29 Jul 2016 | Livemint.com

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Finolex Industries Ltd.

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CORPORATE GOVERNANCE REPORT

Compliance report for the year 2015-2016

1. A brief statement on Company's philosophy on code of governance:

The Company always strives to achieve optimum performance at all levels by adhering to corporate governance practices, such as:

• Fair and transparent business practices.

• Effective management control by the Board.

• Adequate representation of promoter, executive and independent and woman directors on the Board.

• Accountability for performance.

• Monitoring of executive performance by the Board.

• Compliance of laws.

• Transparent and timely disclosure of financial management information.

2. Board of directors ("the Board") and Board procedure:

Composition and category of directors

The Board consists of 10 directors. The Company has an optimum combination of three executive, one woman non-executive and non-independent director and six non-executive independent directors.

The Board is represented by three executive directors. Mr.Prakash P. Chhabria is Executive Chairman from the promoter group of the Company. Mr.Saurabh S.Dhanorkar is Managing Director and Mr.Sanjay S. Math is Director (Operations) in the category of the Executive Directors.

Mrs.Ritu P. Chhabria is woman (non-executive and non-independent) director from the promoter group.

The Board is represented by six non-executive independent directors namely Mr.Sanjay K. Asher, Mr.Kanaiyalal N. Atmaramani, Mr.Dara N. Damania, Mr.Shrikrishna N. Inamdar, Mr.Prabhakar D. Karandikar and Dr.Sunil U. Pathak.

The details of attendance of directors at meetings of the Board, other committees of the Board, annual general meeting held during the financial year 2015-2016, committee positions held in the various committees of the Company and outside directorships and committee positions held by the directors are given in Table

• The necessary disclosures regarding Committee positions have been made by all the Directors. As required under Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the disclosure includes membership/chairmanship of audit committee and stakeholder relationship committee (listed and unlisted public companies).

• The composition of the Board of Directors is in accordance with the Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

No. of Board Meetings held during the year

During 2015-2016, the Board of Directors met 5 (Ave) times viz. 28th May, 2015, 7th August, 2015, 29th August, 2015, 6th November, 2015 and 13th February, 2016. The time gap between two meetings was not more than 120 days.

Disclosure of relationships between directors inter-se

None of the directors are relatives of each other except Mr.Prakash P. Chhabria, Executive Chairman and Mrs. Ritu P. Chhabria, Woman, non-executive director are related to each other as husband and wife.

No of shares and convertible instruments held by non-executive directors

The Company does not have any convertible instruments.

The details of shares held by the executive and non-executive directors are given in Table 1.

Weblink where details of familiarization programmes imparted to independent directors is disclosed <http://www.finolexwater.com/wp-content/uploads/2015/07/File-5-Directors-familarization->program1.pdf

Audit committee:

Composition, members' name and chairperson

• As on 31st March, 2016, the Audit Committee (the "Committee") consisted of 5 (Ave) independent directors viz. Mr.Shrikrishna N. Inamdar (Chairman of the Committee), Mr.Kanaiyalal N. Atmaramani, Mr.Dara N. Damania,, Mr.Prabhakar D. Karandikar and Dr.Sunil U. Pathak.

• All members of the Audit Committee are financially literate and have accounting or related financial management expertise.

• Required information for review was placed before the Audit Committee meetings held during the year.

Meetings and attendance during the year:

During 2015-16, the Audit Committee met 4 (four) times viz. 28th April, 2015, 7th August, 2015, 6th November, 2015 and 13th February, 2016.

The details of the attendance of the directors at the Audit Committee meetings during the year are given in Table 1.

Mr. Umesh M. Gosavi, Company Secretary of the Company acts as secretary to the committee. Brief description ofterms of reference:

Terms of reference and other requirements of the Audit Committee pursuant to the provisions of section 177 of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as under:

• Recommendation for appointment, remuneration and terms of appointment of auditors of the Company.

• Approval of payment to statutory auditors for any other services rendered by the statutory auditors.

• Review and monitor the auditor's independence and performance and effectiveness of audit process.

