succeeding year

39. Balances of Sundry Debtors, Creditors, Loans and Advances and transactions are subject to their
confirmation.

40. Except otherwise mentioned herein, in the opinion of the Board, the Current Assets, Loans and
Advances are approximately of the value stated if realized in the ordinary course of business and
the provision of all known liabilities are adequate and not in excess of the amount reasonably
necessary.

41. Events Occurring After Balance – Sheet: The Company evaluates events and transactions that
occur subsequent to the balance sheet date but prior to the approval of financial statements to
determine the necessity for recognition and/or reporting of any of these events and transactions
in the financial statements. As of 25th May, 2021 there were no subsequent events to be recognised
or reported that are not already disclosed.”

42. Previous Year Figures: Previous year figures have been regrouped and reclassified where
necessary to confirm to this year’s classification.

As per our Report of even date For and on Behalf of the Board
For, Jaymin. D. Shah & Co. Shri Jagdamba Polymers Limited
Chartered Accountants

Ramakant Bhojnagarwala Kiranbhai B. Patel

Jaymin D. Shah Managing Director Whole Time Director
M. No. 145169 (DIN : 00012733) (DIN : 00045360)
Firm Reg. No. 147917W
UDIN :-21145169AAAABP3224
Anil Parmar Kunjal Soni
CFO Company Secretary
Place: Ahmedabad Place: Ahmedabad
Date: 25/05/2021 Date: 25/05/2021

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