• Examination and review of the quarterly and annual financial statement and auditors' report thereon before submission to the Board.

• Approval or any subsequent modification of transactions of the Company with related parties.

• Scrutiny of inter-corporate loans and investments.

• Valuation of undertakings or assets of the Company, wherever it is necessary.

• Evaluation of internal financial controls and risk management systems.

• Monitoring the end use of funds raised through public offers and related matters.

• Investigate into any matter as referred to it by the Board and for this purpose shall have power to obtain professional advice from external sources and have full access to the information contained in the records of the Company.

• Oversight of the Company's financial reporting process and the disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.

• Reviewing, with the management, the annual financial statements and auditor's report thereon before submission to the Board for approval with particular reference to:

a. Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013.

b. Changes, if any, in accounting policies and practices and reasons for the same.

c. Major accounting entries involving estimates based on the exercise of judgement by the management.

d. Significant adjustments made in the financial statements arising out of audit findings.

e. Compliance with listing and other legal requirements relating to financial statements.

f. Disclosure of any related party transactions.

g. Qualifications in the draft audit report.

• Reviewing, with the management, the statement of uses / application of funds raised through

an issue (public issue, rights issue, preferential issue etc.) the statement of funds utilized for the purposes other than those stated in the offer document/prospectus / notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter.

• Reviewing with the management, performance of statutory and internal auditors adequacy of the internal control systems.

• Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.

• Discussion with internal auditors of any significant findings and follow up thereon.

• Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board.

• Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern.

• To look into the reasons for substantial defaults in the payment to the depositors, debenture holders, members (in case of non-payment of declared dividend) and creditors.

• To review the functioning of the Whistle Blower mechanism.

• Approval of appointment of Chief Financial Officer (the "CFO") (i.e. the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background etc. of the candidate.

• Carrying out any other function as may be delegated to it by the Board.

Nomination and Remuneration committee Composition, name of members and Chairperson:

The Board at its meeting held on 27th October, 2012 has constituted a Remuneration Committee. The Board at its meeting held on 12th May, 2014 renamed the Remuneration Committee as Nomination and Remuneration Committee.

The six independent directors namely Mr. Sanjay K. Asher, Mr. Kanaiyalal N. Atmaramani, Mr. Dara N. Damania, Mr.Shrikrishna N. Inamdar (Chairman of the Committee), Mr. Prabhakar D. Karandikar and Dr. Sunil U. Pathak are the members of the Nomination and Remuneration Committee.

Brief description of terms of reference

The terms of reference of Nomination and Remuneration Committee cover all the areas mentioned in section 178 of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part D of Schedule II thereto.

The objective of the Nomination and Remuneration Committee is to assist the Board of the Company and its controlled entities in fulfilling its responsibilities to members by:

• considering the requirement of skill sets by the Board, eminent people having an independent standing in their respective field/profession and who can effectively contribute to the Company's business and policy decisions are considered by the Human Resources, Nomination and Remuneration Committee for appointment as Independent Directors on the Board. The Committee inter alia, considers qualification, positive attributes, area of expertise and number of Directorships and Memberships held in various committees of other companies by such persons. The Board considers the Committee's recommendation and takes appropriate decision.

• ensuing that the Board of Directors is comprised of individuals who are the best able to discharge the responsibilities of directors in consonance with the Companies Act, 2013 and the norms of corporate governance; and

• ensuring that the nomination process and remuneration policies are equitable and transparent.

• The responsibilities of the Committee include:

- formulating a criteria for determining qualifications, positive attributes and independence of a director and recommending to the Board a policy relating to the appointment and remuneration for the directors, key managerial personnel and other employees.

- formulating a criteria for evaluation of performance of Independent Directors and the Board of Directors.

- devising a policy on diversity of Board of Directors

- identifying persons who are qualified to become directors and who may be appointed as part of the 'senior management of the Company in accordance with the criteria laid down, and recommend to the Board the appointment and removal of such personnel.

- recommending extension or continuation of the term of appointment of the Independent Directors based on evaluation of their performance.

Meetings and attendance during the year

During the year, four meetings of the Nomination and Remuneration Committee were held on 28th May , 2015, 7th August, 2015, 6th November,2015 and 13th February, 2016. The attendance details are given in Table 1.

Nomination and Remuneration Policy

The nomination and remuneration policy of the Company on recommendation by the Nomination and Remuneration Committee was approved by the Board and the same is in place. The same is annexed as Annexure 1 of the Directors' report and given on website of the Company at www. finolexwater.com at like http//www.finolexwater.com/policies-code-of-conduct

Remuneration of Directors

None of the non-executive directors has any pecuniary relationship or transaction vis-a-vis the Company. Mr.Prakash P. Chhabria, Executive Chairman and Mrs. Ritu P. Chhabria, Woman non­executive director are related to each other as husband and wife.

Stakeholder Relationship Committee: Composition, members' names and chairperson:

Pursuant to the provisions of section 178 of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Part D of Schedule II thereto, the Stakeholders' Relationship Committee is constituted as under:

As on 31st March, 2016, the Stakeholders' Relationship Committee consisted of six directors viz. Mr. Kanaiyalal N. Atmaramani (Chairman of the committee), Mr. Dara N. Damania, Mr. Shrikrishna N. Inamdar, Mr. Prabhakar D. Karandikar and Dr. Sunil U. Pathak the non-executive directors and Mr. Prakash P. Chhabria, the Executive Chairman of the Company.

Mr. Umesh M. Gosavi, Company Secretary is the compliance officer of the Company.

Brief description ofterms of reference

The terms of reference of the Stakeholders' Relationship Committee shall be as follows:

- To resolve grievances of the stakeholders in relation to transfer of shares, non-receipt of annual report and non receipt of declared dividends etc.

- To review and note certificate received from Practising Company Secretary in compliance of Regulation 40 (9) to (11) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

- To review half yearly report of the in-house Share Transfer Agent in terms of SEBI circular No.CIR/MIRSD/7/2012 dated 5th July, 2012.

- To review and note the status of Investor Complaints.

- To review and note the status of unclaimed dividend.

- To take necessary actions on the matters delegated by the Board from time to time.

Risk Management Committee

Composition, members' names and chairperson

The Board at its meeting held on 26th July, 2014 has constituted the Risk Management Committee. As on 31st March, 2016, the Risk Management Committee consisted of three directors viz. Mr.Prakash P. Chhabria (Chairman of the Committee), Mr.Saurabh S. Dhanorkar and Dr.Sunil U. Pathak.

Pursuant to Regulation 21 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the Company is not included in top 100 listed entities determined on the basis of market capitalization on BSE and NSE as at the end of the financial year on 31st March, 2016.

Meetings and attendance during the year:

During 2015-16, the Risk Management Committee met 1 (one) time viz. on 6th November, 2015.

The details of attendance of Risk Management Committee meeting by the directors during the year is given in Table 1.

Brief description ofterms of reference

Terms of reference of the Risk Management Committee shall be as follows:

a. The Risk Management Committee (RMC) shall have at least three directors or members of the Committee.

b. RMC shall review the Risk Management plan and policy at its meeting and inform the Board about the risk assessment and minimization procedure.

c. The Board may delegate monitoring and reviewing of the risk management plan and such other functions as it deem fit to RMC and/or the Executive Chairman and or Managing Director as may be necessary for effective implementation of the Risk Management Plan/ Policy.

d. To take necessary actions on the matters delegated by the Board from time to time.

Corporate Social Responsibility (CSR) Committee Composition, members names and chairperson

As required under section 135 of the Companies Act, 2013, the Company has constituted the Corporate Social Responsibility Committee.

As on 31st March, 2016, the Corporate Social Responsibility Committee consisted of four directors viz. Mr. Prakash P. Chhabria (Chairman of the Committee), Mrs. Ritu P. Chhabria (appointed on 7th August 2015), Mr. Saurabh S. Dhanorkar and Dr. Sunil U. Pathak.

Meetings and attendance during the year:

During 2015-16, the Corporate Social Responsibility Committee met (four) times viz. on 28th May, 2015, 7th August, 2015, 6th November, 2015 and 13th February, 2016.

The details of attendance of Corporate Social Responsibility meeting by the directors during the year is given in Table 1.

Brief description of terms of reference

Terms of reference of the Corporate Social Responsibility Committee shall be as follows:

a) Formulate and recommend to the Board a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013 (the "Act") as amended.

b) Recommend the amount of expenditure to be incurred on the activities referred to in above.

c) Monitor the Corporate Social Responsibility Policy of the Company from time to time.

d) Monitor and ensure that the surplus arising out of CSR projects or programs or activities shall not form part of the business profits of a Company.

e) Ensure that all the income generated by way of CSR activities is credited back to the CSR corpus.

f) Review and comply with the requirements of the provisions of the Act and rules made under and periodical disclosure requirements.

Share Transfer Committee

Composition, members' names and chairperson

As on 31st March, 2016, the Share Transfer Committee consisted of four directors viz. Mr.Prakash P. Chhabria (Chairman of the Committee), Mr. Saurabh S. Dhanorkar, Mr.Prabhakar D. Karandikar and Dr.Sunil U. Pathak.

Brief description of terms of reference

- Consider and approve the transfer and transmission of securities i.e. shares, debentures and other security documents.

- Consider and approve issue of duplicate share certificates.

- Consider and approve split, consolidation of share/debenture certificate and issue fresh share certificates and debenture certificates.

- Consider any other assignment as directed by the Board.

- Consider and approve dematerialization and rematerialization of securities.

- To take necessary actions on the matters delegated by the Board from time to time.

During 2015-16, the Share Transfer Committee met (twenty) times. The details of attendance of Share Transfer Committee meetings by the directors during the year is given in Table 1.

Finance Committee

Composition, members' names and chairperson

As on 31st March, 2016, the Finance Committee consisted of four directors viz. Mr.Prakash P. Chhabria (Chairman of the Committee), Mr.Saurabh S. Dhanorkar, Mr. Sanjay K. Asher and Dr.Sunil U. Pathak.

Brief description of terms of reference

- To consider and review various financial proposals for the financial investments, borrowings and give recommendation to Audit Committee/ Board; and

- To take necessary actions on the matters delegated by the Board from time to time. No meeting of the Finance Committee was held during the year 2015-2016.

Independent Directors Meeting

The Independent Directors had a meeting on 13th February, 2016 without the attendance of Non-Independent Directors and the members of the Management. All the Independent Directors were present at such meeting. At the Meeting, they -

a. Reviewed the performance of Non-Independent Directors and the Board as a whole.

b. Reviewed the performance of the Chairperson of the Company, taking into account the views of the Managing Director and Executive Directors.

c. Assessed the quality, quantity and timeliness of flow of information between the Company's Management and the Board that is necessary for the Board effectively and reasonably perform their duties.

The Independent Directors hold an unanimous opinion that the Executive Directors are senior business managers with vast experiences in their business. Their knowledge and experience was found extremely useful for the Company. Independent Directors are highly knowledgeable both on products and the regions of Company's operations and found them to be very competent, experienced, engaging, committed and participative. They have demonstrated their good listening skills and have been found to be logical. cogent, convincing and good observant.

The level of engagement amongst the Directors is very high. The Board has diversity of experience and each member has sound domain knowledge in their respective fields. The Directors have a well-co-ordinated, harmonious working relationship. All Directors are professional, they add value, contribute to the high quality of discussions at meetings, with a view to continually probing avenues for sustainable growth. The Chairperson provides effective leadership to the Board encourages active engagement, participation and discussion by all Members and communicates effectively. He is seen to be meticulous, caring and well prepared for the Meetings. He is an active listener and provides meaningful contribution to the development of strategy.

The information provided by the Company's Management is complete, of high quality and furnished with full disclosures in a professional and timely manner.

Code of Conduct and Ethics

The Company's Code of Conduct provides guidelines to be followed by all Members of the Board of Directors and Senior Management to ensure the highest standards of professional conduct. Members of the Board of Directors and Senior Management have affirmed compliance with the Code of Conduct and Ethics for the year ended 31st March, 2016 on behalf of themselves and to the extent of they are aware, on behalf of all employees reporting to them. The said Code can be viewed on the Company's website at the following link: <http://www.finolexwater.com/wp-content/> uploads/2015/08/Code-of-Conduct-Finolex-Industries-Limited.pdf. A declaration signed by the Managing Director of the Company to this effect is given below:

Declaration regarding compliance by Board members and Senior Management Personnel with the Company's Code of Conduct

As required by Clause 49 II (E) (2) of the erstwhile listing agreement with the Stock Exchanges and Regulation 34(3) read with Para D of the Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I hereby declare that the Company has adopted a Code of Conduct and Ethics for all Board Members and Senior Management of the Company. The Code is available on the Company's website.

I further declare that the Company has in respect of the financial year ended 31st March, 2016, received from all the Board Members and Senior Management Personnel of the Company, an affirmation of compliance with the Code, as applicable to them.

For Finolex Industries Limited Saurabh S. Dhanorkar

Place: Pune Managing Director

Date: 9th May, 2016 DIN: 00011322

Equity Shares lying in the Suspense Account

In compliance with Para F of Schedule V to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the information relating to the equity shares lying in the suspense account, the Company confirms that no shares of the Company are lying in Suspense Account.

Related Party Disclosures

Pursuant to Regulation 53 (f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Related Party Disclosure is given in note no. 1.10 of notes to accounts on page no.124 of annual report.

There were no materially significant related party transactions with the Company's Promoters, Directors, Management or their relatives, which could have had a potential conflict with the interest of the Company. The Company does not have any subsidiary but has associate companies. Transactions with related parties are entered into by the Company in the normal course of

business and on arm's length. The details of transactions are periodically placed before the Audit Committee for review and approval. Members may refer to the notes to the accounts for details of related party transactions.

The Board of Directors of the Company has, on the recommendation of the Audit Committee, adopted a policy to regulate transaction between the Company and its Related Parties, in compliance with the applicable provisions of the Companies Act, 2013, the Rules framed there under including the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the erstwhile Listing Agreement. The Related Party Transactions Policy has been placed on the Company's website at www.flnolexwater.com/policies

Disclosures relating to

1) Accounting Treatment

The Company has complied with all applicable Accounting Standards in the preparation of financial statements pursuant to amended schedule III of the Companies Act, 2013. There are no audit qualifications in the Company's financial statements for the year under review

2) Compliance with Regulations of capital market

The Company has complied with the requirements of the Regulatory Authorities on Capital Markets. Neither has there been any instances of non-compliance by the Company on any matters related to the capital markets, nor has any penalty or strictures been imposed on the Company by the Regulatory Authorities or any statutory authority, on any matter related to capital markets, during last three years.

3) Whistle Blower Policy

In line with the best Corporate Governance practices, the Company has put in place a system through which the Directors, employees and business associates may report concerns about unethical behavior, actual or suspected fraud or violation of the Company's Code of Conduct and Ethics without fear of reprisal. The Company has put in place a process by which employees and business associates have direct access to the Audit Committee Chairperson, Managing Director, Chairperson of the Board and Compliance Officer. The Whistle-blower Policy is placed on the notice board of the Company and on its website at www.flnolexwater.com/policies

No person has been denied access to the Chairman or member of audit committee.

4) Chief Financial Officer and Managing Director's certificate

The Chief Financial Officer and Managing Director have furnished a compliance certificate of the Board of Directors under Regulation 17(8) (read with Part B of Schedule II of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

5) Policy for determining 'material' subsidiaries

Pursuant to Regulation 16 (1) (c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formulated a policy on material subsidiaries. The policy is available on website of the Company at a link: <http://www>. flnolexwater.com/wp- <http://flnolexwater.com/wp-> content/uploads/2015/08/FIL-Policies-Master-document_revised.pdf

6) Disclosure of commodity price risks and commodity hedging activities Commodity price risk and hedging

For Pipes and PVC industry, the prices and costs are linked to and dependent on:

a. same underlying commodity (crude oil) and

b. demand supply for each component in value chain

Due to strong interdependence, any major change in price of one input or output, the prices of rest of the components in value chain are affected albeit with a lag of some time. Due to this margins are only temporarily affected whether positively or negatively, until the prices reach equilibrium. Generally, over a period of year, the impact of price movements gets compensated and results in normal margins. Hence, the commodity price movements are a temporary risk which does not need to be hedged.

Foreign exchange risk and hedging

PVC pricing is on import parity and the import parity value of sales of the Company approximately equates the USD payables on a six monthly rolling basis due to which a natural hedge exists and hence the Company does not generally need to resort to hedging by way of forward contracts, options, etc.

7) Compliance or otherwise of any requirement of Corporate Governance Report

The Company has complied with the requirements of the Corporate Governance and has made disclosures to the extent required and applicable to it, as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. These are the following:

• The discretionary requirements of unmodified opinion(s) in audit report, separate posts of chairperson and chief executive officer, reporting of internal auditor directly to the audit committee of Para E of Schedule II have been adopted.

• Sub-paras 2 to 10 of Para C of Schedule V;

• Regulations 17 to 27; and

• Regulation 46(2) (b) to (j)

Practicing Company Secretary's Corporate Governance Certificate

The Company has obtained a certificate from practicing Company Secretary confirming compliance of the conditions of Corporate Governance as stipulated in Para E of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Clause 49 of the erstwhile Listing Agreement. The Certificate is annexed to this Report.

10. General shareholder information

a Annual general meeting date, time and venue

Date: 11th August, 2016

Time: 10.00 a.m.

Venue: Kirloskar Institute of Advanced Management Studies, Gat No. 356 & 357, Near Tata Foundry Maval, Village Dhamane, Taluka Maval, District Pune 410 506.

Financial year : Announcement of quarterly results of 2016-17 & annual general meeting

Quarterly results by 14th August, 2016, 14th November, 2016, 14th February, 2017 and 30th May, 2017 and annual general meeting by end of September, 2017.

c Dividend Payment date: 17th August, 2016

d Book closure period : From 30th July, 2016 to 11th August, 2016 (both days inclusive)

e The name and address of each stock exchange(s) at which the Company’s securities are listed and a commotion about payment of the listing of fees:

Equity shares and ncds national stock exchange of India limited listing department 5 exchange plaze bandra kurla complex bandra east Mumbai : 400051

Equity shares bse limited listing department registered office floor  25 p.j towers dalal street Mumbai 400 001

The Company has paid all due listing fees

Stock Code: BSE: Equity- 500940/FINOLEXIND

NSE : Equity- FINPIPE

NSE : NCDS- FIN16

In case the securities are suspended from trading, the directors report shall explain the reasons thereof.: No such case.

Registrar to an issue and share transfer agent

In-House Share Transfer Agent (STA) Registered with SEBI SEBI Registration no. INR000001765Investor Relations CentreD 1/10, MIDC, Chinchad, Pune 411019

Share transfer system 

The share transfer committee attends to share transfer formalities normally  once in a fortnight demat requests are confirmed are within 15 day  from the date of recipt if found in order  

Outstanding gdr adr or warrants or convertible instruments conversion date and likely impact on equity  :

No such issue made by the company

Commodity price risk of foreign exchange risk and hedging activities 

The details are included in this report on page no 84

Plant locations

 PVC, PVC Pipes and Power Plants:

Ranpar – Pawas Road District Ratnagiri 415 616 Maharashtra State PVC Pipes and Fittings Plants:

1. Gat No.399, Urse, Taluka Maval, District – Pune 410 506 Maharashtra State

2. D 1/10 MIDC, Chinch??ad, Pune 411019 Maharashtra State

PVC Pipes Plant:

Village Masar, Taluka Padra, District Vadodara 391 421 Gujarat State

Address for correspondence

Investor Relations CenterD 1/10 MIDC, Chinch??ad, Pune 411 019, Maharashtra State, India